<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported) September 18, 1998
ContiSecurities Asset Funding Corp.
(Exact name of registrant as specified in its charter)
Delaware 333-61863 13-2937238
- ---------------------------- ------------ -------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) ID Number)
3811 West Charleston Boulevard, Las Vegas, Nevada 89102
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number,
including area code: (702)822-5386
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
Filing of Computational Materials and Consent of Independent Accountants.
This Current Report on Form 8-K is being filed to file a copy of the
Final Computational Materials (as defined below) prepared by Morgan Stanley &
Co. Incorporated, as an underwriter, in connection with the issuance by
ContiMortgage Home Equity Loan Trust 1998-3 of Home Equity Loan Pass-Through
Certificates, Series 1998-3. The term "Computational Materials" shall have the
meaning given in the No-Action Letter of May 20, 1994 issued by the Securities
and Exchange Commission (the "SEC") to Kidder, Peabody Acceptance Corporation
I, Kidder, Peabody & Co. Incorporated and Kidder Structured Asset Corporation,
as made applicable to other issuers and underwriters by the Commission in
response to the request of the Public Securities Association dated May 24,
1994, and as supplemented in the No-Action Letter of February 17, 1995 issued
by the SEC to the Public Securities Association.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials
2
<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.
CONTISECURITIES ASSET FUNDING CORP.,
as Depositor
By: /s/ Robert E. Riedl
---------------------------------------
Name: Robert E. Riedl
Title: Vice President and Treasurer
Dated: September 18, 1998
3
<PAGE>
EXHIBIT INDEX
Exhibit Page
99.1 Computational Materials
<PAGE>
- -------------------------------------------------------------------------------
$800,000,000 (Approximate)
ContiMortgage
Home Equity Loan Trust 1998-3
Home Equity ABS
- -------------------------------------------------------------------------------
Computational Materials
Group I - FRM Sequentials
(Please see separate set of computational materials for Group II)
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
<TABLE>
<CAPTION>
Final
Expected Ratings Scheduled
Class Size (Moody's/Fitch/ Average Payment Payment
Class(1) ($ MM) Group Tranche Type S&P) Life (1) Date Window (1) Day Count
- -------- ---------- ----- ------------ ---------------- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $ 80.000 I 2a-7 Class P-1/A-1+/F-1+ 0.39 yrs/MAT 9/15/99 10/98-5/99/8 mo. Act/360
A-2 154.000 I Fixed Sequential Aaa/AAA/AAA 1.00 yrs/MAT 3/15/19 5/99-2/00/10 mo. 30/360
A-3(2) 188.000 I Fixed Sequential Aaa/AAA/AAA 2.00 yrs/MAT 2/15/24 2/00-6/01/17 mo. 30/360
A-4(2) 64.000 I Fixed Sequential Aaa/AAA/AAA 3.00 yrs/MAT 5/15/25 6/01-2/02/9 mo. 30/360
A-5(2) 83.000 I Fixed Sequential Aaa/AAA/AAA 4.00 yrs/MAT 11/15/26 2/02-6/03/17 mo. 30/360
A-6(2) 56.000 I Fixed Sequential Aaa/AAA/AAA 5.50 yrs/MAT 9/15/27 6/03-4/05/23 mo. 30/360
A-7(2,3) 65.000 I Fixed Sequential Aaa/AAA/AAA 7.16 yrs/CALL 10/15/29 4/05-12/05/9 mo. 30/360
A-8(2,3) 80.000 I Fixed NAS Aaa/AAA/AAA 6.03 yrs/CALL 10/15/29 10/01-12/05/51 mo. 30/360
N-IO 80.000 I Fixed NAS IO Aaa/AAA/AAAr 2.47 yrs/MAT 3/15/01 10/98-3/01/30 mo. 30/360
BI(2,3) 30.000 I Fixed Subordinate Baa3/BBB-/BBB- 5.14 yrs/CALL 10/15/29 10/01-12/05/51 mo. 30/360
Total $800.000 -- -- -- -- -- -- --
</TABLE>
- ---------
(1) See "Pricing Prepayment Speed" below.
(2) See "Available Funds Cap" below.
(3) These classes are callable at the 10% optional clean-up call date.
<TABLE>
<S> <C>
Seller and Servicer: ContiMortgage Corporation & ContiWest Corporation
Trustee: Manufacturers and Traders Trust Company
Managers: MORGAN STANLEY DEAN WITTER (lead manager), ContiFinancial Services Corporation, Bear Stearns, Credit
Suisse First Boston, Greenwich Capital Markets, Merrill Lynch, Nationsbanc Montgomery Securities
(co-managers), Keefe, Bruyette & Woods (selling group)
Structure: o Group I consists of FRM collateral and will support Classes A-1-A-8, N-IO and BI.
o Groups I and II will be fully cross-collateralized with respect to monthly excess cash flow.
o The Class A-1 Certificates will be fixed rate 2a-7 securities.
o The Class A-8 Certificates will be fixed rate non-accelerating senior ("NAS") Certificates. The
Class A-8 Certificates will pay principal according to their pro-rata principal percentage as
outlined below.
Pricing Prepayment Speed: 130% of the prepayment assumption (the "FRM PPC") will be applied to the Fixed Rate Collateral for
pricing purposes. 130% PPC for the Fixed Rate Collateral describes prepayments starting at 5.2% CPR in
month 1, increasing by 1.8909% CPR per month to 26% CPR in month 12, and remaining at 26% CPR
thereafter.
Statistical Calculation Close of Business August 24, 1998.
Date:
Cut-Off Date: Close of Business September 15, 1998.
Expected Pricing Date: September 17, 1998.
Expected Settlement: September 25, 1998 through DTC, Euroclear or CEDEL.
Accrued Interest: Fixed Rate Certificates (not including Class A-1 Certificates): 9 days of accrued interest (from
September 16, 1998).
Distribution Dates: The 15th of each month, beginning October, 1998.
AAA Credit Enhancement: MBIA Guarantee on Class A Certificates, 3.75% Class BI Certificates, 1.00% overcollateralization,
excess spread and cross collateralization from Group II.
Class A-8 FRM NAS The Class A-8 fixed rate FRM NAS certificates will pay according to the following schedule (of its
Certificates: pro-rata share):
October 1998 - September 2001: 0% October 2004 - September 2005: 100%
October 2001 - September 2003: 45% October 2005 and thereafter: 300%
October 2003 - September 2004: 80%
Class N-IO: Class N-IO: 6.50% Coupon on the Notional Balance of the Class A-8 Certificates for the first 30
distribution dates.
Optional Call: 10% Clean-up call (10% of original aggregate Group I and Group II Home Equity Loan balances).
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
<TABLE>
<S> <C>
Available Funds Cap: Group I Available Funds Cap (Class A-5, Class A-6, Class A-7, Class A-8 and Class BI Certificates)
The above Certificates will be subject to an available funds cap equal to the weighted average coupon
rate of the Group I collateral less the sum of: (a) an amount, expressed as an annual percentage rate
across the aggregate Group I collateral pool balance, equal to the sum of the Servicing Fee, the
Trustee Fee, the Certificate Insurer Fee, in each case due with respect to the related period and (b)
for the first 30 Payment Dates only, the product of (i) 6.50% per annum and (ii) the Class N-I0
Notional Principal Amount as represented by the Class A-8 Certificates divided by the aggregate Group I
pool balance. Classes A-2, A-3 and A-4 may also be subject to an available funds cap.
Tax Status: REMIC
ERISA Eligibility: The Class A certificates are ERISA eligible. The Class BI Certificates are not ERISA eligible.
SMMEA Eligibility: None of the offered certificates are SMMEA eligible.
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Group I Credit Enhancement
o Class A1-A8, N-IO Credit Enhancement:
1. Excess cash;
2. Overcollateralization building up to a requirement of 1.00% of the
Group I original loan balance;
3. Subordination of Class BI certificates, initially totaling 3.75% of the
Group I original loan balance;
4. MBIA surety wrap.
o Class BI Credit Enhancement:
1. Excess cash;
2. Overcollateralization building up to a requirement of 1.00% of the
Group I original loan balance.
(1) Excess Cash
Excess cash for Group I will generally equal the difference between the interest
payments received on the aggregate home equity loans net of the Servicing Fee,
Certificate Insurer Fee, Trustee Fee, Certificate Interest and excess cash
available from Group II.
(2) Overcollateralization
1. Before the Stepdown Date, overcollateralization initially builds to
1.00% of the original Group I loan balance (subject to rating agency
and MBIA performance triggers);
2. On and after the Stepdown Date, and so long as no trigger event is in
effect, the overcollateralization will step down monthly to 2.15% of
the outstanding Group I loan balance;
3. The overcollateralization step down will be subject to a floor of 0.50%
of the original Group I loan balance (subject to rating agency and MBIA
trigger events);
4. There will be no funding of the overcollateralization for the first
6 months of the transaction (until April 1999).
(3) Subordination
There will be a Class BI Certificate in the amount of 3.75% of the initial
principal balance of the Group I collateral to provide credit enhancement to the
Class A Certificates.
(4) Surety Wrap
The Class A Certificates will have the benefit of an insurance guarantee with
respect to the timely payment of interest and the ultimate payment of principal
issued by MBIA. MBIA will also guarantee the final scheduled payment date of the
Class A-1 2a-7 Certificates.
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Cashflow Priority
o Group I Interest and Principal Collections (net of Servicing, Certificate
Insurer, and Trustee Fees) will be allocated in the following priority
prior to the Stepdown Date (October 2001) if no trigger event is in effect:
1. Current Interest and Carry-Forward Interest to the Class A-1 through
A-8 and Class N-IO Certificates;
2. Current Interest to the Class BI Certificates;
3. The amount necessary to reduce the Group I AAA Balance to its required
enhancement level will constitute the Group I
Class A Principal Distribution Amount and will be allocated as follows:
a) First to the Class A-8 NAS Certificates based on its percentage
schedule;
b) Next to the Class A-1 (2a-7 eligible class) until retired;
c) Sequentially to the Class A-2 through Class A-7 Certificates
until each class is retired;
d) Any remaining principal to the Class A-8 NAS Certificates until
it is retired;
4. Once all of the Group I Class A Certificates have been retired,
remaining principal to the Class BI Certificate until retired;
5. Class BI Interest Carry Forward Amount;
6. Unpaid Class BI Realized Loss Amortization Amounts;
7. To cross collateralize Group II.
o Group I Interest and Principal Collections (net of Servicing, Certificate
Insurer, and Trustee Fees) will be allocated in the following priority on
and after the Stepdown Date (October 2001) if no trigger event is in
effect:
1. Current Interest and Carry-Forward Interest to the Class A-1 through
A-8 and Class N-IO Certificates;
2. Current Interest to the Class BI Certificates;
3. The amount necessary to reduce the Group I AAA Balance to its required
enhancement level will constitute Group I Class A Principal
Distribution Amount and will be allocated as follows:
a) First to the Class A-8 NAS Certificates based on its percentage
schedule;
b) Next to the Class A-1 (2a-7 eligible class) until retired;
c) Sequentially to the Class A-2 through Class A-7 Certificates
until each class is retired;
d) Any remaining principal to the Class A-8 NAS Certificates until
it is retired;
4. The Class BI principal distribution amount based on the enhancement
requirements to the Class BI Certificate until retired;
5. Class BI Interest Carry Forward Amount;
6. Unpaid Class BI Realized Loss Amortization Amounts;
7. To cross collateralize Group II.
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Group I Target Credit Enhancement on and after the Stepdown date (October 2001)
assuming no Delinquency Trigger Event is in effect:
Pay Group I Class A bonds and Group I Class BI pro-rata in accordance with
enhancement targets, equal to 2.15 times the initial enhancement
percentage for each class:
Targeted % of Pool Target Credit Enhancement
------------------ -------------------------
Class A 89.7875% 10.2125%
Class BI 8.0625% 2.1500%
Overcollateralization 2.1500%
---------
100.0000%
Group I Principal Cashflow Priority (Class BI Subordinated Certificates):
o The Group I Class BI Certificates will not receive payments of principal
until the Stepdown Date, unless all the Group I Class A Certificates have
been retired.
Note: Interest will not accrue or be payable on any written down amounts
with respect to the Group I Class BI Certificates.
Group I Subordination Test (To determine Class A Principal Distribution Amount):
o Before the Stepdown Date, the Group I Class A Certificates receive 100% of
the collateral principal collections and the excess cash to build to a
required OC target of 1.00%. After the Stepdown Date, the Group I Class A
Certificates receive collateral principal to maintain 10.2125% credit
enhancement.
Group I Step Down Date:
o The later of (a) the October 2001 Payment Date and (b) the first Payment
Date on which the Group I Class A Enhancement Percentage (i.e., the sum of
the Group I Class BI Certificates and OC amount divided by the Group I loan
balance) is at least 10.2125%.
Group I Class A Enhancement Percentage:
Percentage equivalent of a fraction, the numerator of which is the excess of (x)
the Group I loan balance for such Payment Date over (y) the Group I Class A
Certificate Principal Balance after taking into account the payment of the Group
I Class A Principal Distribution Amount on such Payment Date, assuming that no
Delinquency Trigger Event is in effect and the denominator of which is the Group
I loan balance.
Group I Delinquency Trigger:
o After the Stepdown Date, a Group I Delinquency Trigger Event has occurred
if on any Payment Date [ ]% of the 3-month rolling average 60+ Day
Delinquencies (including Bankruptcies, Foreclosures and REO properties)
with respect to Group I equals or exceeds the Group I Class A Enhancement
Percentage (10.2125% = 2.15 X 4.75%); i.e., when the 3-month rolling
average of 60+ Day Delinquencies with respect to Group I equals or exceeds
[ ]% (10.2125%/[ ]%).
o If a Group I Delinquency Trigger Event is in effect, the Group I Class A
Certificates will receive 100% of all principal until the credit
enhancement equals or exceeds [ ]% of the 3 Month Rolling Average of 60+
Day Delinquencies with respect to Group I. During this time,
overcollateralization will not be released until the credit enhancement
target is achieved.
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Group I Cumulative Realized Loss Trigger Event:
o A Group I Cumulative Realized Loss Trigger Event occurs on any date of
determination if the amount of Group I Cumulative Realized Losses
expressed as a percentage of the original loan balance of Group I
equals or exceeds the following amounts:
Date Percentages
---- -----------
October 1998- September 2000 [1.05]%
October 2000- September 2001 [1.80]%
October 2001- September 2002 [2.40]%
October 2002- September 2003 [2.85]%
October 2003 and thereafter [3.00]%
o Upon the occurrence and during the continuance of a Group I Cumulative
Realized Loss Trigger Event, the Group I overcollateralization amount shall
increase to [ ]% of the aggregate original balance of the Group I
Collateral.
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Average Life Sensitivity Tables (TO MATURITY)
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-1
Avg. Life 5.55 0.84 0.59 0.46 0.39 0.36 0.32 0.30
Mod. Dur. 4.47 0.80 0.57 0.45 0.38 0.35 0.31 0.29
First Prin. 10/15/98 10/15/98 10/15/98 10/15/98 10/15/98 10/15/98 10/15/98 10/15/98
Last Prin. 10/15/09 3/15/00 9/15/99 6/15/99 5/15/99 4/15/99 4/15/99 3/15/99
Window (mos.) 133 18 12 9 8 7 7 6
Class A-2
Avg. Life 16.44 2.94 1.73 1.22 1.00 0.90 0.81 0.74
Mod. Dur. 10.07 2.61 1.60 1.15 0.94 0.85 0.77 0.70
First Prin. 10/15/09 3/15/00 9/15/99 6/15/99 5/15/99 4/15/99 4/15/99 3/15/99
Last Prin. 12/15/18 4/15/03 4/15/01 6/15/00 2/15/00 12/15/99 10/15/99 9/15/99
Window (mos.) 111 38 20 13 10 9 7 7
Class A-3
Avg. Life 22.92 7.46 3.92 2.57 2.00 1.75 1.51 1.33
Mod. Dur. 12.43 5.85 3.41 2.32 1.84 1.62 1.41 1.25
First Prin. 12/15/18 4/15/03 4/15/01 6/15/00 2/15/00 12/15/99 10/15/99 9/15/99
Last Prin. 12/15/23 1/15/10 4/15/04 4/15/02 6/15/01 1/15/01 9/15/00 6/15/00
Window (mos.) 61 82 37 23 17 14 12 10
Class A-4
Avg. Life 25.94 12.86 6.42 4.01 3.00 2.57 2.20 1.91
Mod. Dur. 13.08 8.82 5.22 3.48 2.68 2.33 2.01 1.77
First Prin. 12/15/23 1/15/10 4/15/04 4/15/02 6/15/01 1/15/01 9/15/00 6/15/00
Last Prin. 4/15/25 3/15/13 5/15/06 4/15/03 2/15/02 7/15/01 2/15/01 10/15/00
Window (mos.) 17 39 26 13 9 7 6 5
Class A-5
Avg. Life 27.34 16.82 9.69 5.44 4.00 3.36 2.75 2.37
Mod. Dur. 13.27 10.40 7.18 4.53 3.47 2.97 2.47 2.15
First Prin. 4/15/25 3/15/13 5/15/06 4/15/03 2/15/02 7/15/01 2/15/01 10/15/00
Last Prin. 10/15/26 2/15/18 7/15/10 5/15/05 6/15/03 9/15/02 12/15/01 5/15/01
Window (mos.) 19 60 51 26 17 15 11 8
Class A-6
Avg. Life 28.50 21.34 13.67 8.42 5.50 4.54 3.71 2.99
Mod. Dur. 13.26 11.68 9.05 6.41 4.55 3.86 3.24 2.66
First Prin. 10/15/26 2/15/18 7/15/10 5/15/05 6/15/03 9/15/02 12/15/01 5/15/01
Last Prin. 8/15/27 3/15/22 7/15/14 2/15/09 4/15/05 12/15/03 12/15/02 3/15/02
Window (mos.) 11 50 49 46 23 16 13 11
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Average Life Sensitivity Tables (TO MATURITY continued)
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-7
Avg. Life 29.38 26.38 20.13 13.98 10.37 8.26 6.15 4.49
Mod. Dur. 12.92 12.43 10.96 8.90 7.27 6.13 4.86 3.77
First Prin. 8/15/27 3/15/22 7/15/14 2/15/09 4/15/05 12/15/03 12/15/02 3/15/02
Last Prin. 7/15/28 3/15/28 3/15/26 5/15/20 9/15/15 5/15/13 1/15/11 3/15/09
Window (mos.) 12 73 141 136 126 114 98 85
Class A-8
Avg. Life 16.53 9.38 7.80 6.88 6.41 6.20 5.99 5.82
Mod. Dur. 10.02 6.85 6.00 5.45 5.15 5.01 4.88 4.76
First Prin. 10/15/01 10/15/01 10/15/01 10/15/01 10/15/01 10/15/01 11/15/01 12/15/01
Last Prin. 5/15/28 1/15/28 1/15/26 3/15/20 7/15/15 3/15/13 11/15/10 1/15/09
Window (mos.) 320 316 292 222 166 138 109 86
Class BI
Avg. Life 27.01 16.94 10.61 7.02 5.37 4.67 4.08 3.70
Mod. Dur. 10.54 8.66 6.65 5.03 4.11 3.69 3.32 3.07
First Prin. 8/15/22 4/15/08 4/15/04 5/15/02 10/15/01 10/15/01 10/15/01 10/15/01
Last Prin. 2/15/28 11/15/24 12/15/17 11/15/11 10/15/08 4/15/07 12/15/05 11/15/04
Window (mos.) 67 200 165 115 85 67 51 38
</TABLE>
Average Life Sensitivity Tables (TO CALL)
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-7
Avg. Life 28.22 19.22 13.89 9.47 7.16 5.99 4.90 4.10
Mod. Dur. 12.73 10.78 8.96 6.91 5.59 4.84 4.09 3.51
First Prin. 12/15/26 12/15/17 8/15/12 3/15/08 4/15/05 12/15/03 12/15/02 3/15/02
Last Prin. 12/15/26 12/15/17 8/15/12 3/15/08 12/15/05 11/15/04 11/15/03 2/15/03
Window (mos.) 1 1 1 1 9 12 12 12
Class A-8
Avg. Life 16.53 9.34 7.75 6.76 6.03 5.44 4.80 4.24
Mod. Dur. 10.02 6.84 5.98 5.38 4.93 4.53 4.07 3.66
First Prin. 10/15/01 10/15/01 10/15/01 10/15/01 10/15/01 10/15/01 11/15/01 12/15/01
Last Prin. 12/15/26 12/15/17 8/15/12 3/15/08 12/15/05 11/15/04 11/15/03 2/15/03
Window (mos.) 303 195 131 78 51 38 25 15
Class BI
Avg. Life 26.85 15.85 10.12 6.73 5.14 4.47 3.91 3.55
Mod. Dur. 10.53 8.47 6.51 4.91 4.00 3.58 3.21 2.97
First Prin. 8/15/22 4/15/08 4/15/04 5/15/02 10/15/01 10/15/01 10/15/01 10/15/01
Last Prin. 12/15/26 12/15/17 8/15/12 3/15/08 12/15/05 11/15/04 11/15/03 2/15/03
Window (mos.) 53 117 101 71 51 38 26 17
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Decrement Tables
Class A-1
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 84 35 0 0 0 0 0 0
9/15/00 78 0 0 0 0 0 0 0
9/15/01 71 0 0 0 0 0 0 0
9/15/02 64 0 0 0 0 0 0 0
9/15/03 56 0 0 0 0 0 0 0
9/15/04 47 0 0 0 0 0 0 0
9/15/05 38 0 0 0 0 0 0 0
9/15/06 30 0 0 0 0 0 0 0
9/15/07 21 0 0 0 0 0 0 0
9/15/08 11 0 0 0 0 0 0 0
9/15/09 0 0 0 0 0 0 0 0
9/15/10 0 0 0 0 0 0 0 0
9/15/11 0 0 0 0 0 0 0 0
9/15/12 0 0 0 0 0 0 0 0
9/15/13 0 0 0 0 0 0 0 0
9/15/14 0 0 0 0 0 0 0 0
9/15/15 0 0 0 0 0 0 0 0
9/15/16 0 0 0 0 0 0 0 0
9/15/17 0 0 0 0 0 0 0 0
9/15/18 0 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 5.55 0.84 0.59 0.46 0.39 0.36 0.32 0.30
First Prin 10/15/98 10/15/98 10/15/98 10/15/98 10/15/98 10/15/98 10/15/98 10/15/98
Last Prin 10/15/09 3/15/00 9/15/99 6/15/99 5/15/99 4/15/99 4/15/99 3/15/99
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Decrement Tables (continued)
Class A-2
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 96 69 47 32 12 0
9/15/00 100 81 32 0 0 0 0 0
9/15/01 100 46 0 0 0 0 0 0
9/15/02 100 16 0 0 0 0 0 0
9/15/03 100 0 0 0 0 0 0 0
9/15/04 100 0 0 0 0 0 0 0
9/15/05 100 0 0 0 0 0 0 0
9/15/06 100 0 0 0 0 0 0 0
9/15/07 100 0 0 0 0 0 0 0
9/15/08 100 0 0 0 0 0 0 0
9/15/09 100 0 0 0 0 0 0 0
9/15/10 94 0 0 0 0 0 0 0
9/15/11 87 0 0 0 0 0 0 0
9/15/12 79 0 0 0 0 0 0 0
9/15/13 69 0 0 0 0 0 0 0
9/15/14 59 0 0 0 0 0 0 0
9/15/15 48 0 0 0 0 0 0 0
9/15/16 35 0 0 0 0 0 0 0
9/15/17 20 0 0 0 0 0 0 0
9/15/18 3 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 16.44 2.94 1.73 1.22 1.00 0.90 0.81 0.74
First Prin 10/15/09 3/15/00 9/15/99 6/15/99 5/15/99 4/15/99 4/15/99 3/15/99
Last Prin 12/15/18 4/15/03 4/15/01 6/15/00 2/15/00 12/15/99 10/15/99 9/15/99
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Decrement Tables (continued)
Class A-3
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 94
9/15/00 100 100 100 83 47 25 0 0
9/15/01 100 100 81 23 0 0 0 0
9/15/02 100 100 45 0 0 0 0 0
9/15/03 100 90 14 0 0 0 0 0
9/15/04 100 69 0 0 0 0 0 0
9/15/05 100 51 0 0 0 0 0 0
9/15/06 100 39 0 0 0 0 0 0
9/15/07 100 27 0 0 0 0 0 0
9/15/08 100 14 0 0 0 0 0 0
9/15/09 100 3 0 0 0 0 0 0
9/15/10 100 0 0 0 0 0 0 0
9/15/11 100 0 0 0 0 0 0 0
9/15/12 100 0 0 0 0 0 0 0
9/15/13 100 0 0 0 0 0 0 0
9/15/14 100 0 0 0 0 0 0 0
9/15/15 100 0 0 0 0 0 0 0
9/15/16 100 0 0 0 0 0 0 0
9/15/17 100 0 0 0 0 0 0 0
9/15/18 100 0 0 0 0 0 0 0
9/15/19 87 0 0 0 0 0 0 0
9/15/20 70 0 0 0 0 0 0 0
9/15/21 50 0 0 0 0 0 0 0
9/15/22 28 0 0 0 0 0 0 0
9/15/23 6 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 22.92 7.46 3.92 2.57 2.00 1.75 1.51 1.33
First Prin 12/15/18 4/15/03 4/15/01 6/15/00 2/15/00 12/15/99 10/15/99 9/15/99
Last Prin 12/15/23 1/15/10 4/15/04 4/15/02 6/15/01 1/15/01 9/15/00 6/15/00
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Decrement Tables (continued)
Class A-4
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 100 100 100 95 21
9/15/01 100 100 100 100 42 0 0 0
9/15/02 100 100 100 48 0 0 0 0
9/15/03 100 100 100 0 0 0 0 0
9/15/04 100 100 70 0 0 0 0 0
9/15/05 100 100 16 0 0 0 0 0
9/15/06 100 100 0 0 0 0 0 0
9/15/07 100 100 0 0 0 0 0 0
9/15/08 100 100 0 0 0 0 0 0
9/15/09 100 100 0 0 0 0 0 0
9/15/10 100 76 0 0 0 0 0 0
9/15/11 100 45 0 0 0 0 0 0
9/15/12 100 14 0 0 0 0 0 0
9/15/13 100 0 0 0 0 0 0 0
9/15/14 100 0 0 0 0 0 0 0
9/15/15 100 0 0 0 0 0 0 0
9/15/16 100 0 0 0 0 0 0 0
9/15/17 100 0 0 0 0 0 0 0
9/15/18 100 0 0 0 0 0 0 0
9/15/19 100 0 0 0 0 0 0 0
9/15/20 100 0 0 0 0 0 0 0
9/15/21 100 0 0 0 0 0 0 0
9/15/22 100 0 0 0 0 0 0 0
9/15/23 100 0 0 0 0 0 0 0
9/15/24 45 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 25.94 12.86 6.42 4.01 3.00 2.57 2.20 1.91
First Prin 12/15/23 1/15/10 4/15/04 4/15/02 6/15/01 1/15/01 9/15/00 6/15/00
Last Prin 4/15/25 3/15/13 5/15/06 4/15/03 2/15/02 7/15/01 2/15/01 10/15/00
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Decrement Tables (continued)
Class A-5
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 100 100 100 100 100
9/15/01 100 100 100 100 100 75 10 0
9/15/02 100 100 100 100 47 0 0 0
9/15/03 100 100 100 69 0 0 0 0
9/15/04 100 100 100 22 0 0 0 0
9/15/05 100 100 100 0 0 0 0 0
9/15/06 100 100 91 0 0 0 0 0
9/15/07 100 100 66 0 0 0 0 0
9/15/08 100 100 42 0 0 0 0 0
9/15/09 100 100 18 0 0 0 0 0
9/15/10 100 100 0 0 0 0 0 0
9/15/11 100 100 0 0 0 0 0 0
9/15/12 100 100 0 0 0 0 0 0
9/15/13 100 88 0 0 0 0 0 0
9/15/14 100 66 0 0 0 0 0 0
9/15/15 100 45 0 0 0 0 0 0
9/15/16 100 25 0 0 0 0 0 0
9/15/17 100 6 0 0 0 0 0 0
9/15/18 100 0 0 0 0 0 0 0
9/15/19 100 0 0 0 0 0 0 0
9/15/20 100 0 0 0 0 0 0 0
9/15/21 100 0 0 0 0 0 0 0
9/15/22 100 0 0 0 0 0 0 0
9/15/23 100 0 0 0 0 0 0 0
9/15/24 100 0 0 0 0 0 0 0
9/15/25 73 0 0 0 0 0 0 0
9/15/26 3 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 27.34 16.82 9.69 5.44 4.00 3.36 2.75 2.37
First Prin 4/15/25 3/15/13 5/15/06 4/15/03 2/15/02 7/15/01 2/15/01 10/15/00
Last Prin 10/15/26 2/15/18 7/15/10 5/15/05 6/15/03 9/15/02 12/15/01 5/15/01
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Decrement Tables (continued)
Class A-6
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 100 100 100 100 100
9/15/01 100 100 100 100 100 100 100 30
9/15/02 100 100 100 100 100 96 19 0
9/15/03 100 100 100 100 77 12 0 0
9/15/04 100 100 100 100 20 0 0 0
9/15/05 100 100 100 80 0 0 0 0
9/15/06 100 100 100 62 0 0 0 0
9/15/07 100 100 100 36 0 0 0 0
9/15/08 100 100 100 9 0 0 0 0
9/15/09 100 100 100 0 0 0 0 0
9/15/10 100 100 95 0 0 0 0 0
9/15/11 100 100 65 0 0 0 0 0
9/15/12 100 100 39 0 0 0 0 0
9/15/13 100 100 16 0 0 0 0 0
9/15/14 100 100 0 0 0 0 0 0
9/15/15 100 100 0 0 0 0 0 0
9/15/16 100 100 0 0 0 0 0 0
9/15/17 100 100 0 0 0 0 0 0
9/15/18 100 82 0 0 0 0 0 0
9/15/19 100 57 0 0 0 0 0 0
9/15/20 100 33 0 0 0 0 0 0
9/15/21 100 10 0 0 0 0 0 0
9/15/22 100 0 0 0 0 0 0 0
9/15/23 100 0 0 0 0 0 0 0
9/15/24 100 0 0 0 0 0 0 0
9/15/25 100 0 0 0 0 0 0 0
9/15/26 100 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 28.50 21.34 13.67 8.42 5.50 4.54 3.71 2.99
First Prin 10/15/26 2/15/18 7/15/10 5/15/05 6/15/03 9/15/02 12/15/01 5/15/01
Last Prin 8/15/27 3/15/22 7/15/14 2/15/09 4/15/05 12/15/03 12/15/02 3/15/02
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Decrement Tables (continued)
Class A-7
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 100 100 100 100 100
9/15/01 100 100 100 100 100 100 100 100
9/15/02 100 100 100 100 100 100 100 62
9/15/03 100 100 100 100 100 100 56 17
9/15/04 100 100 100 100 100 72 31 4
9/15/05 100 100 100 100 86 50 20 2
9/15/06 100 100 100 100 81 49 20 2
9/15/07 100 100 100 100 66 40 18 2
9/15/08 100 100 100 100 51 28 11 2
9/15/09 100 100 100 87 37 18 5 0
9/15/10 100 100 100 69 25 10 1 0
9/15/11 100 100 100 55 17 5 0 0
9/15/12 100 100 100 42 10 2 0 0
9/15/13 100 100 100 31 6 0 0 0
9/15/14 100 100 96 23 2 0 0 0
9/15/15 100 100 81 16 0 0 0 0
9/15/16 100 100 68 11 0 0 0 0
9/15/17 100 100 56 7 0 0 0 0
9/15/18 100 100 45 4 0 0 0 0
9/15/19 100 100 36 1 0 0 0 0
9/15/20 100 100 28 0 0 0 0 0
9/15/21 100 100 21 0 0 0 0 0
9/15/22 100 90 15 0 0 0 0 0
9/15/23 100 72 9 0 0 0 0 0
9/15/24 100 56 5 0 0 0 0 0
9/15/25 100 39 1 0 0 0 0 0
9/15/26 100 22 0 0 0 0 0 0
9/15/27 91 6 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average 29.38 26.38 20.13 13.98 10.37 8.26 6.15 4.49
Life
First Prin 8/15/27 3/15/22 7/15/14 2/15/09 4/15/05 12/15/03 12/15/02 3/15/02
Last Prin 7/15/28 3/15/28 3/15/26 5/15/20 9/15/15 5/15/13 1/15/11 3/15/09
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Decrement Tables (continued)
Class A-8
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 100 100 100 100 100
9/15/01 100 100 100 100 100 100 100 100
9/15/02 100 96 93 90 87 86 84 83
9/15/03 99 93 87 81 76 73 69 66
9/15/04 98 86 76 67 59 55 49 44
9/15/05 97 79 66 53 43 38 31 24
9/15/06 94 59 41 26 17 14 13 11
9/15/07 90 45 26 12 6 4 3 4
9/15/08 85 34 16 6 2 1 0 0
9/15/09 81 26 10 3 1 0 0 0
9/15/10 76 19 6 1 0 0 0 0
9/15/11 71 15 4 1 0 0 0 0
9/15/12 65 11 2 0 0 0 0 0
9/15/13 60 8 1 0 0 0 0 0
9/15/14 54 6 1 0 0 0 0 0
9/15/15 48 4 0 0 0 0 0 0
9/15/16 42 3 0 0 0 0 0 0
9/15/17 36 2 0 0 0 0 0 0
9/15/18 30 1 0 0 0 0 0 0
9/15/19 24 1 0 0 0 0 0 0
9/15/20 18 1 0 0 0 0 0 0
9/15/21 13 0 0 0 0 0 0 0
9/15/22 9 0 0 0 0 0 0 0
9/15/23 6 0 0 0 0 0 0 0
9/15/24 3 0 0 0 0 0 0 0
9/15/25 2 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 16.53 9.38 7.80 6.88 6.41 6.20 5.99 5.82
First Prin 10/15/01 10/15/01 10/15/01 10/15/01 10/15/01 10/15/01 11/15/01 12/15/01
Last Prin 5/15/28 1/15/28 1/15/26 3/15/20 7/15/15 3/15/13 11/15/10 1/15/09
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Decrement Tables (continued)
Class BI
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 100 100 100 100 100
9/15/01 100 100 100 100 100 100 100 100
9/15/02 100 100 100 92 69 56 41 27
9/15/03 100 100 100 73 51 36 22 11
9/15/04 100 100 93 58 34 21 9 1
9/15/05 100 100 80 44 21 10 1 0
9/15/06 100 100 69 32 12 3 0 0
9/15/07 100 100 59 23 5 0 0 0
9/15/08 100 96 50 15 0 0 0 0
9/15/09 100 88 41 9 0 0 0 0
9/15/10 100 80 33 4 0 0 0 0
9/15/11 100 73 26 0 0 0 0 0
9/15/12 100 66 20 0 0 0 0 0
9/15/13 100 60 15 0 0 0 0 0
9/15/14 100 54 11 0 0 0 0 0
9/15/15 100 48 7 0 0 0 0 0
9/15/16 100 41 3 0 0 0 0 0
9/15/17 100 35 1 0 0 0 0 0
9/15/18 100 29 0 0 0 0 0 0
9/15/19 100 24 0 0 0 0 0 0
9/15/20 100 18 0 0 0 0 0 0
9/15/21 100 14 0 0 0 0 0 0
9/15/22 98 9 0 0 0 0 0 0
9/15/23 85 5 0 0 0 0 0 0
9/15/24 70 0 0 0 0 0 0 0
9/15/25 55 0 0 0 0 0 0 0
9/15/26 34 0 0 0 0 0 0 0
9/15/27 9 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 27.01 16.94 10.61 7.02 5.37 4.67 4.08 3.70
First Prin 8/15/22 4/15/08 4/15/04 5/15/02 10/15/01 10/15/01 10/15/01 10/15/01
Last Prin 2/15/28 11/15/24 12/15/17 11/15/11 10/15/08 4/15/07 12/15/05 11/15/04
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group I Computational Materials
Collateral Description
o Collateral statistics are based on a representative pool as of close of
business 8/24/98 (the "Statistical Cut-off Date").
The actual statistics may vary.
<TABLE>
<CAPTION>
Group I - FRM Collateral
------------------------
<S> <C>
Total Outstanding Balance: $603,883,420
Number of Loans: 7,614
Average Remaining Balance: $79,312 (range: $7,321 - $283,685)
Interest Rate Index: 100.00% fixed-rate loans
WA Gross Coupon: 10.012%
Original Weighted Average Term: 358.70 months (range: 240 - 360 months)
Remaining Weighted Average Term: 357.34 months (range: 240 - 360 months)
WA Seasoning: 1.36 months (range: 0 - 16 months)
WA Lien Position: 99.49% first / 0.51% second
WA Original LTV Ratio: 79.37% (range: 7.97% - 95.00%)
WA Original CLTV Ratio: 79.63% (range: 10.34% - 100.00%)
WA Debt to Income Ratio: 38.67% (range: 2.00% - 60.00%)
Credit Grade: 72.92% A,
17.54% B,
8.39% C,
1.15% D
Documentation: 89.34% full doc,
5.81% limited doc,
4.85% no doc
Property Type: 1.80% single family attached,
86.07% single family detached,
6.95% 2-4 family,
2.05% PUD,
1.03% condo,
0.06% mixed use,
2.04% man. housing
Owner Occupancy: 95.35% owner occupied, 4.65% investor owned
Loan Purpose: 57.54% debt consolidation,
1.90% home improvement,
13.90% purchase,
26.66% other
Geographic Distribution: OH (8.75%), MI (6.52%), NY (6.37%), CA (6.30%),
(all states (greater than NC (6.30%), PA (5.86%), TX (5.63%), FL (5.51%)
or equal to 5.00%)
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information
may not be used or otherwise disseminated in connection with the offer or sale
of these or any other securities, except in connection with the initial offer
or sale of these securities to you to the extent set forth below. NO
REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR
COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading
strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO
A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Computational Materials
Group I - FRM Collateral
- --------------------------------------------------------------------------------
1. State
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
State Loans Balance Balance Balance Coupon Term LTV ation upied A
----- ------- --------- ------- --------- -------- -------- -------- ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Arizona 124 9,130,778.00 1.51 73,635 9.844 358 78.02 84.2 90.1 73.5
Arkansas 53 2,849,107.25 0.47 53,757 11.654 358 76.97 88.4 99.3 49.9
California 333 38,057,350.93 6.30 114,286 9.593 358 77.82 79.0 90.5 77.5
Colorado 132 12,271,297.66 2.03 92,964 9.550 357 79.58 87.9 93.6 79.1
Connecticut 55 5,813,494.82 0.96 105,700 9.618 359 75.77 79.8 96.5 78.8
Delaware 10 878,118.68 0.15 87,812 10.224 359 82.66 86.2 94.1 69.8
District of Columbia 30 2,690,867.78 0.45 89,696 9.989 359 74.49 81.4 88.2 57.2
Florida 470 33,301,026.37 5.51 70,853 10.123 358 79.67 88.7 93.7 70.6
Georgia 288 23,122,868.59 3.83 80,288 10.215 357 82.39 92.7 98.1 73.0
Hawaii 6 830,591.88 0.14 138,432 8.941 358 75.65 100.0 81.1 87.4
Idaho 21 1,607,757.11 0.27 76,560 9.535 359 75.25 88.0 100.0 69.6
Illinois 317 27,467,632.50 4.55 86,649 10.223 357 80.29 94.3 96.2 68.6
Indiana 383 22,936,171.01 3.80 59,886 10.106 358 81.09 95.2 96.7 67.6
Iowa 28 1,834,957.96 0.30 65,534 9.927 358 77.62 82.9 100.0 71.5
Kansas 20 1,105,201.97 0.18 55,260 10.636 358 80.36 100.0 94.8 64.2
Kentucky 168 11,445,341.98 1.90 68,127 9.822 356 80.60 92.4 98.6 73.8
Louisiana 58 4,068,369.76 0.67 70,144 10.593 358 80.61 94.5 98.1 58.4
Maine 26 1,701,586.28 0.28 65,446 10.439 348 73.27 95.9 93.1 56.9
Maryland 209 19,504,628.93 3.23 93,324 9.878 358 79.83 88.3 97.1 78.2
Massachusetts 159 17,905,645.01 2.97 112,614 9.665 357 77.80 91.5 96.5 76.9
Michigan 606 39,357,073.06 6.52 64,946 10.209 357 78.79 92.2 96.7 65.5
Minnesota 86 7,559,897.62 1.25 87,906 10.351 358 80.82 87.4 99.4 63.6
Mississippi 50 3,191,796.01 0.53 63,836 10.880 352 82.42 95.6 100.0 68.8
Missouri 138 8,269,819.17 1.37 59,926 10.815 353 79.02 92.8 95.1 65.9
Montana 15 845,797.51 0.14 56,387 10.272 359 72.35 85.0 86.5 40.7
Nebraska 36 2,734,359.49 0.45 75,954 9.737 356 77.28 95.7 97.9 79.5
Nevada 45 4,672,823.04 0.77 103,841 9.722 358 79.96 87.1 85.8 85.9
New Hampshire 36 3,651,175.05 0.60 101,422 9.264 359 79.77 81.5 100.0 93.9
New Jersey 165 17,086,756.40 2.83 103,556 9.892 357 78.52 83.9 93.2 78.8
New Mexico 82 6,401,644.80 1.06 78,069 9.891 358 81.84 77.3 94.1 78.8
New York 360 38,490,801.96 6.37 106,919 9.900 358 76.17 84.5 91.3 74.6
North Carolina 517 38,045,655.60 6.30 73,589 10.053 356 81.07 93.2 98.2 77.5
Ohio 732 52,849,559.28 8.75 72,199 9.714 358 81.86 95.8 97.5 81.5
Oklahoma 23 1,731,519.50 0.29 75,283 10.185 359 83.16 86.6 93.9 78.8
Oregon 54 5,461,895.97 0.90 101,146 9.562 359 75.47 67.7 86.4 71.9
Pennsylvania 493 35,380,579.88 5.86 71,766 9.844 357 80.41 88.9 97.5 71.9
Rhode Island 26 2,267,714.89 0.38 87,220 9.890 358 75.28 84.1 93.2 82.0
South Carolina 196 13,388,579.29 2.22 68,309 10.406 357 80.51 90.8 96.1 70.4
South Dakota 3 182,888.67 0.03 60,963 10.567 358 84.32 100.0 100.0 13.1
Tennessee 169 12,551,303.00 2.08 74,268 10.068 357 81.83 94.6 97.7 79.7
Texas 464 33,993,022.35 5.63 73,261 11.036 358 79.56 86.7 95.2 51.2
Utah 60 6,270,920.65 1.04 104,515 9.443 358 79.94 88.1 86.9 92.6
Vermont 3 161,041.56 0.03 53,681 11.637 359 69.05 35.8 100.0 35.8
Virginia 154 13,372,201.74 2.21 86,832 9.610 356 79.91 91.3 97.7 77.8
Washington 93 9,705,481.14 1.61 104,360 9.590 359 78.45 85.3 91.8 76.1
West Virginia 67 4,117,024.65 0.68 61,448 9.971 358 82.51 98.7 99.5 81.0
Wisconsin 47 3,312,113.50 0.55 70,471 9.991 357 79.09 92.1 91.3 66.1
Wyoming 4 307,180.05 0.05 76,795 9.738 359 80.43 79.6 100.0 100.0
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Computational Materials
2. Range of Original LTVs
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Original LTVs Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5.01 - 10.00 3 49,560.65 0.01 16,520 11.828 318 78.24 100.0 100.0 59.6
10.01 - 15.00 15 305,604.09 0.05 20,374 10.728 334 60.06 100.0 90.2 91.1
15.01 - 20.00 32 1,057,516.62 0.18 33,047 10.565 347 61.56 73.9 88.8 70.3
20.01 - 25.00 28 1,093,591.99 0.18 39,057 10.801 349 49.99 66.7 93.6 64.2
25.01 - 30.00 28 1,137,721.99 0.19 40,633 10.751 354 39.16 62.6 96.5 49.1
30.01 - 35.00 34 1,752,307.02 0.29 51,538 10.116 354 39.44 70.9 89.3 54.0
35.01 - 40.00 44 2,129,872.49 0.35 48,406 9.785 356 44.33 88.0 93.3 73.6
40.01 - 45.00 70 3,774,701.97 0.63 53,924 10.371 356 43.56 74.6 96.0 69.2
45.01 - 50.00 120 6,802,601.87 1.13 56,688 10.300 357 49.32 70.8 96.2 45.1
50.01 - 55.00 125 8,237,256.00 1.36 65,898 10.180 356 53.42 72.9 89.4 58.4
55.01 - 60.00 194 12,422,874.15 2.06 64,035 10.251 357 58.62 68.4 85.8 51.6
60.01 - 65.00 241 15,982,463.09 2.65 66,317 10.339 358 63.54 68.5 88.4 51.5
65.01 - 70.00 477 33,247,095.27 5.51 69,700 10.194 357 68.79 73.8 84.7 62.2
70.01 - 75.00 859 64,120,888.12 10.62 74,646 9.968 358 74.16 77.3 84.8 64.0
75.01 - 80.00 2,286 183,262,929.92 30.35 80,168 9.818 357 79.59 88.7 96.2 69.8
80.01 - 85.00 1,549 129,338,916.77 21.42 83,498 10.016 358 84.51 96.5 99.6 65.0
85.01 - 90.00 1,475 135,705,804.50 22.47 92,004 10.139 357 89.70 100.0 99.8 98.1
90.01 - 95.00 34 3,461,713.79 0.57 101,815 9.813 356 92.49 100.0 100.0 100.0
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
3. Range of Original CLTV's
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Original CLTV's Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10.01 - 15.00 4 100,601.20 0.02 25,150 9.149 359 11.26 100.0 70.2 100.0
15.01 - 20.00 9 358,555.98 0.06 39,840 9.819 351 16.69 34.0 67.0 42.8
20.01 - 25.00 14 580,782.59 0.10 41,484 9.900 359 23.54 47.7 88.0 64.4
25.01 - 30.00 22 915,194.18 0.15 41,600 10.475 359 28.33 53.6 95.6 45.9
30.01 - 35.00 29 1,531,113.66 0.25 52,797 9.965 358 32.66 71.9 87.7 49.5
35.01 - 40.00 37 1,836,915.59 0.30 49,646 9.641 359 37.98 86.1 92.3 69.4
40.01 - 45.00 67 3,626,759.34 0.60 54,131 10.352 356 42.63 73.6 95.8 69.0
45.01 - 50.00 118 6,628,123.71 1.10 56,171 10.320 358 48.00 69.5 96.1 43.0
50.01 - 55.00 124 8,139,140.85 1.35 65,638 10.172 357 52.95 72.1 89.3 57.8
55.01 - 60.00 191 12,254,726.15 2.03 64,161 10.239 357 58.28 67.9 85.6 51.2
60.01 - 65.00 247 16,168,825.10 2.68 65,461 10.342 358 63.53 68.9 88.5 51.5
65.01 - 70.00 476 33,145,014.45 5.49 69,632 10.192 357 68.77 73.7 84.6 62.3
70.01 - 75.00 864 64,452,810.89 10.67 74,598 9.971 358 74.15 77.5 84.9 64.1
75.01 - 80.00 2,297 183,636,578.74 30.41 79,946 9.820 357 79.59 88.7 96.2 69.8
80.01 - 85.00 1,572 130,073,350.27 21.54 82,744 10.027 357 84.51 96.5 99.6 65.2
85.01 - 90.00 1,498 136,635,415.53 22.63 91,212 10.145 357 89.70 100.0 99.8 98.1
90.01 - 95.00 37 3,563,667.41 0.59 96,315 9.865 355 92.42 100.0 100.0 100.0
95.01 - 100.00 8 235,844.66 0.04 29,481 10.578 357 99.10 100.0 100.0 86.6
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Computational Materials
4. Range of Coupon Rates
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Coupon Rates Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6.01 - 7.00 1 70,400.00 0.01 70,400 6.990 300 80.00 100.0 100.0 100.0
7.01 - 8.00 127 12,969,282.26 2.15 102,120 7.790 357 76.81 97.2 96.4 99.4
8.01 - 9.00 1,507 131,289,930.79 21.74 87,120 8.651 357 77.76 91.1 96.0 96.1
9.01 - 10.00 2,453 208,953,578.76 34.60 85,183 9.606 357 80.59 88.9 95.5 80.6
10.01 - 11.00 1,877 146,754,506.35 24.30 78,186 10.567 357 80.85 87.8 94.5 65.4
11.01 - 12.00 993 68,016,167.87 11.26 68,496 11.523 357 80.51 88.9 94.9 43.9
12.01 - 13.00 384 22,754,306.97 3.77 59,256 12.499 356 77.66 88.6 95.7 25.0
13.01 - 14.00 173 8,471,518.13 1.40 48,968 13.545 356 73.43 91.7 95.4 16.5
14.01 - 15.00 78 3,863,952.39 0.64 49,538 14.472 358 66.71 89.0 100.0 1.0
15.01 - 16.00 11 344,723.04 0.06 31,338 15.513 359 67.81 86.8 100.0 0.0
16.01 - 17.00 7 281,674.98 0.05 40,239 16.465 359 58.69 78.2 100.0 0.0
17.01 - 18.00 3 113,378.76 0.02 37,793 17.583 357 70.00 100.0 100.0 0.0
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
5. Range of Loan Balances
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Loan Balances Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.01 - 25,000.00 209 4,425,428.80 0.73 21,174 11.425 353 64.51 92.3 86.3 40.5
25,000.01 - 50,000.00 1,784 71,021,402.60 11.76 39,810 10.574 356 74.65 92.6 89.5 54.1
50,000.01 - 75,000.00 2,314 143,373,395.43 23.74 61,959 10.163 357 79.51 92.0 95.3 67.8
75,000.01 - 100,000.00 1,406 121,611,632.00 20.14 86,495 9.952 357 79.75 91.9 96.3 73.8
100,000.01 - 125,000,000 843 93,544,091.96 15.49 110,966 9.815 358 81.29 89.4 97.1 77.8
125,000.01 - 150,000,000 505 68,884,548.59 11.41 136,405 9.868 358 81.41 86.3 97.0 78.2
150,000.01 - 175,000,000 252 40,756,146.48 6.75 161,731 9.663 358 81.20 82.4 96.1 88.6
175,000.01 - 200,000,000 177 33,262,806.58 5.51 187,925 9.690 358 80.72 80.1 95.6 82.0
200,000.01 - 225,000,000 108 23,037,408.84 3.81 213,309 9.790 358 81.79 85.1 97.3 84.2
225,000.01 - 250,000,000 9 2,100,124.29 0.35 233,347 9.335 359 78.18 77.2 88.9 89.2
250,000.01 - 275,000,000 6 1,582,749.47 0.26 263,792 9.369 359 77.03 66.5 100.0 100.0
275,000.01 -
300,000.00 1 283,685.26 0.05 283,685 10.750 358 85.00 100.0 100.0 100.0
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Computational Materials
- --------------------------------------------------------------------------------
6. Property Types
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Property Types Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Single Family Detached 6,612 519,754,500.54 86.07 78,608 9.981 357 79.97 89.7 96.8 73.1
2-4 Family 404 41,963,067.22 6.95 103,869 9.983 358 76.49 86.1 80.6 77.8
Planned Unit 134 12,391,861.89 2.05 92,477 10.561 358 80.75 81.6 93.5 66.1
Development
Manufactured Housing 194 12,323,194.76 2.04 63,522 10.447 357 77.73 87.6 97.1 66.5
Single Family Attached 176 10,852,733.02 1.80 61,663 10.475 358 79.26 91.1 92.6 59.7
Condominium 90 6,246,724.14 1.03 69,408 10.005 358 74.80 93.6 74.9 78.8
Mixed Use 4 351,338.73 0.06 87,835 10.122 358 72.29 100.0 100.0 62.6
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
7. Range of Months of Seasoning
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Range of Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Months of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Seasoning Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 - 1 4,437 350,914,038.93 58.11 79,088 9.969 358 79.67 89.6 95.4 73.3
2 - 12 3,175 252,813,237.19 41.86 79,626 10.071 356 79.56 89.0 95.2 72.3
13 >= 2 156,144.18 0.03 78,072 11.399 344 83.33 100.0 100.0 76.5
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
8. Range of Months Remaining to Maturity
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Range of Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Months Remaining Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
to Maturity Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
181 - 240 7 399,118.00 0.07 57,017 9.293 240 76.78 100.0 100.0 90.9
241 - 300 199 12,160,063.86 2.01 61,106 10.115 298 80.16 87.9 96.9 76.1
301 - 360 7,408 591,324,238.44 97.92 79,822 10.010 359 79.62 89.4 95.3 72.8
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Computational Materials
- --------------------------------------------------------------------------------
9. Range of Months of Original Term
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Range of Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Months of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Original Term Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
181 - 240 7 399,118.00 0.07 57,017 9.293 240 76.78 100.0 100.0 90.9
241 - 300 199 12,160,063.86 2.01 61,106 10.115 298 80.16 87.9 96.9 76.1
301 - 360 7,408 591,324,238.44 97.92 79,822 10.010 359 79.62 89.4 95.3 72.8
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
10. Occupancy Status
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Occupancy Status Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Owner Occupied 7,167 575,775,863.51 95.35 80,337 10.008 357 80.03 89.6 100.0 72.4
Investor Owned 447 28,107,556.79 4.65 62,880 10.089 358 71.39 84.3 0.0 84.6
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
11. Range of Days Delinquent
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Days Delinquent Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 - 29 7,521 597,741,715.51 98.98 79,476 9.995 357 79.67 89.4 95.4 73.3
30 - 59 87 5,789,855.34 0.96 66,550 11.685 354 75.86 84.0 88.4 35.4
60 - 89 6 351,849.45 0.06 58,642 10.927 342 80.00 100.0 100.0 7.7
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Computational Materials
- --------------------------------------------------------------------------------
12. Range of Junior Lien Ratio
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Junior Lien Ratio Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
=< 0 7,531 600,785,776.24 99.49 79,775 10.006 357 79.62 89.3 95.3 72.9
5.01 - 10.00 1 13,282.59 0.00 13,283 10.850 299 90.00 100.0 100.0 100.0
10.01 - 15.00 4 70,191.75 0.01 17,548 12.361 313 80.89 100.0 100.0 71.5
15.01 - 20.00 24 591,260.75 0.10 24,636 11.035 339 89.48 100.0 100.0 88.8
20.01 - 25.00 8 259,875.98 0.04 32,484 11.390 333 86.34 100.0 100.0 88.5
25.01 - 30.00 7 239,203.14 0.04 34,172 11.642 343 81.90 100.0 100.0 68.8
30.01 - 35.00 13 499,849.34 0.08 38,450 11.614 340 77.56 87.0 100.0 60.4
35.01 - 40.00 4 200,391.20 0.03 50,098 10.897 326 82.54 60.1 100.0 83.6
40.01 - 45.00 5 206,568.07 0.03 41,314 11.186 352 81.99 82.6 100.0 82.6
45.01 - 50.00 1 60,440.25 0.01 60,440 12.450 298 83.88 100.0 100.0 100.0
50.01 - 55.00 5 286,394.25 0.05 57,279 10.059 327 86.94 100.0 100.0 87.8
55.01 - 60.00 2 89,979.45 0.01 44,990 11.300 359 69.09 100.0 100.0 100.0
60.01 - 65.00 2 179,489.80 0.03 89,745 11.334 359 86.87 100.0 100.0 100.0
70.01 - 75.00 1 21,466.00 0.00 21,466 12.850 299 84.98 100.0 100.0 100.0
75.01 - 80.00 1 79,918.00 0.01 79,918 10.000 240 70.00 100.0 100.0 100.0
80.01 - 85.00 1 47,972.66 0.01 47,973 8.800 359 51.33 100.0 100.0 100.0
85.01 - 90.00 3 146,412.48 0.02 48,804 11.203 357 68.80 100.0 100.0 0.0
90.01 - 95.00 1 104,948.35 0.02 104,948 9.500 359 74.19 100.0 100.0 100.0
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
13. Range of Debt to Income Ratio
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Debt to Income Ratio Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.01 - 5.00 8 460,015.50 0.08 57,502 10.464 358 73.83 18.8 86.0 45.2
5.01 - 10.00 28 1,980,560.14 0.33 70,734 10.608 358 75.82 54.8 87.8 68.6
10.01 - 15.00 140 8,099,271.03 1.34 57,852 10.049 356 74.54 74.6 87.0 65.9
15.01 - 20.00 338 18,677,393.22 3.09 55,259 10.233 356 74.36 83.5 93.7 59.2
20.01 - 25.00 570 36,413,433.85 6.03 63,883 10.056 357 77.47 88.6 95.9 65.6
25.01 - 30.00 785 55,849,439.30 9.25 71,146 9.956 357 78.46 87.3 94.9 69.7
30.01 - 35.00 1,007 77,572,017.30 12.85 77,033 10.012 358 79.27 89.0 95.1 71.7
35.01 - 40.00 1,284 103,260,101.02 17.10 80,421 10.039 358 79.97 88.8 95.8 72.8
40.01 - 45.00 1,509 128,994,531.50 21.36 85,483 9.965 357 80.60 90.3 95.9 76.4
45.01 - 50.00 1,741 152,681,748.86 25.28 87,698 9.982 357 80.49 92.1 95.8 76.4
50.01 - 55.00 194 18,872,937.20 3.13 97,283 10.159 358 81.07 89.1 93.0 70.1
55.01 - 60.00 10 1,021,971.38 0.17 102,197 10.649 359 80.98 100.0 91.5 44.7
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Computational Materials
- --------------------------------------------------------------------------------
14. Product Type
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Product Type Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Fixed Rate 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
15. Lien Position
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Lien Position Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1st Lien 7,531 600,785,776.24 99.49 79,775 10.006 357 79.62 89.3 95.3 72.9
2nd Lien 83 3,097,644.06 0.51 37,321 11.105 337 81.86 94.2 100.0 79.4
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
16. Balloon
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Balloon Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Non-Balloon 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
17. Loan Purpose
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Loan Purpose Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Debt Consolidation 4,373 347,448,927.65 57.54 79,453 9.965 357 79.93 90.8 96.3 74.5
Other 2,104 160,991,254.75 26.66 76,517 9.936 357 77.99 87.8 94.1 70.6
Purchase 983 83,963,515.65 13.90 85,416 10.379 358 81.87 86.9 93.7 71.1
Home Improvement 154 11,479,722.25 1.90 74,544 9.813 359 77.00 86.1 97.4 70.8
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Computational Materials
- --------------------------------------------------------------------------------
18. Documentation Level
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Documentation Level Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Full Documentation 6,914 539,494,073.13 89.34 78,029 9.994 357 80.66 100.0 95.6 72.2
Limited Documentation 372 35,096,926.64 5.81 94,347 10.061 357 73.41 0.0 94.4 79.9
No Documentation 328 29,292,420.53 4.85 89,306 10.278 358 68.06 0.0 91.7 77.5
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
- --------------------------------------------------------------------------------
19. Credit Rating
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Credit Rating Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A 5,156 440,351,778.89 72.92 85,406 9.655 357 81.03 88.5 94.6 100.0
B 1,510 105,899,597.96 17.54 70,132 10.601 357 78.16 90.7 97.6 0.0
C 801 50,683,609.22 8.39 63,275 11.404 358 73.15 93.7 96.5 0.0
D 147 6,948,434.23 1.15 47,268 13.461 358 60.29 91.1 100.0 0.0
Total: 7,614 603,883,420.30 100.00 79,312 10.012 357 79.63 89.3 95.3 72.9
</TABLE>
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by ContiMortgage Corporation with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
-----------------------------
$1,300,000,000 (Approximate)
ContiMortgage
Home Equity Loan Trust 1998-3
Home Equity ABS
Computational Materials
-----------------------------
Group II - PAC/Companion, ARM
NAS & Floater
(Please see separate set of computational materials for Group I)
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
<TABLE>
<CAPTION>
Final
Expected Scheduled
Class Size Ratings Average Payment Date Payment Day
Class(1) ($ MM) Group Tranche Type (Moody's/Fitch/ Life (1) Window (1) Count
S&P)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-9(3,4) $231.725 IIA ARM Floater Aaa/AAA/AAA 2.60 yrs/CALL 10/15/29 10/98-12/05/87 mo. Act/360
A-10(3) 78.000 IIA Fixed ARM NAS Aaa/AAA/AAA 2.48 yrs/MAT 5/15/16 8/00-10/03/39 mo. 30/360
A-11 75.000 IIB Fixed 2a-7 Class P-1/A-1+/F-1+ 0.38 yrs/MAT 9/15/99 10/98-5/99/8 mo. Act/360
A-12(2) 130.000 IIB Sequential PAC Aaa/AAA/AAA 1.00 yrs/MAT 5/15/13 5/99-2/00/10 mo. 30/360
A-13(2,3) 192.000 IIB Sequential PAC Aaa/AAA/AAA 2.01 yrs/MAT 5/15/13 2/00-6/01/17 mo. 30/360
A-14(2,3) 42.000 IIB Sequential PAC Aaa/AAA/AAA 3.02 yrs/MAT 5/15/13 6/01-3/02/10 mo. 30/360
A-15(2,3) 70.000 IIB Sequential PAC Aaa/AAA/AAA 4.02 yrs/MAT 5/15/13 3/02-6/03/16 mo. 30/360
A-16(2,3) 25.000 IIB Sequential PAC Aaa/AAA/AAA 5.05 yrs/MAT 6/15/13 6/03-2/04/9 mo. 30/360
A-17(3,4) 66.602 IIB Fixed Sequential PAC Aaa/AAA/AAA 6.66 yrs/CALL 10/15/29 2/04-12/05/23 mo. 30/360
A-18(3,4) 124.200 IIB Companion Floater Aaa/AAA/AAA 4.94 yrs/CALL 10/15/29 5/99-12/05/80 mo. Act/360
A-19 77.946 IIB Fixed Maximum Maturity Aaa/AAA/AAA 0.77 yrs/MAT 9/15/03 10/98-2/00/17 mo. 30/360
A-20(3,4) 126.427 IIB Fixed Maximum Maturity Aaa/AAA/AAA 3.51 yrs/CALL 9/15/08 2/00-12/05/71 mo. 30/360
P-IO 91.602 IIB PAC IO Aaa/AAA/AAAr 2.50 yrs/MAT 3/15/01 10/98-3/01/30 mo. 30/360
BII(3,4,5) 61.100 IIA & Fixed Subordinate Baa3/BBB-/BBB- 4.84 yrs/CALL 10/15/29 10/01-12/05/51 mo. 30/360
IIB
Total $1,300.00 --- -- -- -- -- -- --
</TABLE>
(1) See "Pricing Prepayment Speed" below.
(2) The Class A-12, Class A-13, Class A-14, Class A-15 and/or the Class A-16
Certificates may be swapped to a 1 Mo. LIBOR floater. In such event, the
Trust would enter into a balance-guaranteed swap agreement with a swap
counterparty. Pursuant to the swap agreement, the swap counterparty would
receive a fixed rate from the Trust with respect to each swapped
certificate and would pay 1 Mo. LIBOR on the outstanding principal
balance of the applicable Certificates. The Trust would issue a 1 Mo.
LIBOR floating rate certificate with respect to each swapped Certificate.
MBIA will provide an insurance policy to wrap the floating rate
Certificates, including the swap payments from the swap counterparty.
(3) See "Available Funds Cap" below. Note for any swapped certificates, a
specific cap rate would be put in place.
(4) These classes are callable at the optional clean-up call date.
(5) Class BII may be offered as a floating rate certificate during the
marketing period.
<TABLE>
<S> <C>
Seller and Servicer: ContiMortgage Corporation & ContiWest Corporation
Trustee: Manufacturers and Traders Trust Company
Managers: MORGAN STANLEY DEAN WITTER (lead manager), ContiFinancial Services Corporation,
Bear Stearns, Credit Suisse First Boston, Greenwich Capital Markets, Merrill Lynch,
Nationsbanc Montgomery Securities (co-managers), Keefe, Bruyette & Woods (selling group)
Structure: o Group IIA consists of 6-month LIBOR ARM collateral and a portion of hybrid ARM
collateral and will support Classes A-9 and A-10.
o Group IIB consists of FRM collateral and a portion of the hybrid ARM collateral
and will support Classes A-11 through A-20 and P-IO.
o Group IIA and Group IIB (collectively, "Group II") will support the Class BII
Certificates.
o Group II is expected to consist of approximately $55 million of 6-month LIBOR
ARM collateral (4.2% of the Group II collateral), $395 million of hybrid ARM
collateral (30.4% of the Group II collateral) and $850 million of FRM collateral (65.4% of
the Group II collateral) at the Closing Date.
o Groups I and II will be fully cross collateralized with respect to monthly excess cash flow.
o The Class A-11 Certificates will be fixed rate 2a-7 securities.
o The Class A-10 Certificates will be fixed rate non-accelerating senior ("NAS") Certificates.
The Class A-10 Certificates will pay principal according to the principal percentage as
outlined on the following page.
o The Class A-12 through A-17 Certificates will be Planned Amortization Class ("PAC")
Certificates. The PAC classes will pay principal according to the amortization
schedule on the following pages.
o The Class A-18 Certificates will be floating rate certificates and will be a companion
class to the PAC classes.
o Classes A-19 and A-20 will be fixed rate "maximum maturity" certificates. The "maximum
maturity" certificates will pay principal according to the percentage amortization
schedules on the following pages.
PAC Bands: PAC prepayment bands: FRMs - 125% FRM PPC to 175% FRM PPC
ARMs - 95% ARM PPC to 130% ARM PPC
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
<TABLE>
<S> <C>
Pricing Prepayment Speed: Fixed Rate Collateral
130% of the prepayment assumption (the "FRM PPC") will be applied to the Fixed Rate
Collateral for pricing purposes. 130% PPC for the Fixed Rate Collateral describes
prepayments starting at 5.2% CPR in month 1, increasing by 1.8909% CPR per month to 26% CPR
in month 12, and remaining at 26% CPR thereafter. Adjustable Rate Collateral 100% of the
prepayment assumption (the "ARM PPC") will be applied to the Adjustable Rate Collateral for
pricing purposes. 100% PPC for the Adjustable Rate Collateral describes prepayments starting
at 4.0% CPR in month 1, increasing by 1.8235% CPR per month to 35% CPR in month 18, and
remaining at 35% CPR thereafter.
Statistical Calculation Close of Business August 24, 1998.
Date:
Cut-Off Date: Close of Business September 15, 1998.
Expected Pricing Date: September 17, 1998.
Expected Settlement: September 25, 1998 through DTC, Euroclear or CEDEL.
Accrued Interest: Fixed Rate Certificates (not including Class A-11 Certificates): 9 days of accrued interest
(from September 16, 1998).
Floating Rate Certificates: 0 days of accrued interest.
Note: If fixed rate PAC classes are swapped to floating rate, 0 days of accrued interest.
Distribution Dates: The 15th of each month, beginning October, 1998.
AAA Credit Enhancement: Group II: MBIA Guarantee on Class A Certificates, 4.7% Class BII
Certificates, 1.65% overcollateralization, excess spread and cross collateralization from
Group I.
Class A-10 ARM NAS The Class A-10 fixed rate ARM NAS certificates will pay according to the following schedule:
Certificates:
October 1998 - July 2000: 0% of the Class A-10 pro-rata share (Class A-10/(Class A-9+Class
A-10) of Group IIA AAA principal
August 2000 - September 2003: 500% of the Class A-10 pro-rata share of Group IIA AAA
principal October 2003 and thereafter: 100% of all Group IIA AAA principal
Class P-IO: 6.50% Coupon on the sum of the Notional Balances of the Class A-16 and Class A-17
Certificates for the first 30 distribution dates.
Optional Call: 10% Clean-up call (10% of original aggregate Group I and Group II Home Equity Loan balances).
Step-up Coupon: The Pass-Through Rate for the Class A-9 Certificates will equal (i) for any Payment Date
prior to the Clean-Up Call Date 1 Mo. LIBOR plus [ ]% per annum, and (ii) for any Payment
Date thereafter, 1 Mo. LIBOR plus 2X [ ]% per annum, subject to the Group IIA Available
Funds Cap.
Available Funds Cap: Group IIA Available Funds Cap (Class A-9 and Class A-10 Certificates)
The above Certificates will be subject to an available funds cap equal to the weighted
average coupon rate of the Group IIA collateral less the sum of: (a) an amount, expressed as
an annual percentage rate across the aggregate Group IIA collateral pool balance, equal to
the sum of the Servicing Fee, the Trustee Fee, the Certificate Insurer Fee, in each case due
with respect to the related period and (b) commencing with the 7th Payment Date, a 0.50%
credit enhancement carve out.
Group IIB Available Funds Cap (Class A-16, A-17, A-18 and A-20 Certificates)
The above Certificates will be subject to an available funds cap equal to the weighted
average coupon rate of the Group IIB collateral less the sum of: (a) an amount, expressed as
an annual percentage rate across the aggregate Group IIB collateral pool balance, equal to
the sum of the Servicing Fee, the Trustee Fee, the Certificate Insurer Fee, [Auction Agent
Fee] and [Broker-Dealer Fee], in each case due with respect to the related period, (b)
commencing with the 7th Payment Date, a 0.50% credit enhancement carve out, (c) for the
first 30 Payment Dates only, the product of (i) 6.50% per annum and (ii) the Class P-IO
Notional Principal Amount as represented by the sum of the Class A-16 and A-17 Certificates
divided by the aggregate Group IIB pool balance. The Class A-13 through A-15 Certificates
may also be subject to the available funds cap.
Class BII Available Funds Cap
The Pass-Through Rate for the Class BII Certificates will equal the lesser of (a) the
Pass-Through Rate for such Class, and (b) the lesser of the Group IIA and Group IIB
Available Funds Cap.
Tax Status: REMIC
ERISA Eligibility: The Class A Certificates are ERISA eligible. The Class BII Certificates are not ERISA
eligible.
SMMEA Eligibility: The Offered Certificates are not SMMEA eligible.
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group II Credit Enhancement
o Class A9-A20, P-IO Credit Enhancement:
1. Excess cash;
2. Overcollateralization building up to a requirement of 1.65% of the
Group II original loan balance;
3. Subordination of Class BII certificates, initially totaling 4.7% of
the Group II original loan balance;
4. MBIA surety wrap.
o Class BII Credit Enhancement:
1. Excess cash;
2. Overcollateralization building up to a requirement of 1.65% of the
Group II original loan balance.
(1) Excess Cash
Excess cash for Group II will generally equal the difference between the
interest payments received on the aggregate home equity loans net of the
Servicing Fee, Certificate Insurer Fee, Trustee Fee, [Auction Agent Fee],
[Broker-Dealer Fee], Certificate Interest and excess cash available from Group
I.
(2) Overcollateralization
1. Before the Stepdown Date, overcollateralization initially builds to
1.65% of the original Group II loan balance (subject to rating agency
and MBIA performance triggers);
2. On and after the Stepdown Date, and so long as no trigger event is in
effect, the overcollateralization will step down monthly to 3.5475%
of the outstanding Group II loan balance;
3. The overcollateralization step down will be subject to a floor of
0.50% of the original Group II loan balance (subject to rating agency
and MBIA trigger events);
4. There will be no funding of the overcollateralization for the first 6
months of the transaction (until April 1999).
(3) Subordination
There will be a Class BII Certificate in the amount of 4.7% of the initial
principal balance of the Group II collateral to provide credit enhancement to
the Class A Certificates.
(4) Surety Wrap
The Class A Certificates will have the benefit of an insurance guarantee with
respect to the timely payment of interest (including any swap payments) and
the ultimate payment of principal issued by MBIA. MBIA will also guarantee the
final scheduled payment date of the Class A-11 2a-7 Certificates.
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Cashflow Priority
o Group II Interest and Principal Collections (net of Servicing,
Certificate Insurer, Trustee Fees, [Auction Agent Fee] and [Broker-Dealer
Fees] will be allocated in the following priority prior to the Stepdown
Date (October 2001) if no trigger event is in effect:
Group II Interest
1. Current Interest and Carry-Forward Interest to the Class A-9 through
Class A-20 and P-IO Certificates;
2. Current Interest to the Class BII Certificates;
Group II Principal
3. The amount necessary to reduce the Group II AAA balance to its
required enhancement level will constitute the Group II Class A
Principal Distribution Amount and will be paid concurrently to Group
IIA and Group IIB.
4. However, in no case will the Group II AAA Certificates be entitled to
receive less than the positive difference between the Class A-9 and
A-10 balances and the ending Group IIA collateral balance.
Group IIA
Class A-9 and Class A-10 are paid an amount sufficient to reduce
their aggregate balance to the Group IIA targeted bond balance for
the period. The Group IIA targeted bond balance is defined as the
product of the Group IIA ending collateral balance multiplied by a
percentage equal to the total Group II AAA beginning bond balance
less Group II AAA principal divided by the total Group II ending
collateral balance. The difference between the Group IIA ending
balance from the prior payment date and the Group IIA targeted bond
balance as of the current payment date will equal Group IIA AAA
principal, which will be allocated as follows:
a) First to the Class A-10 Certificates based on its percentage
schedule;
b) Any remaining principal to the Class A-9 Certificates until
retired;
c) Any remaining Group IIA AAA principal to the Class A-10
Certificates.
Group IIB
The remaining Group II AAA principal will be allocated as follows:
a) Classes A-19 and A-20 are paid an amount sufficient to reduce
their aggregate balance to the scheduled "Maximum Maturity
Percentage" of the ending Group IIB AAA balance on a sequential
basis;
b) Next to Class A-11 2a-7 Certificates until retired in full;
c) Classes A-12 through A-17 PAC bonds to their scheduled balances;
d) Any remaining principal to the Class A-18 Certificates until
retired;
e) Any remaining principal to the Class A-12 through A-17 PAC bonds;
f) Any remaining principal sequentially to the Class A-19 and A-20
Certificates.
5. Once the Group II Class A Certificates have been retired, the
remaining principal distribution amount to the Class BII Certificate
until retired;
6. Class BII Interest Carry Forward Amount;
7. Unpaid Class BII Realized Loss Amortization Amounts;
8. To cross-collateralize Group I.
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
o Group II Interest and Principal Collections (net of Servicing,
Certificate Insurer, Trustee Fees, [Auction Agent Fee] and [Broker-Dealer
Fees] will be allocated in the following priority on and after the
Stepdown Date (October 2001) if no trigger event is in effect:
Group II Interest
1. Current Interest and Carry-Forward Interest to the Class A-9 through
Class A-20 and P-IO Certificates;
2. Current Interest to the Class BII Certificates;
Group II Principal
3. The amount necessary to reduce the Group II AAA balance to its
required enhancement level based on the enhancement requirements as
noted below will constitute the Group II Class A Principal
Distribution Amount and will be paid concurrently to Group IIA and
Group IIB.
4. However, in no case will the Group IIA AAA Certificates be entitled
to receive less than the positive difference between the Class A-9
and A-10 balances and the ending Group IIA collateral balance.
Group IIA
Class A-9 and Class A-10 are paid an amount sufficient to reduce
their aggregate balance to the Group IIA targeted bond balance for
the period. The Group IIA targeted bond balance is defined as the
product of the Group IIA ending collateral balance multiplied by a
percentage equal to the total Group II AAA beginning bond balance
less Group II AAA principal divided by the total Group II AAA ending
collateral balance. The difference between the Group IIA ending
balance from the prior payment date and the Group IIA targeted bond
balance as of the current payment date will equal Group IIA AAA
principal, which will be allocated as follows:
a) First to the Class A-10 Certificates based on its percentage
schedule;
b) Any remaining principal to the Class A-9 Certificates until
retired;
c) Any remaining Group IIA AAA principal to the Class A-10
Certificates.
Group IIB
The remaining Group II AAA principal will be allocated as follows:
a) Classes A-19 and A-20 are paid an amount sufficient to reduce
their aggregate balance to the scheduled "Maximum Maturity
Percentage" of the ending Group IIB AAA balance on a
sequential basis;
b) Next to Class A-11 2a-7 Certificates until retired in full;
c) Classes A-12 through A-17 PAC bonds to their scheduled
balances;
d) Any remaining principal to the Class A-18 Certificates until
retired;
e) Any remaining principal to the Class A-12 through A-17 PAC
bonds;
f) Any remaining principal sequentially to the Class A-19 and
A-20 Certificates.
5. The Class BII principal distribution amount based on the enhancement
requirements to the Class BII Certificate until retired.
6. Class BII Interest Carry Forward Amount;
7. Unpaid Class BII Realized Loss Amortization Amounts;
8. To cross-collateralize Group I.
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group II Target Credit Enhancement on and after the Stepdown date (October
2001) assuming no Delinquency Trigger Event is in effect:
Targeted % of Pool Target Credit Enhancement
Class A 86.3475% 13.6525%
Class BII 10.1050% 3.5475%
Overcollateralization 3.5475%
---------
100.0000%
Group II Principal Cashflow Priority (Class BII Subordinated Certificates):
o The Group II Class BII Certificates will not receive payments of
principal until the Stepdown Date, unless all the Group II Class A
Certificates have been retired.
Note: Interest will not accrue or be payable on any written down amounts
with respect to the Group II Class BII Certificates.
Group II Subordination Test (To determine Class A Principal Distribution
Amount):
o Before the Stepdown Date, the Group II Class A Certificates receive 100%
of the collateral principal collections and the excess interest to build
to a required OC target of 1.65%. After the Stepdown Date, the Class A
Certificates receive collateral principal to maintain 13.6525% credit
enhancement.
Group II Step Down Date:
o The later of (a) the October 2001 Payment Date and (b) the first Payment
Date on which the Group II Class A Enhancement Percentage (i.e., the sum
of the Group II Class BII Certificates and OC amount divided by the
original Group II loan balance) is at least 13.6525%.
Group II Class A Enhancement Percentage:
o Percentage equivalent of a fraction, the numerator of which is the
excess of (x) the Group II loan balance for such Payment Date over (y)
the Group II Class A Certificate Principal Balance after taking into
account the payment of the Group II Class A Principal Distribution Amount
on such Payment Date, assuming that no Delinquency Trigger Event is in
effect and the denominator of which is the Group II loan balance.
Group II Delinquency Trigger:
o After the Stepdown Date, a Group II Delinquency Trigger Event has
occurred if on any Payment Date [ ]% of the 3-month rolling average 60+
Day Delinquencies (including Bankruptcies, Foreclosures and REO
properties) with respect to Group II equals or exceeds the Group II Class
A Enhancement Percentage (13.6525% = 2.15 X 6.35%); i.e., when the
3-month rolling average of 60+ Day Delinquencies with respect to Group II
equals or exceeds [ ]% (13.6525%/[ ]%).
o If a Group II Delinquency Trigger Event is in effect, Class A will
receive 100% of all principal until the credit enhancement equals or
exceeds [ ]% of the 3 Month Rolling Average of 60+ Day Delinquencies with
respect to Group II. During this time, overcollateralization will not be
released until the credit enhancement target is achieved.
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group II Cumulative Realized Loss Trigger Event:
o A Group II Cumulative Realized Loss Trigger Event occurs on any date of
determination if the amount of Group II Cumulative Realized Losses
expressed as a percentage of the original aggregate loan balance of Group
II equals or exceeds the following amounts:
Date Percentage
October 1998- September 2000 [1.05]%
October 2000- September 2001 [1.80]%
October 2001- September 2002 [2.40]%
October 2002- September 2003 [2.85]%
October 2003 and thereafter [3.00]%
o Upon the occurrence and during the continuance of a Cumulative Realized
Loss Trigger Event, the overcollateralization amount shall increase to
[ ]% of the aggregate original balance of the Group II Collateral.
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
PAC and Maximum Maturity Schedule
<TABLE>
<CAPTION>
Max Maturities
A-12 A-13 A-14 A-15 A-16 A-17 divide by
Per Date Schedule Schedule Schedule Schedule Schedule Schedule 10000000000.00
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0 09/16/98 - - - - - - -
1 10/15/98 130,000,000.00 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,195,268,648.67
2 11/15/98 130,000,000.00 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,186,687,374.83
3 12/15/98 130,000,000.00 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,178,012,338.78
4 01/15/99 130,000,000.00 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,169,242,562.65
5 02/15/99 130,000,000.00 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,160,377,040.92
6 03/15/99 130,000,000.00 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,151,414,331.87
7 04/15/99 130,000,000.00 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,142,352,793.54
8 05/15/99 124,214,006.70 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,133,191,154.92
9 06/15/99 108,795,238.50 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,123,928,152.45
10 07/15/99 93,299,654.50 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,114,562,636.82
11 08/15/99 77,935,558.10 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,105,093,464.88
12 09/15/99 61,927,412.30 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,095,519,091.58
13 10/15/99 46,966,066.12 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,085,837,776.59
14 11/15/99 32,183,172.13 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,076,048,084.00
15 12/15/99 17,579,333.35 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,066,148,589.26
16 01/15/00 3,156,622.81 192,000,000.00 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,056,137,776.08
17 02/15/00 - 181,066,327.28 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,046,014,260.92
18 03/15/00 - 167,326,877.23 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,035,776,509.14
19 04/15/00 - 153,929,228.43 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,025,422,852.84
20 05/15/00 - 140,864,580.52 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,014,951,709.86
21 06/15/00 - 128,124,363.54 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 2,004,361,471.20
22 07/15/00 - 115,700,231.76 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 1,993,650,499.87
23 08/15/00 - 103,584,838.38 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 1,982,828,902.54
24 09/15/00 - 91,769,534.94 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 1,971,908,311.55
25 10/15/00 - 80,246,579.28 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 1,960,862,304.29
26 11/15/00 - 69,008,464.42 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 1,949,689,133.02
27 12/15/00 - 58,047,878.96 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 1,938,387,019.54
28 01/15/01 - 47,357,701.85 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 1,926,954,154.04
29 02/15/01 - 36,930,997.26 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 1,915,388,694.95
30 03/15/01 - 26,761,009.64 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 1,903,688,767.66
31 04/15/01 - 16,841,158.90 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 1,891,852,464.04
32 05/15/01 - 7,165,035.70 42,000,000.00 70,000,000.00 25,000,000.00 66,602,000.00 1,879,877,841.81
33 06/15/01 - - 39,726,396.80 70,000,000.00 25,000,000.00 66,602,000.00 1,867,762,923.53
34 07/15/01 - - 30,519,160.80 70,000,000.00 25,000,000.00 66,602,000.00 1,855,505,696.06
35 08/15/01 - - 21,537,063.74 70,000,000.00 25,000,000.00 66,602,000.00 1,843,242,094.35
36 09/15/01 - - 12,774,652.73 70,000,000.00 25,000,000.00 66,602,000.00 1,830,833,569.70
37 10/15/01 - - 12,774,652.73 70,000,000.00 25,000,000.00 66,602,000.00 1,818,278,020.62
38 11/15/01 - - 12,774,652.73 70,000,000.00 25,000,000.00 66,602,000.00 1,805,573,306.45
39 12/15/01 - - 12,774,652.73 70,000,000.00 25,000,000.00 66,602,000.00 1,792,717,247.27
40 01/15/02 - - 7,534,219.63 70,000,000.00 25,000,000.00 66,602,000.00 1,779,707,622.49
41 02/15/02 - - 1,321,534.23 70,000,000.00 25,000,000.00 66,602,000.00 1,766,542,170.00
42 03/15/02 - - - 65,338,911.73 25,000,000.00 66,602,000.00 1,753,218,585.35
43 04/15/02 - - - 59,577,708.93 25,000,000.00 66,602,000.00 1,739,734,520.65
44 05/15/02 - - - 54,029,612.93 25,000,000.00 66,602,000.00 1,726,087,583.59
45 06/15/02 - - - 48,686,628.73 25,000,000.00 66,602,000.00 1,712,275,336.29
46 07/15/02 - - - 43,541,066.83 25,000,000.00 66,602,000.00 1,698,295,294.32
47 08/15/02 - - - 38,585,530.64 25,000,000.00 66,602,000.00 1,684,144,925.58
48 09/15/02 - - - 33,812,906.04 25,000,000.00 66,602,000.00 1,669,821,648.94
49 10/15/02 - - - 29,216,349.64 25,000,000.00 66,602,000.00 1,655,322,833.44
50 11/15/02 - - - 24,789,278.44 25,000,000.00 66,602,000.00 1,640,645,796.72
51 12/15/02 - - - 20,525,359.94 25,000,000.00 66,602,000.00 1,625,787,804.02
52 01/15/03 - - - 16,418,502.04 25,000,000.00 66,602,000.00 1,610,746,066.69
53 02/15/03 - - - 12,462,844.24 25,000,000.00 66,602,000.00 1,595,517,741.02
54 03/15/03 - - - 8,652,747.96 25,000,000.00 66,602,000.00 1,580,099,926.79
55 04/15/03 - - - 4,982,789.47 25,000,000.00 66,602,000.00 1,564,489,665.92
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
PAC and Maximum Maturity Schedule (continued)
<TABLE>
<CAPTION>
Max Maturities
A-12 A-13 A-14 A-15 A-16 A-17 divide by
Per Date Schedule Schedule Schedule Schedule Schedule Schedule 10000000000.00
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
56 05/15/03 - - - 1,447,747.96 25,000,000.00 66,602,000.00 1,548,683,940.82
57 06/15/03 - - - - 23,042,799.07 66,602,000.00 1,533,114,476.40
58 07/15/03 - - - - 19,762,913.85 66,602,000.00 1,517,350,536.97
59 08/15/03 - - - - 16,603,442.49 66,602,000.00 1,501,389,069.10
60 09/15/03 - - - - 13,559,910.72 66,602,000.00 1,485,226,957.88
61 10/15/03 - - - - 10,628,013.16 66,602,000.00 1,468,861,025.14
62 11/15/03 - - - - 7,803,606.80 66,602,000.00 1,452,288,028.00
63 12/15/03 - - - - 5,082,704.65 66,602,000.00 1,435,504,656.84
64 01/15/04 - - - - 2,461,469.96 66,602,000.00 1,418,507,533.95
65 02/15/04 - - - - - 66,538,210.15 1,401,293,211.77
66 03/15/04 - - - - - 64,105,371.64 1,383,858,170.61
67 04/15/04 - - - - - 61,761,534.28 1,366,198,817.43
68 05/15/04 - - - - - 59,503,406.38 1,348,311,483.45
69 06/15/04 - - - - - 57,327,819.62 1,330,192,422.25
70 07/15/04 - - - - - 55,231,724.57 1,311,837,807.80
71 08/15/04 - - - - - 53,212,186.03 1,293,243,732.22
72 09/15/04 - - - - - 51,266,378.63 1,274,406,203.60
73 10/15/04 - - - - - 49,391,582.75 1,255,321,143.98
74 11/15/04 - - - - - 47,585,180.45 1,235,984,386.32
75 12/15/04 - - - - - 45,844,651.61 1,216,391,673.21
76 01/15/05 - - - - - 44,167,570.14 1,196,538,653.09
77 02/15/05 - - - - - 42,551,600.55 1,176,420,878.65
78 03/15/05 - - - - - 40,994,494.43 1,156,033,803.79
79 04/15/05 - - - - - 39,494,087.11 1,135,372,780.69
80 05/15/05 - - - - - 38,048,294.58 1,114,433,057.23
81 06/15/05 - - - - - 36,655,110.40 1,093,209,774.22
82 07/15/05 - - - - - 35,312,602.70 1,071,697,961.62
83 08/15/05 - - - - - 34,018,911.49 1,049,892,536.20
84 09/15/05 - - - - - 32,772,245.84 1,027,788,297.93
85 10/15/05 - - - - - 31,542,063.70 1,005,379,926.40
86 11/15/05 - - - - - 30,180,580.79 982,661,977.86
87 12/15/05 - - - - - 28,867,646.98 959,628,881.06
88 01/15/06 - - - - - 27,601,475.45 936,274,933.76
89 02/15/06 - - - - - 26,380,345.36 912,594,298.92
90 03/15/06 - - - - - 25,202,599.32 888,581,000.72
91 04/15/06 - - - - - 24,066,641.04 864,228,920.09
92 05/15/06 - - - - - 22,970,932.99 839,531,790.80
93 06/15/06 - - - - - 21,913,994.23 814,483,194.60
94 07/15/06 - - - - - 20,894,398.24 789,076,557.02
95 08/15/06 - - - - - 19,910,770.92 763,305,142.14
96 09/15/06 - - - - - 18,961,788.56 737,162,048.07
97 10/15/06 - - - - - 18,046,176.03 710,640,201.58
98 11/15/06 - - - - - 17,162,704.89 683,732,352.38
99 12/15/06 - - - - - 16,310,191.67 656,431,068.31
100 01/15/07 - - - - - 15,487,496.16 628,728,729.08
101 02/15/07 - - - - - 14,693,519.82 600,617,520.29
102 03/15/07 - - - - - 13,927,204.19 572,089,427.37
103 04/15/07 - - - - - 13,187,529.41 543,136,229.10
104 05/15/07 - - - - - 12,473,512.75 513,749,491.08
105 06/15/07 - - - - - 11,784,207.24 483,920,558.10
106 07/15/07 - - - - - 11,118,700.31 453,640,548.06
107 08/15/07 - - - - - 10,476,112.53 422,900,343.05
108 09/15/07 - - - - - 9,855,596.35 391,690,582.55
109 10/15/07 - - - - - 9,256,334.90 360,001,655.17
110 11/15/07 - - - - - 8,677,540.86 327,823,689.76
111 12/15/07 - - - - - 8,118,455.34 295,146,546.67
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
PAC and Maximum Maturity Schedule (continued)
<TABLE>
<CAPTION>
Max Maturities
A-12 A-13 A-14 A-15 A-16 A-17 divide by
Per Date Schedule Schedule Schedule Schedule Schedule Schedule 10000000000.00
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
112 01/15/08 - - - - - 7,578,346.82 261,959,808.89
113 02/15/08 - - - - - 7,056,510.12 228,252,772.27
114 03/15/08 - - - - - 6,552,265.41 194,014,435.85
115 04/15/08 - - - - - 6,064,957.27 159,233,490.79
116 05/15/08 - - - - - 5,596,722.17 128,339,525.96
117 06/15/08 - - - - - 5,144,230.54 96,978,431.82
118 07/15/08 - - - - - 4,706,896.80 65,140,769.13
119 08/15/08 - - - - - 4,284,156.38 32,816,847.74
120 09/15/08 - - - - - 3,875,463.50 -
121 10/15/08 - - - - - 3,467,135.45 -
122 11/15/08 - - - - - 3,074,260.13 -
123 12/15/08 - - - - - 2,696,255.92 -
124 01/15/09 - - - - - 2,332,563.06 -
125 02/15/09 - - - - - 1,982,642.83 -
126 03/15/09 - - - - - 1,645,976.76 -
127 04/15/09 - - - - - 1,322,065.85 -
128 05/15/09 - - - - - 1,010,429.86 -
129 06/15/09 - - - - - 710,606.59 -
130 07/15/09 - - - - - 422,151.20 -
131 08/15/09 - - - - - 144,635.57 -
132 09/15/09 - - - - - - -
133 10/15/09 - - - - - - -
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Average Life Sensitivity Tables (TO MATURITY)
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-9
Avg. Life 24.08 10.70 5.81 3.81 2.74 2.06 1.58 1.18
Mod. Dur. 12.37 7.01 4.42 3.12 2.35 1.82 1.43 1.10
First Prin. 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998
Last Prin. 6/15/2028 2/15/2027 4/15/2020 7/15/2014 5/15/2013 8/15/2011 9/15/2009 2/15/2008
Window (mos.) 357 341 259 190 176 155 132 113
Class A-10
Avg. Life 11.85 3.61 2.90 2.61 2.48 2.43 2.43 2.56
Mod. Dur. 8.14 3.15 2.59 2.36 2.25 2.20 2.21 2.32
First Prin. 8/15/2000 8/15/2000 8/15/2000 8/15/2000 8/15/2000 8/15/2000 8/15/2000 8/15/2000
Last Prin. 11/15/2015 7/15/2004 11/15/2003 10/15/2003 10/15/2003 10/15/2003 10/15/2003 10/15/2003
Window (mos.) 184 48 40 39 39 39 39 39
Class A-11
Avg. Life 9.09 0.82 0.57 0.45 0.38 0.34 0.30 0.28
Mod. Dur. 6.73 0.79 0.56 0.43 0.37 0.33 0.30 0.27
First Prin. 1/15/1999 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998
Last Prin. 8/15/2010 3/15/2000 8/15/1999 6/15/1999 5/15/1999 4/15/1999 3/15/1999 3/15/1999
Window (mos.) 140 18 11 9 8 7 6 6
Class A-12
Avg. Life 13.53 2.76 1.58 1.12 1.00 1.00 1.00 1.00
Mod. Dur. 9.31 2.48 1.48 1.06 0.95 0.95 0.95 0.95
First Prin. 8/15/2010 3/15/2000 8/15/1999 6/15/1999 5/15/1999 5/15/1999 5/15/1999 5/15/1999
Last Prin. 5/15/2013 11/15/2002 1/15/2001 4/15/2000 2/15/2000 2/15/2000 2/15/2000 1/15/2000
Window (mos.) 34 33 18 11 10 10 10 9
Class A-13
Avg. Life 14.64 6.65 3.60 2.38 2.01 2.01 1.99 1.76
Mod. Dur. 9.77 5.38 3.16 2.17 1.85 1.85 1.84 1.64
First Prin. 5/15/2013 11/15/2002 1/15/2001 4/15/2000 2/15/2000 2/15/2000 2/15/2000 1/15/2000
Last Prin. 5/15/2013 6/15/2008 11/15/2003 1/15/2002 6/15/2001 6/15/2001 5/15/2001 1/15/2001
Window (mos.) 1 68 35 22 17 17 16 13
Class A-14
Avg. Life 14.64 10.37 5.57 3.60 3.02 3.02 2.89 2.45
Mod. Dur. 9.73 7.66 4.66 3.18 2.71 2.71 2.60 2.23
First Prin. 5/15/2013 6/15/2008 11/15/2003 1/15/2002 6/15/2001 6/15/2001 5/15/2001 1/15/2001
Last Prin. 5/15/2013 9/15/2009 10/15/2004 8/15/2002 3/15/2002 3/15/2002 2/15/2002 5/15/2001
Window (mos.) 1 16 12 8 10 10 10 5
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Average Life Sensitivity Tables (TO MATURITY continued)
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-15
Avg. Life 14.64 12.06 6.98 4.48 4.02 4.02 3.96 3.14
Mod. Dur. 9.65 8.47 5.60 3.85 3.50 3.50 3.45 2.80
First Prin. 5/15/2013 9/15/2009 10/15/2004 8/15/2002 3/15/2002 3/15/2002 2/15/2002 5/15/2001
Last Prin. 5/15/2013 11/15/2011 9/15/2006 11/15/2003 6/15/2003 6/15/2003 5/15/2003 9/15/2002
Window (mos.) 1 27 24 16 16 16 16 17
Class A-16
Avg. Life 14.64 13.61 8.42 5.38 5.05 5.05 4.99 4.24
Mod. Dur. 9.54 9.11 6.46 4.49 4.25 4.25 4.21 3.65
First Prin. 5/15/2013 11/15/2011 9/15/2006 11/15/2003 6/15/2003 6/15/2003 5/15/2003 9/15/2002
Last Prin. 5/15/2013 10/15/2012 8/15/2007 5/15/2004 2/15/2004 2/15/2004 2/15/2004 4/15/2003
Window (mos.) 1 12 12 7 9 9 10 8
Class A-17
Avg. Life 16.62 14.56 10.13 7.31 7.28 7.28 7.23 6.15
Mod. Dur. 10.17 9.41 7.35 5.71 5.69 5.69 5.66 4.96
First Prin. 5/15/2013 10/15/2012 8/15/2007 5/15/2004 2/15/2004 2/15/2004 2/15/2004 4/15/2003
Last Prin. 6/15/2017 5/15/2013 2/15/2010 9/15/2009 9/15/2009 9/15/2009 9/15/2009 2/15/2008
Window (mos.) 50 8 31 65 68 68 68 59
Class A-18
Avg. Life 24.66 16.84 14.14 10.43 6.19 3.41 1.02 0.76
Mod. Dur. 13.06 10.62 9.59 7.67 4.86 2.80 0.97 0.73
First Prin. 6/15/2017 5/15/2013 2/15/2010 10/15/2004 5/15/1999 4/15/1999 3/15/1999 3/15/1999
Last Prin. 6/15/2028 2/15/2027 4/15/2020 7/15/2014 5/15/2013 8/15/2011 11/15/2000 12/15/1999
Window (mos.) 133 166 123 118 169 149 21 10
Class A-19
Avg. Life 2.58 1.55 1.15 0.91 0.77 0.70 0.64 0.59
Mod. Dur. 2.27 1.42 1.07 0.85 0.73 0.67 0.61 0.56
First Prin. 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998
Last Prin. 8/15/2003 10/15/2001 12/15/2000 6/15/2000 2/15/2000 1/15/2000 11/15/1999 10/15/1999
Window (mos.) 59 37 27 21 17 16 14 13
Class A-20
Avg. Life 7.65 6.24 5.17 4.23 3.58 3.19 2.79 2.44
Mod. Dur. 6.02 5.05 4.28 3.58 3.08 2.78 2.46 2.18
First Prin. 8/15/2003 10/15/2001 12/15/2000 6/15/2000 2/15/2000 1/15/2000 11/15/1999 10/15/1999
Last Prin. 9/15/2008 9/15/2008 9/15/2008 9/15/2008 9/15/2008 9/15/2008 9/15/2008 2/15/2008
Window (mos.) 62 84 94 100 104 105 107 101
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Average Life Sensitivity Tables (TO MATURITY continued)
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class BII
Avg. Life 21.60 13.41 9.30 6.48 5.00 4.34 3.87 3.62
Mod. Dur. 9.58 7.72 6.09 4.71 3.87 3.47 3.17 3.01
First Prin. 5/15/2013 12/15/2006 7/15/2003 1/15/2002 10/15/2001 10/15/2001 10/15/2001 11/15/2001
Last Prin. 9/15/2027 4/15/2020 5/15/2013 4/15/2011 5/15/2008 11/15/2006 8/15/2005 8/15/2004
Window (mos.) 173 161 119 112 80 62 47 34
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Average Life Sensitivity Tables (TO CALL)
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-9
Avg. Life 23.91 10.04 5.58 3.62 2.60 1.98 1.52 1.15
Mod. Dur. 12.34 6.83 4.32 3.02 2.27 1.78 1.40 1.08
First Prin. 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998
Last Prin. 12/15/2026 12/15/2017 8/15/2012 3/15/2008 12/15/2005 11/15/2004 11/15/2003 2/15/2003
Window (mos.) 339 231 167 114 87 74 62 53
Class A-17
Avg. Life 16.62 14.56 10.13 7.24 6.66 6.04 5.14 4.39
Mod. Dur. 10.17 9.41 7.35 5.67 5.33 4.92 4.30 3.75
First Prin. 5/15/2013 10/15/2012 8/15/2007 5/15/2004 2/15/2004 2/15/2004 11/15/2003 2/15/2003
Last Prin. 6/15/2017 5/15/2013 2/15/2010 3/15/2008 12/15/2005 11/15/2004 11/15/2003 2/15/2003
Window (mos.) 50 8 31 47 23 10 1 1
Class A-18
Avg. Life 24.49 16.11 13.36 8.70 4.94 2.72 1.02 0.76
Mod. Dur. 13.03 10.41 9.26 6.77 4.13 2.38 0.97 0.73
First Prin. 6/15/2017 5/15/2013 2/15/2010 10/15/2004 5/15/1999 4/15/1999 3/15/1999 3/15/1999
Last Prin. 12/15/2026 12/15/2017 8/15/2012 3/15/2008 12/15/2005 11/15/2004 11/15/2000 12/15/1999
Window (mos.) 115 56 31 42 80 68 21 10
Class A-20
Avg. Life 7.65 6.24 5.17 4.22 3.51 3.08 2.65 2.30
Mod. Dur. 6.02 5.05 4.28 3.58 3.04 2.71 2.36 2.07
First Prin. 8/15/2003 10/15/2001 12/15/2000 6/15/2000 2/15/2000 1/15/2000 11/15/1999 10/15/1999
Last Prin. 9/15/2008 9/15/2008 9/15/2008 3/15/2008 12/15/2005 11/15/2004 11/15/2003 2/15/2003
Window (mos.) 62 84 94 94 71 59 49 41
Class BII
Avg. Life 21.57 13.36 9.21 6.28 4.84 4.21 3.77 3.53
Mod. Dur. 9.57 7.71 6.07 4.63 3.79 3.40 3.11 2.95
First Prin. 5/15/2013 12/15/2006 7/15/2003 1/15/2002 10/15/2001 10/15/2001 10/15/2001 11/15/2001
Last Prin. 12/15/2026 12/15/2017 8/15/2012 3/15/2008 12/15/2005 11/15/2004 11/15/2003 2/15/2003
Window (mos.) 164 133 110 75 51 38 26 16
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables
Class A-9
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 97 91 85 78 72 66 60 53
9/15/00 96 81 66 52 39 26 15 4
9/15/01 96 81 66 51 37 25 15 4
9/15/02 96 79 58 40 27 17 9 4
9/15/03 96 75 49 30 17 9 4 2
9/15/04 96 73 41 22 11 5 2 1
9/15/05 96 65 34 16 7 3 1 0
9/15/06 96 58 27 12 5 2 0 0
9/15/07 96 52 22 9 3 1 0 0
9/15/08 96 47 18 6 2 0 0 0
9/15/09 96 42 15 5 1 0 0 0
9/15/10 96 38 12 3 1 0 0 0
9/15/11 96 34 10 2 0 0 0 0
9/15/12 96 31 8 2 0 0 0 0
9/15/13 96 27 6 0 0 0 0 0
9/15/14 96 24 5 0 0 0 0 0
9/15/15 96 21 3 0 0 0 0 0
9/15/16 93 19 2 0 0 0 0 0
9/15/17 89 16 1 0 0 0 0 0
9/15/18 85 14 1 0 0 0 0 0
9/15/19 80 12 0 0 0 0 0 0
9/15/20 75 10 0 0 0 0 0 0
9/15/21 68 8 0 0 0 0 0 0
9/15/22 61 7 0 0 0 0 0 0
9/15/23 54 5 0 0 0 0 0 0
9/15/24 45 3 0 0 0 0 0 0
9/15/25 35 2 0 0 0 0 0 0
9/15/26 24 0 0 0 0 0 0 0
9/15/27 11 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 24.08 10.70 5.81 3.81 2.74 2.06 1.58 1.18
First Prin 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998
Last Prin 6/15/2028 2/15/2027 4/15/2020 7/15/2014 5/15/2013 8/15/2011 9/15/2009 2/15/2008
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class A-10
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 94 90 86 84 82 81 82
9/15/01 97 61 36 20 11 7 8 17
9/15/02 95 36 11 4 1 0 0 3
9/15/03 92 21 4 1 0 0 0 0
9/15/04 89 0 0 0 0 0 0 0
9/15/05 85 0 0 0 0 0 0 0
9/15/06 81 0 0 0 0 0 0 0
9/15/07 76 0 0 0 0 0 0 0
9/15/08 71 0 0 0 0 0 0 0
9/15/09 65 0 0 0 0 0 0 0
9/15/10 58 0 0 0 0 0 0 0
9/15/11 51 0 0 0 0 0 0 0
9/15/12 42 0 0 0 0 0 0 0
9/15/13 19 0 0 0 0 0 0 0
9/15/14 11 0 0 0 0 0 0 0
9/15/15 1 0 0 0 0 0 0 0
9/15/16 0 0 0 0 0 0 0 0
9/15/17 0 0 0 0 0 0 0 0
9/15/18 0 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 11.85 3.61 2.90 2.61 2.48 2.43 2.43 2.56
First Prin 8/15/2000 8/15/2000 8/15/2000 8/15/2000 8/15/2000 8/15/2000 8/15/2000 8/15/2000
Last Prin 11/15/2015 7/15/2004 11/15/2003 10/15/2003 10/15/2003 10/15/2003 10/15/2003 10/15/2003
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class A-11
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 83 31 0 0 0 0 0 0
9/15/00 83 0 0 0 0 0 0 0
9/15/01 83 0 0 0 0 0 0 0
9/15/02 82 0 0 0 0 0 0 0
9/15/03 82 0 0 0 0 0 0 0
9/15/04 82 0 0 0 0 0 0 0
9/15/05 81 0 0 0 0 0 0 0
9/15/06 81 0 0 0 0 0 0 0
9/15/07 80 0 0 0 0 0 0 0
9/15/08 79 0 0 0 0 0 0 0
9/15/09 39 0 0 0 0 0 0 0
9/15/10 0 0 0 0 0 0 0 0
9/15/11 0 0 0 0 0 0 0 0
9/15/12 0 0 0 0 0 0 0 0
9/15/13 0 0 0 0 0 0 0 0
9/15/14 0 0 0 0 0 0 0 0
9/15/15 0 0 0 0 0 0 0 0
9/15/16 0 0 0 0 0 0 0 0
9/15/17 0 0 0 0 0 0 0 0
9/15/18 0 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 9.09 0.82 0.57 0.45 0.38 0.34 0.30 0.28
First Prin 1/15/1999 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998
Last Prin 8/15/2010 3/15/2000 8/15/1999 6/16/1999 5/15/1999 4/15/1999 3/15/1999 3/15/1999
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class A-12
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 91 61 48 48 48 48
9/15/00 100 78 19 0 0 0 0 0
9/15/01 100 40 0 0 0 0 0 0
9/15/02 100 5 0 0 0 0 0 0
9/15/03 100 0 0 0 0 0 0 0
9/15/04 100 0 0 0 0 0 0 0
9/15/05 100 0 0 0 0 0 0 0
9/15/06 100 0 0 0 0 0 0 0
9/15/07 100 0 0 0 0 0 0 0
9/15/08 100 0 0 0 0 0 0 0
9/15/09 100 0 0 0 0 0 0 0
9/15/10 97 0 0 0 0 0 0 0
9/15/11 68 0 0 0 0 0 0 0
9/15/12 37 0 0 0 0 0 0 0
9/15/13 0 0 0 0 0 0 0 0
9/15/14 0 0 0 0 0 0 0 0
9/15/15 0 0 0 0 0 0 0 0
9/15/16 0 0 0 0 0 0 0 0
9/15/17 0 0 0 0 0 0 0 0
9/15/18 0 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 13.53 2.76 1.58 1.12 1.00 1.00 1.00 1.00
First Prin 8/15/2010 3/15/2000 8/15/1999 6/15/1999 5/15/1999 5/15/1999 5/15/1999 5/15/1999
Last Prin 5/15/2013 11/15/2002 1/15/2001 4/15/2000 2/15/2000 2/15/2000 2/15/2000 1/15/2000
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class A-13
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 71 48 48 48 24
9/15/01 100 100 70 14 0 0 0 0
9/15/02 100 100 34 0 0 0 0 0
9/15/03 100 81 2 0 0 0 0 0
9/15/04 100 61 0 0 0 0 0 0
9/15/05 100 41 0 0 0 0 0 0
9/15/06 100 23 0 0 0 0 0 0
9/15/07 100 9 0 0 0 0 0 0
9/15/08 100 0 0 0 0 0 0 0
9/15/09 100 0 0 0 0 0 0 0
9/15/10 100 0 0 0 0 0 0 0
9/15/11 100 0 0 0 0 0 0 0
9/15/12 100 0 0 0 0 0 0 0
9/15/13 0 0 0 0 0 0 0 0
9/15/14 0 0 0 0 0 0 0 0
9/15/15 0 0 0 0 0 0 0 0
9/15/16 0 0 0 0 0 0 0 0
9/15/17 0 0 0 0 0 0 0 0
9/15/18 0 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average 14.64 6.65 3.60 2.38 2.01 2.01 1.99 1.76
Life
First Prin 5/15/2013 11/15/2002 1/15/2001 4/15/2000 2/15/2000 2/15/2000 2/15/2000 1/15/2000
Last Prin 5/15/2013 6/15/2008 11/15/2003 1/15/2002 6/15/2001 6/15/2001 5/15/2001 1/15/2001
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class A-14
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 100 100 100 100 100
9/15/01 100 100 100 100 30 30 9 0
9/15/02 100 100 100 0 0 0 0 0
9/15/03 100 100 100 0 0 0 0 0
9/15/04 100 100 4 0 0 0 0 0
9/15/05 100 100 0 0 0 0 0 0
9/15/06 100 100 0 0 0 0 0 0
9/15/07 100 100 0 0 0 0 0 0
9/15/08 100 81 0 0 0 0 0 0
9/15/09 100 0 0 0 0 0 0 0
9/15/10 100 0 0 0 0 0 0 0
9/15/11 100 0 0 0 0 0 0 0
9/15/12 100 0 0 0 0 0 0 0
9/15/13 0 0 0 0 0 0 0 0
9/15/14 0 0 0 0 0 0 0 0
9/15/15 0 0 0 0 0 0 0 0
9/15/16 0 0 0 0 0 0 0 0
9/15/17 0 0 0 0 0 0 0 0
9/15/18 0 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average 14.64 10.37 5.57 3.60 3.02 3.02 2.89 2.45
Life
First Prin 5/15/2013 6/15/2008 11/15/2003 1/15/2002 6/15/2001 6/15/2001 5/15/2001 1/15/2001
Last Prin 5/15/2013 9/15/2009 10/15/2004 8/15/2002 3/15/2002 3/15/2002 2/15/2002 5/15/2001
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class A-15
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 100 100 100 100 100
9/15/01 100 100 100 100 100 100 100 37
9/15/02 100 100 100 90 48 48 43 0
9/15/03 100 100 100 8 0 0 0 0
9/15/04 100 100 100 0 0 0 0 0
9/15/05 100 100 47 0 0 0 0 0
9/15/06 100 100 0 0 0 0 0 0
9/15/07 100 100 0 0 0 0 0 0
9/15/08 100 100 0 0 0 0 0 0
9/15/09 100 99 0 0 0 0 0 0
9/15/10 100 51 0 0 0 0 0 0
9/15/11 100 7 0 0 0 0 0 0
9/15/12 100 0 0 0 0 0 0 0
9/15/13 0 0 0 0 0 0 0 0
9/15/14 0 0 0 0 0 0 0 0
9/15/15 0 0 0 0 0 0 0 0
9/15/16 0 0 0 0 0 0 0 0
9/15/17 0 0 0 0 0 0 0 0
9/15/18 0 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 14.64 12.06 6.98 4.48 4.02 4.02 3.96 3.14
First Prin 5/15/2013 9/15/2009 10/15/2004 8/15/2002 3/15/2002 3/15/2002 2/15/2002 5/15/2001
Last Prin 5/15/2013 11/15/2011 9/15/2006 11/15/2003 6/15/2003 6/15/2003 5/15/2003 9/15/2002
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class A-16
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 100 100 100 100 100
9/15/01 100 100 100 100 100 100 100 100
9/15/02 100 100 100 100 100 100 100 90
9/15/03 100 100 100 100 54 54 45 0
9/15/04 100 100 100 0 0 0 0 0
9/15/05 100 100 100 0 0 0 0 0
9/15/06 100 100 98 0 0 0 0 0
9/15/07 100 100 0 0 0 0 0 0
9/15/08 100 100 0 0 0 0 0 0
9/15/09 100 100 0 0 0 0 0 0
9/15/10 100 100 0 0 0 0 0 0
9/15/11 100 100 0 0 0 0 0 0
9/15/12 100 3 0 0 0 0 0 0
9/15/13 0 0 0 0 0 0 0 0
9/15/14 0 0 0 0 0 0 0 0
9/15/15 0 0 0 0 0 0 0 0
9/15/16 0 0 0 0 0 0 0 0
9/15/17 0 0 0 0 0 0 0 0
9/15/18 0 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 14.64 13.61 8.42 5.38 5.05 5.05 4.99 4.24
First Prin 5/15/2013 11/15/2011 9/15/2006 11/15/2003 6/15/2003 6/15/2003 5/15/2003 9/15/2002
Last Prin 5/15/2013 10/15/2012 8/15/2007 5/15/2004 2/15/2004 2/15/2004 2/15/2004 4/15/2003
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class A-17
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 100 100 100 100 100
9/15/01 100 100 100 100 100 100 100 100
9/15/02 100 100 100 100 100 100 100 100
9/15/03 100 100 100 100 100 100 100 79
9/15/04 100 100 100 77 77 77 75 46
9/15/05 100 100 100 49 49 49 48 24
9/15/06 100 100 100 28 28 28 27 10
9/15/07 100 100 93 15 15 15 14 2
9/15/08 100 100 56 6 6 6 6 0
9/15/09 100 100 15 0 0 0 0 0
9/15/10 100 100 0 0 0 0 0 0
9/15/11 100 100 0 0 0 0 0 0
9/15/12 100 100 0 0 0 0 0 0
9/15/13 83 0 0 0 0 0 0 0
9/15/14 64 0 0 0 0 0 0 0
9/15/15 43 0 0 0 0 0 0 0
9/15/16 19 0 0 0 0 0 0 0
9/15/17 0 0 0 0 0 0 0 0
9/15/18 0 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 16.62 14.56 10.13 7.31 7.28 7.28 7.23 6.15
First Prin 5/15/2013 10/15/2012 8/15/2007 5/15/2004 2/15/2004 2/15/2004 2/15/2004 4/15/2003
Last Prin 6/15/2017 5/15/2013 2/15/2010 9/15/2009 9/15/2009 9/15/2009 9/15/2009 2/15/2008
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class A-18
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 86 66 42 17
9/15/00 100 100 100 100 81 44 2 0
9/15/01 100 100 100 100 80 37 0 0
9/15/02 100 100 100 100 65 31 0 0
9/15/03 100 100 100 100 57 26 0 0
9/15/04 100 100 100 100 47 21 0 0
9/15/05 100 100 100 86 39 17 0 0
9/15/06 100 100 100 74 32 15 0 0
9/15/07 100 100 100 63 27 12 0 0
9/15/08 100 100 100 53 22 9 0 0
9/15/09 100 100 100 43 16 6 0 0
9/15/10 100 100 89 32 10 2 0 0
9/15/11 100 100 72 24 5 0 0 0
9/15/12 100 100 59 16 2 0 0 0
9/15/13 100 44 13 1 0 0 0 0
9/15/14 100 37 10 0 0 0 0 0
9/15/15 100 31 7 0 0 0 0 0
9/15/16 100 25 4 0 0 0 0 0
9/15/17 96 20 2 0 0 0 0 0
9/15/18 82 15 1 0 0 0 0 0
9/15/19 77 13 0 0 0 0 0 0
9/15/20 72 11 0 0 0 0 0 0
9/15/21 66 9 0 0 0 0 0 0
9/15/22 59 7 0 0 0 0 0 0
9/15/23 52 5 0 0 0 0 0 0
9/15/24 43 4 0 0 0 0 0 0
9/15/25 34 2 0 0 0 0 0 0
9/15/26 23 1 0 0 0 0 0 0
9/15/27 11 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 24.66 16.84 14.14 10.43 6.19 3.41 1.02 0.76
First Prin 6/15/2017 5/15/2013 2/15/2010 10/15/2004 5/15/1999 4/15/1999 3/15/1999 3/15/1999
Last Prin 6/15/2028 2/15/2027 4/15/2020 7/15/2014 5/15/2013 8/15/2011 11/15/2000 12/15/1999
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class A-19
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 80 67 55 42 30 21 11 1
9/15/00 62 33 9 0 0 0 0 0
9/15/01 42 2 0 0 0 0 0 0
9/15/02 21 0 0 0 0 0 0 0
9/15/03 0 0 0 0 0 0 0 0
9/15/04 0 0 0 0 0 0 0 0
9/15/05 0 0 0 0 0 0 0 0
9/15/06 0 0 0 0 0 0 0 0
9/15/07 0 0 0 0 0 0 0 0
9/15/08 0 0 0 0 0 0 0 0
9/15/09 0 0 0 0 0 0 0 0
9/15/10 0 0 0 0 0 0 0 0
9/15/11 0 0 0 0 0 0 0 0
9/15/12 0 0 0 0 0 0 0 0
9/15/13 0 0 0 0 0 0 0 0
9/15/14 0 0 0 0 0 0 0 0
9/15/15 0 0 0 0 0 0 0 0
9/15/16 0 0 0 0 0 0 0 0
9/15/17 0 0 0 0 0 0 0 0
9/15/18 0 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 2.58 1.55 1.15 0.91 0.77 0.70 0.64 0.59
First Prin 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998 10/15/1998
Last Prin 8/15/2003 10/15/2001 12/15/2000 6/15/2000 2/15/2000 1/15/2000 11/15/1999 10/15/1999
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class A-20
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 90 77 68 58 48
9/15/01 100 100 82 63 48 39 29 21
9/15/02 100 83 62 44 33 26 19 14
9/15/03 98 67 46 31 21 16 11 7
9/15/04 82 51 33 20 13 9 6 4
9/15/05 64 37 23 13 7 5 3 1
9/15/06 45 23 14 7 4 2 1 0
9/15/07 23 11 6 3 1 1 0 0
9/15/08 0 0 0 0 0 0 0 0
9/15/09 0 0 0 0 0 0 0 0
9/15/10 0 0 0 0 0 0 0 0
9/15/11 0 0 0 0 0 0 0 0
9/15/12 0 0 0 0 0 0 0 0
9/15/13 0 0 0 0 0 0 0 0
9/15/14 0 0 0 0 0 0 0 0
9/15/15 0 0 0 0 0 0 0 0
9/15/16 0 0 0 0 0 0 0 0
9/15/17 0 0 0 0 0 0 0 0
9/15/18 0 0 0 0 0 0 0 0
9/15/19 0 0 0 0 0 0 0 0
9/15/20 0 0 0 0 0 0 0 0
9/15/21 0 0 0 0 0 0 0 0
9/15/22 0 0 0 0 0 0 0 0
9/15/23 0 0 0 0 0 0 0 0
9/15/24 0 0 0 0 0 0 0 0
9/15/25 0 0 0 0 0 0 0 0
9/15/26 0 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 7.65 6.24 5.17 4.23 3.58 3.19 2.79 2.44
First Prin 8/15/2003 10/15/2001 12/15/2000 6/15/2000 2/15/2000 1/15/2000 11/15/1999 10/15/1999
Last Prin 9/15/2008 9/15/2008 9/15/2008 9/15/2008 9/15/2008 9/15/2008 9/15/2008 2/15/2008
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Decrement Tables (continued)
Class BII
To Maturity
<TABLE>
<CAPTION>
FRM PPC 0% PPC 35% PPC 65% PPC 100% PPC 130% PPC 150% PPC 175% PPC 200%
ARM PPC 0% PPC 25% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC 175%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9/15/98 100 100 100 100 100 100 100 100
9/15/99 100 100 100 100 100 100 100 100
9/15/00 100 100 100 100 100 100 100 100
9/15/01 100 100 100 100 100 100 100 100
9/15/02 100 100 100 83 59 45 32 20
9/15/03 100 100 97 63 42 29 16 6
9/15/04 100 100 81 48 29 16 5 0
9/15/05 100 100 68 37 17 7 0 0
9/15/06 100 100 57 27 9 1 0 0
9/15/07 100 92 47 18 3 0 0 0
9/15/08 100 82 39 11 0 0 0 0
9/15/09 100 73 32 6 0 0 0 0
9/15/10 100 65 25 2 0 0 0 0
9/15/11 100 57 19 0 0 0 0 0
9/15/12 100 50 13 0 0 0 0 0
9/15/13 80 20 0 0 0 0 0 0
9/15/14 76 16 0 0 0 0 0 0
9/15/15 72 12 0 0 0 0 0 0
9/15/16 68 9 0 0 0 0 0 0`
9/15/17 62 6 0 0 0 0 0 0
9/15/18 57 3 0 0 0 0 0 0
9/15/19 54 1 0 0 0 0 0 0
9/15/20 50 0 0 0 0 0 0 0
9/15/21 46 0 0 0 0 0 0 0
9/15/22 41 0 0 0 0 0 0 0
9/15/23 36 0 0 0 0 0 0 0
9/15/24 30 0 0 0 0 0 0 0
9/15/25 21 0 0 0 0 0 0 0
9/15/26 11 0 0 0 0 0 0 0
9/15/27 0 0 0 0 0 0 0 0
9/15/28 0 0 0 0 0 0 0 0
Average Life 21.60 13.41 9.30 6.48 5.00 4.34 3.87 3.62
First Prin 5/15/2013 12/15/2006 7/15/2003 1/15/2002 10/15/2001 10/15/2001 10/15/2001 11/15/2001
Last Prin 9/15/2027 4/15/2020 5/15/2013 4/15/2011 5/15/2008 11/15/2006 8/15/2005 8/15/2004
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Available Funds Cap
- -------------------
<TABLE>
<CAPTION>
Distribution Group IIA Group IIB Distribution Group IIA Group IIB
Period Date Available Funds Available Funds Period Date Available Funds Available Funds
Cap Cap Cap Cap
<S> <C> <C> <C> <C> <C> <C> <C>
1 10/15/98 9.49 9.38 51 12/15/02 15.29 9.95
2 11/15/98 9.50 9.35 52 1/15/03 15.29 9.94
3 12/15/98 9.51 9.34 53 2/15/03 15.29 10.02
4 1/15/99 9.56 9.33 54 3/15/03 15.29 10.01
5 2/15/99 9.62 9.32 55 4/15/03 15.29 10.01
6 3/15/99 9.66 9.31 56 5/15/03 15.29 10.00
7 4/15/99 9.16 8.80 57 6/15/03 15.29 10.00
8 5/15/99 9.17 8.78 58 7/15/03 15.29 9.99
9 6/15/99 9.18 8.77 59 8/15/03 15.29 10.01
10 7/15/99 9.22 8.75 60 9/15/03 15.29 10.01
11 8/15/99 9.29 8.73 61 10/15/03 15.29 10.00
12 9/15/99 9.33 8.71 62 11/15/03 15.29 9.99
13 10/15/99 9.33 8.69 63 12/15/03 15.29 9.99
14 11/15/99 9.34 8.67 64 1/15/04 15.29 9.98
15 12/15/99 9.35 8.64 65 2/15/04 15.29 9.98
16 1/15/00 9.39 8.62 66 3/15/04 15.29 9.97
17 2/15/00 9.46 8.60 67 4/15/04 15.29 9.97
18 3/15/00 9.50 8.58 68 5/15/04 15.29 9.96
19 4/15/00 9.50 8.55 69 6/15/04 15.29 9.96
20 5/15/00 9.51 8.53 70 7/15/04 15.29 9.95
21 6/15/00 9.52 8.50 71 8/15/04 15.29 9.94
22 7/15/00 9.57 8.47 72 9/15/04 15.29 9.94
23 8/15/00 12.11 8.44 73 10/15/04 15.29 9.93
24 9/15/00 12.15 8.48 74 11/15/04 15.29 9.93
25 10/15/00 12.15 8.45 75 12/15/04 15.29 9.92
26 11/15/00 12.16 8.42 76 1/15/05 15.29 9.92
27 12/15/00 12.17 8.38 77 2/15/05 15.29 9.92
28 1/15/01 12.21 8.35 78 3/15/05 15.29 9.91
29 2/15/01 13.11 8.32 79 4/15/05 15.29 9.91
30 3/15/01 13.15 8.30 80 5/15/05 15.29 9.90
31 4/15/01 13.16 9.53 81 6/15/05 15.29 9.90
32 5/15/01 13.17 9.53 82 7/15/05 15.29 9.89
33 6/15/01 13.18 9.53 83 8/15/05 15.29 9.88
34 7/15/01 13.22 9.52 84 9/15/05 15.29 9.88
35 8/15/01 14.12 9.80 85 10/15/05 15.29 9.87
36 9/15/01 14.16 9.81 86 11/15/05 15.29 9.87
37 10/15/01 14.16 9.81 87 12/15/05 15.29 9.86
38 11/15/01 14.16 9.80 88 1/15/06 15.29 9.86
39 12/15/01 14.17 9.80 89 2/15/06 15.29 9.87
40 1/15/02 14.18 9.80 90 3/15/06 15.29 9.85
41 2/15/02 15.04 9.90 91 4/15/06 15.29 9.85
42 3/15/02 15.05 9.90 92 5/15/06 15.29 9.84
43 4/15/02 15.05 9.90 93 6/15/06 15.29 9.84
44 5/15/02 15.05 9.89 94 7/15/06 15.29 9.83
45 6/15/02 15.05 9.89 95 8/15/06 15.29 9.82
46 7/15/02 15.05 9.88 96 9/15/06 15.29 9.82
47 8/15/02 15.29 9.96 97 10/15/06 15.29 9.81
48 9/15/02 15.29 9.96 98 11/15/06 15.29 9.81
49 10/15/02 15.29 9.96 99 12/15/06 15.29 9.80
50 11/15/02 15.29 9.95 100 1/15/07 15.29 9.80
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Available Funds Cap (continued)
- -------------------------------
<TABLE>
<CAPTION>
Distribution Group IIA Group IIB Distribution Group IIA Group IIB
Period Date Available Funds Available Funds Period Date Available Funds Available Funds
Cap Cap Cap Cap
<S> <C> <C> <C> <C> <C> <C> <C>
101 2/15/07 15.29 9.81 151 4/15/11 15.30 9.67
102 3/15/07 15.29 9.79 152 5/15/11 15.30 9.67
103 4/15/07 15.29 9.79 153 6/15/11 15.30 9.68
104 5/15/07 15.29 9.78 154 7/15/11 15.30 9.67
105 6/15/07 15.29 9.78 155 8/15/11 15.30 9.68
106 7/15/07 15.29 9.77 156 9/15/11 15.30 9.68
107 8/15/07 15.29 9.76 157 10/15/11 15.30 9.68
108 9/15/07 15.29 9.76 158 11/15/11 15.30 9.69
109 10/15/07 15.29 9.75 159 12/15/11 15.31 9.69
110 11/15/07 15.29 9.75 160 1/15/12 15.31 9.69
111 12/15/07 15.29 9.74 161 2/15/12 15.31 9.70
112 1/15/08 15.29 9.74 162 3/15/12 15.31 9.69
113 2/15/08 15.29 9.75 163 4/15/12 15.31 9.70
114 3/15/08 15.29 9.73 164 5/15/12 15.31 9.70
115 4/15/08 15.29 9.73 165 6/15/12 15.31 9.71
116 5/15/08 15.29 9.72 166 7/15/12 15.31 9.71
117 6/15/08 15.29 9.72 167 8/15/12 15.31 9.71
118 7/15/08 15.29 9.71 168 9/15/12 15.32 9.72
119 8/15/08 15.29 9.71 169 10/15/12 15.32 9.72
120 9/15/08 15.29 9.71 170 11/15/12 15.32 9.73
121 10/15/08 15.29 9.70 171 12/15/12 15.32 9.73
122 11/15/08 15.29 9.70 172 1/15/13 15.32 9.74
123 12/15/08 15.29 9.69 173 2/15/13 15.33 9.75
124 1/15/09 15.29 9.69 174 3/15/13 15.33 9.75
125 2/15/09 15.29 9.70 175 4/15/13 15.33 9.76
126 3/15/09 15.29 9.68 176 5/15/13 15.34 9.77
127 4/15/09 15.29 9.68 177 6/15/13 15.36 10.03
128 5/15/09 15.29 9.68 178 7/15/13 15.36 10.04
129 6/15/09 15.29 9.68 179 8/15/13 15.36 10.04
130 7/15/09 15.29 9.67 180 9/15/13 15.36 10.03
131 8/15/09 15.29 9.67 181 10/15/13 15.36 10.03
132 9/15/09 15.29 9.67 182 11/15/13 15.36 10.02
133 10/15/09 15.29 9.66 183 12/15/13 15.36 10.02
134 11/15/09 15.29 9.67 184 1/15/14 15.36 10.02
135 12/15/09 15.29 9.66 185 2/15/14 15.36 10.01
136 1/15/10 15.29 9.66 186 3/15/14 15.36 10.01
137 2/15/10 15.29 9.68 187 4/15/14 15.36 10.01
138 3/15/10 15.29 9.66 188 5/15/14 15.36 10.01
139 4/15/10 15.29 9.67 189 6/15/14 15.36 10.00
140 5/15/10 15.29 9.66 190 7/15/14 15.36 10.00
141 6/15/10 15.29 9.67 191 8/15/14 15.36 10.00
142 7/15/10 15.29 9.66 192 9/15/14 15.36 10.00
143 8/15/10 15.30 9.66 193 10/15/14 15.36 9.99
144 9/15/10 15.30 9.67 194 11/15/14 15.36 9.99
145 10/15/10 15.30 9.66 195 12/15/14 15.36 9.99
146 11/15/10 15.30 9.67 196 1/15/15 15.36 9.99
147 12/15/10 15.30 9.66 197 2/15/15 15.36 9.99
148 1/15/11 15.30 9.67 198 3/15/15 15.36 9.98
149 2/15/11 15.30 9.68 199 4/15/15 15.36 9.98
150 3/15/11 15.30 9.67 200 5/15/15 15.36 9.98
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Available Funds Cap (continued)
- -------------------------------
<TABLE>
<CAPTION>
Distribution Group IIA Group IIB Distribution Group IIA Group IIB
Period Date Available Funds Available Funds Period Date Available Funds Available Funds
Cap Cap Cap Cap
<S> <C> <C> <C> <C> <C> <C> <C>
201 6/15/15 15.36 9.98 251 8/15/19 15.36 10.11
202 7/15/15 15.36 9.98 252 9/15/19 15.36 10.10
203 8/15/15 15.36 9.98 253 10/15/19 15.36 10.09
204 9/15/15 15.36 9.98 254 11/15/19 15.36 10.08
205 10/15/15 15.36 9.98 255 12/15/19 15.36 10.07
206 11/15/15 15.36 9.98 256 1/15/20 15.36 10.06
207 12/15/15 15.36 9.98 257 2/15/20 15.36 10.05
208 1/15/16 15.36 9.98 258 3/15/20 15.36 10.04
209 2/15/16 15.36 9.98 259 4/15/20 15.36 10.03
210 3/15/16 15.36 9.98 260 5/15/20 15.36 10.01
211 4/15/16 15.36 9.98 261 6/15/20 15.36 10.01
212 5/15/16 15.36 9.98 262 7/15/20 15.36 10.00
213 6/15/16 15.36 9.98 263 8/15/20 15.36 9.99
214 7/15/16 15.36 9.99 264 9/15/20 15.36 9.98
215 8/15/16 15.36 9.99 265 10/15/20 15.36 9.97
216 9/15/16 15.36 9.99 266 11/15/20 15.36 9.96
217 10/15/16 15.36 9.99 267 12/15/20 15.36 9.95
218 11/15/16 15.36 10.00 268 1/15/21 15.36 9.94
219 12/15/16 15.36 10.00 269 2/15/21 15.36 9.93
220 1/15/17 15.36 10.01 270 3/15/21 15.36 9.92
221 2/15/17 15.36 10.01 271 4/15/21 15.36 9.91
222 3/15/17 15.36 10.01 272 5/15/21 15.36 9.90
223 4/15/17 15.36 10.02 273 6/15/21 15.36 9.89
224 5/15/17 15.36 10.03 274 7/15/21 15.36 9.88
225 6/15/17 15.36 10.03 275 8/15/21 15.36 9.87
226 7/15/17 15.36 10.04 276 9/15/21 15.36 9.86
227 8/15/17 15.36 10.05 277 10/15/21 15.36 9.85
228 9/15/17 15.36 10.06 278 11/15/21 15.36 9.85
229 10/15/17 15.36 10.07 279 12/15/21 15.36 9.84
230 11/15/17 15.36 10.08 280 1/15/22 15.36 9.83
231 12/15/17 15.36 10.09 281 2/15/22 15.36 9.82
232 1/15/18 15.36 10.10 282 3/15/22 15.36 9.81
233 2/15/18 15.36 10.12 283 4/15/22 15.36 9.80
234 3/15/18 15.36 10.13 284 5/15/22 15.36 9.79
235 4/15/18 15.36 10.15 285 6/15/22 15.36 9.78
236 5/15/18 15.36 10.17 286 7/15/22 15.36 9.78
237 6/15/18 15.36 10.19 287 8/15/22 15.36 9.77
238 7/15/18 15.36 10.21 288 9/15/22 15.36 9.76
239 8/15/18 15.36 10.24 289 10/15/22 15.36 9.75
240 9/15/18 15.36 10.23 290 11/15/22 15.36 9.74
241 10/15/18 15.36 10.22 291 12/15/22 15.36 9.73
242 11/15/18 15.36 10.21 292 1/15/23 15.36 9.73
243 12/15/18 15.36 10.19 293 2/15/23 15.36 9.72
244 1/15/19 15.36 10.18 294 3/15/23 15.36 9.71
245 2/15/19 15.36 10.17 295 4/15/23 15.36 9.70
246 3/15/19 15.36 10.16 296 5/15/23 15.36 9.69
247 4/15/19 15.36 10.15 297 6/15/23 15.36 9.69
248 5/15/19 15.36 10.14 298 7/15/23 15.36 9.68
249 6/15/19 15.36 10.13 299 8/15/23 15.36 9.67
250 7/15/19 15.36 10.12 300 9/15/23 15.36 9.66
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Available Funds Cap (continued)
- -------------------------------
<TABLE>
<CAPTION>
Distribution Group IIA Group IIB Distribution Group IIA Group IIB
Period Date Available Funds Available Funds Period Date Available Funds Available Funds
Cap Cap Cap Cap
<S> <C> <C> <C> <C> <C> <C> <C>
301 10/15/23 15.36 9.66 331 4/15/26 15.36 9.45
302 11/15/23 15.36 9.65 332 5/15/26 15.36 9.45
303 12/15/23 15.36 9.64 333 6/15/26 15.36 9.44
304 1/15/24 15.36 9.63 334 7/15/26 15.36 9.44
305 2/15/24 15.36 9.63 335 8/15/26 15.36 9.43
306 3/15/24 15.36 9.62 336 9/15/26 15.36 9.42
307 4/15/24 15.36 9.61 337 10/15/26 15.36 9.42
308 5/15/24 15.36 9.60 338 11/15/26 15.36 9.41
309 6/15/24 15.36 9.60 339 12/15/26 15.36 9.41
310 7/15/24 15.36 9.59 340 1/15/27 15.36 9.40
311 8/15/24 15.36 9.58 341 2/15/27 15.36 9.40
312 9/15/24 15.36 9.58 342 3/15/27 15.36 9.39
313 10/15/24 15.36 9.57 343 4/15/27 15.36 9.39
314 11/15/24 15.36 9.56 344 5/15/27 15.36 9.38
315 12/15/24 15.36 9.56 345 6/15/27 15.36 9.38
316 1/15/25 15.36 9.55 346 7/15/27 15.36 9.37
317 2/15/25 15.36 9.54 347 8/15/27 15.36 9.37
318 3/15/25 15.36 9.54 348 9/15/27 15.36 9.36
319 4/15/25 15.36 9.53 349 10/15/27 15.36 9.36
320 5/15/25 15.36 9.52 350 11/15/27 15.36 9.35
321 6/15/25 15.36 9.52 351 12/15/27 15.36 9.35
322 7/15/25 15.36 9.51 352 1/15/28 15.36 9.35
323 8/15/25 15.36 9.50 353 2/15/28 15.36 9.34
324 9/15/25 15.36 9.50 354 3/15/28 15.36 9.34
325 10/15/25 15.36 9.49 355 4/15/28 15.36 9.34
326 11/15/25 15.36 9.48 356 5/15/28 15.36 9.34
327 12/15/25 15.36 9.48 357 6/15/28 15.36 9.35
328 1/15/26 15.36 9.47 358 7/15/28 15.35 9.40
329 2/15/26 15.36 9.47 359 8/15/28 14.77 15.23
330 3/15/26 15.36 9.46
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Collateral Description
- ----------------------
o Collateral statistics are based on a representative pool as of close of
business 8/24/98 (the "Statistical Cut-off Date"). The actual statistics
may vary.
Group IIA - 6-Month LIBOR ARM and
Hybrid ARM Collateral
---------------------------------
<TABLE>
<S> <C>
Total Outstanding Balance: $262,361,537
Number of Loans: 2,647
Average Remaining Balance: $99,117 (range: $9,989 - $424,500)
Interest Rate Index: 83.87% 2/28
16.13% 6-month LIBOR ARM loans
WA Gross Coupon: 10.069%
WA Gross Margin /
WA Life Cap: 6.292% Margin / 16.364% Cap
WA Periodic Interest
Rate Caps: 1.004%
WA Months to Roll
(Cut-Off Date 8/24/98): 19.738 months
Original Weighted Average Term: 359.93 months (range: 180 - 360 months)
Remaining Weighted Average Term: 358.57 months (range: 179 - 360 months)
WA Seasoning: 1.36 months (range: 0 - 12 months)
WA Lien Position: 100.00% first
WA Original LTV Ratio: 80.91% (range: 13.70% - 99.00%)
WA Original CLTV Ratio: 80.91% (range: 13.70% - 99.00%)
WA Debt to Income Ratio: 39.60% (range: 5.00% - 60.00%)
Credit Grade: 62.39% A, 23.33% B, 13.33% C, 0.96% D
Documentation: 84.97% full doc, 7.67% limited doc, 7.36% no doc
Property Type: 1.31% single family attached,
85.16% single family detached,
4.89% 2-4 family,
4.31% PUD,
1.78% condo,
0.23% mixed use,
2.32% man. housing
Owner Occupancy: 95.77% owner occupied, 4.23% investor owned
Loan Purpose: 38.62% debt consolidation,
1.13% home improvement,
32.80% purchase,
27.44% other
Geographic Distribution: MI (14.92%), CA (13.57%), TX (5.45%), IL (5.32%), OH (5.21%)
(all states greater than or
equal to 5.00%)
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Collateral Description
- ----------------------
o Collateral statistics are based on a representative pool as of close of
business 8/24/98 (the "Statistical Cut-off Date"). The actual statistics
may vary.
<TABLE>
<CAPTION>
Group IIB Group IIB Group IIB
FRM Collateral Hybrid ARM Collateral FRM and Hybrid ARM Combined
<S> <C> <C> <C>
Total Outstanding Balance: $735,013,525 $85,516,623 $820,530,148
Number of Loans: 12,300 946 13,246
Average Remaining Balance: $59,757 (range: $4,976 - $463,766) $90,398 (range: $11,000 - $397,500) $61,946 (range: $4,976
- $463,766)
Interest Rate Index: 100.00% fixed rate loans 16.30% 2/28 89.58% fixed rate loans
83.70% 3/27 1.70% 2/28
8.72% 3/27
WA Gross Coupon: 10.604% 10.325% 10.575%
WA Gross Margin /
WA Life Cap: N/A 6.487% Margin / 16.685% Cap N/A
WA Periodic Interest
Rate Caps: N/A 1.018% N/A
WA Months to Roll
(Cut-Off Date 8/24/98): N/A 33.246 months N/A
Original Weighted
Average Term: 197.55 months (range: 15-360 359.85 months (range: 180-360 mos.) 214.46 months (range:
months) 15-360 months)
Remaining Weighted
Average Term: 196.02 months (range: 13-360 358.98 months (range: 180-360 mos.) 213.01 months (range:
months) 13-360 months)
WA Seasoning: 1.52 months (range: 0-16 months) 0.87 months (range: 0-9 months) 1.46 months (range: 0-16
months)
WA Lien Position: 88.99% first / 11.01% second 100.00% first 90.13% first / 9.87% second
WA Original LTV Ratio: 72.44% (range: 2.77% - 96.58%) 80.34% (range: 13.25% - 93.46%) 73.26% (range: 2.77% - 96.58%)
WA Original CLTV Ratio: 78.71% (range: 2.77% - 100.25%) 80.34% (range: 13.25% - 93.46%) 78.88% (range: 2.77% -
100.25%)
WA Debt to Income Ratio: 37.81% (range: 2.00% - 60.00%) 39.93% (range: 6.00% - 56.00%) 38.03% (range: 2.00% - 60.00%)
Credit Grade: 69.00% A, 18.78% B, 9.98% C, 56.96% A, 28.07% B, 13.24% C, 67.74% A, 19.75% B, 10.32%
2.24% D 1.74% D C, 2.19% D
Documentation: 90.37% full doc, 5.77% limited 86.37% full doc, 8.16% limited 89.96% full doc, 6.02%
doc, 3.85% no doc doc, 5.46% no doc limited doc, 4.02% no doc
Property Type: 2.05% single family attached, 1.31% single family attached, 1.97% single family attached,
88.10% single family detached, 86.93% single family detached, 87.98% single family detached,
5.00% 2-4 family, 1.62% PUD, 0.70% 3.80% 2-4 family, 3.47% PUD, 1.16% 4.87% 2-4 family, 1.81% PUD,
condo, 0.25% mixed use, 2.30% man. condo, 0.11% mixed use, 3.23% man. 0.75% condo, 0.23% mixed
housing housing use, 2.39% man. housing
Owner Occupancy: 95.67% owner occupied, 4.33% 95.62% owner occupied, 4.38% 95.67% owner occupied, 4.33%
investor owned investor owned investor owned
Loan Purpose: 58.74% debt consolidation, 1.54% 35.75% debt consolidation, 2.23% 56.34% debt consolidation,
home improvement, home improvement, 1.61% home improvement,
7.82% purchase, 31.90% other 30.30% purchase, 31.72% other 10.17% purchase, 31.88% other
Geographic Distribution: OH (11.37%), MI (11.10%), IL MI (19.35%), CA (12.81%), CO MI (11.96%), OH (10.71%), IL
(all states greater than (8.91%), PA (5.99%), FL (5.90%) (5.95%), TX (5.51%), OH (5.05%), (8.43%), FL (5.81%), PA
equal to 5.00%) FL (5.02%) (5.61%), CA (5.45%)
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIA - 6-Month LIBOR ARM and Hybrid ARM Collateral
- --------------------------------------------------------------------------------
1. State
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
State Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Arizona 86 8,740,851.59 3.33 101,638 10.054 359 81.71 77.4 95.8 65.7
Arkansas 7 458,903.97 0.17 65,558 10.149 359 80.42 92.5 100.0 73.7
California 207 35,596,322.15 13.57 171,963 9.544 359 81.69 84.0 92.6 68.8
Colorado 90 10,545,667.62 4.02 117,174 9.591 359 80.22 78.0 98.0 63.7
Connecticut 5 506,448.71 0.19 101,290 10.632 359 78.94 100.0 100.0 32.7
Delaware 6 506,070.17 0.19 84,345 10.448 359 78.14 100.0 100.0 31.8
District of Columbia 6 523,263.14 0.20 87,211 10.116 358 79.81 100.0 85.8 55.0
Florida 137 13,007,696.91 4.96 94,947 10.189 358 81.35 76.9 91.5 65.1
Georgia 96 9,718,900.63 3.70 101,239 10.334 358 82.85 84.4 92.5 74.9
Hawaii 2 546,275.57 0.21 273,138 8.905 357 79.42 54.0 100.0 100.0
Idaho 26 2,269,736.19 0.87 87,298 10.157 359 81.40 73.0 100.0 59.6
Illinois 137 13,948,479.35 5.32 101,814 10.069 358 81.62 91.9 96.6 58.2
Indiana 120 8,722,437.62 3.32 72,687 10.294 358 81.49 88.1 94.9 57.5
Iowa 7 298,221.73 0.11 42,603 11.091 359 81.05 100.0 100.0 67.4
Kansas 27 1,750,784.97 0.67 64,844 10.490 359 78.90 92.7 100.0 41.9
Kentucky 31 2,397,571.52 0.91 77,341 9.880 359 79.02 93.1 97.3 58.2
Louisiana 18 1,327,482.84 0.51 73,749 10.388 359 85.63 97.2 92.2 65.8
Maine 2 197,288.68 0.08 98,644 11.004 357 82.43 100.0 84.8 84.8
Maryland 35 4,340,707.78 1.65 124,020 10.118 358 79.68 75.3 94.4 56.6
Massachusetts 47 5,444,049.30 2.08 115,831 10.072 359 77.23 84.9 96.1 60.0
Michigan 482 39,154,479.39 14.92 81,233 10.395 359 79.04 93.2 98.8 52.5
Minnesota 35 3,934,843.24 1.50 112,424 9.792 359 81.70 91.2 100.0 62.6
Mississippi 17 1,087,074.17 0.41 63,946 9.977 359 82.46 86.2 100.0 63.5
Missouri 71 5,192,447.59 1.98 73,133 10.369 359 81.31 85.4 99.2 62.6
Montana 5 509,468.85 0.19 101,894 10.118 359 77.51 42.5 100.0 59.8
Nebraska 7 682,504.78 0.26 97,501 10.933 359 78.45 51.7 100.0 87.3
Nevada 20 2,488,696.72 0.95 124,435 9.225 359 79.83 89.4 84.9 85.2
New Hampshire 9 730,911.90 0.28 81,212 10.249 358 77.67 79.7 100.0 54.6
New Jersey 44 4,471,449.59 1.70 101,624 10.387 358 81.64 85.8 96.8 63.3
New Mexico 31 3,661,806.58 1.40 118,123 9.950 359 81.14 72.0 91.5 64.4
New York 33 4,367,689.19 1.66 132,354 10.447 358 79.94 82.9 98.3 58.7
North Carolina 60 5,953,321.28 2.27 99,222 10.268 358 80.95 81.1 93.6 66.7
North Dakota 3 311,453.70 0.12 103,818 9.820 359 82.97 100.0 100.0 75.9
Ohio 186 13,670,587.33 5.21 73,498 10.070 359 81.09 90.0 96.9 52.3
Oklahoma 27 2,271,146.72 0.87 84,117 10.916 359 81.37 73.4 96.3 62.6
Oregon 20 2,390,259.64 0.91 119,513 9.346 359 81.05 100.0 100.0 65.3
Pennsylvania 81 6,722,269.08 2.56 82,991 10.222 359 80.19 87.0 99.1 58.6
Rhode Island 8 648,271.72 0.25 81,034 10.223 358 72.65 74.9 93.8 49.3
South Carolina 19 2,005,597.33 0.76 105,558 9.904 358 82.01 89.1 100.0 53.2
South Dakota 2 180,092.86 0.07 90,046 10.473 358 79.56 100.0 100.0 63.7
Tennessee 22 1,656,622.76 0.63 75,301 10.169 359 82.18 92.9 100.0 73.6
Texas 142 14,299,606.62 5.45 100,701 10.485 359 82.81 77.5 93.4 69.0
Utah 104 12,811,298.90 4.88 123,186 9.681 359 81.98 76.0 97.8 73.7
Vermont 2 152,880.17 0.06 76,440 10.103 358 71.90 100.0 100.0 73.8
Virginia 31 3,090,670.33 1.18 99,699 10.375 356 80.42 94.4 93.6 47.5
Washington 45 5,537,185.13 2.11 123,049 9.461 359 82.73 83.3 93.5 66.1
West Virginia 8 326,809.42 0.12 40,851 10.038 359 75.30 100.0 86.5 13.5
Wisconsin 41 3,204,931.36 1.22 78,169 10.351 359 78.68 87.3 95.5 67.8
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIA - 6-Month LIBOR ARM and Hybrid ARM Collateral
- --------------------------------------------------------------------------------
2. Range of Original LTV's
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Original LTV's Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10.01 - 15.00 1 9,988.75 0.00 9,989 9.990 359 13.70 100.0 100.0 0.0
20.01 - 25.00 5 186,926.11 0.07 37,385 10.228 359 23.78 84.0 100.0 42.8
25.01 - 30.00 5 224,088.21 0.09 44,818 9.797 359 26.56 100.0 100.0 47.8
30.01 - 35.00 6 248,858.61 0.09 41,476 9.939 358 32.16 100.0 88.0 25.3
35.01 - 40.00 6 351,262.17 0.13 58,544 9.819 359 37.88 43.1 91.5 76.9
40.01 - 45.00 14 709,425.99 0.27 50,673 10.123 359 43.23 95.6 100.0 37.0
45.01 - 50.00 28 1,595,729.96 0.61 56,990 10.160 358 48.85 79.2 97.5 34.3
50.01 - 55.00 27 2,156,467.25 0.82 79,869 9.612 359 53.37 64.4 100.0 56.2
55.01 - 60.00 60 4,230,970.61 1.61 70,516 10.092 359 58.42 68.9 87.3 41.6
60.01 - 65.00 70 5,389,224.93 2.05 76,989 10.614 358 63.91 65.6 96.3 23.6
65.01 - 70.00 156 13,774,180.03 5.25 88,296 10.269 358 69.00 56.4 92.1 45.8
70.01 - 75.00 324 28,287,029.62 10.78 87,306 10.030 359 74.15 72.9 84.9 51.4
75.01 - 80.00 771 75,512,223.79 28.78 97,941 9.986 359 79.66 80.9 94.2 50.9
80.01 - 85.00 582 61,716,352.75 23.52 106,042 10.064 358 84.62 90.3 99.3 51.4
85.01 - 90.00 584 66,918,105.60 25.51 114,586 10.105 359 89.65 98.8 99.8 98.8
90.01 - 95.00 6 872,804.99 0.33 145,467 10.456 358 90.22 100.0 100.0 100.0
95.01 - 100.00 2 177,897.42 0.07 88,949 10.333 358 98.86 100.0 100.0 44.5
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
3. Range of Minimum Coupon Rates
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Minimum Coupon Rates Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7.01 - 8.00 40 4,817,631.82 1.84 120,441 7.822 359 77.39 89.4 95.7 81.1
8.01 - 9.00 327 41,332,432.38 15.75 126,399 8.727 359 79.32 84.8 92.8 80.8
9.01 - 10.00 845 91,241,223.30 34.78 107,978 9.662 359 81.28 84.0 95.7 71.9
10.01 - 11.00 947 86,690,149.95 33.04 91,542 10.543 359 82.09 85.6 96.6 55.2
11.01 - 12.00 383 31,316,311.85 11.94 81,766 11.468 359 80.62 87.5 96.9 35.0
12.01 - 13.00 73 5,244,636.24 2.00 71,844 12.414 359 76.25 77.1 99.6 34.2
13.01 - 14.00 24 1,388,428.13 0.53 57,851 13.470 358 69.81 70.1 97.9 9.8
14.01 - 15.00 7 282,634.19 0.11 40,376 14.395 358 68.80 100.0 100.0 0.0
15.01 - 16.00 1 48,088.93 0.02 48,089 16.000 358 64.56 100.0 100.0 0.0
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIA - 6-Month LIBOR ARM and Hybrid ARM Collateral
- --------------------------------------------------------------------------------
4. Range of Loan Balances
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Loan Balances Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.01 - 25,000.00 37 798,123.09 0.30 21,571 11.177 359 63.14 94.2 91.8 11.9
25,000.01 - 50,000.00 418 16,816,579.57 6.41 40,231 10.636 358 74.53 92.0 90.5 37.0
50,000.01 - 75,000.00 644 40,206,124.09 15.32 62,432 10.356 358 78.69 93.3 95.3 45.6
75,000.01 - 100,000.00 556 48,244,146.82 18.39 86,770 10.138 359 81.21 90.7 96.8 59.0
100,000.01 - 125,000.00 362 40,694,744.25 15.51 112,416 10.073 359 82.53 86.0 96.6 64.9
125,000.01 - 150,000.00 245 33,678,862.61 12.84 137,465 10.071 359 82.45 84.8 96.4 67.2
150,000.01 - 175,000.00 129 20,862,812.35 7.95 161,727 9.956 359 82.27 82.2 93.8 71.4
175,000.01 - 200,000.00 72 13,447,062.47 5.13 186,765 10.009 359 81.61 79.0 93.0 67.7
200,000.01 - 225,000.00 60 12,792,914.09 4.88 213,215 9.630 359 81.47 80.0 96.6 66.5
225,000.01 - 250,000.00 45 10,698,981.15 4.08 237,755 9.634 359 82.58 75.4 97.8 71.2
250,000.01 - 275,000.00 23 5,992,062.97 2.28 260,524 9.522 358 82.07 69.8 91.4 78.8
275,000.01 - 300,000.00 17 4,926,766.21 1.88 289,810 9.679 359 82.62 76.6 100.0 100.0
300,000.01 - 325,000.00 16 5,017,079.93 1.91 313,567 9.773 358 82.43 62.2 100.0 93.6
325,000.01 - 350,000.00 11 3,724,207.01 1.42 338,564 9.060 358 79.06 45.4 100.0 90.6
350,000.01 - 400,000.00 11 4,036,570.18 1.54 366,961 9.798 359 81.04 64.0 100.0 91.0
400,000.01 - 450,000.00 1 424,500.00 0.16 424,500 8.850 359 79.35 100.0 100.0 0.0
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
5. Property Types
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Property Types Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Single Family Detached 2,270 223,419,765.14 85.16 98,423 10.057 359 80.93 85.2 96.8 61.7
2-4 Family 115 12,831,449.25 4.89 111,578 10.167 358 80.76 83.4 82.1 62.8
Planned Unit Development 86 11,297,185.43 4.31 131,363 10.239 359 83.31 79.5 93.1 78.6
Manufactured Housing 82 6,094,561.83 2.32 74,324 10.052 358 78.97 90.1 96.2 56.0
Condominium 46 4,671,265.88 1.78 101,549 9.988 359 80.18 86.8 91.7 72.6
Single Family Attached 43 3,433,238.37 1.31 79,843 10.021 359 79.61 92.3 95.5 57.1
Mixed Use 5 614,070.89 0.23 122,814 10.246 357 64.54 30.9 100.0 8.3
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIA - 6-Month LIBOR ARM and Hybrid ARM Collateral
- --------------------------------------------------------------------------------
6. Range of Months of Seasoning
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Range of Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Months of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Seasoning Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 - 1 1,656 163,538,022.14 62.33 98,755 10.063 359 81.19 86.0 96.1 63.6
2 - 12 991 98,823,514.65 37.67 99,721 10.079 357 80.45 83.2 95.3 60.4
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
7. Range of Months Remaining to Maturity
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Range of Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Months Remaining Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
to Maturity Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
121 - 180 2 98,200.00 0.04 49,100 10.025 179 87.75 100.0 100.0 100.0
301 - 360 2,645 262,263,336.79 99.96 99,154 10.069 359 80.91 85.0 95.8 62.4
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
8. Range of Months of Original Term
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Range of Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Months of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Original Term Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
121 - 180 2 98,200.00 0.04 49,100 10.025 179 87.75 100.0 100.0 100.0
301 - 360 2,645 262,263,336.79 99.96 99,154 10.069 359 80.91 85.0 95.8 62.4
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
9. Occupancy Status
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Occupancy Status Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Owner Occupied 2,514 251,271,091.26 95.77 99,949 10.081 359 81.16 85.0 100.0 61.4
Investor Owned 133 11,090,445.53 4.23 83,387 9.795 359 75.35 84.9 0.0 84.7
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIA - 6-Month LIBOR ARM and Hybrid ARM Collateral
- --------------------------------------------------------------------------------
10. Range of Margins
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Margins Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4.00 - 4.99 146 16,390,142.42 6.25 112,261 8.869 359 77.47 82.2 94.9 85.5
5.00 - 5.99 761 79,123,722.69 30.16 103,973 9.571 359 80.78 89.4 95.6 70.5
6.00 - 6.99 1,107 111,365,506.42 42.45 100,601 10.155 358 81.91 83.6 95.5 62.1
7.00 - 7.99 525 47,433,187.71 18.08 90,349 10.783 359 80.55 83.3 96.5 45.8
8.00 - 8.99 87 6,617,205.64 2.52 76,060 11.931 358 78.19 77.0 98.4 34.3
9.00 - 9.99 17 1,253,058.75 0.48 73,709 12.475 358 74.53 64.6 97.7 49.7
10.00 - 10.99 3 124,131.45 0.05 41,377 10.511 358 79.62 100.0 100.0 87.1
11.00 - 11.99 1 54,581.71 0.02 54,582 14.390 359 65.00 100.0 100.0 0.0
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
11. Range of Maximum Coupon Rates
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Maximum Coupon Rates Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
13.01 - 14.00 19 2,290,067.50 0.87 120,530 7.726 359 73.56 83.0 100.0 85.1
14.01 - 15.00 245 29,900,463.52 11.40 122,043 8.665 359 78.97 82.9 92.0 81.5
15.01 - 16.00 731 79,797,108.16 30.41 109,162 9.502 359 81.37 84.8 95.5 74.6
16.01 - 17.00 941 89,845,229.35 34.24 95,478 10.301 359 81.64 86.2 95.7 58.4
17.01 - 18.00 488 43,680,959.46 16.65 89,510 10.963 359 81.06 85.7 97.5 42.4
18.01 - 19.00 160 12,682,147.10 4.83 79,263 11.712 359 80.39 84.2 99.1 44.2
19.01 - 20.00 43 2,889,244.40 1.10 67,192 12.688 358 74.31 76.4 98.3 28.6
20.01 - 21.00 14 757,941.22 0.29 54,139 13.432 359 75.58 82.1 100.0 17.9
21.01 - 22.00 6 518,376.08 0.20 86,396 13.524 358 73.06 46.0 100.0 54.0
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIA - 6-Month LIBOR ARM and Hybrid ARM Collateral
- --------------------------------------------------------------------------------
12. Month of Next Coupon Rate Change
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Month of Next Coupon Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Rate Change Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998-09 4 424,901.67 0.16 106,225 10.154 355 78.96 33.3 85.0 84.6
1998-10 15 1,754,594.33 0.67 116,973 9.510 356 79.74 70.8 100.0 54.1
1998-11 40 3,673,405.89 1.40 91,835 9.922 357 79.28 89.4 88.3 54.2
1998-12 106 10,235,987.95 3.90 96,566 9.863 358 79.16 84.5 97.4 61.3
1999-01 160 15,591,934.54 5.94 97,450 9.501 359 80.84 86.3 98.1 64.3
1999-02 93 10,182,285.95 3.88 109,487 9.314 360 80.38 84.9 95.4 65.6
1999-03 5 444,000.00 0.17 88,800 9.312 360 73.21 100.0 100.0 84.2
1999-08 1 60,927.26 0.02 60,927 11.550 348 85.00 100.0 100.0 0.0
1999-09 1 26,878.89 0.01 26,879 11.990 349 63.53 100.0 100.0 0.0
1999-10 1 40,262.21 0.02 40,262 11.400 350 80.00 100.0 100.0 0.0
1999-11 1 28,548.47 0.01 28,548 13.240 351 65.00 0.0 0.0 0.0
1999-12 3 450,120.24 0.17 150,040 10.035 352 77.25 24.4 100.0 100.0
2000-01 7 902,464.01 0.34 128,923 10.998 353 80.76 44.8 100.0 72.6
2000-02 6 438,878.83 0.17 73,146 10.484 354 78.51 100.0 100.0 87.9
2000-03 17 1,690,561.37 0.64 99,445 9.701 355 80.24 68.5 97.0 58.7
2000-04 57 6,497,057.42 2.48 113,983 10.102 356 80.98 73.0 93.2 60.3
2000-05 169 15,350,743.03 5.85 90,833 10.164 357 80.84 91.8 90.7 61.3
2000-06 563 57,248,183.08 21.82 101,684 10.107 358 80.68 83.6 96.6 60.0
2000-07 931 91,661,306.14 34.94 98,455 10.185 359 81.33 85.7 96.3 64.5
2000-08 467 45,658,495.51 17.40 97,770 10.185 360 81.27 86.6 95.1 60.7
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
13. Range of Days Delinquent
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Days Delinquent Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 - 29 2,606 259,430,042.84 98.88 99,551 10.061 359 80.92 84.9 95.8 62.7
30 - 59 37 2,523,933.61 0.96 68,214 10.771 357 79.61 92.4 93.0 38.2
60 - 89 4 407,560.34 0.16 101,890 10.783 356 82.74 100.0 100.0 0.0
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIA - 6-Month LIBOR ARM and Hybrid ARM Collateral
- --------------------------------------------------------------------------------
14. Range of Debt to Income Ratio
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Debt to Income Ratio Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.01 - 5.00 1 65,000.00 0.02 65,000 10.250 360 60.75 0.0 100.0 0.0
5.01 - 10.00 7 437,973.42 0.17 62,568 10.622 358 74.97 26.4 41.0 29.1
10.01 - 15.00 51 4,140,710.46 1.58 81,190 10.314 358 74.91 55.5 89.6 60.1
15.01 - 20.00 87 5,899,081.85 2.25 67,806 9.990 359 77.90 80.3 94.9 55.2
20.01 - 25.00 157 12,044,195.75 4.59 76,715 10.119 359 78.58 88.2 95.4 45.2
25.01 - 30.00 278 22,204,992.56 8.46 79,874 10.228 359 80.10 90.7 97.7 50.7
30.01 - 35.00 343 32,284,437.75 12.31 94,124 10.137 359 80.23 86.5 94.5 60.6
35.01 - 40.00 446 46,069,230.52 17.56 103,294 10.035 359 80.92 82.8 94.9 59.8
40.01 - 45.00 525 55,238,740.01 21.05 105,217 10.062 358 82.10 86.9 96.3 67.4
45.01 - 50.00 607 66,618,171.70 25.39 109,750 10.003 359 81.73 84.7 96.7 67.7
50.01 - 55.00 139 16,555,392.55 6.31 119,104 10.011 359 80.37 84.4 96.2 66.6
55.01 - 60.00 6 803,610.22 0.31 133,935 10.347 358 84.79 67.5 94.7 77.5
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
15. Product Type
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Product Type Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28 ARMs 2,224 220,054,426.46 83.87 98,945 10.162 359 81.08 85.0 95.7 62.3
6 Mo LIBOR ARMs 423 42,307,110.33 16.13 100,017 9.585 359 80.05 84.8 96.4 63.0
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
16. Loan Purpose
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Loan Purpose Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Debt Consolidation 1,078 101,336,394.94 38.62 94,004 10.097 358 80.36 86.8 96.9 60.1
Purchase 792 86,055,832.20 32.80 108,656 10.070 359 82.97 82.2 95.6 68.5
Other 748 72,002,581.96 27.44 96,260 10.020 359 79.22 85.6 94.4 58.7
Home Improvement 29 2,966,727.69 1.13 102,301 10.284 359 81.04 90.1 97.3 52.2
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIA - 6-Month LIBOR ARM and Hybrid ARM Collateral
- --------------------------------------------------------------------------------
17. Documentation Level
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Documentation Level Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Full Documentation 2,340 222,931,707.82 84.97 95,270 10.069 359 81.88 100.0 95.8 59.5
No Documentation 150 20,111,566.27 7.67 134,077 10.036 359 73.62 0.0 97.1 81.8
Limited Documentation 157 19,318,262.70 7.36 123,046 10.108 358 77.34 0.0 94.3 75.1
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
18. Credit Rating
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Credit Rating Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A 1,455 163,676,191.15 62.39 112,492 9.816 359 82.93 81.1 94.3 100.0
B 687 61,204,385.17 23.33 89,089 10.218 359 79.45 89.8 98.6 0.0
C 464 34,969,247.21 13.33 75,365 10.829 359 75.20 94.5 97.6 0.0
D 41 2,511,713.26 0.96 61,261 12.333 358 64.68 88.7 100.0 0.0
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
19. Index Type
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Index Type Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6 Mo LIBOR 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIA - 6-Month LIBOR ARM and Hybrid ARM Collateral
- --------------------------------------------------------------------------------
20. Initial Periodic Cap
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Initial Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Periodic Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Cap Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1.000 420 41,882,956.75 15.96 99,721 9.582 359 79.96 84.6 96.4 62.6
1.500 3 424,153.58 0.16 141,385 9.859 359 88.08 100.0 100.0 100.0
2.000 51 4,314,292.71 1.64 84,594 10.337 359 80.81 82.1 88.8 56.3
3.000 2,173 215,740,133.75 82.23 99,282 10.159 359 81.08 85.1 95.8 62.4
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
- --------------------------------------------------------------------------------
21. Periodic Rate Cap
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Periodic Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Rate Cap Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1.000 2,631 260,190,782.34 99.17 98,894 10.065 359 80.89 85.0 95.7 62.5
1.500 16 2,170,754.45 0.83 135,672 10.600 359 83.94 86.0 98.8 52.8
Total: 2,647 262,361,536.79 100.00 99,117 10.069 359 80.91 85.0 95.8 62.4
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIB - FRM Collateral and Hybrid ARM Collateral Combined
- --------------------------------------------------------------------------------
1. State
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
State Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Arizona 195 12,656,642.31 1.54 64,906 10.433 232 79.70 87.7 94.9 61.4
Arkansas 81 3,314,113.81 0.40 40,915 11.474 197 75.02 96.7 95.2 46.1
California 376 44,705,178.37 5.45 118,897 10.001 285 79.95 81.9 93.5 75.3
Colorado 163 13,108,122.72 1.60 80,418 10.199 261 80.23 82.0 100.0 69.4
Connecticut 65 4,564,122.89 0.56 70,217 10.450 204 78.30 89.0 98.7 67.3
Delaware 28 2,054,929.93 0.25 73,390 9.956 222 76.79 91.3 97.5 62.9
District of Columbia 44 3,401,371.12 0.41 77,304 10.283 212 75.33 95.2 84.9 72.7
Florida 807 47,646,831.05 5.81 59,042 10.675 208 80.28 83.0 93.8 67.2
Georgia 384 21,483,845.18 2.62 55,948 10.791 212 79.65 90.7 92.8 65.5
Hawaii 4 885,881.72 0.11 221,470 8.637 178 79.00 75.2 70.4 96.1
Idaho 42 2,874,681.37 0.35 68,445 10.150 230 76.68 65.5 98.0 64.4
Illinois 1,092 69,157,773.16 8.43 63,331 11.046 197 78.91 94.3 95.6 64.6
Indiana 746 37,422,532.43 4.56 50,164 10.563 201 79.05 94.0 96.3 62.7
Iowa 63 2,999,231.54 0.37 47,607 10.413 204 79.57 94.5 96.8 70.4
Kansas 47 2,767,516.29 0.34 58,883 10.862 223 80.59 95.3 95.7 56.6
Kentucky 270 13,916,788.12 1.70 51,544 10.421 197 79.82 94.6 98.6 70.0
Louisiana 249 12,609,538.04 1.54 50,641 11.007 202 77.59 91.3 97.5 58.4
Maine 22 1,084,005.94 0.13 49,273 10.537 204 76.04 92.2 98.9 58.2
Maryland 288 21,596,389.66 2.63 74,987 10.322 211 80.23 93.3 95.1 71.3
Massachusetts 241 19,229,956.27 2.34 79,792 9.980 222 75.05 85.1 97.7 75.6
Michigan 1,771 98,142,172.09 11.96 55,416 11.337 214 77.45 91.7 96.4 55.1
Minnesota 165 10,763,786.95 1.31 65,235 10.585 202 78.53 91.9 97.6 58.0
Mississippi 119 5,206,875.55 0.63 43,755 11.788 193 77.02 94.2 98.2 43.5
Missouri 320 15,974,177.32 1.95 49,919 11.302 190 79.49 91.8 94.0 58.0
Montana 15 1,009,468.40 0.12 67,298 9.886 248 74.94 76.4 85.8 64.0
Nebraska 53 3,693,898.78 0.45 69,696 10.401 196 79.29 95.4 98.7 71.6
Nevada 57 5,498,912.12 0.67 96,472 10.058 223 80.19 80.6 91.2 71.6
New Hampshire 29 1,569,174.08 0.19 54,109 10.206 220 80.26 97.1 92.0 79.3
New Jersey 272 23,955,257.38 2.92 88,071 10.423 211 76.51 88.7 95.7 75.3
New Mexico 131 8,644,316.19 1.05 65,987 10.165 225 79.76 85.4 96.1 69.3
New York 493 34,004,215.15 4.14 68,974 10.167 207 76.58 91.1 96.7 80.3
North Carolina 649 37,329,001.22 4.55 57,518 10.420 202 79.74 93.2 95.6 74.9
North Dakota 4 141,364.30 0.02 35,341 11.030 277 73.87 100.0 100.0 37.4
Ohio 1,485 87,872,573.30 10.71 59,173 10.084 195 80.27 95.5 96.5 74.1
Oklahoma 37 2,058,563.66 0.25 55,637 10.326 233 78.70 77.8 97.5 62.8
Oregon 52 3,976,083.25 0.48 76,463 10.085 237 80.44 77.6 91.7 79.1
Pennsylvania 854 46,056,606.99 5.61 53,930 10.412 202 79.00 89.1 96.9 67.1
Rhode Island 59 3,927,082.39 0.48 66,561 10.258 205 78.44 87.0 89.6 76.6
South Carolina 277 14,066,556.69 1.71 50,782 10.474 196 79.29 93.8 96.9 70.7
South Dakota 2 97,317.00 0.01 48,659 9.608 206 81.12 100.0 100.0 100.0
Tennessee 256 15,564,849.38 1.90 60,800 10.565 195 79.81 89.0 91.7 75.8
Texas 292 20,460,135.21 2.49 70,069 10.796 248 77.33 74.6 96.5 64.9
Utah 107 7,907,964.26 0.96 73,906 10.248 262 81.28 78.8 91.2 76.1
Vermont 8 417,208.34 0.05 52,151 12.656 183 75.37 76.6 100.0 51.1
Virginia 192 10,818,217.59 1.32 56,345 10.398 213 77.93 93.9 97.3 71.9
Washington 115 10,431,244.31 1.27 90,706 10.258 265 78.86 82.9 95.1 67.1
West Virginia 64 3,149,417.44 0.38 49,210 10.214 217 79.80 100.0 97.8 74.1
Wisconsin 149 9,525,058.07 1.16 63,927 11.124 191 81.11 95.5 95.4 68.2
Wyoming 12 789,198.72 0.10 65,767 10.291 274 74.21 43.8 72.5 83.3
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIB - FRM Collateral and Hybrid ARM Collateral Combined
- --------------------------------------------------------------------------------
2. Range of Original LTVs
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Original LTVs Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.01 - 5.00 5 88,501.84 0.01 17,700 11.492 177 31.82 74.1 100.0 77.7
5.01 - 10.00 129 2,329,181.59 0.28 18,056 11.473 185 78.66 92.1 99.5 76.8
10.01 - 15.00 515 11,113,433.52 1.35 21,579 11.548 182 80.48 91.9 99.2 79.5
15.01 - 20.00 886 21,439,525.43 2.61 24,198 11.346 181 83.91 95.2 98.9 86.0
20.01 - 25.00 465 13,848,963.81 1.69 29,783 11.547 185 77.31 96.6 98.5 79.9
25.01 - 30.00 380 13,713,600.01 1.67 36,088 11.372 190 71.89 90.0 97.5 81.3
30.01 - 35.00 280 11,093,990.90 1.35 39,621 11.182 193 68.54 91.9 97.1 74.4
35.01 - 40.00 248 10,287,521.36 1.25 41,482 10.959 191 61.86 94.2 96.0 76.2
40.01 - 45.00 228 9,440,329.35 1.15 41,405 11.140 192 56.42 89.5 96.4 61.5
45.01 - 50.00 317 13,196,431.72 1.61 41,629 11.282 192 53.32 79.4 89.3 51.0
50.01 - 55.00 258 12,281,379.01 1.50 47,602 10.651 203 55.84 87.5 91.2 57.5
55.01 - 60.00 384 17,871,018.21 2.18 46,539 11.174 202 58.95 76.3 92.4 46.1
60.01 - 65.00 500 27,560,987.20 3.36 55,122 10.974 219 64.18 78.1 88.3 48.6
65.01 - 70.00 830 49,164,632.19 5.99 59,234 10.844 210 68.82 77.0 84.9 54.1
70.01 - 75.00 1,270 80,926,615.75 9.86 63,722 10.571 214 74.16 80.4 87.3 56.8
75.01 - 80.00 2,885 208,630,428.23 25.43 72,316 10.310 215 79.53 88.2 96.2 59.8
80.01 - 85.00 1,940 159,426,789.80 19.43 82,179 10.348 221 84.58 95.1 99.5 59.3
85.01 - 90.00 1,690 154,976,290.63 18.89 91,702 10.427 222 89.66 98.8 100.0 98.1
90.01 - 95.00 35 3,079,777.50 0.38 87,994 10.310 209 92.42 100.0 100.0 100.0
95.01 - 100.00 1 60,750.00 0.01 60,750 9.740 180 96.58 100.0 100.0 100.0
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIB - FRM Collateral and Hybrid ARM Collateral Combined
- --------------------------------------------------------------------------------
3. Range of Original CLTV's
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Original CLTV's Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.01 - 5.00 2 42,766.54 0.01 21,383 10.873 177 3.80 100.0 100.0 53.8
5.01 - 10.00 1 25,455.58 0.00 25,456 13.450 178 8.23 0.0 100.0 0.0
10.01 - 15.00 14 284,651.32 0.03 20,332 10.985 199 13.62 100.0 100.0 48.1
15.01 - 20.00 30 804,896.98 0.10 26,830 11.299 176 18.34 70.0 93.0 47.1
20.01 - 25.00 59 1,330,723.56 0.16 22,555 11.068 175 23.14 91.8 93.5 48.6
25.01 - 30.00 80 2,479,451.78 0.30 30,993 11.205 183 27.94 77.8 87.5 59.9
30.01 - 35.00 81 2,948,986.38 0.36 36,407 10.762 201 32.85 77.1 91.9 49.6
35.01 - 40.00 144 5,142,166.97 0.63 35,709 10.778 197 37.94 84.5 92.8 59.9
40.01 - 45.00 178 6,517,088.52 0.79 36,613 11.100 183 42.60 86.7 95.2 49.1
45.01 - 50.00 295 11,801,924.75 1.44 40,007 11.231 192 48.22 76.9 87.9 47.4
50.01 - 55.00 263 12,107,223.51 1.48 46,035 10.609 204 53.02 85.0 91.3 56.8
55.01 - 60.00 410 18,527,878.39 2.26 45,190 11.206 201 58.07 77.1 92.5 45.2
60.01 - 65.00 523 28,412,317.74 3.46 54,326 10.982 218 63.50 77.6 88.1 49.3
65.01 - 70.00 907 51,418,245.65 6.27 56,690 10.840 210 68.68 77.1 85.4 55.0
70.01 - 75.00 1,439 86,766,184.57 10.57 60,296 10.622 212 74.06 80.7 88.0 57.7
75.01 - 80.00 3,218 219,676,328.22 26.77 68,265 10.358 213 79.47 88.4 96.4 60.4
80.01 - 85.00 2,476 176,974,025.29 21.57 71,476 10.460 218 84.49 95.5 99.5 61.3
85.01 - 90.00 2,577 181,889,701.99 22.17 70,582 10.599 217 89.55 98.9 100.0 97.8
90.01 - 95.00 144 5,883,105.08 0.72 40,855 10.936 196 91.65 100.0 100.0 99.6
95.01 - 100.00 404 7,480,825.23 0.91 18,517 11.138 177 99.62 100.0 100.0 97.6
100.01 greater
than or = 1 16,200.00 0.00 16,200 10.500 177 100.25 100.0 100.0 100.0
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
- --------------------------------------------------------------------------------
4. Range of Coupon Rates
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Coupon Rates Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7.01 - 8.00 149 13,134,817.89 1.60 88,153 7.813 218 74.59 93.4 98.0 95.5
8.01 - 9.00 1,408 112,662,664.47 13.73 80,016 8.687 224 76.72 90.1 96.0 96.2
9.01 - 10.00 2,978 225,215,444.98 27.45 75,626 9.661 223 79.66 90.3 94.8 80.0
10.01 - 11.00 3,443 213,280,188.42 25.99 61,946 10.571 215 80.62 88.3 96.0 66.9
11.01 - 12.00 2,424 128,962,516.98 15.72 53,202 11.549 205 80.42 90.7 95.2 53.3
12.01 - 13.00 1,551 72,870,519.01 8.88 46,983 12.509 192 78.21 90.6 95.7 45.8
13.01 - 14.00 781 34,221,083.55 4.17 43,817 13.493 189 74.77 92.2 97.3 26.7
14.01 - 15.00 332 13,811,800.18 1.68 41,602 14.447 191 68.91 87.6 97.0 4.0
15.01 - 16.00 82 3,038,167.50 0.37 37,051 15.575 191 63.78 96.2 99.4 5.7
16.01 - 17.00 81 2,783,396.49 0.34 34,363 16.478 180 56.40 92.6 100.0 0.0
17.01 - 18.00 15 511,888.75 0.06 34,126 17.417 171 62.79 91.9 96.1 0.0
18.01 - 19.00 1 14,909.83 0.00 14,910 18.190 118 57.69 100.0 100.0 0.0
19.01 - 20.00 1 22,750.00 0.00 22,750 19.240 119 57.59 100.0 100.0 0.0
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIB - FRM Collateral and Hybrid ARM Collateral Combined
- --------------------------------------------------------------------------------
5. Range of Loan Balances
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Loan Balances Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.01 - 25,000.00 2,152 39,168,673.61 4.77 18,201 11.760 178 73.08 95.6 93.5 59.6
25,000.01 - 50,000.00 4,490 168,891,598.47 20.58 37,615 11.099 195 74.78 94.2 92.5 58.3
50,000.01 - 75,000.00 3,173 194,944,180.74 23.76 61,438 10.608 203 78.85 93.4 95.9 63.7
75,000.01 - 100,000.00 1,554 134,412,654.05 16.38 86,495 10.423 208 80.37 92.7 96.6 70.2
100,000.01 - 125,000,000 865 96,025,747.46 11.70 111,012 10.332 212 81.62 88.6 96.8 73.1
125,000.01 - 150,000,000 405 55,240,813.15 6.73 136,397 10.355 217 82.10 86.1 97.8 75.3
150,000.01 - 175,000,000 192 31,051,419.23 3.78 161,726 10.224 210 81.84 82.4 96.5 76.6
175,000.01 - 200,000,000 119 22,248,895.85 2.71 186,966 10.095 227 79.47 78.2 98.3 74.7
200,000.01 - 225,000,000 51 10,888,756.03 1.33 213,505 10.001 229 83.84 84.2 98.1 80.3
225,000.01 - 250,000,000 93 22,174,056.85 2.70 238,431 9.851 295 79.90 72.2 97.8 77.3
250,000.01 - 275,000,000 52 13,602,575.18 1.66 261,588 9.641 311 80.79 78.7 98.1 80.6
275,000.01 - 300,000,000 45 12,920,953.16 1.57 287,132 9.830 316 80.65 69.1 95.7 77.8
300,000.01 - 325,000,000 20 6,277,012.52 0.76 313,851 9.506 313 84.33 85.0 94.8 95.2
325,000.01 - 350,000,000 20 6,746,555.38 0.82 337,328 9.710 320 79.16 64.7 95.0 84.8
350,000.01 - 400,000,000 12 4,574,949.03 0.56 381,246 9.428 344 84.36 75.3 100.0 83.8
400,000.01 - 450,000,000 2 897,541.66 0.11 448,771 9.325 359 72.17 100.0 100.0 100.0
450,000.01 greater
than or = 1 463,765.68 0.06 463,766 9.375 359 80.00 100.0 100.0 0.0
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
- --------------------------------------------------------------------------------
6. Property Types
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Property Types Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Single Family Detached 11,679 721,887,830.72 87.98 61,811 10.576 213 79.13 90.2 96.8 67.7
2-4 Family 617 39,975,230.53 4.87 64,790 10.614 202 75.48 88.9 77.6 70.1
Manufactured Housing 358 19,646,344.80 2.39 54,878 10.450 214 77.09 88.9 98.0 64.0
Single Family Attached 312 16,157,680.03 1.97 51,787 10.684 204 78.52 91.9 91.5 64.9
Planned Unit Development 146 14,837,272.68 1.81 101,625 10.364 251 83.00 81.0 96.1 70.0
Condominium 117 6,124,594.85 0.75 52,347 10.465 206 73.46 91.1 89.7 70.7
Mixed Use 17 1,901,194.44 0.23 111,835 11.679 187 60.72 62.5 84.7 61.1
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIB - FRM Collateral and Hybrid ARM Collateral Combined
- --------------------------------------------------------------------------------
7. Range of Months of Seasoning
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Range of Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Months of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Seasoning Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 - 1 6,960 450,098,652.66 54.85 64,669 10.464 224 78.98 89.4 95.9 68.1
2 - 12 6,278 370,143,330.66 45.11 58,959 10.708 200 78.77 90.6 95.4 67.3
13 greater
than or = 8 288,164.73 0.04 36,021 11.722 162 71.06 84.5 89.0 88.9
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
- --------------------------------------------------------------------------------
8. Range of Months Remaining to Maturity
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Range of Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Months Remaining Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
to Maturity Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 60 63 1,674,459.81 0.20 26,579 10.859 56 62.12 92.9 98.8 82.5
61 - 120 687 23,954,577.88 2.92 34,868 10.398 112 71.64 93.7 94.7 76.5
121 - 180 9,198 544,043,216.87 66.30 59,148 10.783 178 79.06 91.0 95.4 66.1
181 - 240 2,203 125,229,013.29 15.26 56,845 10.176 238 78.21 92.6 96.4 74.7
241 - 300 3 331,484.52 0.04 110,495 10.184 298 78.48 100.0 100.0 27.7
301 - 360 1,092 125,297,395.68 15.27 114,741 10.098 359 80.38 82.0 96.4 66.1
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
- --------------------------------------------------------------------------------
9. Range of Months of Original Term
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Range of Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Months of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Original Term Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 - 60 63 1,674,459.81 0.20 26,579 10.859 56 62.12 92.9 98.8 82.5
61 - 120 687 23,954,577.88 2.92 34,868 10.398 112 71.64 93.7 94.7 76.5
121 - 180 9,198 544,043,216.87 66.30 59,148 10.783 178 79.06 91.0 95.4 66.1
181 - 240 2,203 125,229,013.29 15.26 56,845 10.176 238 78.21 92.6 96.4 74.7
241 - 300 3 331,484.52 0.04 110,495 10.184 298 78.48 100.0 100.0 27.7
301 - 360 1,092 125,297,395.68 15.27 114,741 10.098 359 80.38 82.0 96.4 66.1
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIB - FRM Collateral and Hybrid ARM Collateral Combined
- --------------------------------------------------------------------------------
10. Occupancy Status
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Occupancy Status Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Owner Occupied 12,541 784,988,411.54 95.67 62,594 10.580 213 79.28 90.1 100.0 67.3
Investor Owned 705 35,541,736.51 4.33 50,414 10.457 206 69.95 87.9 0.0 78.1
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
- --------------------------------------------------------------------------------
11. Range of Days Delinquent
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Days Delinquent Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 - 29 13,034 808,996,201.72 98.59 62,068 10.557 213 78.88 90.0 95.7 68.1
30 - 59 200 11,025,624.42 1.34 55,128 11.801 201 79.05 90.1 91.9 39.3
60 - 89 12 508,321.91 0.06 42,360 12.119 185 69.45 85.1 85.0 38.1
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIB - FRM Collateral and Hybrid ARM Collateral Combined
- --------------------------------------------------------------------------------
12. Range of Junior Lien Ratio
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Junior Lien Ratio Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
= or less than 0 10,554 739,571,285.27 90.13 70,075 10.486 216 78.46 89.4 95.3 65.9
0.01 - 5.00 1 7,967.94 0.00 7,968 12.050 178 84.34 100.0 100.0 100.0
5.01 - 10.00 28 463,661.11 0.06 16,559 11.725 197 83.56 85.5 100.0 80.9
10.01 - 15.00 265 4,973,943.70 0.61 18,770 11.630 183 85.52 98.3 99.8 81.9
15.01 - 20.00 818 17,423,395.69 2.12 21,300 11.399 181 90.29 96.3 99.8 88.8
20.01 - 25.00 412 11,467,328.35 1.40 27,833 11.533 185 83.39 94.8 98.9 84.5
25.01 - 30.00 331 10,603,006.72 1.29 32,033 11.591 186 82.53 96.5 99.4 83.6
30.01 - 35.00 244 8,759,059.45 1.07 35,898 11.389 188 83.01 93.1 99.5 83.9
35.01 - 40.00 175 6,759,300.24 0.82 38,625 11.394 186 80.41 96.2 99.3 82.8
40.01 - 45.00 129 6,141,558.88 0.75 47,609 11.202 191 79.37 95.3 97.5 89.1
45.01 - 50.00 92 4,392,415.86 0.54 47,744 11.202 192 78.82 94.7 98.9 86.7
50.01 - 55.00 45 2,328,223.76 0.28 51,738 11.092 186 80.35 97.1 100.0 89.0
55.01 - 60.00 37 1,598,004.98 0.19 43,189 11.078 186 77.06 100.0 95.0 88.2
60.01 - 65.00 35 1,505,580.78 0.18 43,017 11.322 192 71.56 97.2 100.0 62.1
65.01 - 70.00 17 1,017,326.24 0.12 59,843 10.259 215 67.57 83.5 96.3 80.7
70.01 - 75.00 16 798,254.33 0.10 49,891 11.196 186 71.30 84.5 100.0 70.5
75.01 - 80.00 18 1,122,748.56 0.14 62,375 10.533 190 63.59 79.0 100.0 75.6
80.01 - 85.00 10 730,976.86 0.09 73,098 11.192 191 74.89 100.0 89.4 83.0
85.01 - 90.00 8 376,626.09 0.05 47,078 11.879 183 74.12 100.0 100.0 87.0
90.01 - 95.00 7 320,258.16 0.04 45,751 10.514 187 67.70 100.0 100.0 88.9
95.01 - 100.00 4 169,225.08 0.02 42,306 11.766 201 36.18 100.0 100.0 49.3
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
- --------------------------------------------------------------------------------
13. Range of Debt to Income Ratio
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Range of Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Debt to Income Ratio Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.01 - 5.00 18 1,456,645.94 0.18 80,925 10.257 181 69.81 32.7 82.7 52.8
5.01 - 10.00 60 2,618,326.32 0.32 43,639 10.658 217 71.61 61.8 100.0 66.4
10.01 - 15.00 281 12,728,449.30 1.55 45,297 10.575 206 73.14 80.0 92.1 62.4
15.01 - 20.00 680 31,798,118.03 3.88 46,762 10.672 210 73.10 86.5 95.3 55.5
20.01 - 25.00 1,159 58,262,774.29 7.10 50,270 10.713 203 75.61 90.3 97.1 58.6
25.01 - 30.00 1,488 80,571,801.26 9.82 54,148 10.675 205 77.78 89.6 95.8 63.4
30.01 - 35.00 1,805 104,935,119.72 12.79 58,136 10.592 211 78.30 89.2 95.6 66.8
35.01 - 40.00 2,135 138,108,228.17 16.83 64,688 10.529 210 79.80 88.6 94.7 71.4
40.01 - 45.00 2,497 164,359,495.74 20.03 65,823 10.519 215 79.91 89.3 95.9 71.5
45.01 - 50.00 2,811 197,750,140.89 24.10 70,349 10.580 218 80.37 93.6 95.9 69.1
50.01 - 55.00 303 27,168,501.37 3.31 89,665 10.376 240 80.59 92.1 96.0 69.6
55.01 - 60.00 9 772,547.02 0.09 85,839 9.224 276 69.91 89.7 91.6 71.6
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIB - FRM Collateral and Hybrid ARM Collateral Combined
- --------------------------------------------------------------------------------
14. Product Type
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Product Type Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 30/15 5,383 387,332,093.03 47.21 71,955 10.912 178 80.03 90.4 95.3 62.7
Fixed Rate 6,868 344,492,667.86 41.98 50,159 10.264 217 77.18 90.2 96.2 76.0
3/27 ARMs 792 71,580,994.77 8.72 90,380 10.397 359 80.37 85.1 96.1 55.9
2/28 ARMs 154 13,935,628.07 1.70 90,491 9.958 360 80.19 93.0 93.4 62.5
Balloon 30/5 45 2,906,295.71 0.35 64,584 9.812 82 83.86 97.4 89.2 87.0
Balloon 20/15 1 118,666.50 0.01 118,667 9.550 177 85.00 100.0 100.0 0.0
Balloon 20/10 2 106,874.43 0.01 53,437 9.685 119 77.14 100.0 100.0 52.4
Balloon 30/10 1 56,927.68 0.01 56,928 11.600 137 81.88 100.0 100.0 100.0
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
- --------------------------------------------------------------------------------
15. Lien Position
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Lien Position Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1st Lien 10,554 739,571,285.27 90.13 70,075 10.486 216 78.46 89.4 95.3 65.9
2nd Lien 2,692 80,958,862.78 9.87 30,074 11.385 186 82.75 95.3 99.1 84.8
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
- --------------------------------------------------------------------------------
16. Balloon
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Balloon Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 5,432 390,520,857.35 47.59 71,893 10.903 178 80.06 90.5 95.2 62.8
Non-Balloon 7,814 430,009,290.70 52.41 55,031 10.276 245 77.81 89.5 96.1 72.2
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
Group II Computational Materials
Group IIB - FRM Collateral and Hybrid ARM Collateral Combined
- --------------------------------------------------------------------------------
17. Loan Purpose
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Loan Purpose Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Debt Consolidation 7,600 462,299,347.33 56.34 60,829 10.488 207 78.87 91.9 96.5 69.5
Other 4,435 261,604,499.26 31.88 58,986 10.760 211 77.91 89.1 94.5 64.2
Purchase 990 83,406,913.29 10.17 84,249 10.491 246 82.38 82.9 94.5 70.0
Home Improvement 221 13,219,388.17 1.61 59,816 10.446 241 76.29 82.9 95.6 62.7
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
- --------------------------------------------------------------------------------
18. Documentation Level
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Documentation Level Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Full Documentation 12,298 738,114,315.03 89.96 60,019 10.577 211 79.65 100.0 95.8 66.4
Limited Documentation 552 49,411,934.41 6.02 89,514 10.412 234 74.15 0.0 95.5 84.1
No Documentation 396 33,003,898.61 4.02 83,343 10.762 232 68.70 0.0 93.6 72.4
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
- --------------------------------------------------------------------------------
19. Credit Rating
<TABLE>
<CAPTION>
Number % of Weighted Weighted %
of Aggre- Average Weighted Average Average Full % %
Home Aggregate gate Aggregate Average Remain- Original Doc- Owner Credit
Equity Loan Loan Loan Gross ing Combined ument- Occ- Grade
Credit Rating Loans Balance Balance Balance Coupon Term LTV ation upied A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A 8,450 555,856,087.94 67.74 65,782 10.123 213 80.80 88.2 95.0 100.0
B 2,738 162,044,122.22 19.75 59,183 11.015 217 77.49 92.7 96.8 0.0
C 1,588 84,688,745.90 10.32 53,330 11.942 210 73.31 95.5 97.2 0.0
D 470 17,941,191.99 2.19 38,173 14.122 198 58.40 92.8 98.8 0.0
Total: 13,246 820,530,148.05 100.00 61,946 10.575 213 78.88 90.0 95.7 67.7
</TABLE>
This information has been prepared in connection with the issuance
of securities representing interests in the above trust, and is based in part
on information provided by ContiMortgage Corporation with respect to the
expected characteristics of the pool of home equity loans in which these
securities will represent undivided beneficial interests. The actual
characteristics and performance of the home equity loans will differ from the
assumptions used in preparing these materials, which are hypothetical in
nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is
very unlikely that the loans will prepay at a constant rate or follow a
predictable pattern. This information may not be used or otherwise
disseminated in connection with the offer or sale of these or any other
securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS
TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information
is available upon request. These materials do not constitute an offer to buy
or sell or a solicitation of an offer to buy or sell any security or
instrument or to participate in any particular trading strategy. ANY SUCH
OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE
PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF
ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In
the event of any such offering, these materials, including any description of
the loans contained herein, shall be deemed superseded, amended and
supplemented in their entirety by such Prospectus and Prospectus Supplement.
To Our Readers Worldwide: In addition, please note that this information has
been provided by Morgan Stanley & Co. Incorporated and approved by Morgan
Stanley & Co. International Limited, a member of the Securities and Futures
Authority, and Morgan Stanley Japan Ltd. We recommend that investors obtain
the advice of their Morgan Stanley & Co. International Limited or Morgan
Stanley Japan Ltd. representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY.
