OAKWOOD MORTGAGE INVESTORS, INC.
PASS-THROUGH CERTIFICATES
1997-B TERMS AGREEMENT
Dated: May 15, 1997
To: Oakwood Mortgage Investors, Inc. (the "Company)"
Oakwood Acceptance Corporation ("OAC")
Re: Underwriting Agreement Standard Provisions dated
June 1995 (the "Standard Provisions")
Series
Designation: Pass-Through Certificates, Series 1997-B, Classes X-0, X-0, X-0,
X-0, X-0, X, X-0, X-0, X and R (collectively, the "Certificates").
The Classes X-0, X-0, X-0, X-0, X-0, X, X-0 and B-2 Certificates
are collectively referred to herein as the "Underwritten
Certificates."
UNDERWRITING AGREEMENT. Subject to the terms and conditions set forth
herein and to the terms of the Standard Provisions, which are incorporated by
reference herein, the Company hereby agrees to issue and sell to Credit Suisse
First Boston Corporation and Xxxxxxx, Xxxxx & Co. (the "Underwriters"), and the
Underwriters hereby severally agree to purchase from the Company, on May 22,
1997, the aggregate outstanding principal amount of the Underwritten
Certificates set forth in Schedule A hereto at the purchase price and on the
terms set forth below; PROVIDED, HOWEVER, that the obligations of the
Underwriters are subject to: (i) receipt by the Company of the ratings on the
Certificates as set forth herein, (ii) receipt by the Underwriters of the Sales
Agreement (the "Sales Agreement"), dated as of May 1, 1997, by and between the
Company and OAC, and the Pooling and Servicing Agreement (as defined below),
each being in form and substance satisfactory to the Underwriters.
The Certificates will be issued by a trust (the "Trust") to be established
by the Company pursuant to a Pooling and Servicing Agreement, to be dated as of
May 1, 1997 among the Company, OAC, as servicer (the "Servicer") and PNC Bank,
National Association, as Trustee (the "Trustee"), which incorporates by
reference the Company's Standard Terms to Pooling and Servicing Agreement
(November 1995 Edition) (collectively, the "Pooling and Servicing Agreement").
The Certificates will represent in the aggregate the entire beneficial ownership
interest in the assets of the Trust which will consist primarily of fixed-rate
installment sales contracts secured by units of manufactured housing (the
"Contracts") with original terms to maturity not exceeding 30 years and
fixed-rate mortgage loans secured by first-liens on the real estate to which the
related manufactured homes are deemed permanently affixed (the "Mortgage Loans"
and, together with the Contracts, the "Assets") with original terms to maturity
not exceeding 30 years, in each case having the characteristics described in the
final Prospectus Supplement, dated May 15, 1997, relating to the Underwritten
Certificates (the "Prospectus Supplement").
The Company and the Servicer specifically covenant to make available on the
Closing Date for sale, transfer and assignment to the Trust, Assets having the
characteristics described in the Prospectus Supplement; PROVIDED, HOWEVER, that
there may be nonmaterial variances from the description of the Assets in the
Prospectus Supplement and the Assets actually delivered on the Closing Date.
REGISTRATION STATEMENT: References in the Standard Provisions to the
Registration Statement shall be deemed to include registration statement No.
33-99320.
INITIAL AGGREGATE SCHEDULED PRINCIPAL BALANCE OF ASSETS: $178,456,192.
CUT-OFF DATE: May 1, 1997
TERMS OF THE CERTIFICATES:
CLASS INITIAL PRINCIPAL PASS-THROUGH RATINGS
DESIGNATION AMOUNT RATE FITCH S&P PURCHASE
A-1 $33,741,000 6.500% per annum "AAA" "AAA" 99.643750%
A-2 $32,767,000 6.750% per annum "AAA" "AAA" 99.604688%
A-3 $22,379,000 6.950% per annum "AAA" "AAA" 99.659375%
A-4 $14,096,000 7.100% per annum "AAA" "AAA" 99.409375%
A-5 $33,982,000 7.375% per annum "AAA" "AAA" 99.542188%
M $15,615,000 (1) "AA" "AA" 99.675000%
B-1 $16,953,000 (1) "BBB" "BBB" 99.250000%
B-2 $ 8,923,192 (1) "BBB-" "BBB-" 99.281250%
(1) The Pass-Through Rate for the (i) Class M Certificates will equal the lesser
of 7.775% or the Weighted Average Net Rate; (ii) Class B-1 Certificates will
equal the lesser of 7.750% or the Weighted Average Net Asset Rate and (iii)
Class B-2 Certificates will equal the lesser of 8.075% or the Weighted
Average Net Asset Rate.
SUBORDINATION FEATURES: The Class M Certificates will be subordinated
to the Class X-0, Xxxxx X-0, Class A-3, Class A-4 and Class A-5 Certificates
(collectively, the "Class A Certificates"), the Class B-1 Certificates will be
subordinated to the Class A Certificates and the Class M Certificates and the
Class B-2 Certificates will be subordinated to the Class A Certificates, the
Class M Certificates and the Class B-1 Certificates, all as described in the
Prospectus Supplement.
LIQUIDITY ACCOUNTS: A Class M Liquidity Account and a Class B-1 Liquidity
Account will be established and maintained as described in the Prospectus
Supplement.
LIMITED GUARANTY: The Class B-2 Certificates will have the benefit of a
limited guarantee provided by Oakwood Homes of certain collections on the
Assets.
DISTRIBUTION DATES: Each Distribution Date shall be the 15th day of each
month, or if such day is not a business day, on the next succeeding business
day, commencing in June 1997.
REMIC ELECTION: An election will be made to treat some or all of the assets
of the Trust as one or more real estate mortgage investment conduits for federal
income tax purposes (the "REMIC"). The Underwritten Certificates will be
designated as "regular interests" in the REMIC.
PURCHASE PRICE: The Underwriters have severally agreed to purchase the
Underwritten Certificates of each Class from the Company for the respective
purchase prices expressed in the table above as percentages of the initial
Certificate Principal Balance of each such Class. Payment of the purchase price
for the Underwritten Certificates shall be made to the Company in federal or
similar immediately available funds payable to the order of the Company.
DENOMINATIONS: The Underwritten Certificates will be issued in book-entry
form in minimum denominations of $25,000 and integral multiples of $1 in excess
thereof.
FEES: It is understood that servicing fees may be withheld from the
payments on the Assets in each month prior to distributions on the Certificates
on the Distribution Date occurring in such month to the extent permissible under
the Pooling and Servicing Agreement.
CLOSING DATE AND LOCATION: 10:00 a.m. Eastern Time on May 22, 1997, at the
offices of Hunton & Xxxxxxxx, Riverfront Plaza, East Tower, 000 Xxxx Xxxx
Xxxxxx, Xxxxxxxx, Xxxxxxxx 00000-0000. The Company will deliver the Underwritten
Certificates in book-entry form only, through the same-day funds settlement
system of The Depository Trust Company on the Closing Date.
DUE DILIGENCE: At any time prior to the Closing Date, the Underwriters have
the right to inspect the Asset Files and the related loan origination procedures
and to conform the existence of the related manufactured homes or mortgaged
properties to ensure conformity with the Final Prospectus and the Prospectus
Supplement.
2
CONTROLLING AGREEMENT: This Terms Agreement sets forth the complete
agreement among the Company, OAC and the Underwriters and fully supersedes all
prior agreements, both written and oral, relating to the issuance of the
Underwritten Certificates and all matters set forth herein. Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to
such terms in the Standard Provisions or the Prospectus Supplement.
COMPUTATIONAL MATERIALS: Each Underwriter hereby represents and warrants
that (i) any information attached hereto as Exhibit 1 constitutes all
"Collateral Term Sheets" (as such term is defined in the no-action letters
addressed to Xxxxxx, Xxxxxxx Acceptance Corporation I,et al. dated May 20, 1994
and to the Public Securities Association dated February 17, 1995 (collectively,
the "PSA Letters"), disseminated by it in connection with the Underwritten
Certificates; (ii) any information attached hereto as Exhibit 2 constitutes all
"Structural Term Sheets" and "Computational Materials" disseminated by it in
connection with the Underwritten Certificates and (iii) any information attached
hereto as Exhibit 3 constitutes all "Series Term Sheets" (as such term is
defined in the no-action letter addressed to Greenwood Trust Company, Discover
Card Master Trust I dated April 5, 1996).
For purposes hereof, as to each Underwriter, the term "Derived Information"
means such information, if any, in the Series Term Sheets, Collateral Term
Sheets, Structural Term Sheets and/or Computational Materials that is not
contained in either (i) the Prospectus taking into account information
incorporated therein by reference (other than information incorporated by
reference from the Series Term Sheets, Collateral Term Sheets, Structural Term
Sheets and/or Computational Materials) or (ii) any computer tape furnished by
the Company (the "Computer Tape"). Each Underwriter severally agrees, assuming
(i) all information provided by the Company (including the Computer Tape) is
accurate and complete in all material respects and (ii) the Company's
independent public accountants have determined that the Derived Information
agrees with the Computer Tape, to indemnify and hold harmless the Company, each
of the Company's officers and directors and each person who controls the Company
within the meaning of Section 15 of the Act against any and all losses, claims,
damages or liabilities, joint or several, to which they may become subject under
the Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any untrue statement
of material fact contained in the Derived Information prepared by such
Underwriter and incorporated by reference into the Registration Statement, or
arise out of or are based upon the omission or alleged omission to state in such
Derived Information a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which
they were made, not misleading, (except that no such indemnity shall be
available for any losses, claims, damages or liabilities, or actions in respect
thereof to the extent any such untrue statement or alleged untrue statement
therein results directly from an error in the information on the Computer Tape
or in any other information concerning the Mortgage Loans or the Contracts
provided by the Company to any Underwriter in writing or through electronic
transmission) and agrees to reimburse each such indemnified party for any legal
or other expenses reasonably incurred by it in connection with investigating or
defending or preparing to defend any such loss, claim, damage, liability or
action as such expenses are incurred. The obligations of an Underwriter under
this paragraph shall be in addition to any liability which such Underwriter may
otherwise have. Notwithstanding the provisions of this paragraph, no Underwriter
shall be required to pay any amount with respect to the indemnities provided
hereunder in excess of the underwriting discount or commission applicable to the
Certificates purchased by it hereunder.
INFORMATION PROVIDED BY EACH UNDERWRITER: It is understood and agreed that
the information set forth under the heading "Underwriting" in the Prospectus
Supplement and the sentence regarding each Underwriter's intention to establish
a market in the Underwritten Certificates on the Cover Page of the Prospectus
Supplement is the only information furnished by the Underwriters for inclusion
in the Registration Statement and the Final Prospectus.
TRUSTEE: PNC Bank, National Association will act as Trustee of the Trust.
BLUE SKY QUALIFICATIONS: The Underwriters specify no jurisdictions and the
parties do not intend to qualify the Underwritten Securities in any
jurisdiction. The Company has agreed to pay all costs and expenses incurred in
connection with the preparation of a blue sky survey to be delivered on or prior
to the Closing Date.
3
STATE TAX OPINIONS: The Company shall deliver to the Underwriters an
opinion of counsel pursuant to Section 6(d)(iii) of the Standard Provisions with
respect to the State of North Carolina and the Commonwealth of Pennsylvania.
BLACKOUT PERIOD: None.
APPLICABLE LAW: THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAWS.
NOTICES: All communications hereunder will be in writing and effective only
upon receipt and will be mailed, delivered or telegraphed and confirmed to the
parties at:
Oakwood Mortgage Investors, Inc. and
Oakwood Acceptance Corporation
0000 XxXxxxx Xxxx (27409-9634)
X.X. Xxx 00000
Xxxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000
Attention: Xxxxxxx Xxxx
Credit Suisse First Boston Corporation
00 Xxxxxxx Xxxxxx
00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxx X'Xxxxxxxx
Xxxxxxx, Sachs & Co.
00 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000
Attention: Xxxx Xxxxx
REQUEST FOR OPINIONS: (a) The Company and OAC hereby request and authorize
Hunton & Xxxxxxxx and Xxxx, Xxxxx & Xxxx, P.A., as their counsel in this
transaction, to issue on behalf of the Company and OAC, such legal opinions to
the Underwriters, their respective counsel, the Trustee and Rating Agencies as
may be required by any and all documents, certificates or agreements executed in
connection with this Agreement.
(b) The Underwriters hereby request and authorize Xxxxxxx Xxxxxxx &
Xxxxxxxx, as their special counsel in this transaction, to issue to the
Underwriters such legal opinions as they may require, and the Company shall have
furnished to Xxxxxxx Xxxxxxx & Xxxxxxxx such documents as they may request for
the purpose of enabling them to pass upon such matters.
Each Underwriter agrees, subject to the terms and provisions of the
Standard Provisions, a copy of which is attached hereto, and which is
incorporated by reference herein in its entirety and made a part hereof to the
same extent as if such provisions had been set forth in full herein, to purchase
the Underwritten Certificates.
CREDIT SUISSE FIRST BOSTON
CORPORATION
By: /s/ XXXXXXX X'XXXXXXXX
Name: Xxxxxxx X'Xxxxxxxx
Title: Vice President
XXXXXXX, SACHS & CO.
By: /s/ XXXXXXX, XXXXX & CO.
4
ACCEPTED AND ACKNOWLEDGED
AS OF THE DATE FIRST
ABOVE WRITTEN:
OAKWOOD MORTGAGE INVESTORS,
INC.
By: /s/ XXXXXXX X. XXXX
Name: Xxxxxxx X. Xxxx
Title: Vice President
OAKWOOD ACCEPTANCE CORPORATION
By: /s/ XXXXXXX X. XXXX
Name: Xxxxxxx X. Xxxx
Title: Vice President
5
SCHEDULE A
Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class M, Class B-1 and
Class B-2 Certificates
CLASS A-1 CLASS A-2 CLASS A-3
Credit Suisse First Boston Corporation.............................. $16,870,500 $16,383,500 $11,189,500
Xxxxxxx, Sachs & Co................................................. $16,870,500 $16,383,500 $11,189,500
Total.......................................................... $33,741,000 $32,767,000 $22,379,000
CLASS A-4 CLASS A-5 CLASS M
Credit Suisse First Boston Corporation.............................. $ 7,048,000 $16,991,000 $ 7,807,500
Xxxxxxx, Xxxxx & Co................................................. $ 7,048,000 $16,991,000 $ 7,807,500
Total.......................................................... $14,096,000 $33,982,000 $15,615,000
CLASS B-1 CLASS B-2
Credit Suisse First Boston Corporation.............................. $16,953,000 $ 8,923,192
6
SUBJECT TO REVISION
SERIES TERM SHEET DATED MAY 13, 1997
$178,456,192
[LOGO] Oakwood Mortgage Investors, Inc.,
Seller
Oakwood Acceptance Corporation
Servicer
Senior/Subordinated Pass-Through Certificates, Series 1997-B
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Oakwood Mortgage Investors Senior/Subordinated
Pass-Through Certificates, Series 1997-B. The Series Term Sheet has been
prepared by Oakwood Mortgage Investors for informational purposes only and is
subject to modification or change. The information and assumptions contained
therein are preliminary and will be superseded by a prospectus supplement and by
any other additional information subsequently filed with the Securities and
Exchange Commission or incorporated by reference in the Registration Statement.
Neither Credit Suisse First Boston, Xxxxxxx, Sachs & Co. nor any of their
respective affiliates makes any representation as to the accuracy or
completeness of any of the information set forth in the attached Series Term
Sheet. This cover sheet is not part of the Series Term Sheet.
A Registration Statement (including a base prospectus) relating to the
Pass-Through Certificates, including the Oakwood Mortgage Investors, Inc.
Senior/Subordinated Pass-Through Certificates, Series 1997-B, has been filed
with the Securities and Exchange Commission and has been declared effective. The
final Prospectus Supplement relating to the securities will be filed after the
securities have been priced and all of the terms and information are finalized.
This communication is not an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. Interested persons
are referred to the final Prospectus and Prospectus Supplement to which the
securities relate. Any investment decision should be based only upon the
information in the final Prospectus and Prospectus Supplement as of their
publication dates.
Credit Suisse First Boston Xxxxxxx, Xxxxx & Co.
This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 1997-B Pooling and Servicing Agreement to be dated as of May 1, 1997,
among Oakwood Mortgage Investors, Inc., as Seller, Oakwood Acceptance
Corporation, as Servicer, and PNC Bank, National Association, as Trustee.
Class Designations
Class A Certificates.........................................Class A-1, Class A-2, Class A-3, Class A-4 and
Class A-5 Certificates.
Class M Certificates.........................................The Class M Certificates.
Class B Certificates.........................................Class B-1 and Class B-2 Certificates.
Subordinated Certificates....................................Class M, Class B, Class X and Class R Certificates.
Offered Certificates.........................................Class A, Class M and Class B Certificates.
Offered Subordinated Certificates............................Class M and Class B Certificates.
The Offered Certificates......................................... Initial Certificate Pass-Through
Title of Class Principal Balance(1) Rate
-------------- -------------------- ------------
Class A-1 Certificates... $33,741,000 . %(2)
Class A-2 Certificates... $32,767,000 . %(2)
Class A-3 Certificates... $22,379,000 . %(2)
Class A-4 Certificates... $14,096,000 . %(2)
Class A-5 Certificates... $33,982,000 . %(2)
Class M Certificates..... $15,615,000 . %(3)
Class B-1 Certificates... $16,953,000 . %(3)
Class B-2 Certificates... $ 8,923,192 . %(3)
(1) The aggregate initial principal balance of the Certificates
may be increased or decreased by up to 5%. Any such
increase or decrease may be allocated disproportionately
among the Classes of Certificates. Accordingly, any
investor's commitments with respect to the Certificates may
be increased or decreased correspondingly.
(2) Computed on the basis of a 360-day year of twelve 30-day
months.
(3) The lesser of (i) the specified rate per annum, computed on
the basis of a 360-day year of twelve 30-day months, or
(ii) the Weighted Average Net Asset Rate for the related
Distribution Date.
Denominations....................................................The Offered Certificates will be Book-Entry Certificates only, in
minimum denominations of $25,000 and integral multiples of $1 in
excess thereof.
Cut-off Date.....................................................May 1, 1997
Distribution Dates...............................................Generally, the fifteenth day of each month, commencing June 16,
1997 (each, a "Distribution Date").
Interest Accrual Period..........................................With respect to each Distribution Date the calendar month
preceding the month in which the distribution Date occurs (each,
an "Interest Accrual Period").
1
Distributions....................................................The "Available Distribution" for a Distribution Date generally
will include (1)(a) Monthly Payments of principal and interest
due on the Assets during the related Collection Period, to the
extent such payments were actually collected from the Obligors or
advanced by the Servicer and (b) unscheduled payments received
with respect to the Assets during the related Prepayment Period,
including Principal Prepayments, proceeds of repurchases, Net
Liquidation Proceeds and Net Insurance Proceeds, less (2)(a) if
Oakwood is not the Servicer, Servicing Fees for the related
Collection Period, (b) amounts required to reimburse the Servicer
for previously unreimbursed Advances in accordance with the
Agreement, (c) amounts required to reimburse the Company or the
Servicer for certain reimbursable expenses in accordance with the
Agreement and (d) amounts required to reimburse any party for an
overpayment of a Repurchase Price for an Asset in accordance with
the Agreement.
Distributions will be made on each Distribution Date to holders
of record on the preceding Record Date. Distributions on a Class
of Certificates will be allocated among the Certificates of such
Class in proportion to their respective percentage interests.
Certificate Structure Considerations.............................The primary credit support for the Class A Certificates is
the subordination of the Subordinated Certificates; for the Class
M Certificates is the subordination of the Class B, Class X,
Class R Certificates and the Class M Liquidity Account; for the
Class B-1 Certificates is the subordination of the Class B-2,
Class X, Class R Certificates and the Class B-1 Liquidity
Account; and for the Class B-2 Certificates is the subordination
of Class X and Class R Certificates plus the limited guarantee of
certain collections of principal and interest on the Assets by
Oakwood Homes.
Subordination of the Offered Subordinate
Certificates...................................................The rights of the Class M Certificateholders to receive
distributions of principal will be subordinated to such rights of
the Class A Certificateholders to receive distributions of
principal and interest. Interest and interest shortfalls on the
Class M Certificates will not be subordinated to principal
payments on the Class A Certificates.
The rights of holders of the Class B Certificates to receive
distributions of principal similarly will be subordinated to the
rights of the holders of the Class A and Class M Certificates to
receive distributions of principal and interest. Interest and
interest shortfalls on the Class B Certificates will not be
subordinated to principal payments on the Class A and Class M
Certificates.
2
Limited Guarantee................................................The Class B-2 Certificateholders will have the benefit of a
limited guarantee provided by Oakwood Homes of certain
collections on Assets. The Limited Guarantee will not be
available to support other Classes of Certificates.
Liquidity Accounts...............................................On the Closing Date, the Class M Liquidity Account and the Class
B-1 Liquidity Account will be established with the Trustee for
benefit of the Class M and the Class B-1 Certificateholders,
respectively. The Liquidity Accounts will not be funded on the
Closing Date and will be funded on each Distribution Date by
certain excess interest collections on or in respect of the
Assets.
Realized Losses on Liquidated Loans..............................The Principal Distribution Amount for any Distribution Date is
intended to include the Scheduled Principal Balance of each Asset
that became a Liquidated Loan during the preceding calendar
month. A Realized Loss will be incurred on a Liquidated Loan in
the amount, if any, by which the Net Liquidation Proceeds from
such Liquidated Loan are less than the Unpaid Principal Balance
of such Liquidated Loan, plus accrued and unpaid interest thereon
(to the extent not covered by Servicing Advances, if any, with
respect to such Liquidated Loan), plus amounts reimbursable to
the Servicer for previously unreimbursed Servicing Advances. To
the extent that the amount of the Realized Loss is not covered by
interest collected on the nondefaulted Assets in excess of
certain Interest Distribution Amounts and Carryover Interest
Amounts required to be distributed on the Offered Certificates
and any portion of such interest required to be paid to a
Servicer other than Oakwood as servicing compensation ("Excess
Interest"), the amount of such Realized Loss will be allocated to
the Offered Subordinated Certificates as a Writedown Amount in
reduction of their Certificate Principal Balance as described
below.
Allocation of Writedown Amounts..................................The "Writedown Amount" for any Distribution Date will be the
amount, if any, by which the aggregate Certificate Principal
Balance of all Certificates exceeds the Pool Scheduled Principal
Balance of the Assets for the immediately preceding Distribution
Date after taking into account all distributions to be made on
such Distribution Date. The Writedown Amount will be allocated
among the Classes of Offered Subordinated Certificates in the
following order of priority:
(1) first, to the Class B-2 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero;
(2) second, to the Class B-1 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero; and
(3) third, to the Class M Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero.
3
Advances.........................................................For each Distribution Date, the Servicer will be obligated to
make Advances in respect of the related Collection Period to the
extent of delinquent interest and principal payments in respect
of the Assets. The Servicer will be required to make an Advance
only to the extent that it determines such Advance will be
recoverable from future payments and collections on or in respect
of the related Assets.
Final Scheduled Distribution Dates...............................To the extent not previously paid prior to such dates, the
outstanding principal amount of each Class of Offered
Certificates will be payable on the August 2027 Distribution Date
(with respect to each Class of Certificates, the "Final Scheduled
Distribution Date"). The Final Scheduled Distribution Date has
been determined by adding three months to the maturity date of
the Asset with latest stated maturity.
Optional Termination.............................................Either the Servicer or the holders of a majority in interest of
the Class R Certificates (the "Residual Majority"), at their
respective options and subject to the limitations imposed by the
Agreement, will have the option to purchase from the Trust Estate
all Assets then outstanding and all other property in the Trust
Estate on any Distribution Date after the first Distribution Date
as of which the Pool Balance was less than 10% of the Cut-off
Date Pool Balance.
If neither the Residual Majority nor the Servicer exercises its
optional termination right within 90 days after it first becomes
eligible to do so, the Trustee shall solicit bids for the
purchase of all Assets then outstanding and all other property in
the Trust Estate. In the event that satisfactory bids are
received, the sale proceeds will be distributed to
Certificateholders.
The Assets.......................................................The Trust will consist of (1) manufactured housing installment
sales contracts (collectively, the "Contracts") secured by
security interests in manufactured homes, as defined herein (the
"Manufactured Homes"), and with respect to certain of the
Contracts ("Land Secured Contracts") secured by liens on the real
estate on which the related Manufactured Homes are located, and
(2) mortgage loans secured by first liens on the real estate to
which the related Manufactured Homes are deemed permanently
affixed (the "Mortgage Loans," and collectively, the "Assets").
The Asset Pool consists of approximately 5,423 Assets having an
aggregate Scheduled Principal Balance as of the Cut-off Date of
approximately $178,456,192.87. All of the Assets are actuarial
obligations. Approximately 8.25% of the Asset Pool is comprised
of Assets that are Mortgage Loans and approximately 4.52% of the
Assets are Land Secured Contracts. Based on Cut-off Date Pool
Balance, 86.10% of the Assets are secured by Manufactured Homes
which were new, 3.78% of the Assets are secured by Manufactured
Homes which were used, 9.98% of the
4
Assets are secured by Manufactured Homes which were repossessed
and 0.14% of the Assets are secured by Manufactured Homes which
were transferred. As of the Cut-off Date, the Assets were secured
by Manufactured Homes or Mortgage Properties (or Real Properties,
in the case of Land Secured Contracts) located in 36 states, and
approximately 24.24% and 15.26% of the Assets were secured by
Manufactured Homes or Mortgaged Properties located in North
Carolina and Texas, respectively (based on the mailing addresses
of the Obligors on the Assets as of the Cut-off Date). Each
Contract bears interest at an annual percentage rate (an "APR")
of at least 7.00% and not more than 15.00%. The weighted averaged
APR of the Assets as of the Cut-off Date is approximately 10.40%.
The Assets have remaining terms to maturity as of the Cut-off
Date of at least 8 months but not more than 360 months and
original terms to stated maturity of at least 12 months but not
more than 360 months. As of the Cut-off Date, the Assets had a
weighted average original term to stated maturity of
approximately 269 months, and a weighted average remaining term
to stated maturity of approximately 267 months. The final
scheduled payment date on the Asset with the latest maturity
occurs in May 2027. No Contract has an original loan-to-value
ratio in excess of 103%. The Servicer will be required to cause
to be maintained one or more standard hazard insurance policies
with respect to each Manufactured Home and Mortgage Property.
Certain Federal Income Tax Consequences..........................For federal income tax purposes, the Trust Estate will be treated
as one or more real estate mortgage investment conduits
("REMIC"). The Class A, Class M, Class B and Class X Certificates
will constitute "regular interests" in the REMIC for federal
income tax purposes. The Class R Certificates will be treated as
the sole class of "residual interests" in the REMIC for federal
income tax purposes.
ERISA Considerations.............................................Fiduciaries of employee benefit plans and certain other
retirement plans and arrangements, including individual
retirement accounts and annuities, Xxxxx plans, and collective
investment funds in which such plans, accounts, annuities or
arrangements are invested, that are subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or
corresponding provisions of the Code (any of the foregoing, a
"Plan"), persons acting on behalf of a Plan, or persons using the
assets of a Plan ("Plan Investors") should consult with their own
counsel to determine whether the purchase or holding of the
Offered Certificates could give rise to a transaction that is
prohibited either under ERISA or the Code
Because the Offered Subordinated Certificates are subordinated
securities, they will not satisfy the requirements of certain
prohibited transaction exemptions. As a result, the purchase or
holding of any of the Offered Subordinated Certificates by a Plan
Investor may constitute a non-exempt prohibited transaction or
result in the imposition of excise taxes or civil penalties.
Accordingly, none of the Offered
5
Subordinated Certificates are offered for sale, and are not
transferable, to Plan Investors, and each purchaser of an Offered
Subordinated Certificate, by virtue of its purchase of such
Certificate, will be deemed to have represented that it is not a
Plan Investor.
Legal Investment Considerations..................................The Class A.and Class M Certificates will constitute "mortgage
related securities" for purposes of the Secondary Mortgage Market
Enhancement Act of 1984 ("SMMEA").
The Class B Certificates are not "mortgage related securities"
for purposes of SMMEA because such Certificates are not rated in
one of the two highest rating categories by a nationally
recognized rating agency.
Ratings..........................................................It is a condition to the issuance of the Certificates that (i)
the Class A Certificates be rated "AAA" by each of Fitch
Investors Service, L.P. ("Fitch") and Standard & Poor's Ratings
Services, a division of The XxXxxx-Xxxx Companies, Inc. ("S&P"
and, together with Fitch, the "Rating Agencies"), (ii) the Class
M Certificates be rated at least "AA" by each of S&P and Fitch,
(iii) the Class B-1 Certificates be rated at least "BBB" by each
of S&P and Fitch and (iv) the Class B-2 Certificates be rated at
least "BBB-" by each of S&P and Fitch. The rating of the Class
B-2 Certificates will be based in part on an assessment of
Oakwood Homes' ability to make payments under the Limited
Guarantee. Any reduction in a Rating Agency's rating of Oakwood
Homes' debt securities may result in a similar reduction in the
rating of the Class B-2 Certificates. A security rating is not a
recommendation to buy, sell or hold securities and may be subject
to revision or withdrawal at any time by the assigning rating
organization.
6
Delinquency, Loan Loss and Repossession Experience
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential mortgage loans
serviced by Oakwood. Because delinquencies, losses and repossessions are
affected by a variety of economic, geographic and other factors, there can be no
assurance that the delinquency and loss experience of the Assets will be
comparable to that set forth below.
Asset Servicing Portfolio
(Dollars in thousands)
At September 30, March 31,
---------------------------------------------------------- ----------------------
1992 1993 1994 1995 1996 1996 1997
-------- ------ ------- --------- --------- --------- ---------
Total Number of Serviced Assets
Oakwood Originated ................. 21,450 28,938 39,273 51,566 67,120 57,708 75,741
Acquired Portfolios ................ 1,591 5,773 4,872 4,177 4,567 3,923
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated ................. $345,635 $507,394 $757,640 $1,130,378 $1,687,406 $1,334,322 $1,988,116
Acquired Portfolios ................ $30,498 $85,227 $70,853 $57,837 $65,284 $52,971
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated ................. $16.1 $17.5 $19.3 $21.9 $25.1 $23.1 $26.2
Acquired Portfolios ................ $19.2 $14.8 $14.5 $13.8 $14.3 $13.5
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated ................. 13.5% 12.8% 12.2% 12.0% 11.5% 11.7% 11.3%
Acquired Portfolios ................ 9.4% 11.0% 11.3% 11.2% 11.3% 11.1%
Delinquency Experience (1)
(Dollars in thousands)
At September 30, March 31,
--------------------------------------------------------- ----------------------
1992 1993 1994 1995 1996 1996 1997
------- ------ ------- --------- --------- --------- ---------
Total Number of Serviced Assets
Oakwood Originated.................. 21,450 28,938 39,273 51,566 67,120 57,708 75,741
Acquired Portfolios................. 1,591 5,773 4,872 4,177 4,567 3,923
Number of Delinquent Assets (2)...........
Oakwood Originated:.................
30-59 Days.......................... 282 244 350 601 835 568 891
60-89 Days.......................... 76 51 97 185 308 210 344
90 Days or More..................... 98 150 198 267 492 366 663
Total Number of Assets Delinquent 456 445 645 1,053 1,635 1,144 1,898
Acquired Portfolios.................
30-59 Days.......................... 37 127 63 66 50 61
60-89 Days.......................... 26 49 17 23 19 19
90 Days or More..................... 16 98 76 62 66 78
Total Number of Assets Delinquent 79 274 156 151 135 158
Total Delinquencies as a Percentage of
Serviced Assets (3)
Oakwood Originated.................. 2.1% 1.5% 1.6% 2.0% 2.4% 2.0% 2.5%
Acquired Portfolios................. 5.0% 4.7% 3.2% 3.6% 3.0% 4.0%
----------------
(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purpose of this
table.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a payment
due on the first day of a month is not 30 days delinquent until the first
day of the next month.
(3) By number of assets.
7
Loan Loss/Repossession Experience
(Dollars in thousands)
At or for the six
months ended
At September 30, March 31,
------------------------------------------------------ ----------------------
1992 1993 1994 1995 1996 1996 1997
------- ------ ------- --------- ---------- --------- ---------
Total Number of Serviced
Assets (1)............................ 21,450 30,529 45,046 56,438 71,297 62,275 79,664
Average Number of Serviced
Assets During Period.................. 18,251 25,990 37,788 50,742 63,868 59,357 75,481
Number of Serviced
Assets Repossessed.................... 855 902 1,241 1,718 2,746 1,277 1,828
Serviced Assets Repossessed as a
Percentage of Total Serviced
Assets(2)............................. 3.99% 2.95% 2.75% 3.04% 3.85% 4.10%(6) 4.59% (6)
Serviced Assets Repossessed as a
Percentage of Average
Number of Serviced Assets............. 4.68% 3.47% 3.28% 3.39% 4.30% 4.30% (6) 4.84% (6)
Average Outstanding Principal
Balance of Assets (3).................
Oakwood Originated.................... 435,558 531,199 701,875 976,905 1,409,467 1,242,076 1,816,081
Acquired Portfolios................... 15,249 30,432 30,235 27,351 28,966 24,147
Net Losses from Asset
Liquidation (4):
Total Dollars (3).....................
Oakwood Originated................. $4,239 $3,328 $4,630 $7,303 $14,248 $5,948 $11,214
Acquired Portfolios................ $0 $203 $473 $592 $508 $509
As a Percentage of Average
Outstanding Principal
Balance of Assets (3) (5)
Oakwood Originated................. 0.97% 0.63% 0.66% 0.75% 1.01% 0.96% (6) 1.23% (6)
Acquired Portfolios................ 0.00% 0.67% 1.56% 2.16% 3.51% (6) 4.22% (6)
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period
expressed as a percentage of the total number of serviced assets at the end
of the applicable period.
(3) Includes assets originated by Oakwood Acceptance Corporation and serviced
by Oakwood Acceptance Corporation and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance
Corporation-serviced portfolios. Such amounts include estimates of net
losses with respect to certain defaulted assets. Charges to the losses
reserves in respect of a defaulted asset generally are made before the
defaulted asset becomes a liquidated asset. The length of the accrual
period for the amount of accrued and unpaid interest include in the
calculation of the net loss varies depending upon the period in which the
loss was charged and whether the asset was owned by an entity other than
Oakwood Acceptance Corporation.
(5) Total net losses incurred on assets liquidated during the applicable period
expressed as a percentage of the average outstanding principal balance of
all asset at the end of the applicable period.
(6) Annualized.
The data presented in the foregoing tables are for illustrative purposes
only and there is no assurance that the delinquency, loan loss or repossession
experience of the Assets will be similar to that set forth above. The
delinquency, loan loss and repossession experience of manufactured housing
contracts historically has been sharply affected by a downturn in regional or
local economic conditions. These regional or local economic conditions are often
volatile, and no predictions can be made regarding future economic conditions in
any particular area. These downturns have tended to increase the severity of
loss on repossession because of the increased supply of used manufactured homes,
which in turn may affect the supply in other regions.
8
Whenever reference is made herein to a percentage of the Assets (or
to a percentage of the Scheduled Principal Balance of the Assets), the
percentage is calculated based on the Scheduled Principal Balances ("SPB") of
the Assets as of the Cut-off date. In addition, numbers in any columns in the
tables below may not sum exactly to the total number at the bottom of the column
due to rounding.
Geographical Distribution of Manufactured Homes(1)
Percentage of
Aggregate Scheduled Asset Pool
Geographic Location Number of Assets Principal Balance by SPB
------------------- ---------------- ----------------- ------
Alabama.............................. 392 $ 12,507,153 7.01%
Arizona.............................. 123 4,850,326 2.72
Arkansas............................. 74 2,361,888 1.32
California........................... 33 1,578,940 0.88
Colorado............................. 42 1,930,846 1.08
Delaware............................. 54 1,513,673 0.85
Florida.............................. 150 5,886,386 3.30
Georgia.............................. 196 6,907,600 3.87
Idaho................................ 38 2,010,600 1.13
Illinois............................. 6 187,838 0.11
Indiana.............................. 13 386,478 0.22
Kansas............................... 23 880,225 0.49
Kentucky............................. 216 6,461,092 3.62
Louisiana............................ 98 3,066,604 1.72
Maryland............................. 8 242,589 0.14
Massachusetts........................ 1 28,118 0.02
Michigan............................. 1 30,394 0.02
Mississippi.......................... 99 3,455,276 1.94
Missouri............................. 59 1,782,457 1.00
Nevada............................... 3 134,506 0.08
New Jersey........................... 4 165,772 0.09
New Mexico........................... 161 5,436,043 3.05
New York............................. 4 158,311 0.09
North Carolina....................... 1,400 43,249,474 24.24
Ohio................................. 49 1,464,478 0.82
Oklahoma............................. 55 1,925,660 1.08
Oregon............................... 35 2,173,144 1.22
Pennsylvania......................... 3 91,786 0.05
South Carolina....................... 515 15,467,534 8.67
Tennessee............................ 230 7,218,715 4.05
Texas................................ 817 27,225,663 15.26
Utah................................. 28 1,186,064 0.66
Virginia............................. 360 11,300,763 6.33
Washington........................... 46 2,666,139 1.49
West Virginia........................ 86 2,457,445 1.38
Wyoming.............................. 1 66,210 0.04
------ -------------- -------
Total............................. 5,423 $ 178,456,193 100.00%
====== ============== =======
----------------
(1) Based on the mailing address of the Obligor on the related Asset as of
the Cut-off Date.
9
Year of Origination of Assets (1)
Percentage of
Number of Aggregate Scheduled Asset Pool
Year of Origination Assets Principal Balance by SPB
------------------- ------ ----------------- ------
1986............................. 1 $ 2,107 0.00%
1987............................. 1 8,501 0.00
1989............................. 2 17,025 0.01
1994............................. 2 115,217 0.06
1996............................. 69 2,924,200 1.64
1997............................. 5,348 175,389,143 98.28
----- ------------ ------
Total....................... 5,423 $178,456,193 100.00%
===== ============ ======
----------------
(1) The weighted average seasoning of the Assets was approximately 1 month as
of the Cut-off Date.
Distribution of Original Asset Amounts(1)
Percentage of
Original Asset Number of Aggregate Scheduled Asset Pool
Amount Assets Principal Balance by SPB
------ ------ ----------------- ------
$ 4,999 or less......................... 31 $ 106,903 0.06%
$ 5,000 - $ 9,999..................... 164 1,259,990 0.71
$ 10,000 - $ 14,999..................... 260 3,210,414 1.80
$ 15,000 - $ 19,999..................... 441 7,739,696 4.34
$ 20,000 - $ 24,999..................... 766 17,363,071 9.73
$ 25,000 - $ 29,999..................... 973 26,658,653 14.94
$ 30,000 - $ 34,999..................... 710 22,916,903 12.84
$ 35,000 - $ 39,999..................... 594 22,374,458 12.54
$ 40,000 - $ 44,999..................... 597 25,237,362 14.14
$ 45,000 - $ 49,999..................... 293 13,844,075 7.76
$ 50,000 - $ 54,999..................... 198 10,355,802 5.80
$ 55,000 - $ 59,999..................... 131 7,540,484 4.23
$ 60,000 - $ 64,999..................... 91 5,656,304 3.17
$ 65,000 - $ 69,999..................... 43 2,883,814 1.62
$ 70,000 - $ 74,999..................... 40 2,869,882 1.61
$ 75,000 - $ 79,999..................... 30 2,297,920 1.29
$ 80,000 - $ 84,999..................... 13 1,071,467 0.60
$ 85,000 - $ 89,999..................... 10 873,302 0.49
$ 90,000 - $ 94,999..................... 9 826,673 0.46
$ 95,000 - $ 99,999..................... 7 676,104 0.38
$ 100,000 or more......................... 22 2,692,915 1.51
------- ------------ ------
Total................................ 5,423 $178,456,193 100.00%
======= ============ ======
----------
(1) The highest original Asset amount was $185,680, which represents 0.10% of
the aggregate principal balance of the Assets at origination. The average
original principal amount of the Assets was approximately $32,984 as of the
Cut-off Date.
10
Asset Rates (1)
Percentage of
Number of Aggregate Scheduled Asset Pool
Ranges of Assets by Asset Rate Assets Principal Balance by SPB
------------------------------ ------ ----------------- ------
7.000% - 7.999% ......................... 428 $ 17,887,249 10.02%
8.000% - 8.999% ......................... 531 24,128,340 13.52
9.000% - 9.999% ......................... 529 23,569,978 13.21
10.000% - 10.999% ......................... 795 29,303,887 16.42
11.000% - 11.999% ......................... 1,798 53,039,630 29.72
12.000% - 12.999% ......................... 784 22,610,418 12.67
13.000% - 13.999% ......................... 555 7,893,539 4.42
14.000% - 14.999% ......................... 2 17,025 0.01
15.000% - 15.999% ......................... 1 6,129 0.00
----- ------------ ------
Total ................................ 5,423 $178,456,193 100.00%
===== ============ ======
----------------
(1) The weighted average Asset Rate was approximately 10.40% as of the Cut-off
Date. This table reflects the Asset Rates of the Step-up Rate Loans as of
the Cut-off Date and does not reflect any subsequent increases in the Asset
Rates of the Step-up Rate Loans.
Remaining Terms to Maturity (In Months) (1)
Percentage of
Number of Aggregate Scheduled Asset Pool
Months Remaining as of Cut-off Date Assets Principal Balance by SPB
----------------------------------- ------ ----------------- ----------
1 - 60 months..................... 226 $ 1,918,243 1.07%
61 - 96 months..................... 199 2,834,203 1.59
97 - 120 months..................... 337 6,789,022 3.80
121 - 156 months..................... 333 6,957,889 3.90
157 - 180 months..................... 704 19,176,602 10.75
181 - 216 months..................... 32 1,031,082 0.58
217 - 240 months..................... 1,638 49,627,980 27.81
241 - 300 months..................... 898 37,111,380 20.80
301 - 360 months..................... 1,056 53,009,792 29.70
----- ------------ ------
Total.............................. 5,423 $178,456,193 100.00%
===== ============ ======
----------
(1) The weighted average remaining term to maturity of the Assets was
approximately 267 months as of the Cut-off Date.
Original Terms to Maturity (In Months) (1)
Percentage of
Number of Aggregate Scheduled Asset Pool
Months Remaining as of Cut-off Date Assets Principal Balance by SPB
----------------------------------- ------ ----------------- ----------
1 - 60 months ...................... 223 $ 1,902,327 1.07%
61 - 96 months ...................... 197 2,812,472 1.58
97 - 120 months ...................... 339 6,794,574 3.81
121 - 156 months ...................... 335 6,978,267 3.91
157 - 180 months ...................... 705 19,188,319 10.75
181 - 216 months ...................... 30 966,795 0.54
217 - 240 months ...................... 1,640 49,692,267 27.85
241 - 300 months ...................... 898 37,111,380 20.80
301 - 360 months ...................... 1,056 53,009,792 29.70
----- ------------ ------
Total ............................... 5,423 $178,456,193 100.00%
===== ============ ======
----------------
(1) The weighted average original term to maturity of the Assets was
approximately 269 months as of the Cut-off Date.
11
Distribution of Original Loan-to-Value Ratios(1)
Percentage of
Number of Aggregate Scheduled Asset Pool
Loan-to Value Ratio(2) Assets Principal Balance by SPB
---------------------- ------ ------
50% or less............................ 55 $ 900,005 0.50%
51% - 55%.............................. 31 814,320 0.46
56% - 60%.............................. 31 925,509 0.52
61% - 65%.............................. 63 1,735,755 0.97
66% - 70%.............................. 110 3,120,503 1.75
71% - 75%.............................. 201 5,992,964 3.36
76% - 80%.............................. 284 9,155,375 5.13
81% - 85%.............................. 482 15,509,632 8.69
86% - 90%.............................. 1,442 46,073,147 25.82
91% - 95%.............................. 2,453 87,129,763 48.82
96% - 100%............................. 270 6,982,732 3.91
101% and greater....................... 1 116,488 0.07
----- ------------ ------
Total............................. 5,423 $178,456,193 100.00%
===== ============ ======
----------
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 89.11% as of the Cut-off Date.
(2) Rounded to nearest 1%.
12
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
----------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Pay Pay Dur.
----------------------------------------------------------------------------
To Call
A1 SENIOR 33,741,000 6.3500 1.10 6.285 6/97 6/99 1.02
A2 SENIOR 32,767,000 6.7000 3.10 6.750 6/99 7/01 2.70
A3 SENIOR 22,379,000 6.9000 5.10 6.980 7/01 8/03 4.15
A4 SENIOR 14,096,000 7.1000 7.10 7.169 8/03 5/05 5.39
A5 SENIOR 33,982,000 7.3750 11.19 7.461 5/05 10/12 7.30
M AA MEZZ 15,615,000 7.7000 16.25 7.810 10/12 9/13 8.96
B1 BBB SUB 16,953,000 7.7750 10.47 7.859 5/02 9/13 6.69
B2 BBB- SUB 8,923,192 8.0500 10.79 8.160 5/02 9/13 6.68
-------------------------------
To Maturity
M AA MEZZ 15,615,000 7.7000 19.57 7.810 10/12 11/24 9.70
B1 BBB SUB 16,953,000 7.7750 10.61 7.859 5/02 4/16 6.73
B2 BBB- SUB 8,923,192 8.0500 12.52 8.159 5/02 11/24 7.03
----------------------------------------------------------------------------
(1) Data assumes a prepayment speed of 160% MHP.
(2) Coupon and price assumed for computational material.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
A1 SENIOR
Price: 99-29 Coupon: 6.3500 Original Par: 33,741,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.39 6.34 6.32 6.28 6.26 6.20
Average Life: 4.49 1.81 1.52 1.10 0.93 0.68
Duration: 3.67 1.64 1.38 1.02 0.87 0.64
First Prin Pay: 6/97 6/97 6/97 6/97 6/97 6/97
Last Prin Pay: 4/05 11/00 4/00 6/99 3/99 9/98
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-27+ Coupon: 6.7000 Original Par: 32,767,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.78 6.77 6.76 6.75 6.74 6.72
Average Life: 10.69 5.15 4.32 3.10 2.61 1.90
Duration: 7.37 4.20 3.62 2.70 2.32 1.72
First Prin Pay: 4/05 11/00 4/00 6/99 3/99 9/98
Last Prin Pay: 7/10 4/04 3/03 7/01 11/00 11/99
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-26 Coupon: 6.9000 Original Par: 22,379,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.99 6.99 6.98 6.98 6.98 6.97
Average Life: 14.79 8.25 7.01 5.10 4.24 3.01
Duration: 8.97 6.08 5.37 4.15 3.55 2.63
First Prin Pay: 7/10 4/04 3/03 7/01 11/00 11/99
Last Prin Pay: 3/14 5/07 11/05 8/03 7/02 12/00
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-29+ Coupon: 7.1000 Original Par: 14,096,000
-----------------------------------------------------------------------------
To Call
Bond Yield: 7.19 7.18 7.18 7.17 7.16 7.15
Average Life: 17.99 11.28 9.69 7.10 5.88 3.90
Duration: 9.84 7.51 6.78 5.39 4.65 3.30
First Prin Pay: 3/14 5/07 11/05 8/03 7/02 12/00
Last Prin Pay: 6/16 12/09 4/08 5/05 1/04 9/01
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-29+ Coupon: 7.3750 Original Par: 33,982,000
-----------------------------------------------------------------------------
To Call
Bond Yield: 7.47 7.47 7.46 7.46 7.46 7.45
Average Life: 21.87 16.25 14.55 11.19 9.45 6.22
Duration: 10.49 9.11 8.57 7.30 6.52 4.78
First Prin Pay: 6/16 12/09 4/08 5/05 1/04 9/01
Last Prin Pay: 12/21 1/18 6/16 10/12 8/10 7/06
-----------------------------------------------------------------------------
M AA MEZZ
Price: 99-26+ Coupon: 7.7000 Original Par: 15,615,000
-----------------------------------------------------------------------------
To Call
Bond Yield: 7.81 7.81 7.81 7.81 7.81 7.81
Average Life: 24.87 21.42 19.68 16.25 14.07 10.22
Duration: 10.71 10.14 9.79 8.96 8.30 6.83
First Prin Pay: 12/21 1/18 6/16 10/12 8/10 7/06
Last Prin Pay: 4/22 11/18 2/17 9/13 7/11 10/07
---------------------------
To Maturity
Price: 00-00
Xxxx Xxxxx: 7.81 7.81 7.81 7.81 7.81 7.81
Average Life: 25.78 23.64 22.50 19.57 17.51 12.93
Duration: 10.83 10.50 10.30 9.70 9.19 7.76
First Prin Pay: 12/21 1/18 6/16 10/12 8/10 7/06
Last Prin Pay: 11/24 11/24 11/24 11/24 11/24 11/24
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-31+ Coupon: 7.7750 Original Par: 16,953,000
-----------------------------------------------------------------------------
To Call
Bond Yield: 7.87 7.87 7.87 7.86 7.86 7.85
Average Life: 20.74 15.11 13.48 10.47 9.26 7.72
Duration: 9.88 8.37 7.83 6.69 6.19 5.51
First Prin Pay: 11/11 5/05 3/04 5/02 12/01 12/01
Last Prin Pay: 4/22 11/18 2/17 9/13 7/11 10/07
---------------------------
To Maturity
Price: 99-31+
Bond Yield: 7.87 7.87 7.87 7.86 7.86 7.85
Average Life: 20.78 15.23 13.62 10.61 9.44 8.05
Duration: 9.88 8.39 7.86 6.73 6.24 5.65
First Prin Pay: 11/11 5/05 3/04 5/02 12/01 12/01
Last Prin Pay: 12/22 12/20 9/19 4/16 6/14 3/11
-----------------------------------------------------------------------------
B2 BBB- SUB
Price: 99-27+ Coupon: 8.0500 Original Par: 8,923,192
-----------------------------------------------------------------------------
To Call
Bond Yield: 8.17 8.17 8.16 8.16 8.16 8.15
Average Life: 20.87 15.41 13.75 10.79 9.49 7.75
Duration: 9.67 8.27 7.75 6.68 6.18 5.46
First Prin Pay: 11/11 5/05 3/04 5/02 12/01 12/01
Last Prin Pay: 4/22 11/18 2/17 9/13 7/11 10/07
---------------------------
To Maturity
Price: 00-00
Xxxx Xxxxx: 8.17 8.16 8.16 8.16 8.16 8.16
Average Life: 21.34 16.51 15.17 12.52 11.39 9.77
Duration: 9.73 8.43 7.98 7.03 6.63 6.10
First Prin Pay: 11/11 5/05 3/04 5/02 12/01 12/01
Last Prin Pay: 11/24 11/24 11/24 11/24 11/24 11/24
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-1
-------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 1998 91 74 68 55 46 23
May 15, 1999 81 44 32 4 0 0
May 15, 2000 71 14 0 0 0 0
May 15, 2001 60 0 0 0 0 0
May 15, 2002 46 0 0 0 0 0
May 15, 2003 32 0 0 0 0 0
May 15, 2004 15 0 0 0 0 0
May 15, 2005 0 0 0 0 0 0
May 15, 2006 0 0 0 0 0 0
May 15, 2007 0 0 0 0 0 0
May 15, 2008 0 0 0 0 0 0
May 15, 2009 0 0 0 0 0 0
May 15, 2010 0 0 0 0 0 0
May 15, 2011 0 0 0 0 0 0
May 15, 2012 0 0 0 0 0 0
May 15, 2013 0 0 0 0 0 0
May 15, 2014 0 0 0 0 0 0
May 15, 2015 0 0 0 0 0 0
May 15, 2016 0 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
Avg Life In Years: 4.5 1.8 1.5 1.1 0.9 0.7
-------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-2
-------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 1998 100 100 100 100 100 100
May 15, 1999 100 100 100 100 85 39
May 15, 2000 100 100 96 53 26 0
May 15, 2001 100 84 60 7 0 0
May 15, 2002 100 54 26 0 0 0
May 15, 2003 100 24 0 0 0 0
May 15, 2004 100 0 0 0 0 0
May 15, 2005 97 0 0 0 0 0
May 15, 2006 81 0 0 0 0 0
May 15, 2007 65 0 0 0 0 0
May 15, 2008 46 0 0 0 0 0
May 15, 2009 26 0 0 0 0 0
May 15, 2010 2 0 0 0 0 0
May 15, 2011 0 0 0 0 0 0
May 15, 2012 0 0 0 0 0 0
May 15, 2013 0 0 0 0 0 0
May 15, 2014 0 0 0 0 0 0
May 15, 2015 0 0 0 0 0 0
May 15, 2016 0 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
Avg Life In Years: 10.7 5.2 4.3 3.1 2.6 1.9
-------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-3
------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 1998 100 100 100 100 100 100
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 48
May 15, 2001 100 100 100 100 63 0
May 15, 2002 100 100 100 50 5 0
May 15, 2003 100 100 90 8 0 0
May 15, 2004 100 93 47 0 0 0
May 15, 2005 100 52 14 0 0 0
May 15, 2006 100 25 0 0 0 0
May 15, 2007 100 0 0 0 0 0
May 15, 2008 100 0 0 0 0 0
May 15, 2009 100 0 0 0 0 0
May 15, 2010 100 0 0 0 0 0
May 15, 2011 65 0 0 0 0 0
May 15, 2012 42 0 0 0 0 0
May 15, 2013 20 0 0 0 0 0
May 15, 2014 0 0 0 0 0 0
May 15, 2015 0 0 0 0 0 0
May 15, 2016 0 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
Avg Life In Years: 14.8 8.2 7.0 5.1 4.2 3.0
------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-4
------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 1998 100 100 100 100 100 100
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 34
May 15, 2002 100 100 100 100 100 0
May 15, 2003 100 100 100 100 40 0
May 15, 2004 100 100 100 54 0 0
May 15, 2005 100 100 100 0 0 0
May 15, 2006 100 100 78 0 0 0
May 15, 2007 100 100 36 0 0 0
May 15, 2008 100 60 0 0 0 0
May 15, 2009 100 21 0 0 0 0
May 15, 2010 100 0 0 0 0 0
May 15, 2011 100 0 0 0 0 0
May 15, 2012 100 0 0 0 0 0
May 15, 2013 100 0 0 0 0 0
May 15, 2014 93 0 0 0 0 0
May 15, 2015 49 0 0 0 0 0
May 15, 2016 1 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
Avg Life In Years: 18.0 11.3 9.7 7.1 5.9 3.9
------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-5
------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 1998 100 100 100 100 100 100
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 75
May 15, 2003 100 100 100 100 100 50
May 15, 2004 100 100 100 100 92 30
May 15, 2005 100 100 100 100 70 14
May 15, 2006 100 100 100 81 53 1
May 15, 2007 100 100 100 64 38 0
May 15, 2008 100 100 98 49 24 0
May 15, 2009 100 100 83 36 12 0
May 15, 2010 100 92 67 23 2 0
May 15, 2011 100 76 52 12 0 0
May 15, 2012 100 64 41 3 0 0
May 15, 2013 100 52 30 0 0 0
May 15, 2014 100 40 20 0 0 0
May 15, 2015 100 28 10 0 0 0
May 15, 2016 100 16 0 0 0 0
May 15, 2017 79 5 0 0 0 0
May 15, 2018 65 0 0 0 0 0
May 15, 2019 49 0 0 0 0 0
May 15, 2020 32 0 0 0 0 0
May 15, 2021 12 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
Avg Life In Years: 21.9 16.3 14.5 11.2 9.4 6.2
------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M
------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 1998 100 100 100 100 100 100
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 100 100 100
May 15, 2004 100 100 100 100 100 100
May 15, 2005 100 100 100 100 100 100
May 15, 2006 100 100 100 100 100 100
May 15, 2007 100 100 100 100 100 81
May 15, 2008 100 100 100 100 100 63
May 15, 2009 100 100 100 100 100 49
May 15, 2010 100 100 100 100 100 38
May 15, 2011 100 100 100 100 85 29
May 15, 2012 100 100 100 100 71 22
May 15, 2013 100 100 100 90 58 17
May 15, 2014 100 100 100 75 47 13
May 15, 2015 100 100 100 61 37 9
May 15, 2016 100 100 100 49 29 7
May 15, 2017 100 100 81 38 22 5
May 15, 2018 100 94 67 30 17 3
May 15, 2019 100 77 54 23 13 2
May 15, 2020 100 59 42 17 9 2
May 15, 2021 100 42 29 12 6 1
May 15, 2022 78 25 17 6 3 1
May 15, 2023 35 11 7 3 1 0
May 15, 2024 12 4 2 1 0 0
May 15, 2025 0 0 0 0 0 0
Avg Life In Years: 25.8 23.6 22.5 19.6 17.5 12.9
------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class B-1
------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 1998 100 100 100 100 100 100
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 99 93 89
May 15, 2003 100 100 100 87 79 71
May 15, 2004 100 100 98 76 67 56
May 15, 2005 100 99 88 65 56 44
May 15, 2006 100 91 80 57 48 35
May 15, 2007 100 84 72 50 41 26
May 15, 2008 100 76 65 43 34 17
May 15, 2009 100 69 57 37 27 10
May 15, 2010 100 62 51 31 20 4
May 15, 2011 100 55 44 24 13 0
May 15, 2012 97 49 39 18 8 0
May 15, 2013 90 44 34 13 4 0
May 15, 2014 83 38 29 8 0 0
May 15, 2015 75 33 22 3 0 0
May 15, 2016 66 27 16 0 0 0
May 15, 2017 56 19 10 0 0 0
May 15, 2018 50 14 5 0 0 0
May 15, 2019 43 8 1 0 0 0
May 15, 2020 35 3 0 0 0 0
May 15, 2021 24 0 0 0 0 0
May 15, 2022 9 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
Avg Life In Years: 20.8 15.2 13.6 10.6 9.4 8.1
-------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1997-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class B-2
------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 1998 100 100 100 100 100 100
May 15, 1999 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 99 93 89
May 15, 2003 100 100 100 87 79 71
May 15, 2004 100 100 98 76 67 56
May 15, 2005 100 99 88 65 56 44
May 15, 2006 100 91 80 57 48 35
May 15, 2007 100 84 72 50 41 30
May 15, 2008 100 76 65 43 34 30
May 15, 2009 100 69 57 37 30 30
May 15, 2010 100 62 51 31 30 30
May 15, 2011 100 55 44 30 30 28
May 15, 2012 97 49 39 30 30 22
May 15, 2013 90 44 34 30 30 17
May 15, 2014 83 38 30 30 30 13
May 15, 2015 75 33 30 30 24 9
May 15, 2016 66 30 30 29 19 7
May 15, 2017 56 30 30 22 14 5
May 15, 2018 50 30 30 18 11 3
May 15, 2019 43 30 30 14 8 2
May 15, 2020 35 30 25 10 6 2
May 15, 2021 30 25 17 7 4 1
May 15, 2022 30 15 10 4 2 0
May 15, 2023 21 6 4 2 1 0
May 15, 2024 7 2 1 0 0 0
May 15, 2025 0 0 0 0 0 0
Avg Life In Years: 21.3 16.5 15.2 12.5 11.4 9.8
------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
