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) November 19, 1996
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FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC.
Exact Name of Registrant as Specified in Its Charter)
North Carolina 333-3574 56-1967773
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
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One First Union Center, 301 South College Street, Charlotte, North Carolina 28202
(Address of Principal Executive Offices) (ZIP Code)
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(704) 383-3624
(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
On or about December 12, 1996, the Registrant will cause the issuance
and sale of approximately $220,000,000 initial principal amount of Home Equity
Loan Asset-Backed Certificates, Series 1996-2, Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class B and Class R (collectively, the "Certificates")
pursuant to a Pooling and Servicing agreement to be dated as of December 1,
1996, among the Registrant, First Union National Bank of North Carolina, as
seller and master servicer, First Union National Bank of North Carolina, Trust
Department, as document custodian, and Norwest Bank Minnesota, National
Association, as trustee.
In connection with the sale of the Series 1996-1, Class A-1, Class A-2,
Class A-3, Class A-4 and Class A-5 Certificates (collectively, the "Underwritten
Certificates"), the Registrant has been advised by First Union Capital Markets
Corp. and Lehman Brothers Inc. (together, the "Underwriters"), that the
Underwriters have furnished to prospective investors certain yield tables and
other computational materials and collateral terms sheets (together, the
"Computational Materials") with respect to the Underwritten Certificates
following the effective date of Registration Statement No. 333-3974, which
Computational Materials are being filed as exhibits to this report.
The Computational Materials have been provided to the Registrant by the
Underwriters. The information in the Computational Materials is preliminary and
may be superseded by the final Prospectus Supplement relating to the
Certificates and by any other information subsequently filed with the Securities
and Exchange Commission.
The Computational Materials (other than the collateral terms sheets)
were prepared by the Underwriters, based on assumptions that differ from the
assumptions set forth in the Prospectus Supplement. The Computational Materials
may not include, and do not purport to include, information based on assumptions
representing a complete set of possible scenarios.
In addition, the actual characteristics and performance of the mortgage
loans underlying the Underwritten Certificates (the "Mortgage Loans") may differ
from the assumptions used in the Computational Materials, which are hypothetical
in nature and which were provided to investors only to give a general sense of
how the yield, average life, duration, expected maturity, interest rate
sensitivity and cash flow characteristics of a particular class of Underwritten
Certificates might vary under varying prepayment and other scenarios. Any
difference between such assumptions and the actual characteristics and
performance of the Mortgage Loans will affect the actual yield, average life,
duration, expected maturity, interest rate sensitivity and cash flow
characteristics of the Underwritten Certificates.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) FINANCIAL STATEMENTS.
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION
Not applicable
(c) EXHIBITS
EXHIBIT NO. DESCRIPTION
99.1* Collateral Term Sheet
99.2* Computational Materials
*In accordance with Rule 202 of Regulation S-T, this exhibit is being
filed in paper pursuant to a continuing hardship exemption.
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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.
FIRST UNION RESIDENTIAL SECURITIZATION
TRANSACTIONS, INC.
(Registrant)
By: /s/ Patrick J. Tadie
Name: Patrick J. Tadie
Title: Vice President
Date: November 18, 1996
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EXHIBIT INDEX
SEQUENTIALLY
EXHIBIT NO. DESCRIPTION NUMBERED PAGE
99.1* Collateral Term Sheet
99.2* Computational Materials
*IN ACCORDANCE WITH RULE 202 OF REGULATION S-T, THIS EXHIBIT IS BEING
FILED IN PAPER PURSUANT TO A CONTINUING HARDSHIP EXEMPTION.
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EXHIBIT 99.1
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EXHIBIT 99.2
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