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) November 14, 1997.
Oakwood Mortgage Investors, Inc.
(Exact name of registrant as specified in charter)
North Carolina 333-31441 56-1886793
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7800 McCloud Road, Greensboro, North Carolina 27425-7081
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (910) 664-2400
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
On November 14, 1997, the Registrant expects to enter into an underwriting
agreement with Credit Suisse First Boston Corporation (the "Underwriter"),
pursuant to which the Underwriter agreed to purchase and offer for sale to the
public, $252,393,252 aggregate initial principal amount of the Registrant's
Senior/Subordinated Pass-Through Certificates, Series 1997-D, Class A-1, Class
A-2, Class A-3, Class A-4, Class A-5, Class M, Class B-1 and Class B-2 (the
"Offered Securities"). The Offered Securities are registered for sale under the
Registrant's effective shelf Registration Statement on Form S-3 (333-31441), and
will be offered pursuant to a Prospectus, dated July 30, 1997, and a related
Prospectus Supplement, to be dated November 14, 1997, 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 Underwriter
has prepared and disseminated to potential purchasers certain "Series Term
Sheets", "Computational Materials" and/or "Structural Terms Sheet(s)," as such
terms are defined in the No-Action response letters to Greenwood Trust Company,
Discover Card Master Trust I (publicly available April 5, 1996), 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 Series Term Sheets, Computational Materials
and/or Structural Terms Sheet(s) as Exhibit 99.1.
Exhibits
99.1 Copy of "Series Term Sheets", "Computational Materials" and/or
"Structural Terms Sheet(s)" as provided by Credit Suisse First Boston
Corporation
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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.
November 14, 1997 OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Doug R. Muir
Name: Doug R. Muir
Title: Vice President
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INDEX TO EXHIBITS
Page
99.1 Copy of "Series Term Sheets", "Computational Materials"
and/or "Structural Terms Sheet(s)"
as provided by Credit Suisse First Boston.................
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Exhibit 99.1
SUBJECT TO REVISION
SERIES TERM SHEET DATED NOVEMBER 12, 1997
[GRAPHIC OMITTED]
$252,393,252
Oakwood Mortgage Investors, Inc.,
Seller
Oakwood Acceptance Corporation
Servicer
Senior/Subordinated Pass-Through Certificates, Series 1997-D
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Oakwood Mortgage Investors Senior/Subordinated
Pass-Through Certificates, Series 1997-D. The Series Term Sheet has been
prepared by Oakwood Mortgage Investors for informational purposes only and is
subject to modification or change. The information and assumptions contained
therein are preliminary and will be superseded by a prospectus supplement and by
any other additional information subsequently filed with the Securities and
Exchange Commission or incorporated by reference in the Registration Statement.
Neither Credit Suisse First Boston nor any of its respective affiliates makes
any representation as to the accuracy or completeness of any of the information
set forth in the attached Series Term Sheet. This cover sheet is not part of the
Series Term Sheet.
A Registration Statement (including a base prospectus) relating to the
Pass-Through Certificates, including the Oakwood Mortgage Investors, Inc.
Senior/Subordinated Pass-Through Certificates, Series 1997-D, has been filed
with the Securities and Exchange Commission and has been declared effective. The
final Prospectus Supplement relating to the securities will be filed after the
securities have been priced and all of the terms and information are finalized.
This communication is not an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of the securities 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. Interested persons
are referred to the final Prospectus and Prospectus Supplement to which the
securities relate. Any investment decision should be based only upon the
information in the final Prospectus and Prospectus Supplement as of their
publication dates.
Credit Suisse First Boston
<PAGE>
This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 1997-D Pooling and Servicing Agreement (including the November 1997
Edition to the Standard Terms) to be dated as of November 1, 1997, among Oakwood
Mortgage Investors, Inc., as Seller, Oakwood Acceptance Corporation, as
Servicer, and PNC Bank, National Association, as Trustee.
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Class Designations
Class A Certificates.......................... Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5.
Class M Certificates.......................... The Class M Certificates.
Class B Certificates.......................... Class B-1 and Class B-2 Certificates.
Subordinated Certificates..................... Class M, Class B, Class X and Class R Certificates.
Offered Certificates.......................... Class A, Class M and Class B Certificates.
Offered Subordinated Certificates............. Class M and Class B Certificates.
The Offered Certificates........................ Approximate
Initial Certificate Pass-Through
Title of Class Principal Balance(1) Rate
-------------- -------------------- ----
Class A-1 Certificates............... $46,940,000 . %(2)
Class A-2 Certificates............... $46,290,000 . %(3)
Class A-3 Certificates............... $30,260,000 . %(3)
Class A-4 Certificates............... $15,340,000 . %(3)
Class A-5 Certificates............... $62,453,000 . %(4)
Class M Certificates................. $17,037,000 . %(4)
Class B-1 Certificates............... $23,977,000 . %(4)
Class B-2 Certificates............... $10,096,252 . %(4)
(1) The aggregate initial principal balance of the
Certificates may be increased or decreased by up to 5%.
Any such increase or decrease may be allocated
disproportionately among the Classes of Certificates.
Accordingly, any investor's commitments with respect to
the Certificates may be increased or decreased
correspondingly.
(2) Computed on the basis of a 360-day year and the actual
number of days in each Interest Accrual Period.
(3) Computed on the basis of a 360-day year of twelve
30-day months.
(4) The lesser of (i) the specified rate per annum,
computed on the basis of a 360-day year of twelve
30-day months, or (ii) the Weighted Average Net Asset
Rate for the related Distribution Date.
Denominations................................... The Offered Certificates will be Book-Entry Certificates
only, in minimum denominations of $1,000 and integral
multiples of $1 in excess thereof.
Cut-off Date.................................... November 1, 1997.
Distribution Dates.............................. Generally, the fifteenth day of each month, commencing
December 15, 1997 (each, a "Distribution Date").
Interest Accrual Period......................... With respect to each Distribution Date (i) for the Class A-1
Certificates, the period commencing on the 15th day of the
preceding month through the 14th day of the month in which
such Distribution Date occurs (except that the first
Interest Accrual Period for the Class A-1 Certificates will
be the period from the Closing Date through December 14,
1997) and (ii) for the Class A-2, Class A-3, Class A-4,
Class A-5, Class M and Class B Certificates, the calendar
month preceding the month in which the Distribution Date
occurs (each, an "Interest Accrual Period").
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Distributions................................... The "Available Distribution Amount" for a Distribution Date
generally will include (1)(a) Monthly Payments of principal
and interest due on the Assets during the related Collection
Period, to the extent such payments were actually collected
from the Obligors or advanced by the Servicer and (b)
unscheduled payments received with respect to the Assets
during the related Prepayment Period, including Principal
Prepayments, proceeds of repurchases, Net Liquidation
Proceeds and Net Insurance Proceeds, less (2)(a) if Oakwood
is not the Servicer, Servicing Fees for the related
Collection Period, (b) amounts required to reimburse the
Servicer for previously unreimbursed Advances in accordance
with the Agreement, (c) amounts required to reimburse the
Company or the Servicer for certain reimbursable expenses in
accordance with the Agreement and (d) amounts required to
reimburse any party for an overpayment of a Repurchase Price
for an Asset in accordance with the Agreement.
Distributions will be made on each Distribution Date to
holders of record on the preceding Record Date.
Distributions on a Class of Certificates will be allocated
among the Certificates of such Class in proportion to their
respective percentage interests.
Certificate Structure Considerations............ The primary credit support for the Class A Certificates is
the subordination of the Subordinated Certificates; for the
Class M Certificates is the subordination of the Class B,
Class X and the Class R Certificates; for the Class B-1
Certificates is the subordination of the Class B-2, Class X,
and the Class R Certificates; and for the Class B-2
Certificates is the subordination of Class X and Class R
Certificates plus the Limited Guarantee of certain
collections of principal and interest on the Assets by
Oakwood Homes.
Subordination of the Offered
Subordinate Certificates...................... The rights of the Class M Certificateholders to receive
distributions of principal will be subordinated to such
rights of the Class A Certificateholders to receive
distributions of principal and interest. Interest and
interest shortfalls on the Class M Certificates will not be
subordinated to principal payments on the Class A
Certificates.
The rights of holders of the Class B Certificates to receive
distributions of principal similarly will be subordinated to
the rights of the holders of the Class A and Class M
Certificates to receive distributions of principal and
interest. Interest and interest shortfalls on the Class B
Certificates will not be subordinated to principal payments
on the Class A and Class M Certificates.
Limited Guarantee............................... The Class B-2 Certificateholders will have the benefit of a
limited guarantee provided by Oakwood Homes of certain
collections on Assets. The Limited Guarantee will not be
available to support other Classes of Certificates.
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Realized Losses on Liquidated Loans............. The Principal Distribution Amount for any Distribution Date
is intended to include the Scheduled Principal Balance of
each Asset that became a Liquidated Loan during the
preceding calendar month. A Realized Loss will be incurred
on a Liquidated Loan in the amount, if any, by which the Net
Liquidation Proceeds from such Liquidated Loan are less than
the Unpaid Principal Balance of such Liquidated Loan, plus
accrued and unpaid interest thereon (to the extent not
covered by Servicing Advances, if any, with respect to such
Liquidated Loan), plus amounts reimbursable to the Servicer
for previously unreimbursed Servicing Advances. To the
extent that the amount of the Realized Loss is not covered
by interest collected on the nondefaulted Assets in excess
of certain Interest Distribution Amounts and Carryover
Interest Distribution Amounts required to be distributed on
the Offered Certificates and any portion of such interest
required to be paid to a Servicer other than Oakwood as
servicing compensation ("Excess Interest"), the amount of
such Realized Loss will be allocated to the Offered
Subordinated Certificates as a Writedown Amount in reduction
of their Certificate Principal Balance as described below.
Allocation of Writedown Amounts................. The "Writedown Amount" for any Distribution Date will be the
amount, if any, by which the aggregate Certificate Principal
Balance of all Certificates, after all distributions have
been made on the Certificates on such Distribution Date,
exceeds the Pool Scheduled Principal Balance of the Assets
for the next Distribution Date. The Writedown Amount will be
allocated among the Classes of Offered Subordinated
Certificates in the following order of priority:
(1) first, to the Class B-2 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance
of such Class until it has been reduced to zero;
(2) second, to the Class B-1 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance
of such Class until it has been reduced to zero; and
(3) third, to the Class M Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance
of such Class until it has been reduced to zero.
Advances........................................ For each Distribution Date, the Servicer will be obligated
to make Advances in respect of the related Collection Period
to the extent of delinquent interest and principal payments
in respect of the Assets. The Servicer will be required to
make an Advance only to the extent that it determines such
Advance will be recoverable from future payments and
collections on or in respect of the related Assets.
</TABLE>
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Final Scheduled Distribution Dates.............. To the extent not previously paid prior to such dates, the
outstanding principal amount of each Class of Offered
Certificates will be payable on the February 2028
Distribution Date (with respect to each Class of
Certificates, the "Final Scheduled Distribution Date"). The
Final Scheduled Distribution Date has been determined by
adding three months to the maturity date of the Asset with
the latest stated maturity.
Optional Termination............................ Either the Servicer or the holders of a majority in interest
of the Class R Certificates (the "Residual Majority"), at
their respective options and subject to the limitations
imposed by the Agreement, will have the option to purchase
from the Trust Estate all Assets then outstanding and all
other property in the Trust Estate on any Distribution Date
occurring on or after the Distribution Date on which the sum
of the Certificate Principal Balance of the Certificates is
less than 10% of the sum of the original Certificate
Principal Balance of the Certificates.
Auction Sale.................................... If neither the Residual Majority nor the Servicer exercises
its optional termination right within 90 days after it first
becomes eligible to do so, the Trustee shall solicit bids
for the purchase of all Assets then outstanding and all
other property in the Trust Estate. In the event that
satisfactory bids are received, the sale proceeds will be
distributed to Certificateholders.
The Assets...................................... The Trust will consist of (1) manufactured housing
installment sales contracts (collectively, the "Contracts")
secured by security interests in manufactured homes, as
defined herein (the "Manufactured Homes"), and with respect
to certain of the Contracts ("Land Secured Contracts"),
secured by liens on the real estate on which the related
Manufactured Homes are located, and (2) mortgage loans
secured by first liens on the real estate to which the
related Manufactured Homes are deemed permanently affixed
(the "Mortgage Loans," and collectively, the "Assets"). The
Asset Pool consists of approximately 6,818 Assets having an
aggregate Scheduled Principal Balance as of the Cut-off Date
of approximately $252,393,252.30 All of the Assets are
actuarial obligations. Approximately 15.15% of the Asset
Pool is comprised of Assets that are Mortgage Loans and
approximately 5.64% of the Asset Pool is comprised of Assets
that are Land Secured Contracts. Based on Cut-off Date Pool
Scheduled Principal Balance, 88.89% of the Assets are
secured by Manufactured Homes which were new, 2.73% of the
Assets are secured by Manufactured Homes which were used,
7.16% of the Assets are secured by Manufactured Homes which
were repossessed and 1.22% of the Assets are secured by
Manufactured Homes which were transferred. As of the Cut-off
Date, the Assets were secured by Manufactured Homes or
Mortgage Properties (or Real Properties, in the case of Land
Secured Contracts) located
</TABLE>
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in 42 states, and approximately 22.67% and 12.92% of the
Assets were secured by Manufactured Homes or Mortgaged
Properties located in North Carolina and Texas, respectively
(based on the mailing addresses of the Obligors on the
Assets as of the Cut-off Date). Each Contract bears interest
at an annual percentage rate (an "APR") of at least 7.50%
and not more than 13.50%. The weighted averaged APR of the
Assets as of the Cut-off Date is approximately 10.34%. The
Assets have remaining terms to maturity as of the Cut-off
Date of at least 9 months but not more than 360 months and
original terms to stated maturity of at least 12 months but
not more than 360 months. As of the Cut-off Date, the Assets
had a weighted average original term to stated maturity of
approximately 275 months, and a weighted average remaining
term to stated maturity of approximately 274 months. The
final scheduled payment date on the Asset with the latest
maturity occurs in November 2027. No Contract has an
original loan-to-value ratio in excess of 100%. The Servicer
will be required to cause to be maintained one or more
standard hazard insurance policies with respect to each
Manufactured Home and Mortgage Property.
Certain Federal Income Tax
Consequences.................................. For federal income tax purposes, the Trust Estate will be
treated as one or more real estate mortgage investment
conduits ("REMIC"). The Class A, Class M, Class B and Class
X Certificates will constitute "regular interests" in the
REMIC for federal income tax purposes. The Class R
Certificates will be treated as the sole class of "residual
interests" in the REMIC for federal income tax purposes.
</TABLE>
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ERISA Considerations............................ Fiduciaries of employee benefit plans and certain other
retirement plans and arrangements, including individual
retirement accounts and annuities, Keogh plans, and
collective investment funds in which such plans, accounts,
annuities or arrangements are invested, that are subject to
the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), or corresponding provisions of the Code
(any of the foregoing, a "Plan"), persons acting on behalf
of a Plan, or persons using the assets of a Plan ("Plan
Investors") should consult with their own counsel to
determine whether the purchase or holding of the Offered
Certificates could give rise to a transaction that is
prohibited either under ERISA or the Code
Because the Offered Subordinated Certificates are
subordinated securities, they will not satisfy the
requirements of certain prohibited transaction exemptions.
As a result, the purchase or holding of any of the Offered
Subordinated Certificates by a Plan Investor may constitute
a non-exempt prohibited transaction or result in the
imposition of excise taxes or civil penalties. Accordingly,
none of the Offered Subordinated Certificates are offered
for sale, and are not transferable, to Plan Investors,
unless such Plan Investor provides the Seller and the
Trustee with a Benefit Plan Opinion, on the circumstances
described in clause (ii) below are satisfied. Unless such
Opinion is delivered, each person acquiring an Offered
Subordinated Certificate will be deemed to represent to the
Trustee, the Seller, and the Servicer that either (I) such
person is not a Plan Investor subject to ERISA or Section
4975 of the Code, or (ii) such person is an insurance
company that is purchasing an Offered Subordinated
Certificate with funds from its "general account" and the
provisions of Prohibited Transaction Class Exemption 95-60
will apply to exempt the purchase of such Certificate from
the prohibited transaction rules of ERISA and the Code.
Legal Investment Considerations................. The Class A and Class M Certificates will constitute
"mortgage related securities" for purposes of the Secondary
Mortgage Market Enhancement Act of 1984 ("SMMEA").
The Class B Certificates are not "mortgage related
securities" for purposes of SMMEA because such Certificates
are not rated in one of the two highest rating categories by
a nationally recognized rating agency.
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Ratings......................................... It is a condition to the issuance of the Certificates that
(i) the Class A Certificates be rated "AAA" and "Aaa" by
each of Fitch Investors Service, L.P. ("Fitch") and Moody's
Investors Service Inc., respectively ("Moody's" and,
together with Fitch, the "Rating Agencies"), (ii) the Class
M Certificates be rated at least "AA" and "Aa3" by each of
Fitch and Moody's, respectively (iii) the Class B-1
Certificates be rated at least "BBB" and "Baa2" by each of
Fitch and Moody's, respectively and (iv) the Class B-2
Certificates be rated at least "BBB-" and "Baa3" by each of
Fitch and Moody's, respectively. The rating of the Class B-2
Certificates will be based in part on an assessment of
Oakwood Homes' ability to make payments under the Limited
Guarantee. Any reduction in a Rating Agency's rating of
Oakwood Homes' debt securities may result in a similar
reduction in the rating of the Class B-2 Certificates. A
security rating is not a recommendation to buy, sell or hold
securities and may be subject to revision or withdrawal at
any time by the assigning rating organization.
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Delinquency, Loan Loss and Repossession Experience
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential mortgage loans
serviced by Oakwood. Because delinquencies, losses and repossessions are
affected by a variety of economic, geographic and other factors, there can be no
assurance that the delinquency and loss experience of the Assets will be
comparable to that set forth below.
Asset Servicing Portfolio
(Dollars in thousands)
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<CAPTION>
At September 30,
------------------------------------------------------------------------
1993 1994 1995 1996 1997
-------- -------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated .......................... 28,938 39,273 51,566 67,120 89,411
Acquired Portfolios ......................... 1,591 5,773 4,872 4,177 3,602
Aggregate Outstanding Principal Balance of
Serviced Assets
Oakwood Originated .......................... $507,394 $757,640 $1,130,378 $1,687,406 2,499,794
Acquired Portfolios ......................... $30,498 $85,227 $70,853 $57,837 47,027
Average Outstanding Principal Balance per
Serviced Asset
Oakwood Originated .......................... $17.5 $19.3 $21.9 $25.1 $28.0
Acquired Portfolios ......................... $19.2 $14.8 $14.5 $13.8 $13.1
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated .......................... 12.8% 12.2% 12.0% 11.5% 11.0%
Acquired Portfolios ......................... 9.4% 11.0% 11.3% 11.2% 11.1%
</TABLE>
Delinquency Experience (1)
(Dollars in thousands)
<TABLE>
<CAPTION>
At September 30,
------------------------------------------------------------------------
1993 1994 1995 1996 1997
-------- -------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated .......................... 28,938 39,273 51,566 67,120 89,411
Acquired Portfolios ......................... 1,591 5,773 4,872 4,177 3,602
Number of Delinquent Assets (2)
Oakwood Originated:
30-59 Days .................................. 244 350 601 835 1,171
60-89 Days .................................. 51 97 185 308 476
90 Days or More ............................. 150 198 267 492 716
Total Number of Assets Delinquent ........... 445 645 1,053 1,635 2,363
Acquired Portfolios
30-59 Days .................................. 37 127 63 66 90
60-89 Days .................................. 26 49 17 23 23
90 Days or More ............................. 16 98 76 62 75
Total Number of Assets Delinquent ........... 79 274 156 151 188
Total Delinquencies as a Percentage of
Serviced Assets (3)
Oakwood Originated .......................... 1.5% 1.6% 2.0% 2.4% 2.6%
Acquired Portfolios ......................... 5.0% 4.7% 3.2% 3.6% 5.2%
</TABLE>
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(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purposes of this
table.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a payment
due on the first day of a month is not 30 days delinquent until the first
day of the next month.
(3) By number of assets.
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Loan Loss/Repossession Experience
(Dollars in thousands)
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At September 30,
------------------------------------------------------------------------
1993 1994 1995 1996 1997
-------- -------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Total Number of Serviced
Assets (1) .................................. 30,529 45,046 56,438 71,297 93,013
Average Number of Serviced
Assets During Period ........................ 25,990 37,788 50,742 63,868 82,155
Number of Serviced
Assets Repossessed .......................... 902 1,241 1,718 2,746 3,885
Serviced Assets Repossessed as a
Percentage of Total Serviced
Assets (2) .................................. 2.95% 2.75% 3.04% 3.85% 4.18%
Serviced Assets Repossessed as a
Percentage of Average
Number of Serviced Assets ................... 3.47% 3.28% 3.39% 4.30% 4.73%
Average Outstanding Principal
Balance of Assets (3)
Oakwood Originated .......................... 531,199 701,875 976,905 1,409,467 2,065,033
Acquired Portfolios ......................... 15,249 30,432 30,235 27,351 22,943
Net Losses from Asset Liquidation (4):
Total Dollars (3)
Oakwood Originated ....................... $3,328 $4,630 $7,303 $14,248 $26,872
Acquired Portfolios ...................... $0 $203 $473 $592 $528
As a Percentage of Average
Outstanding Principal Balance of
Assets (3) (5)
Oakwood Originated ....................... 0.63% 0.66% 0.75% 1.01% 1.30%
Acquired Portfolios ...................... 0.00% 0.67% 1.56% 2.16% 2.30%
</TABLE>
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(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period
expressed as a percentage of the total number of serviced assets at the end
of the applicable period.
(3) Includes assets originated by Oakwood Acceptance Corporation and serviced
by Oakwood Acceptance Corporation and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance
Corporation-serviced portfolios. Such amounts include estimates of net
losses with respect to certain defaulted assets. Charges to the losses
reserves in respect of a defaulted asset generally are made before the
defaulted asset becomes a liquidated asset. The length of the accrual
period for the amount of accrued and unpaid interest include in the
calculation of the net loss varies depending upon the period in which the
loss was charged and whether the asset was owned by an entity other than
Oakwood Acceptance Corporation.
(5) Total net losses incurred on assets liquidated during the applicable period
expressed as a percentage of the average outstanding principal balance of
all assets at the end of the applicable period.
The data presented in the foregoing tables are for illustrative purposes
only and there is no assurance that the delinquency, loan loss or repossession
experience of the Assets will be similar to that set forth above. The
delinquency, loan loss and repossession experience of manufactured housing
contracts historically has been sharply affected by a downturn in regional or
local economic conditions. These regional or local economic conditions are often
volatile, and no predictions can be made regarding future economic conditions in
any particular area. These downturns have tended to increase the severity of
loss on repossession because of the increased supply of used manufactured homes,
which in turn may affect the supply in other regions.
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Whenever reference is made herein to a percentage of the Assets (or to a
percentage of the Scheduled Principal Balance of the Assets), the percentage is
calculated based on the Scheduled Principal Balances ("SPB") of the Assets as of
the Cut-off Date. In addition, numbers in any columns in the tables below may
not sum exactly to the total number at the bottom of the column due to rounding.
Geographical Distribution of Manufactured Homes(1)
Percentage of
Number of Aggregate Scheduled Asset Pool
Geographic Location Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
Alabama.................... 492 $ 17,659,257 7.00%
Alaska..................... 1 63,347 0.03
Arizona.................... 172 7,709,933 3.05
Arkansas................... 141 5,051,389 2.00
California................. 33 1,548,484 0.61
Colorado................... 77 3,898,778 1.54
Connecticut................ 1 25,004 0.01
Delaware................... 44 1,643,702 0.65
Florida.................... 209 8,784,032 3.48
Georgia.................... 225 8,360,119 3.31
Idaho...................... 60 2,974,351 1.18
Illinois................... 8 260,312 0.10
Indiana.................... 13 483,969 0.19
Kansas..................... 37 1,341,299 0.53
Kentucky................... 204 6,936,209 2.75
Louisiana.................. 136 4,795,114 1.90
Maryland................... 19 621,847 0.25
Michigan................... 4 149,969 0.06
Minnesota.................. 2 46,866 0.02
Mississippi................ 218 7,748,102 3.07
Missouri................... 99 3,320,789 1.32
Montana.................... 3 169,114 0.07
Nebraska................... 1 38,946 0.02
Nevada..................... 19 1,022,958 0.41
New Hampshire.............. 1 35,857 0.01
New Jersey................. 2 66,224 0.03
New Mexico................. 247 9,625,071 3.81
New York................... 3 213,410 0.08
North Carolina............. 1,631 57,211,440 22.67
Ohio....................... 41 1,389,182 0.55
Oklahoma................... 106 3,966,783 1.57
Oregon..................... 42 2,238,446 0.89
Pennsylvania............... 5 149,897 0.06
South Carolina............. 575 21,413,968 8.48
Tennessee.................. 329 11,528,113 4.57
Texas...................... 918 32,613,747 12.92
Utah....................... 25 1,158,024 0.46
Virginia................... 438 15,699,433 6.22
Washington................. 99 6,253,950 2.48
West Virginia.............. 136 4,124,016 1.63
Wisconsin.................. 1 46,017 0.02
Wyoming.................... 1 5,787 0.00
----- ------------ ------
Total................... 6,818 $252,393,252 100.00%
===== ============ ======
- ----------
(1) Based on the mailing address of the Obligor on the related Asset as of the
Cut-off Date.
11
<PAGE>
Year of Origination of Assets (1)
<TABLE>
<CAPTION>
Percentage of
Number of Aggregate Scheduled Asset Pool
Year of Origination Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
<S> <C> <C> <C>
1995.................................. 1 $ 46,882 0.02%
1996.................................. 59 3,339,029 1.32
1997.................................. 6,758 249,007,341 98.66
----- ------------ ------
Total....................... 6,818 $252,393,252 100.00%
===== ============ ======
</TABLE>
- ----------
(1) The weighted average seasoning of the Assets was approximately 1.6 months
as of the Cut-off Date.
Distribution of Original Asset Amounts(1)
<TABLE>
<CAPTION>
Percentage of
Original Asset Number of Aggregate Scheduled Asset Pool
Amount Assets Principal Balance by SPB
- -------------- ------ ----------------- ------
<S> <C> <C> <C>
$ 4,999 or less........................ 21 $ 76,162 0.03%
$ 5,000 - $ 9,999..................... 157 1,209,172 0.48
$ 10,000 - $ 14,999..................... 238 2,967,575 1.18
$ 15,000 - $ 19,999..................... 318 5,628,463 2.23
$ 20,000 - $ 24,999..................... 698 15,877,169 6.29
$ 25,000 - $ 29,999..................... 1,141 31,377,026 12.43
$ 30,000 - $ 34,999..................... 1,141 36,792,097 14.58
$ 35,000 - $ 39,999..................... 706 26,353,590 10.44
$ 40,000 - $ 44,999..................... 662 28,079,779 11.13
$ 45,000 - $ 49,999..................... 478 22,560,961 8.94
$ 50,000 - $ 54,999..................... 350 18,346,970 7.27
$ 55,000 - $ 59,999..................... 260 14,875,970 5.89
$ 60,000 - $ 64,999..................... 178 11,075,745 4.39
$ 65,000 - $ 69,999..................... 148 9,918,666 3.93
$ 70,000 - $ 74,999..................... 89 6,434,273 2.55
$ 75,000 - $ 79,999..................... 54 4,116,710 1.63
$ 80,000 - $ 84,999..................... 55 4,524,848 1.79
$ 85,000 - $ 89,999..................... 39 3,395,403 1.35
$ 90,000 - $ 94,999..................... 22 2,024,419 0.80
$ 95,000 - $ 99,999..................... 24 2,325,240 0.92
$100,000 or more........................ 39 4,433,016 1.76
----- ------------ ------
Total.............................. 6,818 $252,393,252 100.00%
===== ============ ======
</TABLE>
- ----------
(1) The highest original Asset amount was $195,580, which represents 0.08% of
the aggregate principal balance of the Assets at origination. The average
original principal amount of the Assets was approximately $37,136 as of the
Cut-off Date.
12
<PAGE>
Asset Rates (1)
<TABLE>
<CAPTION>
Number Aggregate Percentage of
Ranges of Assets by of Scheduled Asset Pool
Asset Rate Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
<S> <C> <C> <C>
7.000% - 7.999%....................... 61 $ 2,694,760 1.07%
8.000% - 8.999%....................... 555 28,485,043 11.29
9.000% - 9.999%....................... 2,561 105,304,796 41.72
10.000% - 10.999%....................... 848 37,597,048 14.90
11.000% - 11.999%....................... 1,036 35,034,417 13.88
12.000% - 12.999%....................... 1,329 37,462,992 14.84
13.000% - 13.999%....................... 428 5,814,195 2.30
---- ------------ ------
Total............................ 6,818 $252,393,252 100.00%
===== ============ ======
</TABLE>
- ----------
(1) The weighted average Asset Rate was approximately 10.34% as of the Cut-off
Date. This table reflects the Asset Rates of the Step-up Rate Loans as of
the Cut-off Date and does not reflect any subsequent increases in the Asset
Rates of the Step-up Rate Loans.
Remaining Terms to Maturity (In Months) (1)
<TABLE>
<CAPTION>
Number Aggregate Percentage of
Months Remaining as of of Scheduled Asset Pool
Cut-off Date Assets Principal Balance by SPB
- ----------------------- ------ ----------------- ------
<S> <C> <C> <C>
1 - 60 months........................ 208 $ 1,821,458 0.72%
61 - 96 months........................ 205 2,933,325 1.16
97 - 120 months........................ 264 5,256,081 2.08
121 - 156 months........................ 290 6,236,915 2.47
157 - 180 months........................ 810 22,897,875 9.07
181 - 216 months........................ 49 1,525,570 0.60
217 - 240 months........................ 2,475 79,477,586 31.49
241 - 300 months........................ 1,291 58,775,556 23.29
301 - 360 months........................ 1,226 73,468,884 29.11
----- ------------ ------
Total.............................. 6,818 $252,393,252 100.00%
===== ============ ======
</TABLE>
- ----------
(1) The weighted average remaining term to maturity of the Assets was
approximately 274 months as of the Cut-off Date.
Original Terms to Maturity (In Months) (1)
<TABLE>
<CAPTION>
Number Aggregate Percentage of
Months Remaining as of of Scheduled Asset Pool
Cut-off Date Assets Principal Balance by SPB
- ----------------------- ------ ----------------- ------
<S> <C> <C> <C>
1 - 60 months........................ 208 $ 1,821,458 0.72%
61 - 96 months........................ 205 2,933,325 1.16
97 - 120 months........................ 264 5,256,081 2.08
121 - 156 months........................ 290 6,236,915 2.47
157 - 180 months........................ 810 22,897,875 9.07
181 - 216 months........................ 49 1,525,570 0.60
217 - 240 months........................ 2,475 79,477,586 31.49
241 - 300 months........................ 1,291 58,775,556 23.29
301 - 360 months........................ 1,226 73,468,884 29.11
----- ------------ ------
Total............................... 6,818 $252,393,252 100.00%
===== ============ ======
</TABLE>
- ----------
(1) The weighted average original term to maturity of the Assets was
approximately 275 months as of the Cut-off Date.
13
<PAGE>
Distribution of Original Loan-to-Value Ratios(1)
<TABLE>
<CAPTION>
Number Aggregate Percentage of
of Scheduled Asset Pool
Assets Principal Balance by SPB
Loan-to Value Ratio(2) ------ ----------------- ------
<S> <C> <C> <C>
50% or less............................. 81 $ 2,000,219 0.79%
51% - 55%............................... 28 1,029,357 0.41
56% - 60%............................... 33 1,316,875 0.52
61% - 65%............................... 56 1,866,110 0.74
66% - 70%............................... 120 4,568,489 1.81
71% - 75%............................... 191 7,762,073 3.08
76% - 80%............................... 312 11,849,733 4.69
81% - 85%............................... 522 19,119,344 7.58
86% - 90%............................... 1,329 47,813,611 18.94
91% - 95%............................... 2,191 86,188,058 34.15
96% - 100%.............................. 1,955 68,879,383 27.29
----- ------------ ------
Total.............................. 6,818 $252,393,252 100.00%
===== ============ ======
</TABLE>
- ----------
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 90.50% as of the Cut-off Date. (2) Rounded to nearest 1%.
14
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
- ------------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Pay Pay Dur.
- ------------------------------------------------------------------------------
To Call:
A1 SENIOR FLTR 46,940,000 FLOAT(3) 1.10 N/A 12/97 12/99 1.03
A2 SENIOR 46,290,000 6.3000 3.10 6.322 12/99 1/02 2.73
A3 SENIOR 30,260,000 6.4500 5.10 6.489 1/02 3/04 4.21
A4 SENIOR 15,340,000 6.6750 7.10 6.730 3/04 10/05 5.48
A5 SENIOR 62,453,000 6.9500 12.76 7.030 10/05 4/14 8.08
M AA MEZZ 17,037,000 6.9750 10.71 7.050 12/02 4/14 7.08
B1 BBB SUB 23,977,000 7.2750 10.00 7.351 12/02 4/14 6.71
B2 BBB- SUB 10,096,252 7.5000 12.41 7.600 12/02 4/14 7.47
- --------------------------------
To Maturity:
A5 SENIOR 62,453,000 6.9500 13.46 7.030 10/05 4/20 8.27
M AA MEZZ 17,037,000 6.9750 10.89 7.050 12/02 4/16 7.13
B1 BBB SUB 23,977,000 7.2750 10.00 7.351 12/02 5/14 6.71
B2 BBB- SUB 10,096,252 7.5000 17.29 7.600 12/02 9/27 8.49
- ------------------------------------------------------------------------------
(1) Data assumes a prepayment of 160% MHP.
(2) Coupon and price are assumed for computed material.
(3) Coupon based on one-month LIBOR.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
- ------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
- ------------------------------------------------------------------------------
A1 SENIOR FLOAT
Price: 100-00 Coupon: FLOAT Original Par: 46,940,000
- ------------------------------------------------------------------------------
To Call:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 4.72 1.83 1.52 1.10 0.93 0.68
Duration: 3.89 1.66 1.40 1.03 0.88 0.64
First Prin Pay: 12/97 12/97 12/97 12/97 12/97 12/97
Last Prin Pay: 3/06 5/01 10/00 12/99 8/99 3/99
- ------------------------------------------------------------------------------
A2 SENIOR
Price: 99-29+ Coupon: 6.3000 Original Par: 46,290,000
- ------------------------------------------------------------------------------
To Call:
Bond Yield: 6.36 6.34 6.34 6.32 6.31 6.29
Average Life: 11.08 5.21 4.35 3.10 2.61 1.89
Duration: 7.72 4.30 3.68 2.73 2.33 1.73
First Prin Pay: 3/06 5/01 10/00 12/99 8/99 3/99
Last Prin Pay: 4/11 11/04 9/03 1/02 5/01 5/00
- ------------------------------------------------------------------------------
A3 SENIOR
Price: 99-30+ Coupon: 6.4500 Original Par: 30,260,000
- ------------------------------------------------------------------------------
To Call:
Bond Yield: 6.52 6.50 6.50 6.49 6.48 6.46
Average Life: 14.94 8.38 7.09 5.10 4.21 2.97
Duration: 9.30 6.27 5.51 4.21 3.58 2.63
First Prin Pay: 4/11 11/04 9/03 1/02 5/01 5/00
Last Prin Pay: 10/14 2/08 8/06 3/04 1/03 5/01
- ------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-30+ Coupon: 6.6750 Original Par: 15,340,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.75 6.74 6.74 6.73 6.72 6.70
Average Life: 17.81 11.38 9.78 7.10 5.81 3.75
Duration: 10.12 7.73 6.96 5.48 4.67 3.22
First Prin Pay: 10/14 2/08 8/06 3/04 1/03 5/01
Last Prin Pay: 7/16 5/10 9/08 10/05 5/04 12/01
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-29 Coupon: 6.9500 Original Par: 62,453,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 7.04 7.03 7.03 7.03 7.03 7.02
Average Life: 22.52 17.68 16.03 12.76 10.85 7.13
Duration: 11.01 9.78 9.27 8.08 7.27 5.34
First Prin Pay: 7/16 5/10 9/08 10/05 5/04 12/01
Last Prin Pay: 9/22 2/19 6/17 4/14 2/12 5/08
---------------------------
To Maturity:
Price: 99-29
Bond Yield: 7.04 7.03 7.03 7.03 7.03 7.02
Average Life: 23.09 18.28 16.74 13.46 11.58 7.66
Duration: 11.10 9.90 9.43 8.27 7.50 5.56
First Prin Pay: 7/16 5/10 9/08 10/05 5/04 12/01
Last Prin Pay: 9/26 11/23 8/22 4/20 3/18 12/13
-----------------------------------------------------------------------------
M AA MEZZ
Price: 99-29+ Coupon: 6.9750 Original Par: 17,037,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 7.06 7.06 7.05 7.05 7.05 7.04
Average Life: 20.68 15.28 13.68 10.71 9.41 7.77
Duration: 10.54 8.90 8.31 7.08 6.49 5.73
First Prin Pay: 9/12 2/06 11/04 12/02 6/02 6/02
Last Prin Pay: 9/22 2/19 6/17 4/14 2/12 5/08
- ---------------------------
To Maturity:
Price: 99-29+
Bond Yield: 7.06 7.06 7.05 7.05 7.05 7.04
Average Life: 20.82 15.45 13.86 10.89 9.64 8.21
Duration: 10.56 8.93 8.36 7.13 6.57 5.92
First Prin Pay: 9/12 2/06 11/04 12/02 6/02 6/02
Last Prin Pay: 6/24 12/20 8/19 4/16 6/14 5/11
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-30+ Coupon: 7.2750 Original Par: 23,977,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 7.36 7.36 7.36 7.35 7.35 7.34
Average Life: 20.26 14.59 13.00 10.00 8.81 7.49
Duration: 10.20 8.55 7.96 6.71 6.16 5.52
First Prin Pay: 9/12 2/06 11/04 12/02 6/02 6/02
Last Prin Pay: 9/22 2/19 6/17 4/14 2/12 5/08
---------------------------
To Maturity:
Price: 99-30+
Bond Yield: 7.36 7.36 7.36 7.35 7.35 7.34
Average Life: 20.26 14.59 13.00 10.00 8.81 7.57
Duration: 10.20 8.55 7.96 6.71 6.16 5.55
First Prin Pay: 9/12 2/06 11/04 12/02 6/02 6/02
Last Prin Pay: 10/22 4/19 7/17 5/14 7/12 11/09
-----------------------------------------------------------------------------
B2 BBB SUB
Price: 99-27 Coupon: 7.5000 Original Par: 10,096,252
-----------------------------------------------------------------------------
To Call:
Bond Yield: 7.60 7.60 7.60 7.60 7.60 7.60
Average Life: 21.69 16.92 15.30 12.41 10.82 8.44
Duration: 10.26 8.98 8.48 7.47 6.89 5.93
First Prin Pay: 9/12 2/06 11/04 12/02 6/02 6/02
Last Prin Pay: 9/22 2/19 6/17 4/14 2/12 5/08
---------------------------
To Maturity:
Price: 99-27+
Bond Yield: 7.60 7.60 7.60 7.60 7.60 7.60
Average Life: 24.32 20.79 19.61 17.29 16.01 13.38
Duration: 10.60 9.58 9.22 8.49 8.14 7.51
First Prin Pay: 9/12 2/06 11/04 12/02 6/02 6/02
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1998 92 74 68 55 45 22
November 15, 1999 83 45 32 3 0 0
November 15, 2000 73 14 0 0 0 0
November 15, 2001 62 0 0 0 0 0
November 15, 2002 50 0 0 0 0 0
November 15, 2003 36 0 0 0 0 0
November 15, 2004 21 0 0 0 0 0
November 15, 2005 4 0 0 0 0 0
November 15, 2006 0 0 0 0 0 0
November 15, 2007 0 0 0 0 0 0
November 15, 2008 0 0 0 0 0 0
November 15, 2009 0 0 0 0 0 0
November 15, 2010 0 0 0 0 0 0
November 15, 2011 0 0 0 0 0 0
November 15, 2012 0 0 0 0 0 0
November 15, 2013 0 0 0 0 0 0
November 15, 2014 0 0 0 0 0 0
November 15, 2015 0 0 0 0 0 0
November 15, 2016 0 0 0 0 0 0
November 15, 2017 0 0 0 0 0 0
November 15, 2018 0 0 0 0 0 0
November 15, 2019 0 0 0 0 0 0
November 15, 2020 0 0 0 0 0 0
November 15, 2021 0 0 0 0 0 0
November 15, 2022 0 0 0 0 0 0
November 15, 2023 0 0 0 0 0 0
November 15, 2024 0 0 0 0 0 0
November 15, 2025 0 0 0 0 0 0
November 15, 2026 0 0 0 0 0 0
November 15, 2027 0 0 0 0 0 0
Avg Life In Years: 4.7 1.8 1.5 1.1 0.9 0.7
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1998 100 100 100 100 100 100
November 15, 1999 100 100 100 100 84 38
November 15, 2000 100 100 96 53 26 0
November 15, 2001 100 84 60 7 0 0
November 15, 2002 100 55 27 0 0 0
November 15, 2003 100 26 0 0 0 0
November 15, 2004 100 0 0 0 0 0
November 15, 2005 100 0 0 0 0 0
November 15, 2006 89 0 0 0 0 0
November 15, 2007 72 0 0 0 0 0
November 15, 2008 53 0 0 0 0 0
November 15, 2009 32 0 0 0 0 0
November 15, 2010 9 0 0 0 0 0
November 15, 2011 0 0 0 0 0 0
November 15, 2012 0 0 0 0 0 0
November 15, 2013 0 0 0 0 0 0
November 15, 2014 0 0 0 0 0 0
November 15, 2015 0 0 0 0 0 0
November 15, 2016 0 0 0 0 0 0
November 15, 2017 0 0 0 0 0 0
November 15, 2018 0 0 0 0 0 0
November 15, 2019 0 0 0 0 0 0
November 15, 2020 0 0 0 0 0 0
November 15, 2021 0 0 0 0 0 0
November 15, 2022 0 0 0 0 0 0
November 15, 2023 0 0 0 0 0 0
November 15, 2024 0 0 0 0 0 0
November 15, 2025 0 0 0 0 0 0
November 15, 2026 0 0 0 0 0 0
November 15, 2027 0 0 0 0 0 0
Avg Life In Years: 11.1 5.2 4.3 3.1 2.6 1.9
--------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-3
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1998 100 100 100 100 100 100
November 15, 1999 100 100 100 100 100 100
November 15, 2000 100 100 100 100 100 44
November 15, 2001 100 100 100 100 61 0
November 15, 2002 100 100 100 47 4 0
November 15, 2003 100 100 92 10 0 0
November 15, 2004 100 97 46 0 0 0
November 15, 2005 100 55 18 0 0 0
November 15, 2006 100 29 0 0 0 0
November 15, 2007 100 6 0 0 0 0
November 15, 2008 100 0 0 0 0 0
November 15, 2009 100 0 0 0 0 0
November 15, 2010 100 0 0 0 0 0
November 15, 2011 74 0 0 0 0 0
November 15, 2012 44 0 0 0 0 0
November 15, 2013 21 0 0 0 0 0
November 15, 2014 0 0 0 0 0 0
November 15, 2015 0 0 0 0 0 0
November 15, 2016 0 0 0 0 0 0
November 15, 2017 0 0 0 0 0 0
November 15, 2018 0 0 0 0 0 0
November 15, 2019 0 0 0 0 0 0
November 15, 2020 0 0 0 0 0 0
November 15, 2021 0 0 0 0 0 0
November 15, 2022 0 0 0 0 0 0
November 15, 2023 0 0 0 0 0 0
November 15, 2024 0 0 0 0 0 0
November 15, 2025 0 0 0 0 0 0
November 15, 2026 0 0 0 0 0 0
November 15, 2027 0 0 0 0 0 0
Avg Life In Years: 14.9 8.4 7.1 5.1 4.2 3.0
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-4
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1998 100 100 100 100 100 100
November 15, 1999 100 100 100 100 100 100
November 15, 2000 100 100 100 100 100 100
November 15, 2001 100 100 100 100 100 3
November 15, 2002 100 100 100 100 100 0
November 15, 2003 100 100 100 100 34 0
November 15, 2004 100 100 100 54 0 0
November 15, 2005 100 100 100 0 0 0
November 15, 2006 100 100 85 0 0 0
November 15, 2007 100 100 38 0 0 0
November 15, 2008 100 66 0 0 0 0
November 15, 2009 100 21 0 0 0 0
November 15, 2010 100 0 0 0 0 0
November 15, 2011 100 0 0 0 0 0
November 15, 2012 100 0 0 0 0 0
November 15, 2013 100 0 0 0 0 0
November 15, 2014 93 0 0 0 0 0
November 15, 2015 39 0 0 0 0 0
November 15, 2016 0 0 0 0 0 0
November 15, 2017 0 0 0 0 0 0
November 15, 2018 0 0 0 0 0 0
November 15, 2019 0 0 0 0 0 0
November 15, 2020 0 0 0 0 0 0
November 15, 2021 0 0 0 0 0 0
November 15, 2022 0 0 0 0 0 0
November 15, 2023 0 0 0 0 0 0
November 15, 2024 0 0 0 0 0 0
November 15, 2025 0 0 0 0 0 0
November 15, 2026 0 0 0 0 0 0
November 15, 2027 0 0 0 0 0 0
Avg Life In Years: 17.8 11.4 9.8 7.1 5.8 3.8
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-5
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1998 100 100 100 100 100 100
November 15, 1999 100 100 100 100 100 100
November 15, 2000 100 100 100 100 100 100
November 15, 2001 100 100 100 100 100 100
November 15, 2002 100 100 100 100 100 73
November 15, 2003 100 100 100 100 100 58
November 15, 2004 100 100 100 100 92 46
November 15, 2005 100 100 100 99 78 36
November 15, 2006 100 100 100 86 66 29
November 15, 2007 100 100 100 75 56 23
November 15, 2008 100 100 98 65 47 18
November 15, 2009 100 100 87 55 39 14
November 15, 2010 100 94 77 47 32 11
November 15, 2011 100 83 67 39 26 7
November 15, 2012 100 74 59 33 22 3
November 15, 2013 100 66 51 28 18 0
November 15, 2014 100 57 44 23 13 0
November 15, 2015 100 49 37 18 8 0
November 15, 2016 95 40 30 13 4 0
November 15, 2017 79 32 24 8 1 0
November 15, 2018 70 27 20 4 0 0
November 15, 2019 61 22 15 1 0 0
November 15, 2020 49 17 9 0 0 0
November 15, 2021 37 10 4 0 0 0
November 15, 2022 24 3 0 0 0 0
November 15, 2023 19 0 0 0 0 0
November 15, 2024 14 0 0 0 0 0
November 15, 2025 6 0 0 0 0 0
November 15, 2026 0 0 0 0 0 0
November 15, 2027 0 0 0 0 0 0
Avg Life In Years: 23.1 18.3 16.7 13.5 11.6 7.7
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1998 100 100 100 100 100 100
November 15, 1999 100 100 100 100 100 100
November 15, 2000 100 100 100 100 100 100
November 15, 2001 100 100 100 100 100 100
November 15, 2002 100 100 100 100 93 89
November 15, 2003 100 100 100 88 79 71
November 15, 2004 100 100 99 77 67 57
November 15, 2005 100 100 90 67 57 45
November 15, 2006 100 94 82 58 49 35
November 15, 2007 100 86 74 51 41 28
November 15, 2008 100 78 66 44 35 22
November 15, 2009 100 71 59 38 29 16
November 15, 2010 100 63 52 32 24 5
November 15, 2011 100 56 45 27 19 0
November 15, 2012 98 50 40 22 13 0
November 15, 2013 91 44 35 19 5 0
November 15, 2014 83 38 30 12 0 0
November 15, 2015 74 33 25 3 0 0
November 15, 2016 64 27 20 0 0 0
November 15, 2017 54 22 13 0 0 0
November 15, 2018 48 18 5 0 0 0
November 15, 2019 41 11 0 0 0 0
November 15, 2020 33 1 0 0 0 0
November 15, 2021 25 0 0 0 0 0
November 15, 2022 14 0 0 0 0 0
November 15, 2023 5 0 0 0 0 0
November 15, 2024 0 0 0 0 0 0
November 15, 2025 0 0 0 0 0 0
November 15, 2026 0 0 0 0 0 0
November 15, 2027 0 0 0 0 0 0
Avg Life In Years: 20.8 15.5 13.9 10.9 9.6 8.2
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1998 100 100 100 100 100 100
November 15, 1999 100 100 100 100 100 100
November 15, 2000 100 100 100 100 100 100
November 15, 2001 100 100 100 100 100 100
November 15, 2002 100 100 100 100 93 89
November 15, 2003 100 100 100 88 79 71
November 15, 2004 100 100 99 77 67 56
November 15, 2005 100 100 90 67 57 39
November 15, 2006 100 94 82 58 45 26
November 15, 2007 100 86 74 48 34 15
November 15, 2008 100 78 66 38 25 7
November 15, 2009 100 71 59 29 17 0
November 15, 2010 100 63 49 21 9 0
November 15, 2011 100 55 40 13 3 0
November 15, 2012 98 47 32 8 0 0
November 15, 2013 91 38 25 2 0 0
November 15, 2014 83 30 18 0 0 0
November 15, 2015 74 22 11 0 0 0
November 15, 2016 64 14 4 0 0 0
November 15, 2017 52 6 0 0 0 0
November 15, 2018 43 2 0 0 0 0
November 15, 2019 34 0 0 0 0 0
November 15, 2020 23 0 0 0 0 0
November 15, 2021 11 0 0 0 0 0
November 15, 2022 0 0 0 0 0 0
November 15, 2023 0 0 0 0 0 0
November 15, 2024 0 0 0 0 0 0
November 15, 2025 0 0 0 0 0 0
November 15, 2026 0 0 0 0 0 0
November 15, 2027 0 0 0 0 0 0
Avg Life In Years: 20.3 14.6 13.0 10.0 8.8 7.6
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-D
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1998 100 100 100 100 100 100
November 15, 1999 100 100 100 100 100 100
November 15, 2000 100 100 100 100 100 100
November 15, 2001 100 100 100 100 100 100
November 15, 2002 100 100 100 100 93 89
November 15, 2003 100 100 100 88 79 71
November 15, 2004 100 100 99 77 67 58
November 15, 2005 100 100 90 67 58 58
November 15, 2006 100 94 82 58 58 58
November 15, 2007 100 86 74 58 58 58
November 15, 2008 100 78 66 58 58 58
November 15, 2009 100 71 59 58 58 58
November 15, 2010 100 63 58 58 58 58
November 15, 2011 100 58 58 58 58 58
November 15, 2012 98 58 58 58 58 58
November 15, 2013 91 58 58 58 58 58
November 15, 2014 83 58 58 58 58 43
November 15, 2015 74 58 58 58 58 32
November 15, 2016 64 58 58 58 58 22
November 15, 2017 58 58 58 58 58 15
November 15, 2018 58 58 58 58 48 11
November 15, 2019 58 58 58 58 36 8
November 15, 2020 58 58 58 48 26 5
November 15, 2021 58 58 58 33 17 3
November 15, 2022 58 58 50 19 10 2
November 15, 2023 58 57 38 14 7 1
November 15, 2024 58 42 28 10 5 1
November 15, 2025 58 27 18 6 3 0
November 15, 2026 47 12 8 3 1 0
November 15, 2027 0 0 0 0 0 0
Avg Life In Years: 24.3 20.8 19.6 17.3 16.0 13.4
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT FIRST
SUISSE BOSTON
