<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): June 7, 1996
Vanderbilt Mortgage and Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
33-88238 62-0997810
- --------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
4726 Airport Highway
Louisville, TN 37777
- --------------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 615-970-7200
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On June 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 Pass 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.
<TABLE>
<CAPTION>
Exhibit No. Description Page
----------- ----------- ----
<S> <C> <C>
28 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distribution
on June 7, 1996.
</TABLE>
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: June 7, 1996
<PAGE> 3
<TABLE>
<CAPTION>
Clinical Bank, Trustee Determination Date: 03-Jun-96
Manufactured Housing Contracts Remittance Date: 07-Jun-96
Senior/Subordinated Pass-Through Certificates Series 1995B For the Period Ended: 25-May-96
Information for Clauses (a) through (s), Section 7.01
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 2,259,038.24 244,733.42 151,967.50 107,632.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 708,250.00
(b) Partial Prepayments Received 92,933.56
(c) Principal Payments in Full (Scheduled Balance) 1,317,124.33
(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 2,118,307.69 0.00 0.00 0.00
(c) Interest Distribution 140,730.35 244,733.42 151,967.50 107,632.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------- -------------- ------------- --------------
Total Interest Distribution 140,730.35 244,733.42 151,967.50 107,632.33
(d) Beginning Class A and Class B Principal Balance 26,912,577.25 45,356,000.00 27,320,000.00 18,584,000.00
Less: Principal Distribution 2,118,307.69 0.00 0.00 0.00
-------------- -------------- ------------- --------------
Remaining Class A and Class B Principal Balance 24,794,269.36 45,356,000.00 27,320,000.00 18,584,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 117,801.98
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 71,692.77
Reimburseable Fees 0.00
-------------
Total Fees Due Servicer 249,494.75
No of Unpaid Principal
(f) Delinquency Contracts Balance
31-59 Days Delinquent 198 4,611,871
60-89 Days Delinquent 31 705,853
90+ Days Delinquent 52 1,042,344
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 316,117.89
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 0.00
(k) Aggregate Net Liquidation Losses 90,374.00
(l) (x) Class B-2 Formula Distribution Amount 61,088.54
(y) Remaining Amount Available 377,206.43
------------
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 0
(q) Principal Prepayments paid 1,410,057.89
(r) Scheduled Principal Payments 708,250.00
(s) Weighted Average Interest Rate 12.00%
<CAPTION>
Class A-5 Class A-6 Class B-1 Class B-2
<S> <C> <C> <C> <C>
(a) Class A and Class 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
-------------- -------------- -------------- --------------
17,367,000.00 14,800,000.00 11,100,000.00 9,250,000.00
(e) Fees Due Servicer
Monthly Servicing Fee (h) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount Class A-1 0.60146688 41,223,000.00 6.275%
Section 6.02 Reimbursement Amount Class A-2 1.00000000 45,356,000.00 6.475%
Reimburseable Fees Class A-3 1.00000000 27,320,000.00 6.675%
Class A-4 1.00000000 18,584,000.00 6.950%
Total Fees Due Servicer 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>
<PAGE> 4
<TABLE>
Chemical Bank, Trustee Determination Date: 03-Jun-96
Manufactured Housing Contracts Remittance Date: 07-Jun-96
Senior/Subordinated Pass-Through Certificates Series 1995B For the Period Ended: 25-May-96
Computation of Available Distribution Amount
<S> <C>
(I) Certificate Account Balance at Monthly Cutoff 3,777,081.58
(II) Monthly Advance made 0.00
(III) Section 5.05 Certificate Fund Income 17,831.70
(IV) Prefunding Account Earnings 0.00
(V) Principal due Holders
Less:
(I) Scheduled Payments of principal and interest
due subsequent to the Due Period 138,301.11
(II) Due to the Servicer Pursuant to Section 6.02:
(I) Section 3.05 Purchased (Due Seller) 0.00
(II) Reimbursement for taxes from Liquidation Proceeds 0.00
(III) Monthly Servicing Fee 177,801.98
(IV) Reimburseable Liquidation Expenses 71,692.77
(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 249,494.75
Available Distribution Amount 3,407,117.42
To Class A and B 3,090,999.53
Monthly Excess Cashflow 316,117.89
Weighted Average Remaining Term (months) 151.70
Schedule Balance Computation
Prior Month Balance 170,689,903.91
Current Balance 168,728,865.47
Adv Principal 53,003.30
Del Principal 210,272.75
Pool Scheduled Balance 168,571,596.02
Principal Payments in Full 1,317,124.33
Partial Prepayments 92,933.56
Scheduled Principal 708,250.00
Collateral Balance 168,728,865.47
</TABLE>
