EX-99 3 mexhibit991.htm EXHIBIT 99.1 Exhibit 99.1

Sequoia Mortgage Trust 2004-1 Class A Cash Flows


 

Period

Total

 

Date   

Principal

601,293,000.00

Interest

34,505,741.56

Cash Flow  

635,798,741.56

Balance

Coupon


 

0

28-Jan-04

0

0

0

601,293,000.00

0

  

1

20-Feb-04

11,515,398.00

543,836.11

12,059,234.12

589,777,602.00

1.48

  

2

20-Mar-04

11,303,342.57

727,392.38

12,030,734.95

578,474,259.43

1.48

  

3

20-Apr-04

11,095,095.78

713,451.59

11,808,547.36

567,379,163.65

1.48

  

4

20-May-04

10,890,685.61

699,767.64

11,590,453.25

556,488,478.04

1.48

  

5

20-Jun-04

10,690,041.39

686,335.79

11,376,377.18

545,798,436.65

1.48

  

6

20-Jul-04

10,493,093.73

673,151.41

11,166,245.14

535,305,342.92

1.48

  

7

20-Aug-04

10,299,774.53

660,209.92

10,959,984.46

525,005,568.39

1.48

  

8

20-Sep-04

10,110,016.94

647,506.87

10,757,523.81

514,895,551.44

1.48

  

9

20-Oct-04

9,923,755.35

635,037.85

10,558,793.20

504,971,796.09

1.48

  

10

20-Nov-04

9,740,925.34

622,798.55

10,363,723.89

495,230,870.75

1.48

  

11

20-Dec-04

9,561,463.69

610,784.74

10,172,248.43

485,669,407.06

1.48

  

12

20-Jan-05

9,385,308.35

598,992.27

9,984,300.62

476,284,098.71

1.48

  

13

20-Feb-05

9,212,398.40

587,417.06

9,799,815.46

467,071,700.31

1.48

  

14

20-Mar-05

9,042,674.06

576,055.10

9,618,729.15

458,029,026.25

1.48

  

15

20-Apr-05

8,876,076.62

564,902.47

9,440,979.09

449,152,949.63

1.48

  

16

20-May-05

8,712,548.49

553,955.30

9,266,503.79

440,440,401.14

1.48

  

17

20-Jun-05

8,552,033.11

543,209.83

9,095,242.94

431,888,368.03

1.48

  

18

20-Jul-05

8,394,474.99

532,662.32

8,927,137.31

423,493,893.05

1.48

  

19

20-Aug-05

8,239,819.63

522,309.13

8,762,128.76

415,254,073.42

1.48

  

20

20-Sep-05

8,088,013.56

512,146.69

8,600,160.25

407,166,059.87

1.48

  

21

20-Oct-05

7,939,004.28

502,171.47

8,441,175.75

399,227,055.59

1.48

  

22

20-Nov-05

7,792,740.27

492,380.04

8,285,120.31

391,434,315.32

1.48

  

23

20-Dec-05

7,649,170.95

482,768.99

8,131,939.94

383,785,144.36

1.48

  

24

20-Jan-06

7,508,246.68

473,335.01

7,981,581.69

376,276,897.68

1.48

  

25

20-Feb-06

7,369,918.72

464,074.84

7,833,993.56

368,906,978.96

1.48

  

26

20-Mar-06

7,234,139.24

454,985.27

7,689,124.52

361,672,839.71

1.48

  

27

20-Apr-06

7,100,861.30

446,063.17

7,546,924.47

354,571,978.42

1.48

  

28

20-May-06

6,970,038.79

437,305.44

7,407,344.23

347,601,939.63

1.48

  

29

20-Jun-06

6,841,626.49

428,709.06

7,270,335.55

340,760,313.14

1.48

  

30

20-Jul-06

6,715,579.99

420,271.05

7,135,851.04

334,044,733.15

1.48

  

31

20-Aug-06

6,591,855.70

411,988.50

7,003,844.20

327,452,877.45

1.48

  

32

20-Sep-06

6,470,410.84

403,858.55

6,874,269.39

320,982,466.60

1.48

  

33

20-Oct-06

6,351,203.42

395,878.38

6,747,081.80

314,631,263.18

1.48

  

34

20-Nov-06

6,234,192.22

388,045.22

6,622,237.44

308,397,070.96

1.48

  

35

20-Dec-06

6,119,336.76

380,356.39

6,499,693.15

302,277,734.20

1.48

  

36

20-Jan-07

6,006,597.34

372,809.21

6,379,406.55

296,271,136.86

1.48

  

37

20-Feb-07

5,895,934.98

365,401.07

6,261,336.05

290,375,201.88

1.48

  

38

20-Mar-07

5,787,311.40

358,129.42

6,145,440.81

284,587,890.48

1.48

  

39

20-Apr-07

5,243,096.50

350,991.73

5,594,088.23

279,344,793.98

1.48

  

40

20-May-07

5,146,500.47

344,525.25

5,491,025.71

274,198,293.52

1.48

  

41

20-Jun-07

5,051,684.07

338,177.90

5,389,861.96

269,146,609.45

1.48

  

42

20-Jul-07

4,958,614.52

331,947.48

5,290,562.00

264,187,994.93

1.48

  

43

20-Aug-07

4,867,259.63

325,831.86

5,193,091.49

259,320,735.30

1.48

  

44

20-Sep-07

4,777,587.82

319,828.91

5,097,416.73

254,543,147.48

1.48

  

45

20-Oct-07

4,689,568.07

313,936.55

5,003,504.62

249,853,579.40

1.48

  

46

20-Nov-07

4,603,169.96

308,152.75

4,911,322.70

245,250,409.45

1.48

  

47

20-Dec-07

4,518,363.59

302,475.50

4,820,839.10

240,732,045.86

1.48

  

48

20-Jan-08

4,435,119.66

296,902.86

4,732,022.51

236,296,926.20

1.48

  

49

20-Feb-08

4,353,409.36

291,432.88

4,644,842.24

231,943,516.84

1.48

  

50

20-Mar-08

4,273,204.45

286,063.67

4,559,268.12

227,670,312.39

1.48

  

51

20-Apr-08

4,194,477.20

280,793.39

4,475,270.58

223,475,835.19

1.48

  

52

20-May-08

4,117,200.37

275,620.20

4,392,820.57

219,358,634.81

1.48

  

53

20-Jun-08

4,041,347.26

270,542.32

4,311,889.57

215,317,287.56

1.48

  

54

20-Jul-08

3,966,891.62

265,557.99

4,232,449.60

211,350,395.94

1.48

  

55

20-Aug-08

3,893,807.71

260,665.49

4,154,473.19

207,456,588.24

1.48

  

56

20-Sep-08

3,822,070.26

255,863.13

4,077,933.38

203,634,517.98

1.48

  

57

20-Oct-08

3,751,654.46

251,149.24

4,002,803.70

199,882,863.52

1.48

  

58

20-Nov-08

3,682,535.96

246,522.20

3,929,058.16

196,200,327.56

1.48

  

59

20-Dec-08

3,639,188.34

241,980.40

3,881,168.75

192,561,139.22

1.48

  

60

20-Jan-09

3,792,125.73

237,492.07

4,029,617.80

188,769,013.49

1.48

  

61

20-Feb-09

3,718,363.65

232,815.12

3,951,178.76

185,050,649.84

1.48

  

62

20-Mar-09

3,646,022.67

228,229.13

3,874,251.80

181,404,627.17

1.48

  

63

20-Apr-09

3,575,075.62

223,732.37

3,798,807.99

177,829,551.56

1.48

  

64

20-May-09

3,505,495.84

219,323.11

3,724,818.95

174,324,055.72

1.48

  

65

20-Jun-09

3,437,257.19

214,999.67

3,652,256.86

170,886,798.53

1.48

  

66

20-Jul-09

3,370,334.00

210,760.38

3,581,094.39

167,516,464.53

1.48

  

67

20-Aug-09

3,304,701.13

206,603.64

3,511,304.77

164,211,763.40

1.48

  

68

20-Sep-09

3,240,333.88

202,527.84

3,442,861.72

160,971,429.52

1.48

  

69

20-Oct-09

3,177,208.03

198,531.43

3,375,739.46

157,794,221.49

1.48

  

70

20-Nov-09

3,115,299.82

194,612.87

3,309,912.70

154,678,921.67

1.48

  

71

20-Dec-09

3,054,585.96

190,770.67

3,245,356.63

151,624,335.71

1.48

  

72

20-Jan-10

2,995,043.58

187,003.35

3,182,046.93

148,629,292.13

1.48

  

73

20-Feb-10

2,936,650.26

183,309.46

3,119,959.72

145,692,641.87

1.48

  

74

20-Mar-10

2,879,383.99

179,687.59

3,059,071.58

142,813,257.88

1.48

  

75

20-Apr-10

2,823,223.19

176,136.35

2,999,359.54

139,990,034.69

1.48

  

76

20-May-10

2,768,146.70

172,654.38

2,940,801.07

137,221,887.99

1.48

  

77

20-Jun-10

2,714,133.74

169,240.33

2,883,374.07

134,507,754.25

1.48

  

78

20-Jul-10

2,661,163.94

165,892.90

2,827,056.84

131,846,590.31

1.48

  

79

20-Aug-10

2,609,217.32

162,610.79

2,771,828.12

129,237,372.99

1.48

  

80

20-Sep-10

2,558,274.28

159,392.76

2,717,667.04

126,679,098.71

1.48

  

81

20-Oct-10

2,508,315.57

156,237.56

2,664,553.13

124,170,783.14

1.48

  

82

20-Nov-10

2,459,322.35

153,143.97

2,612,466.31

121,711,460.79

1.48

  

83

20-Dec-10

2,411,276.09

150,110.80

2,561,386.89

119,300,184.70

1.48

  

84

20-Jan-11

2,364,158.65

147,136.89

2,511,295.54

116,936,026.05

1.48

  

85

20-Feb-11

2,317,952.22

144,221.10

2,462,173.32

114,618,073.84

1.48

  

86

20-Mar-11

2,272,639.33

141,362.29

2,414,001.62

112,345,434.51

1.48

  

87

20-Apr-11

2,228,202.84

138,559.37

2,366,762.21

110,117,231.67

1.48

  

88

20-May-11

2,184,625.95

135,811.25

2,320,437.21

107,932,605.71

1.48

  

89

20-Jun-11

2,141,892.17

133,116.88

2,275,009.05

105,790,713.54

1.48

  

90

20-Jul-11

2,099,985.32

130,475.21

2,230,460.53

103,690,728.22

1.48

  

91

20-Aug-11

2,058,889.53

127,885.23

2,186,774.76

101,631,838.69

1.48

  

92

20-Sep-11

2,018,589.24

125,345.93

2,143,935.18

99,613,249.45

1.48

  

93

20-Oct-11

1,979,069.19

122,856.34

2,101,925.53

97,634,180.26

1.48

  

94

20-Nov-11

1,940,314.39

120,415.49

2,060,729.88

95,693,865.87

1.48

  

95

20-Dec-11

1,902,310.15

118,022.43

2,020,332.59

93,791,555.72

1.48

  

96

20-Jan-12

1,865,042.07

115,676.25

1,980,718.33

91,926,513.65

1.48

  

97

20-Feb-12

1,828,496.01

113,376.03

1,941,872.04

90,098,017.64

1.48

  

98

20-Mar-12

1,792,658.10

111,120.89

1,903,778.99

88,305,359.54

1.48

  

99

20-Apr-12

1,757,514.73

108,909.94

1,866,424.68

86,547,844.80

1.48

  

100

20-May-12

1,723,052.58

106,742.34

1,829,794.92

84,824,792.23

1.48

  

101

20-Jun-12

1,689,258.54

104,617.24

1,793,875.78

83,135,533.69

1.48

  

102

20-Jul-12

1,656,119.78

102,533.82

1,758,653.60

81,479,413.92

1.48

  

103

20-Aug-12

1,623,623.70

100,491.28

1,724,114.98

79,855,790.22

1.48

  

104

20-Sep-12

1,591,757.96

98,488.81

1,690,246.77

78,264,032.26

1.48

  

105

20-Oct-12

1,560,510.43

96,525.64

1,657,036.07

76,703,521.83

1.48

  

106

20-Nov-12

1,529,869.23

94,601.01

1,624,470.24

75,173,652.60

1.48

  

107

20-Dec-12

1,499,822.70

92,714.17

1,592,536.88

73,673,829.89

1.48

  

108

20-Jan-13

1,470,359.41

90,864.39

1,561,223.80

72,203,470.48

1.48

  

109

20-Feb-13

1,441,468.13

89,050.95

1,530,519.08

70,762,002.36

1.48

  

110

20-Mar-13

1,413,137.86

87,273.14

1,500,411.00

69,348,864.50

1.48

  

111

20-Apr-13

1,385,357.81

85,530.27

1,470,888.07

67,963,506.69

1.48

  

112

20-May-13

1,358,117.38

83,821.66

1,441,939.04

66,605,389.30

1.48

  

113

20-Jun-13

1,331,406.21

82,146.65

1,413,552.85

65,273,983.10

1.48

  

114

20-Jul-13

1,305,214.08

80,504.58

1,385,718.66

63,968,769.02

1.48

  

115

20-Aug-13

1,279,531.03

78,894.82

1,358,425.84

62,689,237.99

1.48

  

116

20-Sep-13

1,254,347.23

77,316.73

1,331,663.96

61,434,890.76

1.48

  

117

20-Oct-13

1,229,653.08

75,769.70

1,305,422.78

60,205,237.68

1.48

  

118

20-Nov-13

1,205,439.16

74,253.13

1,279,692.28

58,999,798.52

1.48

  

119

20-Dec-13

1,181,696.20

72,766.42

1,254,462.61

57,818,102.32

1.48

  

120

20-Jan-14

57,818,102.32

71,308.99

57,889,411.32

0

1.48

This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities or any of its affiliates.  Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.


This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities.  It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction.  All amounts are approximate and subject to change.  The information contained herein supersedes information contained in any prior term sheet for this transaction.  In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction.  An offering may be made only through the delivery of the Prospectus and Prospectus Supplement.



Preliminary Term Sheet

Date Prepared: January 14, 2004


Sequoia Mortgage Trust 2004-1


Mortgage Pass-Through Certificates

$616,605,000 (Approximate, Subject to Final Collateral)

Publicly Offered Certificates

Adjustable Rate Residential Mortgage Loans



Class

Principal

   Balance (1)

WAL (Yrs)

(Call/Mat) (2)

Pymt Window

(Mths) (Call/Mat) (2)

Certificate Interest Rates


Tranche Type

Expected Ratings

S&P/Moody’s/Fitch

       

    A(3)

$601,293,000

3.88 / 4.21

1-120 / 1-359

Floater

Senior

AAA/Aaa/AAA

X-1(5)(6)

$601,293,000

 

N/A

Senior/ NAS IO

AAA/Aaa/AAA

X-2(5)(7)

$601,293,000



Information Not Provided Herein

N/A

Senior/ IO

AAA/Aaa/AAA

XB-1(5)(8)

$9,375,000

N/A

Senior/ IO

AAA/Aaa/AAA

XB-2(5)(9)

$5,937,000

N/A

Senior/ IO

AAA/Aaa/AAA

A-R

$100

 

Senior

AAA/Aaa/AAA

B-1(4)

$9,375,000

6.61 / 7.32

39-120 / 39-359

Floater

Subordinate

AA/Aa2/AA

B-2(4)

$5,937,000

6.61 / 7.32

39-120 / 39-359

Floater

Subordinate

A/A2/A

B-3

$3,437,000


Information Not Provided Herein

N/A

Subordinate

BBB/Baa2/BBB

B-4

$1,562,000

 

N/A

Subordinate

BB/Ba2/BB

B-5

$937,000

N/A

Subordinate

B/B2/B

B-6

$2,503,906

N/A

Subordinate

NR/NR/NR

      

Total

$625,045,006


    






*RBS GREENWICH CAPITAL


This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities or any of its affiliates.  Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.


This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities.  It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction.  All amounts are approximate and subject to change.  The information contained herein supersedes information contained in any prior term sheet for this transaction.  In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction.  An offering may be made only through the delivery of the Prospectus and Prospectus Supplement.

(1)

Distributions on the Senior Certificates (as described herein) and the Subordinate Certificates (as described herein) will be derived from one-month and six-month LIBOR adjustable rate mortgage loans, the Mortgage Loans (as described herein).   Class sizes are subject to final collateral and rating agency approval and are subject to a +/-10% variance.

(2)

The WAL and Payment Windows for the Class A, Class B-1 and Class B-2 Certificates are shown to the Clean-Up Call Date and to maturity (as described herein).

(3)

The Class A Certificates will have a coupon equal to the lesser of (i) Six-Month LIBOR plus a related margin (which  margin doubles after the Clean-Up Call Date), (ii) the Net WAC Cap and (iii) 11.50%.  Six-Month LIBOR will reset every 6 months beginning with the first Distribution Date in February 2004.

(4)

The Class B-1 and Class B-2 Certificates will have a coupon equal to the lesser of (i) One-Month LIBOR plus a margin (which margin is multiplied by [1.5] after the Clean-Up Call Date), (ii) the Net WAC Cap and (iii) 11.50%.

(5)

Balances shown with respect to the Class X-1, Class X-2, Class XB-1 and Class XB-2 Certificates are notional balances.  Such classes are interest-only certificates and will not be entitled to distributions of principal.

(6)

The notional amount of the Class X-1 Certificates for any Distribution Date is the lesser of (x) the notional amount set out immediately prior to such date on the related notional amount schedule and (y) the class principal amounts of the Class A Certificates, for such distribution date. Beginning on the Distribution Date in [-], the notional amount of the Class X-1 Certificates will be zero.  The interest rate of the Class X-1 Certificates will be the lesser of (x) [-]% and (y) the excess, if any, of (i) the weighted average of the net interest rates of the Mortgage Loans over (ii) the interest rate for the Class A Certificates.  Distributions on the Class X-1 Certificates will be subject to certain limitations in connection with the related Net WAC Shortfalls of the Class A Certificates, and as otherwise described herein. No principal will be distributed on the X-1 Certificates.  

(7)

The notional amount of the Class X-2 Certificates for any Distribution Date is the principal amount of the Class A Certificates immediately prior to such distribution date.  The interest rate of the Class X-2 Certificates will be equal to the Adjusted Net WAC less the Certificate Interest Rate of the Class A Certificates.  Distributions on the Class X-2 Certificates will be subject to certain limitations in connection with the related Net WAC Shortfalls of the Class A Certificates, and as otherwise described herein.  No principal will be distributed on the X-2 Certificates.  The “Adjusted Net WAC” shall mean for any Distribution Date a per annum rate equal to the product of (i) 12 and (ii) a fraction, the numerator of which is the excess of (x) what the current interest on the Class A Certificates would have been for such Distribution Date had the Certificate Interest Rate on such class been the Net WAC over (y) the current interest on the Class X-1 Certificate for such Distribution Date and the denominator of which is the class principal amount of the Class A Certificates immediately prior to such Distribution Date

(8)

The notional amount of the Class XB-1 Certificates for any distribution date is equal to the principal amount of the Class B-1 Certificates immediately prior to such distribution date.    The interest rate of the Class XB-1 Certificates will be equal to the weighted average of the net interest rates of the Mortgage Loans less interest distributed to the Class B-1 Certificates. Distributions on the Class XB-1 Certificates will be subject to certain limitations in connection with the related Net WAC Shortfalls of the Class B-1 Certificates, and as otherwise described herein.  No principal will be distributed on the XB-1 Certificates.

(9)

The notional amount of the Class XB-2 Certificates for any distribution date is equal to the principal amount of the Class B-2 Certificates immediately prior to such distribution date.    The interest rate on the Class XB-2 Certificates will be equal to the weighted average of the net interest rates of the Mortgage Loans less interest distributed to the Class B-2 Certificates. Distributions on the Class XB-2 Certificates will be subject to certain limitations in connection with the related Net WAC Shortfalls of the Class B-2 Certificates, and as otherwise described herein.  No principal will be distributed on the XB-2 Certificates.

*RBS GREENWICH CAPITAL


This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities or any of its affiliates.  Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.


This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities.  It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction.  All amounts are approximate and subject to change.  The information contained herein supersedes information contained in any prior term sheet for this transaction.  In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction.  An offering may be made only through the delivery of the Prospectus and Prospectus Supplement.


Depositor:

Sequoia Residential Funding, Inc.


Co-Lead Managers:

Greenwich Capital Markets, Inc and Morgan Stanley.


Co-Managers:

Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated.


Master Servicer/

Securities Administrator:

Wells Fargo Bank, N.A.


Trustee:

HSBC Bank USA.


Custodians:

Deutsche Bank National Trust Company and Wells Fargo Bank, N.A.


Rating Agencies:

S&P, Moody’s and Fitch will rate the Offered Certificates.  It is expected that the Certificates will be assigned the credit ratings on page 1 of this Preliminary Term Sheet.


Cut-off Date:

January 1, 2004.  


Pricing Date:

On or about January [16], 2004.


Closing Date:

On or about January 28, 2004.


Distribution Date:

The 20th day of each month (or if not a business day, the next succeeding business day), commencing in February 2004.


Certificates:

The “Senior Certificates” will consist of the Class A, Class X-1, Class X-2, Class XB-1, Class XB-2 and Class A-R Certificates.  The “Class X Certificates” will consist of the Class X-1, Class X-2, Class XB-1 and Class XB-2 Certificates.  The “Subordinate Certificates” will consist of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates.  The Senior Certificates and the Subordinate Certificates are collectively referred to herein as the “Certificates”.  The Class A, Class B-1 and Class B-2 Certificates (collectively, the “Offered Certificates”) are being offered publicly.


Accrued Interest:

The Class A, Class B-1 and Class B-2 Certificates will settle flat.


Accrual Period:

The interest accrual period (the “Accrual Period”) with respect to the Class A, Class B-1 and Class B-2 Certificates for a given Distribution Date will be the period beginning on the 20th day of the month (or, in the case of the first Distribution Date, the Closing Date) and ending on the 19th day of the month (on a 30/360 basis), and with respect to the Class X Certificates for a given Distribution Date will be the calendar month preceding the month in which such Distribution Date occurs (on a 30/360 basis).


Registration:

The Offered Certificates will be made available in book-entry form through DTC, and upon request only, through Clearstream, Luxembourg and Euroclear system.


Federal Tax Treatment:

It is anticipated that the Offered Certificates will represent ownership of REMIC regular interests for tax purposes.



*RBS GREENWICH CAPITAL




This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities or any of its affiliates.  Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.


This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities.  It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction.  All amounts are approximate and subject to change.  The information contained herein supersedes information contained in any prior term sheet for this transaction.  In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction.  An offering may be made only through the delivery of the Prospectus and Prospectus Supplement.


ERISA Eligibility:

The Offered Certificates are expected to be ERISA eligible.  Prospective investors should review with their legal advisors whether the purchase and holding of any of the Offered Certificates could give rise to a transaction prohibited or not otherwise permissible under ERISA or other similar laws.


SMMEA Treatment:

The Senior Certificates and the Class B-1 Certificates are expected to constitute “mortgage related securities” for purposes of SMMEA.


Optional Redemption:

The terms of the transaction allow for the certificates to be redeemed and/or retired once the aggregate principal balance of the Mortgage Loans is equal to 20% or less of the sum of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date (the “Optional Call Date”).


Clean-Up Call:

The terms of the transaction allow for a purchase of the Mortgage Loans resulting in a termination of the trust and retirement of the Certificates once the aggregate principal balance of the Mortgage Loans is equal to 10% or less of aggregate principal balance of the Mortgage Loans as of the Cut-off Date (the “Clean-Up Call Date”).


Pricing Prepayment

Speed:

The Offered Certificates will be priced to a prepayment speed of 20% CPR.


Mortgage Loans:

The trust will consist of adjustable rate, prime quality mortgage loans secured by first liens on one- to four-family residential properties with an aggregate principal balance as of the Cut-off Date of approximately $625,045,006, (the “Mortgage Loans”).  As of the Cut-off Date, approximately 84.62% and 15.38% of the Mortgage Loans are six-month LIBOR and one-month LIBOR indexed mortgage loans, respectively.  Substantially all of the Mortgage Loans have original terms to maturity of approximately 25 or 30 years.  As of the Cut-off Date, approximately 57.92% and 42.08% of the Mortgage Loans are scheduled to pay interest only for the first 5 years and 10 years, respectively.  In each case, after such 5-year or 10-year interest-only term, the mortgage loans are scheduled to amortize on a 25-year or 15-year fully amortizing basis, respectively.  

 


*RBS GREENWICH CAPITAL


This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities or any of its affiliates.  Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.


This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities.  It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction.  All amounts are approximate and subject to change.  The information contained herein supersedes information contained in any prior term sheet for this transaction.  In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction.  An offering may be made only through the delivery of the Prospectus and Prospectus Supplement.


Net WAC Cap:

In the case of the Class A, Class B-1 and Class B-2 Certificates, the weighted average of the net mortgage rates for the Mortgage Loans.

The Class A Certificates will have a Certificate Interest Rate equal to the lesser of (i) six-month LIBOR plus the related margin, (ii) the Net WAC Cap and (iii) 11.50%.

The Class B-1 Certificates will have a Certificate Interest Rate equal to the lesser of (i) one-month LIBOR plus the related margin, (ii) the Net WAC Cap and (iii) 11.50%.

The Class B-2 Certificates will have a Certificate Interest Rate equal to the lesser of (i) one-month LIBOR plus the related margin, (ii) the Net WAC Cap and (iii) 11.50%.

If on any Distribution Date, the Certificate Interest Rate of the Class A Certificates is subject to the Net WAC Cap, such Certificates will, to the extent described below, be entitled to payment of an amount equal to the sum of (i) the excess of (a) interest accrued at the respective Certificate Interest Rate (without giving effect to the Net WAC Cap) over (b) the amount of interest received on such Certificates based on the Net WAC Cap, plus (ii) the unpaid portion of any such excess from previous Distribution Dates (and any interest thereon at the then applicable Certificate Interest Rate without giving effect to the Net WAC Cap) (a “Class A Net WAC Shortfall”) from related amounts on deposit in the Reserve Fund.

If on any Distribution Date, the Certificate Interest Rate of the Class B-1 Certificates is subject to the Net WAC Cap, such Certificates will, to the extent described below, be entitled to payment of an amount equal to the sum of (i) the excess of the (a) interest accrued at the respective Certificate Interest Rate (without giving effect to the Net WAC Cap) over (b) the amount of interest received on such Certificates based on the Net WAC Cap, plus (ii) the unpaid portion of any such excess from previous Distribution Dates (and any interest thereon at the then applicable Certificate Interest Rate without giving effect to the Net WAC Cap) (a “Class B-1 Net WAC Shortfall”) from related amounts on deposit in the Reserve Fund.

If on any Distribution Date, the Certificate Interest Rate of the Class B-2 Certificates is subject to the Net WAC Cap, such Certificates will, to the extent described below, be entitled to payment of an amount equal to the sum of (i) the excess of the (a) interest accrued at the respective Certificate Interest Rate (without giving effect to the Net WAC Cap) over (b) the amount of interest received on such Certificates based on the Net WAC Cap, plus (ii) the unpaid portion of any such excess from previous Distribution Dates (and any interest thereon at the then applicable Certificate Interest Rate without giving effect to the Net WAC Cap) (a “Class B-2 Net WAC Shortfall”) from related amounts on deposit in the Reserve Fund.

The “Net WAC Shortfall” any of the Class A Net WAC Shortfall, the Class B-1 Net WAC Shortfall and the Class B-2 Net WAC Shortfall amounts.

Reserve Fund:

As of the Closing Date, the “Reserve Fund” will be established on behalf of the LIBOR Certificates.  The Reserve Fund will be funded by an initial deposit of funds on the Closing Date, and thereafter, by amounts otherwise distributable to any of the Class X Certificates to the extent of any of the related Net WAC Shortfall amounts for a related Distribution Date.  The Reserve Fund will not be an asset of the REMIC.  On any Distribution Date, LIBOR Certificates will be entitled to receive payments from the Reserve Fund in an amount equal to the related Net WAC Shortfall amount for such Distribution Date, to the extent available.  Any amounts remaining in the Reserve Fund after such distribution will be distributed to the related Class X Certificates.

*RBS GREENWICH CAPITAL



This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities or any of its affiliates.  Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.


This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities.  It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction.  All amounts are approximate and subject to change.  The information contained herein supersedes information contained in any prior term sheet for this transaction.  In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction.  An offering may be made only through the delivery of the Prospectus and Prospectus Supplement.


Credit Enhancement:

Senior/subordinate, shifting interest structure.


Credit enhancement for the Senior Certificates will consist of the subordination of the Subordinate Certificates (total subordination initially [3.80]%).


Credit enhancement for the Class B-1 Certificates will consist of the subordination of the Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates (total subordination initially [2.30]%).


Credit enhancement for the Class B-2 Certificates will consist of the subordination of the Class B-3, Class B-4, Class B-5 and Class B-6 Certificates (total subordination initially [1.35]%).








*RBS GREENWICH CAPITAL



This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities or any of its affiliates.  Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.


This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities.  It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction.  All amounts are approximate and subject to change.  The information contained herein supersedes information contained in any prior term sheet for this transaction.  In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction.  An offering may be made only through the delivery of the Prospectus and Prospectus Supplement.


Shifting Interest:

Until the first Distribution Date occurring after January 2014, the Subordinate Certificates will be locked out from receipt of all principal (unless the Senior Certificates are paid down to zero or the credit enhancement provided by the Subordinate Certificates has doubled prior to such date as described below).  After such time and subject to standard collateral performance triggers (as described in the prospectus supplement), the Subordinate Certificates will receive their pro-rata share of scheduled principal and increasing portions of unscheduled principal prepayments.


The prepayment percentages on the Subordinate Certificates are as follows:


February 2004 – January 2014

 0% Pro Rata Share

February 2014 – January 2015

30%  Pro Rata Share

February 2015 – January 2016

40%  Pro Rata Share

February 2016 – January 2017

60%  Pro Rata Share

February 2017 – January 2018

80%  Pro Rata Share

February 2018 and after

   

100%  Pro Rata Share


Notwithstanding the foregoing, if the credit enhancement provided by the Subordinate Certificates doubles, all principal (scheduled principal and prepayments) will be paid pro-rata between the Senior  Certificate (other than the Class X Certificates) and Subordinate Certificates (subject to performance triggers).  However, if the credit enhancement provided by the Subordinate Certificates has doubled prior to the Distribution Date in February 2007 (subject to performance triggers), then the Subordinate Certificates will be entitled to only 50% of their pro-rata share of principal (scheduled principal and prepayments).


Any principal not allocated to the Subordinate Certificates will be allocated to the Senior Certificates.  In the event the applicable current senior percentage (equal to the aggregate principal balance of the Senior Certificates, divided by the aggregate principal balance of the Mortgage Loans) exceeds the initial senior percentage (equal to the aggregate principal balance of the Senior Certificates as of the Closing Date, divided by the sum of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date, the Senior Certificates (other than the Class X Certificates) will receive all unscheduled prepayments from the Mortgage Loans, regardless of any prepayment percentages as described above.


Allocation of

Realized Losses:

Any realized losses on the Mortgage Loans will be allocated as follows: first, to the Subordinate Certificates in reverse order of their alpha numerical Class designations, in each case until the respective class principal balance has been reduced to zero; thereafter, to the Class A Certificates in reduction of their principal balance.


*RBS GREENWICH CAPITAL



This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities or any of its affiliates.  Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.


This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities.  It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction.  All amounts are approximate and subject to change.  The information contained herein supersedes information contained in any prior term sheet for this transaction.  In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction.  An offering may be made only through the delivery of the Prospectus and Prospectus Supplement.


Certificates Priority of

Distributions:

With respect to any Distribution Date, available funds from the Mortgage Loans will be distributed in the following order of priority:

With respect to any Distribution Date, available funds from the Mortgage Loans will be distributed in the following order of priority:

1)

Senior Certificates, accrued and unpaid interest at the related Certificate Interest Rate, from the related Mortgage Loans; provided that, to the extent of any of the related Net WAC Shortfall amount for such Distribution Date with respect to each of the Offered Certificates, the amount of interest otherwise distributable to the related Class X Certificates shall be deposited in the Reserve Fund.

2)

Class A-R Certificates, principal allocable to such class.

3)

Class A Certificates, principal allocable to such class.

4)

Class B-1 Certificates, accrued and unpaid interest at the related Certificate Interest Rate.

5)

Class B-1 Certificates, principal allocable to such class.

6)

Class B-2 Certificates, accrued and unpaid interest at the related Certificate Interest Rate.

7)

Class B-2 Certificates, principal allocable to such class.

8)

Class A Certificates, the related Net WAC Shortfall amount, from the Reserve Fund.

9)

Class B-1 Certificates, the related Net WAC Shortfall Amount, from the Reserve Fund.

10)

Class B-2 Certificates, the related Net WAC Shortfall Amount, from the Reserve Fund.

11)

Class X Certificates, the excess amounts related to each Class X Certificate, from the Reserve Fund.

12)

Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, in sequential order, accrued and unpaid interest at the related Certificate Interest Rate and the respective shares of principal allocable to such classes.

13)

Class A-R Certificate, any remaining amount.



*RBS GREENWICH CAPITAL



This information is furnished to you solely by Greenwich Capital Markets, Inc. ("GCM") and not by the issuer of the securities or any of its affiliates.  GCM is acting as underwriter and not as agent for the issuer or its affiliates in connection with the proposed transaction.


COMPUTATIONAL MATERIALS DISCLAIMER


The attached tables and other statistical analyses (the “Computational Materials”) are privileged and intended for use by the addressee only.  These Computational Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities.  They may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating said material.

Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected therein.  As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance.  These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.


Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods.  In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials.  Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall.  The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials.  The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance.  Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities.


Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission.  This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state.  Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication which supersede these Computational Materials and any matter discussed in this communication.  Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160.


Please be advised that the securities described herein may not be appropriate for all investors.  Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks.  Investors should make every effort to consider the risks of these securities.


If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail.




*RBS GREENWICH CAPITAL



This information is furnished to you solely by Greenwich Capital Markets, Inc. ("GCM") and not by the issuer of the securities or any of its affiliates.  GCM is acting as underwriter and not as agent for the issuer or its affiliates in connection with the proposed transaction.


Sensitivity Tables



Class A To Call

 

 

 

 

 

 

 

 

 

12% CPR

15% CPR

20% CPR

25% CPR

30% CPR

40% CPR

 WAL (yr)

6.28

5.15

3.88

3.04

2.45

1.72

 MDUR (yr)

5.81

4.82

3.68

2.91

2.36

1.67

 First Prin Pay

02/20/04

02/20/04

02/20/04

02/20/04

02/20/04

02/20/04

 Last Prin Pay

03/20/19

11/20/16

01/20/14

12/20/11

06/20/10

08/20/08


Class A To Maturity

 

 

 

 

 

 

 

 

12% CPR

15% CPR

20% CPR

25% CPR

30% CPR

40% CPR

 WAL (yr)

6.68

5.53

4.21

3.32

2.70

1.89

 MDUR (yr)

6.11

5.12

3.95

3.15

2.58

1.83

 First Prin Pay

02/20/04

02/20/04

02/20/04

02/20/04

02/20/04

02/20/04

 Last Prin Pay

12/20/33

12/20/33

12/20/33

12/20/33

12/20/33

12/20/33


 

Class B-1 To Call

 

 

 

 

 

 

 

 

12% CPR

15% CPR

20% CPR

25% CPR

30% CPR

40% CPR

 WAL (yr)

10.51

8.71

6.61

5.39

4.58

3.46

 MDUR (yr)

9.47

7.97

6.17

5.08

4.35

3.32

 First Prin Pay

07/20/09

06/20/08

04/20/07

07/20/06

02/20/06

07/20/05

 Last Prin Pay

03/20/19

11/20/16

01/20/14

12/20/11

06/20/10

08/20/08


 

Class B-1 To Maturity

 

 

 

 

 

 

 

 

12% CPR

15% CPR

20% CPR

25% CPR

30% CPR

40% CPR

 WAL (yr)

11.33

9.52

7.32

6.05

5.22

4.04

 MDUR (yr)

10.08

8.59

6.73

5.63

4.90

3.84

 First Prin Pay

07/20/09

06/20/08

04/20/07

07/20/06

02/20/06

07/20/05

 Last Prin Pay

12/20/33

12/20/33

12/20/33

12/20/33

12/20/33

12/20/33



*RBS GREENWICH CAPITAL


This information is furnished to you solely by Greenwich Capital Markets, Inc. ("GCM") and not by the issuer of the securities or any of its affiliates.  GCM is acting as underwriter and not as agent for the issuer or its affiliates in connection with the proposed transaction.



 

Class B-2 To Call

 

 

 

 

 

 

 

 

12% CPR

15% CPR

20% CPR

25% CPR

30% CPR

40% CPR

 WAL (yr)

10.51

8.71

6.61

5.39

4.58

3.46

 MDUR (yr)

9.14

7.73

6.02

4.98

4.28

3.28

 First Prin Pay

07/20/09

06/20/08

04/20/07

07/20/06

02/20/06

07/20/05

 Last Prin Pay

03/20/19

11/20/16

01/20/14

12/20/11

06/20/10

08/20/08


 

Class B-2 To Maturity

 

 

 

 

 

 

 

 

12% CPR

15% CPR

20% CPR

25% CPR

30% CPR

40% CPR

 WAL (yr)

11.33

9.52

7.32

6.05

5.22

4.04

 MDUR (yr)

9.68

8.29

6.54

5.49

4.80

3.77

 First Prin Pay

07/20/09

06/20/08

04/20/07

07/20/06

02/20/06

07/20/05

 Last Prin Pay

12/20/33

12/20/33

12/20/33

12/20/33

12/20/33

12/20/33




*RBS GREENWICH CAPITAL


This information is furnished to you solely by Greenwich Capital Markets, Inc. ("GCM") and not by the issuer of the securities or any of its affiliates.  GCM is acting as underwriter and not as agent for the issuer or its affiliates in connection with the proposed transaction.




Class A, Class B-1 and B-2 Certificates

Effective Net WAC Cap Schedule*




Assumptions :

   

    20% CPR

   

    To Cleanup Call

   

1MO & 6MO LIBOR spike to 20% in month 1

    Class A, B-1 & B-2 Hard Cap of 11.50%

   
 

Distribution

Class A, B-1 & B-2

 

Period

30/360

  

Net WAC
Cap %

 

1

2.6750

 

2

4.0395

 

3

4.0748

 

4

4.0748

 

5

4.0748

 

6

9.5126

 

7 and After

11.5000


*The Net WAC Cap is calculated assuming current 1-Month LIBOR or 6-Month LIBOR of 20.00% and is run at the pricing speed of 20% CPR to the clean-up call




*RBS GREENWICH CAPITAL



The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc.  Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof.  Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein.


The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement.  Such information supersedes the information in all prior collateral term sheets, if any.


Sequoia Mortgage Trust 2004-1

Total Collateral – Mortgage Loans

As of the Cut-Off Date

Total Current Balance:                  

$625,045,006

     

Number Of Loans:                          

1,702

     

 

      
   

Minimum

 

Maximum

 

Average Current Balance:                                   

$367,241

 

$47,600

 

$7,000,000

 

Average Original Balance:                                  

$367,784

 

$47,600

 

$7,000,000

 

 

      

Weighted Average Loan Rate:                                             

3.061

%       

2.375

%       

4.000

%       

Weighted Average Servicing Fee:                                         

0.376

%       

0.375

%       

0.875

%       

Weighted Average Net Loan Rate:                                         

2.685

%       

2.000

%       

3.625

%       

 

      

Weighted Average Gross Margin:                                          

1.812

%       

1.000

%       

2.500

%       

Weighted Average Maximum Loan Rate:                                     

12.000

%       

11.750

%       

12.000

%       

Weighted Average Periodic Rate Cap:                                     

0.000

%       

0.000

%       

0.000

%       

Weighted Average First Rate Cap:                                        

0.000

%       

0.000

%       

0.000

%       

 

      

Weighted Average Original LTV:                                          

69.97

%       

10.64

%       

100.00

%       

Weighted Average Effective LTV:                                         

68.76

%       

10.64

%       

95.00

%       

 

      

Weighted Average Credit Score:                                          

728

        

584

        

813

        

 

      

Weighted Average Original Term:                                         

335

months  

300

months  

360

months  

Weighted Average Remaining Term:                                        

334

months  

294

months  

360

months  

Weighted Average Seasoning:                                             

1

months  

0

months  

17

months  

 

      

Weighted Average Next Rate Reset:                                       

5

months  

1

months  

6

months  

Weighted Average Rate Adj Freq:                                         

5

months  

1

months  

6

months  

Weighted Average First Rate Adj Freq:                                   

5

months  

1

months  

6

months  

 

      

Weighted Average IO Original Term:                                      

85

months  

60

months  

120

months  

Weighted Average IO Remaining Term:                                     

85

months  

43

months  

120

months  

 

      

Top State Concentrations ($):                    

 32.21 %  California,  9.77 %  Florida,  6.54 %  Arizona

 

Maximum Zip Code ($):             

   1.34 %  90210  

  

 

      

First Pay Date:                                 

  

 Sep 01, 2002

  Feb 04, 2004

  

Rate Change Date:                               

  

 Feb 01, 2004

  Jul 04, 2004

  

Mature Date:                                    

  

 Jul 01, 2028

  Jan 04, 2034

  



*RBS GREENWICH CAPITAL


The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc.  Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof.  Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein.


The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement.  Such information supersedes the information in all prior collateral term sheets, if any.



      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

INDEX:                                                

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

 LIBOR 6 M                                            

 

1,512

 

$528,922,390.39

 

84.62

%

 LIBOR 1 M                                            

 

190

 

96,122,616.05

 

15.38

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%

        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

CURRENT BALANCE ($):                            

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

             0.01  -   100,000.00

 

123

 

$9,762,175.38

 

1.56

%

   100,000.01  -   200,000.00

 

477

 

72,769,472.24

 

11.64

 

   200,000.01  -   300,000.00

 

339

 

84,412,929.04

 

13.51

 

   300,000.01  -   400,000.00

 

220

 

76,959,860.89

 

12.31

 

   400,000.01  -   500,000.00

 

176

 

79,540,029.30

 

12.73

 

   500,000.01  -   600,000.00

 

116

 

64,795,905.38

 

10.37

 

   600,000.01  -   700,000.00

 

96

 

61,824,754.56

 

9.89

 

   700,000.01  -   800,000.00

 

49

 

37,158,969.66

 

5.95

 

   800,000.01  -   900,000.00

 

11

 

9,367,950.00

 

1.50

 

   900,000.01  - 1,000,000.00

 

42

 

41,220,990.99

 

6.59

 

 1,000,000.01  - 1,100,000.00

 

6

 

6,383,120.00

 

1.02

 

 1,100,000.01  - 1,200,000.00

 

6

 

7,112,000.00

 

1.14

 

 1,200,000.01  - 1,300,000.00

 

9

 

11,278,000.00

 

1.80

 

 1,300,000.01  - 1,400,000.00

 

8

 

10,835,750.00

 

1.73

 

 1,400,000.01  - 1,500,000.00

 

6

 

8,865,000.00

 

1.42

 

 1,500,000.01  - 2,000,000.00

 

14

 

25,794,699.00

 

4.13

 

 2,500,000.01  - 3,000,000.00

 

2

 

5,463,400.00

 

0.87

 

 4,000,000.01  - 4,500,000.00

 

1

 

4,500,000.00

 

0.72

 

 6,500,000.01  - 7,000,000.00

 

1

 

7,000,000.00

 

1.12

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%



*RBS GREENWICH CAPITAL



The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc.  Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof.  Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein.


The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement.  Such information supersedes the information in all prior collateral term sheets, if any.


        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

LOAN RATE (%):                                  

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

  2.375  -  2.500                           

 

13

 

$4,713,000.00

 

0.75

%

  2.501  -  3.000                           

 

807

 

290,992,318.98

 

46.56

 

  3.001  -  3.500                           

 

861

 

320,146,287.46

 

51.22

 

  3.501  -  4.000                           

 

21

 

9,193,400.00

 

1.47

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%

        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

GROSS MARGIN (%):                              

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

  1.000                                    

 

1

 

$287,804.00

 

0.05

%

  1.250                                    

 

17

 

5,034,792.00

 

0.81

 

  1.375                                    

 

19

 

8,174,250.00

 

1.31

 

  1.500                                    

 

158

 

62,614,513.79

 

10.02

 

  1.625                                    

 

467

 

166,835,208.77

 

26.69

 

  1.750                                    

 

177

 

56,190,414.23

 

8.99

 

  1.875                                    

 

316

 

103,490,514.32

 

16.56

 

  2.000                                    

 

389

 

158,378,387.35

 

25.34

 

  2.125                                    

 

73

 

31,178,949.93

 

4.99

 

  2.250                                    

 

84

 

31,660,172.05

 

5.07

 

  2.500                                    

 

1

 

1,200,000.00

 

0.19

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%

        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

ORIGINAL TERM (Months):                             

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

 300                                       

 

581

 

$263,004,953.87

 

42.08

%

 360                                       

 

1,121

 

362,040,052.57

 

57.92

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%

        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

REMAINING TERM (Months):                             

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

 294  - 294                                 

 

1

 

$435,000.00

 

0.07

%

 295  - 300                                 

 

580

 

262,569,953.87

 

42.01

 

 343  - 348                                 

 

4

 

1,875,690.00

 

0.30

 

 349  - 354                                 

 

4

 

2,579,500.00

 

0.41

 

 355  - 360                                 

 

1,113

 

357,584,862.57

 

57.21

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%



*RBS GREENWICH CAPITAL


The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc.  Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof.  Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein.


The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement.  Such information supersedes the information in all prior collateral term sheets, if any.


        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

IO REMAINING TERM (Months):                          

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

  43  -  48                                 

 

4

 

$1,875,690.00

 

0.30

%

  49  -  54                                 

 

4

 

2,579,500.00

 

0.41

 

  55  -  60                                 

 

1,113

 

357,584,862.57

 

57.21

 

 109  - 114                                 

 

1

 

435,000.00

 

0.07

 

 115  - 120                                 

 

580

 

262,569,953.87

 

42.01

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%

        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

RATE CHANGE DATE:                          

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

 02/01/04                                  

 

195

 

$100,529,856.05

 

16.08

%

 03/01/04                                  

 

14

 

6,333,609.22

 

1.01

 

 04/01/04                                  

 

18

 

5,685,543.01

 

0.91

 

 05/01/04                                  

 

42

 

16,071,837.04

 

2.57

 

 06/01/04                                  

 

667

 

209,425,498.65

 

33.51

 

 06/03/04                                  

 

1

 

400,000.00

 

0.06

 

 06/04/04                                  

 

2

 

578,300.00

 

0.09

 

 07/01/04                                  

 

760

 

284,115,362.47

 

45.46

 

 07/02/04                                  

 

2

 

1,780,000.00

 

0.28

 

 07/04/04                                  

 

1

 

125,000.00

 

0.02

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%

        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

ORIGINAL LTV (%):                               

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

  10.00  -  20.00             

 

8

 

$2,196,000.00

 

0.35

%

  20.01  -  30.00             

 

34

 

7,449,199.99

 

1.19

 

  30.01  -  40.00             

 

45

 

23,843,959.02

 

3.81

 

  40.01  -  50.00             

 

100

 

34,283,944.50

 

5.49

 

  50.01  -  60.00             

 

143

 

67,744,931.80

 

10.84

 

  60.01  -  65.00             

 

122

 

52,314,702.16

 

8.37

 

  65.01  -  70.00             

 

202

 

75,844,177.37

 

12.13

 

  70.01  -  75.00             

 

191

 

73,419,315.03

 

11.75

 

  75.01  -  80.00             

 

750

 

252,944,664.94

 

40.47

 

  80.01  -  85.00             

 

15

 

2,727,700.00

 

0.44

 

  85.01  -  90.00             

 

24

 

4,866,599.99

 

0.78

 

  90.01  -  95.00             

 

23

 

5,180,970.00

 

0.83

 

  95.01  - 100.00             

 

45

 

22,228,841.64

 

3.56

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%


*RBS GREENWICH CAPITAL


The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc.  Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof.  Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein.


The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement.  Such information supersedes the information in all prior collateral term sheets, if any.


        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

EFFECTIVE LTV (%):                              

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

  10.00  -  20.00             

 

8

 

$2,196,000.00

 

0.35

%

  20.01  -  30.00             

 

34

 

7,449,199.99

 

1.19

 

  30.01  -  40.00             

 

45

 

23,843,959.02

 

3.81

 

  40.01  -  50.00             

 

100

 

34,283,944.50

 

5.49

 

  50.01  -  60.00             

 

153

 

73,466,974.44

 

11.75

 

  60.01  -  65.00             

 

123

 

55,078,102.16

 

8.81

 

  65.01  -  70.00             

 

239

 

90,400,796.37

 

14.46

 

  70.01  -  75.00             

 

191

 

73,419,315.03

 

11.75

 

  75.01  -  80.00             

 

750

 

252,944,664.94

 

40.47

 

  80.01  -  85.00             

 

15

 

2,727,700.00

 

0.44

 

  85.01  -  90.00             

 

23

 

4,704,149.99

 

0.75

 

  90.01  -  95.00             

 

21

 

4,530,200.00

 

0.72

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%

        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

CREDIT SCORE:            

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

 580  - 599                   

 

4

 

$1,697,679.51

 

0.27

%

 600  - 619                   

 

4

 

1,842,648.00

 

0.29

 

 620  - 639                   

 

23

 

10,291,000.00

 

1.65

 

 640  - 659                   

 

65

 

22,739,556.77

 

3.64

 

 660  - 679                   

 

153

 

55,644,050.99

 

8.90

 

 680  - 699                   

 

217

 

80,968,232.42

 

12.95

 

 700  - 719                   

 

247

 

96,434,845.55

 

15.43

 

 720  - 739                   

 

233

 

80,965,611.10

 

12.95

 

 740  - 759                   

 

259

 

93,690,752.84

 

14.99

 

 760  - 779                   

 

258

 

97,229,073.13

 

15.56

 

 780  - 799                   

 

200

 

70,367,533.94

 

11.26

 

     >= 800                   

 

39

 

13,174,022.19

 

2.11

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%

        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

AMORTIZATION:                                         

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

 Interest Only                                        

 

1,702

 

$625,045,006.44

 

100.00

%

Total

 

1,702

 

$625,045,006.44

 

100.00

%



*RBS GREENWICH CAPITAL



The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc.  Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof.  Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein.


The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement.  Such information supersedes the information in all prior collateral term sheets, if any.


        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

DOCUMENTATION:                                        

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

 Full Documentation                                   

 

958

 

$293,831,574.70

 

47.01

%

 Limited Documentation                                

 

290

 

135,926,645.74

 

21.75

 

 Alternative Documentation                            

 

225

 

103,336,049.17

 

16.53

 

 Lite Documentation                                   

 

205

 

84,930,041.15

 

13.59

 

 No Ratio                                             

 

20

 

5,278,695.68

 

0.84

 

 Asset, No Income                                     

 

4

 

1,742,000.00

 

0.28

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%

        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

OCCUPANCY:                                            

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

 Primary                                              

 

1,475

 

$545,317,230.24

 

87.24

%

 Second Home                                          

 

158

 

67,473,105.20

 

10.79

 

 Investor                                             

 

69

 

12,254,671.00

 

1.96

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%

        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

PROPERTY TYPE:                                        

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

 Single Family                                        

 

1,006

 

$375,150,989.49

 

60.02

%

 Planned Unit Development                             

496

 

187,741,964.28

 

30.04

 

 Condominium                                          

 

174

 

53,001,590.38

 

8.48

 

 Two-Four Family                                      

 

21

 

7,448,462.29

 

1.19

 

 Cooperative                                          

 

5

 

1,702,000.00

 

0.27

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%

        
      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

PURPOSE:                                              

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

 Purchase                                             

 

576

 

$244,498,215.50

 

39.12

%

 Refinance (Rate or Term)                             

 

738

 

234,364,773.30

 

37.50

 

 Refinance (Cash-Out)                                 

 

388

 

146,182,017.64

 

23.39

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%



*RBS GREENWICH CAPITAL


The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc.  Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof.  Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein.


The information contained herein will be superseded by the description of the mortgage loans contained in the prospectus supplement.  Such information supersedes the information in all prior collateral term sheets, if any.


      

% of Aggregate

 
    

Principal Balance

 

Principal Balance

 
  

Number of

 

Outstanding as of

 

Outstanding as of

 

STATES:                                               

 

Mortgage Loans

 

the Cutoff Date

 

the Cutoff Date

 

 California                                           

 

392

 

$201,306,509.19

 

32.21

%

 Florida                                              

 

173

 

61,078,409.33

 

9.77

 

 Arizona                                              

 

134

 

40,853,252.01

 

6.54

 

 Colorado                                             

 

87

 

26,476,717.01

 

4.24

 

 Georgia                                              

 

89

 

25,797,449.76

 

4.13

 

 Texas                                                

 

79

 

22,773,197.36

 

3.64

 

 Illinois                                             

 

46

 

21,376,629.52

 

3.42

 

 Massachusetts                                        

 

30

 

19,933,449.00

 

3.19

 

 New Jersey                                           

 

39

 

19,442,686.49

 

3.11

 

 New York                                             

 

37

 

18,910,495.11

 

3.03

 

 Ohio                                                 

 

104

 

15,635,256.43

 

2.50

 

 Washington                                           

 

59

 

15,378,199.99

 

2.46

 

 North Carolina                                       

 

54

 

15,042,470.00

 

2.41

 

 Michigan                                             

 

44

 

13,336,072.99

 

2.13

 

 Virginia                                             

 

44

 

13,321,081.74

 

2.13

 

 Nevada                                               

 

32

 

13,292,349.19

 

2.13

 

 Maryland                                             

 

33

 

12,676,368.00

 

2.03

 

 South Carolina                                       

 

27

 

8,216,878.00

 

1.31

 

 Pennsylvania                                         

 

27

 

7,674,892.93

 

1.23

 

 Hawaii                                               

 

8

 

6,166,900.00

 

0.99

 

 Connecticut                                          

 

15

 

5,577,045.83

 

0.89

 

 Utah                                                 

 

21

 

4,928,300.00

 

0.79

 

 Minnesota                                            

 

20

 

4,199,133.09

 

0.67

 

 Tennessee                                            

 

14

 

3,644,788.38

 

0.58

 

 Oregon                                               

 

13

 

3,277,655.00

 

0.52

 

 Idaho                                                

 

6

 

3,071,550.00

 

0.49

 

 Kansas                                               

 

8

 

2,617,519.00

 

0.42

 

 Missouri                                             

 

13

 

2,532,400.00

 

0.41

 

 District of Columbia                                 

 

3

 

2,522,000.00

 

0.40

 

 Rhode Island                                         

 

2

 

2,200,000.00

 

0.35

 

 Alabama                                              

 

5

 

1,537,720.00

 

0.25

 

 Indiana                                              

 

5

 

1,395,900.00

 

0.22

 

 Kentucky                                             

 

4

 

1,129,200.00

 

0.18

 

 New Hampshire                                        

 

7

 

866,132.29

 

0.14

 

 Oklahoma                                             

 

5

 

861,952.16

 

0.14

 

 Delaware                                             

 

3

 

823,500.00

 

0.13

 

 Nebraska                                             

 

3

 

805,616.64

 

0.13

 

 Montana                                              

 

3

 

776,400.00

 

0.12

 

 Wisconsin                                            

 

2

 

710,000.00

 

0.11

 

 Louisiana                                            

 

4

 

604,780.00

 

0.10

 

 Maine                                                

 

1

 

600,000.00

 

0.10

 

 Mississippi                                          

 

2

 

441,950.00

 

0.07

 

 South Dakota                                         

 

2

 

341,000.00

 

0.05

 

 Iowa                                                 

 

1

 

340,000.00

 

0.05

 

 Arkansas                                             

 

1

 

336,000.00

 

0.05

 

 New Mexico                                           

 

1

 

215,200.00

 

0.03

 

Total

 

1,702

 

$625,045,006.44

 

100.00

%



*RBS GREENWICH CAPITAL

Redwood 2004-1

Marketing



FICO



              
  

580-599

600-619

620-639

640-659

660-679

680-699

700-719

720-739

740-759

760-779

780-799

over 800

 

a. 10.00 - 20.00

0.0%

0.0%

0.0%

0.0%

0.0%

0.1%

0.0%

0.0%

0.2%

0.0%

0.0%

0.0%

 

b. 20.01 - 30.00

0.0%

0.0%

0.0%

0.0%

0.0%

0.1%

0.1%

0.2%

0.3%

0.2%

0.2%

0.0%

 

c. 30.01 - 40.00

0.0%

0.0%

0.0%

0.0%

0.0%

0.2%

1.5%

0.8%

0.4%

0.4%

0.5%

0.1%

 

d. 40.01 - 50.00

0.0%

0.0%

0.0%

0.0%

0.7%

0.2%

0.3%

1.1%

0.3%

1.8%

1.0%

0.1%

 

e. 50.01 - 60.00

0.1%

0.1%

0.4%

0.7%

0.6%

1.9%

1.7%

1.2%

1.3%

1.8%

1.3%

0.7%

EFF

f. 60.01 - 65.00

0.0%

0.0%

0.5%

0.4%

0.9%

0.6%

1.3%

1.4%

1.7%

1.2%

0.7%

0.2%

LTV

g. 65.01 - 70.00

0.0%

0.0%

0.2%

0.2%

0.8%

2.7%

2.2%

1.6%

2.5%

1.7%

2.3%

0.1%

 

h. 70.01 - 75.00

0.1%

0.0%

0.2%

0.4%

1.2%

1.9%

1.6%

1.5%

1.6%

1.5%

1.4%

0.3%

 

i. 75.01 - 80.00

0.0%

0.2%

0.3%

1.8%

4.4%

4.9%

6.4%

4.9%

6.4%

6.7%

3.8%

0.7%

 

j. 80.01 - 85.00

0.0%

0.0%

0.0%

0.0%

0.1%

0.0%

0.1%

0.0%

0.1%

0.0%

0.0%

0.0%

 

k. 85.01 - 90.00

0.0%

0.0%

0.0%

0.0%

0.1%

0.3%

0.1%

0.1%

0.2%

0.0%

0.1%

0.0%

 

l. 90.01 - 95.00

0.0%

0.0%

0.0%

0.0%

0.1%

0.2%

0.1%

0.1%

0.1%

0.1%

0.1%

0.0%

              



This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities or any of its affiliates.  Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the issuer or its affiliates in connection with the proposed transaction.


This Preliminary Term Sheet is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities.  It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction.  All amounts are approximate and subject to change.  The information contained herein supersedes information contained in any prior term sheet for this transaction.  In addition, the information contained herein will be superseded by information contained in term sheets circulated after the date hereof and by information contained in the Prospectus and Prospectus Supplement for this transaction.  An offering may be made only through the delivery of the Prospectus and Prospectus Supplement.



Preliminary Term Sheet

Date Prepared: January 14, 2004


Sequoia Mortgage Trust 2004-1


Mortgage Pass-Through Certificates

$616,605,000 (Approximate, Subject to Final Collateral)

Publicly Offered Certificates

Adjustable Rate Residential Mortgage Loans



Class

Principal

   Balance (1)

WAL (Yrs)

(Call/Mat) (2)

Pymt Window

(Mths) (Call/Mat) (2)

Certificate Interest

Rates


Tranche Type

Expected Ratings

S&P/Moody’s/Fitch

       

    A(3)

$601,293,000

3.88 / 4.21

1-120 / 1-359

Floater

Senior

AAA/Aaa/AAA

X-1(5)(6)

$601,293,000

N/A

N/A

N/A

Senior/ NAS IO

AAA/Aaa/AAA

X-2(5)(7)

$601,293,000

Information Not Provided Herein

N/A

Senior/ IO

AAA/Aaa/AAA

XB-1(5)(8)

$9,375,000

N/A

Senior/ IO

AAA/Aaa/AAA

XB-2(5)(9)

$5,937,000

N/A

Senior/ IO

AAA/Aaa/AAA

A-R

$100

 

Senior

AAA/Aaa/AAA

B-1(4)

$9,375,000

6.61 / 7.32

39-120 / 39-359

Floater

Subordinate

AA/Aa2/AA

B-2(4)

$5,937,000

6.61 / 7.32

39-120 / 39-359

Floater

Subordinate

A/A2/A

B-3

$3,437,000

Information Not Provided Herein

N/A

Subordinate

BBB/Baa2/BBB

B-4

$1,562,000

N/A

Subordinate

BB/Ba2/BB

B-5

$937,000

N/A

Subordinate

B/B2/B

B-6              

$2,503,906

N/A

Subordinate

NR/NR/NR

      

Total

$625,045,006


    






*RBS GREENWICH CAPITAL




COMPUTATIONAL MATERIALS DISCLAIMER


The attached tables and other statistical analyses (the “Computational Materials”) are privileged and intended for use by the addressee only.  These Computational Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities.  They may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating said material.


Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected therein.  As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance.  These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.


Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods.  In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials.  Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall.  The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials.  The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance.  Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities.


Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission.  This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state.  Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication which supersede these Computational Materials and any matter discussed in this communication.  Once available, a final prospectus and prospectus supplement may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160.


Please be advised that the securities described herein may not be appropriate for all investors.  Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks.  Investors should make every effort to consider the risks of these securities.


If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail.




*RBS GREENWICH CAPITAL



This information is furnished to you solely by Greenwich Capital Markets, Inc. ("GCM') and not by the issuer of the securities or any of its afliates. GCM is
acting as underwriter and not as agent for the issuer or its affiliates in connection with the proposed transaction.

Sequoia Mortgage Pass-Through Certs, Series 2004-1 CLASS X-1
Price-Yield Sensitivity Report

 

Settlement

01/28/04

 

Class Balance

$601,293,000

 

Coupon

0.800%

 

Cut-off Date

01/01/04

 

Next Payment Date

02/20/04

 

Accrued Interest Days

27

 

Cleanup Call

Yes


Flat

Price

10%
CPR

15%
CPR

20%
CPR

25%
CPR

30%
CPR

35%
CPR

36%
CPR

40%
CPR

50%
CPR

1-05+

12.003

12.003

12.003

12.003

12.003

12.003

10.375

3.641

-15.395

1-06

11.457

11.457

11.457

11.457

11.457

11.457

9.832

3.115

-15.886

1-06

10.917

10.917

10.917

10.917

10.917

10.917

9.296

2.595

-16.370

1-06+

10.384

10.384

10.384

10.384

10.384

10.384

8.767

2.082

-16.849

1-06+

9.858

9.858

9.858

9.858

9.858

9.858

8.244

1.574

-17.322

1-07

9.337

9.337

9.337

9.337

9.337

9.337

7.728

1.073

-17.789

1-07

8.823

8.823

8.823

8.823

8.823

8.823

7.218

0.578

-18.250

1-07+

8.315

8.315

8.315

8.315

8.315

8.315

6.713

0.089

-18.706

1-07+

7.813

7.813

7.813

7.813

7.813

7.813

6.215

-0.395

-19.157

1-08

7.317

7.317

7.317

7.317

7.317

7.317

5.723

-0.872

-19.603

1-08

6.827

6.827

6.827

6.827

6.827

6.827

5.236

-1.345

-20.043

1-08+

6.342

6.342

6.342

6.342

6.342

6.342

4.755

-1.812

-20.478

1-08+

5.863

5.863

5.863

5.863

5.863

5.863

4.279

-2.273

-20.908

1-09

5.390

5.390

5.390

5.390

5.390

5.390

3.809

-2.729

-21.334

1-09

4.921

4.921

4.921

4.921

4.921

4.921

3.344

-3.181

-21.754

1-09+

4.458

4.458

4.458

4.458

4.458

4.458

2.884

-3.627

-22.170

1-09+

4.000

4.000

4.000

4.000

4.000

4.000

2.429

-4.068

-22.581

1-10

3.547

3.547

3.547

3.547

3.547

3.547

1.979

-4.504

-22.988

1-10

3.099

3.099

3.099

3.099

3.099

3.099

1.535

-4.936

-23.391

1-10+

2.656

2.656

2.656

2.656

2.656

2.656

1.095

-5.363

-23.789

1-10+

2.217

2.217

2.217

2.217

2.217

2.217

0.659

-5.785

-24.182

1-11

1.783

1.783

1.783

1.783

1.783

1.783

0.229

-6.203

-24.572

1-11

1.354

1.354

1.354

1.354

1.354

1.354

-0.197

-6.616

-24.957

1-11+

0.930

0.930

0.930

0.930

0.930

0.930

-0.619

-7.025

-25.338

1-11+

0.509

0.509

0.509

0.509

0.509

0.509

-1.036

-7.429

-25.716

1-12

0.094

0.094

0.094

0.094

0.094

0.094

-1.449

-7.830

-26.089

1-12

-0.318

-0.318

-0.318

-0.318

-0.318

-0.318

-1.857

-8.226

-26.459

1-12+

-0.725

-0.725

-0.725

-0.725

-0.725

-0.725

-2.262

-8.618

-26.824

1-12+

-1.129

-1.129

-1.129

-1.129

-1.129

-1.129

-2.662

-9.007

-27.186

1-13

-1.528

-1.528

-1.528

-1.528

-1.528

-1.528

-3.058

-9.391

-27.545

1-13

-1.923

-1.923

-1.923

-1.923

-1.923

-1.923

-3.450

-9.772

-27.899

1-13+

-2.314

-2.314

-2.314

-2.314

-2.314

-2.314

-3.839

-10.148

-28.251

1-13+

-2.701

-2.701

-2.701

-2.701

-2.701

-2.701

-4.223

-10.521

-28.598

MDUR (yr)

1.263

I

1.263

1.263

1.263

1.263

1.263

1.273

1.312

1.407