Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549-1004
RE: Bombardier Capital Mortgage Securitization Corporation:
BCMSC Trust 1999-B
Ladies and Gentlemen:
On behalf of Bombardier Capital Mortgage Securitization Corporation (The
Registrant), we hereby file with the Commission a Current Report on Form 8-K
(The "Report") on behalf of the BCMSC Trust 1999-B and deliver to you herewith
the following documents:
One copy of the Report, including the exhibit being filed therewith,
together with an exhibit index:
Please acknowledge receipt and filing of this letter to
Bombardier Capital Mortgage Securitization Corporation:
1600 Mountain View Drive, Colchester, VT 05446.
Very truly yours,
/s/ Robert Gillespie
Robert Gillespie
Bombardier Capital Mortgage Securitization Corporation:
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report ( Date of Earliest Event Reported) April 30, 2002
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
(Depositor)
(Exact name of registrant as specified in its charter)
on behalf of
BCMSC Trust Series 1999-B
Delaware 333-40113 03-0355080
(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1600 Mountain View Drive, Colchester, Vermont 05446
(Address of principal executive offices) (ZIP code)
Registrant's telephone number, including area code: (802) 654-7200
Page 1 of 9
Exhibit Index Appears on Page 4
Item 5. Other Event
Information concerning interest and principal distributions made on the
Certificates Certificates) of the BCMSC Trust Series 1999-B on April 15, 2002
is contained in the Distribution Date Statement provided to each holder of the
Certificates. Such Distribution Date Statement is attached hereto as Exhibit
99.1 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1. Distribution Date Statement relating to interest and prinicipal
distributions made on April 15, 2002 on the Series 1999-B Certificates
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized on the date indicated.
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
BY: /s/ Robert Gillespie
Robert Gillespie
Title: President
Date: April 30, 2002
I. ORIGINAL DEAL PARAMETERS
(A)Initial Pool Principal Balance $ 467,867,888.45
(B)Initial Certificates Principal Balance $ 452,662,000.00
(i) Initial Class A-1-A Certificate Principal Balance $ 50,000,000.00
Certificate Amount Percentage 10.69%
Certificate Pass-through Rate 2.12%
(ii) Initial Class A-1-B Certificate Principal Balance $ 40,000,000.00
Certificate Amount Percentage 8.55%
Certificate Pass-through Rate 6.61%
(iii) Initial Class A-2 Certificate Principal Balance $ 24,000,000.00
Certificate Amount Percentage 5.13%
Certificate Pass-through Rate 6.98%
(iv) Initial Class A-3 Certificate Principal Balance $ 60,000,000.00
Certificate Amount Percentage 12.82%
Certificate Pass-through Rate 7.18%
(v) Initial Class A-4 Certificate Principal Balance $ 21,000,000.00
Certificate Amount Percentage 4.49%
Certificate Pass-through Rate 7.30%
(vi) Initial Class A-5 Certificate Principal Balance $ 51,000,000.00
Certificate Amount Percentage 10.90%
Certificate Pass-through Rate 7.44%
(vii) Initial Class A-6 Certificate Principal Balance $ 104,898,000.00
Certificate Amount Percentage 22.42%
Certificate Pass-through Rate 7.85%
(viii) Initial Class M-1 Certificate Principal Balance $ 35,091,000.00
Certificate Amount Percentage 7.50%
Certificate Pass-through Rate 8.12%
(ix) Initial Class M-2 Certificate Principal Balance $ 23,394,000.00
Certificate Amount Percentage 5.00%
Certificate Pass-through Rate 8.75%
(x) Initial Class B-1 Certificate Principal Balance $ 22,224,000.00
Certificate Amount Percentage 4.75%
Certificate Pass-through Rate 8.75%
(xi) Initial Class B-2 Certificate Principal Balance $ 21,055,000.00
Certificate Amount Percentage 4.50%
Certificate Pass-through Rate 8.75%
(C)Initial Weighted Average Coupon (WAC) 10.17%
(D)Initial Weighted Average Original Maturity (WAOM) 316.00 months
(E)Initial Weighted Average Remaining Maturity (WAM) 313.00 months
(F)Initial Number of Receivables 11,612
(G)Servicing Fee Rate 1.00%
(H)Credit Enhancement
(i) Reserve Fund Initial Deposit Percentage 0.00%
(ii) Reserve Fund Target % 0.00%
(iii) Target Overcollateralization Percentage Prior to Crossover Date 5.25%
(iv) Target Overcollateralization Percentage After Crossover Date 9.19%
(v) Target Overcollateralization Floor 1.25%
(vi) Target Credit Enhancement % Prior to Crossover Date 5.25%
(vii) Target Credit Enhancement % After Crossover Date 9.19%
(viii) Target Credit Enhancement Floor 1.25%
(ix) Target Credit Enhancement Amount $24,563,064.14
(I)Crossover Date Tests
Earliest Crossover Date Feb-2004
Percent of Initial Suboridnation Percentage 190.00%
(J)Class B-2 Floor Percentage (of Initial Pool Balance) 0.75%
II. CURRENT PORTFOLIO INFORMATION
(A)Beginning Pool Schedule Balance $ 386,633,312.71
(B)Beginning Pool Factor 82.637283%
(C)Ending Pool Schedule Balance $ 380,561,420.29
(D)Ending Pool Factor 81.339504%
(E)Ending Total Certificate Balance (after Current Distributions) $ 378,746,499.62
(F)Current Overcollateralization Amount (after Current Distributions) $ 1,814,920.67
(G)Weighted Average Coupon (WAC) 10.06%
(H)Weighted Average Remaining Maturity (WAM) 286.81 months
(I)Ending Number of Receivables 9,576
III.COLLECTION CALCULATIONS
(A)Interest
(i) Scheduled Interest Collections durring Current Period 2,814,101.30
(ii) Paid Ahead Interest Collections applied to Current Period 73,728.78
(iii) Servicer Advance 246,822.40
(iv) Liquidation Proceeds Attributable to Interest 173,915.44
(v) Repuchased Loan Proceeds Attributable to Interest (Breaches of Rep or Warranty) -
(vi) Repuchased Loan Proceeds Attributable to Interest (Delinquent Loans) 0.00
(vii) Recoveries on Previously Liquidated Contracts 19,415.61
----------------
(viii) Total Interest Amount Available for Distribution 3,327,983.53
(B)Principal
(i) Scheduled Principal Collections 397,095.25
(ii) Full and Partial Principal Prepayments 586,247.84
(iii) Paid Ahead Principal Collections Applied to Current Period 11,311.99
(iv) Servicer Advance 28,187.61
(v) Liquidation Proceeds Attributable to Principal 851,860.49
(vi) Repurchase Proceeds Attributable to Principal (Breaches of Rep or Warranty) 0.00
(vii) Repurchase Proceeds Attributable to Principal (Delinquent Loans) 0.00
(viii) Other Principal Amounts 0.00
----------------
(ix) Total Principal Amount Available for Distribution 1,874,703.18
IV. DISTRIBUTION CALCULATIONS
(A) Total Interest Available for Distribution 3,327,983.53
(B) Total Principal Available for Distribution 1,874,703.18
(C) Reserve Fund Draw Amount Required 0.00
(D) Draw on Letter of Credit for Interest Distribution 0.00
Less:
Monthly Servicing Fee 322,194.43
Reimbursement to Servicer for Liquidation Expense 11,078.21
Late Payment Fees, Extension Fees and Other Permitted Fees 0.00
Other Permitted Withdrawals from Certificate Account 0.00
----------------
Available Distribution Amount 4,869,414.07
Interest Accrual Period 31 days
Total Interest Amount Due 2,416,413.05
Total Interest Distribution Amount 2,416,413.05
Amount Available for Principal Distribution Amount 2,453,001.02
Principal Distribution Calculation:
Total Principal Amount Available for Distribution 1,874,703.18
Principal Loss on Liquidated Assets 4,197,189.24
----------------
Principal Distribution Due 6,071,892.42
Principal Distribution Shortfall Carryover Amount 3,618,891.40
Accelerated Principal Distribution Amount for Current Period 0.00
----------------
Total Principal Amount to be Distributed 2,453,001.02
Draw on Letter of Credit for Principal Distribution 0.00
Excess Interest 0.00
Reserve Account Deposit 0.00
Reserve Account Release 0.00
Class X Distribution Amount 0.00
Class R Distribution Amount 0.00
V. SERVICER ADVANCE
(A)Interest
(i) Beginning Advance 13,261,295.78
(ii) Monthly Servicer Advance (Reimbursement) 246,822.40
----------------
(iii) Ending Advance Balance 13,508,118.18
(B)Principal
(i) Beginning Advance 1,424,376.82
(ii) Monthly Servicer Advance (Reimbursement) 28,187.61
----------------
(iii) Ending Advance Balance 1,452,564.43
(C)Total Servicer Advance
(i) Beginning Advance 14,685,672.60
(ii) Monthly Servicer Advance (Reimbursement) 275,010.01
----------------
(iii) Ending Advance Balance 14,960,682.61
VI. CREDIT ENHANCEMENT
(A)Overcollateralization
(I) Target Overcollaterallization Amount 24,563,064.14
(ii) Beginning Balance 5,433,812.08
(iii) Write down 3,618,891.40
(iv) Overcollaterallization Addition Amount 0.00
(v) Overcollaterallization Reduction Amount 0.00
(vi) Ending Balance 1,814,920.68
(B)Reserve Fund (if applicable)
(i) Required Reserve Fund Balance 0.00
(ii) Beginning Reserve Fund Balance 0.00
(iii) Draws for Certificate Distributions 0.00
(iv) Excess Interest Deposited 0.00
(v) Reserve Fund Release 0.00
(vi) Ending Reserve Fund Balance 0.00
(C)Letter of Credit (if applicable)
(i) Beginning LC Balance 0.00
(ii) Draw on LC for Interest Distribution 0.00
(iii) Draw on LC for Principal Distribution 0.00
Ending Balance 0.00
VII.CERTIFICATE DISTRIBUTIONS
(A)Senior Certificates - Interest
(i) Class A-1-A
Pass-Through Rate 2.12%
Beginning Carryover Interest $ -
Current Interest Accrual $ 18,800.69
Current Carryover Interest Accrual $ -
Interest Paid $ 18,800.69
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 0.38
(ii) Class A-1-B
Pass-Through Rate 6.61%
Beginning Carryover Interest $ -
Current Interest Accrual $ 45,348.22
Current Carryover Interest Accrual $ -
Interest Paid $ 45,348.22
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 1.13
(iii) Class A-2
Pass-Through Rate 6.98%
Beginning Carryover Interest $ -
Current Interest Accrual $ 139,500.00
Current Carryover Interest Accrual $ -
Interest Paid $ 139,500.00
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 5.81
(iv) Class A-3
Pass-Through Rate 7.18%
Beginning Carryover Interest $ -
Current Interest Accrual $ 359,000.00
Current Carryover Interest Accrual $ -
Interest Paid $ 359,000.00
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 5.98
(v) Class A-4
Pass-Through Rate 7.30%
Beginning Carryover Interest $ -
Current Interest Accrual $ 127,750.00
Current Carryover Interest Accrual $ -
Interest Paid $ 127,750.00
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 6.08
(iv) Class A-5
Pass-Through Rate 7.44%
Beginning Carryover Interest $ -
Current Interest Accrual $ 316,200.00
Current Carryover Interest Accrual $ -
Interest Paid $ 316,200.00
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 6.20
(v) Class A-6
Pass-Through Rate 7.85%
Beginning Carryover Interest $ -
Current Interest Accrual $ 686,207.75
Current Carryover Interest Accrual $ -
Interest Paid $ 686,207.75
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 6.54
(B)Subordinate Certificates - Interest
(i) Class M1
Pass-Through Rate 8.12%
Beginning Carryover Interest $ -
Current Interest Accrual $ 237,449.10
Current Carryover Interest Accrual $ -
Interest Paid $ 237,449.10
Ending Carryover Balance $ -
Beginning Carryover Writedown Interest $ -
Current Writedown Interest $ -
Current Carryover Writedown Interest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 6.77
(ii) Class M2
Pass-Through Rate 8.75%
Beginning Carryover Interest $ -
Current Interest Accrual $ 170,581.25
Current Carryover Interest Accrual $ -
Interest Paid $ 170,581.25
Ending Carryover Balance $ -
Beginning Carryover Writedown Interest $ -
Current Writedown Interest $ -
Current Carryover Writedown Interest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 7.29
(iii) Class B1
Pass-Through Rate 8.75%
Beginning Carryover Interest $ -
Current Interest Accrual $ 162,050.00
Current Carryover Interest Accrual $ -
Interest Paid $ 162,050.00
Ending Carryover Balance $ -
Beginning Carryover Writedown Interest $ -
Current Writedown Interest $ -
Current Carryover Writedown Interest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 7.29
(iv) Class B2
Pass-Through Rate 8.75%
Beginning Carryover Interest $ -
Current Interest Accrual $ 153,526.04
Current Carryover Interest Accrual $ -
Interest Paid $ 153,526.04
Ending Carryover Balance $ -
Beginning Carryover Writedown Interest $ -
Current Writedown Interest $ -
Current Carryover Writedown Interest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 7.29
(C)Senior Certificates - Principal
(i) Class A-1-A
Initial Certificate Balance 50,000,000.00
Initial Certificate Percentage 10.69%
Beginning Certificate Balance 10,298,611.42
Current Principal Due 223,779.94
Current Principal Paid 90,405.49
Principal Shortfall Carryover for Current Period 133,374.45
Accelerated Principal Distribution 0.00
Ending Certificate Balance 10,208,205.93
Ending Pool Factor 2.70%
Principal Paid per $1000 8.78
Total Class Distribution 90,405.49
(ii) Class A-1-B
Initial Certificate Balance 40,000,000.00
Initial Certificate Percentage 8.55%
Beginning Certificate Balance 8,238,889.22
Current Principal Due 179,023.96
Current Principal Paid 72,324.40
Principal Shortfall Carryover for Current Period 106,699.56
Accelerated Principal Distribution 0.00
Ending Certificate Balance 8,166,564.82
Ending Pool Factor 2.16%
Principal Paid per $1000 8.78
Total Class Distribution 72,324.40
(iii) Class A-2
Initial Certificate Balance 24,000,000.00
Initial Certificate Percentage 5.13%
Beginning Certificate Balance 24,000,000.00
Current Principal Due 521,499.30
Current Principal Paid 210,681.98
Principal Shortfall Carryover for Current Period 310,817.32
Accelerated Principal Distribution 0.00
Ending Certificate Balance 23,789,318.02
Ending Pool Factor 6.28%
Principal Paid per $1000 8.78
Total Class Distribution 210,681.98
(iv) Class A-3
Initial Certificate Balance 60,000,000.00
Initial Certificate Percentage 12.82%
Beginning Certificate Balance 60,000,000.00
Current Principal Due 1,303,748.25
Current Principal Paid 526,704.95
Principal Shortfall Carryover for Current Period 777,043.30
Accelerated Principal Distribution 0.00
Ending Certificate Balance 59,473,295.05
Ending Pool Factor 15.70%
Principal Paid per $1000 8.78
Total Class Distribution 526,704.95
(v) Class A-4
Initial Certificate Balance 21,000,000.00
Initial Certificate Percentage 10.90%
Beginning Certificate Balance 21,000,000.00
Current Principal Due 456,311.89
Current Principal Paid 184,346.73
Principal Shortfall Carryover for Current Period 271,965.16
Accelerated Principal Distribution 0.00
Ending Certificate Balance 20,815,653.27
Ending Pool Factor 5.50%
Principal Paid per $1000 8.78
Total Class Distribution 184,346.73
(vi) Class A-5
Initial Certificate Balance 51,000,000.00
Initial Certificate Percentage 7.44%
Beginning Certificate Balance 51,000,000.00
Current Principal Due 1,108,186.01
Current Principal Paid 447,699.21
Principal Shortfall Carryover for Current Period 660,486.80
Accelerated Principal Distribution 0.00
Ending Certificate Balance 50,552,300.79
Ending Pool Factor 13.35%
Principal Paid per $1000 8.78
Total Class Distribution 447,699.21
(vi) Class A-6
Initial Certificate Balance 104,898,000.00
Initial Certificate Percentage 22.42%
Beginning Certificate Balance 104,898,000.00
Current Principal Due 2,279,343.07
Current Principal Paid 920,838.26
Principal Shortfall Carryover for Current Period 1,358,504.81
Accelerated Principal Distribution 0.00
Ending Certificate Balance 103,977,161.74
Ending Pool Factor 27.45%
Principal Paid per $1000 8.78
Total Class Distribution 920,838.26
(D)Subordinate Certificates - Principal
(i) Class M1
Initial Certificate Balance 35,091,000.00
Initial Certificate Percentage 7.50%
Beginning Certificate Balance 35,091,000.00
Current Principal Due 0.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 35,091,000.00
Ending Pool Factor 9.27%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 0.00
Total Class Distribution 0.00
(iii) Class M2
Initial Certificate Balance 23,394,000.00
Initial Certificate Percentage 5.00%
Beginning Certificate Balance 23,394,000.00
Current Principal Due 0.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 23,394,000.00
Ending Pool Factor 6.18%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 0.00
Total Class Distribution 0.00
(iv) Class B1
Initial Certificate Balance 22,224,000.00
Initial Certificate Percentage 4.75%
Beginning Certificate Balance 22,224,000.00
Current Principal Due 0.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 22,224,000.00
Ending Pool Factor 5.87%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 0.00
Total Class Distribution 0.00
(iv) Class B2
Initial Certificate Balance 23,394,000.00
Initial Certificate Percentage 4.50%
Beginning Certificate Balance 21,055,000.00
Current Principal Due 0.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 21,055,000.00
Ending Pool Factor 5.56%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 0.00
Total Class Distribution 0.00
(E)Total Certificate Balances
Beg of Period End of Period
(i) Aggregate Balance of Certificates $ 381,199,500.64 $ 378,746,499.62
(ii) Total Certificate Pool Factor 84.2128344% 83.6709288%
VIIIDELINQUENCY INFORMATION
Percent of Percent of
Delinquent Receivables at End of Due Period : Scheduled Balance Pool Balance Units Total Units
30-59 Days Delinquent $ 29,166,471.00 7.66% 705 7.36%
60-89 Days Delinquent $ 14,052,028.21 3.69% 363 3.79%
90 Days or More Delinquent $ 47,524,116.49 12.49% 1,146 11.97%
Homes Repossessed or Foreclosed Upon $ 18,282,376.38 4.80% 433 4.52%
IX. REPURCHASED CONTRACTS
(A)Repurchased Contracts - Breach of Rep or Warranty
(i) Beginning Cumulative Repurchased Contracts since cutoff $ 755,000.02
(ii) Number of Contracts repurchased this period -
(iii) Repurchase Price of Contracts this period $ -
(iv) Ending Cumulative Repurchased Contracts since cutoff $ 755,000.02
(B)Repurchased Contracts - Delinquent Loans
(i) Beginning Cumulative Repurchased Contracts since cutoff $ -
(ii) Number of Contracts repurchased this period -
(iii) Repurchase Price of Contracts this period $ -
(iv) Ending Cumulative Repurchased Contracts since cutoff $ -
X. REPOSSESSION / LOSS INFORMATION
Units Scheduled Balance
Beginning Repossession Inventory 472 $19,965,154.27
Repossessions Incurred 97 $ 3,366,271.84
Less Repurchase of Delinquent Loans 0 $ -
Less Repossessions Sold 136 $ 5,049,049.73
===== =================
===== =================
Ending Repossession Inventory 433 $18,282,376.38
Principal Balance of Repossessions Liquidated $ 5,049,049.73
Liquidation Proceeds Attributable to Principal $ 851,860.49
----------------
Principal Loss on Liquidation of Repo $ 4,197,189.24
Reimbursement to Servicer for Liquidation Expense $ 11,078.21
Recoveries for Previously Liquidated Contracts $ 19,415.61
----------------
Net Liquidation Loss (Realized Loss) $ 4,188,851.84
Recoveries
Liquidation Proceeds Attributable to Interest $ 173,915.44
Liquidation Proceeds Attributable to Principal $ 851,860.49
Recoveries for Previously Liquidated Contracts $ 19,415.61
----------------
Total Recoveries $ 1,045,191.54
Recovery Percentage of Principal Balance of Repossessions Liquidated 21%
XI. TRIGGERS
Has the Crossover Date Occurred? NO
Where the Current Distribution Date of 04/15/02
is greater than the Earliest Crossover Date of February 29, 2004
And
Subordinated Certificates Beginning Principal Balance of 101,764,000.00
plus the Current Overcollateralization Amount of 1,814,920.68
divided by the Current Beginning Pool Principal Balance of 386,633,312.71
-------------
Equals 26.79%
-------------
And is greater than the:
Subordinated Initital Certificates Percentage of 34.92%
multiplied by the
Percentage (as Percent of Initial Class Subordination Percentage) 175%
-------------
Equals 61.11%
-------------
Principal Distribution Tests: Actual Ratio Test Ratio Result
Over 60 Days Delinquent
--------------------------------
Current Mo 20.98%
1st Preceding Mo 22.64%
2nd Preceding Mo 25.39%
Average 60 Day Delinquency Ratio: 23.00% 5.00% FAIL
Over 30 Days Delinquent
--------------------------------
Current Mo 28.65%
1st Preceding Mo 30.63%
2nd Preceding Mo 34.23%
Average 30 Day Delinquency Ratio: 31.17% 7.00% FAIL
Net Liquidation Losses
Ending Pool Bal (Realized Losses)
-------------------------------------------------------------------
Current Mo 380,561,420.29 4,188,851.84
1st Preceding Mo 386,633,312.71 4,154,269.97
2nd Preceding Mo 392,886,375.76 3,524,546.71
----------------------------------------------------------------------------------------
Total 1,160,081,108.76 11,867,668.52
----------------------------------------------------------------------------------------
Divided by 3
----------------------------------------
Average 386,693,702.92
Sum of last 3 months of Losses 11,867,668.52
Divided by 3 month average of Pool Balance 386,693,702.92
Annualized (multiply by 4) 4
Current Realized Loss Ratio: 12.28% 2.75% FAIL
Beginning Cumulative Realized Losses 31,776,267.78
Net Liquidation Losses (Realized Losses) 4,188,851.84
-------------------
Ending Cumulative Realized Losses 35,965,119.62
Divided by Initial Pool Principal Balance 467,867,888.45
Cumulative Realized Loss Ratio: 7.69% 7.00% FAIL
Should Principal Be Distributed to the Subordinated Certificates? NO
The undersigned, duly authorized representatives of Bombardier Capital Inc., do
hereby certify that this Remittance Report has been prepared in accordance with
the Pooling and Servicing Agreement and is correct, to the best of our
knowledge.
BY: _____________________ DATE:_________________________
NAME: Ana Dropps
TITLE: Controller - Mortgage Finance Division
BY: _____________________ DATE:_________________________
NAME: Brian Peters
TITLE: Vice President - Finance