<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) July 17, 1996.
Oakwood Mortgage Investors, Inc.
(Exact name of registrant as specified in charter)
North Carolina 33-99320 56-1886793
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2225 South Holden Road, Greensboro, North Carolina 27407
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (910) 855-2400
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
On July 18, 1996, the Registrant entered into an underwriting
agreement with CS First Boston Corporation and Greenwich Capital Markets, Inc.
(the "Underwriters"), pursuant to which the Underwriters agreed to purchase and
offer for sale to the public, approximately $187,626,005 aggregate initial
principal amount of the Registrant's Senior/Subordinated Pass-Through
Certificates, Series 1996-B, Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5 and Class A-6 (the "Offered Securities"). The Offered Securities are
registered for sale under the Registrant's effective shelf Registration
Statement on Form S-3 (33-99320), and will be offered pursuant to a Prospectus,
to be dated July 22, 1996, and a related Prospectus Supplement, dated July 22,
1996, to be filed with the Securities and Exchange Commission pursuant to the
Securities Act of 1933, as amended and Rule 424 thereunder.
In connection with the offering of the Offered Securities, the
Underwriters have prepared and disseminated to potential purchasers certain
"Computational Materials" and/or "Structural Terms Sheet(s)," as such terms are
defined in the No-Action response letters to Kidder, Peabody and Co.
Incorporated and certain affiliates thereof (publicly available, May 20, 1994)
and the No-Action response letter to Cleary, Gottlieb, Steen & Hamilton on
behalf of the Public Securities Association (publicly available, February 17,
1995), respectively. In accordance with such No-Action Letter, the Registrant is
filing herewith such Computational Materials and/or Structural Terms Sheet(s) as
Exhibit 99.1.
Exhibits
99.1 Copy of "Computational Materials" and/or "Structural Terms
Sheet(s)" as provided by CS First Boston Corporation and
Greenwich Capital Markets, Inc.
-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.
July 18, 1996 OAKWOOD MORTGAGE INVESTORS,
INC.
By: /s/ Doug R. Muir
Name: Doug R. Muir
Title: Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Page
99.1 Copy of "Computational Materials"
and/or "Structural Terms Sheet(s)"
as provided by CS First Boston
Corporation and Greenwich Capital
Markets, Inc...............................................
-4-
<PAGE>
$187,626,000 (approximate)
Oakwood Mortgage Investors, Inc.
Senior/Subordinate Pass-Through Certificates, Series 1996-B
Oakwood Mortgage Investors, Inc.
Seller
Oakwood Acceptance Corporation
Servicer
$45,290,000 (Approximate) [ ]% A-1
$35,585,000 (Approximate) [ ]% A-2
$32,350,000 (Approximate) [ ]% A-3
$22,642,000 (Approximate) [ ]% A-4
$32,350,000 (Approximate) [ ]% A-5
$19,409,000 (Approximate) [ ]% A-6
The attached information (the "Computational Materials") is privileged and
confidential and is being provided by Greenwich Capital Markets, Inc. for use by
the addressee only. These Computational Materials have been prepared in
connection with the issuance of the securities described therein which represent
undivided beneficial interests in a certain pool of manufactured housing
contracts (the "Pool"). These Computational Materials are based in part on
information provided by Oakwood Mortgage Investors, Inc., with respect to the
expected characteristics of the Pool. These materials may not be provided to any
third party other than the addressee's legal, tax, financial and/or accounting
advisors for the purposes of evaluating said material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. NO ASSURANCE CAN BE GIVEN AND NO
REPRESENTATION IS MADE AS TO THE ACCURACY, APPROPRIATENESS OR COMPLETENESS OF
THESE MATERIALS IN ANY PARTICULAR CONTEXT, NOR AS TO WHETHER THE COMPUTATIONAL
MATERIALS AND/OR THE ASSUMPTIONS UPON WHICH THEY ARE BASED REFLECT PRESENT
MARKET CONDITIONS OR FUTURE MARKET PERFORMANCE. These Computational Materials
should not be construed as either projections or predictions or as legal, tax,
financial or accounting advice.
Any weighted average lives and principal payment periods shown in the
Computational Materials are based on prepayment assumptions, and changes in such
prepayment assumptions may dramatically affect such weighted average lives or
principal payment periods. In addition, it is possible that prepayments on the
underlying assets will occur at rates slower or faster than the rates shown in
the attached Computational Materials. Furthermore, unless otherwise provided,
the Computational Materials assume no losses on the underlying assets and no
interest shortfall. THE ACTUAL CHARACTERISTICS AND PERFORMANCE OF THE
MANUFACTURED HOUSING CONTRACTS 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. The principal amount and designation of any security described in the
Computational Materials are subject to change prior to issuance.
Although a registration statement (including the prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not yet been
filed with the Securities and Exchange Commission. These materials do not
constitute an offer to sell or the solicitation of an offer to buy any security
or instrument or to participate in any particular trading strategy, nor shall
there be any sale of the securities discussed in this communication in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus supplement relating
to the securities discussed in this communication for definitive Computational
Materials and any matter discussed in this communication. In the event of any
such offering, these Computational Materials, including any description of the
manufactured housing contracts contained herein, shall be deemed superseded, in
their entirety by the final prospectus supplement. A final prospectus and
prospectus supplement may be obtained by contacting the Greenwich Capital
Markets, Inc. Trading Desk at (203) 625-6160.
Please be advised that asset-backed securities may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risks.
Investors should make every effort to consider the risks of these securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
<PAGE>
OAKWOOD MORTGAGE INVESTORS, SERIES 1996-B
COMPUTATIONAL MATERIALS:
PRICE/YIELD TABLES
ASSUMED ASSET CHARACTERISTICS
(SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL
BALANCE AS OF ORIGINAL TERM TO
CUT-OFF DATE MATURITY (MONTHS) SEASONING
POOL ASSET RATE (MONTHS)
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 $16,134,762 12.46% 100 5
2 $52,431,822 12.46 173 29
3 $69,169,810 11.58 240 2
4 $57,680,016 10.28 310 2
5 Step-up Rate Loans(1) $20,245,886 8.16 250 1
TOTAL $215,662,295 11.19% 233 8
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The weighted average Step-up Period on the first Asset Rate increase is
approximately 11 months. The weighted average step-up Period to the second
Asset Rate increase is approximately 23 months. The weighted average Asset
Rate increase for each period is approximatly 1.44%
THIS MEMORANDUM IS BASED ON INFORMATION GENERALLY AVAILABLE TO THE PUBLIC FROM
SOURCES BELIEVED TO BE RELIABLE. NO REPRESENTATION IS MADE THAT IT IS ACCURATE
OR COMPLETE. CERTAIN ASSUMPTIONS MAY HAVE BEEN MADE IN THIS ANALYSIS WHICH HAVE
RESULTED IN ANY RETURNS DETAILED HEREIN. NO REPRESENTATION IS MADE THAT ANY
RETURNS INDICATED WILL BE ACHIEVED. CHANGES TO THE ASSUMPTIONS MAY HAVE A
MATERIAL IMPACT ON ANY RETURNS DETAILED. PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RETURNS. PRICE AND AVAILABILITY ARE SUBJECT TO CHANGE
WITHOUT NOTICE. THE FOREGOING HAS BEEN PREPARED SOLELY FOR INFORMATIONAL
PURPOSES, AND IS NOT AN OFFER TO BUY OR SELL OR A SOLICITATION OF AN OFFER TO
BUY OR SELL ANY SECURITY OR INSTRUMENT OR TO PARTICIPATE IN ANY PARTICULAR
TRADING STRATEGY. GREENWICH CAPITAL MARKETS, INC. AND/OR ITS AFFILIATES MAY HAVE
POSITIONS IN, AND EFFECT TRANSACTIONS IN SECURITIES AND INSTRUMENTS OF ISSUERS
MENTIONED HEREIN AND MAY ALSO PROVIDE OR SEEK TO PROVIDE SIGNIFICANT ADVICE OR
INVESTMENT SERVICES, INCLUDING INVESTMENT BANKING, FOR THE ISSUERS OF SUCH
SECURITIES AND INSTRUMENTS. ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST BY
CALLING THE GREENWICH CAPITAL MARKETS, INC. TRADING DESK AT (203) 625-6160.
<PAGE>
OAKWOOD MORTGAGE INVESTORS, SERIES 1996-B
CLASS A-1 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
1.71 1.45 1.11 0.90 0.65 Weighted Average Life (years)
08/96 08/96 08/96 08/96 08/96 First Principal Payment Date
11/99 05/99 09/98 05/98 11/97 Last Principal Payment Date
99.00 6.357 6.468 6.691 6.915 7.368 Yield to Maturity (%)
99.25 6.195 6.279 6.446 6.614 6.955 Yield to Maturity (%)
99.50 6.033 6.090 6.202 6.315 6.543 Yield to Maturity (%)
99.75 5.873 5.902 5.959 6.018 6.134 Yield to Maturity (%)
100.00 5.713 5.714 5.717 5.721 5.727 Yield to Maturity (%)
100.25 5.553 5.528 5.476 5.427 5.322 Yield to Maturity (%)
100.50 5.395 5.342 5.237 5.133 4.919 Yield to Maturity (%)
100.75 5.237 5.157 4.999 4.841 4.518 Yield to Maturity (%)
101.00 5.079 4.973 4.761 4.551 4.120 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
CLASS A-2 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
4.63 3.97 3.06 2.48 1.80 Weighted Average Life (years)
11/99 05/99 09/98 05/98 11/97 First Principal Payment Date
07/02 09/01 07/00 10/99 11/98 Last Principal Payment Date
99.00 7.243 7.270 7.327 7.384 7.500 Yield to Maturity (%)
99.25 7.177 7.195 7.232 7.270 7.346 Yield to Maturity (%)
99.50 7.112 7.120 7.138 7.156 7.192 Yield to Maturity (%)
99.75 7.046 7.045 7.044 7.042 7.039 Yield to Maturity (%)
100.00 6.981 6.971 6.950 6.929 6.886 Yield to Maturity (%)
100.25 6.916 6.896 6.856 6.816 6.734 Yield to Maturity (%)
100.50 6.851 6.822 6.763 6.703 6.582 Yield to Maturity (%)
100.75 6.786 6.749 6.670 6.591 6.431 Yield to Maturity (%)
101.00 6.722 6.675 6.578 6.479 6.280 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
THIS MEMORANDUM IS BASED ON INFORMATION GENERALLY AVAILABLE TO THE PUBLIC FROM
SOURCES BELIEVED TO BE RELIABLE. NO REPRESENTATION IS MADE THAT IT IS ACCURATE
OR COMPLETE. CERTAIN ASSUMPTIONS MAY HAVE BEEN MADE IN THIS ANALYSIS WHICH HAVE
RESULTED IN ANY RETURNS DETAILED HEREIN. NO REPRESENTATION IS MADE THAT ANY
RETURNS INDICATED WILL BE ACHIEVED. CHANGES TO THE ASSUMPTIONS MAY HAVE A
MATERIAL IMPACT ON ANY RETURNS DETAILED. PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RETURNS. PRICE AND AVAILABILITY ARE SUBJECT TO CHANGE
WITHOUT NOTICE. THE FOREGOING HAS BEEN PREPARED SOLELY FOR INFORMATIONAL
PURPOSES, AND IS NOT AN OFFER TO BUY OR SELL OR A SOLICITATION OF AN OFFER TO
BUY OR SELL ANY SECURITY OR INSTRUMENT OR TO PARTICIPATE IN ANY PARTICULAR
TRADING STRATEGY. GREENWICH CAPITAL MARKETS, INC. AND/OR ITS AFFILIATES MAY HAVE
POSITIONS IN, AND EFFECT TRANSACTIONS IN SECURITIES AND INSTRUMENTS OF ISSUERS
MENTIONED HEREIN AND MAY ALSO PROVIDE OR SEEK TO PROVIDE SIGNIFICANT ADVICE OR
INVESTMENT SERVICES, INCLUDING INVESTMENT BANKING, FOR THE ISSUERS OF SUCH
SECURITIES AND INSTRUMENTS. ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST BY
CALLING THE GREENWICH CAPITAL MARKETS, INC. TRADING DESK AT (203) 625-6160.
<PAGE>
OAKWOOD MORTGAGE INVESTORS, SERIES 1996-B
CLASS A-3 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
7.26 6.37 5.04 4.04 2.90 Weighted Average Life (years)
07/02 09/01 07/00 10/99 11/98 First Principal Payment Date
05/05 05/04 11/02 08/01 02/00 Last Principal Payment Date
99.00 7.441 7.455 7.486 7.522 7.594 Yield to Maturity (%)
99.25 7.395 7.404 7.424 7.448 7.495 Yield to Maturity (%)
99.50 7.349 7.353 7.363 7.374 7.396 Yield to Maturity (%)
99.75 7.303 7.303 7.301 7.300 7.297 Yield to Maturity (%)
100.00 7.258 7.252 7.240 7.226 7.198 Yield to Maturity (%)
100.25 7.212 7.202 7.179 7.153 7.100 Yield to Maturity (%)
100.50 7.167 7.151 7.119 7.080 7.002 Yield to Maturity (%)
100.75 7.121 7.101 7.058 7.007 6.905 Yield to Maturity (%)
101.00 7.076 7.051 6.998 6.934 6.808 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
CLASS A-4 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
10.06 8.98 7.29 5.92 4.03 Weighted Average Life (years)
05/05 05/04 11/02 08/01 02/00 First Principal Payment Date
11/07 10/06 12/04 06/03 03/01 Last Principal Payment Date
99.00 7.722 7.731 7.749 7.772 7.830 Yield to Maturity (%)
99.25 7.685 7.691 7.703 7.718 7.755 Yield to Maturity (%)
99.50 7.649 7.651 7.657 7.663 7.680 Yield to Maturity (%)
99.75 7.612 7.611 7.610 7.609 7.606 Yield to Maturity (%)
100.00 7.575 7.572 7.564 7.555 7.531 Yield to Maturity (%)
100.25 7.539 7.533 7.519 7.501 7.457 Yield to Maturity (%)
100.50 7.503 7.493 7.473 7.447 7.384 Yield to Maturity (%)
100.75 7.466 7.454 7.427 7.394 7.310 Yield to Maturity (%)
101.00 7.430 7.415 7.382 7.340 7.237 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
THIS MEMORANDUM IS BASED ON INFORMATION GENERALLY AVAILABLE TO THE PUBLIC FROM
SOURCES BELIEVED TO BE RELIABLE. NO REPRESENTATION IS MADE THAT IT IS ACCURATE
OR COMPLETE. CERTAIN ASSUMPTIONS MAY HAVE BEEN MADE IN THIS ANALYSIS WHICH HAVE
RESULTED IN ANY RETURNS DETAILED HEREIN. NO REPRESENTATION IS MADE THAT ANY
RETURNS INDICATED WILL BE ACHIEVED. CHANGES TO THE ASSUMPTIONS MAY HAVE A
MATERIAL IMPACT ON ANY RETURNS DETAILED. PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RETURNS. PRICE AND AVAILABILITY ARE SUBJECT TO CHANGE
WITHOUT NOTICE. THE FOREGOING HAS BEEN PREPARED SOLELY FOR INFORMATIONAL
PURPOSES, AND IS NOT AN OFFER TO BUY OR SELL OR A SOLICITATION OF AN OFFER TO
BUY OR SELL ANY SECURITY OR INSTRUMENT OR TO PARTICIPATE IN ANY PARTICULAR
TRADING STRATEGY. GREENWICH CAPITAL MARKETS, INC. AND/OR ITS AFFILIATES MAY HAVE
POSITIONS IN, AND EFFECT TRANSACTIONS IN SECURITIES AND INSTRUMENTS OF ISSUERS
MENTIONED HEREIN AND MAY ALSO PROVIDE OR SEEK TO PROVIDE SIGNIFICANT ADVICE OR
INVESTMENT SERVICES, INCLUDING INVESTMENT BANKING, FOR THE ISSUERS OF SUCH
SECURITIES AND INSTRUMENTS. ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST BY
CALLING THE GREENWICH CAPITAL MARKETS, INC. TRADING DESK AT (203) 625-6160.
<PAGE>
OAKWOOD MORTGAGE INVESTORS, SERIES 1996-B
CLASS A-5 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
13.83 12.53 10.47 8.78 6.18 Weighted Average Life (years)
11/07 10/06 12/04 06/03 03/01 First Principal Payment Date
05/13 02/12 08/09 09/07 09/04 Last Principal Payment Date
99.00 8.014 8.019 8.029 8.042 8.076 Yield to Maturity (%)
99.25 7.983 7.986 7.993 8.001 8.023 Yield to Maturity (%)
99.50 7.952 7.953 7.956 7.960 7.970 Yield to Maturity (%)
99.75 7.921 7.921 7.920 7.919 7.916 Yield to Maturity (%)
100.00 7.891 7.888 7.884 7.878 7.863 Yield to Maturity (%)
100.25 7.860 7.856 7.848 7.838 7.811 Yield to Maturity (%)
100.50 7.830 7.824 7.812 7.797 7.758 Yield to Maturity (%)
100.75 7.799 7.792 7.776 7.757 7.706 Yield to Maturity (%)
101.00 7.769 7.760 7.740 7.716 7.653 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
CLASS A-6 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE) (TO THE 10% CALL)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
16.96 15.80 13.38 11.45 8.88 Weighted Average Life (years)
05/13 02/12 08/09 09/07 09/04 First Principal Payment Date
07/13 05/12 12/09 01/08 07/05 Last Principal Payment Date
99.00 8.626 8.629 8.636 8.644 8.660 Yield to Maturity (%)
99.25 8.597 8.599 8.603 8.608 8.619 Yield to Maturity (%)
99.50 8.568 8.569 8.571 8.573 8.577 Yield to Maturity (%)
99.75 8.540 8.539 8.538 8.537 8.536 Yield to Maturity (%)
100.00 8.511 8.510 8.506 8.502 8.494 Yield to Maturity (%)
100.25 8.482 8.480 8.474 8.467 8.453 Yield to Maturity (%)
100.50 8.454 8.451 8.442 8.432 8.412 Yield to Maturity (%)
100.75 8.426 8.422 8.410 8.398 8.371 Yield to Maturity (%)
101.00 8.398 8.392 8.379 8.363 8.330 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
THIS MEMORANDUM IS BASED ON INFORMATION GENERALLY AVAILABLE TO THE PUBLIC FROM
SOURCES BELIEVED TO BE RELIABLE. NO REPRESENTATION IS MADE THAT IT IS ACCURATE
OR COMPLETE. CERTAIN ASSUMPTIONS MAY HAVE BEEN MADE IN THIS ANALYSIS WHICH HAVE
RESULTED IN ANY RETURNS DETAILED HEREIN. NO REPRESENTATION IS MADE THAT ANY
RETURNS INDICATED WILL BE ACHIEVED. CHANGES TO THE ASSUMPTIONS MAY HAVE A
MATERIAL IMPACT ON ANY RETURNS DETAILED. PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RETURNS. PRICE AND AVAILABILITY ARE SUBJECT TO CHANGE
WITHOUT NOTICE. THE FOREGOING HAS BEEN PREPARED SOLELY FOR INFORMATIONAL
PURPOSES, AND IS NOT AN OFFER TO BUY OR SELL OR A SOLICITATION OF AN OFFER TO
BUY OR SELL ANY SECURITY OR INSTRUMENT OR TO PARTICIPATE IN ANY PARTICULAR
TRADING STRATEGY. GREENWICH CAPITAL MARKETS, INC. AND/OR ITS AFFILIATES MAY HAVE
POSITIONS IN, AND EFFECT TRANSACTIONS IN SECURITIES AND INSTRUMENTS OF ISSUERS
MENTIONED HEREIN AND MAY ALSO PROVIDE OR SEEK TO PROVIDE SIGNIFICANT ADVICE OR
INVESTMENT SERVICES, INCLUDING INVESTMENT BANKING, FOR THE ISSUERS OF SUCH
SECURITIES AND INSTRUMENTS. ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST BY
CALLING THE GREENWICH CAPITAL MARKETS, INC. TRADING DESK AT (203) 625-6160.
<PAGE>
OAKWOOD MORTGAGE INVESTORS, SERIES 1996-B
COMPUTATIONAL MATERIALS:
PRICE/YIELD TABLES
ASSUMED ASSET CHARACTERISTICS
(SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL
BALANCE AS OF ORIGINAL TERM TO
CUT-OFF DATE MATURITY (MONTHS) SEASONING
POOL ASSET RATE (MONTHS)
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 $16,134,762 12.46% 100 5
2 $52,431,822 12.46 173 29
3 $69,169,810 11.58 240 2
4 $57,680,016 10.28 310 2
5 Step-up Rate Loans(1) $20,245,886 8.16 250 1
TOTAL $215,662,295 11.19% 233 8
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The weighted average Step-up Period on the first Asset Rate increase is
approximately 11 months. The weighted average step-up Period to the second
Asset Rate increase is approximately 23 months. The weighted average Asset
Rate increase for each period is approximatly 1.44%
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may no be sold nor may an offer to
buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
CS First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. CS First Boston makes no
representations that the above referenced security will actually perform
as described in any scenario presented.
(CS FIRST BOSTON logo)
<PAGE>
OAKWOOD MORTGAGE INVESTORS, SERIES 1996-B
CLASS A-1 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
1.71 1.45 1.11 0.90 0.65 Weighted Average Life (years)
08/96 08/96 08/96 08/96 08/96 First Principal Payment Date
11/99 05/99 09/98 05/98 11/97 Last Principal Payment Date
99.00 6.357 6.468 6.691 6.915 7.368 Yield to Maturity (%)
99.25 6.195 6.279 6.446 6.614 6.955 Yield to Maturity (%)
99.50 6.033 6.090 6.202 6.315 6.543 Yield to Maturity (%)
99.75 5.873 5.902 5.959 6.018 6.134 Yield to Maturity (%)
100.00 5.713 5.714 5.717 5.721 5.727 Yield to Maturity (%)
100.25 5.553 5.528 5.476 5.427 5.322 Yield to Maturity (%)
100.50 5.395 5.342 5.237 5.133 4.919 Yield to Maturity (%)
100.75 5.237 5.157 4.999 4.841 4.518 Yield to Maturity (%)
101.00 5.079 4.973 4.761 4.551 4.120 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
CLASS A-2 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
4.63 3.97 3.06 2.48 1.80 Weighted Average Life (years)
11/99 05/99 09/98 05/98 11/97 First Principal Payment Date
07/02 09/01 07/00 10/99 11/98 Last Principal Payment Date
99.00 7.243 7.270 7.327 7.384 7.500 Yield to Maturity (%)
99.25 7.177 7.195 7.232 7.270 7.346 Yield to Maturity (%)
99.50 7.112 7.120 7.138 7.156 7.192 Yield to Maturity (%)
99.75 7.046 7.045 7.044 7.042 7.039 Yield to Maturity (%)
100.00 6.981 6.971 6.950 6.929 6.886 Yield to Maturity (%)
100.25 6.916 6.896 6.856 6.816 6.734 Yield to Maturity (%)
100.50 6.851 6.822 6.763 6.703 6.582 Yield to Maturity (%)
100.75 6.786 6.749 6.670 6.591 6.431 Yield to Maturity (%)
101.00 6.722 6.675 6.578 6.479 6.280 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may no be sold nor may an offer to
buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
CS First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. CS First Boston makes no
representations that the above referenced security will actually perform
as described in any scenario presented.
(CS FIRST BOSTON logo)
<PAGE>
OAKWOOD MORTGAGE INVESTORS, SERIES 1996-B
CLASS A-3 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
7.26 6.37 5.04 4.04 2.90 Weighted Average Life (years)
07/02 09/01 07/00 10/99 11/98 First Principal Payment Date
05/05 05/04 11/02 08/01 02/00 Last Principal Payment Date
99.00 7.441 7.455 7.486 7.522 7.594 Yield to Maturity (%)
99.25 7.395 7.404 7.424 7.448 7.495 Yield to Maturity (%)
99.50 7.349 7.353 7.363 7.374 7.396 Yield to Maturity (%)
99.75 7.303 7.303 7.301 7.300 7.297 Yield to Maturity (%)
100.00 7.258 7.252 7.240 7.226 7.198 Yield to Maturity (%)
100.25 7.212 7.202 7.179 7.153 7.100 Yield to Maturity (%)
100.50 7.167 7.151 7.119 7.080 7.002 Yield to Maturity (%)
100.75 7.121 7.101 7.058 7.007 6.905 Yield to Maturity (%)
101.00 7.076 7.051 6.998 6.934 6.808 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
CLASS A-4 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
10.06 8.98 7.29 5.92 4.03 Weighted Average Life (years)
05/05 05/04 11/02 08/01 02/00 First Principal Payment Date
11/07 10/06 12/04 06/03 03/01 Last Principal Payment Date
99.00 7.722 7.731 7.749 7.772 7.830 Yield to Maturity (%)
99.25 7.685 7.691 7.703 7.718 7.755 Yield to Maturity (%)
99.50 7.649 7.651 7.657 7.663 7.680 Yield to Maturity (%)
99.75 7.612 7.611 7.610 7.609 7.606 Yield to Maturity (%)
100.00 7.575 7.572 7.564 7.555 7.531 Yield to Maturity (%)
100.25 7.539 7.533 7.519 7.501 7.457 Yield to Maturity (%)
100.50 7.503 7.493 7.473 7.447 7.384 Yield to Maturity (%)
100.75 7.466 7.454 7.427 7.394 7.310 Yield to Maturity (%)
101.00 7.430 7.415 7.382 7.340 7.237 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may no be sold nor may an offer to
buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
CS First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. CS First Boston makes no
representations that the above referenced security will actually perform
as described in any scenario presented.
(CS FIRST BOSTON logo)
<PAGE>
OAKWOOD MORTGAGE INVESTORS, SERIES 1996-B
CLASS A-5 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
13.83 12.53 10.47 8.78 6.18 Weighted Average Life (years)
11/07 10/06 12/04 06/03 03/01 First Principal Payment Date
05/13 02/12 08/09 09/07 09/04 Last Principal Payment Date
99.00 8.014 8.019 8.029 8.042 8.076 Yield to Maturity (%)
99.25 7.983 7.986 7.993 8.001 8.023 Yield to Maturity (%)
99.50 7.952 7.953 7.956 7.960 7.970 Yield to Maturity (%)
99.75 7.921 7.921 7.920 7.919 7.916 Yield to Maturity (%)
100.00 7.891 7.888 7.884 7.878 7.863 Yield to Maturity (%)
100.25 7.860 7.856 7.848 7.838 7.811 Yield to Maturity (%)
100.50 7.830 7.824 7.812 7.797 7.758 Yield to Maturity (%)
100.75 7.799 7.792 7.776 7.757 7.706 Yield to Maturity (%)
101.00 7.769 7.760 7.740 7.716 7.653 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
CLASS A-6 CERTIFICATES: DATA AT VARIOUS ASSUMED PRICES AND PERCENTAGES OF
MHP (SUBJECT TO CHANGE) (TO THE 10% CALL)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
MHP PREPAYMENT ASSUMPTION
PRICE (%) 75% 100% 150% 200% 300%
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
16.96 15.80 13.38 11.45 8.88 Weighted Average Life (years)
05/13 02/12 08/09 09/07 09/04 First Principal Payment Date
07/13 05/12 12/09 01/08 07/05 Last Principal Payment Date
99.00 8.626 8.629 8.636 8.644 8.660 Yield to Maturity (%)
99.25 8.597 8.599 8.603 8.608 8.619 Yield to Maturity (%)
99.50 8.568 8.569 8.571 8.573 8.577 Yield to Maturity (%)
99.75 8.540 8.539 8.538 8.537 8.536 Yield to Maturity (%)
100.00 8.511 8.510 8.506 8.502 8.494 Yield to Maturity (%)
100.25 8.482 8.480 8.474 8.467 8.453 Yield to Maturity (%)
100.50 8.454 8.451 8.442 8.432 8.412 Yield to Maturity (%)
100.75 8.426 8.422 8.410 8.398 8.371 Yield to Maturity (%)
101.00 8.398 8.392 8.379 8.363 8.330 Yield to Maturity (%)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may no be sold nor may an offer to
buy be accepted prior to the delivery of a final prospectus relating to
the securities. The above preliminary description of the underlying assets
has been provided by the issuer and has not been independently verified by
CS First Boston. All information described above is preliminary, limited
in nature and subject to completion or amendment. CS First Boston makes no
representations that the above referenced security will actually perform
as described in any scenario presented.
(CS FIRST BOSTON logo)
