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)
August 11, 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
- -------------------------------------------------------------------------------
(Former name or former address, if changed since
last report.)
<PAGE>
Item 5. Other Events.
On August 14, 1997, the Registrant expects to enter into an
underwriting agreement with Credit Suisse First Boston Corporation and Goldman,
Sachs & Co. (the "Underwriters"), pursuant to which the Underwriters agreed to
purchase and offer for sale to the public, $234,625,441 aggregate initial
principal amount of the Registrant's Senior/Subordinated Pass- Through
Certificates, Series 1997-C, Class A-1, Class A-2, Class A-3, Class A-4, Class
A- 5, Class A-6, 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, to be dated July 30, 1997, and a related Prospectus
Supplement, dated August 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
Underwriters have 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 and Goldman, Sachs & Co.
<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.
August 13, 1997 OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Doug R. Muir
Name: Doug R. Muir
Title: Vice President
<PAGE>
INDEX TO EXHIBITS
Page
99.1 Copy of "Series Term Sheets", "Computational Materials" and/or
"Structural Terms Sheet(s)" as provided by Credie Suise First
Boston Corporation and Goldman, Sachs & Co.............................
<PAGE>
SUBJECT TO REVISION
SERIES TERM SHEET DATED AUGUST 11, 1997
$234,625,441
[LOGO] Oakwood Mortgage Investors, Inc.,
Seller
Oakwood Acceptance Corporation
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-C
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-C. 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, Goldman, Sachs & Co. nor any of their
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-C, 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 Goldman, Sachs & Co.
<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-C POOLING AND SERVICING AGREEMENT TO BE DATED AS OF AUGUST 1, 1997,
AMONG OAKWOOD MORTGAGE INVESTORS, INC., AS SELLER, OAKWOOD ACCEPTANCE
CORPORATION, AS SERVICER, AND PNC BANK, NATIONAL ASSOCIATION, AS TRUSTEE.
Class Designations
CLASS A CERTIFICATES.........................Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5 and Class
A-6 Certificates.
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.
<TABLE>
<CAPTION>
The Offered Certificates........................ Approximate
Initial Certificate Pass-Through
Title of Class Principal Balance(1) Rate
<S> <C> <C> <C>
Class A-1 Certificates......... $43,620,000 . %(2)
Class A-2 Certificates......... $42,810,000 . %(3)
Class A-3 Certificates......... $27,750,000 . %(3)
Class A-4 Certificates......... $12,930,000 . %(3)
Class A-5 Certificates......... $27,080,000 . %(3)
Class A-6 Certificates......... $28,818,000 . %(4)
Class M Certificates........... $18,770,000 . %(4)
Class B-1 Certificates......... $21,116,000 . %(4)
Class B-2 Certificates......... $11,731,441 . %(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.
</TABLE>
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....................................August 1, 1997.
Distribution Dates..............................Generally, the fifteenth day of
each month, commencing
September 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 September
14, 1997) and (ii) for the Class
A-2, Class A-3, Class A-4, Class
A-5, Class A-6, Class M and
Class B Certificates, the
calendar month preceding the
month in which the Distribution
Date occurs (each, an "Interest
Accrual Period").
1
<PAGE>
Distributions...................................The "Available Distribution"
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.
2
<PAGE>
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
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
exceeds the Pool Scheduled
Principal Balance of the Assets
for the immediately preceding
Distribution Date after taking
into account all distributions
to be made on such 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.
3
<PAGE>
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 November 2027 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
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.
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 6,595 Assets
having an aggregate Scheduled
Principal Balance as of the
Cut-off Date of approximately
$234,625,441.12. All of the
Assets are actuarial
obligations. Approximately
11.22% of the Asset Pool is
comprised of Assets that are
Mortgage Loans and approximately
7.01% of the Assets are Land
Secured Contracts. Based on
Cut-off Date Pool Balance,
90.61% of the Assets are secured
by Manufactured Homes which were
new, 2.83% of the Assets are
secured by Manufactured Homes
which were used, 6.12% of the
Assets are secured by
Manufactured Homes which were
repossessed and 0.45% 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 in 40 states,
and approximately 22.64% and
14.39% of the Assets were
4
<PAGE>
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
15.00%. The weighted averaged
APR of the Assets as of the
Cut-off Date is approximately
10.10%. 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 281
months, and a weighted average
remaining term to stated
maturity of approximately 280
months. The final scheduled
payment date on the Asset with
the latest maturity occurs in
August 2027. No Contract has an
original loan-to-value ratio in
excess of 113%. 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.
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,
AND EACH PURCHASER OF AN OFFERED
SUBORDINATED CERTIFICATE, BY
VIRTUE OF ITS PURCHASE OF SUCH
CERTIFICATE, WILL BE DEEMED TO
HAVE REPRESENTED THAT IT IS NOT
A PLAN INVESTOR.
5
<PAGE>
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.
Ratings.........................................It is a condition to the
issuance of the Certificates
that (i) the Class A
Certificates be rated "AAA" by
each of Fitch Investors Service,
L.P. ("Fitch") and Standard &
Poor's Ratings Services, a
division of The McGraw-Hill
Companies, Inc. ("S&P" and,
together with Fitch, the "Rating
Agencies"), (ii) the Class M
Certificates be rated at least
"AA" by each of S&P and Fitch,
(iii) the Class B-1 Certificates
be rated at least "BBB" by each
of S&P and Fitch and (iv) the
Class B-2 Certificates be rated
at least "BBB-" by each of S&P
and Fitch. 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.
6
<PAGE>
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.
<TABLE>
<CAPTION>
ASSET SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30, JUNE 30,
-------------------------------------------------------------
1992 1993 1994 1995 1996 1997
----------- ---------- ---------- ----------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated........... 21,450 28,938 39,273 51,566 67,120 81,599
Acquired Portfolios.......... 1,591 5,773 4,872 4,177 3,762
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated........... $345,635 $507,394 $757,640 $1,130,378 $1,687,406 2,211,153
Acquired Portfolios.......... $30,498 $85,227 $70,853 $57,837 50,043
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated........... $16.1 $17.5 $19.3 $21.9 $25.1 $27.1
Acquired Portfolios.......... $19.2 $14.8 $14.5 $13.8 $13.3
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated........... 13.5% 12.8% 12.2% 12.0% 11.5% 11.1%
Acquired Portfolios.......... 9.4% 11.0% 11.3% 11.2% 11.2%
DELINQUENCY EXPERIENCE (1)
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30, JUNE 30,
----------------------------------------------------
1992 1993 1994 1995 1996 1997
--------- -------- --------- -------- --------- --------
Total Number of Serviced Assets
Oakwood Originated.................. 21,450 28,938 39,273 51,566 67,120 81,599
Acquired Portfolios................. 1,591 5,773 4,872 4,177 3,762
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days.......................... 282 244 350 601 835 1,013
60-89 Days.......................... 76 51 97 185 308 384
90 Days or More..................... 98 150 198 267 492 656
Total Number of Assets Delinquent 456 445 645 1,053 1,635 2,053
Acquired Portfolios.................
30-59 Days.......................... 37 127 63 66 71
60-89 Days.......................... 26 49 17 23 17
90 Days or More..................... 16 98 76 62 81
Total Number of Assets Delinquent 79 274 156 151 169
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 2.1% 1.5% 1.6% 2.0% 2.4% 2.5%
Acquired Portfolios................. 5.0% 4.7% 3.2% 3.6% 4.5%
(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purpose 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.
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
AT OR FOR
THE NINE
MONTHS
ENDED
AT SEPTEMBER 30, JUNE 30,
-------------------------------------------------------------
1992 1993 1994 1995 1996 1997
----------- ---------- ---------- ---------- ----------- --------
<S> <C> <C> <C> <C> <C> <C>
Total Number of Serviced
Assets (1)................. 21,450 30,529 45,046 56,438 71,297 85,361
Average Number of Serviced
Assets During Period....... 18,251 25,990 37,788 50,742 63,868 78,329
Number of Serviced
Assets Repossessed......... 855 902 1,241 1,718 2,746 2,835
Serviced Assets Repossessed as
a Percentage of Total
Serviced Assets (2)........ 3.99% 2.95% 2.75% 3.04% 3.85% 4.43%(6)
Serviced Assets Repossessed as
a Percentage of Average
Number of Serviced Assets.. 4.68% 3.47% 3.28% 3.39% 4.30% 4.83%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated.......... 435,558 531,199 701,875 976,905 1,409,467 1,924,180
Acquired Portfolios......... 15,249 30,432 30,235 27,351 23,561
Net Losses from Asset
Liquidation (4):
Total Dollars (3)..........
Oakwood Originated........ $4,239 $3,328 $4,630 $7,303 $14,248 $19,329
Acquired Portfolios....... $0 $203 $473 $592 $475
As a Percentage of Average
Outstanding Principal
Balance of Assets (3) (5)
Oakwood Originated........ 0.97% 0.63% 0.66% 0.75% 1.01% 1.34% (6)
Acquired Portfolios....... 0.00% 0.67% 1.56% 2.16% 2.69% (6)
(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 asset at the end of the applicable period.
(6) Annualized.
</TABLE>
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.
8
<PAGE>
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.
<TABLE>
<CAPTION>
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
AGGREGATE SCHEDULED PERCENTAGE OF
NUMBER OF PRINCIPAL BALANCE ASSET POOL
GEOGRAPHIC LOCATION ASSETS BY SPB
<S> <C> <C> <C>
Alabama.................... 400 $ 13,852,010 5.90%
Alaska..................... 1 52,995 0.02
Arizona.................... 151 6,650,942 2.83
Arkansas................... 269 7,280,030 3.11
California................. 22 1,137,897 0.48
Colorado................... 80 3,594,135 1.53
Delaware................... 42 1,364,158 0.58
Florida.................... 228 8,717,253 3.72
Georgia.................... 246 8,785,126 3.74
Idaho...................... 64 3,020,400 1.29
Illinois................... 10 339,140 0.14
Indiana.................... 11 388,879 0.17
Kansas..................... 32 1,193,331 0.51
Kentucky................... 216 6,898,597 2.94
Louisiana.................. 81 2,823,770 1.20
Maine...................... 1 34,645 0.01
Maryland................... 19 637,285 0.27
Michigan................... 1 5,271 0.00
Mississippi................ 140 4,753,066 2.03
Missouri................... 97 3,221,938 1.37
Montana.................... 2 92,473 0.04
Nevada..................... 7 273,372 0.12
New Jersey................. 3 149,821 0.06
New Mexico................. 179 6,798,487 2.90
New York................... 4 172,890 0.07
North Carolina............. 1,548 53,116,616 22.64
North Dakota............... 1 26,483 0.01
Ohio....................... 45 1,399,127 0.60
Oklahoma................... 97 3,532,307 1.51
Oregon..................... 30 1,867,855 0.80
Pennsylvania............... 1 41,710 0.02
South Carolina............. 599 21,324,744 9.09
Tennessee.................. 325 11,362,157 4.84
Texas...................... 938 33,761,748 14.39
Utah....................... 30 1,369,508 0.58
Virginia................... 446 15,042,204 6.41
Washington................. 86 5,341,182 2.28
West Virginia.............. 138 4,064,310 1.73
Wisconsin.................. 2 57,344 0.02
Wyoming.................... 3 72,236 0.03
------ ------------------ -------
Total................... 6,595 $ 234,625,441 100.00%
===== ============== ======
(1) Based on the mailing address of the Obligor on the related Asset as of the Cut-off Date.
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
YEAR OF ORIGINATION OF ASSETS (1)
AGGREGATE SCHEDULED PERCENTAGE OF
NUMBER OF PRINCIPAL BALANCE ASSET POOL
YEAR OF ORIGINATION ASSETS BY SPB
<S> <C> <C> <C>
1984..................... 1 $ 483 0.00%
1987..................... 1 8,652 0.00
1990..................... 1 18,452 0.01
1991..................... 1 13,041 0.01
1995..................... 2 115,784 0.05
1996..................... 69 3,013,806 1.28
1997..................... 6,520 231,455,223 98.65
----- ------------- -------
Total............... 6,595 $234,625,441 100.00%
===== ============ ======
(1) The weighted average seasoning of the Assets was approximately 1 month as of
the Cut-off Date.
DISTRIBUTION OF ORIGINAL ASSET AMOUNTS(1)
AGGREGATE SCHEDULED PERCENTAGE OF
ORIGINAL ASSET NUMBER OF PRINCIPAL BALANCE ASSET POOL
AMOUNT ASSETS BY SPB
$ 4,999 or less.............. 24 $ 89,265 0.04%
$ 5,000 - $ 9,999.......... 140 1,100,406 0.47
$ 10,000 - $ 14,999.......... 216 2,716,624 1.16
$ 15,000 - $ 19,999.......... 355 6,259,711 2.67
$ 20,000 - $ 24,999.......... 795 18,109,087 7.72
$ 25,000 - $ 29,999.......... 1,106 30,346,271 12.93
$ 30,000 - $ 34,999.......... 903 29,095,189 12.40
$ 35,000 - $ 39,999.......... 839 31,650,779 13.49
$ 40,000 - $ 44,999.......... 925 38,973,960 16.61
$ 45,000 - $ 49,999.......... 430 20,266,575 8.64
$ 50,000 - $ 54,999.......... 241 12,587,830 5.37
$ 55,000 - $ 59,999.......... 193 11,084,145 4.72
$ 60,000 - $ 64,999.......... 124 7,706,989 3.28
$ 65,000 - $ 69,999.......... 82 5,508,818 2.35
$ 70,000 - $ 74,999.......... 58 4,146,710 1.77
$ 75,000 - $ 79,999.......... 49 3,787,688 1.61
$ 80,000 - $ 84,999.......... 29 2,385,161 1.02
$ 85,000 - $ 89,999.......... 17 1,487,767 0.63
$ 90,000 - $ 94,999.......... 24 2,221,163 0.95
$ 95,000 - $ 99,999.......... 12 1,167,463 0.50
$ 100,000 or more.............. 33 3,933,838 1.68
------- -------------- -------
Total..................... 6,595 $234,625,441 100.00%
===== ============ ======
(1) The highest original Asset amount was $170,655, which represents 0.07% of
the aggregate principal balance of the Assets at origination. The average
original principal amount of the Assets was approximately $35,665 as of the
Cut-off Date.
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
ASSET RATES (1)
NUMBER OF AGGREGATE SCHEDULED PERCENTAGE OF
RANGES OF ASSETS BY ASSET ASSETS PRINCIPAL BALANCE ASSET POOL
RATE BY SPB
<S> <C> <C> <C>
7.000% - 7.999%.......... 587 $ 24,823,987 10.58%
8.000% - 8.999%.......... 812 39,134,016 16.68
9.000% - 9.999%.......... 1,522 58,247,234 24.83
10.000% - 10.999%.......... 745 31,394,581 13.38
11.000% - 11.999%.......... 1,496 47,876,339 20.41
12.000% - 12.999%.......... 1,043 28,009,902 11.94
13.000% - 13.999%.......... 386 5,103,784 2.18
14.000% - 14.999%.......... 2 31,493 0.01
15.000% - 15.999%.......... 2 4,105 0.00
------- ----------------- --------
Total................. 6,595 $234,625,441 100.00%
===== ============ ======
(1) The weighted average Asset Rate was approximately 10.10% 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)
NUMBER OF AGGREGATE SCHEDULED PERCENTAGE OF
MONTHS REMAINING AS OF ASSETS PRINCIPAL BALANCE ASSET POOL
CUT-OFF DATE BY SPB
1 - 60 months........... 188 $ 1,678,001 0.72%
61 - 96 months........... 192 2,912,796 1.24
97 - 120 months........... 321 6,593,917 2.81
121 - 156 months........... 268 5,962,409 2.54
157 - 180 months........... 852 23,953,512 10.21
181 - 216 months........... 33 994,109 0.42
217 - 240 months........... 1,973 61,313,851 26.13
241 - 300 months........... 998 41,788,179 17.81
301 - 360 months........... 1,770 89,428,667 38.12
----- ------------- -------
Total.................... 6,595 $234,625,441 100.00%
===== ============ ======
(1) The weighted average remaining term to maturity of the Assets was approximately 280 months as of the Cut-off
Date.
ORIGINAL TERMS TO MATURITY (IN MONTHS) (1)
NUMBER OF AGGREGATE SCHEDULED PERCENTAGE OF
MONTHS REMAINING AS OF ASSETS PRINCIPAL BALANCE ASSET POOL
CUT-OFF DATE BY SPB
1 - 60 months........... 188 $ 1,678,001 0.72%
61 - 96 months........... 189 2,885,209 1.23
97 - 120 months........... 319 6,568,542 2.80
121 - 156 months........... 268 5,915,868 2.52
157 - 180 months........... 856 24,005,184 10.23
181 - 216 months........... 34 1,041,940 0.44
217 - 240 months........... 1,973 61,313,851 26.13
241 - 300 months........... 998 41,788,179 17.81
301 - 360 months........... 1,770 89,428,667 38.12
----- -------------- -------
Total.................... 6,595 $234,625,441 100.00%
----- ------------ -------
(1) The weighted average original term to maturity of the Assets was approximately 281 months as of the Cut-off
Date.
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS(1)
AGGREGATE SCHEDULED PERCENTAGE OF
NUMBER OF PRINCIPAL BALANCE ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS BY SPB
<S> <C> <C> <C>
50% or less................ 59 $ 1,010,647 0.43%
51% - 55%.................... 35 812,434 0.35
56% - 60%.................... 51 1,554,458 0.66
61% - 65%.................... 60 1,882,719 0.80
66% - 70%.................... 123 4,285,976 1.83
71% - 75%.................... 202 7,134,050 3.04
76% - 80%.................... 354 12,659,711 5.40
81% - 85%.................... 550 18,935,855 8.07
86% - 90%.................... 1,530 52,352,835 22.31
91% - 95%.................... 2,890 109,104,275 46.50
96% - 100%................... 736 24,523,551 10.45
101% and greater............. 5 368,930 0.16
-------- ---------------- --------
Total................... 6,595 $234,625,441 100.00%
===== ============ ======
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 89.72% as of the Cut-off Date.
(2) Rounded to nearest 1%.
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
----------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Pay Pay Dur.
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TO CALL:
A1 SENIOR FLTR 43,620,000 FLOAT(3) 1.10 N/A 9/97 9/99 1.03
A2 SENIOR 42,810,000 6.5500 3.10 6.586 9/99 10/01 2.71
A3 SENIOR 27,750,000 6.7500 5.10 6.787 10/01 12/03 4.18
A4 SENIOR 12,930,000 6.9500 7.10 7.019 12/03 7/05 5.43
A5 SENIOR 27,080,000 7.1250 10.00 7.210 7/05 2/10 6.90
A6 SENIOR 28,818,000 7.4250 15.49 7.510 2/10 4/14 8.89
M AA MEZZ 18,770,000 7.2750 10.79 7.359 9/02 4/14 6.99
B1 BBB SUB 21,116,000 7.5250 10.00 7.609 9/02 10/13 6.63
B2 BBB- SUB 11,731,441 7.8250 12.24 7.940 9/02 4/14 7.25
-------------------------------
TO MATURITY:
A6 SENIOR 28,818,000 7.4250 16.87 7.510 2/10 3/20 9.23
M AA MEZZ 18,770,000 7.2750 10.92 7.359 9/02 2/16 7.03
B1 BBB SUB 21,116,000 7.5250 10.00 7.609 9/02 10/13 6.63
B2 BBB- SUB 11,731,441 7.8250 16.70 7.939 9/02 6/27 8.11
-----------------------------------------------------------------------------
(1) Data assumes a prepayment of 160% MHP.
(2) Coupon and price are assumed for computational material.
(3) Coupon based on one-month LIBOR.
</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]
13
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
A1 SENIOR FLOAT
Price: 100-00 Coupon: FLOAT Original Par: 43,620,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 4.78 1.83 1.52 1.10 0.93 0.68
Duration: 3.94 1.67 1.40 1.03 0.88 0.64
First Prin Pay: 9/97 9/97 9/97 9/97 9/97 9/97
Last Prin Pay: 12/05 2/01 7/00 9/99 5/99 12/98
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-28+ Coupon: 6.5500 Original Par: 42,810,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.62 6.61 6.60 6.59 6.58 6.56
Average Life: 11.25 5.23 4.36 3.10 2.61 1.89
Duration: 7.70 4.28 3.66 2.71 2.32 1.72
First Prin Pay: 12/05 2/01 7/00 9/99 5/99 12/98
Last Prin Pay: 4/11 8/04 7/03 10/01 2/01 2/00
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-31+ Coupon: 6.7500 Original Par: 27,750,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.82 6.81 6.80 6.79 6.78 6.75
Average Life: 15.35 8.41 7.11 5.10 4.20 2.96
Duration: 9.26 6.21 5.46 4.18 3.54 2.60
First Prin Pay: 4/11 8/04 7/03 10/01 2/01 2/00
Last Prin Pay: 2/15 1/08 6/06 12/03 10/02 2/01
-----------------------------------------------------------------------------
</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
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.
14
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-29 Coupon: 6.9500 Original Par: 12,930,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.03 7.03 7.03 7.02 7.01 7.00
Average Life: 18.43 11.46 9.81 7.10 5.77 3.71
Duration: 10.08 7.65 6.88 5.43 4.60 3.17
First Prin Pay: 2/15 1/08 6/06 12/03 10/02 2/01
Last Prin Pay: 12/16 3/10 6/08 7/05 2/04 8/01
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-28 Coupon: 7.1250 Original Par: 27,080,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.22 7.21 7.21 7.21 7.21 7.19
Average Life: 21.53 15.13 13.32 10.00 8.26 4.85
Duration: 10.66 8.94 8.30 6.90 6.02 3.96
First Prin Pay: 12/16 3/10 6/08 7/05 2/04 8/01
Last Prin Pay: 5/21 9/15 11/13 2/10 2/08 12/03
-----------------------------------------------------------------------------
A6 SENIOR
Price: 99-31+ Coupon: 7.4250 Original Par: 28,818,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.52 7.51 7.51 7.51 7.51 7.50
Average Life: 25.29 21.01 19.19 15.49 13.30 9.03
Duration: 11.05 10.29 9.89 8.89 8.15 6.32
First Prin Pay: 5/21 9/15 11/13 2/10 2/08 12/03
Last Prin Pay: 6/23 10/19 11/17 4/14 1/12 3/08
---------------------------
TO MATURITY:
Price: 100-00
Bond Yield: 7.51 7.51 7.51 7.51 7.51 7.50
Average Life: 25.84 22.06 20.54 16.87 14.67 9.96
Duration: 11.13 10.47 10.15 9.23 8.56 6.69
First Prin Pay: 5/21 9/15 11/13 2/10 2/08 12/03
Last Prin Pay: 1/26 10/23 11/22 3/20 12/17 4/13
-----------------------------------------------------------------------------
</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]
15
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
M AA MEZZ
Price: 99-29 Coupon: 7.2750 Original Par: 18,770,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.37 7.36 7.36 7.36 7.36 7.35
Average Life: 21.52 15.64 13.91 10.79 9.46 7.80
Duration: 10.45 8.81 8.22 6.99 6.42 5.67
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 6/23 10/19 11/17 4/14 1/12 3/08
---------------------------
TO MATURITY:
Price: 99-29
Bond Yield: 7.37 7.36 7.36 7.36 7.36 7.35
Average Life: 21.57 15.75 14.05 10.92 9.63 8.18
Duration: 10.46 8.83 8.25 7.03 6.47 5.83
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 2/24 4/21 11/19 2/16 3/14 12/10
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-30 Coupon: 7.5250 Original Par: 21,116,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.62 7.62 7.61 7.61 7.61 7.60
Average Life: 21.08 14.83 13.11 10.00 8.80 7.50
Duration: 10.16 8.47 7.88 6.63 6.08 5.47
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 4/23 4/19 5/17 10/13 10/11 3/08
---------------------------
TO MATURITY:
Price: 99-30
Bond Yield: 7.62 7.62 7.61 7.61 7.61 7.60
Average Life: 21.08 14.83 13.11 10.00 8.80 7.54
Duration: 10.16 8.47 7.88 6.63 6.08 5.49
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 4/23 4/19 5/17 10/13 10/11 3/09
-----------------------------------------------------------------------------
</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]
16
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
B2 BBB- SUB
Price: 99-25+ Coupon: 7.8250 Original Par: 11,731,441
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.94 7.94 7.94 7.94 7.94 7.94
Average Life: 22.31 17.13 15.36 12.24 10.65 8.34
Duration: 10.09 8.79 8.29 7.25 6.69 5.79
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 6/23 10/19 11/17 4/14 1/12 3/08
---------------------------
TO MATURITY:
Price: 99-26
Bond Yield: 7.94 7.94 7.94 7.94 7.94 7.94
Average Life: 24.09 20.02 18.94 16.70 15.41 12.78
Duration: 10.29 9.19 8.84 8.11 7.75 7.14
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 6/27 6/27 6/27 6/27 6/27 6/27
-----------------------------------------------------------------------------
</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]
17
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-1
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 92 74 68 55 45 22
August 15, 1999 83 45 32 3 0 0
August 15, 2000 73 15 0 0 0 0
August 15, 2001 63 0 0 0 0 0
August 15, 2002 51 0 0 0 0 0
August 15, 2003 37 0 0 0 0 0
August 15, 2004 22 0 0 0 0 0
August 15, 2005 5 0 0 0 0 0
August 15, 2006 0 0 0 0 0 0
August 15, 2007 0 0 0 0 0 0
August 15, 2008 0 0 0 0 0 0
August 15, 2009 0 0 0 0 0 0
August 15, 2010 0 0 0 0 0 0
August 15, 2011 0 0 0 0 0 0
August 15, 2012 0 0 0 0 0 0
August 15, 2013 0 0 0 0 0 0
August 15, 2014 0 0 0 0 0 0
August 15, 2015 0 0 0 0 0 0
August 15, 2016 0 0 0 0 0 0
August 15, 2017 0 0 0 0 0 0
August 15, 2018 0 0 0 0 0 0
August 15, 2019 0 0 0 0 0 0
August 15, 2020 0 0 0 0 0 0
August 15, 2021 0 0 0 0 0 0
August 15, 2022 0 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 4.8 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]
18
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-2
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 84 38
August 15, 2000 100 100 96 53 25 0
August 15, 2001 100 85 61 7 0 0
August 15, 2002 100 56 27 0 0 0
August 15, 2003 100 27 0 0 0 0
August 15, 2004 100 0 0 0 0 0
August 15, 2005 100 0 0 0 0 0
August 15, 2006 90 0 0 0 0 0
August 15, 2007 74 0 0 0 0 0
August 15, 2008 57 0 0 0 0 0
August 15, 2009 37 0 0 0 0 0
August 15, 2010 15 0 0 0 0 0
August 15, 2011 0 0 0 0 0 0
August 15, 2012 0 0 0 0 0 0
August 15, 2013 0 0 0 0 0 0
August 15, 2014 0 0 0 0 0 0
August 15, 2015 0 0 0 0 0 0
August 15, 2016 0 0 0 0 0 0
August 15, 2017 0 0 0 0 0 0
August 15, 2018 0 0 0 0 0 0
August 15, 2019 0 0 0 0 0 0
August 15, 2020 0 0 0 0 0 0
August 15, 2021 0 0 0 0 0 0
August 15, 2022 0 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 11.3 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]
19
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-3
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 42
August 15, 2001 100 100 100 100 60 0
August 15, 2002 100 100 100 46 4 0
August 15, 2003 100 100 92 11 0 0
August 15, 2004 100 98 47 0 0 0
August 15, 2005 100 56 19 0 0 0
August 15, 2006 100 30 0 0 0 0
August 15, 2007 100 8 0 0 0 0
August 15, 2008 100 0 0 0 0 0
August 15, 2009 100 0 0 0 0 0
August 15, 2010 100 0 0 0 0 0
August 15, 2011 85 0 0 0 0 0
August 15, 2012 54 0 0 0 0 0
August 15, 2013 33 0 0 0 0 0
August 15, 2014 11 0 0 0 0 0
August 15, 2015 0 0 0 0 0 0
August 15, 2016 0 0 0 0 0 0
August 15, 2017 0 0 0 0 0 0
August 15, 2018 0 0 0 0 0 0
August 15, 2019 0 0 0 0 0 0
August 15, 2020 0 0 0 0 0 0
August 15, 2021 0 0 0 0 0 0
August 15, 2022 0 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 15.4 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 SUISSE / FIRST BOSTON]
20
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-4
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 0
August 15, 2002 100 100 100 100 100 0
August 15, 2003 100 100 100 100 30 0
August 15, 2004 100 100 100 54 0 0
August 15, 2005 100 100 100 0 0 0
August 15, 2006 100 100 88 0 0 0
August 15, 2007 100 100 39 0 0 0
August 15, 2008 100 70 0 0 0 0
August 15, 2009 100 24 0 0 0 0
August 15, 2010 100 0 0 0 0 0
August 15, 2011 100 0 0 0 0 0
August 15, 2012 100 0 0 0 0 0
August 15, 2013 100 0 0 0 0 0
August 15, 2014 100 0 0 0 0 0
August 15, 2015 73 0 0 0 0 0
August 15, 2016 16 0 0 0 0 0
August 15, 2017 0 0 0 0 0 0
August 15, 2018 0 0 0 0 0 0
August 15, 2019 0 0 0 0 0 0
August 15, 2020 0 0 0 0 0 0
August 15, 2021 0 0 0 0 0 0
August 15, 2022 0 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 18.4 11.5 9.8 7.1 5.8 3.7
- ---------------------------------------------------------------------------------------------
</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]
21
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-5
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 95
August 15, 2002 100 100 100 100 100 37
August 15, 2003 100 100 100 100 100 8
August 15, 2004 100 100 100 100 82 0
August 15, 2005 100 100 100 96 53 0
August 15, 2006 100 100 100 70 29 0
August 15, 2007 100 100 100 47 9 0
August 15, 2008 100 100 96 27 0 0
August 15, 2009 100 100 75 8 0 0
August 15, 2010 100 90 54 0 0 0
August 15, 2011 100 68 34 0 0 0
August 15, 2012 100 50 18 0 0 0
August 15, 2013 100 33 3 0 0 0
August 15, 2014 100 17 0 0 0 0
August 15, 2015 100 1 0 0 0 0
August 15, 2016 100 0 0 0 0 0
August 15, 2017 80 0 0 0 0 0
August 15, 2018 61 0 0 0 0 0
August 15, 2019 41 0 0 0 0 0
August 15, 2020 18 0 0 0 0 0
August 15, 2021 0 0 0 0 0 0
August 15, 2022 0 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 21.5 15.1 13.3 10.0 8.3 4.9
- ---------------------------------------------------------------------------------------------
</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]
22
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-6
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 100
August 15, 2002 100 100 100 100 100 100
August 15, 2003 100 100 100 100 100 100
August 15, 2004 100 100 100 100 100 85
August 15, 2005 100 100 100 100 100 67
August 15, 2006 100 100 100 100 100 53
August 15, 2007 100 100 100 100 100 42
August 15, 2008 100 100 100 100 91 33
August 15, 2009 100 100 100 100 76 26
August 15, 2010 100 100 100 92 63 20
August 15, 2011 100 100 100 77 52 12
August 15, 2012 100 100 100 66 43 4
August 15, 2013 100 100 100 56 35 0
August 15, 2014 100 100 89 46 27 0
August 15, 2015 100 100 76 38 17 0
August 15, 2016 100 85 63 28 8 0
August 15, 2017 100 71 52 17 1 0
August 15, 2018 100 61 44 10 0 0
August 15, 2019 100 51 36 4 0 0
August 15, 2020 100 41 25 0 0 0
August 15, 2021 93 29 13 0 0 0
August 15, 2022 68 14 2 0 0 0
August 15, 2023 46 1 0 0 0 0
August 15, 2024 18 0 0 0 0 0
August 15, 2025 5 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 25.8 22.1 20.5 16.9 14.7 10.0
- ---------------------------------------------------------------------------------------------
</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]
23
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 100
August 15, 2002 100 100 100 100 93 89
August 15, 2003 100 100 100 88 79 71
August 15, 2004 100 100 99 77 68 57
August 15, 2005 100 100 90 67 57 45
August 15, 2006 100 94 82 59 49 35
August 15, 2007 100 86 74 51 41 28
August 15, 2008 100 79 67 44 35 22
August 15, 2009 100 72 59 38 29 14
August 15, 2010 100 64 53 32 24 3
August 15, 2011 100 57 46 27 20 0
August 15, 2012 100 51 41 23 12 0
August 15, 2013 95 46 36 20 4 0
August 15, 2014 87 41 31 11 0 0
August 15, 2015 79 35 27 3 0 0
August 15, 2016 70 30 22 0 0 0
August 15, 2017 61 25 16 0 0 0
August 15, 2018 55 21 9 0 0 0
August 15, 2019 48 16 1 0 0 0
August 15, 2020 41 6 0 0 0 0
August 15, 2021 33 0 0 0 0 0
August 15, 2022 24 0 0 0 0 0
August 15, 2023 11 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 21.6 15.8 14.0 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 SUISSE / FIRST BOSTON]
24
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 100
August 15, 2002 100 100 100 100 93 89
August 15, 2003 100 100 100 88 79 71
August 15, 2004 100 100 99 77 68 57
August 15, 2005 100 100 90 67 57 40
August 15, 2006 100 94 82 59 46 25
August 15, 2007 100 86 74 50 34 14
August 15, 2008 100 79 67 39 24 4
August 15, 2009 100 72 59 29 16 0
August 15, 2010 100 64 52 21 8 0
August 15, 2011 100 57 42 13 1 0
August 15, 2012 100 50 34 6 0 0
August 15, 2013 95 42 26 1 0 0
August 15, 2014 87 33 19 0 0 0
August 15, 2015 79 25 12 0 0 0
August 15, 2016 70 17 5 0 0 0
August 15, 2017 61 9 0 0 0 0
August 15, 2018 55 3 0 0 0 0
August 15, 2019 46 0 0 0 0 0
August 15, 2020 34 0 0 0 0 0
August 15, 2021 21 0 0 0 0 0
August 15, 2022 7 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 21.1 14.8 13.1 10.0 8.8 7.5
- ---------------------------------------------------------------------------------------------
</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]
25
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-2
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 100
August 15, 2002 100 100 100 100 93 89
August 15, 2003 100 100 100 88 79 71
August 15, 2004 100 100 99 77 68 57
August 15, 2005 100 100 90 67 57 54
August 15, 2006 100 94 82 59 54 54
August 15, 2007 100 86 74 54 54 54
August 15, 2008 100 79 67 54 54 54
August 15, 2009 100 72 59 54 54 54
August 15, 2010 100 64 54 54 54 54
August 15, 2011 100 57 54 54 54 54
August 15, 2012 100 54 54 54 54 54
August 15, 2013 95 54 54 54 54 49
August 15, 2014 87 54 54 54 54 37
August 15, 2015 79 54 54 54 54 27
August 15, 2016 70 54 54 54 54 20
August 15, 2017 61 54 54 54 54 14
August 15, 2018 55 54 54 54 45 10
August 15, 2019 54 54 54 54 35 8
August 15, 2020 54 54 54 48 26 5
August 15, 2021 54 54 54 34 18 3
August 15, 2022 54 54 54 23 12 2
August 15, 2023 54 54 37 14 7 1
August 15, 2024 54 29 19 7 3 0
August 15, 2025 54 19 12 4 2 0
August 15, 2026 32 8 5 2 1 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 24.1 20.0 18.9 16.7 15.4 12.8
- ---------------------------------------------------------------------------------------------
</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]
26
<PAGE>
SUBJECT TO REVISION
SERIES TERM SHEET DATED AUGUST 11, 1997
$234,625,441
[LOGO] Oakwood Mortgage Investors, Inc.,
Seller
Oakwood Acceptance Corporation
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1997-C
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-C. 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, Goldman, Sachs & Co. nor any of their
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-C, 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 Goldman, Sachs & Co.
27
<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-C POOLING AND SERVICING AGREEMENT TO BE DATED AS OF AUGUST 1, 1997,
AMONG OAKWOOD MORTGAGE INVESTORS, INC., AS SELLER, OAKWOOD ACCEPTANCE
CORPORATION, AS SERVICER, AND PNC BANK, NATIONAL ASSOCIATION, AS TRUSTEE.
Class Designations
CLASS A CERTIFICATES.........................Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5 and Class
A-6 Certificates.
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.
<TABLE>
<CAPTION>
The Offered Certificates........................ Approximate
Initial Certificate Pass-Through
Title of Class Principal Balance(1) Rate
<S> <C> <C> <C>
Class A-1 Certificates......... $43,620,000 . %(2)
Class A-2 Certificates......... $42,810,000 . %(3)
Class A-3 Certificates......... $27,750,000 . %(3)
Class A-4 Certificates......... $12,930,000 . %(3)
Class A-5 Certificates......... $27,080,000 . %(3)
Class A-6 Certificates......... $28,818,000 . %(4)
Class M Certificates........... $18,770,000 . %(4)
Class B-1 Certificates......... $21,116,000 . %(4)
Class B-2 Certificates......... $11,731,441 . %(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.
</TABLE>
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....................................August 1, 1997.
Distribution Dates..............................Generally, the fifteenth day of
each month, commencing
September 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 September
14, 1997) and (ii) for the Class
A-2, Class A-3, Class A-4, Class
A-5, Class A-6, Class M and
Class B Certificates, the
calendar month preceding the
month in which the Distribution
Date occurs (each, an "Interest
Accrual Period").
28
<PAGE>
Distributions...................................The "Available Distribution"
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.
29
<PAGE>
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
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
exceeds the Pool Scheduled
Principal Balance of the Assets
for the immediately preceding
Distribution Date after taking
into account all distributions
to be made on such 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.
30
<PAGE>
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 November 2027 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
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.
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 6,595 Assets
having an aggregate Scheduled
Principal Balance as of the
Cut-off Date of approximately
$234,625,441.12. All of the
Assets are actuarial
obligations. Approximately
11.22% of the Asset Pool is
comprised of Assets that are
Mortgage Loans and approximately
7.01% of the Assets are Land
Secured Contracts. Based on
Cut-off Date Pool Balance,
90.61% of the Assets are secured
by Manufactured Homes which were
new, 2.83% of the Assets are
secured by Manufactured Homes
which were used, 6.12% of the
Assets are secured by
Manufactured Homes which were
repossessed and 0.45% 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 in 40 states,
and approximately 22.64% and
14.39% of the Assets were
31
<PAGE>
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
15.00%. The weighted averaged
APR of the Assets as of the
Cut-off Date is approximately
10.10%. 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 281
months, and a weighted average
remaining term to stated
maturity of approximately 280
months. The final scheduled
payment date on the Asset with
the latest maturity occurs in
August 2027. No Contract has an
original loan-to-value ratio in
excess of 113%. 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.
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,
AND EACH PURCHASER OF AN OFFERED
SUBORDINATED CERTIFICATE, BY
VIRTUE OF ITS PURCHASE OF SUCH
CERTIFICATE, WILL BE DEEMED TO
HAVE REPRESENTED THAT IT IS NOT
A PLAN INVESTOR.
32
<PAGE>
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.
Ratings.........................................It is a condition to the
issuance of the Certificates
that (i) the Class A
Certificates be rated "AAA" by
each of Fitch Investors Service,
L.P. ("Fitch") and Standard &
Poor's Ratings Services, a
division of The McGraw-Hill
Companies, Inc. ("S&P" and,
together with Fitch, the "Rating
Agencies"), (ii) the Class M
Certificates be rated at least
"AA" by each of S&P and Fitch,
(iii) the Class B-1 Certificates
be rated at least "BBB" by each
of S&P and Fitch and (iv) the
Class B-2 Certificates be rated
at least "BBB-" by each of S&P
and Fitch. 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.
33
<PAGE>
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.
<TABLE>
<CAPTION>
ASSET SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30, JUNE 30,
-------------------------------------------------------------
1992 1993 1994 1995 1996 1997
----------- ---------- ---------- ----------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated........... 21,450 28,938 39,273 51,566 67,120 81,599
Acquired Portfolios.......... 1,591 5,773 4,872 4,177 3,762
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated........... $345,635 $507,394 $757,640 $1,130,378 $1,687,406 2,211,153
Acquired Portfolios.......... $30,498 $85,227 $70,853 $57,837 50,043
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated........... $16.1 $17.5 $19.3 $21.9 $25.1 $27.1
Acquired Portfolios.......... $19.2 $14.8 $14.5 $13.8 $13.3
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated........... 13.5% 12.8% 12.2% 12.0% 11.5% 11.1%
Acquired Portfolios.......... 9.4% 11.0% 11.3% 11.2% 11.2%
DELINQUENCY EXPERIENCE (1)
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30, JUNE 30,
----------------------------------------------------
1992 1993 1994 1995 1996 1997
--------- -------- --------- -------- --------- --------
Total Number of Serviced Assets
Oakwood Originated.................. 21,450 28,938 39,273 51,566 67,120 81,599
Acquired Portfolios................. 1,591 5,773 4,872 4,177 3,762
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days.......................... 282 244 350 601 835 1,013
60-89 Days.......................... 76 51 97 185 308 384
90 Days or More..................... 98 150 198 267 492 656
Total Number of Assets Delinquent 456 445 645 1,053 1,635 2,053
Acquired Portfolios.................
30-59 Days.......................... 37 127 63 66 71
60-89 Days.......................... 26 49 17 23 17
90 Days or More..................... 16 98 76 62 81
Total Number of Assets Delinquent 79 274 156 151 169
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 2.1% 1.5% 1.6% 2.0% 2.4% 2.5%
Acquired Portfolios................. 5.0% 4.7% 3.2% 3.6% 4.5%
(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purpose 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.
</TABLE>
34
<PAGE>
<TABLE>
<CAPTION>
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
AT OR FOR
THE NINE
MONTHS
ENDED
AT SEPTEMBER 30, JUNE 30,
-------------------------------------------------------------
1992 1993 1994 1995 1996 1997
----------- ---------- ---------- ---------- ----------- --------
<S> <C> <C> <C> <C> <C> <C>
Total Number of Serviced
Assets (1)................. 21,450 30,529 45,046 56,438 71,297 85,361
Average Number of Serviced
Assets During Period....... 18,251 25,990 37,788 50,742 63,868 78,329
Number of Serviced
Assets Repossessed......... 855 902 1,241 1,718 2,746 2,835
Serviced Assets Repossessed as
a Percentage of Total
Serviced Assets (2)........ 3.99% 2.95% 2.75% 3.04% 3.85% 4.43%(6)
Serviced Assets Repossessed as
a Percentage of Average
Number of Serviced Assets.. 4.68% 3.47% 3.28% 3.39% 4.30% 4.83%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated.......... 435,558 531,199 701,875 976,905 1,409,467 1,924,180
Acquired Portfolios......... 15,249 30,432 30,235 27,351 23,561
Net Losses from Asset
Liquidation (4):
Total Dollars (3)..........
Oakwood Originated........ $4,239 $3,328 $4,630 $7,303 $14,248 $19,329
Acquired Portfolios....... $0 $203 $473 $592 $475
As a Percentage of Average
Outstanding Principal
Balance of Assets (3) (5)
Oakwood Originated........ 0.97% 0.63% 0.66% 0.75% 1.01% 1.34% (6)
Acquired Portfolios....... 0.00% 0.67% 1.56% 2.16% 2.69% (6)
(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 asset at the end of the applicable period.
(6) Annualized.
</TABLE>
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.
35
<PAGE>
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.
<TABLE>
<CAPTION>
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
AGGREGATE SCHEDULED PERCENTAGE OF
NUMBER OF PRINCIPAL BALANCE ASSET POOL
GEOGRAPHIC LOCATION ASSETS BY SPB
<S> <C> <C> <C>
Alabama.................... 400 $ 13,852,010 5.90%
Alaska..................... 1 52,995 0.02
Arizona.................... 151 6,650,942 2.83
Arkansas................... 269 7,280,030 3.11
California................. 22 1,137,897 0.48
Colorado................... 80 3,594,135 1.53
Delaware................... 42 1,364,158 0.58
Florida.................... 228 8,717,253 3.72
Georgia.................... 246 8,785,126 3.74
Idaho...................... 64 3,020,400 1.29
Illinois................... 10 339,140 0.14
Indiana.................... 11 388,879 0.17
Kansas..................... 32 1,193,331 0.51
Kentucky................... 216 6,898,597 2.94
Louisiana.................. 81 2,823,770 1.20
Maine...................... 1 34,645 0.01
Maryland................... 19 637,285 0.27
Michigan................... 1 5,271 0.00
Mississippi................ 140 4,753,066 2.03
Missouri................... 97 3,221,938 1.37
Montana.................... 2 92,473 0.04
Nevada..................... 7 273,372 0.12
New Jersey................. 3 149,821 0.06
New Mexico................. 179 6,798,487 2.90
New York................... 4 172,890 0.07
North Carolina............. 1,548 53,116,616 22.64
North Dakota............... 1 26,483 0.01
Ohio....................... 45 1,399,127 0.60
Oklahoma................... 97 3,532,307 1.51
Oregon..................... 30 1,867,855 0.80
Pennsylvania............... 1 41,710 0.02
South Carolina............. 599 21,324,744 9.09
Tennessee.................. 325 11,362,157 4.84
Texas...................... 938 33,761,748 14.39
Utah....................... 30 1,369,508 0.58
Virginia................... 446 15,042,204 6.41
Washington................. 86 5,341,182 2.28
West Virginia.............. 138 4,064,310 1.73
Wisconsin.................. 2 57,344 0.02
Wyoming.................... 3 72,236 0.03
------ ------------------ -------
Total................... 6,595 $ 234,625,441 100.00%
===== ============== ======
(1) Based on the mailing address of the Obligor on the related Asset as of the Cut-off Date.
</TABLE>
36
<PAGE>
<TABLE>
<CAPTION>
YEAR OF ORIGINATION OF ASSETS (1)
AGGREGATE SCHEDULED PERCENTAGE OF
NUMBER OF PRINCIPAL BALANCE ASSET POOL
YEAR OF ORIGINATION ASSETS BY SPB
<S> <C> <C> <C>
1984..................... 1 $ 483 0.00%
1987..................... 1 8,652 0.00
1990..................... 1 18,452 0.01
1991..................... 1 13,041 0.01
1995..................... 2 115,784 0.05
1996..................... 69 3,013,806 1.28
1997..................... 6,520 231,455,223 98.65
----- ------------- -------
Total............... 6,595 $234,625,441 100.00%
===== ============ ======
(1) The weighted average seasoning of the Assets was approximately 1 month as of
the Cut-off Date.
DISTRIBUTION OF ORIGINAL ASSET AMOUNTS(1)
AGGREGATE SCHEDULED PERCENTAGE OF
ORIGINAL ASSET NUMBER OF PRINCIPAL BALANCE ASSET POOL
AMOUNT ASSETS BY SPB
$ 4,999 or less.............. 24 $ 89,265 0.04%
$ 5,000 - $ 9,999.......... 140 1,100,406 0.47
$ 10,000 - $ 14,999.......... 216 2,716,624 1.16
$ 15,000 - $ 19,999.......... 355 6,259,711 2.67
$ 20,000 - $ 24,999.......... 795 18,109,087 7.72
$ 25,000 - $ 29,999.......... 1,106 30,346,271 12.93
$ 30,000 - $ 34,999.......... 903 29,095,189 12.40
$ 35,000 - $ 39,999.......... 839 31,650,779 13.49
$ 40,000 - $ 44,999.......... 925 38,973,960 16.61
$ 45,000 - $ 49,999.......... 430 20,266,575 8.64
$ 50,000 - $ 54,999.......... 241 12,587,830 5.37
$ 55,000 - $ 59,999.......... 193 11,084,145 4.72
$ 60,000 - $ 64,999.......... 124 7,706,989 3.28
$ 65,000 - $ 69,999.......... 82 5,508,818 2.35
$ 70,000 - $ 74,999.......... 58 4,146,710 1.77
$ 75,000 - $ 79,999.......... 49 3,787,688 1.61
$ 80,000 - $ 84,999.......... 29 2,385,161 1.02
$ 85,000 - $ 89,999.......... 17 1,487,767 0.63
$ 90,000 - $ 94,999.......... 24 2,221,163 0.95
$ 95,000 - $ 99,999.......... 12 1,167,463 0.50
$ 100,000 or more.............. 33 3,933,838 1.68
------- -------------- -------
Total..................... 6,595 $234,625,441 100.00%
===== ============ ======
(1) The highest original Asset amount was $170,655, which represents 0.07% of
the aggregate principal balance of the Assets at origination. The average
original principal amount of the Assets was approximately $35,665 as of the
Cut-off Date.
</TABLE>
37
<PAGE>
<TABLE>
<CAPTION>
ASSET RATES (1)
NUMBER OF AGGREGATE SCHEDULED PERCENTAGE OF
RANGES OF ASSETS BY ASSET ASSETS PRINCIPAL BALANCE ASSET POOL
RATE BY SPB
<S> <C> <C> <C>
7.000% - 7.999%.......... 587 $ 24,823,987 10.58%
8.000% - 8.999%.......... 812 39,134,016 16.68
9.000% - 9.999%.......... 1,522 58,247,234 24.83
10.000% - 10.999%.......... 745 31,394,581 13.38
11.000% - 11.999%.......... 1,496 47,876,339 20.41
12.000% - 12.999%.......... 1,043 28,009,902 11.94
13.000% - 13.999%.......... 386 5,103,784 2.18
14.000% - 14.999%.......... 2 31,493 0.01
15.000% - 15.999%.......... 2 4,105 0.00
------- ----------------- --------
Total................. 6,595 $234,625,441 100.00%
===== ============ ======
(1) The weighted average Asset Rate was approximately 10.10% 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)
NUMBER OF AGGREGATE SCHEDULED PERCENTAGE OF
MONTHS REMAINING AS OF ASSETS PRINCIPAL BALANCE ASSET POOL
CUT-OFF DATE BY SPB
1 - 60 months........... 188 $ 1,678,001 0.72%
61 - 96 months........... 192 2,912,796 1.24
97 - 120 months........... 321 6,593,917 2.81
121 - 156 months........... 268 5,962,409 2.54
157 - 180 months........... 852 23,953,512 10.21
181 - 216 months........... 33 994,109 0.42
217 - 240 months........... 1,973 61,313,851 26.13
241 - 300 months........... 998 41,788,179 17.81
301 - 360 months........... 1,770 89,428,667 38.12
----- ------------- -------
Total.................... 6,595 $234,625,441 100.00%
===== ============ ======
(1) The weighted average remaining term to maturity of the Assets was approximately 280 months as of the Cut-off
Date.
ORIGINAL TERMS TO MATURITY (IN MONTHS) (1)
NUMBER OF AGGREGATE SCHEDULED PERCENTAGE OF
MONTHS REMAINING AS OF ASSETS PRINCIPAL BALANCE ASSET POOL
CUT-OFF DATE BY SPB
1 - 60 months........... 188 $ 1,678,001 0.72%
61 - 96 months........... 189 2,885,209 1.23
97 - 120 months........... 319 6,568,542 2.80
121 - 156 months........... 268 5,915,868 2.52
157 - 180 months........... 856 24,005,184 10.23
181 - 216 months........... 34 1,041,940 0.44
217 - 240 months........... 1,973 61,313,851 26.13
241 - 300 months........... 998 41,788,179 17.81
301 - 360 months........... 1,770 89,428,667 38.12
----- -------------- -------
Total.................... 6,595 $234,625,441 100.00%
----- ------------ -------
(1) The weighted average original term to maturity of the Assets was approximately 281 months as of the Cut-off
Date.
</TABLE>
38
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS(1)
AGGREGATE SCHEDULED PERCENTAGE OF
NUMBER OF PRINCIPAL BALANCE ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS BY SPB
<S> <C> <C> <C>
50% or less................ 59 $ 1,010,647 0.43%
51% - 55%.................... 35 812,434 0.35
56% - 60%.................... 51 1,554,458 0.66
61% - 65%.................... 60 1,882,719 0.80
66% - 70%.................... 123 4,285,976 1.83
71% - 75%.................... 202 7,134,050 3.04
76% - 80%.................... 354 12,659,711 5.40
81% - 85%.................... 550 18,935,855 8.07
86% - 90%.................... 1,530 52,352,835 22.31
91% - 95%.................... 2,890 109,104,275 46.50
96% - 100%................... 736 24,523,551 10.45
101% and greater............. 5 368,930 0.16
-------- ---------------- --------
Total................... 6,595 $234,625,441 100.00%
===== ============ ======
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 89.72% as of the Cut-off Date.
(2) Rounded to nearest 1%.
</TABLE>
39
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
----------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Pay Pay Dur.
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TO CALL:
A1 SENIOR FLTR 43,620,000 FLOAT(3) 1.10 N/A 9/97 9/99 1.03
A2 SENIOR 42,810,000 6.5500 3.10 6.586 9/99 10/01 2.71
A3 SENIOR 27,750,000 6.7500 5.10 6.787 10/01 12/03 4.18
A4 SENIOR 12,930,000 6.9500 7.10 7.019 12/03 7/05 5.43
A5 SENIOR 27,080,000 7.1250 10.00 7.210 7/05 2/10 6.90
A6 SENIOR 28,818,000 7.4250 15.49 7.510 2/10 4/14 8.89
M AA MEZZ 18,770,000 7.2750 10.79 7.359 9/02 4/14 6.99
B1 BBB SUB 21,116,000 7.5250 10.00 7.609 9/02 10/13 6.63
B2 BBB- SUB 11,731,441 7.8250 12.24 7.940 9/02 4/14 7.25
-------------------------------
TO MATURITY:
A6 SENIOR 28,818,000 7.4250 16.87 7.510 2/10 3/20 9.23
M AA MEZZ 18,770,000 7.2750 10.92 7.359 9/02 2/16 7.03
B1 BBB SUB 21,116,000 7.5250 10.00 7.609 9/02 10/13 6.63
B2 BBB- SUB 11,731,441 7.8250 16.70 7.939 9/02 6/27 8.11
-----------------------------------------------------------------------------
(1) Data assumes a prepayment of 160% MHP.
(2) Coupon and price are assumed for computational material.
(3) Coupon based on one-month LIBOR.
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
40
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
A1 SENIOR FLOAT
Price: 100-00 Coupon: FLOAT Original Par: 43,620,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 4.78 1.83 1.52 1.10 0.93 0.68
Duration: 3.94 1.67 1.40 1.03 0.88 0.64
First Prin Pay: 9/97 9/97 9/97 9/97 9/97 9/97
Last Prin Pay: 12/05 2/01 7/00 9/99 5/99 12/98
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-28+ Coupon: 6.5500 Original Par: 42,810,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.62 6.61 6.60 6.59 6.58 6.56
Average Life: 11.25 5.23 4.36 3.10 2.61 1.89
Duration: 7.70 4.28 3.66 2.71 2.32 1.72
First Prin Pay: 12/05 2/01 7/00 9/99 5/99 12/98
Last Prin Pay: 4/11 8/04 7/03 10/01 2/01 2/00
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-31+ Coupon: 6.7500 Original Par: 27,750,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.82 6.81 6.80 6.79 6.78 6.75
Average Life: 15.35 8.41 7.11 5.10 4.20 2.96
Duration: 9.26 6.21 5.46 4.18 3.54 2.60
First Prin Pay: 4/11 8/04 7/03 10/01 2/01 2/00
Last Prin Pay: 2/15 1/08 6/06 12/03 10/02 2/01
-----------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
41
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-29 Coupon: 6.9500 Original Par: 12,930,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.03 7.03 7.03 7.02 7.01 7.00
Average Life: 18.43 11.46 9.81 7.10 5.77 3.71
Duration: 10.08 7.65 6.88 5.43 4.60 3.17
First Prin Pay: 2/15 1/08 6/06 12/03 10/02 2/01
Last Prin Pay: 12/16 3/10 6/08 7/05 2/04 8/01
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-28 Coupon: 7.1250 Original Par: 27,080,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.22 7.21 7.21 7.21 7.21 7.19
Average Life: 21.53 15.13 13.32 10.00 8.26 4.85
Duration: 10.66 8.94 8.30 6.90 6.02 3.96
First Prin Pay: 12/16 3/10 6/08 7/05 2/04 8/01
Last Prin Pay: 5/21 9/15 11/13 2/10 2/08 12/03
-----------------------------------------------------------------------------
A6 SENIOR
Price: 99-31+ Coupon: 7.4250 Original Par: 28,818,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.52 7.51 7.51 7.51 7.51 7.50
Average Life: 25.29 21.01 19.19 15.49 13.30 9.03
Duration: 11.05 10.29 9.89 8.89 8.15 6.32
First Prin Pay: 5/21 9/15 11/13 2/10 2/08 12/03
Last Prin Pay: 6/23 10/19 11/17 4/14 1/12 3/08
---------------------------
TO MATURITY:
Price: 100-00
Bond Yield: 7.51 7.51 7.51 7.51 7.51 7.50
Average Life: 25.84 22.06 20.54 16.87 14.67 9.96
Duration: 11.13 10.47 10.15 9.23 8.56 6.69
First Prin Pay: 5/21 9/15 11/13 2/10 2/08 12/03
Last Prin Pay: 1/26 10/23 11/22 3/20 12/17 4/13
-----------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
42
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
M AA MEZZ
Price: 99-29 Coupon: 7.2750 Original Par: 18,770,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.37 7.36 7.36 7.36 7.36 7.35
Average Life: 21.52 15.64 13.91 10.79 9.46 7.80
Duration: 10.45 8.81 8.22 6.99 6.42 5.67
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 6/23 10/19 11/17 4/14 1/12 3/08
---------------------------
TO MATURITY:
Price: 99-29
Bond Yield: 7.37 7.36 7.36 7.36 7.36 7.35
Average Life: 21.57 15.75 14.05 10.92 9.63 8.18
Duration: 10.46 8.83 8.25 7.03 6.47 5.83
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 2/24 4/21 11/19 2/16 3/14 12/10
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-30 Coupon: 7.5250 Original Par: 21,116,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.62 7.62 7.61 7.61 7.61 7.60
Average Life: 21.08 14.83 13.11 10.00 8.80 7.50
Duration: 10.16 8.47 7.88 6.63 6.08 5.47
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 4/23 4/19 5/17 10/13 10/11 3/08
---------------------------
TO MATURITY:
Price: 99-30
Bond Yield: 7.62 7.62 7.61 7.61 7.61 7.60
Average Life: 21.08 14.83 13.11 10.00 8.80 7.54
Duration: 10.16 8.47 7.88 6.63 6.08 5.49
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 4/23 4/19 5/17 10/13 10/11 3/09
-----------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
43
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
B2 BBB- SUB
Price: 99-25+ Coupon: 7.8250 Original Par: 11,731,441
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.94 7.94 7.94 7.94 7.94 7.94
Average Life: 22.31 17.13 15.36 12.24 10.65 8.34
Duration: 10.09 8.79 8.29 7.25 6.69 5.79
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 6/23 10/19 11/17 4/14 1/12 3/08
---------------------------
TO MATURITY:
Price: 99-26
Bond Yield: 7.94 7.94 7.94 7.94 7.94 7.94
Average Life: 24.09 20.02 18.94 16.70 15.41 12.78
Duration: 10.29 9.19 8.84 8.11 7.75 7.14
First Prin Pay: 11/12 11/05 8/04 9/02 3/02 3/02
Last Prin Pay: 6/27 6/27 6/27 6/27 6/27 6/27
-----------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
44
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-1
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 92 74 68 55 45 22
August 15, 1999 83 45 32 3 0 0
August 15, 2000 73 15 0 0 0 0
August 15, 2001 63 0 0 0 0 0
August 15, 2002 51 0 0 0 0 0
August 15, 2003 37 0 0 0 0 0
August 15, 2004 22 0 0 0 0 0
August 15, 2005 5 0 0 0 0 0
August 15, 2006 0 0 0 0 0 0
August 15, 2007 0 0 0 0 0 0
August 15, 2008 0 0 0 0 0 0
August 15, 2009 0 0 0 0 0 0
August 15, 2010 0 0 0 0 0 0
August 15, 2011 0 0 0 0 0 0
August 15, 2012 0 0 0 0 0 0
August 15, 2013 0 0 0 0 0 0
August 15, 2014 0 0 0 0 0 0
August 15, 2015 0 0 0 0 0 0
August 15, 2016 0 0 0 0 0 0
August 15, 2017 0 0 0 0 0 0
August 15, 2018 0 0 0 0 0 0
August 15, 2019 0 0 0 0 0 0
August 15, 2020 0 0 0 0 0 0
August 15, 2021 0 0 0 0 0 0
August 15, 2022 0 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 4.8 1.8 1.5 1.1 0.9 0.7
- ---------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
45
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-2
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 84 38
August 15, 2000 100 100 96 53 25 0
August 15, 2001 100 85 61 7 0 0
August 15, 2002 100 56 27 0 0 0
August 15, 2003 100 27 0 0 0 0
August 15, 2004 100 0 0 0 0 0
August 15, 2005 100 0 0 0 0 0
August 15, 2006 90 0 0 0 0 0
August 15, 2007 74 0 0 0 0 0
August 15, 2008 57 0 0 0 0 0
August 15, 2009 37 0 0 0 0 0
August 15, 2010 15 0 0 0 0 0
August 15, 2011 0 0 0 0 0 0
August 15, 2012 0 0 0 0 0 0
August 15, 2013 0 0 0 0 0 0
August 15, 2014 0 0 0 0 0 0
August 15, 2015 0 0 0 0 0 0
August 15, 2016 0 0 0 0 0 0
August 15, 2017 0 0 0 0 0 0
August 15, 2018 0 0 0 0 0 0
August 15, 2019 0 0 0 0 0 0
August 15, 2020 0 0 0 0 0 0
August 15, 2021 0 0 0 0 0 0
August 15, 2022 0 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 11.3 5.2 4.4 3.1 2.6 1.9
- ---------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
46
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-3
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 42
August 15, 2001 100 100 100 100 60 0
August 15, 2002 100 100 100 46 4 0
August 15, 2003 100 100 92 11 0 0
August 15, 2004 100 98 47 0 0 0
August 15, 2005 100 56 19 0 0 0
August 15, 2006 100 30 0 0 0 0
August 15, 2007 100 8 0 0 0 0
August 15, 2008 100 0 0 0 0 0
August 15, 2009 100 0 0 0 0 0
August 15, 2010 100 0 0 0 0 0
August 15, 2011 85 0 0 0 0 0
August 15, 2012 54 0 0 0 0 0
August 15, 2013 33 0 0 0 0 0
August 15, 2014 11 0 0 0 0 0
August 15, 2015 0 0 0 0 0 0
August 15, 2016 0 0 0 0 0 0
August 15, 2017 0 0 0 0 0 0
August 15, 2018 0 0 0 0 0 0
August 15, 2019 0 0 0 0 0 0
August 15, 2020 0 0 0 0 0 0
August 15, 2021 0 0 0 0 0 0
August 15, 2022 0 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 15.4 8.4 7.1 5.1 4.2 3.0
- ---------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
47
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-4
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 0
August 15, 2002 100 100 100 100 100 0
August 15, 2003 100 100 100 100 30 0
August 15, 2004 100 100 100 54 0 0
August 15, 2005 100 100 100 0 0 0
August 15, 2006 100 100 88 0 0 0
August 15, 2007 100 100 39 0 0 0
August 15, 2008 100 70 0 0 0 0
August 15, 2009 100 24 0 0 0 0
August 15, 2010 100 0 0 0 0 0
August 15, 2011 100 0 0 0 0 0
August 15, 2012 100 0 0 0 0 0
August 15, 2013 100 0 0 0 0 0
August 15, 2014 100 0 0 0 0 0
August 15, 2015 73 0 0 0 0 0
August 15, 2016 16 0 0 0 0 0
August 15, 2017 0 0 0 0 0 0
August 15, 2018 0 0 0 0 0 0
August 15, 2019 0 0 0 0 0 0
August 15, 2020 0 0 0 0 0 0
August 15, 2021 0 0 0 0 0 0
August 15, 2022 0 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 18.4 11.5 9.8 7.1 5.8 3.7
- ---------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
48
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-5
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 95
August 15, 2002 100 100 100 100 100 37
August 15, 2003 100 100 100 100 100 8
August 15, 2004 100 100 100 100 82 0
August 15, 2005 100 100 100 96 53 0
August 15, 2006 100 100 100 70 29 0
August 15, 2007 100 100 100 47 9 0
August 15, 2008 100 100 96 27 0 0
August 15, 2009 100 100 75 8 0 0
August 15, 2010 100 90 54 0 0 0
August 15, 2011 100 68 34 0 0 0
August 15, 2012 100 50 18 0 0 0
August 15, 2013 100 33 3 0 0 0
August 15, 2014 100 17 0 0 0 0
August 15, 2015 100 1 0 0 0 0
August 15, 2016 100 0 0 0 0 0
August 15, 2017 80 0 0 0 0 0
August 15, 2018 61 0 0 0 0 0
August 15, 2019 41 0 0 0 0 0
August 15, 2020 18 0 0 0 0 0
August 15, 2021 0 0 0 0 0 0
August 15, 2022 0 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 21.5 15.1 13.3 10.0 8.3 4.9
- ---------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
49
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-6
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 100
August 15, 2002 100 100 100 100 100 100
August 15, 2003 100 100 100 100 100 100
August 15, 2004 100 100 100 100 100 85
August 15, 2005 100 100 100 100 100 67
August 15, 2006 100 100 100 100 100 53
August 15, 2007 100 100 100 100 100 42
August 15, 2008 100 100 100 100 91 33
August 15, 2009 100 100 100 100 76 26
August 15, 2010 100 100 100 92 63 20
August 15, 2011 100 100 100 77 52 12
August 15, 2012 100 100 100 66 43 4
August 15, 2013 100 100 100 56 35 0
August 15, 2014 100 100 89 46 27 0
August 15, 2015 100 100 76 38 17 0
August 15, 2016 100 85 63 28 8 0
August 15, 2017 100 71 52 17 1 0
August 15, 2018 100 61 44 10 0 0
August 15, 2019 100 51 36 4 0 0
August 15, 2020 100 41 25 0 0 0
August 15, 2021 93 29 13 0 0 0
August 15, 2022 68 14 2 0 0 0
August 15, 2023 46 1 0 0 0 0
August 15, 2024 18 0 0 0 0 0
August 15, 2025 5 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 25.8 22.1 20.5 16.9 14.7 10.0
- ---------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
50
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 100
August 15, 2002 100 100 100 100 93 89
August 15, 2003 100 100 100 88 79 71
August 15, 2004 100 100 99 77 68 57
August 15, 2005 100 100 90 67 57 45
August 15, 2006 100 94 82 59 49 35
August 15, 2007 100 86 74 51 41 28
August 15, 2008 100 79 67 44 35 22
August 15, 2009 100 72 59 38 29 14
August 15, 2010 100 64 53 32 24 3
August 15, 2011 100 57 46 27 20 0
August 15, 2012 100 51 41 23 12 0
August 15, 2013 95 46 36 20 4 0
August 15, 2014 87 41 31 11 0 0
August 15, 2015 79 35 27 3 0 0
August 15, 2016 70 30 22 0 0 0
August 15, 2017 61 25 16 0 0 0
August 15, 2018 55 21 9 0 0 0
August 15, 2019 48 16 1 0 0 0
August 15, 2020 41 6 0 0 0 0
August 15, 2021 33 0 0 0 0 0
August 15, 2022 24 0 0 0 0 0
August 15, 2023 11 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 21.6 15.8 14.0 10.9 9.6 8.2
- ---------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
51
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 100
August 15, 2002 100 100 100 100 93 89
August 15, 2003 100 100 100 88 79 71
August 15, 2004 100 100 99 77 68 57
August 15, 2005 100 100 90 67 57 40
August 15, 2006 100 94 82 59 46 25
August 15, 2007 100 86 74 50 34 14
August 15, 2008 100 79 67 39 24 4
August 15, 2009 100 72 59 29 16 0
August 15, 2010 100 64 52 21 8 0
August 15, 2011 100 57 42 13 1 0
August 15, 2012 100 50 34 6 0 0
August 15, 2013 95 42 26 1 0 0
August 15, 2014 87 33 19 0 0 0
August 15, 2015 79 25 12 0 0 0
August 15, 2016 70 17 5 0 0 0
August 15, 2017 61 9 0 0 0 0
August 15, 2018 55 3 0 0 0 0
August 15, 2019 46 0 0 0 0 0
August 15, 2020 34 0 0 0 0 0
August 15, 2021 21 0 0 0 0 0
August 15, 2022 7 0 0 0 0 0
August 15, 2023 0 0 0 0 0 0
August 15, 2024 0 0 0 0 0 0
August 15, 2025 0 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 21.1 14.8 13.1 10.0 8.8 7.5
- ---------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
52
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1997-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-2
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1998 100 100 100 100 100 100
August 15, 1999 100 100 100 100 100 100
August 15, 2000 100 100 100 100 100 100
August 15, 2001 100 100 100 100 100 100
August 15, 2002 100 100 100 100 93 89
August 15, 2003 100 100 100 88 79 71
August 15, 2004 100 100 99 77 68 57
August 15, 2005 100 100 90 67 57 54
August 15, 2006 100 94 82 59 54 54
August 15, 2007 100 86 74 54 54 54
August 15, 2008 100 79 67 54 54 54
August 15, 2009 100 72 59 54 54 54
August 15, 2010 100 64 54 54 54 54
August 15, 2011 100 57 54 54 54 54
August 15, 2012 100 54 54 54 54 54
August 15, 2013 95 54 54 54 54 49
August 15, 2014 87 54 54 54 54 37
August 15, 2015 79 54 54 54 54 27
August 15, 2016 70 54 54 54 54 20
August 15, 2017 61 54 54 54 54 14
August 15, 2018 55 54 54 54 45 10
August 15, 2019 54 54 54 54 35 8
August 15, 2020 54 54 54 48 26 5
August 15, 2021 54 54 54 34 18 3
August 15, 2022 54 54 54 23 12 2
August 15, 2023 54 54 37 14 7 1
August 15, 2024 54 29 19 7 3 0
August 15, 2025 54 19 12 4 2 0
August 15, 2026 32 8 5 2 1 0
August 15, 2027 0 0 0 0 0 0
Avg Life In Years: 24.1 20.0 18.9 16.7 15.4 12.8
- ---------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the "SEC") and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the assets backing any securities discussed herein supersedes all
prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information included in the final
prospectus for any securities actually sold to you. This material is furnished
to you solely by Goldman, Sachs & Co. and not by the issuer of the securities or
any of its affiliates. Goldman, Sachs & Co. is acting as underwriter and not
acting as agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
53
