EXHIBIT 99.2
SUBJECT TO REVISION
-------------------
SERIES TERM SHEET DATED SEPTEMBER 21, 2000
------------------------------------------
REVISED
$247,936,000
[GRAPHIC]
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therein are preliminary and will be superseded by a prospectus and prospectus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, Prudential Securities 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.
Credit Suisse First Boston Prudential Securities
<PAGE>
This Series Term Sheet will be superseded in its entirety by the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.
<TABLE>
<CAPTION>
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)
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $194,616,000 Senior AAA / Aaa 4.46 (4) (5) TBD 10/00 2/15
M-1 23,994,000 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 9.37 (4) (5) TBD 4/05 2/15
</TABLE>
(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) 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 establish a
capitalized interest account on the
closing date to provide protection
against
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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 Cross-over 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 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
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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 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)
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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.
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.
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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
Cross-over Date, 6.0% of the Pool
Scheduled Principal Balance as of
September 1, 2000 and (ii) for any
other distribution date, the lesser
of (x) 6.0% of the Scheduled
Principal Balance as of September
1, 2000, and (y) 10.5% 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
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.
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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
------------------
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 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
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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 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
7
<PAGE>
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 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
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.
8
<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.
<TABLE>
<CAPTION>
Asset Servicing Portfolio
(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
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%
</TABLE>
---------
(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purposes of this
table.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a payment due
on the first day of a month is not 30 days delinquent until the first day of
the next month.
(3) By number of assets.
9
<PAGE>
Loan Loss/Repossession Experience (7)
(Dollars in thousands)
<TABLE>
<CAPTION>
At or for the fiscal year At or for the nine
ended months 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)
</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.
(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.
10
<PAGE>
Initial Assets
Geographical Distribution of Manufactured Homes(1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Geographic Location Initial Assets Principal 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 Boston or Prudential
Securities. All information described above is preliminary, limited in nature
and subject to completion or amendment. Credit Suisse First Boston and
Prudential Securities make 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 Scheduled Percentage of
Year of Origination Initial Assets Principal 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%
===== ============== ======
</TABLE>
------------------
(1) The weighted average seasoning of the initial assets was approximately 12
months as of the Cut-off Date.
(*) Less than 0.01%.
Distribution of Remaining Loan Balance (1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Remaining Loan Balance Initial 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 $ 80 100.00%
===== ===== =======
</TABLE>
---------
(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.
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 Boston or Prudential
Securities. All information described above is preliminary, limited in nature
and subject to completion or amendment. Credit Suisse First Boston and
Prudential Securities make 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>
Number of Aggregate 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%
===== ============ ======
</TABLE>
-----------
(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.
Current Asset Rates (1)
<TABLE>
<CAPTION>
Number of Aggregate 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%
===== ============ ======
</TABLE>
-------------
(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. .
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 Boston or Prudential
Securities. All information described above is preliminary, limited in nature
and subject to completion or amendment. Credit Suisse First Boston and
Prudential Securities make 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 Aggregate Scheduled Percentage of
Remaining Term to Maturity Initial 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%
===== =========== ======
</TABLE>
-------------
(1) The weighted average remaining term to maturity of the initial assets was
approximately 287 months as of the Cut-off Date.
Original Terms to Maturity of Assets (In Months) (1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Original Term to Maturity Initial 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%
===== ============== =======
</TABLE>
------------
(1) The weighted average original term to maturity of the initial assets was
approximately 299 months as of the Cut-off Date.
14
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or Prudential
Securities. All information described above is preliminary, limited in nature
and subject to completion or amendment. Credit Suisse First Boston and
Prudential Securities make 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%
===== ============ ======
</TABLE>
------------
(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%.
"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 Boston or Prudential
Securities. All information described above is preliminary, limited in nature
and subject to completion or amendment. Credit Suisse First Boston and
Prudential Securities make no representations that the above referenced security
will actually perform as described in any scenario presented.
<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 14.35 6/28 7.54 1/22 5.85 4/18
Class M-1 22.84 6/28 13.83 1/22 10.95 4/18
Class M-2 22.84 6/28 13.83 1/22 10.95 4/18
Class B-1 22.61 6/28 13.36 1/22 10.50 4/18
To Maturity
Class A-1 14.43 4/30 7.79 6/28 6.13 2/26
Class M-1 22.99 11/29 14.30 7/26 11.49 9/23
Class M-2 22.92 5/29 14.09 11/24 11.23 6/21
Class B-1 22.61 7/28 13.37 5/22 10.51 9/18
<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 4.46 2/15 3.50 11/12 2.80 1/11
Class M-1 9.62 2/15 8.67 11/12 7.92 1/11
Class M-2 9.62 2/15 8.67 11/12 7.92 1/11
Class B-1 9.37 2/15 8.55 11/12 7.88 1/11
To Maturity
Class A-1 4.72 5/23 3.69 5/20 2.92 12/17
Class M-1 10.30 12/20 9.43 10/18 8.78 12/16
Class M-2 10.06 1/19 9.22 1/17 8.60 4/15
Class B-1 9.41 5/16 8.66 8/14 8.12 5/13
</TABLE>
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 Boston or Prudential
Securities. All information described above is preliminary, limited in nature
and subject to completion or amendment. Credit Suisse First Boston and
Prudential Securities make no representations that the above referenced security
will actually perform as described in any scenario presented.
