SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) March 28, 2000.
Oakwood Mortgage Investors, Inc.
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(Exact name of registrant as specified in charter)
Nevada 333-72621 88-0396566
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
101 Convention Center Drive, Suite 850, Las Vegas, Nevada 89109
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 949-0056
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(Former name or former address, if changed since last report.)
Item 5. Other Events.
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On or about March 27, 2000 the Registrant expects to enter into an
underwriting agreement with Credit Suisse First Boston Corporation and Banc of
America Securities LLC (the "Underwriters"), pursuant to which the Underwriters
will agree to purchase and offer for sale to the public, $298,060,000 aggregate
initial principal amount of the Registrant's Senior/Subordinated Pass-Through
Certificates, Series 2000-A, Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class M-1, Class M-2 and Class B-1 (the "Offered Securities"). The Offered
Securities will be registered for sale under the Registrant's effective shelf
Registration Statement on Form S-3 (333-72621), and will be offered pursuant to
a Prospectus, dated March 27, 2000, and a related Prospectus Supplement, dated
March 27, 2000, 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 letter to
Greenwood Trust Company, Discover Card Master Trust I (publicly available April
5, 1996), in the No-Action response letter to Kidder, Peabody & Co.,
Incorporated and certain affiliates thereof (publicly available May 20, 1994)
and in the No-Action Letter 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 letters, the
Registrant previously filed on March 23, 2000, certain Series Term Sheets,
Computational Materials, and/or Structural Terms Sheets as Exhibit 99.1.
The term sheets have changed since the registrant's filing. As a
result of these changes, the Registrant is filing herewith the revised Series
Term Sheets, Computational Materials and/or Structural Terms Sheets in
substitution of the previously filed Exhibit 99.1. With the exception of Exhibit
99.1, all exhibits to the March 23, 2000 filing are hereby incorporated by
reference.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits.
(c) Exhibits.
99.1 Copy of "Series Term Sheets," "Computational Materials," and/or
"Structural Terms Sheets" as provided by the Underwriters.
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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.
March 23, 2000 OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Dennis W. Hazelrigg
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Name: Dennis W. Hazelrigg
Title: President
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INDEX TO EXHIBITS
Page
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99.1 Copy of "Series Term Sheets," "Computational
Materials," and/or "Structural Terms Sheets"
as provided by the Underwriters.....................[Electronic Format]
SUBJECT TO REVISION
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SERIES TERM SHEET DATED MARCH 28, 2000
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$298,060,000
OMI Trust 2000-A
[GRAPHIC OMITTED] Issuer
Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
Senior/Subordinated Pass-Through Certificates, Series 2000-A
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Oakwood Mortgage Investors, Inc.
Senior/Subordinated Pass-Through Certificates, Series 2000-A. 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, Banc of America Securities LLC 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 has been filed with the Securities and Exchange
Commission and 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.
Joint Bookrunners
Credit Suisse First Boston Banc of America Securities LLC
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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 2000-A Pooling and Servicing Agreement (including the May 1999 Edition to
the Standard Terms) to be dated as of March 1, 2000, among Oakwood Mortgage
Investors, Inc., as Depositor, Oakwood Acceptance Corporation, as Servicer, and
Chase Manhattan Trust Company, National Association, as Trustee.
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The Offered Certificates........................
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Average Modified
Principal S&P / Fitch Life Duration First Last
Class Amount(1) Description Ratings(2) (yrs)(3) Coupon (yrs) (3) Pay(3) Pay(3)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $65,000,000 Senior AAA / AAA 0.94 . %(4) 0.88 4/00 2/02
A-2 23,000,000 Senior AAA / AAA 2.87 . %(5) (6) 2.47 2/02 3/04
A-3 14,000,000 Senior AAA / AAA 5.12 . %(5) (6) 4.02 3/04 12/06
A-4 25,000,000 Senior AAA / AAA 11.30 . %(5) (6) 6.97 12/06 3/15
A-5 125,078,000 Senior AAA / AAA 6.78 . %(5) (6) 4.63 2/02 3/15
M-1 20,527,000 Mezzanine AA / AA 9.73 . %(5) (6) 6.14 10/04 3/15
M-2 12,317,000 Mezzanine A / A 9.73 . %(5) (6) 5.97 10/04 3/15
B-1 13,138,000 Subordinate BBB / BBB 9.63 . %(5) (6) 5.68 10/04 3/15
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(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) It is a condition to the issuance of the certificates
that they be rated as above. A security rating is not
a recommendation to buy, sell or hold securities and
may be subject to revision of withdrawal at any time
by the assigning rating organization.
(3) Assumed that the 10% optional termination is
exercised. Data run at a prepayment speed of 200% MHP.
(4) Based on One-Month LIBOR and subject to a cap of the
Weighted Average Net Asset Rate for the related
Distribution Date. Computed on the basis of a 360-day
year and the actual number of days in each Interest
Accrual Period.
(5) Computed on the basis of a 360-day year of twelve
30-day months.
(6) The lesser of (i) specified rate per annum, or (ii)
the Weighted Average Net Asset Rate for the related
distribution date.
Class Designations
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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-1 certificates.
Offered Subordinated Certificates.......Class M and class B-1 certificates.
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 and will be acquired on or after the closing date but prior to
such private placement by an affiliate of Oakwood Mortgage. The class X and
class R certificates are expected to be sold initially to related entities
of Oakwood Mortgage, 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 $18,885,000.
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...............................March 1, 2000.
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 April 2000
(each, a "Distribution Date").
Record Date................................With respect to each Distribution Date, (i) for the class A-1 certificates,
the business day preceding such Distribution Date, and (ii) for all other
classes of the Offered Certificates, the close of business on the last
business day of the month preceding the month in which such Distribution
Date occurs (each, a "Record Date").
Interest Accrual Period....................With respect to each Distribution Date, (i) for the class A-1 certificates,
the period commencing on the 15th day of the preceding month through the
14th day of the month in which such Distribution Date occurs (except that
the first
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Interest Accrual Period for the class A-1 certificates will be the period
from the Closing Date through April 16th, 2000), and (ii) for all other
classes of the Offered Certificates, 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, Compensating Interest,
proceeds of repurchases, net liquidation proceeds and net insurance
proceeds, less (2)(a) amounts required to reimburse the servicer for
previously unreimbursed Advances in accordance with the pooling and
servicing agreement, (b) amounts required to reimburse Oakwood Mortgage or
the servicer for certain reimbursable expenses in accordance with the
pooling and servicing agreement, (c) amounts required to reimburse any
party for an overpayment of a Repurchase Price for an asset in accordance
with the pooling and servicing agreement, (d) the Interest Deficiency
Amount or portion thereof, if any, paid from collections on the preceding
Distribution Date, and (e) if Oakwood Acceptance is not the servicer, the
Servicing Fees for the related Collection Period.
Principal distributions to the Class M Certificates will be allocated pro
rata between the class M-1 and the class M-2 certificates. Principal
distributions to the Class B Certificates will be allocated pro rata
between the class B-1 and the class B-2 certificates. Prior to the
Cross-over Date or on any Distribution Date as of which the Principal
Distribution Tests are not met, principal will be allocated solely to the
Class A Certificates.
If an Interest Deficiency Event occurs on any Distribution Date with
respect to the class M-1, class M-2, class B-1 or class B-2 certificates,
collections received after the end of the related Collection Period and
prior to such Distribution Date will be applied, up to a limited amount
determined by the rating agencies, to remedy such deficiency in order of
class seniority. Any remaining deficiency will be carried forward as
shortfall for the next Distribution Date. "Interest Deficiency Event"
means, with respect to the class M-1, class M-2, class B-1 and class B-2
certificates and a Distribution Date, that after distribution of the
Available Distribution Amount in the order of priority set forth below
under "Priority of Distributions," there remains unpaid any of the current
Interest Distribution Amounts, Interest Distribution Amounts remaining
unpaid from prior Distribution Dates, Writedown Interest Distribution
Amounts or Carryover Writedown Interest Distribution Amounts for these
classes and Distribution Date (the "Interest Deficiency Amount").
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.
Priority of Distributions..................On each Distribution Date the Available Distribution Amount will be
distributed in the following amounts and in the following order of
priority:
(1) first, concurrently, to each class of the Class A Certificates (a)
first, the related Interest Distribution Amount for such Distribution Date
and (b) second, any Interest Distribution Amounts remaining unpaid from
previous Distribution Dates, plus interest on this carryover amount, if
any, for such Distribution Date;
(2) second, to the class M-1 certificates, (a) first, the related Interest
Distribution Amount for such Distribution Date and (b) second, any Interest
Distribution Amounts remaining unpaid from previous Distribution Dates,
plus interest on this carryover amount, if any, for such Distribution Date;
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(3) third, to the class M-2 certificates, (a) first, the related Interest
Distribution Amount for such Distribution Date and (b) second, any Interest
Distribution Amounts remaining unpaid from previous Distribution Dates,
plus interest on this carryover amount, if any, for such Distribution Date;
(4) fourth, to the class B-1 certificates, (a) first, the related Interest
Distribution Amount for such Distribution Date and (b) second, any Interest
Distribution Amounts remaining unpaid from previous Distribution Dates,
plus interest on this carryover amount, if any, for such Distribution Date;
(5) fifth, to the class B-2 certificates, (a) first, the related Interest
Distribution Amount for such Distribution Date and (b) second, any Interest
Distribution Amounts remaining unpaid from previous Distribution Dates,
plus interest on this carryover amount, if any, for such Distribution Date;
(6) sixth, concurrently, to each class of the Class A Certificates, any
related Principal Distribution Shortfall Carryover Amounts for each such
class, if any, for such Distribution Date; allocated among the Class A
Certificates pro rata based on their respective Principal Distribution
Shortfall Carryover Amounts;
(7) seventh, to the class A-1 certificates, the class A-2 certificates, the
class A-3 certificates, the class A-4 certificates and the class A-5
certificates, the Class A Principal Distribution Amount, allocated in the
following manner: (i) first, to the class A-1 certificates in reduction of
the certificate principal balance of such class, until it has been reduced
to zero; (ii) second, concurrently to (a) the Class A-5 certificate, the
A-5 Percentage of the Class A Principal Distribution until the Class A-5
has been reduced to zero and (b) the balance of the Class A Principal
Distribution Amount allocated sequentially to the Class A-2 certificates,
the Class A-3 certificates and the Class A-4 certificates, where the Class
A-5 Percentage for a Distribution Date will generally be the percentage
derived from the fraction, the numerator of which is the Class A-5
certificate Principal Balance immediately prior to such Distribution Date
and the denominator of which is the sum of the Class A-2 certificate
Principal Balance, the Class A-3 certificate Balance, the Class A-4
certificate Principal Balance and the Class A-5 certificate Principal
Balance, each immediately prior to such Distribution Date; PROVIDED,
HOWEVER, that on any Distribution Date on which the Pool Scheduled
Principal Balance is less than the aggregate certificate principal balance
of the Class A Certificates immediately prior to such Distribution Date,
the Class A Principal Distribution Amount will be allocated among the Class
A Certificates PRO RATA based upon their respective certificate principal
balances;
(8) eighth, to the class M-1 certificates, (a) first, any related Writedown
Interest Distribution Amount for such Distribution Date, (b) second, any
related Carryover Writedown Interest Distribution Amount for such
Distribution Date, (c) third, any related Principal Distribution Amounts
remaining unpaid from prior Distribution Dates, and (d) fourth, any related
Principal Distribution Amount until the class M-1 certificate principal
balance is reduced to zero;
(9) ninth, to the class M-2 certificates, (a) first, any related Writedown
Interest Distribution Amount for such Distribution Date, (b) second, any
related Carryover Writedown Interest Distribution Amount for such
Distribution Date, (c) third, any related Principal Distribution Amounts
remaining unpaid from prior Distribution Dates, and (d) fourth, any related
Principal Distribution Amount until the class M-2 certificate principal
balance is reduced to zero;
(10) tenth, to the class B-1 certificates, (a) first, any related Writedown
Interest Distribution Amount for such Distribution Date, (b) second, any
related Carryover Writedown Interest Distribution Amount for such
Distribution Date, (c) third, any related Principal Distribution Amounts
remaining unpaid from prior Distribution Dates, and (d) fourth, any related
Principal Distribution Amount until the class B-1 certificate principal
balance is reduced to zero;
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(11) eleventh, to the class B-2 certificates, (a) first any related
Writedown Interest Distribution Amount for such Distribution Date, (b)
second, any related Carryover Writedown Interest Distribution Amount for
such Distribution Date, (c) third, any related Principal Distribution
Amounts remaining unpaid from prior Distribution Dates, and (d) fourth, any
related Principal Distribution Amount until the class B-2 certificate
principal balance is reduced to zero;
(12) twelfth, if Oakwood Acceptance is the servicer, to the servicer, the
following amounts in sequential order: (i), the Servicing Fees for the
related Collection Period, and (ii) any Servicing Fees from previous
Distribution Dates remaining unpaid;
(13) thirteenth, to the class A certificates in the manner provided in
paragraph (7) above, class M-1, class M-2, class B-1 and class B-2
certificates, in that order, the Accelerated Principal Distribution Amount
for such Distribution Date until the certificate principal balance of each
class is reduced to zero;
(14) fourteenth, to the class X certificates, in the following sequential
order: (i) the current Class X Strip Amount; and (ii) any Class X Strip
Amounts from previous Distribution Dates remaining unpaid; and
(15) finally, any remainder to the class R certificates.
The primary credit support for the Class A Certificates is the
subordination of the Subordinated Certificates and overcollateralization;
for the class M-1 certificates is the subordination of the class M-2, class
B, class X, class R certificates and overcollateralization; for the class
M-2 certificates is the subordination of the class B, class X, class R
certificates and overcollateralization; and for the class B-1 certificates
is the subordination of the class B-2, class X, class R certificates and
overcollateralization.
Cross-over Date............................The later to occur of (a) the Distribution Date occurring in October 2004
or (b) the first Distribution Date on which the percentage equivalent of a
fraction (which shall not be greater than 1) the numerator of which is the
sum of the certificate principal balance - as adjusted for write-downs - of
the Subordinated Certificates and the Current Overcollateralization Amount
for such Distribution Date and the denominator of which is the Pool
Scheduled Principal Balance on such Distribution Date, equals or exceeds
1.79 times the percentage equivalent of a fraction (which shall not be
greater than 1) the numerator of which is the sum of the initial aggregate
certificate principal balance - as adjusted for write-downs - of the
Subordinated Certificates and the Current Overcollateralization Amount and
the denominator of which is the Pool Scheduled Principal Balance on the
Cut-off Date.
Performance Test...........................The Average Sixty Day Delinquency Ratio is less than or equal to 5.5%, the
Current Realized Loss Ratio is less than or equal to 3.0%; and the
Cumulative Realized Losses are less than or equal to the following
percentages of the original Pool Scheduled Principal Balance set forth
below:
7% October 2004 through March 2006,
8% April 2006 through March 2007,
9.5% April 2007 through September 2008, and
10.5% thereafter.
Overcollateralization......................Excess interest collections will be applied, to the extent available, to
make accelerated payments of principal on the 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
certificates. The "Target Overcollateralization Amount" generally shall
mean, (i) for any Distribution Date prior to the Cross-over Date, 4.0% of
the Cut-off Date Pool Scheduled Principal Balance and (ii) for any other
Distribution Date, the lesser of (x) 4.0% of the Cut-off Date Pool
Scheduled Principal Balance and (y) 7.0% of the then-outstanding Pool
Scheduled Principal Balance; provided, however, that
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in no event shall the Target Overcollateralization Amount be less than 0.5%
of the Cut-off Date Pool Scheduled Principal Balance. On the closing date,
the initial overcollateralization amount shall equal 3.5% of the Pool
Scheduled Principal Balance as of the Cut-off Date.
The "Current Overcollateralization Amount" shall mean, for any Distribution
Date, the positive difference, if any, between the Pool Scheduled Principal
Balance of the assets and the certificate principal balance of all the
outstanding classes of certificates. The "Accelerated Principal
Distribution Amount" for any Distribution Date shall be the positive
difference, if any, between the Target Overcollateralization Amount and the
Current Overcollateralization Amount.
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
certificate principal balance - as adjusted for write-downs - 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 certificate principal balance - as adjusted for write-downs - 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
certificate principal balance - as adjusted for write-downs - 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 certificate principal balance - as adjusted for write-downs - 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 judgement, 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. In
addition, the servicer is obligated under certain circumstances to pay
Compensating Interest with respect to any asset that prepays on a date
other than on a Due Date for such asset.
Final Scheduled Distribution Dates........To the extent not previously paid prior to such dates, the outstanding
principal amount of each class of Offered Certificates will be payable on
the Distribution Date set forth below (with respect to each class of
certificates, the "Final Scheduled Distribution Date"). For each class of
the class A Certificates, the Final Scheduled Distribution Dates were
determined based on the assumptions that (I) there are no defaults,
prepayments or delinquencies with respect to payments due on the Assumed
Contract Characteristics and (ii) the optional termination right is not
exercised by the Servicer. For each class of the Subordinate Certificates,
the Final Scheduled Distribution Dates were determined by the maturity date
of the asset with the latest stated maturity.
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Final Scheduled
Distribution Dates
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Class A-1 Certificates.......... December 15, 2010
Class A-2 Certificates.......... May 15, 2017
Class A-3 Certificates.......... March 15, 2022
Class A-4 Certificates.......... September 15, 2029
Class A-5 Certificates.......... September 15, 2029
Class M-1 Certificates.......... April 15, 2030
Class M-2 Certificates.......... April 15, 2030
Class B-1 Certificates.......... April 15, 2030
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Optional Termination......................The servicer at its option and subject to the limitations imposed by the
pooling and servicing agreement, will have the option to purchase from the
Trust all assets then outstanding and all other property in the trust 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. The servicer also may terminate the trust estate if it
determines that there is a substantial risk that the trust estate's REMIC
status will be lost.
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 rate manufactured housing installment
sales contracts (the "Contracts") secured by security interests in
manufactured homes, as defined herein (the "Manufactured Homes"), 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"). The asset pool consists of 6,620 assets having an aggregate Pool
Scheduled Principal Balance as of the Cut-off Date of $328,440,849.57.
As of the Cut-off Date, approximately 40.41% of the assets are Mortgage
Loans. Based on Cut-off Date Pool Scheduled Principal Balance,
approximately 76.58% of the assets are secured by Manufactured Homes which
were new, approximately 3.87% of the assets are secured by Manufactured
Homes which were used, approximately 18.26% of the assets are secured by
Manufactured Homes which were repossessed and approximately 1.29% of the
assets are secured by Manufactured Homes which were transferred. As of the
Cut-off Date, the assets were secured by Manufactured Homes or Mortgaged
Properties located in 42 states and the District of Columbia, and
approximately 16.16% and 12.78% of the assets were secured by Manufactured
Homes or Mortgaged Properties located in North Carolina and Texas,
respectively (based on the mailing addresses of the obligors on the assets
as of the Cut-off Date). Each asset bears interest at an annual percentage
rate (an "APR") of at least 6.25% and not more than 18.00%. The weighted
averaged APR of the assets as of the Cut-off Date is approximately 10.09%.
The assets have remaining terms to maturity as of the Cut-off Date of at
least 15 months but not more than 360 months and original terms to stated
maturity of at least 18 months but not more than 360 months. As of the
Cut-off Date, the assets had a weighted average original term to stated
maturity of approximately 317 months, and a weighted average remaining term
to stated maturity of approximately 315 months. The assets have
Loan-to-Value Ratio as of the Cut-off Date of at least 12.34% but not more
than 100.00%. As of the Cut-off Date, the assets had a weighted average
Loan-to-Value Ratio of approximately 90.25%. The final scheduled payment
date on the asset with the latest maturity occurs in April 2030.
Approximately 0.64% of the assets, having an aggregate principal balance as
of the Cut-off Date of approximately $2,113,423, were acquired by Oakwood
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Acceptance from IndyMac, Inc.
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 (each, a "REMIC"). The class
A, class M, class B and class X Certificates will constitute "regular
interests" in a REMIC for federal income tax purposes. The class R
certificates will be treated as the sole class of "residual interests" in
each REMIC for federal income tax purposes.
Recent Developments.......................In November 1998, four shareholder suits were filed against Oakwood Homes
and certain of its directors and officers. These suits have been
consolidated in one suit in the Middle District of North Carolina. The
lawsuit generally alleges that certain of Oakwood Home's financial
statements were false and misleading and that certain other disclosures
were inaccurate. Oakwood Homes has filed a motion to dismiss this
complaint. Oakwood Mortgage believes that this lawsuit will not adversely
affect distributions to be made on your certificates.
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 a Plan Investor, unless such
Plan Investor provides the Seller and the Trustee with a Benefit Plan
Opinion, or 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,
Oakwood Capital 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, holding and resale of such Certificate, and transactions in
connection with the servicing, operation and management of the trust from
the prohibited transaction rules of ERISA and the Code.
Legal Investment Considerations...........The class A-1, class A-2, class A-3, class A-4, class A-5 and class M-1
certificates are expected to 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.
</TABLE>
<PAGE>
DELINQUENCY, LOAN LOSS AND REPOSSESSION EXPERIENCE
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential mortgage loans
serviced by Oakwood Acceptance. Because delinquencies, losses and repossessions
are affected by a variety of economic, geographic and other factors, there can
be no assurance that the delinquency and loss experience of the assets will be
comparable to that set forth below.
Asset Servicing Portfolio
(Dollars in thousands)
<TABLE>
<CAPTION>
At September 30, December 31,
------------------------------------------------------------ ------------------------
1995 1996 1997 1998 1999 1998 1999
-------- ---------- --------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.......... 51,566 67,120 89,411 111,351 122,955 114,697 121,598
Acquired Portfolios......... 4,872 4,177 3,602 2,818 2,160 2,635 2,053
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.......... $1,130,378 $1,687,406 $2,499,794 $3,536,657 $4,223,475 $3,692,078 $4,227,795
Acquired Portfolios......... $70,853 $57,837 $47,027 $35,882 $26,306 $32,734 $24,607
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated.......... $21.9 $25.1 $28.0 $31.8 $34.3 $32.2 $34.8
Acquired Portfolios......... $14.5 $13.8 $13.1 $12.7 $12.2 $12.4 $12.0
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.......... 12.0% 11.5% 11.0% 10.8% 10.6% 10.7% 10.6%
Acquired Portfolios......... 11.3% 11.2% 11.1% 11.0% 10.7% 11.0% 10.7%
Delinquency Experience (1)
(Dollars in thousands)
<CAPTION>
At September 30, December 31,
------------------------------------------------- -------------------
1995 1996 1997 1998 1999 1998 1999
-------- -------- ------- ------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.................. 51,566 67,120 89,411 111,351 122,955 114,697 121,598
Acquired Portfolios................. 4,872 4,177 3,602 2,818 2,160 2,635 2,053
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days......................... 601 835 1,171 2,345 3,391 2,695 2,953
60-89 Days......................... 185 308 476 906 1,046 973 1,077
90 Days or More.................... 267 492 716 1,222 1,783 1,474 2,368
Total Number of Assets Delinquent 1,053 1,635 2,363 4,473 6,220 5,142 6,398
Acquired Portfolios.................
30-59 Days......................... 63 66 90 75 59 52 47
60-89 Days......................... 17 23 23 31 14 19 18
90 Days or More.................... 76 62 75 57 45 53 52
Total Number of Assets Delinquent 156 151 188 163 118 124 117
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 2.0% 2.4% 2.6% 4.0% 5.1% 4.5% 5.3%
Acquired Portfolios................. 3.2% 3.6% 5.2% 5.8% 5.5% 4.7% 5.7%
</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.
<PAGE>
Loan Loss/Repossession Experience
(Dollars in thousands)
<TABLE>
<CAPTION>
At or for the fiscal year At or for the three
ended months ended
September 30, December 31,
----------------------------------------------------------- -----------------------
1995 1996 1997 1998 1999 1998 1999
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced 56,438 71,297 93,013 114,169 125,115 117,332 123,651
Assets (1).................
Average Number of Serviced
Assets During Period....... 50,742 63,868 82,155 103,591 119,642 115,751 124,383
Number of Serviced
Assets Repossessed......... 1,718 2,746 3,885 5,411 7,790 1,865 1,860
Serviced Assets Repossessed as a
Percentage of Total Serviced
Assets (2)................. 3.04% 3.85% 4.18% 4.74% 6.23% 6.36%(6) 6.02%(6)
Serviced Assets Repossessed as a
Percentage of Average Number
of Serviced Assets......... 3.39% 4.30% 4.73% 5.22% 6.51% 6.44%(6) 5.98%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated......... $976,905 $1,409,467 $2,065,033 $2,978,235 $3,839,274 $3,573,337 $4,183,390
Acquired Portfolios........ $30,235 $27,351 $22,943 $19,179 $14,781 $16,276 $12,113
Net Losses from Asset
Liquidation(4):
Total Dollars (3)..........
Oakwood Originated....... $7,303 $14,248 $26,872 $45,189 $66,037 $14,266 $13,205
Acquired Portfolios...... $473 $592 $528 $220 $173 $34 $28
As a Percentage of Average
Outstanding Principal Balance
of Assets (3) (5)
Oakwood Originated....... 0.75% 1.01% 1.30% 1.52% 1.72% 1.60%(6) 1.26%(6)
Acquired Portfolios...... 1.56% 2.16% 2.30% 1.15% 1.17% 0.84%(6) 0.92%(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 and serviced by Oakwood
Acceptance and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance -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.
(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.
<PAGE>
Whenever reference is made herein to a percentage of the assets (or to
a percentage of the scheduled principal balance of the assets), the percentage
is calculated based on the scheduled principal balances ("SPB") of the assets as
of the Cut-off Date. In addition, numbers in any columns in the tables below may
not sum exactly to the total number at the bottom of the column due to rounding.
Geographical Distribution of Manufactured Homes(1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Geographic Location Assets Principal Balance Asset Pool by SPB
- ------------------- ------ ----------------- -----------------
<S> <C> <C> <C>
Alabama.................... 217 $ 8,775,214 2.67%
Alaska..................... 2 95,465 0.03
Arizona.................... 254 18,754,019 5.71
Arkansas................... 121 5,171,648 1.57
California................. 43 4,221,721 1.29
Colorado................... 99 5,866,659 1.79
Delaware................... 46 2,124,977 0.65
Florida.................... 144 7,678,611 2.34
Georgia.................... 317 13,729,742 4.18
Idaho...................... 57 4,205,629 1.28
Illinois................... 7 343,944 0.10
Indiana.................... 13 791,245 0.24
Iowa....................... 3 250,926 0.08
Kansas..................... 75 3,649,655 1.11
Kentucky................... 168 7,424,661 2.26
Louisiana.................. 240 9,990,420 3.04
Maryland................... 8 418,511 0.13
Michigan................... 23 1,784,191 0.54
Minnesota.................. 2 126,446 0.04
Mississippi................ 169 6,865,675 2.09
Missouri................... 173 7,486,011 2.28
Montana.................... 7 426,131 0.13
Nebraska................... 3 318,634 0.10
Nevada..................... 57 4,537,817 1.38
New Jersey................. 1 78,342 0.02
New Mexico................. 162 8,000,853 2.44
New York................... 3 170,484 0.05
North Carolina............. 1,250 53,080,948 16.16
Ohio....................... 119 6,156,344 1.87
Oklahoma................... 124 6,327,584 1.93
Oregon..................... 171 18,080,522 5.50
Pennsylvania............... 2 100,698 0.03
South Carolina............. 489 19,643,413 5.98
South Dakota............... 1 105,526 0.03
Tennessee.................. 456 19,407,128 5.91
Texas...................... 921 41,968,779 12.78
Utah....................... 31 2,043,638 0.62
Virginia................... 326 14,253,299 4.34
Washington................. 181 18,181,563 5.54
Washington DC.............. 1 29,891 0.01
West Virginia.............. 113 4,133,279 1.26
Wisconsin.................. 3 80,644 0.02
Wyoming.................... 18 1,559,961 0.47
----- --------- ----
Total................... 6,620 $328,440,850 100.00%
===== ============ =======
</TABLE>
- -----------
(1) Based on the mailing address of the obligor on the related asset as of the
Cut-off Date.
<PAGE>
<TABLE>
<CAPTION>
Year of Origination of Assets (1)
Number of Aggregate Scheduled Percentage of
Year of Origination Assets Principal Balance Asset Pool by SPB
- ------------------- ------ ----------------- -----------------
<S> <C> <C> <C>
1989..................... 1 $ 6,789 0.00%
1993..................... 1 47,292 0.01
1994..................... 1 10,585 0.00
1995..................... 1 15,147 0.00
1997..................... 5 119,717 0.04
1998..................... 23 1,307,210 0.40
1999..................... 3,935 215,552,627 65.63
2000..................... 2,653 111,381,482 33.91
----- ----------- -----
Total............... 6,620 $328,440,850 100.00%
===== ============ ======
---------------
(1) The weighted average seasoning of the assets was approximately 2 months as
of the Cut-off Date.
<CAPTION>
Distribution of Original Asset Amounts(1)
Number of Aggregate Scheduled Percentage of
Original Asset Amount Assets Principal Balance Asset Pool by SPB
- --------------------- ------ ----------------- -----------------
<S> <C> <C> <C>
$ 4,999 or less.............. 9 $ 33,281 0.01%
$ 5,000 - $ 9,999......... 62 466,654 0.14
$ 10,000 - $ 14,999.......... 148 1,860,786 0.57
$ 15,000 - $ 19,999.......... 278 4,896,846 1.49
$ 20,000 - $ 24,999.......... 454 10,288,213 3.13
$ 25,000 - $ 29,999.......... 787 21,685,345 6.60
$ 30,000 - $ 34,999.......... 843 27,361,570 8.33
$ 35,000 - $ 39,999.......... 663 24,648,610 7.50
$ 40,000 - $ 44,999.......... 469 19,857,629 6.05
$ 45,000 - $ 49,999.......... 416 19,757,870 6.02
$ 50,000 - $ 54,999.......... 371 19,365,402 5.90
$ 55,000 - $ 59,999.......... 342 19,537,114 5.95
$ 60,000 - $ 64,999.......... 277 17,231,628 5.25
$ 65,000 - $ 69,999.......... 191 12,858,604 3.92
$ 70,000 - $ 74,999.......... 212 15,323,319 4.67
$ 75,000 - $ 79,999.......... 175 13,526,589 4.12
$ 80,000 - $ 84,999.......... 155 12,768,073 3.89
$ 85,000 - $ 89,999.......... 112 9,770,265 2.97
$ 90,000 - $ 94,999.......... 95 8,752,747 2.66
$ 95,000 - $ 99,999.......... 82 7,961,224 2.42
$100,000 or more............... 479 60,489,081 18.42
--- ---------- -----
Total..................... 6,620 $328,440,850 100.00%
===== =========== ======
</TABLE>
- -------------
(1) The highest original asset amount was $263,288, which represents
approximately 0.08% of the aggregate principal balance of the assets at
origination. The average original principal amount of the assets was
approximately $49,756 as of the Cut-off Date.
<PAGE>
Current Asset Rates (1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Current Asset Rate Assets Principal Balance Asset Pool by SPB
- ------------------ ------ ----------------- -----------------
<S> <C> <C> <C> <C>
6.000% - 6.999%............ 218 $ 19,783,216 6.02%
7.000% - 7.999%............ 488 46,017,216 14.01
8.000% - 8.999%........... 573 44,565,871 13.57
9.000% - 9.999%.......... 851 51,531,706 15.69
10.000% - 10.999%.......... 1,075 49,368,024 15.03
11.000% - 11.999%.......... 1,684 57,221,085 17.42
12.000% - 12.999%.......... 937 34,192,126 10.41
13.000% - 13.999%.......... 549 17,852,362 5.44
14.000% - 14.999%.......... 202 6,519,962 1.99
15.000% - 15.999%.......... 41 1,344,207 0.41
16.000% or more............ 2 45,075 0.01
----- --------- ----
Total................. 6,620 $328,440,850 100.00%
====== =========== ======
- ---------------
(1) The weighted average current asset rate was approximately 10.09% as of the
Cut-off Date. This table reflects the asset rates of the Step-up Rate Loans
as of the Cut-off Date and does not reflect any subsequent increases in the
asset rates of the Step-up Rate Loans.
Remaining Terms to Maturity of Assets (In Months) (1)
<CAPTION>
Number of Aggregate Scheduled Percentage of
Remaining Term to Maturity Assets Principal Balance Asset Pool by SPB
- -------------------------- ------ ----------------- -----------------
<S> <C> <C> <C> <C>
1 - 60 months........ 91 $ 819,753 0.25%
61 - 96 months......... 94 1,333,049 0.41
97 - 120 months.......... 188 3,762,711 1.15
121 - 156 months........... 357 7,963,793 2.42
157 - 180 months........... 569 15,859,171 4.83
181 - 216 months........... 86 2,629,008 0.80
217 - 240 months........... 1,204 39,900,151 12.15
241 - 300 months........... 1,203 48,726,716 14.84
301 - 360 months........... 2,828 207,446,498 63.16
----- ----------- -----
Total.................... 6,620 $328,440,850 100.00%
===== =========== ======
(1) The weighted average remaining term to maturity of the assets was
approximately 315 months as of the Cut-off Date.
Original Terms to Maturity of Assets (In Months) (1)
<CAPTION>
Number of Aggregate Scheduled Percentage of
Original Term to Maturity Assets Principal Balance Asset Pool by SPB
- ------------------------- ------ ----------------- -----------------
<S> <C> <C> <C> <C>
1 - 60 months........ 88 $ 790,860 0.24%
61 - 96 months......... 95 1,344,567 0.41
97 - 120 months.......... 187 3,738,908 1.14
121 - 156 months........... 358 7,963,271 2.42
157 - 180 months........... 570 15,862,970 4.83
181 - 216 months........... 82 2,514,374 0.77
217 - 240 months........... 1,209 40,052,683 12.19
241 - 300 months........... 1,202 48,679,424 14.82
301 - 360 months........... 2,829 207,493,790 63.18
----- ----------- -----
Total.................... 6,620 $328,440,850 100.00%
===== =========== ======
</TABLE>
- -------------
(1) The weighted average original term to maturity of the assets was
approximately 317 months as of the Cut-off Date.
<PAGE>
Distribution of Original Loan-to-Value Ratios of Assets(1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Loan-to Value Ratio(2) Assets Principal Balance Asset Pool by SPB
- ---------------------- ------ ----------------- -----------------
<S> <C> <C> <C>
50% or less................ 50 $ 1,818,186 0.55%
51% - 55%.................... 34 1,611,963 0.49
56% - 60%.................... 38 1,624,331 0.49
61% - 65%.................... 72 4,204,729 1.28
66% - 70%.................... 108 5,778,973 1.76
71% - 75%.................... 173 9,675,949 2.95
76% - 80%.................... 271 16,122,829 4.91
81% - 85%.................... 540 28,169,136 8.58
86% - 90%.................... 913 46,720,697 14.22
91% - 95%.................... 2,668 135,183,748 41.16
96% - 100%................... 1,753 77,530,309 23.61
----- ---------- -----
Total................... 6,620 $328,440,850 100.00%
===== =========== ======
</TABLE>
- -------------
(1) The weighted average original Loan-to-Value Ratio of the assets was
approximately 90.25% 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.
<PAGE>
MHP Prepayment Sensitivities
<TABLE>
<CAPTION>
0% MHP 100% MHP 150% MHP
------ -------- --------
WAL Maturity WAL Maturity WAL Maturity
<S> <C> <C> <C> <C> <C> <C>
To Call
Class A-1 6.07 12/10 1.60 06/03 1.18 07/02
Class A-2 14.04 05/17 5.00 03/07 3.64 04/05
Class A-3 19.32 03/22 8.93 09/11 6.61 11/08
Class A-4 25.80 04/28 17.58 03/22 14.03 05/18
Class A-5 19.97 04/28 10.96 03/22 8.50 05/18
Class M-1 23.98 04/28 15.09 03/22 11.87 05/18
Class M-2 23.98 04/28 15.09 03/22 11.87 05/18
Class B-1 23.93 04/28 14.95 03/22 11.74 05/18
To Maturity
Class A-1 6.07 12/10 1.60 06/03 1.18 07/02
Class A-2 14.04 05/17 5.00 03/07 3.64 04/05
Class A-3 19.32 03/22 8.93 09/11 6.61 11/08
Class A-4 26.01 09/29 18.37 02/28 14.98 11/25
Class A-5 20.06 09/29 11.28 02/28 8.88 11/25
Class M-1 24.10 04/29 15.50 12/25 12.36 10/22
Class M-2 24.06 12/28 15.36 07/24 12.16 01/21
Class B-1 23.94 07/28 14.98 02/23 11.77 04/19
<CAPTION>
200% MHP 250% MHP 300% MHP
-------- -------- --------
WAL Maturity WAL Maturity WAL Maturity
<S> <C> <C> <C> <C> <C> <C>
To Call
Class A-1 0.94 02/02 0.78 10/01 0.67 07/01
Class A-2 2.87 03/04 2.38 07/03 2.03 01/03
Class A-3 5.12 12/06 3.95 02/05 3.34 03/04
Class A-4 11.30 03/15 8.95 10/12 7.10 12/10
Class A-5 6.78 03/15 5.38 10/12 4.37 12/10
Class M-1 9.73 03/15 8.74 10/12 7.98 12/10
Class M-2 9.73 03/15 8.74 10/12 7.98 12/10
Class B-1 9.63 03/15 8.71 10/12 7.98 12/10
To Maturity
Class A-1 0.94 02/02 0.78 10/01 0.67 07/01
Class A-2 2.87 03/04 2.38 07/03 2.03 01/03
Class A-3 5.12 12/06 3.95 02/05 3.34 03/04
Class A-4 12.24 02/23 9.73 02/20 7.70 08/17
Class A-5 7.15 02/23 5.70 02/20 4.61 08/17
Class M-1 10.23 08/19 9.32 06/17 8.64 08/15
Class M-2 10.05 12/17 9.16 11/15 8.50 04/14
Class B-1 9.67 04/16 8.84 06/14 8.23 01/13
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. The securities may not be sold nor may
an offer to buy be accepted prior to the delivery of a final prospectus
relating to the securities. The above preliminary description of the
underlying assets has been provided by the issuer and has not been
independently verified by Credit Suisse First Boston or Banc of America
Securities, LLC. All information described above is preliminary, limited in
nature and subject to completion or amendment. Credit Suisse First Boston
and Banc of America Securities LLC make no representations that the above
referenced security will actually perform as described in any scenario
presented.
