================================================
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
-------------------------------
June 20, 1997
(Date of Report - Date of earliest event reported)
-------------------------------
Capitol Revolving Home Equity Loan Trust 1996-1
(Issuer in respect of the Capitol Home Equity Loan
Asset Backed Certificates, Series 1996-1)
(Exact name of registrant as specified in its charter)
33-31682
(Commission File No.)
Maryland 52-0897004
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8401 Connecticut Avenue
Chevy Chase, Maryland 20815
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (301) 986-7000
==============================================
<PAGE>
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Monthly Report to Certificateholders dated June 20, 1997
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has caused this report to be signed on behalf of Capitol
Revolving Home Equity Loan Trust 1996-1 by the undersigned thereunto duly
authorized.
CAPITOL REVOLVING HOME EQUITY LOAN TRUST 1996-1
By: Chevy Chase Bank, F.S.B.
Originator of the Trust and Servicer
Dated: July 3, 1997 By: Stephen R. Halpin, Jr.
____________________________________
Stephen R. Halpin, Jr.
Executive Vice President and
Chief Financial Officer
<PAGE>
EXHIBIT
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT (K)
CAPITOL REVOLVING HOME EQUITY LOAN TRUST 1996-1
Under subsection 5.3(b) of the Pooling and Servicing Agreement dated
as of September 1, 1996 by and between Chevy Chase Bank, F.S.B., a
federally chartered savings bank, as Transferor and Servicer, and Chemical
Bank, as Trustee and Custodial Agent (hereinafter as such agreement may
have been, or may from time to time be, amended, supplemented or otherwise
modified, the "Pooling and Servicing Agreement"), Chevy Chase Bank, F.S.B.,
as the Servicer, is required to prepare certain information each month
regarding current distributions on the Certificates and the performance of
the Capitol Revolving Home Loan Trust 1996-1 (the "Trust") during the
related Collection Period. The information that is required to be prepared
with respect to the distribution to Holders (the "Certificateholders") of
the Certificates on June 20, 1997(the "Distribution Date") and the
performance of the Trust during the month of May, 1997 (the "Collection
Period") is set forth below. Certain of the information is presented on the
basis of an original principal amount of $1,000 per Certificate, as the
case may be. Capitalized terms used and not otherwise defined herein have
the meanings assigned them in the Pooling and Servicing Agreement.
A. Information Regarding the Current Monthly
Distribution to Certificateholders
(Per $1,000 Original Principal Amount of a
Certificate).
1. The Investor Certificateholder's Floating
Allocation Percentagefor the last day of
the preceding Collection Period...................93.55%
2. The Investor Certificate distribution amount......$20.86
3. The amount of Investor Certificate Interest
included in such distribution, the related
Investor Certificate Rate and the portion
thereof attributable to collections in
respect of the Mortgage Loans.....................$4.5165
...................................................5.8775%
..................................................$4.5165
4. The amount, if any, of any Unpaid Investor
Certificate Interest Shortfall included in
such distribution (and the amount of interest
theron)...........................................$0.0000
..................................................$0.0000
5. The amount, if any, of the remaining Unpaid
Investor Certificaicte Interest Shortfall
giving effect to such distribution................$0.0000
<PAGE>
6. The amount, if any, of principal included in
such distribution, seperately stating the
componts thereof(including the portion
thereof attributable to collections in respect of
the Mortgage Loans)...............................$14.01
7. The amount, if any, of the reimbursement of
previous Investor Loss Reduction Amount
includedin such distribution......................$0.00
8. The amount, if any, of the aggregate
unreimbursed Investor Loss Reduction
Amounts after giving effect to such distribution..$0.00
9. The Servicing Fee for such Distribution
Date..............................................$0.38
10. after giving effect to such Distribution
a. the Investor...................................$894.27
b. the Cerificate Prinipal Balnce.................$876.04
11. after giving effect to such Distribution
a. the Required Overcollateralization Amount......$20.00
b. the basic Overcollateralation Amount...........$8.25
c. the Overcollateralization Amount...............$15.90
12. a. The Pool Balance as of the end of the
preceding Collection Period...........$116,954,517.28
b. the number and aggregate of the Trust Balances of the Mortgage
Loans as to which the minimum monthly payment is delinqunent
for 30-59 days, 60-89 days and 90 or more days, respectively
at the close of business on the last day of the related
Collection Period
Number Aggregate Balance
30-59 days 71 $2,515,883.20
60-89 days 6 $128,153.87
90+ days 2 $80,545.47
13. the Accelerated Principal Distribution
Amount, if any....................................$2.33
14. the Certificate Insurance Draw Amount, if any.....$0.00
15. the aggregate Liquidation Loss Amount for all
Mortgage Loans that became Liquidated Mortgage
Loans in the Preceding Collection Period..........$0.02
16. the Trust Balance of any Mortgage Loan,
the related Mortgaged Property of which
is acquired by the Trust through foreclosure......$0.00
<PAGE>
17. the Pre-Funding Amount............................$0.00
18. the aggregate Cut-Off Date Trust Balances of Subsequent
Mortgage Loans purchased during the preceding Collection
Period............................................$0.00
19. the amount on deposit in the Capitalized Interest
Account...........................................$0.00
20. the amount of any Basis Risk Payment included in such
distribution......................................$0.00
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be
duly executed this 20th day of June, 1997.
CHEVY CHASE BANK, F.S.B.
as Servicer
By: John N. Sousane
_____________________________
John N. Sousane
Vice President
