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) May 28, 1998.
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 (336) 664-2400
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
On May 28, 1998, the Registrant expects to enter into an underwriting
agreement with Credit Suisse First Boston Corporation and Prudential
Securities Incorporated (the "Underwriters"), pursuant to which the
Underwriters agreed to purchase and offer for sale to the public,
$300,000,000 aggregate initial principal amount of the Registrant's
Senior/Subordinated Pass-Through Certificates, Series 1998-B, Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5, Class M-1, Class M-2, 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 February 20, 1998, and a related Prospectus
Supplement, to be dated May 28, 1998, to be filed with the Securities and
Exchange Commission pursuant to the Securities Act of 1933, as amended and
Rule 424 thereunder.
In connection with the offering of the Offered Securities, the
Underwriter has prepared and disseminated to potential purchasers certain
"Series Term Sheets", "Computational Materials" and/or "Structural Terms
Sheet(s)," as such terms are defined in the No-Action response letters to
Greenwood Trust Company, Discover Card Master Trust I (publicly available
April 5, 1996), to Kidder, Peabody and Co. Incorporated and certain
affiliates thereof (publicly available, May 20, 1994) and the No-Action
response letter to Cleary, Gottlieb, Steen & Hamilton on behalf of the
Public Securities Association (publicly available, February 17, 1995),
respectively. In accordance with such No-Action Letter, the Registrant is
filing herewith such Series Term Sheets, Computational Materials and/or
Structural Terms Sheet(s) as Exhibit 99.1.
Exhibits
99.1 Copy of "Series Term Sheets", "Computational Materials" and/or
"Structural Terms Sheet(s)" as provided by Credit Suisse First
Boston Corporation and Prudential Securities Incorporated.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
May 28, 1998 OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Doug R. Muir
--------------------
Name: Doug R. Muir
Title: Vice President
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INDEX TO EXHIBITS
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Page
99.1 Copy of "Series Term Sheets", "Computational Materials"
and/or "Structural Terms Sheet(s)"
as provided by Credit Suisse First Boston
and Prudential Securities Incorporated..................
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SUBJECT TO REVISION
SERIES TERM SHEET DATED MAY 27, 1998
[Oakwood Homes Logo appears here]
$300,000,000
Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
Senior/Subordinated Pass-Through Certificates, Series 1998-B
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 1998-B. The Series Term Sheet has been
prepared by Oakwood Mortgage Investors, Inc. 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, Prudential Securities Incorporated 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 1998-B, 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 Prudential Securities Incorporated
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This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 1998-B Pooling and Servicing Agreement (including the November 1995
Edition to the Standard Terms) to be dated as of May 1, 1998, among Oakwood
Mortgage Investors, Inc., as Depositor, 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 and Class A-5
Certificates.
Class M Certificates.........................Class M-1 and Class M-2 Certificates.
Class B Certificates.........................Class B-1 and Class B-2 Certificates.
Subordinated Certificates....................Class M, Class B, Class X and Class R Certificates.
Offered Certificates.........................Class A, Class M and Class B Certificates.
Offered Subordinated Certificates............Class M and Class B Certificates.
The Offered Certificates........................ Approximate
Initial Certificate Pass-Through
Title of Class Principal Balance(1) Rate
-------------- -------------------- ----
Class A-1 Certificates....... $62,900,000 . %(2)
Class A-2 Certificates....... $57,600,000 %(3)
Class A-3 Certificates....... $33,700,000 . %(3)
Class A-4 Certificates....... $18,700,000 . %(3)
Class A-5 Certificates....... $64,850,000 . %(3)
Class M-1 Certificates....... $23,250,000 . %(4)
Class M-2 Certificates....... $12,750,000 . %(4)
Class B-1 Certificates....... $11,250,000 . %(4)
Class B-2 Certificates....... $15,000,000 . %(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.
Other Certificates.............................. The Class X and Class R Certificates are not being offered
hereby. The Class X and Class R Certificates are expected to be
sold initially to related entities of the Company, which may
offer the Class X and Class R Certificates in the future in one
or more privately negotiated transactions.
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.................................... With respect to each Initial Asset, May 1, 1998, or with respect
to each Subsequent Asset, the date as of which such Asset is
purchased by the Trust.
Distribution Dates.............................. The fifteenth day of each month, (or if such fifteenth day is not
a business day, the next succeeding business day) commencing in
June 1998 (each, a "Distribution Date").
Record Date..................................... With respect to each Distribution Date other than the first
Distribution Date, the close of business on the last business day
of the month preceding the month in which such Distribution Date
occurs, and with respect to the first Distribution Date, the
close of business on the Closing Date. (each, a "Record Date").
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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 to June 14, 1998) and (ii) for the other Classes, the
calendar month preceding the month in which the Distribution Date
occurs (each, an "Interest Accrual Period").
Pre-Funding Account............................. The Trustee will establish a trust account (the "Pre-Funding
Account"). On the Closing Date, $43,147,733.28 (the "Pre-Funded
Amount") will be deposited in the Pre-Funding Account to provide
the Trust with funds to purchase Subsequent Assets.
Distributions................................... The "Available Distribution Amount" for a Distribution Date
generally will include (1)(a) Monthly Payments of principal and
interest due on the Assets during the related Collection Period,
to the extent such payments were actually collected from the
Obligors or advanced by the Servicer and (b) unscheduled payments
received with respect to the Assets during the related Prepayment
Period, including Principal Prepayments, proceeds of repurchases,
Net Liquidation Proceeds and Net Insurance Proceeds, less
(2)(a) if Oakwood is not the Servicer, Servicing Fees for the
related Collection Period, (b) amounts required to reimburse the
Servicer for previously unreimbursed Advances in accordance with
the Agreement, (c) amounts required to reimburse the Company or
the Servicer for certain reimbursable expenses in accordance with
the Agreement and (d) amounts required to reimburse any party for
an overpayment of a Repurchase Price for an Asset in accordance
with the Agreement.
Distributions will be made on each Distribution Date to holders of
record on the preceding Record Date. Distributions on a Class of
Certificates will be allocated among the Certificates of such Class
in proportion to their respective percentage interests.
Certificate Structure Considerations............ The primary credit support for the Class A Certificates is the
subordination of the Subordinated Certificates; for the Class M-1
Certificates is the subordination of the Class M-2, Class B,
Class X and the Class R Certificates; for the Class M-2
Certificates is the subordination of the Class B, Class X, and
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.
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The rights of the Class B Certificateholders to receive
distributions of principal similarly will be subordinated to the
rights of the Class A and Class M Certificateholders 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 the Assets. The Limited Guarantee will not be
available to support other Classes of Certificates.
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. The
amount of the Realized Loss, if any, in excess of the sum of (1)
the amount of interest collected on the nondefaulted Assets in
excess of certain Interest Distribution Amounts and Carryover
Interest Distribution Amounts required to be distributed on the
Class A, Class M and Class B Certificates and any portion of such
interest required to be paid to a Servicer other than Oakwood as
servicing compensation ("Excess Interest") and (2) the Current
Overcollateralization Amount will be allocated to the
Subordinated Certificates as a Writedown Amount in reduction of
their Certificate Principal Balance as described below.
Allocation of Writedown Amounts................. The "Writedown Amount" for any Distribution Date will be the
amount, if any, by which the aggregate Certificate Principal
Balance of all Certificates, after all distributions have been
made on the Certificates on such Distribution Date, exceeds the
Pool Scheduled Principal Balance of the Assets for the next
Distribution Date. The Writedown Amount will be allocated among
the Classes of 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;
(3) third, to the Class M-2 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero; and
(4) fourth, to the Class M-1 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero.
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Advances ....................................... For each Distribution Date, the Servicer will be obligated to make
an advance (a "P&I Advance") in respect of any delinquent Monthly
Payment that will, in the Servicer's judgment, be recoverable from
late payments on or Liquidation Proceeds from such Asset. The
Servicer will also be obligated to make Advances ("Servicing
Advances" and, together with P&I Advances, "Advances") in respect
of Liquidation Expenses and certain taxes and insurance premiums
not paid by an Obligor on a timely basis, to the extent the
Servicer deems such Servicing Advances recoverable out of
Liquidation Proceeds or from collections on the related Asset. P&I
Advances and Servicing Advances are reimbursable to the Servicer
under certain circumstances.
Final Scheduled Distribution Dates.............. Based on the assumptions that (i) there are no defaults,
prepayments or delinquencies with respect to payments due on the
Assumed Contract Characteristics, (ii) the optional termination
right is not exercised by the Servicer, and (iii) there were no
Accelerated Principal Payments, the Final Scheduled Distribution
Dates for each of the Classes are set forth below. It is
anticipated that the actual final Distribution Date for each
Class may occur earlier than the Final Schedule Distribution
Dates. In the event of large losses and delinquencies on the
Contracts, however, the actual payment on certain of the
subordinate classes of Certificates may occur later than the
Final Scheduled Distribution Dates and in certain scenarios,
holders of such classes may incur a loss on their investment.
Final Scheduled
Distribution Dates
------------------
Class A-1 Certificates.......... February 15, 2007
Class A-2 Certificates.......... August 15, 2011
Class A-3 Certificates.......... January 15, 2015
Class A-4 Certificates.......... March 15, 2017
Class A-5 Certificates.......... November 15, 2026
Class M-1 Certificates.......... May 15, 2024
Class M-2 Certificates.......... May 15, 2023
Class B-1 Certificates.......... March 15, 2022
Class B-2 Certificates.......... April 15, 2028
Optional Termination............................ The Servicer at its option and subject to the limitations imposed
by the Agreement, will have the option to purchase from the Trust
Estate all Assets then outstanding and all other property in the
Trust Estate on any Distribution Date occurring on or after the
Distribution Date on which the sum of the Certificate Principal
Balance of the Certificates is less than 10% of the sum of the
original Certificate Principal Balance of the Certificates.
Auction Sale.................................... If the Servicer does not exercise 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.
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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"). This Term Sheet
contains information regarding Assets that represent approximately
85.62% of the total expected Asset Pool (the "Initial Assets"). The
Asset Pool will initially consist of approximately 7,135 Initial
Assets having an aggregate Scheduled Principal Balance as of the
Cut-off Date of approximately $256,852,266.72. All of the Initial
Assets are actuarial obligations. Approximately 7.23% of the
Initial Assets are Mortgage Loans and approximately 3.45% of the
Initial Assets are Land Secured Contracts. Based on Cut-off Date
Pool Scheduled Principal Balance, 84.25% of the Initial Assets are
secured by Manufactured Homes which were new, 2.43% of the Initial
Assets are secured by Manufactured Homes which were used, 11.77% of
the Initial Assets are secured by Manufactured Homes which were
repossessed and 1.55% of the Initial Assets are secured by
Manufactured Homes which were transferred. As of the Cut-off Date,
the Initial Assets were secured by Manufactured Homes or Mortgaged
Properties (or Real Properties, in the case of Land Secured
Contracts) located in 39 states, and approximately 22.92% and
20.25% of the Initial Assets were secured by Manufactured Homes or
Mortgaged Properties located in North Carolina and Texas,
respectively (based on the mailing addresses of the Obligors on the
Assets as of the Cut-off Date). Each Initial Asset bears interest
at an annual percentage rate (an "APR") of at least 7.49% and not
more than 14.50%. The weighted averaged APR of the Initial Assets
as of the Cut-off Date is approximately 11.10%. The Initial Assets
have remaining terms to maturity as of the Cut-off Date of at least
10 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 Initial Assets had a weighted average
original term to stated maturity of approximately 259 months, and a
weighted average remaining term to stated maturity of approximately
257 months. The final scheduled payment date on the Initial Asset
with the latest maturity occurs in May 2028. No Initial Asset has
an original loan-to-value ratio in excess of 100%. The Servicer
will be required to cause to be maintained one or more standard
hazard insurance policies with respect to each Manufactured Home
and Mortgaged 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.
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ERISA Considerations............................ Fiduciaries of employee benefit plans and certain other
retirement plans and arrangements, including individual
retirement accounts and annuities, Keogh plans, and collective
investment funds in which such plans, accounts, annuities or
arrangements are invested, that are subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or
corresponding provisions of the Code (any of the foregoing, a
"Plan"), persons acting on behalf of a Plan, or persons using the
assets of a Plan ("Plan Investors") should consult with their own
counsel to determine whether the purchase or holding of the
Offered Certificates could give rise to a transaction that is
prohibited either under ERISA or the Code.
Because the Offered Subordinated Certificates are subordinated
securities, they will not satisfy the requirements of certain
prohibited transaction exemptions. As a result, the purchase or
holding of any of the Offered Subordinated Certificates by a Plan
Investor may constitute a non-exempt prohibited transaction or
result in the imposition of excise taxes or civil penalties.
Accordingly, none of the Offered Subordinated Certificates are
offered for sale, and are not transferable, to Plan Investors,
unless such Plan Investor provides the Seller and the Trustee
with a Benefit Plan Opinion, on the circumstances described in
clause (ii) below are satisfied. Unless such Opinion is
delivered, each person acquiring an Offered Subordinated
Certificate will be deemed to represent to the Trustee, the
Seller, and the Servicer that either (I) such person is not a
Plan Investor subject to ERISA or Section 4975 of the Code, or
(ii) such person is an insurance company that is purchasing an
Offered Subordinated Certificate with funds from its "general
account" and the provisions of Prohibited Transaction Class
Exemption 95-60 will apply to exempt the purchase of such
Certificate from the prohibited transaction rules of ERISA and
the Code.
Legal Investment Considerations................. The Class A and Class M-1 Certificates will constitute "mortgage
related securities" for purposes of the Secondary Mortgage Market
Enhancement Act of 1984 ("SMMEA").
The Class M-2 and Class B Certificates are not "mortgage related
securities" for purposes of SMMEA because such Certificates are not
rated in one of the two highest rating categories by a nationally
recognized rating agency.
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Ratings......................................... It is a condition to the issuance of the Certificates that
(i) the Class A Certificates be rated "AAA" by each of Standard &
Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc. ("S&P") and Fitch IBCA, Inc., respectively ("Fitch" and,
together with S&P, the "Rating Agencies"), (ii) the Class M-1
Certificates be rated at least "AA" by each of S&P and Fitch,
respectively (iii) the Class M-2 Certificates be rated at least "A"
by each of S&P and Fitch, respectively (iv) the Class B-1
Certificates be rated at least "BBB" by each of S&P and Fitch,
respectively and (v) the Class B-2 Certificates be rated at least
"BBB-" by each of S&P and Fitch, respectively. The rating of the
Class B-2 Certificates will be based in part on an assessment of
Oakwood Homes' ability to make payments under the Limited
Guarantee. Any reduction in a Rating Agency's rating of Oakwood
Homes' debt securities may result in a similar reduction in the
rating of the Class B-2 Certificates. A security rating is not a
recommendation to buy, sell or hold securities and may be subject
to revision or withdrawal at any time by the assigning rating
organization.
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Delinquency, Loan Loss and Repossession Experience
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential mortgage loans
serviced by Oakwood. Because delinquencies, losses and repossessions are
affected by a variety of economic, geographic and other factors, there can be no
assurance that the delinquency and loss experience of the Assets will be
comparable to that set forth below.
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Asset Servicing Portfolio
(Dollars in thousands)
At September 30, March 31,
-------------------------------------------------------------- ------------------
1993 1994 1995 1996 1997 1997 1998
--------- ----------- ----------- ----------- ----------- ----------- --------
Total Number of Serviced Assets
Oakwood Originated.......... 28,938 39,273 51,566 67,120 89,411 75,741 99,878
Acquired Portfolios......... 1,591 5,773 4,872 4,177 3,602 3,923 3,221
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.......... $507,394 $757,640 $1,130,378 $1,687,406 $2,499,794 $1,988,116 $2,937,886
Acquired Portfolios......... $30,498 $85,227 $70,853 $57,837 $47,027 $52,971 $40,919
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated.......... $17.5 $19.3 $21.9 $25.1 $28.0 $26.2 $29.4
Acquired Portfolios......... $19.2 $14.8 $14.5 $13.8 $13.1 $13.5 $12.7
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.......... 12.8% 12.2% 12.0% 11.5% 11.0% 11.3% 11.0%
Acquired Portfolios......... 9.4% 11.0% 11.3% 11.2% 11.1% 11.1% 11.1%
Delinquency Experience (1)
(Dollars in thousands)
At September 30,
March 31,
---------------------------------------------------- ----------------
1993 1994 1995 1996 1997 1997 1998
-------- -------- -------- -------- -------- -------- --------
Total Number of Serviced Assets
Oakwood Originated.................. 28,938 39,273 51,566 67,120 89,411 75,741 99,878
Acquired Portfolios................. 1,591 5,773 4,872 4,177 3,602 3,923 3,221
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days.......................... 244 350 601 835 1,171 891 1,445
60-89 Days.......................... 51 97 185 308 476 344 499
90 Days or More..................... 150 198 267 492 716 663 1,004
Total Number of Assets Delinquent 445 645 1,053 1,635 2,363 1,898 2,948
Acquired Portfolios.................
30-59 Days.......................... 37 127 63 66 90 61 72
60-89 Days.......................... 26 49 17 23 23 19 31
90 Days or More..................... 16 98 76 62 75 78 61
Total Number of Assets Delinquent 79 274 156 151 188 158 164
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 1.5% 1.6% 2.0% 2.4% 2.6% 2.5% 3.0%
Acquired Portfolios................. 5.0% 4.7% 3.2% 3.6% 5.2% 4.0% 5.1%
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(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purposes of this
table.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a payment due
on the first day of a month is not 30 days delinquent until the first day of
the next month.
(3) By number of assets.
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Loan Loss/Repossession Experience
(Dollars in thousands)
At or for the fiscal year At or for the six
ended months ended
September 30, March
31,
-------------------------------------------------------------
1993 1994 1995 1996 1997 1997 1998
---------- ---------- ---------- ----------- ----------- ----------- --------
Total Number of Serviced
Assets (1)................. 30,529 45,046 56,438 71,297 93,013 79,664 103,099
Average Number of Serviced
Assets During Period....... 25,990 37,788 50,742 63,868 82,155 75,481 98,056
Number of Serviced
Assets Repossessed......... 902 1,241 1,718 2,746 3,885 1,828 2,429
Serviced Assets Repossessed as a
Percentage of Total
Serviced Assets (2)........ 2.95% 2.75% 3.04% 3.85% 4.18% 4.59% (6) 4.71%(6)
Serviced Assets Repossessed as a
Percentage of Average
Number of Serviced Assets.. 3.47% 3.28% 3.39% 4.30% 4.73% 4.84% (6) 4.95%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated......... $531,199 $701,875 $976,905 $1,409,467 $2,065,033 1,816,081 $2,677,949
Acquired Portfolios........ $15,249 $30,432 $30,235 $27,351 $22,943 24,147 $20,088
Net Losses from Asset
Liquidation(4):
Total Dollars (3)..........
Oakwood Originated....... $3,328 $4,630 $7,303 $14,248 $26,872 $11,214 $19,767
Acquired Portfolios...... $0 $203 $473 $592 $528 $509 $135
As a Percentage of Average
Outstanding Principal
Balance of Assets (3) (5)
Oakwood Originated....... 0.63% 0.66% 0.75% 1.01% 1.30% 1.23% (6) 1.48%(6)
Acquired Portfolios...... 0.00% 0.67% 1.56% 2.16% 2.30% 4.22% (6) 1.34%(6)
</TABLE>
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period
expressed as a percentage of the total number of serviced assets at the end
of the applicable period.
(3) Includes assets originated by Oakwood Acceptance Corporation and serviced by
Oakwood Acceptance Corporation and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance
Corporation-serviced portfolios. Such amounts include estimates of net
losses with respect to certain defaulted assets. Charges to the losses
reserves in respect of a defaulted asset generally are made before the
defaulted asset becomes a liquidated asset. The length of the accrual period
for the amount of accrued and unpaid interest include in the calculation of
the net loss varies depending upon the period in which the loss was charged
and whether the asset was owned by an entity other than Oakwood Acceptance
Corporation.
(5) Total net losses incurred on assets liquidated during the applicable period
expressed as a percentage of the average outstanding principal balance of
all assets at the end of the applicable period.
(6) Annualized.
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.
9
<PAGE>
Whenever reference is made herein to a percentage of the Initial Assets
(or to a percentage of the Scheduled Principal Balance of the Initial Assets),
the percentage is calculated based on the Scheduled Principal Balances ("SPB")
of the Initial Assets as of May 1, 1998. 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>
<S> <C>
Geographical Distribution of Manufactured Homes(1)
Number of Percentage of
Initial Aggregate Scheduled Initial Asset Pool
Geographic Location Assets Principal Balance by SPB
- ------------------- -------- ------------------- -------------------
Alabama.................... 270 $ 8,698,261 3.39%
Alaska..................... 2 160,622 0.06
Arizona.................... 219 9,782,103 3.81
Arkansas................... 131 4,429,694 1.72
California................. 20 1,085,397 0.42
Colorado................... 68 3,096,180 1.21
Delaware................... 54 1,626,318 0.63
Florida.................... 178 7,130,769 2.78
Georgia.................... 226 8,369,283 3.26
Idaho...................... 34 1,607,964 0.63
Illinois................... 13 429,103 0.17
Indiana.................... 9 240,131 0.09
Iowa....................... 1 49,095 0.02
Kansas..................... 63 2,345,273 0.91
Kentucky................... 200 6,577,763 2.56
Louisiana.................. 179 6,491,557 2.53
Maryland................... 35 1,231,843 0.48
Massachusetts.............. 2 70,982 0.03
Michigan................... 2 80,051 0.03
Mississippi................ 247 8,324,586 3.24
Missouri................... 132 4,577,270 1.78
Nevada..................... 11 588,626 0.23
New Jersey................. 3 90,471 0.04
New Mexico................. 197 7,063,350 2.75
New York................... 4 171,946 0.07
North Carolina............. 1,688 58,860,095 22.92
Ohio....................... 39 1,221,004 0.48
Oklahoma................... 93 3,259,248 1.27
Oregon..................... 41 2,495,868 0.97
Pennsylvania............... 2 108,542 0.04
South Carolina............. 590 20,627,532 8.03
Tennessee.................. 332 10,819,242 4.21
Texas...................... 1,414 52,022,166 20.25
Utah....................... 24 1,114,208 0.43
Virginia................... 407 13,430,583 5.23
Washington................. 69 4,378,299 1.70
Washington DC.............. 1 24,363 0.01
West Virginia.............. 133 4,078,972 1.59
Wyoming.................... 2 93,510 0.04
----- --------- ----
Total................... 7,135 $256,852,267 100.00%
===== ============ ======
</TABLE>
(1) Based on the mailing address of the Obligor on the related Initial Asset as
of May 1, 1998.
10
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Year of Origination of Initial Assets (1)
Number of Aggregate Percentage of
Initial Scheduled Initial Asset Pool
Year of Origination Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
1995..................... 1 $ 20,717 0.01%
1996..................... 2 45,408 0.02
1997..................... 60 2,892,171 1.13
1998..................... 7,072 253,893,970 98.85
----- ------------- -------
Total............... 7,135 $256,852,267 100.00%
===== ============ ======
(1) The weighted average seasoning of the Initial Assets was approximately 1
month as of May 1, 1998.
Distribution of Original Initial Asset Amounts(1)
Number of Aggregate Percentage of
Original Initial Asset Initial Scheduled Initial Asset Pool
Amount Assets Principal Balance by SPB
- ---------------------- -------- ----------------- -------------------
$ 4,999 or less.............. 27 $ 101,956 0.04%
$ 5,000 - $ 9,999......... 170 1,305,465 0.51
$ 10,000 - $ 14,999.......... 277 3,443,532 1.34
$ 15,000 - $ 19,999.......... 396 7,011,224 2.73
$ 20,000 - $ 24,999.......... 741 16,847,870 6.56
$ 25,000 - $ 29,999.......... 1,160 31,952,768 12.44
$ 30,000 - $ 34,999.......... 1,419 45,960,321 17.89
$ 35,000 - $ 39,999.......... 773 28,664,430 11.16
$ 40,000 - $ 44,999.......... 376 15,929,095 6.20
$ 45,000 - $ 49,999.......... 426 20,264,833 7.89
$ 50,000 - $ 54,999.......... 412 21,583,879 8.40
$ 55,000 - $ 59,999.......... 356 20,452,805 7.96
$ 60,000 - $ 64,999.......... 245 15,265,994 5.94
$ 65,000 - $ 69,999.......... 133 8,937,168 3.48
$ 70,000 - $ 74,999.......... 74 5,345,793 2.08
$ 75,000 - $ 79,999.......... 42 3,251,854 1.27
$ 80,000 - $ 84,999.......... 25 2,050,219 0.80
$ 85,000 - $ 89,999.......... 19 1,667,272 0.65
$ 90,000 - $ 94,999.......... 17 1,568,254 0.61
$ 95,000 - $ 99,999.......... 14 1,358,176 0.53
$100,000 or more............... 33 3,889,360 1.51
------- --------------- --------
Total..................... 7,135 $256,852,267 100.00%
===== ============ ======
</TABLE>
(1) The highest original Initial Asset amount was $214,857, which represents
0.08% of the aggregate principal balance of the Initial Assets at
origination. The average original principal amount of the Initial Assets was
approximately $36,076 as of May 1, 1998.
11
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Initial Asset Rates (1)
Number of Percentage of
Initial Aggregate Scheduled Initial Asset Pool
Asset Rate Assets Principal Balance by SPB
- ------------ -------- ------------------- -----------------
7.000% - 7.999%............ 29 $ 1,867,637 0.73%
8.000% - 8.999%........... 1,207 59,376,636 23.12
9.000% - 9.999%.......... 736 34,696,435 13.51
10.000% - 10.999%.......... 449 21,207,794 8.26
11.000% - 11.999%.......... 400 15,439,937 6.01
12.000% - 12.999%.......... 2,622 74,942,149 29.18
13.000% - 13.999%.......... 1,691 49,315,034 19.20
14.000% - 14.999%.......... 1 6,645 0.00
----- ------------- ------
Total................. 7,135 $256,852,267 100.00%
===== ============ ======
(1) The weighted average Initial Asset Rate was approximately 11.10% as of May
1, 1998. This table reflects the Initial Asset Rates of the Step-up Rate
Loans as of May 1, 1998 and does not reflect any subsequent increases in the
Initial Asset Rates of the Step-up Rate Loans.
Remaining Terms to Maturity of Initial Assets (In Months) (1)
Number of Percentage of
Remaining Term Initial Aggregate Scheduled Initial Asset Pool
to Maturity Assets Principal Balance by SPB
--------- ----------------- -----------------
1 - 60 months.......... 245 $ 2,126,834 0.83%
61 - 96 months.......... 244 3,331,371 1.30
97 - 120 months........... 236 4,537,983 1.77
121 - 156 months........... 351 7,350,931 2.86
157 - 180 months........... 2,159 63,622,969 24.77
181 - 216 months........... 66 2,015,863 0.78
217 - 240 months........... 1,643 59,252,146 23.07
241 - 300 months........... 1,101 47,764,018 18.60
301 - 360 months........... 1,090 66,850,151 26.03
----- -------------- -------
Total.................... 7,135 $256,852,267 100.00%
===== ============ ======
(1) The weighted average remaining term to maturity of the Initial Assets was
approximately 257 months as of May 1, 1998.
Original Terms to Maturity of Initial Assets (In Months) (1)
Number of Percentage of
Original Term Initial Aggregate Scheduled Initial Asset Pool
to Maturity Assets Principal Balance by SPB
--------- ------------------- -----------------
1 - 60 months.......... 244 $ 2,114,051 0.82%
61 - 96 months.......... 244 3,323,437 1.29
97 - 120 months........... 236 4,541,987 1.77
121 - 156 months........... 351 7,337,891 2.86
157 - 180 months........... 2,160 63,652,723 24.78
181 - 216 months........... 65 1,983,247 0.77
217 - 240 months........... 1,644 59,284,762 23.08
241 - 300 months........... 1,101 47,764,018 18.60
301 - 360 months........... 1,090 66,850,151 26.03
----- -------------- -------
Total.................... 7,135 $256,852,267 100.00%
===== ============ ======
</TABLE>
(1) The weighted average original term to maturity of the Initial Assets was
approximately 259 months as of May 1, 1998.
12
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Distribution of Original Loan-to-Value Ratios of Initial Assets(1)
Number of Percentage of
Initial Aggregate Scheduled Initial Asset Pool
Loan-to Value Ratio(2) Assets Principal Balance by SPB
--------- -------------------- ------------------
50% or less................ 42 $ 1,132,639 0.44%
51% - 55%.................... 22 526,328 0.21
56% - 60%.................... 27 822,982 0.32
61% - 65%.................... 38 1,152,557 0.45
66% - 70%.................... 87 2,816,367 1.10
71% - 75%.................... 102 3,436,040 1.34
76% - 80%.................... 251 8,018,923 3.12
81% - 85%.................... 621 19,368,289 7.54
86% - 90%.................... 1,330 44,139,301 17.19
91% - 95%.................... 3,401 129,625,293 50.47
96% - 100%................... 1,214 45,813,548 17.84
----- ------------- -------
Total................... 7,135 $256,852,267 100.00%
===== ============ ======
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the Initial Assets was
approximately 91.30% as of May 1, 1998.
(2) Rounded to nearest 1%.
"Loan-to-Value Ratio" means, (a) with respect to each Contract, (i) as
to each Contract with respect to which a lien on land is required for
underwriting purposes, the ratio, expressed as a percentage, of the principal
amount of such Contract to the sum of the purchase price of the home (including
taxes, insurance and any land improvements), the tax value or appraised value of
the land and the amount of any prepaid finance charges or closing costs that are
financed; and (ii) as to each other Contract, the ratio, expressed as a
percentage, of the principal amount of such Contract to the purchase price of
the home (including taxes, insurance and any land improvements) and the amount
of any prepaid finance charges or closing costs that are financed; and (b) with
respect to each Mortgage Loan, the ratio, expressed as a percentage, of the
principal amount of such Mortgage Loan at the time of determination, to either
(i) the sum of the appraised value of the land and improvements, and the amount
of any prepaid finance charges or closing costs that are financed or (ii) the
sum of the purchase price of the home (including taxes, insurance and any land
improvements), the appraised value of the land and the amount of any prepaid
finance charges or closing costs that are financed:
Conveyance of Subsequent Assets
The Depositor expects to sell Subsequent Assets to the Trust during the
Pre-Funding Period. The Pre-Funding Account will be used to purchase Subsequent
Assets during the period from the Closing Date until the close of business on
June 11, 1998. The purchase price for such Subsequent Assets will equal the
outstanding principal balances thereof as the related subsequent cut-off date
and will be paid by withdrawal of funds on deposit in the Pre-Funding Account.
The Subsequent Assets generally will have been originated more recently than,
and may have other characteristics which differ from, the Assets initially
included in the Trust. As a result, following any sale of Subsequent Assets, the
description of the Assets set forth above may not accurately reflect the
characteristics of all of the Assets and Subsequent Assets in the Trust.
However, the Subsequent Assets must conform to the representations and
warranties set forth in the Agreement. Additionally, no Subsequent Assets will
be 30 or more days Delinquent. Following the end of the Pre-Funding Period, the
Depositor expects that the Assets (including Subsequent Assets) in the Trust
will have the following approximate characteristics.
<TABLE>
<S> <C>
Average Scheduled Principal Balance at least $36,000
Weighted Average Asset Rate 10.75% - 11.25%
Weighted Average Remaining Term to Stated Maturity 255 months -265 months
Weighted Average Loan-to-Value Ratio not more than 92%
Seasoning 0 months - 2 months
Assets Secured by New Manufactured Homes at least 83.5%
Assets Secured by Single Wide Homes not more than 52%
Land Secured Contracts and Mortgage Loans at least 10.0%
State Distribution
- ------------------
North Carolina not more than 24%
Texas not more than 22%
Any other individual state not more than 10%
</TABLE>
13
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
------------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Price Pay Pay Dur.
------------------------------------------------------------------------------
To Call:
A1 SENIOR FLT 62,900,000 FLOAT(3) 1.10 N/A 100-00 6/98 7/00 1.03
A2 SENIOR 57,600,000 6.1500 3.10 6.182 99-28+ 7/00 8/02 2.73
A3 SENIOR 33,700,000 6.2000 5.10 6.264 99-26+ 8/02 9/04 4.23
A4 SENIOR 18,700,000 6.3750 7.10 6.427 99-30 9/04 5/06 5.53
A5 SENIOR 64,850,000 6.7000 11.98 6.771 99-29+ 5/06 1/13 7.89
M1 AA MEZZ 23,250,000 6.8500 9.67 6.911 99-31+ 1/03 1/13 6.64
M2 A SUB 12,750,000 7.0250 9.61 7.113 99-26+ 1/03 1/13 6.56
B1 BBB SUB 11,250,000 7.5250 9.09 7.612 99-29 1/03 12/11 6.21
B2 BBB- SUB 15,000,000 7.8250 10.16 7.912 99-31 1/03 1/13 6.50
----------------------------
To Maturity:
A5 SENIOR 64,850,000 6.7000 12.91 6.772 99-29+ 5/06 10/19 8.19
M1 AA MEZZ 23,250,000 6.8500 9.97 6.911 99-31+ 1/03 2/16 6.74
M2 A SUB 12,750,000 7.0250 9.64 7.113 99-26+ 1/03 10/13 6.57
B1 BBB SUB 11,250,000 7.5250 9.09 7.612 99-29 1/03 12/11 6.21
B2 BBB- SUB 15,000,000 7.8250 13.87 7.916 99-31 1/03 4/28 7.31
------------------------------------------------------------------------------
Note:
(1) Data assumes a prepayment speed of 180% MHP.
(2) Coupon and price are assumed for computational materials.
(3) A1 coupon based on 1 month LIBOR.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A1 SENIOR FLOATER
Price: 100-00 Coupon: FLOATER Original Par: 62,900,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 4.97 1.67 1.26 1.10 1.02 0.73
Duration: 4.08 1.53 1.17 1.03 0.95 0.69
First Prin Pay: 6/98 6/98 6/98 6/98 6/98 6/98
Last Prin Pay: 2/07 8/01 11/00 7/00 5/00 11/99
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-28+ Coupon: 6.1500 Original Par: 57,600,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.21 6.20 6.19 6.18 6.18 6.16
Average Life: 11.14 4.75 3.57 3.10 2.86 2.06
Duration: 7.80 3.98 3.09 2.73 2.53 1.87
First Prin Pay: 2/07 8/01 11/00 7/00 5/00 11/99
Last Prin Pay: 7/11 10/04 3/03 8/02 4/02 2/01
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-26+ Coupon: 6.2000 Original Par: 33,700,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.27 6.27 6.27 6.26 6.26 6.26
Average Life: 14.54 7.71 5.86 5.10 4.59 3.19
Duration: 9.28 5.93 4.75 4.23 3.87 2.80
First Prin Pay: 7/11 10/04 3/03 8/02 4/02 2/01
Last Prin Pay: 1/15 11/07 8/05 9/04 1/04 2/02
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-30 Coupon: 6.3750 Original Par: 18,700,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.44 6.44 6.43 6.43 6.42 6.41
Average Life: 17.71 10.48 8.13 7.10 6.39 3.98
Duration: 10.29 7.40 6.14 5.53 5.08 3.40
First Prin Pay: 1/15 11/07 8/05 9/04 1/04 2/02
Last Prin Pay: 3/17 12/09 7/07 5/06 8/05 9/02
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-29+ Coupon: 6.7000 Original Par: 64,850,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.78 6.77 6.77 6.77 6.77 6.76
Average Life: 22.40 16.07 13.37 11.98 11.13 7.42
Duration: 11.21 9.45 8.47 7.89 7.51 5.56
First Prin Pay: 3/17 12/09 7/07 5/06 8/05 9/02
Last Prin Pay: 1/23 7/17 9/14 1/13 4/12 10/08
---------------------------
To Maturity:
Bond Yield: 6.78 6.78 6.77 6.77 6.77 6.76
Average Life: 22.84 16.89 14.27 12.91 11.98 8.02
Duration: 11.28 9.65 8.72 8.19 7.79 5.82
First Prin Pay: 3/17 12/09 7/07 5/06 8/05 9/02
Last Prin Pay: 9/26 4/23 3/21 10/19 11/18 7/14
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
M1 AA MEZZ
Price: 99-31+ Coupon: 6.8500 Original Par: 23,250,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.92 6.92 6.91 6.91 6.91 6.90
Average Life: 19.88 13.25 10.85 9.67 9.24 7.70
Duration: 10.40 8.21 7.19 6.64 6.44 5.70
First Prin Pay: 2/12 4/05 9/03 1/03 12/02 12/02
Last Prin Pay: 1/23 7/17 9/14 1/13 4/12 10/08
---------------------------
To Maturity:
Bond Yield: 6.92 6.92 6.91 6.91 6.91 6.91
Average Life: 20.02 13.50 11.13 9.97 9.52 8.18
Duration: 10.43 8.27 7.28 6.74 6.54 5.91
First Prin Pay: 2/12 4/05 9/03 1/03 12/02 12/02
Last Prin Pay: 5/24 3/20 7/17 2/16 4/15 3/12
-----------------------------------------------------------------------------
M2 A SUB
Price: 99-26+ Coupon: 7.0250 Original Par: 12,750,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 7.12 7.12 7.11 7.11 7.11 7.11
Average Life: 19.84 13.18 10.77 9.61 9.19 7.70
Duration: 10.24 8.09 7.09 6.56 6.37 5.66
First Prin Pay: 2/12 4/05 9/03 1/03 12/02 12/02
Last Prin Pay: 1/23 7/17 9/14 1/13 4/12 10/08
---------------------------
To Maturity:
Bond Yield: 7.12 7.12 7.11 7.11 7.11 7.11
Average Life: 19.85 13.20 10.80 9.64 9.22 7.94
Duration: 10.24 8.10 7.10 6.57 6.38 5.77
First Prin Pay: 2/12 4/05 9/03 1/03 12/02 12/02
Last Prin Pay: 5/23 2/18 6/15 10/13 12/12 8/10
-----------------------------------------------------------------------------
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.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-29 Coupon: 7.5250 Original Par: 11,250,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 7.62 7.62 7.61 7.61 7.61 7.61
Average Life: 19.41 12.55 10.19 9.09 8.69 7.49
Duration: 9.77 7.68 6.72 6.21 6.03 5.45
First Prin Pay: 2/12 4/05 9/03 1/03 12/02 12/02
Last Prin Pay: 3/22 4/16 3/13 12/11 4/11 10/08
---------------------------
To Maturity:
Bond Yield: 7.62 7.62 7.61 7.61 7.61 7.61
Average Life: 19.41 12.55 10.19 9.09 8.69 7.50
Duration: 9.77 7.68 6.72 6.21 6.03 5.45
First Prin Pay: 2/12 4/05 9/03 1/03 12/02 12/02
Last Prin Pay: 3/22 4/16 3/13 12/11 4/11 2/09
-----------------------------------------------------------------------------
B2 BBB- SUB
Price: 99-31 Coupon: 7.8250 Original Par: 15,000,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 7.93 7.92 7.91 7.91 7.91 7.90
Average Life: 20.27 13.84 11.42 10.16 9.69 7.85
Duration: 9.68 7.87 7.00 6.50 6.31 5.55
First Prin Pay: 2/12 4/05 9/03 1/03 12/02 12/02
Last Prin Pay: 1/23 7/17 9/14 1/13 4/12 10/08
---------------------------
To Maturity:
Bond Yield: 7.93 7.92 7.92 7.92 7.92 7.91
Average Life: 22.07 16.83 14.91 13.87 13.38 11.34
Duration: 9.89 8.36 7.68 7.31 7.16 6.62
First Prin Pay: 2/12 4/05 9/03 1/03 12/02 12/02
Last Prin Pay: 4/28 4/28 4/28 4/28 4/28 4/28
-----------------------------------------------------------------------------
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.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
<S> <C>
Percent of Principal Outstanding of Class A-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
May 15, 1999 92 72 62 56 52 32
May 15, 2000 84 40 19 6 0 0
May 15, 2001 75 8 0 0 0 0
May 15, 2002 65 0 0 0 0 0
May 15, 2003 54 0 0 0 0 0
May 15, 2004 41 0 0 0 0 0
May 15, 2005 26 0 0 0 0 0
May 15, 2006 11 0 0 0 0 0
May 15, 2007 0 0 0 0 0 0
May 15, 2008 0 0 0 0 0 0
May 15, 2009 0 0 0 0 0 0
May 15, 2010 0 0 0 0 0 0
May 15, 2011 0 0 0 0 0 0
May 15, 2012 0 0 0 0 0 0
May 15, 2013 0 0 0 0 0 0
May 15, 2014 0 0 0 0 0 0
May 15, 2015 0 0 0 0 0 0
May 15, 2016 0 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life In Years: 5.0 1.7 1.3 1.1 1.0 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.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<S><C>
Percent of Principal Outstanding of Class A-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 98 55
May 15, 2001 100 100 74 55 42 0
May 15, 2002 100 74 32 8 0 0
May 15, 2003 100 42 0 0 0 0
May 15, 2004 100 11 0 0 0 0
May 15, 2005 100 0 0 0 0 0
May 15, 2006 100 0 0 0 0 0
May 15, 2007 96 0 0 0 0 0
May 15, 2008 77 0 0 0 0 0
May 15, 2009 56 0 0 0 0 0
May 15, 2010 32 0 0 0 0 0
May 15, 2011 5 0 0 0 0 0
May 15, 2012 0 0 0 0 0 0
May 15, 2013 0 0 0 0 0 0
May 15, 2014 0 0 0 0 0 0
May 15, 2015 0 0 0 0 0 0
May 15, 2016 0 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life In Years: 11.1 4.7 3.6 3.1 2.9 2.1
- ----------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<S><C>
Percent of Principal Outstanding of Class A-3
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 71
May 15, 2002 100 100 100 100 87 0
May 15, 2003 100 100 87 52 27 0
May 15, 2004 100 100 43 12 0 0
May 15, 2005 100 70 8 0 0 0
May 15, 2006 100 40 0 0 0 0
May 15, 2007 100 12 0 0 0 0
May 15, 2008 100 0 0 0 0 0
May 15, 2009 100 0 0 0 0 0
May 15, 2010 100 0 0 0 0 0
May 15, 2011 100 0 0 0 0 0
May 15, 2012 62 0 0 0 0 0
May 15, 2013 33 0 0 0 0 0
May 15, 2014 13 0 0 0 0 0
May 15, 2015 0 0 0 0 0 0
May 15, 2016 0 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life In Years: 14.5 7.7 5.9 5.1 4.6 3.2
- ----------------------------------------------------------------------------------------------
</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.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<S><C>
Percent of Principal Outstanding of Class A-4
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 48
May 15, 2003 100 100 100 100 100 0
May 15, 2004 100 100 100 100 76 0
May 15, 2005 100 100 100 56 12 0
May 15, 2006 100 100 56 0 0 0
May 15, 2007 100 100 6 0 0 0
May 15, 2008 100 73 0 0 0 0
May 15, 2009 100 26 0 0 0 0
May 15, 2010 100 0 0 0 0 0
May 15, 2011 100 0 0 0 0 0
May 15, 2012 100 0 0 0 0 0
May 15, 2013 100 0 0 0 0 0
May 15, 2014 100 0 0 0 0 0
May 15, 2015 83 0 0 0 0 0
May 15, 2016 38 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life In Years: 17.7 10.5 8.1 7.1 6.4 4.0
- ----------------------------------------------------------------------------------------------
</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.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<S><C>
Percent of Principal Outstanding of Class A-5
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 100 100 82
May 15, 2004 100 100 100 100 100 65
May 15, 2005 100 100 100 100 100 51
May 15, 2006 100 100 100 100 88 41
May 15, 2007 100 100 100 86 74 32
May 15, 2008 100 100 88 73 62 25
May 15, 2009 100 100 76 61 52 19
May 15, 2010 100 95 65 51 43 15
May 15, 2011 100 82 54 42 35 11
May 15, 2012 100 69 45 34 27 8
May 15, 2013 100 59 37 27 22 3
May 15, 2014 100 52 31 23 18 0
May 15, 2015 100 44 26 19 14 0
May 15, 2016 100 37 21 14 9 0
May 15, 2017 96 30 17 9 5 0
May 15, 2018 81 24 11 4 1 0
May 15, 2019 70 20 7 1 0 0
May 15, 2020 57 14 3 0 0 0
May 15, 2021 46 9 0 0 0 0
May 15, 2022 36 4 0 0 0 0
May 15, 2023 25 0 0 0 0 0
May 15, 2024 15 0 0 0 0 0
May 15, 2025 6 0 0 0 0 0
May 15, 2026 1 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life In Years: 22.8 16.9 14.3 12.9 12.0 8.0
- ----------------------------------------------------------------------------------------------
</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.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<S><C>
Percent of Principal Outstanding of Class M-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 94 93 89
May 15, 2004 100 100 91 82 79 71
May 15, 2005 100 98 80 70 67 56
May 15, 2006 100 89 70 60 57 44
May 15, 2007 100 80 61 52 48 35
May 15, 2008 100 72 53 44 40 27
May 15, 2009 100 64 46 37 34 21
May 15, 2010 100 56 39 31 28 16
May 15, 2011 100 49 33 25 22 7
May 15, 2012 96 41 27 20 18 0
May 15, 2013 87 35 22 17 12 0
May 15, 2014 81 31 19 11 5 0
May 15, 2015 74 26 16 4 0 0
May 15, 2016 66 22 8 0 0 0
May 15, 2017 58 18 1 0 0 0
May 15, 2018 49 13 0 0 0 0
May 15, 2019 42 5 0 0 0 0
May 15, 2020 34 0 0 0 0 0
May 15, 2021 28 0 0 0 0 0
May 15, 2022 22 0 0 0 0 0
May 15, 2023 15 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life In Years: 20.0 13.5 11.1 10.0 9.5 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.
[Logo appears here]
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- -----------------------------------------------------------------------------------------------------------------------
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 94 93 89
May 15, 2004 100 100 91 82 79 71
May 15, 2005 100 98 80 70 67 56
May 15, 2006 100 89 70 60 57 44
May 15, 2007 100 80 61 52 48 35
May 15, 2008 100 72 53 44 40 27
May 15, 2009 100 64 46 37 34 18
May 15, 2010 100 56 39 31 28 3
May 15, 2011 100 49 33 25 21 0
May 15, 2012 96 41 27 16 7 0
May 15, 2013 87 35 21 4 0 0
May 15, 2014 81 31 10 0 0 0
May 15, 2015 74 26 0 0 0 0
May 15, 2016 66 21 0 0 0 0
May 15, 2017 58 8 0 0 0 0
May 15, 2018 49 0 0 0 0 0
May 15, 2019 42 0 0 0 0 0
May 15, 2020 34 0 0 0 0 0
May 15, 2021 28 0 0 0 0 0
May 15, 2022 19 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life In Years: 19.9 13.2 10.8 9.6 9.2 7.9
- ----------------------------------------------------------------------------------------------
</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.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<S><C>
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 94 93 89
May 15, 2004 100 100 91 82 79 71
May 15, 2005 100 98 80 70 67 56
May 15, 2006 100 89 70 60 57 44
May 15, 2007 100 80 61 52 48 28
May 15, 2008 100 72 53 44 40 11
May 15, 2009 100 64 46 33 25 0
May 15, 2010 100 56 37 19 11 0
May 15, 2011 100 49 23 6 0 0
May 15, 2012 96 41 9 0 0 0
May 15, 2013 87 29 0 0 0 0
May 15, 2014 81 18 0 0 0 0
May 15, 2015 74 8 0 0 0 0
May 15, 2016 66 0 0 0 0 0
May 15, 2017 58 0 0 0 0 0
May 15, 2018 49 0 0 0 0 0
May 15, 2019 42 0 0 0 0 0
May 15, 2020 27 0 0 0 0 0
May 15, 2021 12 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life In Years: 19.4 12.5 10.2 9.1 8.7 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.
[Logo appears here]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<S><C>
Percent of Principal Outstanding of Class B-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 94 93 89
May 15, 2004 100 100 91 82 79 71
May 15, 2005 100 98 80 70 67 56
May 15, 2006 100 89 70 60 57 44
May 15, 2007 100 80 61 52 48 40
May 15, 2008 100 72 53 44 40 40
May 15, 2009 100 64 46 40 40 40
May 15, 2010 100 56 40 40 40 40
May 15, 2011 100 49 40 40 40 40
May 15, 2012 96 41 40 40 40 40
May 15, 2013 87 40 40 40 40 40
May 15, 2014 81 40 40 40 40 40
May 15, 2015 74 40 40 40 40 31
May 15, 2016 66 40 40 40 40 23
May 15, 2017 58 40 40 40 40 16
May 15, 2018 49 40 40 40 40 11
May 15, 2019 42 40 40 40 34 8
May 15, 2020 40 40 40 33 25 5
May 15, 2021 40 40 37 24 18 4
May 15, 2022 40 40 27 17 12 2
May 15, 2023 40 38 17 10 7 1
May 15, 2024 40 22 10 6 4 1
May 15, 2025 40 13 5 3 2 0
May 15, 2026 40 8 3 2 1 0
May 15, 2027 23 4 2 1 1 0
May 15, 2028 0 0 0 0 0 0
Avg Life In Years: 22.1 16.8 14.9 13.9 13.4 11.3
- ----------------------------------------------------------------------------------------------
</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.
[Logo appears here]
