Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Number 333-117573-04
Filed Pursuant to Rule 433
Registration Number 333-117573-04
$[102,596,000]
Origen Manufactured Housing Contract Trust 2006-A
Issuing Entity
Origen Residential Securities, Inc.
Depositor
Origen Financial L.L.C.
Sponsor, Originator and Servicer
Origen Servicing, Inc
Subservicer
Origen Securitization Company, LLC
Seller
Origen Manufactured Housing Contract Trust Collateralized Notes, Series 2006-A, Class A-1
Issuing Entity
Origen Residential Securities, Inc.
Depositor
Origen Financial L.L.C.
Sponsor, Originator and Servicer
Origen Servicing, Inc
Subservicer
Origen Securitization Company, LLC
Seller
Origen Manufactured Housing Contract Trust Collateralized Notes, Series 2006-A, Class A-1
Subject to Revision
Term Sheet dated August [16], 2006
This material is provided to you for information purposes only. Additional information about the securities will be contained in the final offering documents. No sale of the securities described herein may be consummated without the purchaser first having received the final offering documents. You should read the final offering documents because they contain important information.
The information herein is preliminary. The assumptions and information contained herein constitute a judgment only as of the dates specified and are subject to change. The information contained herein supersedes information contained in any prior term sheet for this transaction. The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. A final Prospectus and Prospectus Supplement may be obtained by contacting Citigroup’s Mortgage Desk at (212) 723-6325.
Citigroup Global Markets Inc. (“CGM”) is not acting as your advisor or agent. Prior to entering into any transaction, you should determine, without reliance upon CGM or its affiliates, the economic risks and merits, as well as the legal, tax and accounting characterizations and consequences of the transaction, and independently determine that you are able to assume these risks. CGM is not in the business of providing legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with the transaction, (c) you should receive legal, tax and accounting advice from advisors with appropriate expertise to assess relevant risks, and (d) you should apprise senior management in your organization as to the legal, tax and accounting advice (and, if applicable, risks) associated with this transaction and CGM’s disclaimers as to these matters.
1
IMPORTANT NOTICE REGARDING THE CONDITIONS
FOR THIS OFFERING OF COLLATERALIZED NOTES
FOR THIS OFFERING OF COLLATERALIZED NOTES
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-666-2388, Ext 9519.
This free writing prospectus does not contain all information that is required to be included in the base prospectus and the prospectus supplement.
The information in this free writing prospectus is preliminary and is subject to completion or change.
The information in this free writing prospectus, if conveyed prior to the time of your commitment to purchase, supersedes similar information contained in any prior free writing prospectus relating to these securities.
This free writing prospectus does not constitute an offer to sell or a solicitation of an offer to buy these securities in any state where such offer, solicitation or sale is not permitted.
The securities referred to in this free writing prospectus are being offered when, as and if issued. The issuer is not obligated to issue such securities or any similar security and our obligation to deliver such security is subject to the terms and conditions of our underwriting agreement with the issuer and the availability of such security when, as and if issued by the issuer. You are advised that the terms of the securities, and the characteristics of the asset pool backing them, may change (due, among other things, to the possibility that assets comprising the pool may become delinquent or defaulted or may be removed or replaced and that similar or different assets may be added to the pool, and that one or more classes or securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. You are advised that securities may not be issued that have the characteristics described in this free writing prospectus. Our obligation to sell securities to you is conditioned on the assets and securities having the characteristics described in this free writing prospectus. If for any reason we do not deliver such securities, we will notify you, and neither the issuer nor any underwriter will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and none of the issuer nor any underwriter will be liable for any costs or damages whatsoever arising from or related to such non-delivery.
IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS
Any legends, disclaimers or other notices that may appear with this communication to which this free writing prospectus is attached relating to:
(1) | these materials not constituting an offer (or a solicitation of an offer), | ||
(2) | no representation that these materials are accurate or complete and may not be updated, or | ||
(3) | these materials possibly being confidential |
are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.
2
The Contract Pool
The following tables and statistics relate to a representative pool of contracts as of July 1, 2006. The Sponsor’s contract production for July 2006 will be added to the final pool (to the extent it qualifies for inclusion) and the information provided below does not reflect the inclusion of these additional contracts.
Summary of Contracts
Statistical Cut-Off Date: | July 1, 2006 | |
Number of Initial Contracts: | 3,608 | |
Aggregate Principal Balance | $200,691,882.99 | |
States with more than 5% of the contracts, by principal balance: | California: 45.67% | |
Texas: 6.40% | ||
New York: 5.60% | ||
Percentage of New / Percentage of Used: | 57.97% / 42.03% | |
Weighted Average Original LTV *: | 81.78% | |
Original LTV Ratio Range *: | 5.78% to 100.00% | |
Weighted Average Original LTI: | 123.20% | |
Current Principal Balance Range: | $4,080.91 to $286,861.33 | |
Average Current Principal Balance: | $55,624.14 | |
Contract Rates Range: | 4.250% to 16.000% | |
Weighted Average Contract Rate: | 9.376% | |
Weighted Average Remaining Term to Stated Maturity: | 231 months | |
Remaining Term to Stated Maturity Range: | 23 months to 360 months | |
Weighted Average Original Months to Maturity: | 239 months | |
Original Months to Maturity Range: | 60 months to 360 months | |
Latest Maturity Date: | October 1, 2036 | |
Weighted Average Credit Score **: | 720 |
* | Weighted average and range for which loan-to-value ratios were calculated | |
** | Where credit scores are available |
3
Geographical Distribution of Contract Obligors
% of Contract Pool | ||||||||||||
Number of | Aggregate Principal | by Outstanding | ||||||||||
Contracts as of | Balance Outstanding | Principal Balance as | ||||||||||
Statistical | as of Statistical | of Statistical | ||||||||||
States | Calculation Date | Calculation Date | Calculation Date | |||||||||
Alabama | 106 | $ | 4,338,909.24 | 2.16 | % | |||||||
Arizona | 102 | 5,823,730.83 | 2.90 | |||||||||
Arkansas | 46 | 2,045,311.93 | 1.02 | |||||||||
California | 1,104 | 91,654,997.75 | 45.67 | |||||||||
Colorado | 44 | 2,458,094.30 | 1.22 | |||||||||
Delaware | 8 | 593,134.35 | 0.30 | |||||||||
Florida | 179 | 8,927,320.91 | 4.45 | |||||||||
Georgia | 80 | 3,509,547.55 | 1.75 | |||||||||
Idaho | 26 | 832,329.56 | 0.41 | |||||||||
Illinois | 14 | 480,015.04 | 0.24 | |||||||||
Indiana | 47 | 1,900,034.11 | 0.95 | |||||||||
Iowa | 12 | 402,618.21 | 0.20 | |||||||||
Kansas | 34 | 1,253,438.07 | 0.62 | |||||||||
Kentucky | 53 | 2,723,055.39 | 1.36 | |||||||||
Louisiana | 68 | 2,853,136.89 | 1.42 | |||||||||
Maine | 2 | 158,470.54 | 0.08 | |||||||||
Maryland | 21 | 1,018,196.29 | 0.51 | |||||||||
Massachusetts | 2 | 108,331.75 | 0.05 | |||||||||
Michigan | 215 | 6,601,489.31 | 3.29 | |||||||||
Minnesota | 54 | 1,958,834.17 | 0.98 | |||||||||
Mississippi | 94 | 3,894,928.34 | 1.94 | |||||||||
Missouri | 23 | 794,289.40 | 0.40 | |||||||||
Montana | 23 | 941,596.24 | 0.47 | |||||||||
Nevada | 15 | 653,543.65 | 0.33 | |||||||||
New Hampshire | 2 | 85,940.51 | 0.04 | |||||||||
New Mexico | 41 | 1,962,039.56 | 0.98 | |||||||||
New York | 216 | 11,240,421.61 | 5.60 | |||||||||
North Carolina | 68 | 2,752,245.50 | 1.37 | |||||||||
North Dakota | 3 | 122,033.98 | 0.06 | |||||||||
Ohio | 77 | 3,171,542.09 | 1.58 | |||||||||
Oklahoma | 64 | 2,572,790.41 | 1.28 | |||||||||
Oregon | 98 | 3,780,716.69 | 1.88 | |||||||||
Pennsylvania | 82 | 4,129,926.62 | 2.06 | |||||||||
South Carolina | 79 | 3,611,017.63 | 1.80 | |||||||||
South Dakota | 3 | 101,052.68 | 0.05 | |||||||||
Tennessee | 29 | 1,116,470.04 | 0.56 | |||||||||
Texas | 319 | 12,842,619.11 | 6.40 | |||||||||
Utah | 16 | 616,495.30 | 0.31 | |||||||||
Vermont | 1 | 95,490.54 | 0.05 | |||||||||
Virginia | 25 | 1,386,026.72 | 0.69 | |||||||||
Washington | 66 | 3,059,384.50 | 1.52 | |||||||||
West Virginia | 29 | 1,228,944.21 | 0.61 | |||||||||
Wisconsin | 5 | 168,868.91 | 0.08 | |||||||||
Wyoming | 13 | 722,502.56 | 0.36 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
4
Year of Origination of Contracts
% of Contract | ||||||||||||
Aggregate Principal | Pool by | |||||||||||
Number of | Balance | Outstanding | ||||||||||
Contracts as of | Outstanding as of | Principal Balance | ||||||||||
Statistical | Statistical | as of Statistical | ||||||||||
Year of Origination | Calculation Date | Calculation Date | Calculation Date | |||||||||
1997 | 5 | $ | 109,657.91 | 0.05 | % | |||||||
1998 | 34 | 979,296.79 | 0.49 | |||||||||
1999 | 218 | 7,599,578.43 | 3.79 | |||||||||
2000 | 22 | 843,529.34 | 0.42 | |||||||||
2002 | 9 | 441,904.85 | 0.22 | |||||||||
2003 | 39 | 2,832,790.40 | 1.41 | |||||||||
2004 | 68 | 4,896,835.09 | 2.44 | |||||||||
2005 | 956 | 54,125,774.72 | 26.97 | |||||||||
2006 | 2,257 | 128,862,515.46 | 64.21 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
Distribution of Original Contract Amounts
% of Contract | ||||||||||||
Aggregate Principal | Pool by | |||||||||||
Number of | Balance | Outstanding | ||||||||||
Contracts as of | Outstanding as of | Principal Balance | ||||||||||
Range of Original Contract | Statistical | Statistical | as of Statistical | |||||||||
Amounts (in Dollars) | Calculation Date | Calculation Date | Calculation Date | |||||||||
Less than $10,000.01 | 17 | $ | 144,647.84 | 0.07 | % | |||||||
$10,000.01 to $20,000.00 | 320 | 4,677,963.65 | 2.33 | |||||||||
$20,000.01 to $30,000.00 | 458 | 11,307,501.03 | 5.63 | |||||||||
$30,000.01 to $40,000.00 | 629 | 21,487,045.94 | 10.71 | |||||||||
$40,000.01 to $50,000.00 | 469 | 20,656,571.62 | 10.29 | |||||||||
$50,000.01 to $60,000.00 | 438 | 23,585,081.58 | 11.75 | |||||||||
$60,000.01 to $70,000.00 | 318 | 20,329,616.04 | 10.13 | |||||||||
$70,000.01 to $80,000.00 | 246 | 18,251,194.75 | 9.09 | |||||||||
$80,000.01 to $90,000.00 | 170 | 14,296,700.66 | 7.12 | |||||||||
$90,000.01 to $100,000.00 | 142 | 13,418,968.85 | 6.69 | |||||||||
$100,000.01 to $110,000.00 | 100 | 10,298,869.65 | 5.13 | |||||||||
$110,000.01 to $120,000.00 | 80 | 9,153,438.47 | 4.56 | |||||||||
$120,000.01 to $130,000.00 | 60 | 7,431,374.81 | 3.70 | |||||||||
$130,000.01 to $140,000.00 | 47 | 6,329,945.43 | 3.15 | |||||||||
$140,000.01 to $150,000.00 | 30 | 4,314,860.47 | 2.15 | |||||||||
$150,000.01 to $160,000.00 | 28 | 4,265,870.66 | 2.13 | |||||||||
$160,000.01 or greater | 56 | 10,742,231.54 | 5.35 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
The largest original contract amount is $288,000.00, which represents 0.14% of the aggregate principal balance of the contracts as of the statistical calculation date.
5
Distribution of Remaining Amounts for Contracts
% of Contract | ||||||||||||
Aggregate Principal | Pool by | |||||||||||
Number of | Balance | Outstanding | ||||||||||
Contracts as of | Outstanding as of | Principal Balance | ||||||||||
Range of Remaining Contract | Statistical | Statistical | as of Statistical | |||||||||
Amounts (in Dollars) | Calculation Date | Calculation Date | Calculation Date | |||||||||
Less than $10,000.01 | 46 | $ | 369,974.70 | 0.18 | % | |||||||
$10,000.01 to $20,000.00 | 322 | 5,013,163.61 | 2.50 | |||||||||
$20,000.01 to $30,000.00 | 478 | 12,165,256.50 | 6.06 | |||||||||
$30,000.01 to $40,000.00 | 627 | 21,848,662.25 | 10.89 | |||||||||
$40,000.01 to $50,000.00 | 462 | 20,791,790.49 | 10.36 | |||||||||
$50,000.01 to $60,000.00 | 422 | 23,167,509.65 | 11.54 | |||||||||
$60,000.01 to $70,000.00 | 312 | 20,165,929.43 | 10.05 | |||||||||
$70,000.01 to $80,000.00 | 239 | 17,886,103.84 | 8.91 | |||||||||
$80,000.01 to $90,000.00 | 162 | 13,709,563.09 | 6.83 | |||||||||
$90,000.01 to $100,000.00 | 150 | 14,250,830.35 | 7.10 | |||||||||
$100,000.01 to $110,000.00 | 90 | 9,407,006.56 | 4.69 | |||||||||
$110,000.01 to $120,000.00 | 86 | 9,899,717.58 | 4.93 | |||||||||
$120,000.01 to $130,000.00 | 54 | 6,737,884.50 | 3.36 | |||||||||
$130,000.01 to $140,000.00 | 45 | 6,094,837.79 | 3.04 | |||||||||
$140,000.01 to $150,000.00 | 34 | 4,922,416.77 | 2.45 | |||||||||
$150,000.01 to $160,000.00 | 24 | 3,678,822.77 | 1.83 | |||||||||
$160,000.01 or greater | 55 | 10,582,413.11 | 5.27 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
The average outstanding principal balance of the contracts included in the statistical pool, as of the statistical calculation date, was $55,624.14 and the outstanding principal balances of the contracts included in the statistical pool ranged from $4,080.91to $286,861.33 as of the statistical calculation date.
6
Distribution of Original Loan-to-Value Ratios of Contracts
% of Contract | ||||||||||||
Pool by | ||||||||||||
Number of | Outstanding | |||||||||||
Contracts as of | Aggregate Principal | Principal | ||||||||||
Statistical | Balance Outstanding | Balance as | ||||||||||
Calculation | as of Statistical | of Statistical | ||||||||||
Range of Original Loan-to-Value Ratios | Date | Calculation Date | Calculation Date | |||||||||
Not Calculated(1) | 300 | $ | 14,177,253.22 | 7.06 | % | |||||||
5.01% to 10.00% | 1 | 10,854.85 | 0.01 | |||||||||
10.01% to 15.00% | 3 | 65,555.42 | 0.03 | |||||||||
15.01% to 20.00% | 14 | 364,904.04 | 0.18 | |||||||||
20.01% to 25.00% | 8 | 182,679.68 | 0.09 | |||||||||
25.01% to 30.00% | 18 | 640,697.16 | 0.32 | |||||||||
30.01% to 35.00% | 35 | 1,394,654.24 | 0.69 | |||||||||
35.01% to 40.00% | 35 | 1,597,544.41 | 0.80 | |||||||||
40.01% to 45.00% | 28 | 1,186,559.71 | 0.59 | |||||||||
45.01% to 50.00% | 59 | 2,691,327.33 | 1.34 | |||||||||
50.01% to 55.00% | 71 | 3,905,082.50 | 1.95 | |||||||||
55.01% to 60.00% | 104 | 5,243,249.18 | 2.61 | |||||||||
60.01% to 65.00% | 94 | 5,453,904.84 | 2.72 | |||||||||
65.01% to 70.00% | 101 | 6,183,846.20 | 3.08 | |||||||||
70.01% to 75.00% | 156 | 9,789,785.74 | 4.88 | |||||||||
75.01% to 80.00% | 481 | 28,772,610.18 | 14.34 | |||||||||
80.01% to 85.00% | 577 | 27,284,361.74 | 13.60 | |||||||||
85.01% to 90.00% | 899 | 54,955,646.68 | 27.38 | |||||||||
90.01% to 95.00% | 533 | 31,366,646.52 | 15.63 | |||||||||
95.01% to 100.00% | 91 | 5,424,719.35 | 2.70 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
The weighted average original loan-to-value ratio of the contracts included in the statistical pool for which loan-to-value ratios were calculated, as of the statistical calculation date, was81.78%.
(1) | Loan-to-value ratios are not calculated for chattel-only contracts originated as part of rate and term refinancings. |
7
Distribution of Original Loan-to-Invoice Ratios of Contracts
% of Contract | ||||||||||||
Aggregate Principal | Pool by | |||||||||||
Number of | Balance | Outstanding | ||||||||||
Contracts as of | Outstanding as of | Principal Balance | ||||||||||
Statistical | Statistical | as of Statistical | ||||||||||
Range of Original Loan-to-Invoice Ratios | Calculation Date | Calculation Date | Calculation Date | |||||||||
Not Calculated(1) | 1,205 | $ | 101,455,933.06 | 50.55 | % | |||||||
0.00% to 0.00% | 8 | 216,217.39 | 0.11 | |||||||||
0.01% to 25.00% | 2 | 35,692.28 | 0.02 | |||||||||
25.01% to 50.00% | 60 | 1,238,136.95 | 0.62 | |||||||||
50.01% to 75.00% | 230 | 5,782,308.19 | 2.88 | |||||||||
75.01% to 100.00% | 681 | 22,412,738.95 | 11.17 | |||||||||
100.01% to 110.00% | 164 | 5,678,928.82 | 2.83 | |||||||||
110.01% to 120.00% | 195 | 8,438,791.08 | 4.20 | |||||||||
120.01% to 130.00% | 237 | 11,828,079.64 | 5.89 | |||||||||
130.01% to 140.00% | 240 | 12,176,762.45 | 6.07 | |||||||||
140.01% to 150.00% | 205 | 11,206,071.93 | 5.58 | |||||||||
150.01% to 160.00% | 154 | 7,914,396.87 | 3.94 | |||||||||
160.01% to 170.00% | 99 | 5,360,682.72 | 2.67 | |||||||||
170.01% to 180.00% | 54 | 2,933,099.28 | 1.46 | |||||||||
180.01% to 190.00% | 43 | 2,179,662.23 | 1.09 | |||||||||
190.01% to 200.00% | 18 | 1,125,002.90 | 0.56 | |||||||||
200.01% to 210.00% | 10 | 567,048.37 | 0.28 | |||||||||
210.01% to 220.00% | 1 | 39,046.11 | 0.02 | |||||||||
220.01% to 230.00% | 1 | 67,832.90 | 0.03 | |||||||||
230.01% to 240.00% | 1 | 35,450.87 | 0.02 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
(1) | Contracts for which loan-to-invoice ratios are not calculated consist of contracts for which the loan amounts are determined based on appraisals, including land home contracts and contracts originated under the Comparable Appraisal Program. |
The weighted average original ratio of loan amounts to manufacturer’s invoice price for the related manufactured homes, for the contracts included in the statistical pool for which loan-to-invoice ratios were calculated, as of the statistical calculation date, was 123.20%.
8
Current Contract Rate for Contracts
% of | ||||||||||||
Contract Pool | ||||||||||||
by | ||||||||||||
Outstanding | ||||||||||||
Number of | Principal | |||||||||||
Contracts as | Balance as of | |||||||||||
of Statistical | Aggregate Principal | Statistical | ||||||||||
Calculation | Balance Outstanding as of | Calculation | ||||||||||
Range of Contract Rates | Date | Statistical Calculation Date | Date | |||||||||
4.000% to 4.999% | 1 | $ | 34,253.74 | 0.02 | % | |||||||
5.000% to 5.999% | 21 | 1,596,358.07 | 0.80 | |||||||||
6.000% to 6.999% | 70 | 5,972,032.93 | 2.98 | |||||||||
7.000% to 7.999% | 246 | 17,450,955.46 | 8.70 | |||||||||
8.000% to 8.999% | 682 | 45,568,543.47 | 22.71 | |||||||||
9.000% to 9.999% | 1,083 | 64,927,267.09 | 32.35 | |||||||||
10.000% to 10.999% | 827 | 39,703,360.52 | 19.78 | |||||||||
11.000% to 11.999% | 416 | 16,466,978.48 | 8.21 | |||||||||
12.000% to 12.999% | 186 | 7,033,812.38 | 3.50 | |||||||||
13.000% to 13.999% | 61 | 1,647,947.58 | 0.82 | |||||||||
14.000% to 14.999% | 12 | 258,380.57 | 0.13 | |||||||||
15.000% to 15.999% | 2 | 24,562.78 | 0.01 | |||||||||
16.000% to 16.999% | 1 | 7,429.91 | 0.00 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
The contract rate on the contracts included in the statistical pool ranged from 4.250% to 16.000% with a weighted average of approximately 9.376%.
Original Months to Maturity of Contracts
% of Contract | ||||||||||||
Aggregate Principal | Pool by | |||||||||||
Number of | Balance | Outstanding | ||||||||||
Contracts as of | Outstanding as of | Principal Balance | ||||||||||
Range of Original Months | Statistical | Statistical | as of Statistical | |||||||||
to Maturity | Calculation Date | Calculation Date | Calculation Date | |||||||||
60 to 60 | 6 | $ | 94,054.96 | 0.05 | % | |||||||
61 to 90 | 58 | 926,434.66 | 0.46 | |||||||||
91 to 120 | 279 | 6,599,229.26 | 3.29 | |||||||||
121 to 150 | 75 | 2,388,668.45 | 1.19 | |||||||||
151 to 180 | 754 | 26,211,779.70 | 13.06 | |||||||||
181 to 210 | 219 | 16,494,145.65 | 8.22 | |||||||||
211 to 240 | 1,727 | 113,640,797.51 | 56.62 | |||||||||
241 to 270 | 23 | 1,482,439.86 | 0.74 | |||||||||
271 to 300 | 154 | 6,870,161.54 | 3.42 | |||||||||
331 to 360 | 313 | 25,984,171.40 | 12.95 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
9
Remaining Months to Maturity of Contracts
% of Contract | ||||||||||||
Number of | Pool by | |||||||||||
Contracts as of | Aggregate Principal | Outstanding | ||||||||||
Statistical | Balance Outstanding | Principal Balance | ||||||||||
Range of Remaining Months | Calculation | as of Statistical | as of Statistical | |||||||||
to Maturity | Date | Calculation Date | Calculation Date | |||||||||
23 to 30 | 2 | $ | 11,654.46 | 0.01 | % | |||||||
31 to 60 | 20 | 218,873.83 | 0.11 | |||||||||
61 to 90 | 69 | 1,081,103.30 | 0.54 | |||||||||
91 to 120 | 276 | 6,653,526.23 | 3.32 | |||||||||
121 to 150 | 136 | 4,908,712.89 | 2.45 | |||||||||
151 to 180 | 733 | 26,143,387.17 | 13.03 | |||||||||
181 to 210 | 227 | 16,047,645.91 | 8.00 | |||||||||
211 to 240 | 1,777 | 116,188,483.63 | 57.89 | |||||||||
241 to 270 | 29 | 1,394,376.27 | 0.69 | |||||||||
271 to 300 | 94 | 5,161,362.39 | 2.57 | |||||||||
301 to 330 | 22 | 1,502,034.16 | 0.75 | |||||||||
331 to 360 | 223 | 21,380,722.75 | 10.65 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
The contracts included in the statistical pool have remaining maturities, as of the statistical calculation date, of at least 23 months but not more than 360 months and original maturities of at least 60 months but not more than 360 months, and a weighted average remaining term to scheduled maturity, as of the statistical calculation date, of 231 months.
Unit Type
% of Contract | ||||||||||||
Aggregate Principal | Pool by | |||||||||||
Number of | Balance | Outstanding | ||||||||||
Contracts as of | Outstanding as of | Principal Balance | ||||||||||
Statistical | Statistical | as of Statistical | ||||||||||
Unit Type | Calculation Date | Calculation Date | Calculation Date | |||||||||
Multi-section home | 2,734 | $ | 175,816,280.64 | 87.61 | % | |||||||
Single-section home | 874 | 24,875,602.34 | 12.39 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
Property Type
% of Contract | ||||||||||||
Aggregate Principal | Pool by | |||||||||||
Number of | Balance | Outstanding | ||||||||||
Contracts as of | Outstanding as of | Principal Balance | ||||||||||
Statistical | Statistical | as of Statistical | ||||||||||
Property Type | Calculation Date | Calculation Date | Calculation Date | |||||||||
Community | 1,993 | $ | 121,532,243.86 | 60.56 | % | |||||||
Lease | 397 | 17,306,307.54 | 8.62 | |||||||||
Owned Land | 901 | 46,201,568.88 | 23.02 | |||||||||
Park | 177 | 5,413,246.08 | 2.70 | |||||||||
Relative Land | 23 | 923,007.90 | 0.46 | |||||||||
Other | 117 | 9,315,508.73 | 4.64 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
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Loan Purpose
% of Contract | ||||||||||||
Aggregate Principal | Pool by | |||||||||||
Number of | Balance | Outstanding | ||||||||||
Contracts as of | Outstanding as of | Principal Balance | ||||||||||
Statistical | Statistical | as of Statistical | ||||||||||
Loan Purpose | Calculation Date | Calculation Date | Calculation Date | |||||||||
Purchase of New Home | 1,690 | $ | 111,897,815.36 | 55.76 | % | |||||||
Purchase of Repossessed Home | 58 | 2,365,732.16 | 1.18 | |||||||||
Purchase of Used Home | 1,560 | 72,251,082.25 | 36.00 | |||||||||
Refinance | 300 | 14,177,253.22 | 7.06 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
Credit Score of Contracts
% of Contract | ||||||||||||
Aggregate Principal | Pool by | |||||||||||
Number of | Balance | Outstanding | ||||||||||
Contracts as of | Outstanding as of | Principal Balance | ||||||||||
Statistical | Statistical | as of Statistical | ||||||||||
Range of Credit Scores | Calculation Date | Calculation Date | Calculation Date | |||||||||
N/A | 48 | $ | 1,493,056.08 | 0.74 | % | |||||||
451 – 500 | 1 | 31,569.54 | 0.02 | |||||||||
501 – 550 | 28 | 1,009,878.30 | 0.50 | |||||||||
551 – 600 | 88 | 3,473,764.83 | 1.73 | |||||||||
601 – 650 | 377 | 17,709,677.04 | 8.82 | |||||||||
651 – 700 | 899 | 50,155,986.69 | 24.99 | |||||||||
701 – 750 | 1,059 | 61,840,776.22 | 30.81 | |||||||||
751 – 800 | 850 | 50,448,029.40 | 25.14 | |||||||||
801 – 850 | 257 | 14,479,499.88 | 7.21 | |||||||||
851 – 863 | 1 | 49,645.01 | 0.02 | |||||||||
Total | 3,608 | $ | 200,691,882.99 | 100.00 | % | |||||||
The contracts included in the statistical pool for which credit scores are available have a weighted average credit score of 720.
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Contact Information
Citigroup
390 Greenwich Street
6th Floor
New York, NY 10013
Citigroup
390 Greenwich Street
6th Floor
New York, NY 10013
Name | Office | Home | ||
Mortgage Trading | ||||
Eliot Rubenzahl Director | Tel: (212) 723-6325 Fax: (212) 723-8855 Email: eliot.i.rubenzahl@citigroup.com | |||
Phil Seares Director | Tel: (212) 723-6325 Fax: (212) 723-8855 Email: philip.seares@citigroup.com | |||
Ted Counihan Associate | Tel: (212) 723-6325 Fax: (212) 723-8855 Email: ted.counihan@citigroup.com | |||
Mortgage Banking | ||||
Paul Humphrey Director | Tel: (212) 723-9548 Fax: (212) 723-8603 Email: paul.g.humphrey@citigroup.com | |||
Michael Murai Associate | Tel: (212) 723-1256 Fax: (212) 723-8603 Email: Michael.murai@citigroup.com | |||
Kapil Dargan Analyst | Tel: (212) 723-6195 Fax: (212) 723-8603 Email: kapil.dargan@citigroup.com | |||
Mortgage Analytics | ||||
Oleg Saitskiy Vice President (structure) | Tel: (212) 723-9026 Fax: (212) 723-8603 Email: oleg.satskiy@citigroup.com | |||
Noel Doromal Associate (structure) | Tel: (212) 723-4589 Fax: (212) 723-8603 Email: noel.doromal@citigroup.com | |||
Laura Darjatmoko Analyst (collateral) | Tel: (212) 723-6538 Fax: (212) 723-8603 Email:. laura.s.darjatmoko@citigroup.com |
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Disclaimer
Any terms set forth herein are intended for discussion purposes only and are subject to the final terms as set forth in separate definitive written agreements.
Prior to entering into any transaction contemplated hereby (a “Transaction”) you should determine, without reliance upon us or our affiliates, the economic risks and merits (and independently determine that you are able to assume these risks), as well as the legal, tax and accounting characterizations and consequences of any such Transaction. In this regard, by accepting this presentation, you acknowledge that (a) we are not in the business of providing (and you are not relying on us for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organization as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimer as to these matters.
We are required to obtain, verify and record certain information that identifies each entity that enters into a formal business relationship with us. We will ask for your complete name, street address, and taxpayer ID number. We may also request corporate formation documents, or other forms of identification, to verify information provided.
We maintain a policy of strict compliance to the anti-tying provisions of the Bank Holding Company Act of 1956, as amended, and the regulations issued by the Federal Reserve Board implementing the anti-tying rules (collectively, the “Anti-tying Rules”). Moreover our credit policies provide that credit must be underwritten in a safe and sound manner and be consistent with Section 23B of the Federal Reserve Act and the requirements of federal law. Consistent with these requirements and our Anti-tying Policy:
? | You will not be required to accept any product or service offered by Citibank or any Citigroup affiliate as a condition to the extension of commercial loans or other products or services to you by Citibank or any of its subsidiaries, unless such a condition is permitted under an exception to the Anti-tying Rules. | |
? | We will not vary the price or other terms of any Citibank product or service based on the condition that you purchase any particular product or service from Citibank or any Citigroup affiliate, unless we are authorized to do so under an exception to the Anti-tying Rules. | |
? | We will not require you to provide property or services to Citibank or any affiliate of Citibank as a condition to the extension of a commercial loan to you by Citibank or any Citibank subsidiary, unless such a requirement is reasonably required to protect the safety and soundness of the loan. | |
? | We will not require you to refrain from doing business with a competitor of Citigroup or any of its affiliates as a condition to receiving a commercial loan from Citibank or any of its subsidiaries, unless the requirement is reasonably designed to ensure the soundness of the loan. |
Any prices or levels contained herein are preliminary and indicative only and do not represent bids or offers. These indications are provided solely for your information and consideration, are subject to change at any time without notice and are not intended as a solicitation with respect to the purchase or sale of any instrument. The information contained in this presentation may include results of analyses from a quantitative model which represent potential future events that may or may not be realized, and is not a complete analysis of every material fact representing any product. Any estimates included herein constitute our judgment as of the date hereof and are subject to change without any notice. We and/or our affiliates may make a market in these instruments for our customers and for our own account. Accordingly, we may have a position in any such instrument at any time.
Although this material may contain publicly available information about Smith Barney equity research or Citigroup corporate bond research, Citigroup policies prohibit analysts from participating in any efforts to solicit investment banking business; accordingly, research analysts may not have any communications with companies for the purpose of soliciting investment banking business. Moreover, Citigroup policy (i) prohibits research analysts from participating in road show meetings; (ii) prohibits investment banking personnel from having any input into company-specific research coverage decisions and from directing research analysts to engage in marketing or selling efforts to investors with respect to an investment banking transaction; (iii) prohibits employees from offering, directly or indirectly, a favorable or negative research opinion or offering to change an opinion as consideration or inducement for the receipt of business or for compensation; and (iv) prohibits analysts from being compensated for specific recommendations or views contained in research reports. So as to reduce the potential for conflicts of interest, as well as to reduce any appearance of conflicts of interest, Citigroup has enacted policies and procedures designed to limit communications between its investment banking and research personnel to specifically prescribed circumstances.
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© 2004 Citigroup Global Markets Limited. Regulated by the Financial Services Authority. CITIGROUP and Umbrella Device are trademarks and service marks of Citicorp or its affiliates and are used and registered throughout the world.
© 2004 CITIGROUP and Umbrella Device are trademarks and service marks of Citicorp or its affiliates and are used and registered throughout the world.
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