Assumptions Page

Program Expenses Collateral Data File Geographic Selection

0.75% Servicier Expense C:\VBA_BOOK_02\Code\data\Select03_CollateralData.xls 1 AK Alaska
0.20% Progran Expenses Default Sensitivity 1 AL Alabama
1.00% Conduit Spread 100.00% Base Portfolio Default Rate 1 AR Arkansas
Seller Interest 100.00% Scenario Default Rate Step Increase 1 AZ Arizona
5.000% Initial Seller Interest 5 Scenarios 1 CA California
Principal Acceleration Triggers 2 Default Methodology 1=CPR, 2=PSA, 3=User Defined 1 CO Colorado
5.000% Rolling 3-Month Deliquency Rate Prepayment Sensitivity 1 CT Connecticut
Cumulative Default Trigger 100.00% Base Prepayment Rate Rate 1 DE Delaware
10.000% Clean-Up Call Level 50.00% Scenario Prepayment Rate Step Increase 1 FL Florida
Collateral Selection Criteria 5 Scenarios 1 GA Georgia
Minimum Maximum 2 Prepayment Methodology 1=CPR, 2=PSA 1 HI Hawaii
0 0 Original Term (Months) Loss & Recovery 1 IA Iowa
0 0 Remaining Term (Months) 30.00% Market Value Decline 1 ID Idaho
$0 $0 Original Balance 12 Recovery Period (months) 1 IL Illinois
$0 $0 Remaining Balance Distribution of Defaulted Principal 1 IN Indiana
0.000% 0.000% Gross Coupon Year 1 Year 11 Year 21 1 KS Kansas
0.000% Maximum Total Project LTV% Year 2 Year 12 Year 22 1 KY Kentucky
$0 Difference Stated-Calculated Pmt Year 3 Year 13 Year 23 1 LA Louisana
Indices & Minimum Spreads Year 4 Year 14 Year 24 1 MA Massachusettes
Index Code Min Spread Year 5 Year 15 Year 25 1 MD Maryland
0.000% Index #1 and Minimum Spread Year 6 Year 16 Year 26 1 ME Maine
0.000% Index #2 and Minimum Spread Year 7 Year 17 Year 27 1 MI Michigan
0.000% Index #3 and Minimum Spread Year 8 Year 18 Year 28 1 MN Minnesota
0.000% Index #4 and Minimum Spread Year 9 Year 19 Year 29 1 MO Missouri
0.000% Index #5 and Minimum Spread Year 10 Year 20 Year 30 1 MS Mississippi
0.000% Index #6 and Minimum Spread 1 MT Montana
1 NC North Carolina
1 ND North Dakota
1 NE Nebraska
1 NH New Hampshire
1 NJ New Jersey
1 NM New Mexico
1 NV Nevada
1 NY New York
1 OH Ohio
1 OK Oklahoma
1 OR Oregon
1 PA Pennsylvania
1 RI Rhode Island
1 SC South Carolina
1 SD South Dakota
1 TN Tennessee
1 TX Texas
1 UT Utah
1 VA Virginia
1 VT Vermont
1 WA Washington
1 WI Wisconsin
1 WV West Virginia
1 WY Wyoming
1 DC Dist of Col
1 VI US Virgin Is
1 GM US Marians Is
1 PR Puerto Rico
Summary Matrix Report #1
Conduit Financing Tenor Report
Average Life
Final Maturity
Macauley Duration
Modified Duration
Conduit $ Principal Outstanding 10 Yrs
conduit % of Orig Bal Outstanding 10 Yrs

Default PSA Prepayment Methodology

Levels 1 2 3 4 5
100.00% 150.00% 200.00% 250.00% 300.00%
1 6.991 6.076 5.368 4.815 4.377
20.833 19.167 17.417 15.833 14.500
100.00% 5.796 5.158 4.647 4.235 3.899
PSA 5.587 4.971 4.479 4.082 3.758
114,020,479 86,053,990 64,366,748 47,454,521 32,152,299
23.20% 17.51% 13.10% 9.66% 6.54%
2 6.841 5.955 5.268 4.731 4.305
20.750 19.000 17.250 15.667 14.333
200.00% 5.685 5.065 4.569 4.168 3.842
PSA 5.479 4.882 4.404 4.018 3.703
110,011,969 83,028,671 62,103,867 45,311,976 30,435,266
22.39% 16.90% 12.64% 9.22% 6.19%
3 6.695 5.837 5.171 4.653 4.239
20.667 18.917 17.167 15.583 14.167
300.00% 5.575 4.975 4.493 4.105 3.787
PSA 5.374 4.795 4.330 3.957 3.650
106,127,301 80,096,819 59,910,898 43,463,404 29,022,424
21.60% 16.30% 12.19% 8.84% 5.91%
4 6.549 5.718 5.075 4.572 4.169
20.500 18.750 17.000 15.417 14.000
400.00% 5.467 4.884 4.418 4.041 3.731
PSA 5.269 4.708 4.258 3.895 3.596
 102,363,173 77,255,941 57,785,975 41,416,313 27,347,409
20.83% 15.72% 11.76% 8.43% 5.56%
5 6.410 5.605 4.982 4.493 4.105
20.417 18.583 16.833 15.250 13.917
500.00% 5.363 4.797 4.345 3.978 3.678
PSA 5.169 4.624 4.188 3.834 3.545
98,716,353 74,503,599 55,727,275 39,405,850 25,994,494
20.09% 15.16% 11.34% 8.02% 5.29%
Summary Matrix Report #2
Collateral Cash Flow Report
Total Scheduled Amortization
Total Prepayment to Principal
Total Principal Retired
Total Defaults of Principal
Total Recoveries of Principal
Total Coupon Cashflows

Default PSA Prepayment Methodology

Levels 1 2 3 4 5
100.00% 150.00% 200.00% 250.00% 300.00%
1 300,605,088 248,842,022 210,957,560 182,494,253 160,552,836
178,508,881 231,062,611 269,656,372 298,759,656 321,281,206
100.00% 479,113,970 479,904,633 480,613,932 481,253,909 481,834,042
PSA 12,306,408 11,515,744 10,806,445 10,166,468 9,586,335
12,271,780 11,483,720 10,776,753 10,138,873 9,560,633
293,712,379 257,058,540 228,331,256 205,439,606 186,900,706
2 293,001,175 242,982,283 206,338,000 178,777,606 157,509,356
174,123,224 225,687,893 263,719,955 292,533,402 314,938,307
200.00% 467,124,399 468,670,176 470,057,955 471,311,008 472,447,663
PSA 24,295,978 22,750,202 21,362,422 20,109,369 18,972,714
24,227,653 22,686,968 21,303,753 20,054,808 18,921,864
287,532,260 252,048,075 224,210,345 202,004,871 184,002,751
3 285,597,722 237,269,803 201,828,857 175,145,316 154,531,394
169,846,299 220,440,696 257,918,035 286,441,606 308,725,775
300.00% 455,444,022 457,710,499 459,746,892 461,586,922 463,257,170
PSA 35,976,355 33,709,878 31,673,485 29,833,455 28,163,208
35,875,236 33,616,229 31,586,537 29,752,543 28,087,751
281,501,071 247,152,468 220,179,032 198,640,783 181,161,056
4 278,389,792 231,701,089 197,427,612 171,595,535 151,617,573
165,675,568 215,318,145 252,247,689 280,481,457 302,640,995
400.00% 444,065,360 447,019,233 449,675,300 452,076,992 454,258,568
PSA 47,355,017 44,401,144 41,745,077 39,343,385 37,161,809
 47,221,987 44,277,854 41,630,531 39,236,722 37,062,276
275,615,348 242,369,140 216,235,379 195,345,874 178,374,498
5 271,372,552 226,272,719 193,131,797 168,126,453 148,766,543
161,608,545 210,317,421 246,706,050 274,650,196 296,681,396
500.00% 432,981,097 436,590,140 439,837,847 442,776,649 445,447,939
PSA 58,439,280 54,830,237 51,582,530 48,643,728 45,972,438
58,275,198 54,678,062 51,441,053 48,511,901 45,849,348
269,871,699 237,695,564 212,377,486 192,118,702 175,641,977
Summary Matrix Report #3
Conduit Note Paydown
Total P&I Payments
Principal Repayments
Debt Service Paid
Severity of Principal Loss
Coverage Ratio
Internal Rate of Return

Default PSA Prepayment Methodology

Levels 1 2 3 4 5
100.00% 150.00% 200.00% 250.00% 300.00%
1 589,245,156 573,226,893 560,821,051 551,137,975 543,476,519
466,849,358 466,849,358 466,849,358 466,849,358 466,849,358
100.00% 122,395,797 106,377,535 93,971,692 84,288,617 76,627,160
PSA 0.000% 0.000% 0.000% 0.000% 0.000%
34.96% 31.42% 28.62% 26.34% 24.45%
3.750% 3.750% 3.750% 3.750% 3.750%
2 586,621,006 571,104,761 559,077,101 549,676,564 542,223,116
466,849,358 466,849,358 466,849,358 466,849,358 466,849,358
200.00% 119,771,647 104,255,402 92,227,742 82,827,206 75,373,758
PSA 0.000% 0.000% 0.000% 0.000% 0.000%
34.33% 30.92% 28.20% 25.99% 24.16%
3.750% 3.750% 3.750% 3.750% 3.750%
3 584,060,569 569,031,904 557,371,335 548,303,205 541,052,328
466,849,358 466,849,358 466,849,358 466,849,358 466,849,358
300.00% 117,211,210 102,182,546 90,521,976 81,453,847 74,202,970
PSA 0.000% 0.000% 0.000% 0.000% 0.000%
33.73% 30.42% 27.79% 25.64% 23.87%
3.750% 3.750% 3.750% 3.750% 3.750%
4 581,510,316 566,950,351 555,703,360 546,895,041 539,838,169
466,849,358 466,849,358 466,849,358 466,849,358 466,849,358
400.00% 114,660,958 100,100,992 88,854,002 80,045,683 72,988,811
PSA 0.000% 0.000% 0.000% 0.000% 0.000%
 33.15% 29.95% 27.39% 25.31% 23.59%
3.750% 3.750% 3.750% 3.750% 3.750%
5 579,072,891 564,972,925 554,071,876 545,510,889 538,708,958
466,849,358 466,849,358 466,849,358 466,849,358 466,849,358
500.00% 112,223,532 98,123,567 87,222,518 78,661,530 71,859,599
PSA 0.000% 0.000% 0.000% 0.000% 0.000%
32.57% 29.48% 27.00% 24.98% 23.31%
3.750% 3.750% 3.750% 3.750% 3.750%
Summary Matrix Report #4
Structure and Seller Interest Performance
Seller Interest IRR
Excess Servicing Released to Seller
Seller Interest Coverage (or Loss)
Program Fee Shortfall
Servicing Fee Shortfall
Interest Shortfall

Default PSA Prepayment Methodology

Levels 1 2 3 4 5
100.00% 150.00% 200.00% 250.00% 300.00%
1 60.64% 60.66% 60.68% 60.70% 60.71%
163,196,734 146,700,943 133,613,855 122,970,042 114,158,691
100.00% 564.18% 497.05% 443.79% 400.47% 364.61%
PSA - - - - -
- - - - -
- - - - -
2 57.52% 57.55% 57.58% 57.59% 57.60%
160,291,676 144,334,701 131,661,687 121,347,352 112,807,793
200.00% 552.36% 487.42% 435.84% 393.86% 359.11%
PSA - - - - -
- - - - -
- - - - -
3 54.62% 54.65% 54.67% 54.68% 54.69%
157,456,178 142,022,089 129,751,728 119,696,995 111,421,772
300.00% 540.82% 478.01% 428.07% 387.15% 353.47%
PSA - - - - -
- - - - -
- - - - -
4 51.93% 51.96% 51.99% 52.00% 52.00%
154,743,442 139,821,798 127,882,607 118,147,026 110,132,297
400.00% 529.78% 469.05% 420.46% 380.84% 348.22%
PSA - - - - -
 - - - - -
- - - - -
5 49.45% 49.47% 49.49% 49.50% 49.50%
152,042,238 137,612,664 126,053,945 116,634,164 108,803,189
500.00% 518.79% 460.06% 413.02% 374.68% 342.81%
PSA - - - - -
- - - - -
- - - - -