EX-99 3 exhibit991_032701.txt EXHIBIT 99.1 Exhibit 99.1 MARCH 18, 2000 GROUP I: $132,656,107 (APPROXIMATE) [GREENPOINT CREDIT LOGO] MANUFACTURED HOUSING CONTRACT TRUST PASS-THROUGH CERTIFICATES, SERIES 2001-1 GREENPOINT CREDIT, LLC SERVICER AND SELLER $103,471,000 FLOATING RATE CLASS I A CERTIFICATES $9,286,000 FLOATING RATE CLASS I M-1 CERTIFICATES $19,899,107 FLOATING RATE CLASS I M-2 CERTIFICATES (RADIAN GUARANTY) COMPUTATIONAL MATERIALS: GROUP I Neither the Seller, the Servicer, nor the Trust, nor any of its affiliates make any representations as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable Prospectus Supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information herein addresses only certain aspects of the applicable certificates' characteristics and thus does not provide a complete assessment of the certificates. As such, the information may not reflect the impact of all structural characteristics of the certificates. The assumptions underlying the information, including structure and collateral, may be modified from time to time to reflect changed circumstances. The attached term sheet is not intended to be a Prospectus and any investment decision with respect to the certificates should be made by you based solely upon all of the information contained in the final Prospectus and Prospectus Supplement. 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 certificates 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 certificates may not be sold nor may an offer to buy be accepted prior to the delivery of a final Prospectus and Prospectus Supplement relating to the certificates. All information described herein is preliminary, limited in nature and subject to completion or amendment. No representation is made that the above referenced certificates will actually perform as described in any scenario presented. Neither the Seller, the Servicer, nor the Trust has prepared, reviewed or participated in the preparation hereof. The Seller, the Servicer and the Trust are not responsible for the accuracy hereof and they have not authorized its dissemination. A final Prospectus and Prospectus Supplement may be obtained by contacting Salomon Smith Barney's Syndicate Desk at (212) 723-6171. GROUP I CERTIFICATE DESCRIPTION Class I A Class I M-1 Class I M-2 --------- ----------- ----------- Principal Amount (approx): $103,471,000 $9,286,000 $19,899,107 Ratings (Moody's/S&P): Aaa/AAA Aa2/AA Aa3/AA Wtd Avg. Life: 4.46 8.77 8.77 Pricing Prepayment Speed (1): 200% MHP 200% MHP 200% MHP Priced to 10% Call: Yes Yes Yes Principal Payment Begins: Month 1 Month 49 Month 49 Principal Payment Ends: Month 160 Month 160 Month 160 Principal Payment Window: 160 months 112 months 112 months Expected Final: July 2014 July 2014 July 2014 Last Sched. Distribution: April 2032 April 2032 April 2032 Credit Enhancement: Subordination Subordination Radian Guaranty Excess Spread Excess Spread Excess Spread First Distribution Date: 4/20/01 4/20/01 4/20/01 Distribution Date (2): 20th 20th 20th Delay Days: No No No Accrued Interest: No No No Coupon Type: Floating Floating Floating Day Count: Actual/360 Actual/360 Actual/360 Authorized Denominations: $50,000 and $50,000 and $50,000 and multiples of $1 multiples of $1 multiples of $1 thereafter thereafter thereafter ERISA Eligible: -----------To Qualified Plan Investors Only---------- SMMEA: Yes Yes Yes -------- (1) 100% MHP assumes constant prepayment rates of 3.7% per annum of the then unpaid principal balance of such Contracts in the 1st month of the life of the Contracts and an additional 0.1% per annum in each month thereafter until the 24th month. Beginning in the 24th month and in each month thereafter, 100% MHP assumes a constant prepayment rate of 6.0% per annum each month. (2) Or the next business day if such a day is not a business day. This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 1 GROUP I CERTIFICATE DESCRIPTION (CONTINUED) TITLE OF SECURITIES: GreenPoint Credit Manufactured Housing Contract Trust Pass-Through Certificates, Series 2001-1, Class I A, Class I M-1 and Class I M-2 Certificates (together, the "Group I Certificates"). The Class II A, Class II M-1 and Class II M-2 Certificates are also being issued by the Trust. These Computational Materials relate only to the Group I Certificates. DESCRIPTION OF TRANSACTION: The transaction consists of two Groups of Certificates: Group I: backed by fixed rate contracts swapped to floating rate. The swap counterparty for the interest rate swap will be Citibank, N.A., rated AA-/Aa2 by S&P and Moody's, respectively. The Group I Certificates have a Senior/Subordinate structure with one class of senior certificates, Class I A, and two classes of subordinate certificates, Class I M-1 and Class I M-2. Payments on Class I M-2 Certificates will be guaranteed by Radian Insurance Inc. ("Radian") as described herein. Group II: backed by adjustable rate contracts. Both groups consist of manufactured housing installment sales contracts, installment loan agreements and certain other assets. The trust will also issue Class R Certificates which are not being offered. CREDIT ENHANCEMENT: Class I A Class I M-1 Class I M-2 Class I M-1 Subordination Class I M-2 Subordination Radian Insurance Policy (7%) (15%) Class I M-2 Subordination Excess Spread Excess Spread (15%) Excess Spread
CLASS I M-2 CERTIFICATE Radian Insurance Inc. will unconditionally and INSURER: irrevocably guarantee timely payment of interest and the Guaranteed Principal Distribution Amount on the Class I M-2 Certificates. On each Distribution Date, Radian will receive a premium of 0.29% based on the current principal balance of the Group I Certificates. The Guaranteed Principal Distribution Amount means (a) for any Distribution Date, other than the Distribution Date in April 2032, the amount of any Liquidation Loss Amount that would otherwise be allocated to the Class I M-2 Certificates on that Distribution Date and (b) for the Distribution Date in April 2032, after giving effect to all distributions of principal to the Class I M-2 Certificates on that Distribution Date, an amount equal to the Class I M-2 Certificate Balance. Radian Insurance Inc. is a subsidiary of Radian Guaranty Inc, a national mortgage insurance (MI) company created in 1999 by the merger of Amerin and CMAC. Radian Guaranty Inc. is currently a subsidiary of Radian Group Inc. (NYSE: RDN). Radian Insurance Inc.'s claims paying ability is rated AA/Aa3 by S&P and Moody's, respectively. GROUP I CONTRACTS: Group I contains approximately 4,996 fixed-rate contracts with an aggregate scheduled principal balance as of February 28, 2001, of approximately $132,656,107.03. INTEREST RATE SWAP: Under the interest rate swap agreement, on each Distribution Date for the Group I Certificates (1) the swap counterparty will be obligated to make a payment to the Trust at an annual rate of LIBOR based on the outstanding principal amount of the Group I Certificates and (2) the Trust will be obligated to make a payment to the swap counterparty at a fixed rate set This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 2 on the pricing date (estimated to be approximately 6.00%) based on the outstanding principal amount of the Group I Certificates. The Available Distribution Amount for Group I will be net of any payments made to the swap counterparty. 3 GROUP I CERTIFICATE DESCRIPTION (CONTINUED) ADVANCES: The servicer will advance its own funds to cover any shortfalls in payments of principal and interest due to the offered certificates in any month that (1) the servicer receives a payment on a contract that is less than the full scheduled payment or (2) the servicer receives no payment on a contract, and (3) in each case, the servicer determines that the advance will be recoverable from future payments or collections on that contract. In addition, since not all of the contracts have scheduled payments due during the intitial collection period, on the first distribution date the servicer will also advance amounts necessary to cover any resulting interest shortfall on any class of certificates. Except for the first Distribution Date, any advances made by the servicer with respect to a Distribution Date will not exceed the amount of delinquent contract payments that were due in the applicable prior month. TRUSTEE: Bank One, National Association. CO-TRUSTEE: First Union National Bank (Philadelphia, PA) is the holder of the Radian insurance policy. LEAD MANAGER: Salomon Smith Barney. SELLER AND SERVICER: GreenPoint Credit, LLC. CUT-OFF DATE: February 28, 2001. PRICING DATE (1): March [21], 2001. CLOSING DATE (1): March 29, 2001. FORM OF CERTIFICATES: Book entry form, same day funds (through DTC, Euroclear and Clearstream). PREPAYMENT PRICING SPEED: 200% MHP. OPTIONAL TERMINATION: 10% clean-up call (based on the aggregate scheduled principal balance of the Group I and Group II contracts), or, if the call is not exercised, a termination auction subject to certain requirements. ERISA CONSIDERATIONS: Class I A, Class I M-1 and Class I M-2 Certificates are ERISA-eligible, but limited to "Qualified Plan Investors." (2) TAXATION: REMIC for federal income tax purposes. LEGAL INVESTMENT: Class I A, Class I M-1 and Class I M-2 Certificates are SMMEA-eligible. SERVICING FEE: With respect to the Group I Contracts, the Monthly Servicing Fee will be equal to the product of one-twelfth of 1.00% of the Pool Scheduled Principal Balance for the Group I Contracts for the related Distribution Date, whether or not the related scheduled payments on the Group I Contracts are received. The Available Distribution Amount for Group I will be net of the related Monthly Servicing Fee. -------- (1) Subject to change. (2) "Qualified Plan Investor" means a Plan investor or group of Plan investors on whose behalf the decision to purchase the Group I Certificates is made by an appropriate independent fiduciary who is qualified to analyze and understand the terms and conditions of the interest rate swap transaction and the effect the interest rate swap or interest rate swap agreement would have upon the credit ratings of the Group I Certificates. This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 4 GROUP I CERTIFICATE DESCRIPTION (CONTINUED) DISTRIBUTION DATE The 20th day of each month or, if such day is not a business day, the next succeeding business day, beginning on April 20, 2001. Principal and interest distributions to Certificateholders on a Distribution Date are based on a Collection Period of the calendar month preceding such Distribution Date. Assuming payment on the 20th of each month, funds are distributed approximately 20 days after the related Collection Period. INTEREST ACCRUAL PERIOD: Interest will accrue on the Group I Certificates from the prior Distribution Date (or, for the first Distribution Date, from the Closing Date) up to but not including the current Distribution Date on an Actual/360 basis. PASS-THROUGH RATES: The Pass-Through Rate on each of the Class I A, Class I M-1 and Class I M-2 Certificates will be 1 month LIBOR plus the applicable spread. PRINCIPAL DISTRIBUTION: The Available Distribution Amount with respect to the Group I Contracts remaining after the distribution of interest on the Group I Certificates and the payment of certain fees and expenses of the Trust will be distributed to the Group I Certificates in the order and in the amounts described under "Distributions of Principal and Interest" below. Prior to the Cross-Over Date or, if a related Principal Distribution Test has not been met, principal distributions to the Group I Certificates will be made sequentially to the Class I A Certificates, the Class I M-1 Certificates and the Class I M-2 Certificates. The Cross-Over Date will be the later to occur of (a) the Distribution Date occurring in the month 4 years from closing or (b) the first Distribution Date on which the percentage equivalent of a fraction (which shall not be greater than 1) the numerator of which is the Adjusted Certificate Principal Balance of the Class I M Certificates for such Distribution Date, and the denominator of which is the Pool Scheduled Principal Balance for the Group I Contracts on such Distribution Date, equals or exceeds 1.5 times the percentage equivalent of a fraction (which shall not be greater than 1) the numerator of which is the initial aggregate Adjusted Certificate Principal Balance of the Class I M Certificates, and the denominator of which is the Pool Scheduled Principal Balance for the Group I Contracts on the Cut-off Date. Adjusted Certificate Principal Balance means, with respect to the Class I M-1 Certificates and Class I M-2 Certificates and a Distribution Date, its Certificate Balance less the aggregate Liquidation Loss Amounts allocated to that class of certificates. After the Cross-Over Date, and for so long as the related Principal Distribution Tests have been met, the Available Distribution Amount for Group I available for principal distribution will be paid pro rata to the Class I A, Class I M-1 and Class I M-2 Certificates. PRINCIPAL DISTRIBUTION TESTS: The Principal Distribution Tests for Group I have been met if the Average Sixty-Day Delinquency Ratio of the Group I Contracts is less than or equal to 6.0%, the Current Realized Loss Ratio of the Group I Contracts is less than or equal to 3.5%; and the Cumulative Realized Losses are less than or equal to the percentage of the Cut-off Date Scheduled Principal Balance of the Group I Contracts set forth below: 7.5% April 2005 through March 2006, 8.5% April 2006 through March 2007, 9.5% April 2007 through March 2008, 11.0% April 2008 through March 2009, and 11.0% thereafter. This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 5 GROUP I CERTIFICATE DESCRIPTION (CONTINUED) ALLOCATION OF LOSSES: Losses will be allocated first to the Class I M-2 Certificate Insurance Policy and, in the event that Radian defaults on its payment obligations, to the Class I M-2 Certificates and then to the Class I M-1 Certificates. After the Adjusted Certificate Principal Balances of the Class I M-2 and Class I M-1 Certificates have been reduced to zero, losses will be allocated to the Class I A Certificates. SERVICING: Radian has the right to remove the Servicer upon a servicing trigger breach and has the right to consent to any successor servicer; provided, however, that Radian shall give 30 business days advance notice to the holders of the Certificates of its intention to remove the Servicer and provided, further, that a majority of holders of the Certificates do not prohibit within such 30 calendar days the removal of the Servicer. Servicing trigger breaches shall include the following events: (i) cumulative losses exceed 12.2%, (ii) rolling 12 month annual losses exceed 2.5%, (iii) rolling 3 month 30 day delinquency exceeds 4.5%, or (iv) rolling 3 month 60 day delinquency (including REO) exceeds 3.5%. The Servicer shall have a cure period with respect for (ii) of six (6) months and for (iii) and (iv) of three (3) months. PROSPECTUS: The Group I Certificates are being offered pursuant to a Prospectus supplemented by a Prospectus Supplement (together, the "Prospectus"). Complete information with respect to the Group I Certificates and the collateral securing them is contained in the Prospectus. The information herein is qualified in its entirety by the information appearing in the Prospectus. To the extent that anything herein is inconsistent with the Prospectus, the Prospectus shall govern in all respects. Sales of the Group I Certificates may not be consummated unless the purchaser has received the Prospectus. This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 6 GROUP I DISTRIBUTIONS OF PRINCIPAL AND INTEREST On each Distribution Date the Available Distribution Amount for Group I will be distributed in the following amounts and in the following order of priority: 1. to the Class I M-2 Certificate Insurer, the monthly premium amount owed pursuant to the policy with respect to Group I; 2. to the Class I A Certificates, the related Interest Distribution for such Distribution Date; 3. to the Class I M-1 Certificates, the related Interest Distribution Amount for such Distribution Date; 4. to the Class I M-2 Certificates, the related Interest Distribution Amount for such Distribution Date; 5. to the Class I A Certificates, the related Unpaid Principal Shortfall Amount, if any, for such Distribution Date; 6. to the Class I A Certificates, the Class I A Formula Principal Distribution Amount until the Certificate Principal Balance of the Class I A Certificates is reduced to zero; 7. to the Class I M-1 Certificates, (a) first, Liquidation Loss Interest Amount to the Class I M-1 Certificates, (b) second, Unpaid Liquidation Loss Interest Shortfall for the Class I M-1 Certificates, (c) third, Unpaid Certificate Principal Shortfall for the Class I M-1 Certificates and (d) fourth, Class I M-1 Formula Principal Distribution Amount until the Class I M-1 Certificate Principal Balance is reduced to zero; 8. to the Class I M-2 Certificates, (a) first, Liquidation Loss Interest Amount to the Class I M-2 Certificates, (b) second, Unpaid Liquidation Loss Interest Shortfall for the Class I M-2 Certificates, (c) third, Unpaid Certificate Principal Shortfall for the Class I M-2 Certificates and (d) fourth, Class I M-2 Formula Principal Distribution Amount until the Class I M-2 Certificate Principal Balance is reduced to zero; 9. to the Class I M-2 Certificate Insurer, any reimbursements of amounts owed pursuant to the policy with respect to Group I; 10. to the Group II Certificate Account to cover any shortfall in amounts owed to the Group II Certificates; and 11. finally, any remainder to the Class R Certificates. This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 7 GROUP I CONTRACT POOL The information herein regarding the collateral represents the initial Group I Contract Pool as of the Cut-off Date. The information herein will be superseded by the information regarding the collateral set forth in the Prospectus. COLLATERAL CHARACTERISTICS GROUP I Principal Amount $132,656,107.03 Number of Loans 4,996 Average Loan Balance $26,552.46 Wtd. Avg. Rem. Term 251.1 months Wtd. Avg. Seasoning (1) 27.2 months Wtd. Avg. APR 12.02% Top 5 States NY 7.63% GA 7.00% TX 6.27% NC 6.05% FL 5.70% Information with respect to the Loan-to-Value Ratio and the dispersion of new and used manufactured homes is not electronically available for all Previously Securitized Contracts. A random sample of 352 loans, or approximately 15% of the total Previously Securitized Contracts, was reviewed. The loan-to-value and new home percentages represented below were determined through the random sample and were determined at the time the loan was originated. GREENPOINT PREVIOUSLY COLLATERAL ORIGINATED SECURITIZED CONTRACTS CONTRACTS % New Contracts (by $) 79.7% 96.9% Wtd. Avg. LTV 85.7% 86.1% % Land Home Contracts 43.2% N/A -------- (1) 153 months for the Previously Securitized Contracts and 2 months for the other contracts. This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 8 GROUP I COLLATERAL TABLES GROUP I: GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES STATE COUNT BALANCE % BY BALANCE ------------------------------------------------------------------------------- Alabama 272 $5,914,060.89 4.46 Arizona 199 $3,462,597.51 2.61 Arkansas 149 $2,650,970.63 2.00 California 166 $2,991,262.61 2.25 Colorado 48 $1,772,780.28 1.34 Delaware 14 $402,386.69 0.30 Florida 305 $7,558,523.17 5.70 Georgia 436 $9,286,324.56 7.00 Idaho 10 $198,075.67 0.15 Illinois 90 $3,657,816.94 2.76 Indiana 81 $2,963,288.33 2.23 Iowa 25 $1,049,812.88 0.79 Kansas 40 $1,046,924.47 0.79 Kentucky 86 $3,476,589.18 2.62 Louisiana 80 $3,094,834.95 2.33 Maine 21 $1,211,425.36 0.91 Maryland 37 $667,811.07 0.50 Massachusetts 2 $122,013.25 0.09 Michigan 170 $6,339,413.63 4.78 Minnesota 36 $1,204,027.20 0.91 Mississippi 164 $3,211,219.91 2.42 Missouri 166 $3,614,797.89 2.72 Montana 2 $43,309.95 0.03 Nebraska 13 $336,601.31 0.25 Nevada 45 $891,649.77 0.67 New Hampshire 7 $288,394.64 0.22 New Jersey 3 $52,468.03 0.04 New Mexico 141 $2,367,723.29 1.78 New York 166 $10,117,346.04 7.63 North Carolina 343 $8,025,048.38 6.05 North Dakota 4 $116,204.15 0.09 Ohio 215 $6,172,060.92 4.65 Oklahoma 63 $2,183,695.52 1.65 Oregon 111 $3,113,549.20 2.35 Pennsylvania 134 $3,885,983.88 2.93 South Carolina 180 $2,927,663.88 2.21 South Dakota 8 $417,695.22 0.31 Tennessee 357 $6,946,247.16 5.24 Texas 233 $8,312,188.18 6.27 Utah 13 $372,185.70 0.28 Vermont 15 $1,165,314.73 0.88 Virginia 155 $4,277,274.86 3.22 Washington 94 $1,964,514.00 1.48 West Virginia 82 $2,055,636.04 1.55 Wisconsin 12 $493,168.72 0.37 Wyoming 3 $233,226.39 0.18 ------------------------------------------------------------------------------- TOTAL 4,996 $132,656,107.03 100.00% This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 9 GROUP I: DISTRIBUTION OF ORIGINAL PRINCIPAL BALANCES ORIGINAL PRINCIPAL (US$) COUNT BALANCE % BY BALANCE BALANCE -------------------------------------------------------------------------- 5,097 - 7,500 31 $198,729.75 0.15 7,501 - 10,000 67 $571,518.74 0.43 10,001 - 12,500 178 $1,395,896.36 1.05 12,501 - 15,000 374 $2,668,951.80 2.01 15,001 - 17,500 521 $3,969,037.25 2.99 17,501 - 20,000 495 $4,455,088.39 3.36 20,001 - 22,500 388 $4,476,958.36 3.37 22,501 - 25,000 363 $5,326,845.22 4.02 25,001 - 27,500 296 $5,465,167.11 4.12 27,501 - 30,000 299 $6,317,791.16 4.76 30,001 - 32,500 251 $6,315,388.10 4.76 32,501 - 35,000 176 $4,776,152.10 3.60 35,001 - 40,000 309 $10,170,496.02 7.67 40,001 - 45,000 238 $9,324,686.53 7.03 45,001 - 50,000 197 $8,921,929.55 6.73 50,001 - 55,000 158 $8,253,798.43 6.22 55,001 - 60,000 105 $6,000,202.45 4.52 60,001 - 65,000 109 $6,745,317.75 5.08 65,001 - 70,000 95 $6,396,717.13 4.82 70,001 - 75,000 70 $5,076,868.98 3.83 75,001 - 80,000 61 $4,735,720.51 3.57 80,001 - 85,000 40 $3,296,307.26 2.48 85,001 - 198,424 175 $17,796,538.08 13.42 -------------------------------------------------------------------------- AVG $26,552 4,996 $132,656,107.03 100.00% GROUP I: DISTRIBUTION OF REMAINING MONTHS TO MATURITY MOS. TO MATURITY COUNT BALANCE % BY BALANCE ------------------------------------------------------------------ 3 - 30 811 $4,229,452.52 3.19 31 - 60 1,062 $8,261,698.00 6.23 61 - 90 351 $6,387,877.76 4.82 91 - 120 409 $7,765,220.33 5.85 121 - 150 52 $990,720.11 0.75 151 - 180 470 $10,880,392.99 8.20 181 - 210 8 $284,316.38 0.21 211 - 240 865 $31,804,998.75 23.98 241 - 270 5 $238,762.60 0.18 271 - 300 48 $2,330,169.06 1.76 301 - 360 915 $59,482,498.53 44.84 ------------------------------------------------------------------ WTD AVG 251.1 4,996 $132,656,107.03 100.00% This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 10 GROUP I: DISTRIBUTION OF CONTRACT RATES CONTRACT RATE (%) COUNT BALANCE % BY BALANCE --------------------------------------------------------------------------- 8.00 - 8.24 22 $1,728,413.82 1.30 8.25 - 8.49 75 $5,580,600.13 4.21 8.50 - 8.74 42 $3,329,535.68 2.51 8.75 - 8.99 67 $5,088,093.10 3.84 9.00 - 9.24 56 $3,835,219.55 2.89 9.25 - 9.49 83 $5,150,737.97 3.88 9.50 - 9.74 66 $4,591,164.11 3.46 9.75 - 9.99 104 $5,485,063.01 4.13 10.00 - 10.24 59 $3,351,861.33 2.53 10.25 - 10.49 87 $4,188,049.11 3.16 10.50 - 10.74 84 $4,988,689.31 3.76 10.75 - 10.99 88 $4,093,855.60 3.09 11.00 - 11.24 49 $2,655,256.66 2.00 11.25 - 11.49 81 $3,869,849.99 2.92 11.50 - 11.74 53 $2,421,048.37 1.83 11.75 - 11.99 107 $3,784,246.16 2.85 12.00 - 12.24 98 $4,155,875.98 3.13 12.25 - 12.49 66 $2,591,507.04 1.95 12.50 - 12.74 171 $4,702,563.87 3.54 12.75 - 12.99 259 $4,069,381.28 3.07 13.00 - 13.24 248 $4,558,962.31 3.44 13.25 - 13.49 224 $4,190,660.85 3.16 13.50 - 13.74 484 $6,730,184.61 5.07 13.75 - 13.99 654 $7,982,132.27 6.02 14.00 - 14.24 309 $4,393,334.89 3.31 14.25 - 14.49 174 $3,047,722.91 2.30 14.50 - 14.74 215 $3,473,891.23 2.62 14.75 - 14.99 149 $2,581,828.02 1.95 15.00 - 21.25 822 $16,036,377.87 12.09 -------------------------------------------------------------------------- WTD AVG 12.02% 4,996 $132,656,107.03 100.00% This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 11 GROUP I: DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS (GREENPOINT ORIGINATED CONTRACTS) LTV (%) COUNT BALANCE % BY BALANCE ----------------------------------------------------------------------------- Not Available (1) 2,342 $22,144,368.92 16.69 0.001 - 50.499 67 $1,380,123.40 1.04 50.500 - 60.499 53 $1,930,070.75 1.45 60.500 - 70.499 91 $3,699,842.38 2.79 70.500 - 80.499 485 $20,091,150.20 15.15 80.500 - 85.499 271 $13,216,175.20 9.96 85.500 - 90.499 985 $41,531,103.22 31.31 90.500 - 95.499 628 $26,061,432.89 19.65 95.500 - 99.860 74 $2,601,840.07 1.96 ----------------------------------------------------------------------------- WTD AVG 85.71% 4,996 $132,656,107.03 100.00% ------------------------------ (1) Previously securitized collateral only; see paragraph below for an explanation. Information with respect to the Loan-to-Value Ratio is not electronically available for all Previously Securitized Contracts. A random sample of 352 loans, or approximately 15% of the total Previously Securitized Contracts, was reviewed. The Loan to Value percentage at origination with respect to the random sample was 86.1%. GROUP I: DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS (SAMPLE OF PREVIOUSLY SECURITIZED CONTRACTS) LTV (%) COUNT BALANCE % BY BALANCE ---------------------------------------------------------------------------- 32.486 - 50.000 2 $12,294.23 0.38 50.001 - 75.000 22 $264,716.55 8.12 75.001 - 80.000 21 $217,009.79 6.66 80.001 - 85.000 38 $352,335.70 10.81 85.001 - 90.000 181 $1,714,457.03 52.61 90.001 - 95.000 83 $662,179.44 20.32 95.001 - 99.890 5 $35,646.93 1.09 ---------------------------------------------------------------------------- WTD AVG 86.06% 352 $3,258,639.67 100.00% This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 12 TRANSACTION MATURITY MATRIX SETTLE 3/29/2001 FIRST PAY 4/20/2001 CLASS BALANCE I A 103,471,000.00 I M-1 9,286,000.00 I M-2 19,899,107.00 1YR LIBOR 4.67125%
SCENARIO I II III IV V VI VII FIX 0% MHP 150% MHP 175% MHP 200% MHP 250% MHP 275% MHP 300% MHP ARM 0% MHP 150% MHP 200% MHP 250% MHP 300% MHP 350% MHP 400% MHP
TO CALL CLASS SCENARIO I II III IV V VI VII I A WAL 13.06 5.76 5.04 4.46 3.61 3.25 2.95 START-END PRINCIPAL 1-316 1-210 1-182 1-160 1-135 1-121 1-109 PRINCIPAL WINDOW 316 210 182 160 135 121 109 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010 I M-1 WAL 19.59 10.23 9.44 8.77 7.84 7.39 6.97 START-END PRINCIPAL 119-316 49-210 49-182 49-160 49-135 49-121 49-109 PRINCIPAL WINDOW 198 162 134 112 87 73 61 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010 I M-2 WAL 19.59 10.23 9.44 8.77 7.84 7.39 6.97 START-END PRINCIPAL 119-316 49-210 49-182 49-160 49-135 49-121 49-109 PRINCIPAL WINDOW 198 162 134 112 87 73 61 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010 IIA-1 WAL 16.08 6.67 5.13 4.04 3.21 2.60 2.14 START-END PRINCIPAL 1-316 1-210 1-182 1-160 1-135 1-121 1-109 PRINCIPAL WINDOW 316 210 182 160 135 121 109 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010 IIM-1 WAL 21.65 10.84 9.46 8.51 7.67 7.12 6.66 START-END PRINCIPAL 190-316 50-210 49-182 49-160 49-135 49-121 49-109 PRINCIPAL WINDOW 127 161 134 112 87 73 61 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010 IIM-2 WAL 21.65 10.84 9.46 8.51 7.67 7.12 6.66 START-END PRINCIPAL 190-316 50-210 49-182 49-160 49-135 49-121 49-109 PRINCIPAL WINDOW 127 161 134 112 87 73 61 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010
This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 13 TRANSACTION MATURITY MATRIX (CONTINUED) SETTLE 3/29/2001 FIRST PAY 4/20/2001 CLASS BALANCE I A 103,471,000.00 I M-1 9,286,000.00 I M-2 19,899,107.00 1YR LIBOR 4.67125%
SCENARIO I II III IV V VI VII FIX 0% MHP 150% MHP 175% MHP 200% MHP 250% MHP 275% MHP 300% MHP ARM 0% MHP 150% MHP 200% MHP 250% MHP 300% MHP 350% MHP 400% MHP
TO MATURITY CLASS SCENARIO I II III IV V VI VII I A WAL 13.26 6.04 5.38 4.81 3.90 3.54 3.22 START-END PRINCIPAL 1-358 1-358 1-358 1-358 1-358 1-358 1-358 PRINCIPAL WINDOW 358 358 358 358 358 358 358 MATURITY 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 I M-1 WAL 19.94 10.83 10.23 9.70 8.84 8.48 8.17 START-END PRINCIPAL 119-358 49-358 49-358 49-358 49-358 49-358 49-358 PRINCIPAL WINDOW 240 310 310 310 310 310 310 MATURITY 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 IM-2 WAL 19.94 10.83 10.23 9.70 8.84 8.48 8.17 START-END PRINCIPAL 119-358 49-358 49-358 49-358 49-358 49-358 49-358 PRINCIPAL WINDOW 240 310 310 310 310 310 310 MATURITY 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 IIA-1 WAL 16.15 7.02 5.43 4.26 3.38 2.71 2.19 START-END PRINCIPAL 1-352 1-352 1-352 1-352 1-352 1-352 1-352 PRINCIPAL WINDOW 352 352 352 352 352 352 352 MATURITY 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030 IIM-1 WAL 21.78 11.50 10.17 9.21 8.46 7.86 7.39 START-END PRINCIPAL 190-352 50-352 49-352 49-352 49-352 49-352 49-352 PRINCIPAL WINDOW 163 303 304 304 304 304 304 MATURITY 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030 IIM-2 WAL 21.78 11.50 10.17 9.21 8.46 7.86 7.39 START-END PRINCIPAL 190-352 50-352 49-352 49-352 49-352 49-352 49-352 PRINCIPAL WINDOW 163 303 304 304 304 304 304 MATURITY 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030
14 MARCH 18, 2001 GROUP II: $140,249,498 (APPROXIMATE) [GREENPOINT CREDIT LOGO] MANUFACTURED HOUSING CONTRACT TRUST PASS-THROUGH CERTIFICATES, SERIES 2001-1 GREENPOINT CREDIT, LLC SERVICER AND SELLER $98,174,000 FLOATING RATE CLASS II A CERTIFICATES $8,415,000 FLOATING RATE CLASS II M-1 CERTIFICATES $33,660,498 FLOATING RATE CLASS II M-2 CERTIFICATES (RADIAN GUARANTY) COMPUTATIONAL MATERIALS: GROUP II Neither the Seller, the Servicer, nor the Trust, nor any of its affiliates make any representations as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable Prospectus Supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information herein addresses only certain aspects of the applicable certificates' characteristics and thus does not provide a complete assessment of the certificates. As such, the information may not reflect the impact of all structural characteristics of the certificates. The assumptions underlying the information, including structure and collateral, may be modified from time to time to reflect changed circumstances. The attached term sheet is not intended to be a Prospectus and any investment decision with respect to the certificates should be made by you based solely upon all of the information contained in the final Prospectus and Prospectus Supplement. 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 certificates 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 certificates may not be sold nor may an offer to buy be accepted prior to the delivery of a final Prospectus and Prospectus Supplement relating to the certificates. All information described herein is preliminary, limited in nature and subject to completion or amendment. No representation is made that the above referenced certificates will actually perform as described in any scenario presented. Neither the Seller, the Servicer, nor the Trust has prepared, reviewed or participated in the preparation hereof. The Seller, the Servicer and the Trust are not responsible for the accuracy hereof and they have not authorized its dissemination. A final Prospectus and Prospectus Supplement may be obtained by contacting Salomon Smith Barney's Syndicate Desk at (212) 723-6171. GROUP II CERTIFICATE DESCRIPTION -------------------------------------------------------------------------------- GREENPOINT 2001-1 CLASS II A CLASS II M-1 CLASS II M-2 -------------------------------------------------------------------------------- Principal Amount (approx): 98,174,000 8,415,000 33,660,498 Ratings (Moody's/S&P): Aaa/AAA Aa2/AA Aa3/AA Wtd Avg. Life: 4.04 yrs. 8.51 yrs. 8.51 yrs. Pricing Prepayment Speed(1): 250% MHP 250% MHP 250% MHP Priced to 10% Call: Yes Yes Yes Principal Payment Begins: Month 1 Month 49 Month 49 Principal Payment Ends: Month 160 Month 160 Month 160 Principal Payment Window: 160 months 112 months 112 months Expected Final: July 2014 July 2014 July 2014 Last Sched. Distribution: April 2032 April 2032 April 2032 Credit Enhancement: Subordination Subordination Radian Guaranty Excess Spread Excess Spread Excess Spread First Distribution Date: 4/20/01 4/20/01 4/20/01 Distribution Date(2): 20th 20th 20th Delay Days: No No No Accrued Interest: No No No Coupon Type: Floating Floating Floating Day Count: Actual/360 Actual/360 Actual/360 Authorized Denominations: $50,000 and $50,000 and $50,000 and multiples of $1 multiples of $1 multiples of $1 thereafter thereafter thereafter ERISA Eligible: -----------To Qualified Plan Investors Only---------- SMMEA: Yes Yes Yes -------------------------------------------------------------------------------- -------- (1) 100% MHP assumes constant prepayment rates of 3.7% per annum of the then unpaid principal balance of such Contracts in the 1st month of the life of the Contracts and an additional 0.1% per annum in each month thereafter until the 24th month. Beginning in the 24th month and in each month thereafter, 100% MHP assumes a constant prepayment rate of 6.0% per annum each month. (2) Or the next business day if such a day is not a business day. This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 1 GROUP II CERTIFICATE DESCRIPTION (CONTINUED) TITLE OF SECURITIES: GreenPoint Credit Manufactured Housing Contract Trust Pass-Through Certificates, Series 2001-1, Class II A, Class II M-1 and Class II M-2 Certificates (together, the "Group II Certificates"). The Class I A, Class I M-1 and Class I M-2 Certificates are also being issued by the Trust. These Computational Materials relate only to the Group II Certificates. DESCRIPTION OF TRANSACTION: The transaction consists of two Groups of Certificates: Group I: backed by fixed rate contracts swapped to floating rate. The swap counterparty for the interest rate swap will be Citibank, N.A., rated AA-/Aa2 by S&P and Moody's, respectively. Group II: backed by adjustable rate contracts. The Group II Certificates have a Senior/Subordinate structure with one class of senior certificates, Class II A, and two classes of subordinate certificates, Class II M-1 and Class II M-2. Payments on Class II M-2 Certificates will be guaranteed by Radian Insurance Inc. ("Radian") as described herein. Both groups consist of manufactured housing installment sales contracts, installment loan agreements and certain other assets. The trust will also issue Class R Certificates which are not being offered. Credit Enhancement: Class II A Class II M-1 Class II M-2 Class II M-1 Subordination Class II M-2 Subordination Radian Insurance Policy (6%) (24%) Class II M-2 Subordination Excess Spread Excess Spread (24%) Excess Spread
CLASS II M-2 CERTIFICATE Radian Insurance Inc. will unconditionally and INSURER irrevocably guarantee timely payment of interest and the Guaranteed Principal Distribution Amount on the Class II M-2 Certificates. The Guaranteed Principal Distribution Amount means (a) for any Distribution Date, other than the Distribution Date in April 2032, the amount of any Liquidation Loss Amount that would otherwise be allocated to the Class II M-2 Certificates on that Distribution Date and (b) for the Distribution Date in April 2032, after giving effect to all distributions of principal to the Class II M-2 Certificates on that Distribution Date, an amount equal to the Class II M-2 Certificate Balance. Radian Insurance Inc. is a subsidiary of Radian Guaranty Inc, a national mortgage insurance (MI) company created in 1999 by the merger of Amerin and CMAC. Radian Guaranty Inc. is currently a subsidiary of Radian Group Inc. (NYSE: RDN). Radian Insurance Inc.'s claims paying ability is rated AA/Aa3 by S&P and Moody's, respectively. GROUP II CONTRACTS: Group II contains approximately 2,590 floating-rate contracts with an aggregate scheduled principal balance as of February 28, 2001 of approximately $140,249,497.93. This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 2 GROUP II CERTIFICATE DESCRIPTION (CONTINUED) ADVANCES: The servicer will advance its own funds to cover any shortfalls in payments of principal and interest due to the offered certificates in any month that (1) the servicer receives a payment on a contract that is less than the full scheduled payment or (2) the servicer receives no payment on a contract, and (3) in each case, the servicer determines that the advance will be recoverable from future payments or collections on that contract. In addition, since not all of the contracts have scheduled payments due during the intitial collection period, on the first distribution date the servicer will also advance amounts necessary to cover any resulting interest shortfall on any class of certificates. Except for the first Distribution Date, any advances made by the servicer with respect to a Distribution Date will not exceed the amount of delinquent contract payments that were due in the applicable prior month. TRUSTEE: Bank One, National Association. LEAD MANAGER: Salomon Smith Barney. SELLER AND SERVICER: GreenPoint Credit, LLC. CUT-OFF DATE: February 28, 2001. PRICING DATE(1): March [23], 2001. CLOSING DATE(1): March 29, 2001. FORM OF CERTIFICATES: Book entry form, same day funds (through DTC, Euroclear and Clearstream). PREPAYMENT PRICING SPEED: 250% MHP. OPTIONAL TERMINATION: 10% clean-up call (based on the aggregate scheduled principal balance of the Group I and Group II contracts), or, if the call is not exercised, a termination auction subject to certain requirements. ERISA CONSIDERATIONS: Class II A, Class II M-1 and Class II M-2 Certificates are ERISA-eligible, but limited to "Qualified Plan Investors." (2) TAXATION: REMIC for federal income tax purposes. LEGAL INVESTMENT: Class II A, Class II M-1 and Class II M-2 Certificates are SMMEA-eligible. SERVICING FEE: With respect to the Group II Contracts, the Monthly Servicing Fee will be equal to the product of one-twelfth of 1.00% of the Pool Scheduled Principal Balance for the Group II Contracts for the related Distribution Date, whether or not the related scheduled payments on the Group II Contracts are received. The Monthly Servicing Fee will consist of a Senior Servicing Fee of 0.75% of the Pool Scheduled Principal Balance for the Group II Contracts and a Subordinate Servicing Fee of 0.25% of the Pool Scheduled Principal Balance for the Group II Contracts. The Available Distribution Amount for Group II will be net of the related Senior Servicing Fee. -------- (1) Subject to change. (2) "Qualified Plan Investor" means a Plan investor or group of Plan investors on whose behalf the decision to purchase the Group II Certificates is made by an appropriate independent fiduciary who is qualified to analyze and understand the terms and conditions of the interest rate swap transaction and the effect the interest rate swap or interest rate swap agreement would have upon the credit ratings of the Group II Certificates. This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 3 GROUP II CERTIFICATE DESCRIPTION (CONTINUED) DISTRIBUTION DATE: The 20th day of each month or, if such day is not a business day, the next succeeding business day, beginning on April 20, 2001. Principal and interest distributions to Certificateholders on a Distribution Date are based on a Collection Period of the calendar month preceding such Distribution Date. Assuming payment on the 20th of each month, funds are distributed approximately 20 days after the related Collection Period. INTEREST ACCRUAL PERIOD: Interest will accrue on the Group II Certificates from the prior Distribution Date (or, for the first Distribution Date, from the Closing Date) up to but not including the current Distribution Date on an Actual/360 basis. PASS-THROUGH RATES: The Pass-Through Rate on each of the Class II A, Class II M-1 and Class II M-2 Certificates will be 1 month LIBOR plus the applicable spread. The Pass-Through Rates for the Group II Certificates are capped at the weighted average of the Net Contract Rates of the Group II Contracts (the "Net Funds Cap") The amount of interest that would have accrued on a Group II Certificate if the related Pass-Through Rate were not capped by the Net Funds Cap (the "Net Funds Cap Carryover Amount") is not rated by the rating agencies or covered by the Class M-2 Insurance Policy, but is payable to the applicable Certificateholders to the extent of funds available therefor before any funds are distributed to the Class R Certificates. The Net Contract Rate for a Group II Contract is defined as the related Contract Rate on the first day of the related Collection Period minus the Senior Servicing Fee (0.75%) and the premium amount owed to the Class II M-2 Certificate Insurer (0.44%). PRINCIPAL DISTRIBUTION: The Available Distribution Amount with respect to the Group II Contracts remaining after the distribution of interest on the Group II Certificates and the payment of certain fees and expenses of the Trust will be distributed to the Group II Certificates in the order and in the amounts described under "Distributions of Principal and Interest" below. Prior to the Cross-Over Date or, if a related Principal Distribution Test has not been met, principal distributions to the Group II Certificates will be made sequentially to the Class II A Certificates, the Class II M-1 Certificates and the Class II M-2 Certificates. The Cross-Over Date will be the later to occur of (a) the Distribution Date occurring in the month 4 years from closing or (b) the first Distribution Date on which the percentage equivalent of a fraction (which shall not be greater than 1) the numerator of which is the Adjusted Certificate Principal Balance of the Class II M Certificates for such Distribution Date, and the denominator of which is the Pool Scheduled Principal Balance for the Group II Contracts on such Distribution Date, equals or exceeds 1.5 times the percentage equivalent of a fraction (which shall not be greater than 1) the numerator of which is the initial aggregate Adjusted Certificate Principal Balance of the Class II M Certificates, and the denominator of which is the Pool Scheduled Principal Balance for the Group II Contracts on the Cut-off Date. Adjusted Certificate Principal Balance means, with respect to the Class II M-1 Certificates and Class II M-2 Certificates and a Distribution Date, its Certificate Balance less the aggregate Liquidation Loss Amounts allocated to that class of certificates. After the Cross-Over Date, and for so long as the related Principal Distribution Tests have been met, the Available Distribution Amount for Group II available for principal distribution will be paid pro rata to the Class II A, Class II M-1 and Class II M-2 Certificates. This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 4 GROUP II CERTIFICATE DESCRIPTION (CONTINUED) PRINCIPAL DISTRIBUTION The Principal Distribution Tests for Group II have TESTS: been met if the Average Sixty-Day Delinquency Ratio of the Group II Contracts is less than or equal to 6.0%, the Current Realized Loss Ratio of the Group II Contracts is less than or equal to 3.5%; and the Cumulative Realized Losses are less than or equal to the percentage of the Cut-off Date Scheduled Principal Balance of the Group II Contracts set forth below: 7.5% April 2005 through March 2006, 8.5% April 2006 through March 2007, 9.5% April 2007 through March 2008, 11.0% April 2008 through March 2009, and 11.0% thereafter. ALLOCATION OF LOSSES: Losses will be allocated first to the Class II M-2 Certificate Insurance Policy and, in the event that Radian defaults on its payment obligations, to the Class II M-2 Certificates and then to the Class II M-1 Certificates. After the Adjusted Certificate Principal Balances of the Class II M-2 and Class II M-1 Certificates have been reduced to zero, losses will be allocated to the Class II A Certificates. SERVICING: Radian has the right to remove the Servicer upon a servicing trigger breach and has the right to consent to any successor servicer; provided, however, that Radian shall give 30 business days advance notice to the holders of the Certificates of its intention to remove the Servicer and provided, further, that a majority of holders of the Certificates do not prohibit within such 30 calendar days the removal of the Servicer. Servicing trigger breaches shall include the following events: (i) cumulative losses exceed 12.2%, (ii) rolling 12 month annual losses exceed 2.5%, (iii) rolling 3 month 30 day delinquency exceeds 4.5%, or (iv) rolling 3 month 60 day delinquency (including REO) exceeds 3.5%. The Servicer shall have a cure period with respect for (ii) of six (6) months and for (iii) and (iv) of three (3) months. PROSPECTUS: The Group II Certificates are being offered pursuant to a Prospectus supplemented by a Prospectus Supplement (together, the "Prospectus"). Complete information with respect to the Group II Certificates and the collateral securing them is contained in the Prospectus. The information herein is qualified in its entirety by the information appearing in the Prospectus. To the extent that anything herein is inconsistent with the Prospectus, the Prospectus shall govern in all respects. Sales of the Group II Certificates may not be consummated unless the purchaser has received the Prospectus. This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 5 GROUP II DISTRIBUTIONS OF PRINCIPAL AND INTEREST On each Distribution Date the Available Distribution Amount for Group II will be distributed in the following amounts and in the following order of priority: 1. to the Class II M-2 Certificate Insurer, the monthly premium amount owed pursuant to the policy respect to Group II; 2. to the Class II A Certificates, the related Interest Distribution for such Distribution Date; 3. to the Class II M-1 Certificates, the related Interest Distribution Amount for such Distribution Date; 4. to the Class II M-2 Certificates, the related Interest Distribution Amount for such Distribution Date; 5. to the Class II A Certificates, the related Unpaid Principal Shortfall Amount, if any, for such Distribution Date; 6. to the Class II A Certificates, the Class II A Formula Principal Distribution Amount until the Certificate Principal Balance of the Class II A Certificates is reduced to zero; 7. to the Class II M-1 Certificates, (a) first, Liquidation Loss Interest Amount to the Class II M-1 Certificates, (b) second, Unpaid Liquidation Loss Interest Shortfall for the Class II M-1 Certificates, (c) third, Unpaid Certificate Principal Shortfall for the Class II M-1 Certificates and (d) fourth, Class II M-1 Formula Principal Distribution Amount until the Class II M-1 Certificate Principal Balance is reduced to zero; 8. to the Class II M-2 Certificates, (a) first, Liquidation Loss Interest Amount to the Class II M-2 Certificates, (b) second, Unpaid Liquidation Loss Interest Shortfall for the Class II M-2 Certificates, (c) third, Unpaid Certificate Principal Shortfall for the Class II M-2 Certificates and (d) fourth, Class II M-2 Formula Principal Distribution Amount until the Class II M-2 Certificate Principal Balance is reduced to zero; 9. to the Class II M-2 Certificate Insurer, any reimbursements of amounts owed pursuant to the policy with respect to Group II; 10. to the Servicer, the Subordinate Servicing Fee for such Distribution Date; 11. to pay any applicable Net Funds Cap Carryover Amount sequentially to the Class II A, Class II M-1 and Class II M-2 Certificates; 12. to the Group I Certificate Account to cover any shortfall in amounts owed to the Group I Certificates; and 13. finally, any remainder to the Class R Certificates. GROUP II CONTRACT POOL The information herein regarding the collateral represents the initial Group II Contract Pool as of the Cut-off Date. The information herein will be superseded by the information regarding the collateral set forth in the Prospectus. COLLATERAL GROUP II Principal Amount $140,249,497.93 Top 5 States FL 10.03% Number of Loans 2,590 NC 7.45% Average Loan Balance $54,150.39 TX 6.56% GA 6.53% Wtd. Avg. Rem. Term 311.8 months AL 4.77% Wtd. Avg. Seasoning 1.38 months Wtd. Avg. Periodic Cap 2.00% Wtd. Avg. APR 9.63% Wtd. Avg. Lifetime Cap 14.63% Wtd. Avg. LTV 87.44% Index 100.00% 12M Libor This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 6 Percent LTV>=90.5% Wtd. Avg. Margin 4.92% (by $) 29.35% % New Contracts (by $) 89.4% Land Homes 50.5%
This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 7 GROUP II COLLATERAL TABLES GROUP II: GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES STATE COUNT BALANCE % BY BALANCE ----------------------------------------------------------------------- Alabama 148 $6,683,609.47 4.77 Arizona 46 $2,649,224.53 1.89 Arkansas 44 $1,868,361.74 1.33 California 9 $593,675.99 0.42 Colorado 11 $617,150.13 0.44 Delaware 1 $104,898.44 0.07 Florida 246 $14,069,734.84 10.03 Georgia 185 $9,156,909.16 6.53 Idaho 12 $788,120.21 0.56 Illinois 44 $2,315,496.60 1.65 Indiana 53 $4,218,926.42 3.01 Iowa 54 $2,394,211.82 1.71 Kansas 21 $1,310,309.18 0.93 Kentucky 82 $4,915,808.64 3.51 Louisiana 118 $4,847,495.24 3.46 Maine 5 $380,142.37 0.27 Maryland 6 $201,218.28 0.14 Michigan 64 $3,469,387.32 2.47 Minnesota 39 $1,656,692.16 1.18 Mississippi 146 $6,005,788.29 4.28 Missouri 141 $6,659,115.22 4.75 Montana 9 $412,970.09 0.29 Nebraska 20 $846,136.83 0.60 Nevada 19 $1,358,146.67 0.97 New Hampshire 9 $701,744.57 0.50 New Jersey 1 $63,955.14 0.05 New Mexico 26 $1,405,917.88 1.00 New York 31 $2,196,168.87 1.57 North Carolina 178 $10,452,609.58 7.45 North Dakota 17 $904,755.55 0.65 Ohio 49 $3,502,712.52 2.50 Oklahoma 38 $1,797,022.10 1.28 Oregon 64 $4,139,105.56 2.95 Pennsylvania 50 $2,389,527.65 1.70 South Carolina 28 $1,221,267.88 0.87 South Dakota 73 $3,964,015.48 2.83 Tennessee 75 $4,542,501.45 3.24 Texas 193 $9,197,095.09 6.56 Utah 11 $732,965.81 0.52 Vermont 3 $246,268.36 0.18 Virginia 63 $4,552,833.17 3.25 Washington 72 $6,434,178.74 4.59 West Virginia 55 $2,286,536.51 1.63 Wisconsin 18 $1,216,879.31 0.87 Wyoming 13 $777,907.07 0.55 ----------------------------------------------------------------------- TOTAL 2,590 $140,249,497.93 100.00 This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 8 GROUP II: DISTRIBUTION OF ORIGINAL PRINCIPAL BALANCES ORIGINAL PRINCIPAL BALANCE ($) COUNT BALANCE % BY BALANCE ------------------------------------------------------------------------ 5,626 - 7,500 5 $32,545.27 0.02 7,501 - 10,000 12 $103,276.48 0.07 10,001 - 12,500 25 $276,779.88 0.20 12,501 - 15,000 36 $495,133.84 0.35 15,001 - 17,500 32 $514,282.98 0.37 17,501 - 20,000 46 $846,309.49 0.60 20,001 - 22,500 50 $1,051,928.79 0.75 22,501 - 25,000 81 $1,922,285.78 1.37 25,001 - 27,500 93 $2,427,729.27 1.73 27,501 - 30,000 117 $3,359,332.87 2.40 30,001 - 32,500 90 $2,801,209.53 2.00 32,501 - 35,000 100 $3,363,956.70 2.40 35,001 - 40,000 201 $7,523,237.01 5.36 40,001 - 45,000 229 $9,736,314.99 6.94 45,001 - 50,000 201 $9,517,278.91 6.79 50,001 - 55,000 197 $10,298,448.61 7.34 55,001 - 60,000 186 $10,674,304.80 7.61 60,001 - 65,000 144 $8,977,458.74 6.40 65,001 - 70,000 134 $9,027,182.85 6.44 70,001 - 75,000 97 $6,993,827.49 4.99 75,001 - 80,000 97 $7,488,560.14 5.34 80,001 - 85,000 61 $5,026,903.51 3.58 85,001 - 240,209 356 $37,791,210.00 26.95 ------------------------------------------------------------------------ AVG $54,150.39 2,590 $140,249,497.93 100.00 GROUP II: DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS LTV (%) COUNT BALANCE % BY BALANCE ------------------------------------------------------------------------ 13.597 - 50.499 25 $714,040.51 0.51 50.500 - 60.499 24 $962,669.15 0.69 60.500 - 70.499 80 $4,318,787.50 3.08 70.500 - 80.499 345 $17,758,894.27 12.66 80.500 - 85.499 292 $17,376,196.27 12.39 85.500 - 90.499 1,098 $57,950,465.02 41.32 90.500 - 95.499 649 $37,834,116.59 26.98 95.500 - 99.428 77 $3,334,328.62 2.38 ------------------------------------------------------------------------ WTD AVG 87.441 2,590 $140,249,497.93 100.00 This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 9 GROUP II: DISTRIBUTION OF CONTRACT RATES CONTRACT RATE (%) COUNT BALANCE % BY BALANCE ------------------------------------------------------------------------ 5.75 - 5.99 3 $214,900.05 0.15 6.00 - 6.24 2 $252,459.76 0.18 6.25 - 6.49 26 $2,207,722.09 1.57 6.50 - 6.74 16 $1,291,023.37 0.92 6.75 - 6.99 57 $4,984,374.15 3.55 7.00 - 7.24 27 $2,662,038.98 1.90 7.25 - 7.49 87 $6,900,888.55 4.92 7.50 - 7.74 39 $2,852,533.28 2.03 7.75 - 7.99 117 $9,505,794.50 6.78 8.00 - 8.24 80 $5,140,596.34 3.67 8.25 - 8.49 98 $7,945,639.38 5.67 8.50 - 8.74 107 $6,385,094.29 4.55 8.75 - 8.99 156 $11,737,279.29 8.37 9.00 - 9.24 77 $4,896,668.53 3.49 9.25 - 9.49 122 $7,821,095.82 5.58 9.50 - 9.74 94 $5,235,805.36 3.73 9.75 - 9.99 72 $4,245,211.02 3.03 10.00 - 10.24 109 $5,642,641.03 4.02 10.25 - 10.49 115 $6,332,111.59 4.51 10.50 - 10.74 72 $3,250,537.84 2.32 10.75 - 10.99 168 $8,648,468.60 6.17 11.00 - 11.24 59 $2,598,668.97 1.85 11.25 - 11.49 66 $3,166,474.02 2.26 11.50 - 11.74 65 $2,689,569.49 1.92 11.75 - 11.99 56 $2,493,807.41 1.78 12.00 - 12.24 69 $2,632,192.03 1.88 12.25 - 12.49 54 $2,154,975.86 1.54 12.50 - 12.74 94 $3,057,324.71 2.18 12.75 - 12.99 57 $2,084,997.93 1.49 13.00 - 13.24 25 $863,846.18 0.62 13.25 - 13.49 38 $1,321,745.39 0.94 13.50 - 13.74 42 $1,382,036.90 0.99 13.75 - 13.99 27 $856,459.53 0.61 14.00 - 14.24 20 $604,402.52 0.43 14.25 - 14.49 70 $1,639,005.13 1.17 14.50 - 14.74 11 $335,263.72 0.24 14.75 - 14.99 34 $933,489.67 0.67 15.00 - 15.24 28 $480,810.80 0.34 15.25 - 15.49 17 $401,736.39 0.29 15.50 - 15.74 14 $373,848.98 0.27 15.75 - 15.99 14 $340,473.61 0.24 16.00 - 16.24 36 $752,752.00 0.54 16.25 - 18.25 50 $932,732.87 0.67 ------------------------------------------------------------------------ WTD AVG 9.63 2,590 $140,249,497.93 100.00 This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 10 GROUP II: DISTRIBUTION OF REMAINING MONTHS TO MATURITY MOS. TO MATURITY COUNT BALANCE % BY BALANCE ---------------------------------------------------------------------- 10 - 30 1 $3,881.00 0.00 31 - 60 6 $71,642.72 0.05 61 - 90 16 $309,298.81 0.22 91 - 120 81 $1,401,270.78 1.00 121 - 150 18 $463,582.33 0.33 151 - 180 280 $8,293,303.87 5.91 181 - 210 5 $193,900.31 0.14 211 - 240 841 $34,580,127.80 24.66 241 - 270 1 $83,680.14 0.06 271 - 300 24 $1,293,427.56 0.92 301 - 360 1,317 $93,555,382.61 66.71 ---------------------------------------------------------------------- WTD AVG 311.8 2,590 $140,249,497.93 100.00 GROUP II: DISTRIBUTION OF MAXIMUM CAP MAX CAP (%) COUNT BALANCE % BY BALANCE ------------------------------------------------------------------------ 10.75 - 11.00 5 $467,359.81 0.33 11.01 - 11.50 42 $3,498,745.46 2.49 11.51 - 12.00 84 $7,646,413.13 5.45 12.01 - 12.50 126 $9,753,421.83 6.95 12.51 - 13.00 197 $14,646,390.84 10.44 13.01 - 13.50 205 $14,330,733.67 10.22 13.51 - 14.00 233 $16,633,947.82 11.86 14.01 - 14.50 216 $13,056,901.18 9.31 14.51 - 15.00 182 $9,933,988.77 7.08 15.01 - 15.50 186 $9,536,512.71 6.80 15.51 - 16.00 227 $11,247,137.57 8.02 16.01 - 16.50 132 $5,896,462.04 4.20 16.51 - 17.00 125 $5,125,999.44 3.65 17.01 - 17.50 148 $5,212,300.57 3.72 17.51 - 18.00 82 $2,948,844.11 2.10 18.01 - 18.50 79 $2,663,363.76 1.90 18.51 - 19.00 47 $1,460,862.05 1.04 19.01 - 19.50 81 $1,974,268.85 1.41 19.51 - 20.00 62 $1,414,300.47 1.01 20.01 - 20.50 31 $775,585.37 0.55 20.51 - 21.00 50 $1,093,225.61 0.78 21.01 - 21.50 22 $404,407.89 0.29 21.51 - 22.00 12 $260,216.97 0.19 22.01 - 22.50 14 $238,414.42 0.17 22.51 - 23.00 1 $16,808.22 0.01 23.01 - 23.25 1 $12,885.37 0.01 ------------------------------------------------------------------------ WTD AVG 14.63 2,590 $140,249,497.93 100.00 This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 11 GROUP II: DISTRIBUTION OF GROSS MARGINS GROSS MARGIN (%) COUNT BALANCE % BY BALANCE ------------------------------------------------------------------------ 1.00 - 1.00 5 $467,359.81 0.33 1.01 - 1.50 28 $2,393,614.08 1.71 1.51 - 2.00 76 $6,736,714.98 4.80 2.01 - 2.50 106 $8,833,420.31 6.30 2.51 - 3.00 155 $12,647,251.01 9.02 3.01 - 3.50 165 $12,291,227.85 8.76 3.51 - 4.00 264 $18,304,109.98 13.05 4.01 - 4.50 198 $12,340,420.48 8.80 4.51 - 5.00 159 $9,023,778.83 6.43 5.01 - 5.50 197 $10,517,273.53 7.50 5.51 - 6.00 272 $13,660,978.06 9.74 6.01 - 6.50 119 $5,546,785.46 3.95 6.51 - 7.00 112 $4,756,313.67 3.39 7.01 - 7.50 148 $6,004,521.99 4.28 7.51 - 8.00 151 $5,158,263.04 3.68 8.01 - 13.75 435 $11,567,464.85 8.25 ------------------------------------------------------------------------ WTD AVG 4.92 2,590 $140,249,497.93 100.00 GROUP II: DISTRIBUTION OF NEXT ADJUSTMENT DATE MONTH COUNT BALANCE % BY BALANCE --------------------------------------------------------------- Mar-01 2 $180,579.69 0.13 Apr-01 4 $324,080.74 0.23 May-01 9 $603,024.18 0.43 Jun-01 19 $1,584,258.95 1.13 Jul-01 23 $1,931,448.74 1.38 Aug-01 94 $8,798,997.32 6.27 Sep-01 142 $12,293,929.11 8.77 Oct-01 212 $16,906,338.48 12.05 Nov-01 411 $24,335,953.20 17.35 Dec-01 711 $32,572,323.38 23.22 Jan-02 392 $17,543,107.81 12.51 Feb-02 462 $18,719,742.54 13.35 Mar-02 93 $3,783,772.22 2.70 Nov-02 1 $41,454.87 0.03 Dec-02 5 $179,043.65 0.13 Jan-03 5 $204,459.20 0.15 Feb-03 5 $246,983.85 0.18 --------------------------------------------------------------- TOTAL 2,590 $140,249,497.93 100.00 This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 12 NET FUNDS CAP SCHEDULE Assumptions: Closing Date: March 29, 2001 1-Yr Libor = 20% 30/360 RATE PERIOD DATE CAP 0 03/29/2001 -- 1 04/20/2001 8.44270 2 05/20/2001 8.44307 3 06/20/2001 8.45915 4 07/20/2001 8.45943 5 08/20/2001 8.45972 6 09/20/2001 8.50985 7 10/20/2001 8.63527 8 11/20/2001 8.80771 9 12/20/2001 9.04638 10 01/20/2002 9.38140 11 02/20/2002 9.83598 12 03/20/2002 10.07984 13 04/20/2002 10.43612 14 05/20/2002 10.43639 15 06/20/2002 10.45248 16 07/20/2002 10.45275 17 08/20/2002 10.45302 18 09/20/2002 10.50254 19 10/20/2002 10.62761 20 11/20/2002 10.79891 21 12/20/2002 11.03745 22 01/20/2003 11.37213 23 02/20/2003 11.82582 24 03/20/2003 12.07920 25 04/20/2003 12.43780 26 05/20/2003 12.43774 27 06/20/2003 12.44560 28 07/20/2003 12.44555 29 08/20/2003 12.44549 30 09/20/2003 12.47005 31 10/20/2003 12.53245 32 11/20/2003 12.61800 33 12/20/2003 12.73728 34 01/20/2004 12.90465 35 02/20/2004 13.13091 36 03/20/2004 13.26216 37 04/20/2004 13.44109 38 05/20/2004 13.44102 39 06/20/2004 13.44095 40 07/20/2004 13.44088 41 08/20/2004 13.44080 42 09/20/2004 13.44073 43 10/20/2004 13.44065 44 11/20/2004 13.44058 45 12/20/2004 13.44050 46 01/20/2005 13.44042 47 02/20/2005 13.44033 48 03/20/2005 13.44496 This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 13 TRANSACTION MATURITY MATRIX SETTLE 3/29/2001 FIRST PAY 4/20/2001 CLASS BALANCE I A 103,471,000.00 I M-1 9,286,000.00 I M-2 19,899,107.00 1YR LIBOR 4.67125% SCENARIO I II III IV V VI VII FIX 0% MHP 150% MHP 175% MHP 200% MHP 250% MHP 275% MHP 300% MHP ARM 0% MHP 150% MHP 200% MHP 250% MHP 300% MHP 350% MHP 400% MHP
TO CALL CLASS SCENARIO I II III IV V VI VII I A WAL 13.06 5.76 5.04 4.46 3.61 3.25 2.95 START-END PRINCIPAL 1-316 1-210 1-182 1-160 1-135 1-121 1-109 PRINCIPAL WINDOW 316 210 182 160 135 121 109 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010 I M-1 WAL 19.59 10.23 9.44 8.77 7.84 7.39 6.97 START-END PRINCIPAL 119-316 49-210 49-182 49-160 49-135 49-121 49-109 PRINCIPAL WINDOW 198 162 134 112 87 73 61 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010 I M-2 WAL 19.59 10.23 9.44 8.77 7.84 7.39 6.97 START-END PRINCIPAL 119-316 49-210 49-182 49-160 49-135 49-121 49-109 PRINCIPAL WINDOW 198 162 134 112 87 73 61 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010 IIA-1 WAL 16.08 6.67 5.13 4.04 3.21 2.60 2.14 START-END PRINCIPAL 1-316 1-210 1-182 1-160 1-135 1-121 1-109 PRINCIPAL WINDOW 316 210 182 160 135 121 109 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010 IIM-1 WAL 21.65 10.84 9.46 8.51 7.67 7.12 6.66 START-END PRINCIPAL 190-316 50-210 49-182 49-160 49-135 49-121 49-109 PRINCIPAL WINDOW 127 161 134 112 87 73 61 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010 IIM-2 WAL 21.65 10.84 9.46 8.51 7.67 7.12 6.66 START-END PRINCIPAL 190-316 50-210 49-182 49-160 49-135 49-121 49-109 PRINCIPAL WINDOW 127 161 134 112 87 73 61 MATURITY 7/2027 9/2018 5/2016 7/2014 6/2012 4/2011 4/2010
This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 14 TRANSACTION MATURITY MATRIX (CONTINUED) SETTLE 3/29/2001 FIRST PAY 4/20/2001 CLASS Balance I A 103,471,000.00 I M-1 9,286,000.00 I M-2 19,899,107.00 1YR LIBOR 4.67125% SCENARIO I II III IV V VI VII FIX 0% MHP 150% MHP 175% MHP 200% MHP 250% MHP 275% MHP 300% MHP ARM 0% MHP 150% MHP 200% MHP 250% MHP 300% MHP 350% MHP 400% MHP
TO MATURITY CLASS SCENARIO I II III IV V VI VII I A WAL 13.26 6.04 5.38 4.81 3.90 3.54 3.22 START-END PRINCIPAL 1-358 1-358 1-358 1-358 1-358 1-358 1-358 PRINCIPAL WINDOW 358 358 358 358 358 358 358 MATURITY 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 I M-1 WAL 19.94 10.83 10.23 9.70 8.84 8.48 8.17 START-END PRINCIPAL 119-358 49-358 49-358 49-358 49-358 49-358 49-358 PRINCIPAL WINDOW 240 310 310 310 310 310 310 MATURITY 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 IM-2 WAL 19.94 10.83 10.23 9.70 8.84 8.48 8.17 START-END PRINCIPAL 119-358 49-358 49-358 49-358 49-358 49-358 49-358 PRINCIPAL WINDOW 240 310 310 310 310 310 310 MATURITY 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 1/2031 IIA-1 WAL 16.15 7.02 5.43 4.26 3.38 2.71 2.19 START-END PRINCIPAL 1-352 1-352 1-352 1-352 1-352 1-352 1-352 PRINCIPAL WINDOW 352 352 352 352 352 352 352 MATURITY 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030 IIM-1 WAL 21.78 11.50 10.17 9.21 8.46 7.86 7.39 START-END PRINCIPAL 190-352 50-352 49-352 49-352 49-352 49-352 49-352 PRINCIPAL WINDOW 163 303 304 304 304 304 304 MATURITY 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030 IIM-2 WAL 21.78 11.50 10.17 9.21 8.46 7.86 7.39 START-END PRINCIPAL 190-352 50-352 49-352 49-352 49-352 49-352 49-352 PRINCIPAL WINDOW 163 303 304 304 304 304 304 MATURITY 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030 7/2030
This page must be accompanied by the disclaimer included on the cover of these materials. If you did not receive such a disclaimer please contact your Salomon Smith Barney Financial Advisor immediately. 15