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) February 21, 1997.
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.)
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
2225 South Holden Road, Greensboro, North Carolina 27407
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
The Registrant expects to enter into an underwriting agreement, dated
February 21, 1997, with Credit Suisse First Boston Corporation and Goldman,
Sachs & Co. (the "Underwriters"), pursuant to which the Underwriters agree to
purchase and offer for sale to the public, $185,107,770 aggregate initial
principal amount of the Registrant's Senior/Subordinated Pass-Through
Certificates, Series 1997-A, Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class A-6, 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 (33-99320), and will be offered pursuant to a
Prospectus, to be dated February 21, 1997, and a related Prospectus Supplement,
dated February 21, 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
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.
Further, Oakwood Homes Corporation, the ultimate parent of the
Registrant, is providing a limited guarantee with respect to certain collections
on the Assets as described in the Prospectus Supplement. The Registrant is
incorporating certain financial information regarding Oakwood Homes Corporation
into the Prospectus and in connection therewith is designating Price Waterhouse
LLP and Allen, Pritchett & Bassett, LLP as experts relating to such incorporated
financial information and is filing herewith the consent of Price Waterhouse LLP
as Exhibit 99.2 and the consent of Allen, Pritchett & Bassett, LLP as Exhibit
99.3.
Exhibits
23.1 Copy of consent of Price Waterhouse LLP.
23.2 Copy of consent of Allen, Pritchett & Bassett, LLP.
99.1 Copy of "Computational Materials" and/or "Structural Terms
Sheet(s)" as provided by Credit Suisse First Boston
Corporation and Goldman, Sachs & Co.
-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.
February 21, 1997 OAKWOOD MORTGAGE INVESTORS,
INC.
By: /s/ Doug R. Muir
------------------------
Name: Doug R. Muir
Title: Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Page
23.1 Copy of consent of Price Waterhouse LLP..........................
23.2 Copy of consent of Allen, Pritchett & Bassett, LLP...............
99.1 Copy of "Computational Materials"
and/or "Structural Terms Sheet(s)"
as provided by Credit Suisse First Boston
Corporation and Goldman, Sachs & Co..............................
-4-
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Form S-3 (No. 33-99320) of
Oakwood Mortgage Investors, Inc. of our report dated November 4, 1996
appearing on page 35 of Oakwood Homes Corporation's ("OHC") Annual Report to
Shareholders which is incorporated in OHC's Annual Report on Form 10-K for the
year ended September 30, 1996. We also consent to the reference to us under the
heading "Experts" in such Prospectus.
PRICE WATERHOUSE LLP
Winston-Salem, North Carolina
February 24, 1997
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of our
report included in the Oakwood Homes Corporation Annual Report on Form 10-K for
the year ended September 30, 1996, into the Company's Prospectus constituting
part of the Registration Statement on Form S-3 (No. 33-99320). We also consent
to the reference to us under the heading "Experts" in such Prospectus.
/s/Allen, Pritchett & Bassett, LLP
Allen, Pritchett & Bassett, LLP
Tifton, Georgia
February 24, 1997
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
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 36,152,000 FLOAT(3) 1.10 N/A 3/97 4/99 1.03
A2 SENIOR 32,798,000 6.300 3.10 6.318 4/99 4/01 2.72
A3 SENIOR 23,683,000 6.550 5.10 6.599 4/01 6/03 4.19
A4 SENIOR 11,771,000 6.800 6.97 6.869 6/03 11/04 5.37
A5 SENIOR 37,665,000 7.050 10.99 7.169 11/04 8/12 7.32
A6 AA MEZZ 16,197,000 7.450 16.23 7.550 8/12 6/13 9.09
B1 BBB SUB 17,586,000 7.400 8.13 7.497 2/02 8/09 5.81
B2 BBB- SUB 9,255,770 7.875 15.25 8.020 8/09 6/13 8.52
-------------------------------
TO MATURITY
A6 AA MEZZ 16,197,000 7.450 18.86 7.551 8/12 4/20 9.74
B1 BBB SUB 17,586,000 7.400 8.13 7.497 2/02 8/09 5.81
B2 BBB- SUB 9,255,770 7.875 18.04 8.019 8/09 4/24 9.08
-----------------------------------------------------------------------------
(1) Data assumes a prepayment speed of 160% MHP.
(2) Coupon and price are assumed for computational materials.
(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 Suisse First Boston logo appears here)
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
A1 SENIOR FLOATER
Price: 100-00 Coupon: FLOAT Original Par: 36,152,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 4.67 1.84 1.53 1.10 0.93 0.67
Duration: 3.90 1.68 1.41 1.03 0.88 0.63
First Prin Pay: 3/97 3/97 3/97 3/97 3/97 3/97
Last Prin Pay: 4/05 9/00 2/00 4/99 12/98 6/98
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-31 Coupon: 6.300 Original Par: 32,798,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 6.36 6.34 6.33 6.32 6.31 6.28
Average Life: 10.96 5.21 4.35 3.10 2.60 1.87
Duration: 7.65 4.29 3.68 2.72 2.32 1.71
First Prin Pay: 4/05 9/00 2/00 4/99 12/98 6/98
Last Prin Pay: 6/10 1/04 12/02 4/01 8/00 8/99
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-30+ Coupon: 6.550 Original Par: 23,683,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 6.62 6.61 6.61 6.60 6.59 6.57
Average Life: 14.95 8.31 7.04 5.10 4.22 2.97
Duration: 9.23 6.19 5.45 4.19 3.57 2.61
First Prin Pay: 6/10 1/04 12/02 4/01 8/00 8/99
Last Prin Pay: 2/14 4/07 9/05 6/03 4/02 9/00
-----------------------------------------------------------------------------
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 Suisse First Boston logo appears here)
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-29+ Coupon: 6.800 Original Par: 11,771,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 6.88 6.88 6.88 6.87 6.86 6.85
Average Life: 17.77 11.16 9.55 6.97 5.75 3.81
Duration: 9.99 7.57 6.79 5.37 4.60 3.25
First Prin Pay: 2/14 4/07 9/05 6/03 4/02 9/00
Last Prin Pay: 9/15 5/09 9/07 11/04 7/03 4/01
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-21 Coupon: 7.050 Original Par: 37,665,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 7.16 7.17 7.17 7.17 7.17 7.18
Average Life: 21.17 15.98 14.31 10.99 9.26 6.05
Duration: 10.61 9.20 8.64 7.32 6.50 4.71
First Prin Pay: 9/15 5/09 9/07 11/04 7/03 4/01
Last Prin Pay: 11/20 6/17 1/16 8/12 6/10 4/06
-----------------------------------------------------------------------------
A6 AA MEZZ
Price: 99-29 Coupon: 7.450 Original Par: 16,197,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 7.55 7.55 7.55 7.55 7.55 7.54
Average Life: 24.02 21.06 19.57 16.23 14.06 10.26
Duration: 10.80 10.27 9.95 9.09 8.41 6.92
First Prin Pay: 11/20 6/17 1/16 8/12 6/10 4/06
Last Prin Pay: 3/21 4/18 10/16 6/13 4/11 8/07
---------------------------
TO MATURITY
Bond Yield: 7.55 7.55 7.55 7.55 7.55 7.55
Average Life: 25.31 22.84 21.74 18.86 16.82 12.37
Duration: 11.00 10.59 10.38 9.74 9.21 7.73
First Prin Pay: 11/20 6/17 1/16 8/12 6/10 4/06
Last Prin Pay: 12/23 12/22 4/22 4/20 11/18 8/14
-----------------------------------------------------------------------------
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 Suisse First Boston logo appears here)
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-27+ Coupon: 7.400 Original Par: 17,586,000
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 7.50 7.50 7.50 7.50 7.50 7.49
Average Life: 18.63 12.52 10.92 8.13 7.22 6.41
Duration: 9.72 7.77 7.12 5.81 5.33 4.89
First Prin Pay: 10/11 3/05 1/04 2/02 9/01 9/01
Last Prin Pay: 7/19 11/14 2/13 8/09 2/08 3/06
---------------------------
TO MATURITY
Bond Yield: 7.50 7.50 7.50 7.50 7.50 7.49
Average Life: 18.63 12.52 10.92 8.13 7.22 6.41
Duration: 9.72 7.77 7.12 5.81 5.33 4.89
First Prin Pay: 10/11 3/05 1/04 2/02 9/01 9/01
Last Prin Pay: 7/19 11/14 2/13 8/09 2/08 3/06
-----------------------------------------------------------------------------
B2 BBB- SUB
Price: 99-19+ Coupon: 7.875 Original Par: 9,255,770
-----------------------------------------------------------------------------
TO CALL
Bond Yield: 8.02 8.02 8.02 8.02 8.02 8.02
Average Life: 23.62 20.21 18.71 15.25 13.35 10.25
Duration: 10.32 9.73 9.41 8.52 7.94 6.77
First Prin Pay: 7/19 11/14 2/13 8/09 2/08 3/06
Last Prin Pay: 3/21 4/18 10/16 6/13 4/11 8/07
---------------------------
TO MATURITY
Bond Yield: 8.02 8.02 8.02 8.02 8.02 8.02
Average Life: 24.64 22.00 20.89 18.04 16.54 13.76
Duration: 10.46 10.00 9.77 9.08 8.67 7.85
First Prin Pay: 7/19 11/14 2/13 8/09 2/08 3/06
Last Prin Pay: 4/24 4/24 4/24 4/24 4/24 4/24
-----------------------------------------------------------------------------
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 Suisse First Boston logo appears here)
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
PERCENT OF CLASS A-1 PRINCIPAL OUTSTANDING
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
February 15, 1998 92 75 69 56 47 24
February 15, 1999 83 46 34 6 0 0
February 15, 2000 73 17 0 0 0 0
February 15, 2001 62 0 0 0 0 0
February 15, 2002 50 0 0 0 0 0
February 15, 2003 36 0 0 0 0 0
February 15, 2004 20 0 0 0 0 0
February 15, 2005 3 0 0 0 0 0
February 15, 2006 0 0 0 0 0 0
February 15, 2007 0 0 0 0 0 0
February 15, 2008 0 0 0 0 0 0
February 15, 2009 0 0 0 0 0 0
February 15, 2010 0 0 0 0 0 0
February 15, 2011 0 0 0 0 0 0
February 15, 2012 0 0 0 0 0 0
February 15, 2013 0 0 0 0 0 0
February 15, 2014 0 0 0 0 0 0
February 15, 2015 0 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 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 Suisse First Boston logo appears here)
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
PERCENT OF CLASS A-2 PRINCIPAL OUTSTANDING
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
February 15, 1998 100 100 100 100 100 100
February 15, 1999 100 100 100 100 87 38
February 15, 2000 100 100 99 54 26 0
February 15, 2001 100 87 62 7 0 0
February 15, 2002 100 56 27 0 0 0
February 15, 2003 100 26 0 0 0 0
February 15, 2004 100 0 0 0 0 0
February 15, 2005 100 0 0 0 0 0
February 15, 2006 87 0 0 0 0 0
February 15, 2007 70 0 0 0 0 0
February 15, 2008 52 0 0 0 0 0
February 15, 2009 30 0 0 0 0 0
February 15, 2010 7 0 0 0 0 0
February 15, 2011 0 0 0 0 0 0
February 15, 2012 0 0 0 0 0 0
February 15, 2013 0 0 0 0 0 0
February 15, 2014 0 0 0 0 0 0
February 15, 2015 0 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
Avg Life In Years: 11.0 5.2 4.4 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 Suisse First Boston logo appears here)
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
PERCENT OF CLASS A-3 PRINCIPAL OUTSTANDING
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
February 15, 1998 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 47
February 15, 2001 100 100 100 100 62 0
February 15, 2002 100 100 100 51 6 0
February 15, 2003 100 100 91 10 0 0
February 15, 2004 100 95 48 0 0 0
February 15, 2005 100 54 16 0 0 0
February 15, 2006 100 28 0 0 0 0
February 15, 2007 100 4 0 0 0 0
February 15, 2008 100 0 0 0 0 0
February 15, 2009 100 0 0 0 0 0
February 15, 2010 100 0 0 0 0 0
February 15, 2011 72 0 0 0 0 0
February 15, 2012 47 0 0 0 0 0
February 15, 2013 24 0 0 0 0 0
February 15, 2014 0 0 0 0 0 0
February 15, 2015 0 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
Avg Life In Years: 14.9 8.3 7.0 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 Suisse First Boston logo appears here)
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
PERCENT OF CLASS A-4 PRINCIPAL OUTSTANDING
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
February 15, 1998 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 19
February 15, 2002 100 100 100 100 100 0
February 15, 2003 100 100 100 100 29 0
February 15, 2004 100 100 100 47 0 0
February 15, 2005 100 100 100 0 0 0
February 15, 2006 100 100 78 0 0 0
February 15, 2007 100 100 27 0 0 0
February 15, 2008 100 58 0 0 0 0
February 15, 2009 100 9 0 0 0 0
February 15, 2010 100 0 0 0 0 0
February 15, 2011 100 0 0 0 0 0
February 15, 2012 100 0 0 0 0 0
February 15, 2013 100 0 0 0 0 0
February 15, 2014 95 0 0 0 0 0
February 15, 2015 37 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
Avg Life In Years: 17.8 11.2 9.5 7.0 5.7 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 Suisse First Boston logo appears here)
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
PERCENT OF CLASS A-5 PRINCIPAL OUTSTANDING
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
February 15, 1998 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 100
February 15, 2002 100 100 100 100 100 69
February 15, 2003 100 100 100 100 100 46
February 15, 2004 100 100 100 100 86 28
February 15, 2005 100 100 100 94 66 13
February 15, 2006 100 100 100 76 50 1
February 15, 2007 100 100 100 61 35 0
February 15, 2008 100 100 93 47 23 0
February 15, 2009 100 100 78 34 12 0
February 15, 2010 100 88 64 22 2 0
February 15, 2011 100 73 50 12 0 0
February 15, 2012 100 61 39 3 0 0
February 15, 2013 100 49 29 0 0 0
February 15, 2014 100 37 19 0 0 0
February 15, 2015 100 25 9 0 0 0
February 15, 2016 91 14 0 0 0 0
February 15, 2017 70 3 0 0 0 0
February 15, 2018 54 0 0 0 0 0
February 15, 2019 36 0 0 0 0 0
February 15, 2020 15 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
Avg Life In Years: 21.2 16.0 14.3 11.0 9.3 6.1
</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 Suisse First Boston logo appears here)
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
PERCENT OF CLASS A-6 PRINCIPAL OUTSTANDING
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
February 15, 1998 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 100
February 15, 2002 100 100 100 100 100 100
February 15, 2003 100 100 100 100 100 100
February 15, 2004 100 100 100 100 100 100
February 15, 2005 100 100 100 100 100 100
February 15, 2006 100 100 100 100 100 100
February 15, 2007 100 100 100 100 100 81
February 15, 2008 100 100 100 100 100 63
February 15, 2009 100 100 100 100 100 49
February 15, 2010 100 100 100 100 100 38
February 15, 2011 100 100 100 100 86 28
February 15, 2012 100 100 100 100 71 18
February 15, 2013 100 100 100 90 58 9
February 15, 2014 100 100 100 75 47 3
February 15, 2015 100 100 100 60 33 0
February 15, 2016 100 100 98 46 21 0
February 15, 2017 100 100 78 31 11 0
February 15, 2018 100 87 63 20 4 0
February 15, 2019 100 68 47 10 0 0
February 15, 2020 100 47 28 1 0 0
February 15, 2021 87 22 10 0 0 0
February 15, 2022 62 9 1 0 0 0
February 15, 2023 30 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
Avg Life In Years: 25.3 22.8 21.7 18.9 16.8 12.4
</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 Suisse First Boston logo appears here)
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
PERCENT OF CLASS B-1 PRINCIPAL OUTSTANDING
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
February 15, 1998 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 100
February 15, 2002 100 100 100 98 89 84
February 15, 2003 100 100 100 80 68 56
February 15, 2004 100 100 97 63 50 33
February 15, 2005 100 100 83 48 34 15
February 15, 2006 100 88 70 35 21 1
February 15, 2007 100 77 58 23 10 0
February 15, 2008 100 65 47 13 0 0
February 15, 2009 100 54 36 4 0 0
February 15, 2010 100 43 26 0 0 0
February 15, 2011 100 32 16 0 0 0
February 15, 2012 96 23 8 0 0 0
February 15, 2013 85 15 0 0 0 0
February 15, 2014 73 6 0 0 0 0
February 15, 2015 60 0 0 0 0 0
February 15, 2016 45 0 0 0 0 0
February 15, 2017 30 0 0 0 0 0
February 15, 2018 18 0 0 0 0 0
February 15, 2019 5 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
Avg Life In Years: 18.6 12.5 10.9 8.1 7.2 6.4
</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 Suisse First Boston logo appears here)
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
PERCENT OF CLASS B-2 PRINCIPAL OUTSTANDING
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
February 15, 1998 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 100
February 15, 2002 100 100 100 100 100 100
February 15, 2003 100 100 100 100 100 100
February 15, 2004 100 100 100 100 100 100
February 15, 2005 100 100 100 100 100 100
February 15, 2006 100 100 100 100 100 100
February 15, 2007 100 100 100 100 100 80
February 15, 2008 100 100 100 100 99 63
February 15, 2009 100 100 100 100 83 49
February 15, 2010 100 100 100 91 68 38
February 15, 2011 100 100 100 76 56 30
February 15, 2012 100 100 100 64 46 30
February 15, 2013 100 100 100 54 38 30
February 15, 2014 100 100 86 45 30 30
February 15, 2015 100 95 72 36 30 25
February 15, 2016 100 79 59 30 30 18
February 15, 2017 100 64 47 30 30 13
February 15, 2018 100 52 38 30 30 9
February 15, 2019 100 40 30 30 27 6
February 15, 2020 81 30 30 30 18 4
February 15, 2021 52 30 30 19 10 2
February 15, 2022 37 30 30 12 6 1
February 15, 2023 30 25 17 6 3 1
February 15, 2024 12 4 2 1 0 0
February 15, 2025 0 0 0 0 0 0
Avg Life In Years: 24.6 22.0 20.9 18.0 16.5 13.8
</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 Suisse First Boston logo appears here)
<PAGE>
