<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 1996
Vanderbilt Mortgage and Finance, Inc.
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(Exact name of registrant as specified in its charter)
Tennessee
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(State or other jurisdiction of incorporation or organization)
33-88238 62-0997810
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(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
4726 Airport Highway
Louisville, TN 37777
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-970-7200
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On May 7, 1996, Chemical Bank, as Trustee, made the monthly
distribution to the holders of the Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract Senior/Subordinated Passs Through Certificates,
Series 1995B.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
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<CAPTION>
Exhibit No. Description Page
----------- ----------- ----
<S> <C> <C>
28 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distribution
on May 7, 1996.
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SIGNATURES
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 hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.
as Servicer
By: /s/ David R. Jordan
Name: David R. Jordan
Title: Controller
Dated: May 7, 1996
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Chemical Bank, Trustee Determination Date: 03-May-96
Manufactured Housing Contracts Remittance Date: 07-May-96
Senior/Subordinated Pass-Through For the Period Ended: 25-Apr-96
Certificates Series 1995B
Information for Clauses (a) through (s), Section 7.01
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3 Class A-4
<S> <C> <C> <C> <C>
(a) Class A and Class B Distribution Amounts 2,304,904.07 244,733.42 151,967.50 107,632.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 647,644.98
(b) Partial Prepayments Received 71,768.53
(c) Principal Payments in Full (Scheduled Balance) 1,433,502.25
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls
in (a) through (e) 0.00
------------- ------------- ------------- -------------
Total Principal Distribution 2,152,915.76 0.00 0.00 0.00
(c) Interest Distribution 151,988.31 244,733.42 151,967.50 107,632.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 151,988.31 244,733.42 151,967.50 107,632.33
(d) Beginning Class A and Class B Principal Balance 29,065,493.01 45,356,000.00 27,320,000.00 18,584,000.00
Less: Principal Distribution 2,152,915.76 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 26,912,577.25 45,356,000.00 27,320,000.00 18,584,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 180,044.60
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 55,173.49
Reimburseable Fees 0.00
-------------
Total Fees Due Servicer 235,218.09
<CAPTION>
Class A-5 Class A-6 Class B-1 Class B-2
<S> <C> <C> <C> <C>
(a) Class A and B Distribution Amounts 104,202.00 92,500.00 69,837.50 61,088.54
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls
in (a) through (e)
------------- ------------- ------------- ------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 104,202.00 92,500.00 69,837.50 61,088.54
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------
Total Interest Distribution 104,202.00 92,500.00 69,837.50 61,088.54
(d) Beginning Class A and Class B Principal Balance 17,367,000.00 14,800,000.00 11,100,000.00 9,250,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------
Remaining Class A and Class B Principal Balance 17,367,000.00 14,800,000.00 11,100,000.00 9,250,000.00
</TABLE>
<TABLE>
<CAPTION>
No. of Unpaid Principal
(f) Delinquency Contracts Balance
<S> <C> <C>
31-59 Days Delinquent 120 2,621,260
60-89 Days Delinquent 38 805,288
90+ Days Delinquent 50 997,653
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 344,819.50
Repossession Profits 0.00
(j) Principal Balance of Contracts
in Repossession 17,710.74
(k) Aggregate Net Liquidation Losses 63,870.18
(l) (x) Class B-2 Formula Distribution Amount 61,088.54
(y) Remaining Amount Available 405,908.04
-------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
(p) Number of units repossessed 2
(q) Principal Prepayments paid 1,505,270.78
(r) Scheduled Principal Payments 647,644.98
(s) Weighted Average Interest Rate 12.00%
</TABLE>
<TABLE>
<CAPTION>
(h) Pool Factor Original Balance Rate
<S> <C> <C> <C>
Class A-1 0.65285344 41,223,000.00 6.275%
Class A-2 1.00000000 45,356,000.00 6.475%
Class A-3 1.00000000 27,320,000.00 6.675%
Class A-4 1.00000000 18,584,000.00 6.950%
Class A-5 1.00000000 17,367,000.00 7.200%
Class A-6 1.00000000 14,800,000.00 7.500%
Class B-1 1.00000000 11,100,000.00 7.550%
Class B-2 1.00000000 9,250,000.00 7.925%
</TABLE>
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Chemical Bank, Trustee Determination Date: 03-May-96
Manufactured Housing Contracts Remittance Date: 07-May-96
Senior/Subordinated Pass-Through For the Period Ended: 25-Apr-96
Certificates Series 1995B
Computation of Available Distribution Amount
<TABLE>
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff 3,872,308.42
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income 14,055.65
(iv) Prefunding Account Earnings 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period 169,461.12
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 180,044.60
(iv) Reimburseable Liquidation Expenses 55,173.49
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited 0.00
Total Due Servicer 235,218.09
Available Distribution Amount 3,481,684.86
To Class A and B 3,136,665.36
Monthly Excess Cashflow 344,819.50
Weighted Average Remaining Term (months) 151.70
Scheduled Balance Computation
Prior Month Balance 172,842,619.67
Current Balance 170,816,594.67
Adv Principal 62,593.79
Del Principal 189,284.55
Pool Scheduled Balance 170,689,903.91
Principal Payments in Full 1,433,502.25
Partial Prepayments 71,768.53
Scheduled Principal 647,644.96
Collateral Balance 170,816,594.67
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