SUBJECT TO REVISION
SERIES TERM SHEET DATED SEPTEMBER 25, 2000
REVISED (II)
[GRAPHIC OMITTED]
$243,937,000
OMI Trust 2000-C
Issuer
Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
Senior/Subordinated Pass-Through Certificates, Series 2000-C
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-C. The Series Term
Sheet has been prepared by Oakwood Mortgage 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therein are preliminary and will be superseded by a prospectus and prospectus
supplement and by any other additional information subsequently filed with the
Securities and Exchange Commission or incorporated by reference into the
Registration Statement.
Neither Credit Suisse First Boston nor any of its 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.
Credit Suisse First Boston
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This Series Term Sheet will be superseded in its entirety by the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-C Pooling and Servicing Agreement (including the May 1999 Edition to
the Standard Terms) to be dated as of September 1, 2000, among Oakwood Mortgage
Investors, Inc., as Depositor, Oakwood Acceptance Corporation, as Servicer, and
Wells Fargo Bank Minnesota, National Association, as Trustee.
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The Offered Certificates
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AVERAGE MODIFIED
PRINCIPAL S&P / MOODY'S LIFE DURATION FIRST LAST
CLASS AMOUNT(1) DESCRIPTION RATINGS(2) (YRS)(3) COUPON (YRS) (3) PAY(3) PAY(3)
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A-1 $189,284,000 Senior AAA / Aaa 4.26 (4) (5) TBD 10/00 2/15
M-1 25,327,000 Mezzanine AA / Aa3 9.62 (4) (5) TBD 4/05 2/15
M-2 15,996,000 Mezzanine A/A3 9.62 (4) (5) TBD 4/05 2/15
B-1 13,330,000 Subordinate BBB / Baa3 9.56 (4) (5) TBD 4/05 2/15
(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 A security rated as
above. 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) Computed on the basis of a 360-day year of twelve 30-day months.
(5) The lesser of (i) specified rate per annum, or (ii) the weighted average net asset rate
for the related distribution date.
Class Designations
Class A Certificates ...............Class A-1 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 the
closing date 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.
Denominations ........................The Offered Certificates will be book-entry certificates only, in minimum denominations of
$1,000 and integral multiples of $1 in excess thereof.
Cut-off Date .........................With respect to each initial asset, September 1, 2000, or with respect to each subsequent
asset, the date as of which such asset is purchased by the trust.
Distribution Dates ...................The fifteenth day of each month, (or if such fifteenth day is not a business day, the next
succeeding business day) commencing in October 2000.
Record Date ..........................With respect to each distribution date, for 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, for the Offered Certificates, the calendar month
preceding the month in which the distribution date occurs (each, an "Interest Accrual
Period").
Pre-Funding Account...................The Trustee will establish a trust account (the "Pre-Funding Account"). On the closing date,
approximately $64,416,658 (the "Pre-Funded Amount") will be deposited in the Pre-Funding
Account to provide the trust with funds to purchase subsequent assets within 90 days after
the closing date. The subsequent assets will, in the aggregate, have characteristics very
similar to the characteristics of the initial assets. Among other things, the weighted
average net asset rate may not be more than 0.50% lower at the end of the pre-funding period
than it is on the closing date. The Trustee will also
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establish a capitalized interest account on the closing date to provide protection against
interest shortfalls on your certificates during the pre-funding 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, the portion of the Pre-funded
Amount not used to acquire subsequent assets by the end of the Pre-Funding period,
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, (e) the Trustee's fee, and (f) if Oakwood
Acceptance is not the servicer, the Servicing Fees for the related Collection Period.
The Class A Certificates are entitled to principal distributions that are senior in priority
to distributions on the other classes of Offered Certificates. The class A-1 Principal
Distribution Amount for any distribution date prior to the Crossover date or as to which the
Principal Distribution Tests are not met will equal the entire Principal Distribution Amount,
and on any other distribution date will equal the class A-1 percentage of the Principal
Distribution Amount. The class M-1 Principal Distribution Amount for any distribution date
will equal (a) as long as any class A-1 certificates remain outstanding and prior to the
Cross-over Date, zero, (b) on any distribution date as to which the Principal Distribution
Tests are not met and any class A-1 certificates remain outstanding, zero, (c) on any
distribution date as to which the Principal Distribution Tests are not met and the class A-1
certificates have been retired, the Principal Distribution Amount, or (d) on any other
distribution date, the class M-1 percentage of the Principal Distribution Amount. The class
M-2 Principal Distribution Amount for any distribution date will equal (a) as long as any
class A-1 or class M-1 certificates remain outstanding and prior to the Cross-over Date, zero,
(b) on any distribution date as to which the Principal Distribution Tests are not met and any
class A-1 or class M-1 certificates remain outstanding, zero, (c) on any distribution date as
to which the Principal Distribution Tests are not met and the class A-1 and class M-1
certificates have been retired, the Principal Distribution Amount, or (d) on any other
distribution date, the class M-2 percentage of the Principal Distribution Amount. The Class
B-1 Principal Distribution Amount for any distribution date will equal (a) as long as any
class A-1, class M-1 or class M-2 certificates remain outstanding and prior to the Cross-over
Date, zero, (b) on any distribution date as to which the Principal Distribution Tests are not
met and any class A-1, class M-1 or class M-2 certificates remain outstanding, zero, (c) on
any distribution date as to which the Principal Distribution Tests are not met and the class
A-1,class M-1 and class M-2 certificates have been retired, the Principal Distribution Amount,
or (d) on any other distribution date, the class B-1 percentage of the Principal Distribution
Amount.
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, 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
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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, to 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;
(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, to the class A certificates any Principal Distribution Amounts remaining unpaid
from previous distribution dates.
(7) seventh, to the class A certificates, the related Principal Distribution Amount until the
Class A certificate principal balance is reduced to zero
(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
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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;
(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, sequentially to (i) the class A certificates, (ii) class M-1 certificates,
(iii) class M-2 certificates, (iv) class B-1 certificates and (v) class B-2 certificates, 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, and class R certificates and
overcollateralization; for the class M-2 certificates is the subordination of the class B,
class X and class R certificates and overcollateralization; and for the class B-1 certificates
is the subordination of the class B-2, class X, and class R certificates and
overcollateralization.
Cross-over Date ......................The later to occur of (a) the distribution date occurring in April 2005 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 [1.75] 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 Initial Overcollateralization Amount and the denominator of
which is the Pool Scheduled Principal Balance as of September 1, 2000.
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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% April 2005 through September 2006,
8% October 2006 through September 2007,
9.5% October 2007 through March 2009, 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 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 Crossover Date, 6.5% of the Pool Scheduled Principal Balance as
of September 1, 2000 and (ii) for any other distribution date, the lesser of (x) 6.5% of the
Scheduled Principal Balance as of September 1, 2000, and (y) 11.375% of the then-outstanding
Pool Scheduled Principal Balance; provided, however, that in no event shall the Target
Overcollateralization Amount be less than 0.5% of the Pool Scheduled Principal Balance as of
September 1, 2000. On the closing date, the initial overcollateralization amount shall equal
at least 3.0% of the Pool Scheduled Principal Balance as of September 1, 2000.
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.
(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
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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 Asset 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.
Final Scheduled
Distribution Dates
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Class A-1 Certificates ............April 15, 2030
Class M-1 Certificates ............October 15, 2032
Class M-2 Certificates ............October 15, 2032
Class B-1 Certificates ............October 15, 2032
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.
Initial Assets .......................The trust will consist of (1) manufactured housing installment sales contracts secured by
security interests in 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. On the closing date, the trust
expects to (i) purchase 6,170 initial assets with an aggregate principal balance of
approximately $202,181,280.46 as of the Cut-off Date and (ii) receive the Pre-Funded Amount,
which will be used to acquire additional contracts and mortgage loans. This term sheet only
contains information on the initial assets, which represent approximately 80.87% of the total
expected asset pool.
As of September 1, 2000, all of the initial assets are fixed rate collateral. As of the
Cut-off Date, approximately 27.20% of the initial assets are mortgage loans and approximately
0.27% of the initial assets are Land-Secured Contracts. Based on Cut-off Date Pool Scheduled
Principal Balance, approximately 75.81% of the initial assets are secured by manufactured
homes which were new, approximately 7.19% of the initial assets are secured by manufactured
homes which were used, approximately 16.66% of the initial
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assets are secured by manufactured homes which were repossessed, and approximately 0.34% of
the initial assets are secured by manufactured homes which were transferred. As of the Cut-off
Date, the initial assets were secured by manufactured homes or mortgaged properties located in
41 states and the District of Columbia, and approximately 21.36% and 13.74% of the initial
assets were secured by manufactured homes or mortgaged properties located in North Carolina
and Texas, respectively, based on the mailing addresses of the obligors on the assets as of
the Cut-off Date. Each initial asset bears interest at an annual percentage rate of at least
6.25% and not more than 18.00%. The weighted averaged APR of the initial assets as of the
Cut-off Date is approximately 12.17%. The initial assets have remaining terms to maturity as
of the Cut-off Date of at least 4 months but not more than 360 months and original terms to
stated maturity of at least 24 months but not more than 360 months. As of the Cut-off Date,
the initial assets had a weighted average original term to stated maturity of approximately
299 months, and a weighted average remaining term to stated maturity of approximately 287
months. The 6,164 initial assets for which such information is available have a Loan-to-Value
Ratio as of the Cut-off Date of at least 14.33% but not more than 100.00%, with a weighted
average Loan-to-Value Ratio of approximately 90.27%. The final scheduled payment date on the
asset with the latest maturity occurs in October 2030.
The servicer will be required to cause to be maintained one or more standard hazard insurance
policies with respect to each manufactured homes or mortgaged properties.
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 Homes' financial
statements were false and misleading and that certain other disclosures were inaccurate.
Oakwood Homes has filed a motion to dismiss this complaint, and in July of 2000, the
magistrate hearing this suit submitted a recommended order dismissing the plaintiffs'
complaint with prejudice. The plaintiffs have objected to the magistrate's recommended order
and the matter is not before the District Court judge. Oakwood Mortgage believes that this
lawsuit will not adversely affect distributions on your certificates.
In addition, in an action unrelated to the shareholder suit mentioned above, Oakwood Homes
announced on September 20, 2000 the resignation of William G. Edwards as Chairman, Chief
Executive Officer and a Director of Oakwood Homes and Oakwood Acceptance. Mr. Edwards will
continue to act as an advisor to Oakwood Homes. Oakwood Mortgage believes that this change
will not adversely affect distribution 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
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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 ......When the amount on deposit in the Pre-Funding Account has been reduced to zero, the class A-1
certificates and class M-1 certificates are expected to constitute "mortgage related
securities" for purposes of SMMEA.
The class M-2 and 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.
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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 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.
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Asset Servicing Portfolio
(Dollars in thousands)
At September 30, June 30,
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1995 1996 1997 1998 1999 1999 2000
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Total Number of Serviced Assets
Oakwood Originated .......... 51,566 67,120 89,411 111,351 122,955 120,110 124,282
Acquired Portfolios ......... 4,872 4,177 3,602 2,818 2,160 2,298 1,822
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated .......... $1,130,378 $1,687,406 $2,499,794 $3,536,657 $4,223,475 $4,068,377 $4,456,065
Acquired Portfolios ......... $ 70,853 $ 57,837 $ 47,027 $ 35,882 $ 26,306 $ 28,332 $ 21,302
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated .......... $ 21.9 $ 25.1 $ 28.0 $ 31.8 $ 34.3 $ 33.9 $ 35.9
Acquired Portfolios ......... $ 14.5 $ 13.8 $ 13.1 $ 12.7 $ 12.2 $ 12.3 $ 11.7
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated .......... 12.0% 11.5% 11.0% 10.8% 10.6% 10.7% 10.7%
Acquired Portfolios ......... 11.3% 11.2% 11.1% 11.0% 10.7% 10.8% 10.8%
</TABLE>
<TABLE>
<CAPTION>
Delinquency Experience (1)
(Dollars in thousands)
At September 30, June 30,
--------------------------------------------------- -----------------
1995 1996 1997 1998 1999 1999 2000
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated ................... 51,566 67,120 89,411 111,351 122,955 120,110 124,282
Acquired Portfolios .................. 4,872 4,177 3,602 2,818 2,160 2,298 1,822
Number of Delinquent Assets (2)
Oakwood Originated:
30-59 Days ........................... 601 835 1,171 2,345 3,391 2,274 2,316
60-89 Days ........................... 185 308 476 906 1,046 845 987
90 Days or More ...................... 267 492 716 1,222 1,783 1,319 1,853
Total Number of Assets Delinquent .... 1,053 1,635 2,363 4,473 6,220 4,438 5,156
Acquired Portfolios
30-59 Days ........................... 63 66 90 75 59 40 41
60-89 Days ........................... 17 23 23 31 14 10 16
90 Days or More ...................... 76 62 75 57 45 48 43
Total Number of Assets Delinquent .... 156 151 188 163 118 98 100
Total Delinquencies as a Percentage of
Serviced Assets (3)
Oakwood Originated ................... 2.0% 2.4 2.6% 4.0% 5.1% 3.7% 4.1%
Acquired Portfolios .................. 3.2% 3.6 5.2% 5.8% 5.5% 4.3% 5.5%
----------------
(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.
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
Loan Loss/Repossession Experience (7)
(Dollars in thousands)
At or for the fiscal year At or for the nine months
ended ended
September 30, June 30,
1995 1996 1997 1998 1999 1999 2000
-------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets (1) 56,438 71,297 93,013 114,169 125,115 122,408 126,104
Average Number of Serviced
Assets During Period ............ 50,742 63,868 82,155 103,591 119,642 118,289 125,610
Number of Serviced
Assets Repossessed .............. 1,718 2,746 3,885 5,411 7,790 5,795 6,160
Serviced Assets Repossessed as a
Percentage of Total Serviced
Assets (2) ...................... 3.04% 3.85% 4.18% 4.74% 6.23% 6.31%(6) 6.51%(6)
Serviced Assets Repossessed as a
Percentage of Average Number
of Serviced Assets .............. 3.39% 4.30% 4.73% 5.22% 6.51% 6.53%(6) 6.54%(6)
Average Outstanding Principal
Balance of Assets (3)
Oakwood Originated .............. $976,905 $1,409,467 $2,065,033 $2,978,235 $3,839,274 $3,761,762 $4,297,018
Acquired Portfolios ............. $ 30,235 $ 27,351 $ 22,943 $ 19,179 $ 14,781 $ 15,252 $ 11,374
Net Losses from Asset
Liquidation(4):
Total Dollars (3)
Oakwood Originated ............ $ 7,303 $ 14,248 $ 26,872 $ 45,189 $ 66,037 $ 50,751 $ 61,186
Acquired Portfolios ........... $ 473 $ 592 $ 528 $ 220 $ 173 $ 144 $ 60
As a Percentage of Average
Outstanding Principal Balance
of Assets (3) (5)
Oakwood Originated ............ 0.75% 1.01% 1.30% 1.52% 1.72% 1.80%(6) 1.90%(6)
Acquired Portfolios ........... 1.56% 2.16% 2.30% 1.15% 1.17% 1.26%(6) 0.70%(6)
----------------
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period expressed as a percentage of the total number of
serviced assets at the end of the applicable period.
(3) Includes assets originated by Oakwood Acceptance 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.
(7) 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.
</TABLE>
10
<PAGE>
Initial Assets
Geographical Distribution of Manufactured Homes(1)
<TABLE>
<CAPTION>
Aggregate
Number of Scheduled Principle Percentage of
Geographic Location Initial Assets Balance Initial Asset Pool by SPB
------------------- -------------- ------- -------------------------
<S> <C> <C> <C>
Alabama ................ 138 $ 5,326,517 2.63%
Arizona ................ 157 11,082,142 5.48
Arkansas ............... 63 2,404,312 1.19
California ............. 23 1,309,992 0.65
Colorado ............... 72 3,637,605 1.80
Delaware ............... 74 1,665,570 0.82
Florida ................ 124 5,476,530 2.71
Georgia ................ 170 6,508,701 3.22
Idaho .................. 40 2,366,330 1.17
Illinois ............... 7 224,400 0.11
Indiana ................ 5 85,675 0.04
Kansas ................. 25 1,175,660 0.58
Kentucky ............... 159 4,501,033 2.23
Louisiana .............. 113 4,941,155 2.44
Maine .................. 1 51,523 0.03
Maryland ............... 26 463,924 0.23
Massachusetts .......... 1 9,426 *
Michigan ............... 4 218,272 0.11
Minnesota .............. 2 96,303 0.05
Mississippi ............ 128 4,991,623 2.47
Missouri ............... 125 5,106,823 2.53
Montana ................ 1 97,367 0.05
Nevada ................. 15 1,272,409 0.63
New Hampshire .......... 1 10,996 0.01
New Jersey ............. 4 88,555 0.04
New Mexico ............. 85 4,033,292 1.99
New York ............... 9 154,957 0.08
North Carolina ......... 1,882 43,181,628 21.36
North Dakota ........... 1 29,251 0.01
Ohio ................... 97 3,847,131 1.90
Oklahoma ............... 78 3,357,765 1.66
Oregon ................. 67 6,217,285 3.08
Pennsylvania ........... 5 273,003 0.14
South Carolina ......... 720 15,685,411 7.76
Tennessee .............. 336 12,723,685 6.29
Texas .................. 637 27,773,888 13.74
Utah ................... 16 1,316,556 0.65
Virginia ............... 570 11,741,244 5.81
Washington ............. 54 5,055,399 2.50
Washington DC .......... 1 7,638 *
West Virginia .......... 121 2,854,856 1.41
Wyoming ................ 13 815,446 0.40
----- ------------ ------
Total .................. 6,170 $202,181,280 100.00%
===== ============ ======
</TABLE>
(1) Based on the mailing address of the obligor on the related initial asset as
of the Cut-off Date.
(*) Less than 0.01%
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. 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.
<PAGE>
Year of Origination of Assets (1)
<TABLE>
<CAPTION>
Number of Aggregate
Initial Scheduled Percentage of
Year of Origination Assets Principle Balance Initial Asset Pool by SPB
------------------- ------------ ----------------- -------------------------
<S> <C> <C> <C>
1987 ..................... 2 $ 9,849 *
1988 ..................... 191 1,097,589 0.54%
1989 ..................... 254 1,867,040 0.92
1990 ..................... 720 6,523,721 3.23
1991 ..................... 405 3,907,816 1.93
1992 ..................... 487 5,400,135 2.67
1993 ..................... 128 1,731,226 0.86
1994 ..................... 1 5,267 *
1995 ..................... 2 73,306 0.04
1996 ..................... 5 179,351 0.09
1997 ..................... 1 38,681 0.02
1998 ..................... 3 97,071 0.05
1999 ..................... 25 1,465,122 0.72
2000 .....................3,946 179,785,106 88.92
------ ------------- ------
Total ....................6,170 $ 202,181,280 100.00%
====== ============= ======
----------
(1) The weighted average seasoning of the initial assets was approximately 12
months as of the Cut-off Date.
(*) Less than 0.01%.
</TABLE>
Distribution of Remaining Loan Balance (1)
<TABLE>
<CAPTION>
Number of Aggregate
Initial Scheduled Percentage of
Remaining Loan Balance Assets Principal Balance Initial Asset Pool by SPB
---------------------- ------ ----------------- -------------------------
<S> <C> <C> <C>
$ 4,999.99 or less 326 $ 1,094,980 0.54%
$ 5,000.00 - $ 9,999.99 1,046 8,168,858 4.04
$ 10,000.00 - $ 14,999.99 776 9,380,235 4.64
$ 15,000.00 - $ 19,999.99 229 3,969,955 1.96
$ 20,000.00 - $ 24,999.99 338 7,747,359 3.83
$ 25,000.00 - $ 29,999.99 603 16,575,618 8.20
$ 30,000.00 - $ 34,999.99 579 18,731,043 9.26
$ 35,000.00 - $ 39,999.99 415 15,478,106 7.66
$ 40,000.00 - $ 44,999.99 291 12,335,682 6.10
$ 45,000.00 - $ 49,999.99 287 13,604,582 6.73
$ 50,000.00 - $ 54,999.99 246 12,892,324 6.38
$ 55,000.00 - $ 59,999.99 208 11,928,842 5.90
$ 60,000.00 - $ 64,999.99 156 9,740,860 4.82
$ 65,000.00 - $ 69,999.99 109 7,360,305 3.64
$ 70,000.00 - $ 74,999.99 94 6,815,646 3.37
$ 75,000.00 - $ 79,999.99 87 6,714,863 3.32
$ 80,000.00 - $ 84,999.99 66 5,433,505 2.69
$ 85,000.00 - $ 89,999.99 51 4,473,233 2.21
$ 90,000.00 - $ 94,999.99 47 4,334,078 2.14
$ 95,000.00 - $ 99,999.99 37 3,596,143 1.78
$100,000.00 or more 179 21,805,061 10.78
----- ------------ ------
Total .......................... 6,170 $202,181,280 100.00%
===== ============ ======
----------
(1) The highest remaining asset amount was $283,471.15 which represents
approximately 0.14% of the aggregate remaining principal balance of the initial
assets. The average remaining principal amount of the initial assets was
approximately $32,768.
</TABLE>
12
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. 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.
<PAGE>
Distribution of Original Loan Balance (1)
<TABLE>
<CAPTION>
Aggregate
Number of Scheduled Percentage of
Original Loan Balance Initial Assets Principal Balance Initial Asset Pool by SPB
--------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C>
$ 4,999.99 or less 8 $ 31,411 0.02%
$ 5,000.00 - $ 9,999.99 36 259,286 0.13
$ 10,000.00 - $ 14,999.99 478 3,393,351 1.68
$ 15,000.00 - $ 19,999.99 1,246 11,643,728 5.76
$ 20,000.00 - $ 24,999.99 854 13,424,912 6.64
$ 25,000.00 - $ 29,999.99 669 17,549,988 8.68
$ 30,000.00 - $ 34,999.99 592 18,975,528 9.39
$ 35,000.00 - $ 39,999.99 417 15,431,483 7.63
$ 40,000.00 - $ 44,999.99 294 12,383,931 6.13
$ 45,000.00 - $ 49,999.99 292 13,807,376 6.83
$ 50,000.00 - $ 54,999.99 247 12,930,977 6.40
$ 55,000.00 - $ 59,999.99 207 11,839,207 5.86
$ 60,000.00 - $ 64,999.99 158 9,847,578 4.87
$ 65,000.00 - $ 69,999.99 109 7,350,289 3.64
$ 70,000.00 - $ 74,999.99 93 6,732,713 3.33
$ 75,000.00 - $ 79,999.99 90 6,937,502 3.43
$ 80,000.00 - $ 84,999.99 65 5,351,102 2.65
$ 85,000.00 - $ 89,999.99 51 4,465,643 2.21
$ 90,000.00 - $ 94,999.99 47 4,329,281 2.14
$ 95,000.00 - $ 99,999.99 38 3,690,933 1.83
$100,000.00 or more 179 21,805,061 10.78
----- -------------- ------
Total .......................... 6,170 $ 202,181,280 100.00%
===== ============== ======
----------
(1) The highest original asset amount was $283,938.00 which represents
approximately 0.13% of the aggregate principal balance of the initial assets at
origination. The average original principal amount of the initial assets was
approximately $36,024 as of the Cut-off Date.
</TABLE>
Current Asset Rates (1)
<TABLE>
<CAPTION>
Aggregate
Number of Scheduled Percentage of
Current Asset Rate Initial Assets Principal Balance Initial Asset Pool by SPB
------------------ -------------- ----------------- -------------------------
<S> <C> <C> <C>
6.000%- 6.999% 12 $ 996,813 0.49%
7.000%- 7.999% 144 13,777,654 6.81
8.000%- 8.999% 165 14,577,130 7.21
9.000%- 9.999% 264 18,749,284 9.27
10.000%-10.999% 240 14,609,588 7.23
11.000%-11.999% 438 20,329,114 10.05
12.000%-12.999% 1,076 31,084,140 15.37
13.000%-13.999% 1,025 28,355,815 14.02
14.000%-14.999% 2,027 35,757,990 17.69
15.000%-15.999% 507 16,064,494 7.95
16.000% or more 272 7,879,259 3.90
----- -------------- -------
Total ........................ 6,170 $ 202,181,280 100.00%
===== ============== =======
----------
(1) The weighted average current asset rate was approximately 12.17% 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.
</TABLE>
13
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. 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.
<PAGE>
Remaining Terms to Maturity of Assets (In Months) (1)
<TABLE>
<CAPTION>
Number of
Remaining Term to Initial Aggregate Scheduled Percentage of
Maturity Assets Principal Balance Initial Asset Pool by SPB
-------- ------ ----------------- -------------------------
<S> <C> <C> <C>
1 - 60 1,416 $ 10,378,676 5.13%
61 - 96 800 9,853,207 4.87
97 - 120 114 2,306,596 1.14
121 - 156 193 4,631,421 2.29
157 - 180 339 9,453,653 4.68
181 - 216 43 1,206,456 0.60
217 - 240 843 25,851,067 12.79
241 - 300 846 32,447,172 16.05
301 - 360 1,576 106,053,030 52.45
----- ------------- ------
Total ............... 6,170 $ 202,181,280 100.00%
===== ============= ======
----------
(1) The weighted average remaining term to maturity of the initial assets was
approximately 287 months as of the Cut-off Date.
</TABLE>
Original Terms to Maturity of Assets (In Months) (1)
<TABLE>
<CAPTION>
Number of
Remaining Term to Initial Aggregate Scheduled Percentage of
Maturity Assets Principal Balance Initial Asset Pool by SPB
-------- ------ ----------------- -------------------------
<S> <C> <C> <C>
1 - 60 34 $ 287,283 0.14%
61 - 96 40 626,601 0.31
97 - 120 282 2,980,462 1.47
121 - 156 529 5,750,098 2.84
157 - 180 1,934 25,759,657 12.74
181 - 216 42 1,158,777 0.57
217 - 240 885 27,008,472 13.36
241 - 300 848 32,556,899 16.10
301 - 360 1,576 106,053,030 52.45
----- ------------- -------
Total ............. 6,170 $ 202,181,280 100.00%
===== ============= =======
----------
(1) The weighted average original term to maturity of the initial assets was
approximately 299 months as of the Cut-off Date.
</TABLE>
14
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First. 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.
<PAGE>
Distribution of Original Loan-to-Value Ratios of Assets(1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Loan-to-Value Ratio(2) Initial Assets Principal Balance Initial Asset Pool by SPB
---------------------- -------------- ------------------ -------------------------
<S> <C> <C> <C>
N/A ......................... 6 $ 49,335 0.02%
50% or less ................. 46 1,250,630 0.62
51% - 55% ................... 24 725,098 0.36
56% - 60% ................... 33 1,091,155 0.54
61% - 65% ................... 49 1,977,382 0.98
66% - 70% ................... 59 1,876,901 0.93
71% - 75% ................... 136 5,282,569 2.61
76% - 80% ................... 323 11,536,612 5.71
81% - 85% ................... 450 14,466,796 7.16
86% - 90% ................... 1,976 44,556,636 22.04
91% - 95% ................... 1,867 75,905,336 37.54
96% - 100% .................. 1,201 43,462,833 21.50
----- -------------- -------
Total ....................... 6,170 $ 202,181,280 100.00%
===== ============== =======
----------
(1) The weighted average original Loan-to-Value Ratio of the initial assets was
approximately 90.27% as of the Cut-off Date.
(2) Rounded to nearest 1%.
</TABLE>
"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.
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. 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.
<PAGE>
MHP Prepayment Sensitivities
0% MHP 100% MHP 150% MHP
------ -------- --------
WAL Maturity WAL Maturity WAL Maturity
To Call
Class A-1 13.98 5/28 7.31 1/22 5.63 4/18
Class M-1 22.75 5/28 13.71 1/22 10.95 4/18
Class M-2 22.75 5/28 13.71 1/22 10.95 4/18
Class B-1 22.68 5/28 13.53 1/22 10.79 4/18
To Maturity
Class A-1 14.06 4/30 7.56 6/28 5.91 2/26
Class M-1 22.92 12/29 14.19 10/26 11.52 1/24
Class M-2 22.87 7/29 14.03 3/25 11.31 1/22
Class B-1 22.70 10/28 13.56 2/23 10.84 7/19
200% MHP 250% MHP 300% MHP
-------- -------- --------
WAL Maturity WAL Maturity WAL Maturity
To Call
Class A-1 4.26 2/15 3.30 10/12 2.61 1/11
Class M-1 9.62 2/15 8.66 10/12 7.94 1/11
Class M-2 9.62 2/15 8.66 10/12 7.94 1/11
Class B-1 9.56 2/15 8.66 10/12 7.94 1/11
To Maturity
Class A-1 4.50 5/23 3.47 5/20 2.71 12/17
Class M-1 10.33 5/21 9.47 2/19 8.83 3/17
Class M-2 10.14 7/19 9.30 6/17 8.68 9/15
Class B-1 9.70 3/17 8.91 5/15 8.35 1/14
16
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. 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.
