SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: February 23, 2000
(Date of earliest event reported)
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
DELAWARE 333-84939 51-0362653
- -------- --------- ----------
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 NORMANDALE LAKE BLVD., SUITE 600, MINNEAPOLIS, MINNESOTA 55437
------------------------------------------------------------- -----
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code: (612) 832-7000
--------------
<PAGE>
Item 5. OTHER EVENTS.
On February 28, 2000, the Registrant expects to cause the issuance and
sale of Home Equity Mortgage Pass-Through Certificates, Series 2000-KS1
(the "Certificates") pursuant to a Pooling and Servicing Agreement to be
dated as of February 1, 2000, among the Registrant, Residential Funding
Corporation, as Master Servicer, and Bank One, National Association, as
Trustee.
In connection with the expected sale of the Series 2000-KS1, the Class
A-I-1, Class A-I-2, Class A-I-3, Class A-I-4, Class A-I-5, Class A-I-6, and
Class A-II Certificates (the "Underwritten Certificates"), the Registrant
has been advised by Prudential Securities Incorporated and Residential
Funding Securities Corporation (the "Underwriters"), that the Underwriters
have furnished to prospective investors certain computational materials
(the "Computational Materials") with respect to the Underwritten
Certificates following the effective date of the related Registration
Statement, which Computational Materials are being filed manually as an
exhibit to this report.
The Computational Materials filed herewith as Exhibit 99 have been
provided by the Underwriters. The information in the Computational
Materials is preliminary and may be superseded by the Prospectus Supplement
relating to the Certificates and by any other related information
subsequently filed with the Securities and Exchange Commission.
The Computational Materials were prepared by the Underwriters at the
request of certain prospective investors, based on assumptions provided by,
and satisfying the special requirements of, such investors. The
Computational Materials may be based on assumptions that differ from the
assumptions set forth in the related Prospectus Supplement. The
Computational Materials may not include, and do not purport to include,
information based on assumptions representing a complete set of possible
scenarios. Accordingly, the Computational Materials may not be relevant to,
or appropriate for, investors other than those specifically requesting
them.
In addition, the actual characteristics and performance of the
Mortgage Loans underlying the Certificates may differ from the assumptions
used in the Computational Materials, which are hypothetical in nature and
which were provided to certain investors only to give a general sense of
how the yield, average life, duration, expected maturity, interest rate
sensitivity and cash flow characteristics of a particular class of
Underwritten Certificates may very under varying prepayment and other
scenarios. Any difference between such assumptions and the actual
characteristics and performance of the Mortgage Loans will affect the
actual yield, average life, duration, expected maturity, interest rate
sensitivity and cash flow characteristics of a particular class of
Underwritten Certificates.
Certain assumptions may have been made in the Computational Materials
which have resulted in certain returns which are detailed in the
Computational Materials. No representation is made that any returns set
forth in the Computational Materials will be achieved. Changes to the
assumptions used therein may have a material impact on any returns
detailed. Past performance is not indicative of future results.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) FINANCIAL STATEMENTS.
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not applicable.
(c) EXHIBITS
ITEM 601(A) OF
EXHIBIT NO. REGULATION S-K DESCRIPTION
EXHIBIT NO.
1 99 Computational Materials
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By: /s/ JULIE STEINHAGEN
--------------------------
Name: Julie Steinhagen
Title: Vice President
Dated: February 23, 2000
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By:
--------------------------
Name: Julie Steinhagen
Title: Vice President
Dated: February 23, 2000
<PAGE>
EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Format
1 99 Computational Materials P
Residential Asset Securities Corporation
Mortgage Asset-Backed Pass-Through Certificates, Series 2000-KS1
[OBJECT OMITTED]
[$ TBD] Group I Fixed Collateral Certificates [$ 650,000,000]
Class A-II Certificates - 1 Mo LIBOR
THIS REPORT HAS BEEN PREPARED FROM SOURCES BELIEVED TO BE RELIABLE, BUT ITS
ACCURACY CANNOT BE GUARANTEED. INFORMATION IS UNAUDITED.
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY RESIDENTIAL FUNDING
SECURITIES CORPORATION ("RFSC"). NEITHER THE ISSUER OF THE CERTIFICATES OR ITS
AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THIS
INFORMATION WHICH SUPERCEDES ALL INFORMATION PREVIOUSLY PROVIDED BY RFSC
CONTAINED IN ANY COLLATERAL TERM SHEETS AND / OR ANY COMPUTATIONAL MATERIALS
RELATING TO THE MORTGAGE POOL. THIS INFORMATION IS PRELIMINARY AND WILL BE
SUPERCEDED BY THE DESCRIPTIONS IN THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY
ANY OTHER INFORMATION SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.
Title of Securities: Mortgage Asset-Backed Pass-Through
Certificates, Series 2000-KS1 Group II:
Class A-II
Company: Residential Asset Securities Corporation
Master Servicer: Residential Funding Corporation
Servicing Fee: 50 bps Primary Servicing per annum + 8 bps
Master Servicing per annum
Trustee: Bank One
Settlement Date: [February 28, 2000]
Surety Provider: [Ambac]
Group II Overcollateralization: [0% initially, building to 4%]
WAC: [10.3147%] +/- 10%
WA FICO: [580] +/- 10%
WA LTV: [80.8] +/- 10%
WAM: [359] +/- 10%
WA Gross Margin: [6.46] +/- 10%
WA Roll Date: [3/1/2002] +/- 10%
WA Gross Ceiling: [16.765] +/- 10%
Avg Loan Size: [$94,452.73] +/- 10%
WA Periodic Cap: [1.13%] +/- 10%
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
DISCLAIMER, PLEASE CONTACT YOUR RESIDENTIAL FUNDING SECURITIES CORPORATION.
THE STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
RESIDENTIAL ASSET SECURITIES CORPORATION
HOME EQUITY MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATES
SERIES 2000-KS1
$[650,000,000]
**FIXED-RATE COLLATERAL ONLY**
$[220,000,000] Class A-I-1 Fixed-Rate Certificates -[TBD%]
$[100,000,000] Class A-I-2 Fixed-Rate Certificates -[TBD%]
$[105,000,000] Class A-I-3 Fixed-Rate Certificates -[TBD%]
$[ 55,000,000] Class A-I-4 Fixed-Rate Certificates -[TBD%]
$[ 65,000,000] Class A-I-6 Fixed-Rate Certificates -[TBD%]
The information herein has been provided solely by Prudential Securities
Incorporated ("PSI") based on information with respect to the mortgage loans
provided by Residential Funding Corporation and its affiliates ("RFC"). Neither
RFC nor any of its affiliates makes any representation as to the accuracy or
completeness of the information herein. The information herein is preliminary
and supersedes any prior information and will be superseded by the prospectus
supplement and by any other information subsequently filed with the Securities
and Exchange Commissions (SEC). All assumptions and information in this report
reflect PSI's judgment as of this date and are subject to change. All analyses
are based on certain assumptions noted herein and different assumptions could
yield substantially different results. You are cautioned that there is no
universally accepted method for analyzing financial instruments. You should
review the assumptions; there may be differences between these assumptions and
your actual business practices. Further, PSI does not guarantee any results and
there is no guarantee as to the liquidity of the instruments involved in this
analysis. The decision to adopt any strategy remains your responsibility. PSI
(or any of its affiliates) or their officers, directors, analysts or employees
may have positions in securities, commodities or derivative instruments thereon
referred to here, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in the
securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consummated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THE STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
Residential Asset Securities Corporation
Home Equity Mortgage Asset-Backed Pass-Through Certificates
Series 2000-KS1
Lead Manager: Prudential Securities Incorporated
Co-Managers: Morgan Stanley & Co. Incorporated, Salomon Smith Barney Inc.
<TABLE>
<CAPTION>
Class: A-I-1 A-I-2 A-I-3 A-I-4
<S> <C> <C> <C> <C>
Approximate Face Amount: [220,000,000 100,000,000 105,000,000 105,000,000]
Coupon: [----------------------------------TBD-----------------------------------]
Price: [----------------------------------TBD-----------------------------------]
Yield: [----------------------------------TBD-----------------------------------]
Spread: [----------------------------------TBD-----------------------------------]
Exp Avg Life to Maturity: [ 0.921 2.092 3.172 5.184]
Exp Avg Life to 10% Call: [ 0.921 2.092 3.172 5.184]
Exp 1st Prin Pmt: [03/25/2000 10/25/2001 09/25/2002 01/25/2004]
Exp Mat: [10/25/2001 09/25/2002 01/25/2004 07/25/2007]
Exp Mat to 10% Call: [10/25/2001 09/25/2002 01/25/2004 07/25/2007]
Stated Mat: [01/25/2015 06/25/2021 11/25/2025 11/25/2028]
Expected Rating
(S&P/Fitch): AAA/AAA AAA/AAA AAA/AAA AAA/AAA
Pricing Speed: 25% HEP 25% HEP 25% HEP 25% HEP
Pmt Delay: 24 days 24 days 24 days 24 days
Cut-off Date: [ 02/01/2000 02/01/2000 02/01/2000 02/01/2000]
Int Pmt: 30/360 30/360 30/360 30/360
Pmt Terms: Monthly Monthly Monthly Monthly
Collateral Type: Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate
SMMEA Eligibility: non-SMMEA non-SMMEA non-SMMEA non-SMMEA
- -----------------------------------------------------------------------------------------------------
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Residential Asset Securities Corporation
Home Equity Mortgage Asset-Backed Pass-Through Certificates
Series 2000-KS1
Class: A-I-5* A-I-6 (NAS)*
Approximate Face Amount: [ 55,000,000 65,000,000]
Coupon: [----------------TBD------------------]
Price: [----------------TBD------------------]
Yield: [----------------TBD------------------]
Spread: [----------------TBD------------------]
Exp Avg Life to Maturity: [ 10.760 6.421]
Exp Avg Life to 10% call: [ 7.973 6.255]
Exp 1st Prin Pmt: [ 07/25/2007 03/25/2003]
Exp Mat: [ 09/25/2016 01/25/2015]
Exp Mat to 10% call: [ 02/25/2008 02/25/2008]
Stated Mat: [ 01/25/2031 01/25/2031]
Expected Rating
(S&P/Fitch): AAA/AAA AAA/AAA
Pricing Speed: 25% HEP 25% HEP
Pmt Delay: 24 days 24 days
Cut-off Date: [ 02/01/2000 02/01/2000]
Int Pmt: 30/360 30/360
Pmt Terms: Monthly Monthly
Collateral Type: Fixed-Rate Fixed-Rate
SMMEA Eligibility: non-SMMEA non-SMMEA
- -------------------------------------------------------------------------------
* May be subject to Group I Net WAC Cap.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Residential Asset Securities Corporation
Home Equity Mortgage Asset-Backed Pass-Through Certificates
Series 2000-KS1
SUMMARY OF TERMS
--------------------------
Title of Securities: RASC Series 2000-KS1 Home Equity Mortgage Asset-Backed
Pass-Through Certificates, Series 2000-KS1
Group I: Classes A-I-1 through Class A-I-6 (the "Class
A-I Certificates");
The Group I Certificates are being offered concurrently
with [$750,000,000] of Adjustable-Rate Home Equity
Mortgage Pass-Through Certificates (the "Group II
Certificates"). The Group I Certificates are backed by
the Fixed-Rate Loan Pool (the "Group I Loans") and the
Group II Certificates are backed by the Adjustable-Rate
Loan Pool (the "Group II Loans").
The Group I Certificates together with the Group II
Certificates comprise "The Certificates".
Group I Loans: Fixed-rate 1st lien and 2nd lien home equity loans,
referred to as the "Mortgage Loans". The aggregate
principal balance of the fixed-rate Mortgage Loans will
be approximately $[650,000,000] as of the closing date.
Company: Residential Asset Securities Corporation
Master Servicer: Residential Funding Corporation
Servicing Fees: Approx. [52.8] bps
Trustee: Bank One, National Association
Aggregate Group I
Certificate Balance: $[650,000,000]
Securities Offered: 100% AMBAC-insured, pass-through certificates
Certificate Insurer: AMBAC Assurance Corp. ("AMBAC"). AMBAC's claims-paying
ability is rated "AAA" by Standard & Poor's and "AAA"
by Fitch IBCA.
Certificate Insurance
Policy: The Certificate Insurance Policy will provide 100%
coverage of timely interest (net of certain
shortfalls), principal portions of any allocated
realized losses, and ultimate principal payments due on
the Certificates.
Offering: Public shelf offering -- a prospectus and prospectus
supplement will be distributed after pricing
Settlement Date: On or about [02/28/00]
Form of Certificates: Book-Entry form, same-day funds through DTC, Euroclear
and CEDEL
Pass-Through Rate: Class A-I-1 Fixed-Rate Certificates [TBD%]
Class A-I-2 Fixed-Rate Certificates [TBD%]
Class A-I-3 Fixed-Rate Certificates [TBD%]
Class A-I-4 Fixed-Rate Certificates [TBD%]
Class A-I-5 Fixed-Rate Certificates [TBD%]*
Class A-I-6 Fixed-Rate NAS Certificates [TBD%]*
* May be subject to Group I Net WAC Cap
Prepayment
Assumption: 25% HEP (2.5% CPR in month 1 with monthly incremental
increases of 2.5% CPR until the speed reaches 25% CPR
in month 10 and 25% CPR thereafter).
Distribution Date: The 25th day of each month (or, if any such date is not
a business day, the first business day thereafter)
commencing in March 2000. The payment delay will be 24
days for the Class A-I Certificates.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Residential Asset Securities Corporation
Home Equity Mortgage Asset-Backed Pass-Through Certificates
Series 2000-KS1
Principal Paydown: Amounts available for distribution as principal will be
allocated in the following priority:
1) Pay the Class A-I-6 the Class A-I-6
Lockout Distribution Amount
2) Pay to the Class A-I-1 through A-I-6,
sequentially, until each is reduced to zero
Class A-I-6 Lockout
Disbribution Amount: For any Distribution Date will be the product of (i)
the Class A-I-6 Lockout Percentage for such Distibution
Date and (ii) the Class A-I-6 Pro-Rata Distribution
Amount for such Distribution Date.
The Class A-I-6
Lockout Percentage: For each Distribution Date shall be as follows:
-----------------------------------------------
March 2000 to February 2003 ==> 0%
March 2003 to February 2005 ==> 45%
March 2005 to February 2006 ==> 80%
March 2006 to February 2007 ==> 100%
March 2007 and after ==> 300%
Class A-I-6 Pro-Rata
Distribution Amount: For any Distribution Date will be an amount equal to
the product of (x) the ratio of (i) the Class A-I-6
Certificate Principal Balance (on the prior
Distribution Date) and (ii) the aggregate principal
balance of the Class A-I Certificates (on the prior
Distribution Date), and (y) the amount of principal
available for distribution on the related Distribution
Date.
Group I Optional
Termination: At its option, on any date when the aggregate principal
balance of the Group I Loans is equal to or less than
10% of the original principal balance of the Group I
Loans (the first such date, the "Group I Optional
Termination Date"), the Master Servicer or the Company
will have the right to purchase all the remaining Group
I Loans and thereby effect early retirement of the
Group I Certificates.
Coupon Step-up: The coupon on the Class A-I-5 Certificates will
increase by [50] basis points after the Group I
Optional Termination Date.
Group I
Net WAC Cap: A rate equal to the weighed average net mortgage rate
on the Group I Loans less the surety premium.
Interest Accrual
Period: Interest on the Class A-I Certificates will accrue
during the calendar month preceding the related
Distribution Date assuming a year consisting of twelve
30-day months.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Residential Asset Securities Corporation
Home Equity Mortgage Asset-Backed Pass-Through Certificates
Series 2000-KS1
Credit Enhancement: A combination of:
(i) the use of excess cashflow to create
overcollateralization;
(ii) limited cross-collateralization; and
(iii) the Certificate Insurance Policy from AMBAC.
Note: The required maintenance levels of
overcollateralization will be sized by the Certificate
Insurer.
ERISA Considerations: Subject to the considerations and conditions described
in the Prospectus Supplement, it is expected that the
Class A-I Certificates may be purchased by employee
benefit plans that are subject to ERISA.
Taxation: REMIC election.
Legal Investment: None of the Class A-I Certificates will be
SMMEA-eligible.
Certificates Ratings: The Class A-I Certificates will be rated "AAA" by S&P
and Fitch.
Further Information: Call the desk at (212)778-2741, Howard Blecher at
(212)778-4429, Brendan Keane at (212)778-4231, Mike
Mattera at (212)778-4459 or Kenny Rosenberg at
(212)778-2440 with questions.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
ORIGINAL BALANCE: $220,000,000.00 BOND A-I-1 BE-YIELD TABLE YIELD TABLE DATE: 02/28/00
PREPAYMENT SPEED
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 7.44 7.49 7.47 7.42 7.39 7.37
99-24+ 7.43 7.47 7.45 7.40 7.37 7.35
99-25 7.41 7.46 7.44 7.38 7.35 7.33
99-25+ 7.39 7.44 7.42 7.36 7.32 7.31
99-26 7.37 7.43 7.40 7.34 7.30 7.28
99-26+ 7.35 7.41 7.39 7.32 7.28 7.26
99-27 7.34 7.40 7.37 7.30 7.26 7.24
99-27+ 7.32 7.38 7.35 7.28 7.24 7.22
99-28 7.30 7.36 7.34 7.26 7.22 7.20
99-28+ 7.28 7.35 7.32 7.24 7.20 7.17
99-29 7.26 7.33 7.30 7.22 7.17 7.15
99-29+ 7.24 7.32 7.29 7.20 7.15 7.13
99-30 7.23 7.30 7.27 7.18 7.13 7.11
99-30+ 7.21 7.29 7.25 7.16 7.11 7.08
99-31 7.19 7.27 7.24 7.14 7.09 7.06
99-31+ 7.17 7.26 7.22 7.13 7.07 7.04
100-00 7.15 7.24 7.20 7.11 7.05 7.02
100-00+ 7.14 7.22 7.19 7.09 7.02 6.99
100-01 7.12 7.21 7.17 7.07 7.00 6.97
100-01+ 7.10 7.19 7.15 7.05 6.98 6.95
100-02 7.08 7.18 7.14 7.03 6.96 6.93
100-02+ 7.06 7.16 7.12 7.01 6.94 6.90
100-03 7.04 7.15 7.10 6.99 6.92 6.88
100-03+ 7.03 7.13 7.09 6.97 6.90 6.86
100-04 7.01 7.12 7.07 6.95 6.87 6.84
100-04+ 6.99 7.10 7.05 6.93 6.85 6.82
100-05 6.97 7.08 7.04 6.91 6.83 6.79
100-05+ 6.95 7.07 7.02 6.89 6.81 6.77
100-06 6.94 7.05 7.01 6.87 6.79 6.75
100-06+ 6.92 7.04 6.99 6.85 6.77 6.73
100-07 6.90 7.02 6.97 6.83 6.75 6.70
100-07+ 6.88 7.01 6.96 6.81 6.72 6.68
First Payment 0.075 0.075 0.075 0.075 0.075 0.075
Average Life 0.921 1.086 1.011 0.849 0.773 0.741
Last Payment 1.658 2.075 1.908 1.492 1.325 1.325
Mod.Dur. @ 100-00 0.856 1.000 0.935 0.792 0.724 0.695
Accrued Interest 0.572 0.572 0.572 0.572 0.572 0.572
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERM SHEET SUPERSEDES ANY PREVIOUS STRCTURAL TERM SHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
ORIGINAL BALANCE: $100,000,000.00 BOND A-I-2 BE-YIELD TABLE YIELD TABLE DATE: 02/28/00
PREPAYMENT SPEED
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 7.61 7.64 7.63 7.60 7.58 7.57
99-24+ 7.61 7.63 7.62 7.59 7.57 7.56
99-25 7.60 7.62 7.61 7.58 7.56 7.55
99-25+ 7.59 7.62 7.61 7.57 7.55 7.54
99-26 7.58 7.61 7.60 7.56 7.54 7.53
99-26+ 7.57 7.60 7.59 7.55 7.53 7.52
99-27 7.56 7.60 7.58 7.54 7.52 7.51
99-27+ 7.56 7.59 7.58 7.54 7.51 7.50
99-28 7.55 7.58 7.57 7.53 7.50 7.49
99-28+ 7.54 7.58 7.56 7.52 7.49 7.47
99-29 7.53 7.57 7.55 7.51 7.48 7.46
99-29+ 7.52 7.56 7.55 7.50 7.47 7.45
99-30 7.51 7.55 7.54 7.49 7.46 7.44
99-30+ 7.51 7.55 7.53 7.48 7.45 7.43
99-31 7.50 7.54 7.52 7.47 7.44 7.42
99-31+ 7.49 7.53 7.52 7.46 7.43 7.41
100-00 7.48 7.53 7.51 7.45 7.42 7.40
100-00+ 7.47 7.52 7.50 7.44 7.41 7.39
100-01 7.46 7.51 7.49 7.43 7.40 7.38
100-01+ 7.46 7.51 7.49 7.43 7.39 7.37
100-02 7.45 7.50 7.48 7.42 7.38 7.36
100-02+ 7.44 7.49 7.47 7.41 7.37 7.34
100-03 7.43 7.49 7.46 7.40 7.36 7.33
100-03+ 7.42 7.48 7.46 7.39 7.34 7.32
100-04 7.41 7.47 7.45 7.38 7.33 7.31
100-04+ 7.41 7.47 7.44 7.37 7.32 7.30
100-05 7.40 7.46 7.43 7.36 7.31 7.29
100-05+ 7.39 7.45 7.43 7.35 7.30 7.28
100-06 7.38 7.44 7.42 7.34 7.29 7.27
100-06+ 7.37 7.44 7.41 7.33 7.28 7.26
100-07 7.36 7.43 7.40 7.32 7.27 7.25
100-07+ 7.36 7.42 7.40 7.32 7.26 7.24
First Payment 1.658 2.075 1.908 1.492 1.325 1.325
Average Life 2.092 2.571 2.354 1.884 1.667 1.578
Last Payment 2.575 3.158 2.908 2.325 1.992 1.908
Mod.Dur. @ 100-00 1.867 2.254 2.081 1.695 1.513 1.437
Accrued Interest 0.572 0.572 0.572 0.572 0.572 0.572
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERM SHEET SUPERSEDES ANY PREVIOUS STRCTURAL TERM SHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
ORIGINAL BALANCE: $105,000,000.00 BOND A-I-3 BE-YIELD TABLE YIELD TABLE DATE: 02/28/00
PREPAYMENT SPEED
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 7.74 7.76 7.75 7.73 7.71 7.71
99-24+ 7.73 7.75 7.74 7.72 7.71 7.70
99-25 7.73 7.75 7.74 7.71 7.70 7.69
99-25+ 7.72 7.74 7.73 7.71 7.69 7.68
99-26 7.71 7.74 7.73 7.70 7.68 7.68
99-26+ 7.71 7.73 7.72 7.70 7.68 7.67
99-27 7.70 7.73 7.72 7.69 7.67 7.66
99-27+ 7.70 7.72 7.71 7.68 7.66 7.65
99-28 7.69 7.72 7.71 7.68 7.66 7.65
99-28+ 7.69 7.71 7.70 7.67 7.65 7.64
99-29 7.68 7.71 7.70 7.66 7.64 7.63
99-29+ 7.67 7.70 7.69 7.66 7.63 7.62
99-30 7.67 7.70 7.69 7.65 7.63 7.61
99-30+ 7.66 7.69 7.68 7.64 7.62 7.61
99-31 7.66 7.69 7.68 7.64 7.61 7.60
99-31+ 7.65 7.69 7.67 7.63 7.60 7.59
100-00 7.65 7.68 7.67 7.63 7.60 7.58
100-00+ 7.64 7.68 7.66 7.62 7.59 7.58
100-01 7.63 7.67 7.66 7.61 7.58 7.57
100-01+ 7.63 7.67 7.65 7.61 7.58 7.56
100-02 7.62 7.66 7.65 7.60 7.57 7.55
100-02+ 7.62 7.66 7.64 7.59 7.56 7.55
100-03 7.61 7.65 7.64 7.59 7.55 7.54
100-03+ 7.61 7.65 7.63 7.58 7.55 7.53
100-04 7.60 7.64 7.63 7.57 7.54 7.52
100-04+ 7.59 7.64 7.62 7.57 7.53 7.52
100-05 7.59 7.63 7.62 7.56 7.53 7.51
100-05+ 7.58 7.63 7.61 7.56 7.52 7.50
100-06 7.58 7.62 7.61 7.55 7.51 7.49
100-06+ 7.57 7.62 7.60 7.54 7.50 7.49
100-07 7.57 7.62 7.60 7.54 7.50 7.48
100-07+ 7.56 7.61 7.59 7.53 7.49 7.47
First Payment 2.575 3.158 2.908 2.325 1.992 1.908
Average Life 3.172 4.012 3.630 2.819 2.460 2.314
Last Payment 3.908 4.992 4.492 3.492 2.992 2.825
Mod.Dur. @ 100-00 2.715 3.328 3.054 2.445 2.163 2.046
Accrued Interest 0.578 0.578 0.578 0.578 0.578 0.578
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERM SHEET SUPERSEDES ANY PREVIOUS STRCTURAL TERM SHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
ORIGINAL BALANCE: $105,000,000.00 BOND A-I-4 BE-YIELD TABLE YIELD TABLE DATE: 02/28/00
PREPAYMENT SPEED
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 8.02 8.03 8.03 8.01 8.00 7.99
99-24+ 8.02 8.03 8.02 8.01 7.99 7.99
99-25 8.01 8.03 8.02 8.00 7.99 7.98
99-25+ 8.01 8.02 8.02 8.00 7.99 7.98
99-26 8.00 8.02 8.01 7.99 7.98 7.97
99-26+ 8.00 8.02 8.01 7.99 7.98 7.97
99-27 8.00 8.02 8.01 7.99 7.97 7.96
99-27+ 7.99 8.01 8.00 7.98 7.97 7.96
99-28 7.99 8.01 8.00 7.98 7.96 7.95
99-28+ 7.99 8.01 8.00 7.97 7.96 7.95
99-29 7.98 8.00 7.99 7.97 7.95 7.94
99-29+ 7.98 8.00 7.99 7.96 7.95 7.94
99-30 7.97 8.00 7.99 7.96 7.94 7.93
99-30+ 7.97 7.99 7.99 7.96 7.94 7.93
99-31 7.97 7.99 7.98 7.95 7.93 7.92
99-31+ 7.96 7.99 7.98 7.95 7.93 7.92
100-00 7.96 7.99 7.98 7.94 7.92 7.91
100-00+ 7.95 7.98 7.97 7.94 7.92 7.91
100-01 7.95 7.98 7.97 7.93 7.91 7.90
100-01+ 7.95 7.98 7.97 7.93 7.91 7.90
100-02 7.94 7.97 7.96 7.93 7.90 7.89
100-02+ 7.94 7.97 7.96 7.92 7.90 7.88
100-03 7.94 7.97 7.96 7.92 7.89 7.88
100-03+ 7.93 7.96 7.95 7.91 7.89 7.87
100-04 7.93 7.96 7.95 7.91 7.88 7.87
100-04+ 7.92 7.96 7.95 7.90 7.88 7.86
100-05 7.92 7.96 7.94 7.90 7.87 7.86
100-05+ 7.92 7.95 7.94 7.90 7.87 7.85
100-06 7.91 7.95 7.94 7.89 7.86 7.85
100-06+ 7.91 7.95 7.93 7.89 7.86 7.84
100-07 7.91 7.94 7.93 7.88 7.85 7.84
100-07+ 7.90 7.94 7.93 7.88 7.85 7.83
First Payment 3.908 4.992 4.492 3.492 2.992 2.825
Average Life 5.184 7.048 6.196 4.508 3.829 3.557
Last Payment 7.408 9.992 9.158 5.992 4.992 4.575
Mod.Dur. @ 100-00 4.083 5.161 4.686 3.644 3.178 2.983
Accrued Interest 0.597 0.597 0.597 0.597 0.597 0.597
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERM SHEET SUPERSEDES ANY PREVIOUS STRCTURAL TERM SHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
ORIGINAL BALANCE: $55,000,000.00 BOND A-I-5 BE-YIELD TABLE YIELD TABLE DATE: 02/28/00
PREPAYMENT SPEED
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 8.20 8.20 8.20 8.19 8.18 8.18
99-24+ 8.19 8.20 8.20 8.19 8.18 8.18
99-25 8.19 8.20 8.20 8.19 8.18 8.17
99-25+ 8.19 8.20 8.19 8.18 8.17 8.17
99-26 8.19 8.19 8.19 8.18 8.17 8.16
99-26+ 8.18 8.19 8.19 8.18 8.17 8.16
99-27 8.18 8.19 8.19 8.17 8.16 8.16
99-27+ 8.18 8.19 8.18 8.17 8.16 8.15
99-28 8.18 8.19 8.18 8.17 8.16 8.15
99-28+ 8.17 8.18 8.18 8.16 8.15 8.15
99-29 8.17 8.18 8.18 8.16 8.15 8.14
99-29+ 8.17 8.18 8.17 8.16 8.15 8.14
99-30 8.16 8.18 8.17 8.15 8.14 8.14
99-30+ 8.16 8.17 8.17 8.15 8.14 8.13
99-31 8.16 8.17 8.17 8.15 8.14 8.13
99-31+ 8.16 8.17 8.16 8.15 8.13 8.12
100-00 8.15 8.17 8.16 8.14 8.13 8.12
100-00+ 8.15 8.16 8.16 8.14 8.12 8.12
100-01 8.15 8.16 8.16 8.14 8.12 8.11
100-01+ 8.14 8.16 8.15 8.13 8.12 8.11
100-02 8.14 8.16 8.15 8.13 8.11 8.11
100-02+ 8.14 8.15 8.15 8.13 8.11 8.10
100-03 8.14 8.15 8.15 8.12 8.11 8.10
100-03+ 8.13 8.15 8.14 8.12 8.10 8.09
100-04 8.13 8.15 8.14 8.12 8.10 8.09
100-04+ 8.13 8.15 8.14 8.12 8.10 8.09
100-05 8.13 8.14 8.14 8.11 8.09 8.08
100-05+ 8.12 8.14 8.13 8.11 8.09 8.08
100-06 8.12 8.14 8.13 8.11 8.09 8.08
100-06+ 8.12 8.14 8.13 8.10 8.08 8.07
100-07 8.11 8.13 8.13 8.10 8.08 8.07
100-07+ 8.11 8.13 8.12 8.10 8.08 8.07
First Payment 7.408 9.992 9.158 5.992 4.992 4.575
Average Life 7.973 9.992 9.158 6.899 5.866 5.417
Last Payment 7.992 9.992 9.158 7.075 6.158 5.742
Mod.Dur. @ 100-00 5.669 6.613 6.242 5.098 4.501 4.226
Accrued Interest 0.608 0.608 0.608 0.608 0.608 0.608
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERM SHEET SUPERSEDES ANY PREVIOUS STRCTURAL TERM SHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
****** PRELIMINARY MARKETING INFORMATION ******
<TABLE>
<CAPTION>
ORIGINAL BALANCE: $65,000,000.00 BOND A-I-6 BE-YIELD TABLE YIELD TABLE DATE: 02/28/00
PREPAYMENT SPEED
PRICING SPEED
25.0% 20.00% 22.00% 28.00% 32.00% 34.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
99-24 7.88 7.88 7.88 7.87 7.87 7.87
99-24+ 7.87 7.88 7.87 7.87 7.87 7.86
99-25 7.87 7.87 7.87 7.87 7.86 7.86
99-25+ 7.87 7.87 7.87 7.86 7.86 7.85
99-26 7.86 7.87 7.87 7.86 7.85 7.85
99-26+ 7.86 7.86 7.86 7.86 7.85 7.85
99-27 7.86 7.86 7.86 7.85 7.85 7.84
99-27+ 7.85 7.86 7.86 7.85 7.84 7.84
99-28 7.85 7.85 7.85 7.85 7.84 7.84
99-28+ 7.85 7.85 7.85 7.84 7.84 7.83
99-29 7.84 7.85 7.85 7.84 7.83 7.83
99-29+ 7.84 7.85 7.84 7.84 7.83 7.82
99-30 7.84 7.84 7.84 7.83 7.82 7.82
99-30+ 7.83 7.84 7.84 7.83 7.82 7.82
99-31 7.83 7.84 7.83 7.83 7.82 7.81
99-31+ 7.83 7.83 7.83 7.82 7.81 7.81
100-00 7.82 7.83 7.83 7.82 7.81 7.81
100-00+ 7.82 7.83 7.82 7.81 7.81 7.80
100-01 7.82 7.82 7.82 7.81 7.80 7.80
100-01+ 7.81 7.82 7.82 7.81 7.80 7.79
100-02 7.81 7.82 7.81 7.80 7.80 7.79
100-02+ 7.81 7.81 7.81 7.80 7.79 7.79
100-03 7.80 7.81 7.81 7.80 7.79 7.78
100-03+ 7.80 7.81 7.81 7.79 7.78 7.78
100-04 7.80 7.80 7.80 7.79 7.78 7.77
100-04+ 7.79 7.80 7.80 7.79 7.78 7.77
100-05 7.79 7.80 7.80 7.78 7.77 7.77
100-05+ 7.79 7.80 7.79 7.78 7.77 7.76
100-06 7.78 7.79 7.79 7.78 7.77 7.76
100-06+ 7.78 7.79 7.79 7.77 7.76 7.76
100-07 7.78 7.79 7.78 7.77 7.76 7.75
100-07+ 7.77 7.78 7.78 7.77 7.75 7.75
First Payment 3.075 3.075 3.075 3.075 3.075 3.075
Average Life 6.255 6.788 6.579 5.886 5.373 5.121
Last Payment 7.992 9.992 9.158 7.075 6.158 5.742
Mod.Dur. @ 100-00 4.729 5.020 4.907 4.520 4.216 4.060
Accrued Interest 0.585 0.585 0.585 0.585 0.585 0.585
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERM SHEET SUPERSEDES ANY PREVIOUS STRCTURAL TERM SHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- RASC 2000KS-1
- Cut Off Date of Tape is 1/1/00
- FIXED MORTGAGES
- $702,402,190.31
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 8,887
Aggregate Unpaid Principal Balance: $702,402,190.31
Aggregate Original Principal Balance: $703,380,345.95
- --------------------------------------------------------------------------------
Weighted Average Coupon (Net): 9.913%
Net Coupon Range: 6.420% - 17.410%
Weighted Average Coupon (Gross): 10.441%
Gross Coupon Range: 6.750% - 17.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $79,037.04
Average Original Principal Balance: $79,147.11
Maximum Unpaid Principal Balance: $650,000.00
Minimum Unpaid Principal Balance: $2,796.00
Maximum Original Principal Balance: $650,000.00
Minimum Original Principal Balance: $3,250.00
Weighted Avg. Rem. Term (PTD to Mat Date): 301.223
Stated Rem Term Range: 57.000 - 360.000
Weighted Average Age (Original Term - Rem Term): 1.029
Age Range: 0.000 - 27.000
Weighted Average Original Term: 302.252
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 77.022
Original LTV Range: 4.000% - 95.000%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.50% < Gross Coupon <= 7.00% 1 336,031.83 0.05
7.00% < Gross Coupon <= 7.50% 2 518,025.75 0.07
7.50% < Gross Coupon <= 7.75% 4 547,513.04 0.08
7.75% < Gross Coupon <= 8.00% 23 2,532,457.18 0.36
8.00% < Gross Coupon <= 8.25% 80 9,002,606.89 1.28
8.25% < Gross Coupon <= 8.50% 159 18,306,277.60 2.61
8.50% < Gross Coupon <= 8.75% 197 20,598,691.80 2.93
8.75% < Gross Coupon <= 9.00% 339 37,961,103.31 5.40
9.00% < Gross Coupon <= 9.25% 293 33,204,157.75 4.73
9.25% < Gross Coupon <= 9.50% 476 53,095,556.77 7.56
9.50% < Gross Coupon <= 9.75% 544 52,430,967.58 7.46
9.75% < Gross Coupon <= 10.00% 791 75,660,218.25 10.77
10.00% < Gross Coupon <= 10.25% 542 47,141,339.21 6.71
10.25% < Gross Coupon <= 10.50% 597 48,767,476.87 6.94
10.50% < Gross Coupon <= 10.75% 683 52,586,721.54 7.49
10.75% < Gross Coupon <= 11.00% 722 54,042,811.15 7.69
11.00% < Gross Coupon <= 11.25% 481 33,281,466.66 4.74
11.25% < Gross Coupon <= 11.50% 533 37,764,442.94 5.38
11.50% < Gross Coupon <= 11.75% 466 30,946,622.55 4.41
11.75% < Gross Coupon <= 12.00% 464 29,371,143.57 4.18
12.00% < Gross Coupon <= 12.25% 264 15,604,240.42 2.22
12.25% < Gross Coupon <= 12.50% 221 12,711,505.71 1.81
12.50% < Gross Coupon <= 12.75% 161 8,511,566.59 1.21
12.75% < Gross Coupon <= 13.00% 215 9,375,151.12 1.33
13.00% < Gross Coupon <= 13.25% 79 3,683,878.05 0.52
13.25% < Gross Coupon <= 13.50% 73 3,400,173.73 0.48
13.50% < Gross Coupon <= 13.75% 32 1,421,796.03 0.20
13.75% < Gross Coupon <= 14.00% 127 3,335,505.48 0.47
14.00% < Gross Coupon <= 14.25% 19 686,127.51 0.10
14.25% < Gross Coupon <= 14.50% 19 855,124.66 0.12
14.50% < Gross Coupon <= 14.75% 10 396,111.01 0.06
14.75% < Gross Coupon <= 15.00% 245 3,588,102.43 0.51
15.00% < Gross Coupon <= 15.25% 3 115,384.67 0.02
15.25% < Gross Coupon <= 15.50% 1 17,995.17 0.00
15.50% < Gross Coupon <= 15.75% 4 165,421.11 0.02
15.75% < Gross Coupon <= 16.00% 9 232,226.18 0.03
16.25% < Gross Coupon <= 16.50% 4 126,504.66 0.02
16.75% < Gross Coupon <= 17.00% 2 45,444.05 0.01
17.25% < Gross Coupon <= 17.50% 1 18,135.58 0.00
17.50% < Gross Coupon <= 18.00% 1 16,163.91 0.00
- --------------------------------------------------------------------------------
Total.......... 8,887 $ 702,402,190.31 100.00%
================================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
NET MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Net Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
6.00% < Net Coupon <= 6.50% 1 336,031.83 0.05
6.50% < Net Coupon <= 7.00% 1 157,165.33 0.02
7.00% < Net Coupon <= 7.50% 27 3,565,250.77 0.51
7.50% < Net Coupon <= 7.75% 68 7,435,647.64 1.06
7.75% < Net Coupon <= 8.00% 135 14,406,474.08 2.05
8.00% < Net Coupon <= 8.25% 177 19,272,741.51 2.74
8.25% < Net Coupon <= 8.50% 285 29,847,519.07 4.25
8.50% < Net Coupon <= 8.75% 307 32,145,227.88 4.58
8.75% < Net Coupon <= 9.00% 378 41,616,381.97 5.92
9.00% < Net Coupon <= 9.25% 601 59,315,838.58 8.44
9.25% < Net Coupon <= 9.50% 758 73,649,341.13 10.49
9.50% < Net Coupon <= 9.75% 604 56,997,589.94 8.11
9.75% < Net Coupon <= 10.00% 710 60,639,199.65 8.63
10.00% < Net Coupon <= 10.25% 712 55,980,990.47 7.97
10.25% < Net Coupon <= 10.50% 724 54,099,269.17 7.70
10.50% < Net Coupon <= 10.75% 494 33,382,878.49 4.75
10.75% < Net Coupon <= 11.00% 517 36,819,321.55 5.24
11.00% < Net Coupon <= 11.25% 470 31,417,515.00 4.47
11.25% < Net Coupon <= 11.50% 452 28,401,531.90 4.04
11.50% < Net Coupon <= 11.75% 262 15,682,573.44 2.23
11.75% < Net Coupon <= 12.00% 217 12,179,596.71 1.73
12.00% < Net Coupon <= 12.25% 159 8,653,751.38 1.23
12.25% < Net Coupon <= 12.50% 205 8,768,486.69 1.25
12.50% < Net Coupon <= 12.75% 80 3,509,541.93 0.50
12.75% < Net Coupon <= 13.00% 69 3,244,842.62 0.46
13.00% < Net Coupon <= 13.25% 32 1,429,349.47 0.20
13.25% < Net Coupon <= 13.50% 126 3,241,144.30 0.46
13.50% < Net Coupon <= 13.75% 22 892,713.47 0.13
13.75% < Net Coupon <= 14.00% 17 674,411.52 0.10
14.00% < Net Coupon <= 14.25% 10 421,773.58 0.06
14.25% < Net Coupon <= 14.50% 243 3,520,813.91 0.50
14.50% < Net Coupon <= 14.75% 2 75,384.67 0.01
14.75% < Net Coupon <= 15.00% 2 91,485.83 0.01
15.00% < Net Coupon <= 15.25% 3 91,930.45 0.01
15.25% < Net Coupon <= 15.50% 9 232,226.18 0.03
15.50% < Net Coupon <= 15.75% 1 27,294.14 0.00
15.75% < Net Coupon <= 16.00% 3 99,210.52 0.01
16.25% < Net Coupon <= 16.50% 2 45,444.05 0.01
16.75% < Net Coupon <= 17.00% 1 18,135.58 0.00
17.25% < Net Coupon <= 17.50% 1 16,163.91 0.00
- -------------------------------------------------------------------------------
Total.......... 8,887 $ 702,402,190.31 100.00%
===============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
Original Loan to Value Ratios for the Mortgage Loans
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
0.00 < LTV <= 5.00 11 133,260.04 0.02
5.00 < LTV <= 10.00 124 1,874,828.10 0.27
10.00 < LTV <= 15.00 205 3,664,105.46 0.52
15.00 < LTV <= 20.00 161 3,703,689.99 0.53
20.00 < LTV <= 25.00 89 2,757,033.96 0.39
25.00 < LTV <= 30.00 73 2,901,335.07 0.41
30.00 < LTV <= 35.00 73 3,663,818.24 0.52
35.00 < LTV <= 40.00 86 3,657,129.58 0.52
40.00 < LTV <= 45.00 111 5,017,808.68 0.71
45.00 < LTV <= 50.00 192 8,707,695.47 1.24
50.00 < LTV <= 55.00 191 11,611,448.00 1.65
55.00 < LTV <= 60.00 354 20,219,519.20 2.88
60.00 < LTV <= 65.00 425 26,963,693.05 3.84
65.00 < LTV <= 70.00 749 54,427,285.55 7.75
70.00 < LTV <= 75.00 1150 93,000,962.55 13.24
75.00 < LTV <= 80.00 2245 208,909,322.03 29.74
80.00 < LTV <= 85.00 1243 108,350,578.35 15.43
85.00 < LTV <= 90.00 1264 126,665,400.86 18.03
90.00 < LTV <= 95.00 141 16,173,276.13 2.30
- --------------------------------------------------------------------------
Total.................... 8887 $ 702,402,190.31 100.00%
==========================================================================
INSURANCE COMPANY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Amerin Guaranty - Borrower Paid 1 144,953.14 0.02
COMMONWEALTH 73 8,260,793.85 1.18
GEMICO 98 10,630,029.66 1.51
MGIC 112 14,166,871.78 2.02
MGIC - Lender Paid 1 345,926.72 0.05
NOT REQUIRED 6235 450,716,668.51 64.17
PMI MORT. INS. CO. 45 4,932,748.41 0.70
REPUBLIC MORT. INS. 35 4,259,198.86 0.61
RFC - Lender Paid 20 2,100,505.64 0.30
Self Insured 2242 203,908,655.35 29.03
Triad Guaranty 5 397,041.14 0.06
UNITED GRTY. RESID. INS. 20 2,538,797.25 0.36
- -------------------------------------------------------------------------------
Total............... 8887 $702,402,190.31 100.00%
===============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
ORIGINAL MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
Balance <= 25,000 781 13,429,689.42 1.91
25,000 < Balance <= 50,000 2,435 93,000,271.35 13.24
50,000 < Balance <= 75,000 2,321 142,579,506.20 20.30
75,000 < Balance <= 100,000 1,291 111,709,394.47 15.90
100,000 < Balance <= 150,000 1,151 140,070,905.70 19.94
150,000 < Balance <= 175,000 283 45,713,104.80 6.51
175,000 < Balance <= 200,000 182 33,913,593.61 4.83
200,000 < Balance <= 250,000 212 47,402,170.29 6.75
250,000 < Balance <= 300,000 109 29,896,799.64 4.26
300,000 < Balance <= 350,000 61 19,862,696.54 2.83
350,000 < Balance <= 400,000 40 15,093,608.44 2.15
400,000 < Balance <= 450,000 11 4,716,569.03 0.67
450,000 < Balance <= 500,000 7 3,295,380.82 0.47
500,000 < Balance <= 600,000 2 1,068,500.00 0.15
600,000 < Balance <= 750,000 1 650,000.00 0.09
- --------------------------------------------------------------------------
Total.................... 8887 $702,402,190.31 100.00%
==========================================================================
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
Balance <= 25,000 788 13,592,343.71 1.94
25,000 < Balance <= 50,000 2,432 93,037,298.79 13.25
50,000 < Balance <= 75,000 2,319 142,517,763.34 20.29
75,000 < Balance <= 100,000 1,291 111,769,707.93 15.91
100,000 < Balance <= 150,000 1,149 139,872,653.37 19.91
150,000 < Balance <= 175,000 283 45,713,104.80 6.51
175,000 < Balance <= 200,000 182 33,913,593.61 4.83
200,000 < Balance <= 250,000 213 47,651,978.13 6.78
250,000 < Balance <= 300,000 108 29,646,991.80 4.22
300,000 < Balance <= 350,000 61 19,862,696.54 2.83
350,000 < Balance <= 400,000 40 15,093,608.44 2.15
400,000 < Balance <= 450,000 11 4,716,569.03 0.67
450,000 < Balance <= 500,000 7 3,295,380.82 0.47
500,000 < Balance <= 600,000 2 1,068,500.00 0.15
600,000 < Balance <= 750,000 1 650,000.00 0.09
- --------------------------------------------------------------------------
Total.................... 8887 $ 702,402,190.31 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Alabama 340 21,239,037.64 3.02
Alaska 4 445,180.89 0.06
Arizona 133 10,942,402.03 1.56
Arkansas 95 4,795,878.66 0.68
California 427 59,561,854.97 8.48
Colorado 121 13,897,358.14 1.98
Connecticut 86 8,877,342.80 1.26
Delaware 16 1,282,480.53 0.18
Dist of Col 24 2,433,149.84 0.35
Florida 661 50,713,424.76 7.22
Georgia 587 52,064,541.93 7.41
Hawaii 30 5,533,779.54 0.79
Idaho 29 1,951,520.81 0.28
Illinois 319 25,345,792.68 3.61
Indiana 249 13,740,493.91 1.96
Iowa 68 4,194,169.46 0.60
Kansas 88 4,661,177.57 0.66
Kentucky 130 7,924,684.03 1.13
Louisiana 250 15,792,611.45 2.25
Maine 27 1,660,694.61 0.24
Maryland 83 8,608,220.99 1.23
Massachusetts 111 11,980,583.42 1.71
Michigan 796 54,257,895.50 7.72
Minnesota 99 9,147,932.41 1.30
Mississippi 162 9,236,522.14 1.31
Missouri 164 9,345,091.15 1.33
Montana 14 1,654,177.05 0.24
Nebraska 39 2,736,856.05 0.39
Nevada 49 5,501,909.03 0.78
New Hampshire 46 4,046,399.94 0.58
New Jersey 143 17,572,722.96 2.50
New Mexico 56 4,542,288.91 0.65
New York 427 45,778,435.14 6.52
North Carolina 388 27,712,147.74 3.95
North Dakota 7 298,268.49 0.04
Ohio 418 25,719,585.85 3.66
Oklahoma 107 5,370,354.51 0.76
Oregon 50 5,153,061.37 0.73
Pennsylvania 247 16,698,604.28 2.38
Rhode Island 27 2,373,434.73 0.34
South Carolina 272 20,022,739.87 2.85
South Dakota 4 214,583.19 0.03
Tennessee 372 23,961,312.58 3.41
Texas 685 45,045,919.58 6.41
Utah 61 6,998,258.11 1.00
Vermont 11 935,720.63 0.13
Virginia 89 7,609,790.05 1.08
Washington 92 10,159,005.36 1.45
West Virginia 76 3,904,455.83 0.56
Wisconsin 84 6,002,570.23 0.85
Wyoming 17 1,335,610.30 0.19
MEXICO 7 1,420,156.67 0.20
- --------------------------------------------------------------------------
Total............... 8,887 $ 702,402,190.31 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
SFD Site Condo 2 493,085.49 0.07
Low-Rise Condo 257 18,740,692.80 2.67
Modular Housing 2 117,500.00 0.02
Manufactured Housing 259 14,548,469.74 2.07
Condo Leasehold 2 427,466.12 0.06
Townhouses 104 7,243,383.72 1.03
High-Rise Condo 21 2,334,714.54 0.33
Condominiums 9 819,510.42 0.12
Single Family Detached 7,791 609,337,369.94 86.75
PUD Detached 380 42,857,970.78 6.10
PUD Attached 60 5,482,026.76 0.78
- --------------------------------------------------------------------------
Total............... 8,887 $ 702,402,190.31 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 8,061 653,370,177.87 93.02
Non Owner Occ. 826 49,032,012.44 6.98
- --------------------------------------------------------------------------
Total.................. 8,887 $ 702,402,190.31 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
DOCUMENTATION LEVEL
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Full Documentation 7341 546,807,343.84 77.85
Limited Documentation 1132 124,259,230.95 17.69
Quick Documentation 413 31,294,815.52 4.46
Unknown 1 40,800.00 0.01
- --------------------------------------------------------------------------
Total.................. 8887 $702,402,190.31 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
LOAN SUMMARY STRATIFIED BY
LOAN PURPOSE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Purchase 2699 230,420,277.32 32.80
Refinance/No ETO 940 91,721,812.46 13.06
Refinance/ETO 5217 375,803,203.51 53.50
Construct/Perm 31 4,456,897.02 0.63
- --------------------------------------------------------------------------
Total.................. 8887 $ 702,402,190.31 100.00%
==========================================================================
Loan Summary Stratified by Credit Grade
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1A-1 1183 145,352,115.42 20.69
1A 2436 187,725,353.41 26.73
1 2143 167,610,802.75 23.86
2 2100 142,793,224.35 20.33
3 783 44,077,370.00 6.28
4 221 10,996,200.36 1.57
Unknown 21 3,847,124.02 0.55
- --------------------------------------------------------------------------
Total............... 8887 $ 702,402,190.31 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE INFORMATION IN THE PROSPECTUS SUPPLEMENT.
