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 18, 1998.
Oakwood Mortgage Investors, Inc.
(Exact name of registrant as specified in charter)
North Carolina 333-58497 56-1886793
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7800 McCloud Road, Greensboro, North Carolina 27425-7081
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(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.)
<PAGE>
Item 5. Other Events.
On August 20, 1998, the Registrant exptects to enter into an underwriting
agreement with Credit Suisse First Boston Corporation and First Chicago Capital
Markets, Inc. (the "Underwriters"), pursuant to which the Underwriters agreed to
purchase and offer for sale to the public, $295,907,927 aggregate initial
principal amount of the Registrant's Senior/Subordinated Pass-Through
Certificates, Series 1998-C, Class A-1 ARM, Class A, Class M-1, Class M-2 and
Class B-1 (the "Offered Securities"). The Offered Securities are registered for
sale under the Registrant's effective shelf Registration Statement on Form S-3
(333-58497), and will be offered pursuant to a Prospectus, dated July 2, 1998,
and a related Prospectus Supplement, dated August 20, 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 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 First Chicago Capital Markets, Inc.
-2-
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
August 17, 1998 OAKWOOD MORTGAGE INVESTORS,
INC.
By: /s/ Douglas R. Muir
------------------------
Name: Douglas R. Muir
Title: Vice President
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<PAGE>
INDEX TO EXHIBITS
Page
----
99.1 Copy of "Series Term Sheets", "Computational Materials"
and/or "Structural Terms Sheet(s)"
as provided by Credit Suisse First Boston
and First Chicago Capital Markets, Inc..................
-4-
SUBJECT TO REVISION
SERIES TERM SHEET DATED AUGUST 17, 1998
(logo)
$295,907,927
Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1998-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 1998-C. 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, First Chicago Capital Markets, Inc. 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-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 First Chicago Capital Markets, Inc.
<PAGE>
THIS SERIES TERM SHEET WILL BE SUPERSEDED IN ITS ENTIRETY BY THE
INFORMATION APPEARING IN THE PROSPECTUS SUPPLEMENT, THE PROSPECTUS AND THE
SERIES 1998-C POOLING AND SERVICING AGREEMENT (INCLUDING THE JULY 1998 EDITION
TO THE STANDARD TERMS) TO BE DATED AS OF AUGUST 1, 1998, AMONG OAKWOOD MORTGAGE
INVESTORS, INC., AS DEPOSITOR, OAKWOOD ACCEPTANCE CORPORATION, AS SERVICER, AND
PNC BANK, NATIONAL ASSOCIATION, AS TRUSTEE.
<TABLE>
<CAPTION>
<S> <C>
Class Designations
CLASS A-1 ARM CERTIFICATES...................Class A-1 ARM Certificates.
CLASS A CERTIFICATES.........................Class A 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-1 ARM, Class A, Class M and Class B-1 Certificates.
OFFERED SUBORDINATED CERTIFICATES............Class M and Class B-1 Certificates.
Approximate
Initial Certificate Pass-Through
The Offered Certificates........................ Title of Class Principal Balance(1) Rate
-------------- ----------------- ---------
Class A-1 ARM Certificates... $7,625,927 . %(2)
Class A Certificates......... $239,608,000 . %(3)
Class M-1 Certificates....... $23,178,000 . %(4)
Class M-2 Certificates....... $14,680,000 . %(4)
Class B-1 Certificates....... $10,816,000 . %(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 B-2, Class X and Class R Certificates are not being
offered hereby. The Class B-2 Certificates are expected to be sold
in a private placement at or around the Closing Date, and will be
acquired in the interim by an affiliate of the Company. The Class X
and Class R Certificates are expected to be sold initially to
related entities of the Company, which may offer them in the future
in one or more privately negotiated transactions. The Class B-2
Certificates will have an initial Certificate Principal Balance of
approximately $13,135,281.
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, 1998.
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
September 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 ARM
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 ARM Certificates will be the period from the Closing Date
to September 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").
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.
In general, principal paid in respect of the Adjustable Rate Assets
will be allocated to holders of the Class A-1 ARM Certificates, and
principal paid in respect of the Fixed Rate Assets will be allocated
to the Class A, Class M and Class B Certificates.
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-1 ARM Certificates and
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; and for the Class B-1
Certificates is the subordination of the Class B-2, Class X and the
Class R Certificates.
2
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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 the Class B-1 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-1 Certificates will not be subordinated to
principal payments on the Class A and Class M Certificates.
Cross-over Date................................. The later to occur of (a) the Distribution Date occurring in March
2003 or (b) the first Distribution Date on which the then-current
credit enhancement is equal to or exceeds 1.75 times the initial
credit enhancement.
Performance Test.................................The Average 60-Day Delinquent Ratio is less than or equal to 5%; the
Average 30-Day Delinquency Ratio is less than or equal to 7%, the
Current Realized Loss Ratio is less than or equal to 2.75%; and the
Cumulative Realized Losses are less than or equal to the applicable
percentage of the Aggregate Cut-off Date Pool Principal Balance set
forth in the Pooling and Servicing Agreement.
Overcollateralization........................... Excess interest collections will be applied, to the extent
available, to make accelerated payments of principal on the
Certificates. The "Target Overcollateralization Amount" generally
shall mean, (i) for any Distribution Date prior to the Cross-over
Date, 2.00% of the Cut-off Date Pool Balance and (ii) for any other
Distribution Date, the lesser of (x) 2.00% of the Cut-off Date Pool
Balance and (y) 3.50% of the then-outstanding Pool Balance;
provided, however, that in no event shall the Target
Overcollateralization Amount be less than 0.50% of the Cut-off Date
Pool Balance.
3
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Realized Losses on Liquidated Loans............. The Principal Distribution Amount for any Distribution Date is
intended to include the Scheduled Principal Balance of each Asset
that became a Liquidated Loan during the preceding calendar month. A
Realized Loss will be incurred on a Liquidated Loan in the amount,
if any, by which the Net Liquidation Proceeds from such Liquidated
Loan are less than the Unpaid Principal Balance of such Liquidated
Loan, plus accrued and unpaid interest thereon (to the extent not
covered by Servicing Advances, if any, with respect to such
Liquidated Loan), plus amounts reimbursable to the Servicer for
previously unreimbursed Servicing Advances. 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-1 ARM, 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 Class M and
Class B 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.
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 subsequent collections. P&I Advances and Servicing
Advances are reimbursable to the Servicer under certain
circumstances.
4
<PAGE>
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 are 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 ARM Certificates...... October 15, 2027
Class A Certificates............ September 15, 2027
Class M-1 Certificates.......... March 15, 2026
Class M-2 Certificates.......... August 15, 2025
Class B-1 Certificates.......... August 15, 2024
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.
The Assets...................................... The Trust will consist of (1) fixed and adjustable 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 7,102 Assets having an total
aggregate Scheduled Principal Balance as of the Cut-off Date of
$309,043,208.84.
FIXED RATE ASSETS
As of the Cut-off Date, 7,003 Assets, aggregating $301,417,281.15
are secured by fixed rate Assets ("Fixed Rate Assets").
Approximately 8.74% of the Fixed Rate Assets are Mortgage Loans and
approximately 3.18% of the Fixed Rate Assets are Land Secured
Contracts. Based on Cut-off Date Pool Scheduled Principal Balance,
90.37% of the Fixed Rate Assets are secured by Manufactured Homes
which were new,
5
<PAGE>
1.64% of the Fixed Rate Assets are secured by Manufactured Homes
which were used, 7.17% of the Fixed Rate Assets are secured by
Manufactured Homes which were repossessed and 0.82% of the Fixed
Rate Assets are secured by Manufactured Homes which were
transferred. As of the Cut-off Date, the Fixed Rate Assets were
secured by Manufactured Homes or Mortgaged Properties (or Real
Properties, in the case of Land Secured Contracts) located in 38
states, and approximately 21.35% and 20.62% of the Fixed Rate Assets
were secured by Manufactured Homes or Mortgaged Properties located
in Texas and North Carolina, respectively (based on the mailing
addresses of the Obligors on the Assets as of the Cut-off Date).
Each Fixed Rate Asset bears interest at an annual percentage rate
(an "APR") of at least 6.90% and not more than 14.50%. The weighted
averaged APR of the Fixed Rate Assets as of the Cut-off Date is
approximately 9.86%. The Fixed Rate Assets have remaining terms to
maturity as of the Cut-off Date of at least 6 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
Fixed Rate Assets had a weighted average original term to stated
maturity of approximately 290 months, and a weighted average
remaining term to stated maturity of approximately 289 months. The
final scheduled payment date on the Fixed Rate Asset with the latest
maturity occurs in August 2028.
ADJUSTABLE RATE ASSETS
As of the Cut-off Date, 99 Assets aggregating $7,625,927.69, are
secured by adjustable rate Assets ("Adjustable Rate Assets"). As of
the Cut-off Date, all Adjustable Rate Assets are Mortgage Loans
secured by Manufactured Homes which were new. As of the Cut-off
Date, the Adjustable Rate Assets were secured by Mortgaged
Properties located in 20 states, and approximately 23.18% and 20.87%
of the Adjustable Assets were secured by Mortgaged Properties
located in North Carolina and Tennessee, respectively (based on the
mailing addresses of the Obligors on the Assets as of the Cut-off
Date). Each Adjustable Rate Asset bears interest at an annual
percentage rate (an "APR") of at least 7.00% and not more than
8.75%. The weighted averaged APR of the Adjustable Rate Assets as of
the Cut-off Date is approximately 8.00%. The Adjustable Rate Assets
have remaining terms to maturity as of the Cut-off Date of at least
233 months but not more than 360 months and original terms to stated
maturity of at least 240 months but not more than 360 months. As of
the Cut-off Date, the Adjustable Rate Assets had a weighted average
original term to stated maturity of approximately 357 months, and a
weighted average remaining term to stated maturity of approximately
353 months. All Adjustable Rate Assets adjust annually based on the
monthly average yield on United States treasury securities adjusted
to a constant maturity of one year. All Adjustable Rate Assets have
annual caps of 2%. The weighted average lifetime cap of the
Adjustable Rate Assets as of the Cut-off Date is approximately 14%.
The Adjustable Rate Assets have gross margins as of the Cut-off Date
of at least 3.25% but not more than 4.75%. The weighted average
gross margins of the Adjustable Rate Assets as of the Cut-off Date
is 4.082%. The final scheduled payment date on the Adjustable Rate
Asset with the latest maturity occurs in
6
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September 2028.
No 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-1 ARM , 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,
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.
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<PAGE>
Legal Investment Considerations................. The Class A-1 ARM, 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-1 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 the
Certificates be rated as follow:
FITCH MOODY'S
----- -------
Class A-1 ARM........................... AAA Aaa
Class A................................. AAA Aaa
Class M-1............................... AA Aa3
Class M-2............................... A- A2
Class B-1............................... BBB Baa2
</TABLE>
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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.
<TABLE>
<CAPTION>
ASSET SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30, JUNE 30,
-------------------------------------------------------------- -----------------------
1993 1994 1995 1996 1997 1997 1998
--------- ----------- ----------- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.......... 28,938 39,273 51,566 67,120 89,411 81,599 105,689
Acquired Portfolios......... 1,591 5,773 4,872 4,177 3,602 3,762 3,019
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.......... $507,394 $757,640 $1,130,378 $1,687,406 $2,499,794 $2,211,153 $3,223,299
Acquired Portfolios......... $30,498 $85,227 $70,853 $57,837 $47,027 $50,043 $38,227
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated.......... $17.5 $19.3 $21.9 $25.1 $28.0 $27.1 $30.5
Acquired Portfolios......... $19.2 $14.8 $14.5 $13.8 $13.1 $13.3 $12.7
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.......... 12.8% 12.2% 12.0% 11.5% 11.0% 11.1% 10.9%
Acquired Portfolios......... 9.4% 11.0% 11.3% 11.2% 11.1% 11.2% 11.1%
DELINQUENCY EXPERIENCE (1)
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30, JUNE 30,
---------------------------------------------------- -------------------
1993 1994 1995 1996 1997 1997 1998
-------- -------- -------- -------- -------- -------- --------
Total Number of Serviced Assets
Oakwood Originated.................. 28,938 39,273 51,566 67,120 89,411 81,599 105,689
Acquired Portfolios................. 1,591 5,773 4,872 4,177 3,602 3,763 3,019
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days.......................... 244 350 601 835 1,171 1,013 2,401
60-89 Days.......................... 51 97 185 308 476 384 794
90 Days or More..................... 150 198 267 492 716 656 1,005
Total Number of Assets Delinquent 445 645 1,053 1,635 2,363 2,053 4,200
Acquired Portfolios.................
30-59 Days.......................... 37 127 63 66 90 71 104
60-89 Days.......................... 26 49 17 23 23 17 35
90 Days or More..................... 16 98 76 62 75 81 50
Total Number of Assets Delinquent 79 274 156 151 188 169 189
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 1.5% 1.6% 2.0% 2.4% 2.6% 2.5% 4.0%
Acquired Portfolios................. 5.0% 4.7% 3.2% 3.6% 5.2% 4.5% 6.3%
</TABLE>
- --------------
(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.
9
<PAGE>
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT OR FOR THE FISCAL YEAR AT OR FOR THE NINE
ENDED MONTHS ENDED
SEPTEMBER 30, JUNE 30,
------------------------------------------------------------- ----------------------
1993 1994 1995 1996 1997 1997 1998
---------- ---------- ---------- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced
Assets (1)................. 30,529 45,046 56,438 71,297 93,013 85,361 108,708
Average Number of Serviced
Assets During Period....... 25,990 37,788 50,742 63,868 82,155 78,329 100,861
Number of Serviced
Assets Repossessed......... 902 1,241 1,718 2,746 3,885 2,835 3,839
Serviced Assets Repossessed as a
Percentage of Total
Serviced Assets (2)........ 2.95% 2.75% 3.04% 3.85% 4.18% 4.43% (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% 4.83% (6) 5.07%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated......... $531,199 $701,875 $976,905 $1,409,467 $2,065,033 $1,924,180 $2,820,956
Acquired Portfolios........ $15,249 $30,432 $30,235 $27,351 $22,943 $23,561 $19,545
Net Losses from Asset
Liquidation(4):
Total Dollars (3)..........
Oakwood Originated....... $3,328 $4,630 $7,303 $14,248 $26,872 $19,329 $31,773
Acquired Portfolios...... $0 $203 $473 $592 $528 $475 $162
As a Percentage of Average
Outstanding Principal
Balance of Assets (3) (5)
Oakwood Originated....... 0.63% 0.66% 0.75% 1.01% 1.30% 1.34% (6) 1.50%(6)
Acquired Portfolios...... 0.00% 0.67% 1.56% 2.16% 2.30% 2.69% (6) 1.11%(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.
10
<PAGE>
Whenever reference is made herein to a percentage of the (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.
FIXED RATE ASSETS:
- ------------------
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
<TABLE>
<CAPTION>
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
GEOGRAPHIC LOCATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ---------- ------------------- ---------------------
<S> <C> <C> <C>
Alabama.................... 236 $ 9,387,820 3.11%
Arizona.................... 215 12,211,491 4.05
Arkansas................... 145 5,792,930 1.92
California................. 18 1,033,866 0.34
Colorado................... 70 3,573,885 1.19
Delaware................... 35 1,334,383 0.44
Florida.................... 198 9,301,388 3.09
Georgia.................... 272 11,598,769 3.85
Idaho...................... 65 3,414,477 1.13
Illinois................... 12 556,443 0.18
Indiana.................... 5 141,066 0.05
Iowa....................... 1 39,817 0.01
Kansas..................... 55 2,382,093 0.79
Kentucky................... 178 6,731,943 2.23
Louisiana.................. 208 9,105,326 3.02
Maryland................... 16 617,732 0.20
Mississippi................ 237 9,893,883 3.28
Missouri................... 136 5,290,464 1.76
Montana.................... 1 60,030 0.02
Nevada..................... 20 1,035,471 0.34
New Jersey................. 1 7,618 0.00
New Mexico................. 264 11,497,837 3.81
New York................... 3 207,533 0.07
North Carolina............. 1,500 62,139,207 20.62
North Dakota............... 1 49,675 0.02
Ohio....................... 35 1,406,380 0.47
Oklahoma................... 109 4,680,265 1.55
Oregon..................... 39 2,507,560 0.83
Pennsylvania............... 1 53,130 0.02
South Carolina............. 430 17,521,548 5.81
Tennessee.................. 322 13,072,481 4.34
Texas...................... 1,500 64,338,474 21.35
Utah....................... 31 1,691,110 0.56
Virginia................... 389 15,159,267 5.03
Washington................. 123 8,991,751 2.98
West Virginia.............. 130 4,501,890 1.49
Wisconsin.................. 1 56,883 0.02
Wyoming.................... 1 31,396 0.01
-------- ---------- -----
Total................... 7,003 $301,417,281 100.00%
-------- ------------ ======
</TABLE>
- ------------------------
(1) Based on the mailing address of the Obligor on the related Fixed Rate Asset
as of the Cut-off Date.
11
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
YEAR OF ORIGINATION OF FIXED RATE ASSETS (1)
NUMBER OF AGGREGATE PERCENTAGE OF
FIXED RATE SCHEDULED FIXED RATE ASSET POOL
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
1997..................... 19 875,128 0.29
1998..................... 6,984 300,542,153 99.71
----- ------------- -------
Total............... 7,003 $301,417,281 100.00%
===== ============ ======
</TABLE>
- ------------------------
(1) The weighted average seasoning of the Fixed Rate Assets was approximately 1
month as of the Cut-off Date.
DISTRIBUTION OF ORIGINAL FIXED RATE ASSET AMOUNTS(1)
<TABLE>
<CAPTION>
<S> <C>
NUMBER OF AGGREGATE PERCENTAGE OF
ORIGINAL FIXED RATE ASSET FIXED RATE SCHEDULED FIXED RATE ASSET POOL
AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
- ------ ------ ----------------- ------
$ 4,999 or less.............. 15 $ 54,126 0.02%
$ 5,000 - $ 9,999......... 104 823,180 0.27
$ 10,000 - $ 14,999.......... 165 2,071,599 0.69
$ 15,000 - $ 19,999.......... 216 3,770,229 1.25
$ 20,000 - $ 24,999.......... 419 9,516,075 3.16
$ 25,000 - $ 29,999.......... 719 19,839,079 6.58
$ 30,000 - $ 34,999.......... 1,030 33,563,081 11.14
$ 35,000 - $ 39,999.......... 900 33,469,982 11.10
$ 40,000 - $ 44,999.......... 493 20,873,890 6.93
$ 45,000 - $ 49,999.......... 558 26,549,454 8.81
$ 50,000 - $ 54,999.......... 597 31,259,211 10.37
$ 55,000 - $ 59,999.......... 549 31,572,198 10.47
$ 60,000 - $ 64,999.......... 519 32,322,279 10.72
$ 65,000 - $ 69,999.......... 288 19,347,619 6.42
$ 70,000 - $ 74,999.......... 158 11,399,198 3.78
$ 75,000 - $ 79,999.......... 85 6,572,440 2.18
$ 80,000 - $ 84,999.......... 42 3,453,187 1.15
$ 85,000 - $ 89,999.......... 25 2,183,518 0.72
$ 90,000 - $ 94,999.......... 36 3,306,124 1.10
$ 95,000 - $ 99,999.......... 24 2,347,262 0.78
$100,000 or more............... 61 7,123,552 2.36
------- -------------- --------
Total..................... 7,003 $301,417,281 100.00%
======= ============ ======
</TABLE>
- ---------------------------
(1) The highest original Fixed Rate Asset amount was $180,943, which represents
0.07% of the aggregate principal balance of the Fixed Rate Assets at
origination. The average original principal amount of the Fixed Rate Assets
was approximately $43,104 as of the Cut-off Date.
12
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
FIXED RATE ASSET RATES (1)
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
---------- ------ ----------------- ------
6.000% - 6.999%............ 1,186 $ 67,482,855 22.39%
7.000% - 7.999%............ 224 12,921,805 4.29%
8.000% - 8.999%........... 1,150 57,852,650 19.19
9.000% - 9.999%.......... 758 35,941,309 11.92
10.000% - 10.999%.......... 435 22,322,578 7.41
11.000% - 11.999%.......... 355 14,019,690 4.65
12.000% - 12.999%.......... 1,749 54,309,955 18.02
13.000% - 13.999%.......... 1,145 36,544,595 12.12
14.000% - 14.999%.......... 1 21,844 0.01
----- ------------- ------
Total................. 7,003 $301,417,281 100.00%
===== ============ ======
</TABLE>
- -------------------------
(1) The weighted average Fixed Rate Asset Rate was approximately 9.86% as of the
Cut-off Date. This table reflects the Fixed Rate Asset Rates of the Step-up
Rate Loans as of the Cut-off Date and does not reflect any subsequent
increases in the Rates of the Step-up Rate Loans.
REMAINING TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
<TABLE>
<CAPTION>
<S> <C>
NUMBER OF PERCENTAGE OF
REMAINING TERM FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
----------- ------ ----------------- ------
1 - 60 months........ 144 $ 1,296,192 0.43%
61 - 96 months......... 130 1,802,091 0.60
97 - 120 months.......... 175 3,620,194 1.20
121 - 156 months........... 200 4,248,998 1.41
157 - 180 months........... 1,315 40,844,741 13.55
181 - 216 months........... 90 2,901,589 0.96
217 - 240 months........... 1,475 54,893,701 18.21
241 - 300 months........... 1,461 66,871,803 22.19
301 - 360 months........... 2,013 124,937,974 41.45
----- ------------- -------
Total.................... 7,003 $301,417,281 100.00%
===== ============ ======
</TABLE>
- ------------------------
(1) The weighted average remaining term to maturity of the Fixed Rate Assets was
approximately 289 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
<TABLE>
<CAPTION>
<S> <C>
NUMBER OF PERCENTAGE OF
ORIGINAL TERM FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
----------- ------ ----------------- ------
1 - 60 months........ 144 $ 1,296,192 0.43%
61 - 96 months......... 130 1,802,091 0.60
97 - 120 months.......... 175 3,620,194 1.20
121 - 156 months........... 200 4,248,998 1.41
157 - 180 months........... 1,315 40,844,741 13.55
181 - 216 months........... 89 2,933,713 0.97
217 - 240 months........... 1,476 54,861,577 18.20
241 - 300 months........... 1,461 66,871,803 22.19
301 - 360 months........... 2,013 124,937,974 41.45
----- ------------- -------
Total.................... 7,003 $301,417,281 100.00%
===== ============ ======
</TABLE>
- ------------------------
(1) The weighted average original term to maturity of the Fixed Rate Assets was
approximately 290 months as of the Cut-off Date.
13
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF FIXED RATE ASSETS(1)
<TABLE>
<CAPTION>
<S> <C>
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ------ ----------------- ------
50% or less................ 48 $ 1,485,641 0.49%
51% - 55%.................... 19 608,294 0.20
56% - 60%.................... 21 826,161 0.27
61% - 65%.................... 35 1,157,085 0.38
66% - 70%.................... 64 2,310,013 0.77
71% - 75%.................... 115 3,927,922 1.30
76% - 80%.................... 196 6,895,741 2.29
81% - 85%.................... 421 15,334,833 5.09
86% - 90%.................... 851 32,987,026 10.94
91% - 95%.................... 2,089 86,756,508 28.78
96% - 100%................... 3,144 149,128,056 49.48
----- ------------ -------
Total................... 7,003 $301,417,281 100.00%
===== ============ ======
</TABLE>
- --------------------------
(1) The weighted average original Loan-to-Value Ratio of the Fixed Rate Assets
was approximately 93.58% as of the Cut-off Date.
(2) Rounded to nearest 1%.
ADJUSTABLE RATE ASSETS:
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
<TABLE>
<CAPTION>
<S> <C>
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
RATE SCHEDULED ASSET POOL
GEOGRAPHIC LOCATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
Arizona.................... 1 80,282 1.05
California................. 1 94,490 1.24
Colorado................... 5 443,078 5.81
Delaware................... 1 71,406 0.94
Florida.................... 8 563,494 7.39
Georgia.................... 2 165,307 2.17
Idaho...................... 6 529,023 6.94
Kentucky................... 8 674,988 8.85
Louisiana.................. 1 69,983 0.92
Michigan................... 1 74,283 0.97
New Mexico................. 5 365,714 4.80
North Carolina............. 23 1,767,918 23.18
Oklahoma................... 1 91,695 1.20
Oregon..................... 2 166,108 2.18
South Carolina............. 3 241,611 3.17
Tennessee.................. 24 1,591,546 20.87
Texas...................... 1 51,432 0.67
Virginia................... 2 170,265 2.23
Washington................. 3 338,828 4.44
West Virginia.............. 1 74,475 0.98
--- ------------- --------
Total................... 99 $7,625,928 100.00%
== ========== ======
</TABLE>
- --------------------
(1) Based on the mailing address of the Obligor on the related Adjustable Rate
Asset as of the Cut-off Date.
14
<PAGE>
YEAR OF ORIGINATION OF ADJUSTABLE RATE ASSETS (1)
<TABLE>
<CAPTION>
<S> <C>
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
1997..................... 23 $1,607,807 21.08%
1998..................... 76 6,018,121 78.92
-- ----------- -------
Total............... 99 $7,625,928 100.00%
== ========== ======
- -------------------------
(1) The weighted average seasoning of the Adjustable Rate Assets was
approximately 4 months as of the Cut-off Date.
DISTRIBUTION OF ADJUSTABLE RATE ASSETS GROSS MARGINS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
GROSS MARGINS ASSETS PRINCIPAL BALANCE BY SPB
- ------------- ------ ----------------- ------
3.250% - 3.750%............ 43 $3,222,279 42.25%
4.500% - 4.750%........... 56 4,403,649 57.75
-- ----------- -------
Total............... 99 $7,625,928 100.00%
== ========== ======
- -------------------------
(1) The weighted average gross margins of the Adjustable Rate Assets was
approximately 4.082% as of the Cut-off Date.
DISTRIBUTION OF ORIGINAL ADJUSTABLE RATE ASSET AMOUNTS(1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
ORIGINAL ADJUSTABLE RATE ASSET ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
$ 40,000 - $ 44,999.......... 2 87,117 1.14
$ 45,000 - $ 49,999.......... 3 141,460 1.85
$ 50,000 - $ 54,999.......... 4 209,088 2.74
$ 55,000 - $ 59,999.......... 6 341,929 4.48
$ 60,000 - $ 64,999.......... 5 307,151 4.03
$ 65,000 - $ 69,999.......... 11 734,169 9.63
$ 70,000 - $ 74,999.......... 14 1,013,431 13.29
$ 75,000 - $ 79,999.......... 14 1,075,777 14.11
$ 80,000 - $ 84,999.......... 9 733,480 9.62
$ 85,000 - $ 89,999.......... 11 951,653 12.48
$ 90,000 - $ 94,999.......... 8 731,414 9.59
$ 95,000 - $ 99,999.......... 3 291,705 3.83
$100,000 or more............... 9 1,007,553 13.21
------ ------------ --------
Total..................... 99 $7,625,928 100.00%
==== =========== ======
</TABLE>
- -------------------------
(1) The highest original Adjustable Rate Asset amount was $130,221.00, which
represents 1.71% of the aggregate principal balance of the Adjustable Assets
at origination. The average original principal amount of the Adjustable Rate
Assets was approximately $77,261.15 as of the Cut-off Date.
15
<PAGE>
ADJUSTABLE RATE CURRENT ASSET RATES (1)
<TABLE>
<CAPTION>
<S> <C>
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
CURRENT ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
---------- ------ ----------------- ------
7.000% - 7.999%............ 43 $ 3,186,456 41.78%
8.000% - 8.999%........... 56 4,439,472 58.22
-- --------------- -------
Total................. 99 $ 7,625,928 100.00%
== ============== ======
- -------------------------
(1) The weighted average Adjustable Rate Asset Rate was approximately 8.00% as
of the Cut-off Date. This table reflects the Asset Rates of the Adjustable
Rate Loans as of the Cut-off Date and does not reflect any subsequent
increases in the Adjustable Asset Rates of the Step-up Rate Loans.
REMAINING TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
REMAINING TERM ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
----------- ------ ----------------- ------
217 - 240 months........... 1 79,333 1.04
241 - 300 months........... 5 285,882 3.75
301 - 360 months........... 93 7,260,713 95.21
-- ------------- -------
Total.................... 99 $7,625,928 100.00%
== ============ ======
- -------------------------
(1) The weighted average remaining term to maturity of the Adjustable Assets was
approximately 353 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
ORIGINAL TERM ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
----------- ------ ----------------- ------
217 - 240 months........... 1 79,333 1.04
241 - 300 months........... 5 285,882 3.75
301 - 360 months........... 93 7,260,713 95.21
-- --------- -------
Total.................... 99 $7,625,928 100.00%
== ========== ======
</TABLE>
- -------------------------
(1) The weighted average original term to maturity of the Adjustable Assets was
approximately 357 months as of the Cut-off Date.
16
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF ADJUSTABLE RATE ASSETS(1)
<TABLE>
<CAPTION>
<S> <C>
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ------ ----------------- ------
61% - 65%.................... 1 84,933 1.11
66% - 70%.................... 1 42,856 0.56
75% - 80%.................... 4 268,100 3.52
81% - 85%.................... 7 529,407 6.94
86% - 90%.................... 15 1,045,749 13.71
91% - 95%.................... 28 2,151,864 28.22
96% - 100%................... 43 3,503,019 45.94
-- ----------- -------
Total................... 99 $7,625,928 100.00%
== ========== ======
- -------------------------
(1) The weighted average original Loan-to-Value Ratio of the Adjustable Assets
was approximately 93.11% as of the Cut-off Date.
(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:
DISTRIBUTION OF NEXT CONTRACT RATE CHANGE DATE
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
MONTH OF NEXT ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
CONTRACT RATE CHANGE DATE ASSETS PRINCIPAL BALANCE BY SPB
------------------------- ------ ----------------- ------
September 1, 1998......... 1 $ 71,836 0.94%
October 1, 1998............ 4 272,255 3.57
November 1, 1998........... 1 55,305 0.73
December 1, 1998........... 6 429,563 5.63
January 1, 1999............ 11 778,849 10.21
February 1, 1999........... 5 388,869 5.10
March 1, 1999.............. 6 461,260 6.05
April 1, 1999.............. 8 639,549 8.39
May 1, 1999................ 12 926,761 12.15
June 1, 1999............... 21 1,719,256 22.54
July 1, 1999............... 19 1,467,850 19.25
August 1, 1999............. 5 414,575 5.44
--- ------- --------
Total.................... 99 $7,625,928 100.00%
== ========== ======
</TABLE>
17
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-C
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------------
<S> <C>
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Price Pay Pay Dur.
-----------------------------------------------------------------------------------
TO CALL:
A1 SENIOR 239,608,000 6.5100 5.13 6.541 99-31 9/98 12/12 3.84
A1A SENIOR FLT 7,625,927 FLOAT<3> 5.15 N/A 100-00 9/98 12/12 3.97
M1 AA MEZZ 23,178,000 6.8100 9.51 6.872 99-31 3/03 12/12 6.59
M2 A SUB 14,680,000 7.1500 9.51 7.222 99-30+ 3/03 12/12 6.48
B1 BBB SUB 10,816,000 7.7900 9.18 7.871 99-31+ 3/03 11/12 6.16
B2 BB SUB 13,135,281 9.6400 9.79 9.774 99-31+ 3/03 12/12 5.82
-------------------------------
TO MATURITY:
A1 SENIOR 239,608,000 6.5100 5.40 6.542 99-31 9/98 7/20 3.93
A1A SENIOR FLT 7,625,927 FLOAT<3> 5.39 N/A 100-00 9/98 8/20 4.05
M1 AA MEZZ 23,178,000 6.8100 9.99 6.873 99-31 3/03 4/17 6.74
M2 A SUB 14,680,000 7.1500 9.72 7.222 99-30+ 3/03 4/15 6.55
B1 BBB SUB 10,816,000 7.7900 9.18 7.871 99-31+ 3/03 11/12 6.16
B2 BB SUB 13,135,281 9.6400 13.06 9.779 99-31+ 3/03 4/24 6.35
-----------------------------------------------------------------------------------
Note:
(1) Data assumes a prepayment speed of 200% MHP for the Fixed Rate Assets and
275% MHP for the Adjustable Rate Assets.
(2) Coupon and price are assumed for computational materials.
(3) A1A 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]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-C
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP:
Fixed Rate Assets: 0 100 150 200 250 300
Adjustable Rate Assets: 0 125 200 275 350 425
-----------------------------------------------------------------------------
A1 SENIOR
Price: 99-31 Coupon: 6.5100 Original Par: 239,608,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.57 6.56 6.55 6.54 6.53 6.52
Average Life: 15.01 8.33 6.54 5.13 4.13 3.39
Duration: 8.54 5.51 4.62 3.84 3.24 2.76
First Prin Pay: 9/98 9/98 9/98 9/98 9/98 9/98
Last Prin Pay: 11/24 5/19 12/15 12/12 11/10 2/09
---------------------------
TO MATURITY:
Bond Yield: 6.57 6.56 6.55 6.54 6.53 6.52
Average Life: 15.09 8.56 6.82 5.40 4.35 3.56
Duration: 8.56 5.57 4.69 3.93 3.32 2.83
First Prin Pay: 9/98 9/98 9/98 9/98 9/98 9/98
Last Prin Pay: 5/27 11/24 12/22 7/20 10/17 7/15
-----------------------------------------------------------------------------
A1A SENIOR FLOATER
Price: 100-00 Coupon: FLOATER Original Par: 7,625,927
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 20.29 9.50 6.77 5.15 4.12 3.41
Duration: 10.98 6.34 4.91 3.97 3.31 2.82
First Prin Pay: 9/98 9/98 9/98 9/98 9/98 9/98
Last Prin Pay: 11/24 5/19 12/15 12/12 11/10 2/09
---------------------------
TO MATURITY:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 20.74 9.92 7.09 5.39 4.29 3.53
Duration: 11.06 6.44 5.01 4.05 3.38 2.88
First Prin Pay: 9/98 9/98 9/98 9/98 9/98 9/98
Last Prin Pay: 6/27 12/24 1/23 8/20 11/17 7/15
-----------------------------------------------------------------------------
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]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-C
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP:
Fixed Rate Assets: 0 100 150 200 250 300
Adjustable Rate Assets: 0 125 200 275 350 425
-----------------------------------------------------------------------------
M1 AA MEZZ
Price: 99-31 Coupon: 6.8100 Original Par: 23,178,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.89 6.88 6.87 6.87 6.87 6.87
Average Life: 21.61 13.62 10.87 9.51 8.59 7.85
Duration: 10.87 8.30 7.15 6.59 6.17 5.80
First Prin Pay: 3/13 11/04 4/03 3/03 3/03 3/03
Last Prin Pay: 11/24 5/19 12/15 12/12 11/10 2/09
---------------------------
TO MATURITY:
Bond Yield: 6.89 6.88 6.88 6.87 6.87 6.87
Average Life: 21.73 13.95 11.21 9.99 9.11 8.45
Duration: 10.88 8.37 7.25 6.74 6.37 6.06
First Prin Pay: 3/13 11/04 4/03 3/03 3/03 3/03
Last Prin Pay: 1/26 8/22 9/19 4/17 4/15 7/13
-----------------------------------------------------------------------------
M2 A SUB
Price: 99-30+ Coupon: 7.1500 Original Par: 14,680,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.24 7.23 7.22 7.22 7.22 7.22
Average Life: 21.60 13.60 10.85 9.51 8.59 7.85
Duration: 10.55 8.11 7.01 6.48 6.07 5.72
First Prin Pay: 3/13 11/04 4/03 3/03 3/03 3/03
Last Prin Pay: 11/24 5/19 12/15 12/12 11/10 2/09
---------------------------
TO MATURITY:
Bond Yield: 7.24 7.23 7.22 7.22 7.22 7.22
Average Life: 21.62 13.69 10.94 9.72 8.88 8.26
Duration: 10.55 8.13 7.04 6.55 6.18 5.90
First Prin Pay: 3/13 11/04 4/03 3/03 3/03 3/03
Last Prin Pay: 6/25 12/20 8/17 4/15 5/13 12/11
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-C
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP:
Fixed Rate Assets: 0 100 150 200 250 300
Adjustable Rate Assets: 0 125 200 275 350 425
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-31+ Coupon: 7.7900 Original Par: 10,816,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.89 7.88 7.87 7.87 7.87 7.87
Average Life: 21.35 13.06 10.31 9.18 8.41 7.77
Duration: 9.96 7.67 6.62 6.16 5.83 5.54
First Prin Pay: 3/13 11/04 4/03 3/03 3/03 3/03
Last Prin Pay: 5/24 5/18 1/15 11/12 11/10 2/09
---------------------------
TO MATURITY:
Bond Yield: 7.89 7.88 7.87 7.87 7.87 7.87
Average Life: 21.35 13.06 10.31 9.18 8.42 7.85
Duration: 9.96 7.67 6.62 6.16 5.83 5.57
First Prin Pay: 3/13 11/04 4/03 3/03 3/03 3/03
Last Prin Pay: 5/24 5/18 1/15 11/12 6/11 4/10
-----------------------------------------------------------------------------
</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]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-C
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-1
-------------------------------------------------------------------------------
Percent of MHP:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Fixed Rate Assets: 0 100 150 200 250 300
Adjustable Rate Assets: 0 125 200 275 350 425
Distribution Date:
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1999 96 90 88 85 82 79
August 15, 2000 94 82 76 71 66 60
August 15, 2001 92 74 66 58 50 43
August 15, 2002 90 66 56 46 37 29
August 15, 2003 88 59 48 38 29 21
August 15, 2004 85 52 42 33 24 17
August 15, 2005 82 47 38 28 20 14
August 15, 2006 79 43 33 24 16 11
August 15, 2007 76 39 29 20 14 9
August 15, 2008 72 35 26 17 11 7
August 15, 2009 68 32 23 15 9 5
August 15, 2010 64 29 20 12 7 4
August 15, 2011 59 25 17 10 6 3
August 15, 2012 53 22 14 8 5 2
August 15, 2013 48 20 12 7 4 2
August 15, 2014 46 17 10 6 3 1
August 15, 2015 43 15 9 4 2 0
August 15, 2016 39 13 7 4 1 0
August 15, 2017 35 11 6 3 0 0
August 15, 2018 32 9 5 1 0 0
August 15, 2019 29 8 4 1 0 0
August 15, 2020 25 6 3 0 0 0
August 15, 2021 21 5 1 0 0 0
August 15, 2022 17 4 0 0 0 0
August 15, 2023 13 2 0 0 0 0
August 15, 2024 9 0 0 0 0 0
August 15, 2025 5 0 0 0 0 0
August 15, 2026 1 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
August 15, 2028 0 0 0 0 0 0
Avg Life In Years: 15.1 8.6 6.8 5.4 4.3 3.6
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-C
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-1A
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Percent of MHP:
Fixed Rate Assets: 0 100 150 200 250 300
Adjustable Rate Assets: 0 125 200 275 350 425
Distribution Date:
---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
August 15, 1999 99 93 90 87 83 80
August 15, 2000 98 86 79 72 66 60
August 15, 2001 98 79 69 60 52 44
August 15, 2002 97 72 60 50 40 33
August 15, 2003 96 66 52 41 32 24
August 15, 2004 95 61 46 34 25 18
August 15, 2005 94 55 40 28 19 13
August 15, 2006 92 51 34 23 15 10
August 15, 2007 91 46 30 19 12 7
August 15, 2008 89 42 26 16 9 5
August 15, 2009 88 38 22 13 7 4
August 15, 2010 86 34 19 10 5 3
August 15, 2011 84 31 16 8 4 2
August 15, 2012 82 28 14 7 3 1
August 15, 2013 79 25 12 6 2 1
August 15, 2014 77 22 10 4 2 1
August 15, 2015 74 20 9 4 1 0
August 15, 2016 70 18 7 3 1 0
August 15, 2017 67 15 6 2 1 0
August 15, 2018 63 13 5 2 0 0
August 15, 2019 58 12 4 1 0 0
August 15, 2020 54 10 3 0 0 0
August 15, 2021 48 8 3 0 0 0
August 15, 2022 43 7 2 0 0 0
August 15, 2023 36 5 0 0 0 0
August 15, 2024 29 4 0 0 0 0
August 15, 2025 22 0 0 0 0 0
August 15, 2026 13 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
August 15, 2028 0 0 0 0 0 0
Avg Life In Years: 20.7 9.9 7.1 5.4 4.3 3.5
- ---------------------------------------------------------------------------------------------
</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]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-C
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M-1
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Percent of MHP:
Fixed Rate Assets: 0 100 150 200 250 300
Adjustable Rate Assets: 0 125 200 275 350 425
Distribution Date:
-------------------------------------------------------------------------------------------------
Initial Percent 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 95 93 92 91
August 15, 2004 100 100 85 80 76 73
August 15, 2005 100 93 75 69 63 58
August 15, 2006 100 84 66 59 52 46
August 15, 2007 100 77 58 50 43 37
August 15, 2008 100 70 51 43 35 29
August 15, 2009 100 63 45 36 29 23
August 15, 2010 100 57 39 30 23 17
August 15, 2011 100 50 33 25 18 13
August 15, 2012 100 44 28 20 14 6
August 15, 2013 97 39 24 17 10 0
August 15, 2014 92 34 21 14 3 0
August 15, 2015 85 30 17 9 0 0
August 15, 2016 79 26 15 3 0 0
August 15, 2017 71 22 11 0 0 0
August 15, 2018 63 18 5 0 0 0
August 15, 2019 57 16 0 0 0 0
August 15, 2020 51 13 0 0 0 0
August 15, 2021 43 7 0 0 0 0
August 15, 2022 35 0 0 0 0 0
August 15, 2023 25 0 0 0 0 0
August 15, 2024 17 0 0 0 0 0
August 15, 2025 7 0 0 0 0 0
August 15, 2026 0 0 0 0 0 0
August 15, 2027 0 0 0 0 0 0
August 15, 2028 0 0 0 0 0 0
Avg Life In Years: 21.7 13.9 11.2 10.0 9.1 8.5
- ---------------------------------------------------------------------------------------------
</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]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-C
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M-2
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Percent of MHP:
Fixed Rate Assets: 0 100 150 200 250 300
Adjustable Rate Assets: 0 125 200 275 350 425
Distribution Date:
---------------------------------------------------------------------------------------------
Initial Percent 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 95 93 92 91
August 15, 2004 100 100 85 80 76 73
August 15, 2005 100 93 75 69 63 58
August 15, 2006 100 84 66 59 52 46
August 15, 2007 100 77 58 50 43 37
August 15, 2008 100 70 51 43 35 29
August 15, 2009 100 63 45 36 29 23
August 15, 2010 100 57 39 30 23 14
August 15, 2011 100 50 33 25 17 3
August 15, 2012 100 44 28 20 6 0
August 15, 2013 97 39 24 12 0 0
August 15, 2014 92 34 21 4 0 0
August 15, 2015 85 30 14 0 0 0
August 15, 2016 79 26 7 0 0 0
August 15, 2017 71 22 0 0 0 0
August 15, 2018 63 17 0 0 0 0
August 15, 2019 57 9 0 0 0 0
August 15, 2020 51 2 0 0 0 0
August 15, 2021 43 0 0 0 0 0
August 15, 2022 35 0 0 0 0 0
August 15, 2023 25 0 0 0 0 0
August 15, 2024 13 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
August 15, 2028 0 0 0 0 0 0
Avg Life In Years: 21.6 13.7 10.9 9.7 8.9 8.3
- ---------------------------------------------------------------------------------------------
</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]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-C
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class B-1
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Percent of MHP:
Fixed Rate Assets: 0 100 150 200 250 300
Adjustable Rate Assets: 0 125 200 275 350 425
Distribution Date:
-----------------------------------------------------------------------------------------------
Initial Percent 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 95 93 92 91
August 15, 2004 100 100 85 80 76 73
August 15, 2005 100 93 75 69 63 58
August 15, 2006 100 84 66 59 52 46
August 15, 2007 100 77 58 50 43 37
August 15, 2008 100 70 51 43 35 21
August 15, 2009 100 63 45 36 21 7
August 15, 2010 100 57 39 24 8 0
August 15, 2011 100 50 31 13 0 0
August 15, 2012 100 44 20 2 0 0
August 15, 2013 97 39 11 0 0 0
August 15, 2014 92 33 3 0 0 0
August 15, 2015 85 24 0 0 0 0
August 15, 2016 79 15 0 0 0 0
August 15, 2017 71 6 0 0 0 0
August 15, 2018 63 0 0 0 0 0
August 15, 2019 57 0 0 0 0 0
August 15, 2020 51 0 0 0 0 0
August 15, 2021 43 0 0 0 0 0
August 15, 2022 34 0 0 0 0 0
August 15, 2023 13 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
August 15, 2028 0 0 0 0 0 0
Avg Life In Years: 21.3 13.1 10.3 9.2 8.4 7.8
- ---------------------------------------------------------------------------------------------
</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.
[LOGO]
