- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported):June 22, 1998
BEAR STEARNS ASSET BACKED SECURITIES, INC.
------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-49015 13-3836437
-------- --------- ----------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 Park Avenue
New York, New York 10167
------------------ -----
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
- -----------------------------------------------------------------
Item 5. Other Events.
- ------- -------------
Filing of Computational Materials
- ---------------------------------
In connection with the proposed offering of the American Residential
Home Equity Loan Trust, Series 1998-1 Asset-Backed Certificates (the "Offered
Certificates"), Bear, Stearns & Co. Inc., as the underwriter (the "Underwriter")
has prepared certain materials (the "Series Term Sheet" including the
"Computational Materials") for distribution to their potential investors.
Although Bear Stearns Asset Backed Securities, Inc. (the "Company") provided the
Underwriter with certain information regarding the characteristics of the
mortgage loans (the "Mortgage Loans") in the related portfolio, the Company did
not participate in the preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to the Term
Notes, any of the following: yield; average life; duration, expected maturity;
interest rate sensitivity; loss sensitivity; cash flow characteristics;
background information regarding the Mortgage Loans; the proposed structure;
decrement tables; or similar information (tabular or otherwise) of a
statistical, mathematical, tabular or computational nature. The Series Term
Sheet including Computational Materials is attached hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial
- ------- -----------------------------------------
Information and Exhibits.
-------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 The Series Term Sheet including Computational Materials, filed
on Form 8-K dated June 22, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Jonathan Lieberman
______________________________
Name: Jonathan Lieberman
Title: Vice President
Dated: June 22, 1998
Exhibit Index
- -------------
Exhibit Page
- ------- ----
99.1 The Series Term Sheet including Computational Materials, 6
filed on Form 8-K dated June 22, 1998
Exhibit 99.1
------------
BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o 245 Park Avenue
SAN FRANCISCO New York, N.Y. 10167
FRANKFORT o GENEVA o HONG KONG (212) 272-2000; (212) 272-7294 fax
LONDON o PARIS o TOKYO
FAX TRANSMITTAL
Computational Material
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST,
SERIES 1998-1
- ------------------------------------------------------------------------------
FAX TO: DATE: 6/22/98
COMPANY # PAGES (incl. cover): 25
FAX NO: PHONE NO:
- -------------------------------------------------------------------------------
FROM: PHONE NO:
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STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES,
AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer,
and although it may be based on data supplied to it by an issuer, the issuer
has not participated in its preparation and makes no representations regarding
its accuracy or completeness. Should you receive Information that refers to
the "Statement Regarding Assumptions and Other Information," please refer to
this statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to
significant factors that may prove not to be as assumed. You should understand
the assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly
depending upon the value of the inputs given. Inputs to these models include
but are not limited to: prepayment expectations (economic prepayment models,
single expected lifetime prepayments or a vector of periodic prepayments),
interest rate assumptions (parallel and nonparallel changes for different
maturity instruments), collateral assumptions (actual pool level data,
aggregated pool level data, reported factors or imputed factors), volatility
assumptions (historically observed or implied current) and reported
information (paydown factors, rate resets, and trustee statements). Models
used in any analysis may be proprietary making the results difficult for any
third party to reproduce. Contact your registered representative for detailed
explanations of any modeling techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of
the security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of
these securities should be tested as assumptions different from those included
in the Information. The assumptions underlying the Information, including
structure and collateral, may be modified from time to time to reflect changed
circumstances. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement or private placement memorandum
(Offering Documents) and the then current version of the Information. Offering
Documents contain data that is current as of their publication dates and after
publication may no longer be complete or current.. Contact your registered
representative for Offering Documents, current Information or additional
materials, including other models for performance analysis, which are likely
to produce different results, and any further explanation regarding the
Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a
bid by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size
of a position you have in the security, and (e) may have been derived from
matrix pricing that uses data relating to other securities whose prices are
more readily ascertainable to produce a hypothetical price based on the
estimated yield spread relationship between the securities.
GENERAL INFORMATION: The data underlying the Information has been obtained
from sources that we believe are reliable, but we do not guarantee the
accuracy of the underlying data or computations based thereon. Bear, Stearns.
and/or individuals thereof may have positions in these securities while the
Information is circulating or during such period may engage in transactions
with the issuer or its affiliates. We act as principal in transactions with
you, and accordingly, you must determine the appropriateness for you of such
transactions and address any legal, tax, or accounting considerations
applicable to you. Bear Stearns shall not be a fiduciary or advisor unless we
have agreed in writing to receive compensation specifically to act in such
capacities. If you are subject to ERISA, the Information is being furnished on
the condition that it will not form a primary basis for any investment
decision. The Information is not a solicitation of any transaction in
securities which may be made only by prospectus when required by law, in which
event you may obtain such prospectus from Bear Stearns.
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Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
OFFERED CERIFICATES
AVERAGE MODIFIED PRINCIPAL PRINCIPAL
EXPECTED LIFE DURATION WINDOW WINDOW EXPECTED
CLASS RATINGS APPROXIMATE EXPECTED (TO CALL) (TO CALL) (TO MATURITY) (TO CALL) FINAL
CLASS DESCRIPTION S&P/FITCH SIZE COUPON (YEARS) (YEARS) IN MONTHS IN MONTHS (TO MATURITY)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A Senior AAA/AAA $84,500,000 TBD 2.60 2.22 211 94 1/25/16
M-1 Mezzanine AA/AA 6,770,000 TBD 5.21 4.26 132 56 8/25/12
M-2 Mezzanine A/A 4,260,000 TBD 5.18 4.21 113 57 12/25/10
B Subordinate BBB/BBB 3,411,000 TBD 5.16 4.11 91 58 1/25/09
TARGET
SUBORDINATION %
(INCLUDES OC TO
CLASS TARGET)
<S> <C>
A 33.59
M-1 19.91
M-2 11.29
B 4.40
</TABLE>
VARIABLE RATE CERTIFICATES:
O The Classes are backed by the adjustable rate mortgage loans.
O All Classes are priced to call.
O Classes are payable monthly on the 25th (Actual/360) starting
7/27/98 with accrual from Settlement Date. Classes reset monthly to
one month LIBOR plus their respective margins subject to the
available funds cap with no delay.
O Optional Call is 10% of Initial Balance. If the loans are not
called, the Certificate Margin on the Class A Certificates will
increase by a multiple of 2x and Class M-1, Class M-2 and Class B
Certificates will increase by a multiple of 1.5x, with such coupons
also being subject to the available funds cap.
O Adjustable rate mortgage loans pricing speeds: 25% CPR constant.
STRUCTURE SUMMARY:
O Credit enhancement is provided using excess cash,
overcollateralization and subordination. The initial
Overcollateralization Amount is equal to 0.00% of the sum of the
Cut-off Date Pool Principal Balance. The Required
Overcollateralization Amount is equal to 2.20% of the Cut-off Date
Pool Principal Balance.
O On each Distribution Date (a) before the Stepdown Date or (b) with
which a Trigger Event is in effect, the Principal Distribution
Amount will be distributed sequentially to the Class A, Class M-1,
Class M-2 and Class B Certificates, in that order, until each
Certificate Principal Balance of each such class has been reduced to
zero.
O Following the occurrence of the Stepdown Date and so long as no
Trigger Event is in effect, the Class A Certificates receive 100% of
the Principal Distribution Amount until the Required
Overcollateralization Amount is reached. At the point when this
event occurs, the Class B Certificate will have 4.40% subordination,
the Class M-2 Certificate will have 11.29% subordination, the Class
M-1 Certificate will have 19.91% subordination and the Class A
Certificates will have 33.59% subordination. The Certificates will
be paid in the proper proportions to keep these subordination levels
in line until the Overcollateralization Amount reaches a floor equal
to 0.50% of the sum of the Cut-off Date Pool Principal Balance. At
and after that point, the Overcollateralization Amount will remain
constant at that floor.
0 The Class R Certificate will represent the "non-economic" (i.e. tax)
residual and will have a face amount of $1,000.
0 The Class X Certificate, which is not offered, will get all excess
cash if any, on each Distribution Date after payment to the Class A,
Class M-1, Class M-2 and Class B Certificates of all amounts to
which they are entitled.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns
& Co. Inc.
BEAR STEARNS
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Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
- -------------------------------------------------------------------------------
SUMMARY OF TERMS
SELLER: American Residential Holdings, Inc, a wholly owned
subsidiary of American Residential Real Estate
Investment Trust, a REIT.
DEPOSITOR: Bear Stearns Asset Backed Securities, Inc. (Bear
Stearns shelf entity)
ORIGINATOR AND
MASTER SERVICER: Countrywide Home Loans, Inc.
TRUSTEE: Bankers Trust Company of California, N.A.
OFFERING: Public; $98,942,000 subject to a variance of plus
or minus 5.0%.
SOLE MANAGER: Bear, Stearns & Co. Inc.
CUT-OFF DATE: June 1, 1998
PRICING DATE: June [24], 1998
EXPECTED
SETTLEMENT: June [30], 1998
REGISTRATION: Book-entry form through DTC, Euroclear or CEDEL.
COLLECTION
PERIOD: From the 16th of the prior month to the 15th of
the current month, except for the first period,
which shall be from the Cut-off Date of June 1,
1998.
ACCRUAL
PERIOD: For any Distribution Date, the period commencing
from the immediately preceding Distribution Date
(or in the case of the first Distribution Date,
the Closing Date) and ending on the day
immediately preceding such Distribution Date.
DISTRIBUTION
DATE: The 25th of each month (or next succeeding
business day), beginning Monday July 27, 1998.
INTEREST
CALCULATION: Classes are payable monthly starting 7/27/98.
Classes accrue interest monthly on an actual/360
basis. The pass-through rate for the Classes will
be equal to the lesser of (i) One-Month LIBOR plus
their respective lower margins in the case of each
Distribution Date through and including the
Distribution Date on which the aggregate principal
balance of the Mortgage Loans is reduced to 10% or
less of the aggregate principal balance of the
Mortgage Loans as of the Cut-off Date, or
One-Month LIBOR plus their respective higher
margins, in case of any Distribution Date
thereafter or (ii) the Available Funds Cap.
AVAILABLE
FUNDS CAP: The Classes will be subject to an Available
Funds Cap equal to the weighted average of the
Loan Rates on the Mortgage Loans as of the second
day of the month preceding the month of such
Distribution Date less an amount, equal to the sum
of the Servicing Fee Rate and the Trustee Fee
Rate.
OPTIONAL CALL: 10% optional clean-up call at the option of the
Class R Certificateholders.
DENOMINATIONS: $25,000 minimum and integral multiples of $1 in
excess thereof.
TAX STATUS: REMIC
ERISA: The Class A Certificates only will be ERISA
eligible. Prospective pension plan investors
should consult their own counsel with respect to
an investment in the Offered Certificates. The
Class M-1, Class M-2 and Class B Certificates will
not be ERISA eligible.
SMMEA: The Class A Certificates and Class M-1
Certificates WILL constitute "mortgage related
securities" for purposes of SMMEA. The Class M-2
Certificates and Class B Certificates WILL NOT
constitute "mortgage related securities" for
purposes of SMMEA.
RATING
AGENCIES: S&P and Fitch IBCA
MORTGAGE
LOANS: 939 conventional, fully-amortizing, first lien,
"2/28" Six-Month LIBOR indexed adjustable rate
closed end, one- to four-family residential
mortgage loans, with remaining terms to maturity
ranging from approximately 353 months to 359
months.
The mortgage loans are comprised of 939 loans with
an approximate balance of $98,942,227 as of the
Cut-off Date. The balance of the pool as of the
Closing date is subject to a permitted variance of
5%+/-.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns
& Co. Inc.
BEAR STEARNS
- -------------------------------------------------------------------------------
Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
- -------------------------------------------------------------------------------
SUMMARY OF TERMS
<TABLE>
<CAPTION>
SENSITIVITY TABLES
Class A-1 (to maturity) 0% 10.00% 20.00% 25.00% 30.00% 40.00%
% CPR
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.63 6.96 3.64 2.84 2.27 1.44
Modified Duration (years) 10.99 4.81 2.88 2.34 1.92 1.28
First Principal Payment 07/25/98 07/25/98 07/25/98 07/25/98 07/25/98 07/25/98
Last Principal Payment 04/25/28 06/25/27 03/25/20 01/25/16 12/15/12 09/25/08
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 358 348 261 211 174 123
Illustrative Yield @ Par (Act/360) 6.01% 6.01% 6.02% 6.02% 6.02% 6.03%
Class M-1 (to maturity) 0% 10.00% 20.00% 25.00% 30.00% 40.00%
% CPR
Average Life (years) 27.35 13.65 7.19 5.76 4.99 4.75
Modified Duration (years) 12.76 8.53 5.40 4.55 4.08 3.98
First Principal Payment 09/25/22 09/25/04 07/25/01 09/25/01 11/25/01 04/25/02
Last Principal Payment 03/25/28 10/25/25 03/25/16 09/25/12 01/25/10 08/25/06
Principal Lockout (months) 290 74 36 38 40 45
Principal Window (months) 67 254 177 132 99 53
Illustrative Yield @ Par (Act/360) 6.32% 6.33% 6.34% 6.34% 6.34% 6.34%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns
& Co. Inc.
BEAR STEARNS
- -------------------------------------------------------------------------------
Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
- -------------------------------------------------------------------------------
SUMMARY OF TERMS
<TABLE>
<CAPTION>
SENSITIVITY TABLES
<S> <C> <C> <C> <C> <C> <C>
Class M-2 (to maturity) 0% 10.00% 20.00% 25.00% 30.00% 40.00%
% CPR
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 27.34 13.56 7.08 5.64 4.79 4.08
Modified Duration (years) 12.49 8.40 5.31 4.45 3.92 3.47
First Principal Payment 09/25/22 09/25/04 07/25/01 08/25/01 09/25/01 11/25/01
Last Principal Payment 02/25/28 05/25/24 03/25/14 12/25/10 08/25/08 08/25/05
Principal Lockout (months) 290 74 36 37 38 40
Principal Window (months) 66 237 153 113 84 46
Illustrative Yield @ Par (Act/360) 6.53% 6.54% 6.55% 6.55% 6.55% 6.55%
Class B-1 (to maturity) 0% 10.00% 20.00% 25.00% 30.00% 40.00%
% CPR
Average Life (years) 27.31 13.20 6.79 5.38 4.55 3.73
Modified Duration (years) 11.68 7.98 5.05 4.23 3.70 3.16
First Principal Payment 09/25/22 09/25/04 07/25/01 07/25/01 07/25/01 08/25/01
Last Principal Payment 12/25/27 02/25/22 11/25/11 01/25/09 01/25/07 07/25/04
Principal Lockout (months) 290 74 36 36 36 37
Principal Window (months) 64 210 125 91 67 36
Illustrative Yield @ Par (Act/360) 7.21% 7.22% 7.23% 7.23% 7.23% 7.23%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns
& Co. Inc.
BEAR STEARNS
- -------------------------------------------------------------------------------
Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
- -------------------------------------------------------------------------------
SUMMARY OF TERMS
<TABLE>
<CAPTION>
SENSITIVITY TABLES
Class A-1 (to call) 0% 10.00% 20.00% 25.00% 30.00% 40.00%
% CPR
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.60 6.62 3.34 2.60 2.07 1.31
Modified Duration (years) 10.98 4.72 2.75 2.22 1.81 1.19
First Principal Payment 07/25/98 07/25/98 07/25/98 07/25/98 07/25/98 07/25/98
Last Principal Payment 06/25/27 07/25/17 06/25/08 04/25/06 11/25/04 12/25/02
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 348 229 120 94 77 54
Illustrative Yield @ Par (Act/360) 6.01% 6.01% 6.01% 6.01% 6.01% 6.01%
Class M-1 (to call) 0% 10.00% 20.00% 25.00% 30.00% 40.00%
% CPR
Average Life (years) 27.26 12.83 6.52 5.21 4.55 4.32
Modified Duration (years) 12.74 8.32 5.09 4.26 3.82 3.68
First Principal Payment 09/25/22 09/25/04 07/25/01 09/25/01 11/25/01 04/25/02
Last Principal Payment 06/25/27 07/25/17 06/25/08 04/25/06 11/25/04 12/25/02
Principal Lockout (months) 290 74 36 38 40 45
Principal Window (months) 58 155 84 56 37 9
Illustrative Yield @ Par (Act/360) 6.32% 6.32% 6.32% 6.32% 6.32% 6.32%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns
& Co. Inc.
BEAR STEARNS
- -------------------------------------------------------------------------------
Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
- -------------------------------------------------------------------------------
SUMMARY OF TERMS
<TABLE>
<CAPTION>
SENSITIVITY TABLES
Class M-2 (to call) 0% 10.00% 20.00% 25.00% 30.00% 40.00%
% CPR
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 27.26 12.83 6.52 5.18 4.43 3.82
Modified Duration (years) 12.48 8.21 5.05 4.21 3.71 3.29
First Principal Payment 09/25/22 09/25/04 07/25/01 08/25/01 09/25/01 11/25/01
Last Principal Payment 06/25/27 07/25/17 06/25/08 04/25/06 11/25/04 12/25/02
Principal Lockout (months) 290 74 36 37 38 40
Principal Window (months) 58 155 84 57 39 14
Illustrative Yield @ Par (Act/360) 6.35% 6.53% 6.53% 6.53% 6.53% 6.53%
Class B-1 (to call) 0% 10.00% 20.00% 25.00% 30.00% 40.00%
% CPR
Average Life (years) 27.26 12.82 6.51 5.16 4.37 3.61
Modified Duration (years) 11.68 7.88 4.93 4.11 3.60 3.07
First Principal Payment 09/25/22 09/25/04 07/25/01 07/25/01 07/25/01 08/25/01
Last Principal Payment 06/25/27 07/25/17 06/25/08 04/25/06 11/25/04 12/25/02
Principal Lockout (months) 290 74 36 36 36 37
Principal Window (months) 58 155 84 58 41 17
Illustrative Yield @ Par (Act/360) 7.21% 7.21% 7.21% 7.21% 7.21% 7.21%
</TABLE>
Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
COLLATERAL SUMMARY
O collateral statistics are based on the pool as of 6/l/98 ("Cut-Off
Date"). The statistics of the pool as of the Closing Date may vary,
subject to a permitted variance of 5% of the total outstanding balance.
Cut-off Date 6/l/98
Total Outstanding Balance: $98,942,226.82
Number of Loans: 939
Average Remaining Balance: $105,369.78
Interest Rate Index: 100% 2/28 6-month LIBOR ARMs
Amortization Method: 100% Fully Amortizing
WA Gross Coupon: 9.32% (range: 6.75% - 14.125%)
WA Gross Margin / WA Life Cap: 6.214% /16.274%
WA Periodic Interest 1.471%
Rate Caps:
WA Months to Roll: 22 months
Original Weighted 360 (range: 360 - 360 months)
Average Term:
Remaining Weighted 358 (range: 353 - 359 months)
Average Term:
Seasoning: 2.05 months (range: 1 - 7 months)
Lien Position: 100% first lien
Original LTV Ratio: 75.37% (range: 13.33% - 90.00%)
Original CLTV Ratio: N/A
Credit Grade: 45.56% A+, 24.36% A-, 17.88% B,
7.46% C, 3.55 % C-, 1.19% D
Documentation: 69.93% full/alt doc, 27.50% limited
doc, 2.57% no doc
Property Type: 79.22% single family, 12.88% PUD,
4.16% 2-4 family, 3.08% condo,
0.67% manufactured housing
Owner Occupancy: 93.14% owner occupied, 5.92%
investor owned, 0.94% second home
Loan Purpose: 50.19% refi/cash-out, 17.05% refi ,
32.50% purchase, 0.26% other
Geographic Distribution: CA (14.27%), MI (7.67%), OH
(5.43%), FL (5.43%), with all other
remaining states under 5.00%
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" befOre using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
ADJUSTABLE RATE COLLATERAL
Distribution by Product Type
Percentage of
Number of Aggregate Loan Aggregate Loan
Prodct Type Home Equity Loans Balance Balance
"2/28" 6 month LIBOR 939 98,942,226.82 100.00%
-----------------------------------------------------
Total 939 $98,942,226.82 100.00%
=====================================================
Distribution by Lien Position
Percentage of
Number of Aggregate Loan Aggregate Loan
Lien Position Home Equity Loans Balance Balance
First Lien 939 98,942,226.82 100.00%
-----------------------------------------------------
Total 939 $98,942,226.82 100.00%
=====================================================
Distribution by Type of Amortization
Percentage of
Number of Aggregate Loan Aggregate Loan
Type of Amortization Home Equity Loans Balance Balance
Fully Amortizing 939 98,942,226.82 100.00%
----------------------------------------------------
Total 939 $98,942,226.82 100.00%
====================================================
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" befOre using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
ADJUSTABLE RATE COLLATERAL
Distribution by Current Loan Balance
<TABLE>
<CAPTION>
Percentage of
Percent Number of Aggregate Loan Aggregate Loan
Coupon Buy Down Home Equity Loans Balance Balance
<S> <C> <C> <C>
$0.00 - 25,000.00 20 409,674.39 0.41%
25,00.01 - 50,000.00 161 6,356,111.04 6.42%
50,00.01 - 75,000.00 231 14,287,190.41 14.44%
75,00.01 - 100,000.00 173 15,119,815.45 15.28%
100,00.01 - 125,000.00 104 11,707,269.47 11.83%
125,00.01 - 150,000.00 63 8,540,655.01 8.63%
150,00.01 - 175,000.00 44 7,078,942.01 7.15%
175,00.01 - 200,000.00 52 9,791,311.18 9.90%
200,00.01 - 250,000.00 47 10,408,747.74 10.52%
250,00.01 - 300,000.00 18 4,871,004.62 4.92%
300,00.01 - 350,000.00 12 3,933,688.16 3.98%
350,00.01 - 400,000.00 5 1,908,181.17 1.93%
400,00.01 - 450,000.00 1 438,148.26 0.44%
450,00.01 - 500,000.00 5 2,416,710.15 2.44%
500,00.01 - 550,000.00 2 1,044,080.04 1.06%
600,00.01 - 650,000.00 1 630,697.72 0.64%
-----------------------------------------------------------
Total 939 $98,942,226.82 100.00%
===========================================================
Minimum: $13,592.77
Maximum: $630,697.72
Weighted Average: $105,369.78
</TABLE>
Distribution by Original Term to Maturity
<TABLE>
<CAPTION>
Percentage of
Original Number of Aggregate Loan Aggregate Loan
Term (a) Home Equity Loans Balance Balance
<S> <C> <C> <C>
301 to 360 months 939 98,942,226.82 100.00%
----------------------------------------------------
939 $98,942,226.82 100.00%
====================================================
(a) decimals have been truncated.
Minimum: 360
Maximum: 360
Weighted Average: 360
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" befOre using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
ADJUSTABLE RATE COLLATERAL
Distribution by Remaining Term to Maturity
<TABLE>
<CAPTION>
Percentage of
Remaining Number of Aggregate Loan Aggregate Loan
Term (a) Home Equity Loans Balance Balance
<S> <C> <C> <C>
301 to 360 months 939 98,942,226.82 100.00%
------------------------------------------------------
939 $98,942,226.82 100.00%
======================================================
(a) decimals have been truncated.
Minimum: 353
Maximum: 359
Weighted Average: 358
</TABLE>
Distribution by Months of Seasoning
<TABLE>
<CAPTION>
Percentage of
Months of Number of Aggregate Loan Aggregate Loan
Seasoning (a) Home Equity Loans Balance Balance
<S> <C> <C> <C>
0 - 1 months 141 14,648,165.97 14.80%
2 - 12 months 798 84,294,060.85 85.20%
-------------------------------------------------------
Total 939 $98,942,226.82 100.00%
=======================================================
(a) decimals have been truncated.
Minimum: 1.00
Maximum: 7.00
Weighted Average: 2.05
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" befOre using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
ADJUSTABLE RATE COLLATERAL
Distribution by Coupon Rate
<TABLE>
<CAPTION>
Percentage of
Coupon Number of Aggregate Loan Aggregate Loan
Rate Home Equity Loans Balance Balance
<S> <C> <C> <C>
6.001% - 7.000% 3 372,193.73 0.38%
7.001% - 8.000% 72 8,770,365.48 8.86%
8.001% - 9.000% 289 37,544,715.72 37.95%
9.001% - 10.000% 312 32,044,679.01 32.39%
10.001% -11.000% 170 14,638,947.47 14.80%
11.001% -12.000% 60 3,806,707.64 3.85%
12.001% - 13.000% 29 1,550,409.07 1.57%
13.001% -14.000% 3 142,221.44 0.14%
14.001% -15.000% 1 71,987.26 0.07%
-------------------------------------------------------------
Total 939 $98,942,226.82 100.00%
=============================================================
Minimum: 6.75%
Maximum: 14.13%
Weighted Average: 9.32%
</TABLE>
Distribution by Gross Margin
<TABLE>
<CAPTION>
Percentage of
Range of Gross Number of Aggregate Loan Aggregate Loan
Margin Home Equity Loans Balance Balance
<S> <C> <C> <C>
0.00% - 5.00% 22 1,744,201.34 1.76%
5.00% - 6.00% 431 45,652,427.26 46.14%
6.00% - 7.00% 387 43,669,607.15 44.14%
7.00% - 8.00% 90 7,022,397.29 7.10%
8.00% - 9.00% 7 524,748.63 0.53%
9.00% - 10.00% 1 104,000.00 0.11%
10.00% - 11.00% 1 224,845.15 0.23%
-------------------------------------------------------------
Total 939 $98,942,226.82 100.00%
=============================================================
Minimum: 3.00%
Maximum: 10.25%
Weighted Average: 6.21%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
ADJUSTABLE RATE COLLATERAL
Distribution by Initial Periodic Cap
<TABLE>
<CAPTION>
Percentage of
Range of Number of Aggregate Loan Aggregate Loan
Initial Periodic Cap Home Equity Loans Balance Balance
<S> <C> <C> <C>
0.000% -1.000% 9 636,210.97 0.64%
1.001% - 1.500% 872 91,486,770.04 92.46%
2.501% - 3.000% 58 6,819,245.81 6.89%
-----------------------------------------------------------
Total 939 $98,942,226.82 100.00%
===========================================================
Minimum: 1.00%
Maximum: 3.00%
Weighted Average: 1.60%
</TABLE>
Distribution by Periodic Cap
<TABLE>
<CAPTION>
Percentage of
Range of Number of Aggregate Loan Aggregate Loan
Periodic Cap Home Equity Loans Balance Balance
<S> <C> <C> <C>
0.000% - 1.000% 55 5,688,289.31 5.75%
1.001% - 1.500% 884 93,253,937.51 94.25%
-----------------------------------------------------------
Total 939 $98,942,226.82 100.00%
===========================================================
Minimum: 1.00%
Maximum: 1.50%
Weighted Average: 1.47%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
Computational Material
American Residential Home Equity Loan Trust, Series 1998-1
ADJUSTABLE RATE COLLATERAL
Distribution by Minimum Coupon Rate
<TABLE>
<CAPTION>
Percentage of
Minimum Coupon Number of Aggregate Loan Aggregate Loan
Rate Home Equity Loans Balance Balance
<S> <C> <C> <C>
6.001% - 7.000% 3 372,193.73 0.38%
7.001% - 8.000% 72 8,770,365.48 8.86%
8.001% - 9.000% 289 37,544,715.72 37.95%
9.001% - 10.000% 312 32,044,679.01 32.39%
10.001% - 11.000% 170 14,638,947.47 14.80%
11.001% - 12.000% 60 3,806,707.64 3.85%
12.001% - 13.000% 29 1,550,409.07 1.57%
13.001% - 14.000% 3 142,221.44 0.14%
14.001% - 15.000% 1 71,987.26 0.07%
-----------------------------------------------------------
Total 939 $98,942,226.82 100.00%
===========================================================
Minimum: 6.75%
Maximum: 14.13%
Weighted Average: 9.32%
</TABLE>
Distribution by Maximum Coupon Rate
<TABLE>
<CAPTION>
Percentage of
Maximum Coupon Number of Aggregate Loan Aggregate Loan
Rate Home Equity Loans Balance Balance
<S> <C> <C> <C>
13.001% - 14.000% 4 557,098.84 0.56%
14.001% -15.000% 86 10,659,902.34 10.77%
15.001% - 16.000% 284 36,967,068.93 37.36%
16.001% - 17.000% 306 30,966,889.67 31.30%
17.001% - 18.000% 171 14,561,979.87 14.72%
18.001% - 19.000% 55 3,464,669.40 3.50%
19.001% - 20.000% 29 1,550,409.07 1.57%
20.001% - 21.000% 3 142,221.44 0.14%
21.001% - 22.000% 1 71,987.26 0.07%
-------------------------------------------------------------
Total 939 $98,942,226.82 100.00%
=============================================================
Minimum: 13.75%
Maximum: 21.13%
Weighted Average: 16.27%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIAL
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST, SERIES 1998-1
- --------------------------------------------------------------------------------
ADJUSTABLE RATE COLLATERAL
DISTRIBUTION BY COUPON RATE CHANGE
PERCENTAGE OF
MONTH OF NEXT NUMBER OF AGGREGATE LOAN AGGREGATE LOAN
COUPON RATE CANGE HOME EQUITY LOANS BALANCE BALANCE
Nov-99 3 174,743.31 0.18%
Dec-99 1 323,857.41 0.33%
Jan-00 1 38,389.96 0.04%
Feb-00 24 3,160,307.09 3.19%
Mar-00 110 11,255,318.15 11.38%
Apr-00 659 69,341,444.93 70.08%
May-00 141 14,648,165.97 14.80%
------------------------------------------------------------
TOTAL 939 $98,942,226.82 100.00%
============================================================
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIAL
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST, SERIES 1998-1
- --------------------------------------------------------------------------------
ADJUSTABLE RATE COLLATERAL
DISTRIBUTION BY ORIGINAL LOAN-TO-VALUE RATIO
PERCENTAGE OF
ORIGINAL NUMBER OF AGGREGATE LOAN AGGREGATE LOAN
LOAN-TO-VALUE RATIO HOME EQUITY LOANS BALANCE BALANCE
10.01% - 15.00% 2 51,952.05 0.05%
15.01% - 20.00% 1 21,480.40 0.02%
20.01% - 25.00% 1 30,000.00 0.03%
25.01% - 30.00% 1 50,000.00 0.05%
30.01% - 35.00% 6 311,155.22 0.31%
35.01% - 40.00% 7 384,831.53 0.39%
40.01% - 45.00% 4 235,839.80 0.24%
45.01% - 50.00% 13 1,252,691.18 1.27%
50.01% - 55.00% 22 1,773,845.60 1.79%
55.01% - 60.00% 41 3,415,903.79 3.45%
60.01% - 65.00% 72 6,089,305.33 6.15%
65.01% - 70.00% 129 12,123,255.02 12.25%
70.01% - 75.00% 167 17,569,133.97 17.76%
75.01% - 80.00% 311 36,654,822.60 37.05%
80.01% - 85.00% 130 15,016,307.49 15.18%
85.01% - 90.00% 32 3,961,702.84 4.00%
-----------------------------------------------------------
TOTAL 939 $98,942,226.82 100.00%
===========================================================
Minimum: 13.33%
Maximum: 90.00%
Weighted Average: 75.37%
DISTRIBUTION BY LOAN CREDIT RATING
PERCENTAGE OF
LOAN NUMBER OF AGGREGATE LOAN AGGREGATE LOAN
CREDIT RATING HOME EQUITY LOANS BALANCE BALANCE
A+ 378 45,081,083.31 45.56%
A- 218 24,103,137.20 24.36%
B 172 17,686,688.33 17.88%
C 98 7,377,421.35 7.46%
C- 56 3,515,541.12 3.55%
D 17 1,178,355.51 1.19%
-----------------------------------------------------------------
TOTAL 939 $98,942,226.82 100.00%
=================================================================
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIAL
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST, SERIES 1998-1
- --------------------------------------------------------------------------------
ADJUSTABLE RATE COLLATERAL
DISTRIBUTION BY
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIAL
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST, SERIES 1998-1
- --------------------------------------------------------------------------------
ADJUSTABLE RATE COLLATERAL
DISTRIBUTION BY DOCUMENTATION
PERCENTAGE OF
LOAN NUMBER OF AGGREGATE LOAN AGGREGATE LOAN
DOCUMENTATION HOME EQUITY LOANS BALANCE BALANCE
Full/Alternative 676 69,189,495.59 69.93%
Limited Documentation 244 27,208,599.44 27.50%
No Ratio 19 2,544,131.79 2.57%
---------------------------------------------------------
TOTAL 939 $98,942,226.82 100.00%
=========================================================
DISTRIBUTION BY LOAN PURPOSE
PERCENTAGE OF
LOAN NUMBER OF AGGREGATE LOAN AGGREGATE LOAN
PURPOSE HOME EQUITY LOANS BALANCE BALANCE
Refinance/Consolidation 473 49,660,588.54 50.19%
Purchase 315 32,156,436.36 32.50%
Refinance 150 16,865,404.41 17.05%
Construction 1 259,797.51 0.26%
-------------------------------------------------------
TOTAL 939 $98,942,226.82 100.00%
-------------------------------------------------------
DISTRIBUTION BY OCCUPANCY STATUS
PERCENTAGE OF
OCCUPANCY NUMBER OF AGGREGATE LOAN AGGREGATE LOAN
STATUS HOME EQUITY LOANS BALANCE BALANCE
Owner Occupied 850 92,153,090.82 93.14%
Investor Owned 82 5,861,430.92 5.92%
Second Home 7 927,705.08 0.94%
----------------------------------------------------------------
TOTAL 939 $98,942,226.82 100.012%
================================================================
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIAL
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST, SERIES 1998-1
- --------------------------------------------------------------------------------
ADJUSTABLE RATE COLLATERAL
DISTRIBUTION BY TYPES OF MORTGAGED PROPERTIES
PERCENTAGE OF
PROPERTY NUMBER OF AGGREGATE LOAN AGGREGATE LOAN
TYPES HOME EQUITY LOANS BALANCE BALANCE
Single Family Detached 773 78,378,395.83 79.22%
Planned Unit Development 79 12,743,599.38 12.88%
Two-to-Four Family Residence 42 4,111,998.61 4.16%
Condominium 33 3,045,970.20 3.08%
Manufactured Housing 12 662,262.80 0.67%
---------------------------------------------------
TOTAL 939 $98,942,226.82 100.00%
===================================================
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIAL
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST, SERIES 1998-1
- --------------------------------------------------------------------------------
ADJUSTABLE RATE COLLATERAL
DISTRIBUTION BY GEOGRAPHIC LOCATION
PERCENTAGE OF
NUMBER OF OUTSTANDING OUTSTANDING
GEOGRAPHIC LOCATION HOME EQUITY LOANS BALANCE BALANCE
Alaska 1 81,371.76 0.08%
Arizona 29 3,667,169.65 3.71%
California 134 25,101,183.02 25.37%
Colorado 33 3,635,580.58 3.67%
Conneticut 8 1,490,101.39 1.51%
District of Columbia 2 206,522.11 0.21%
Florida 51 4,807,610.32 4.86%
Georgia 12 869,460.53 0.88%
Hawaii 4 847,928.50 0.86%
Idaho 35 2,986,921.71 3.02%
Illinois 17 1,511,942.05 1.53%
Indiana 29 2,114,302.63 2.14%
Iowa 8 402,421.98 0.41%
Kansas 5 404,486.90 0.41%
Kentucky 11 702,264.73 0.71%
Louisiana 38 3,590,886.82 3.63%
Maryland 2 86,847.44 0.09%
Massachusetts 6 627,469.99 0.63%
Michigan 72 6,241,470.47 6.31%
Minnesota 12 1,130,978.99 1.14%
Mississippi 8 607,794.77 0.61%
Missouri 46 3,071,580.36 3.10%
Montana 11 1,232,560.51 1.25%
Nebraska 2 339,397.16 0.34%
Nevada 10 1,583,060.88 1.60%
New Hampshire 2 176,224.38 0.18%
New Jersey 2 266,223.88 0.27%
New Mexico 17 1,784,004.28 1.80%
New York 4 614,268.24 0.62%
North Carolina 39 3,181,772.59 3.22%
Ohio 51 3,633,425.62 3.67%
Oklahoma 12 690,602.67 0.70%
Oregon 17 2,079,716.13 2.10%
Pennsylvania 32 1,827,200.84 1.85%
Rhode Island 1 91,945.68 0.09%
South Carolina 3 198,735.12 0.20%
Tennessee 17 1,511,669.09 1.53%
Texas 34 3,581,864.85 3.62%
Utah 42 4,618,662.29 4.67%
Virginia 3 178,586.16 0.18%
Washington 33 3,999,667.10 4.04%
Wisconsin 44 3,166,342.65 3.20%
----------------------------------------------------------
TOTAL 939 $98,942,226.82 100.00%
==========================================================
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIAL
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST, SERIES 1998-1
- --------------------------------------------------------------------------------
ADJUSTABLE RATE COLLATERAL
DISTRIBUTION BY CURRENT DELINQUENCY STATUS
PERCENTAGE OF
NUMBER OF OUTSTANDING OUTSTANDING
DAYS DELINQUENT HOME EQUITY LOANS BALANCE BALANCE
0 to 30 days 939 98,942,226.82 100.00%
31 to 60 days 0 0.00 0.00%
---------------------------------------------------------------
TOTAL 939 $98,942,226.82 100.00%
===============================================================
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIAL
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST, SERIES 1998-1
- --------------------------------------------------------------------------------
ADJUSTABLE RATE COLLATERAL
DISTRIBUTION BY PREPAYMENT PENALTY STATUS
PERCENTAGE OF
PREPAYMENT PENALTY NUMBER OF OUTSTANDING OUTSTANDING
STATUS HOME EQUITY LOANS BALANCE BALANCE
Prepayment Penalty 716 76,882,893.49 77.70%
No Penalty 223 22,059,333.33 22.30%
------------------------------------------------------------
TOTAL 939 $98,942,226.82 100.00%
============================================================
DISTRIBUTION BY PREPAYMENT PENALTY HORIZON
PERCENTAGE OF
PREPAYMENT PENALTY NUMBER OF OUTSTANDING OUTSTANDING
HORIZON (MONTHS) HOME EQUITY LOANS BALANCE BALANCE
0.00 223 22,059,333.33 22.30%
6.00 2 127,608.72 0.13%
12.00 7 1,045,884.43 1.06%
18.00 1 38,389.96 0.04%
24.00 390 46,059,785.82 46.55%
36.00 123 14,465,403.82 14.62%
60.00 193 15,145,820.74 15.31%
------------------------------------------------------------
TOTAL 939 $98,942,226.82 100.00%
============================================================
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIAL
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST, SERIES 1998-1
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP
N DATE CAP N DATE CAP N DATE CAP
- - ---- --- - ---- --- - ---- ---
0 6/15/98 0.00% 51 9/15/02 11.42% 102 12/15/06 11.42%
1 7/15/98 8.81% 52 10/15/02 11.42% 103 1/15/07 11.42%
2 8/15/98 8.81% 53 11/15/02 11.42% 104 2/15/07 11.42%
3 9/15/98 8.81% 54 12/15/02 11.42% 105 3/15/07 11.42%
4 10/15/98 8.81% 55 1/15/03 11.42% 106 4/15/07 11.42%
5 11/15/98 8.81% 56 2/15/03 11.42% 107 5/15/07 11.42%
6 12/15/98 8.81% 57 3/15/03 11.42% 108 6/15/07 11.42%
7 1/15/99 8.81% 58 4/15/03 11.42% 109 7/15/07 11.42%
8 2/15/99 8.81% 59 5/15/03 11.42% 110 8/15/07 11.42%
9 3/15/99 8.81% 60 6/15/03 11.42% ill 9/15/07 11.42%
10 4/15/99 8.81% 61 7/15/03 11.42% 112 10/15/07 11.42%
11 5/15/99 8.81% 62 8/15/03 11.42% 113 11/15/07 11.42%
12 6/15/99 8.81% 63 9/15/03 11.42% 114 12/15/07 11.42%
13 7/15/99 8.81% 64 10/15/03 11.42% 115 1/15/08 11.42%
14 8/15/99 8.81% 65 11/15/03 11.42% 116 2/15/08 11.42%
15 9/15/99 8.81% 66 12/15/03 11.42% 117 3/15/08 11.42%
16 10/15/99 8.81% 67 1/15/04 11.42% 118 4/15/08 11.42%
17 11/15/99 8.81% 68 2/15/04 11.42% 119 5/15/08 11.42%
18 12/15/99 8.81% 69 3/15/04 11.42% 120 6/15/08 11.42%
19 1/15/00 8.81% 70 4/15/04 11.42% 121 7/15/08 11.42%
20 2/15/00 8.81% 71 5/15/04 11.42% 122 8/15/08 11.42%
21 3/15/00 8.81% 72 6/15/04 11.42% 123 9/15/08 11.42%
22 4/15/00 8.81% 73 7/15/04 11.42% 124 10/15/08 11.42%
23 5/15/00 10.41% 74 8/15/04 11.42% 125 11/15/08 11.42%
24 6/15/00 10.41% 75 9/15/04 11.42% 126 12/15/08 11.42%
25 7/15/00 10.41% 76 10/15/04 11.42% 127 1/15/09 11.42%
26 8/15/00 10.41% 77 11/15/04 11.42% 128 2/15/09 11.42%
27 9/15/00 10.41% 78 12/15/04 11.42% 129 3/15/09 11.42%
28 10/15/00 10.41% 79 1/15/05 11.42% 130 4/15/09 11.42%
29 11/15/00 11.42% 80 2/15/05 11.42% 131 5/15/09 11.42%
30 12/15/00 11.42% 81 3/15/05 11.42% 132 6/15/09 11.42%
31 1/15/01 11.42% 82 4/15/05 11.42% 133 7/15/09 11.42%
32 2/15/01 11.42% 83 5/15/05 11.42% 134 8/15/09 11.42%
33 3/15/01 11.42% 84 6/15/05 11.42% 135 9/15/09 11.42%
34 4/15/01 11.42% 85 7/15/05 11.42% 136 10/15/09 11.42%
35 5/15/01 11.42% 86 8/15/05 11.42% 137 11/15/09 11.42%
36 6/15/01 11.42% 87 9/15/05 11.42% 138 12/15/09 11.42%
37 7/15/01 11.42% 88 10/15/05 11.42% 139 1/15/10 11.42%
38 8/15/01 11.42% 89 11/15/05 11.42% 140 2/15/10 11.42%
39 9/15/01 11.42% 90 12/15/05 11.42% 141 3/15/10 11.42%
40 10/15/01 11.42% 91 1/15/06 11.42% 142 4/15/10 11.42%
41 11/15/01 11.42% 92 2/15/06 11.42% 143 5/15/10 11.42%
42 12/15/01 11.42% 93 3/15/06 11.42% 144 6/15/10 11.42%
43 1/15/02 11.42% 94 4/15/06 11.42% 145 7/15/10 11.42%
44 2/15/02 11.42% 95 5/15/06 11.42% 146 8/15/10 11.42%
45 3/15/02 11.42% 96 6/15/06 11.42% 147 9/15/10 11.42%
46 4/15/02 11.42% 97 7/15/06 11.42% 148 10/15/10 11.42%
47 5/15/02 11.42% 98 8/15/06 11.42% 149 11/15/10 11.42%
48 6/15/02 11.42% 99 9/15/06 11.42% 150 12/15/10 11.42%
49 7/15/02 11.42% 100 10/15/06 11.42% 151 1/15/11 11.42%
50 8/15/02 11.42% 101 11/15/06 11.42% 152 2/15/11 11.42%
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIAL
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST, SERIES 1998-1
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP
N DATE CAP N DATE CAP N DATE CAP
- - ---- --- - ---- --- - ---- ---
153 3/15/11 11.42% 204 6/15/15 11.42% 255 9/15/19 11.42%
154 4/15/11 11.42% 205 7/15/15 11.42% 256 10/15/19 11.42%
155 5/15/11 11.42% 206 8/15/15 11.42% 257 11/15/19 11.42%
156 6/15/11 11.42% 207 9/15/15 11.42% 258 12/15/19 11.42%
157 7/15/11 11.42% 208 10/15/15 11.42% 259 1/15/20 11.42%
158 8/15/11 11.42% 209 11/15/15 11.42% 260 2/15/20 11.42%
159 9/15/11 11.42% 210 12/15/15 11.42% 261 3/15/20 11.42%
160 10/15/11 11.42% 211 1/15/16 11.42% 262 4/15/20 11.42%
161 11/15/11 11.42% 212 2/15/16 11.42% 263 5/15/20 11.42%
162 12/15/11 11.42% 213 3/15/16 11.42% 264 6/15/20 11.42%
163 1/15/12 11.42% 214 4/15/16 11.42% 265 7/15/20 11.42%
164 2/15/12 11.42% 215 5/15/16 11.42% 266 8/15/20 11.42%
165 3/15/12 11.42% 216 6/15/16 11.42% 267 9/15/20 11.42%
166 4/15/12 11.42% 217 7/15/16 11.42% 268 10/15/20 11.42%
167 5/15/12 11.42% 218 8/15/16 11.42% 269 11/15/20 11.42%
168 6/15/12 11.42% 219 9/15/16 11.42% 270 12/15/20 11.42%
169 7/15/12 11.42% 220 10/15/16 11.42% 271 1/15/21 11.42%
170 8/15/12 11.42% 221 11/15/16 11.42% 272 2/15/21 11.42%
171 9/15/12 11.42% 222 12/15/16 11.42% 273 3/15/21 11.42%
172 10/15/12 11.42% 223 1/15/17 11.42% 274 4/15/21 11.42%
173 11/15/12 11.42% 224 2/15/17 11.42% 275 5/15/21 11.42%
174 12/15/12 11.42% 225 3/15/17 11.42% 276 6/15/21 11.42%
175 1/15/13 11.42% 226 4/15/17 11.42% 277 7/15/21 11.42%
176 2/15/13 11.42% 227 5/15/17 11.42% 278 8/15/21 11.42%
177 3/15/13 11.42% 228 6/15/17 11.42% 279 9/15/21 11.42%
178 4/15/13 11.42% 229 7/15/17 11.42% 280 10/15/21 11.42%
179 5/15/13 11.42% 230 8/15/17 11.42% 281 11/15/21 11.42%
180 6/15/13 11.42% 231 9/15/17 11.42% 282 12/15/21 11.42%
181 7/15/13 11.42% 232 10/15/17 11.42% 283 1/15/22 11.42%
182 8/15/13 11.42% 233 11/15/17 11.42% 284 2/15/22 11.42%
183 9/15/13 11.42% 234 12/15/17 11.42% 285 3/15/22 11.42%
184 10/15/13 11.42% 235 1/15/18 11.42% 286 4/15/22 11.42%
185 11/15/13 11.42% 236 2/15/18 11.42% 287 5/15/22 11.42%
186 12/15/13 11.42% 237 3/15/18 11.42% 288 6/15/22 11.42%
187 1/15/14 11.42% 238 4/15/18 11.42% 289 7/15/22 11.42%
188 2/15/14 11.42% 239 5/15/18 11.42% 290 8/15/22 11.42%
189 3/15/14 11.42% 240 6/15/18 11.42% 291 9/15/22 11.42%
190 4/15/14 11.42% 241 7/15/18 11.42% 292 10/15/22 11.42%
191 5/15/14 11.42% 242 8/15/18 11.42% 293 11/15/22 11.42%
192 6/15/14 11.42% 243 9/15/18 11.42% 294 12/15/22 11.42%
193 7/15/14 11.42% 244 10/15/18 11.42% 295 1/15/23 11.42%
194 8/15/14 11.42% 245 11/15/18 11.42% 296 2/15/23 11.42%
195 9/15/14 11.42% 246 12/15/18 11.42% 297 3/15/23 11.42%
196 10/15/14 11.42% 247 1/15/19 11.42% 298 4/15/23 11.42%
197 11/15/14 11.42% 248 2/15/19 11.42% 299 5/15/23 11.42%
198 12/15/14 11.42% 249 3/15/19 11.42% 300 6/15/23 11.42%
199 1/15/15 11.42% 250 4/15/19 11.42% 301 7/15/23 11.42%
200 2/15/15 11.42% 251 5/15/19 11.42% 302 8/15/23 11.42%
201 3/15/15 11.42% 252 6/15/19 11.42% 303 9/15/23 11.42%
202 4/15/15 11.42% 253 7/15/19 11.42% 304 10/15/23 11.42%
203 5/15/15 11.42% 254 8/15/19 11.42% 305 11/15/23 11.42%
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIAL
AMERICAN RESIDENTIAL HOME EQUITY LOAN TRUST, SERIES 1998-1
- --------------------------------------------------------------------------------
AVAILABLE FUNDS CAP
N DATE CAP N DATE CAP N DATE CAP
- - ---- --- - ---- --- - ---- ---
306 12/15/23 11.42%
307 1/15/24 11.42%
308 2/15/24 11.42%
309 3/15/24 11.42%
310 4/15/24 11.42%
311 5/15/24 11.42%
312 6/15/24 11.42%
313 7/15/24 11.42%
314 8/15/24 11.42%
315 9/15/24 11.42%
316 10/15/24 11.42%
317 11/15/24 11.42%
318 12/15/24 11.42%
319 1/15/25 11.42%
320 2/15/25 11.42%
321 3/15/25 11.42%
322 4/15/25 11.42%
323 5/15/25 11.42%
324 6/15/25 11.42%
325 7/15/25 11.42%
326 8/15/25 11.42%
327 9/15/25 11.42%
328 10/15/25 11.42%
329 11/15/25 11.42%
330 12/15/25 11.42%
331 1/15/26 11.42%
332 2/15/26 11.42%
333 3/15/26 11.42%
334 4/15/26 11.42%
335 5/15/26 11.42%
336 6/15/26 11.42%
337 7/15/26 11.42%
338 8/15/26 11.42%
339 9/15/26 11.42%
340 10/15/26 11.42%
341 11/15/26 11.42%
342 12/15/26 11.42%
343 1/15/27 11.42%
344 2/15/27 11.42%
345 3/15/27 11.42%
346 4/15/27 11.42%
347 5/15/27 11.42%
348 6/15/27 11.42%
349 7/15/27 11.42%
350 8/15/27 11.42%
351 9/15/27 11.42%
352 10/15/27 11.42%
353 11/15/27 11.42%
354 12/15/27 11.42%
355 1/15/28 11.42%
356 2/15/28 11.42%
357 3/15/28 11.42%
358 4/15/28 11.42%
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the infon-nation
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Steams &
Co. Inc.
BEAR STEARNS
