SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
and Exchange Act of 1934
Date of Report: 09/25/98
(Date of earliest event reported)
Federal Deposit Insurance Corporation,
REMIC Trust 1996-C1
(Exact name of registrant as specified in governing instruments)
New York
(State or other Jurisdiction of Incorporation)
c/o State Street Bank and Trust Company
Corporate Trust Department
Two International Place, 5th Floor
Boston, MA 02110
(Address of Principal Executive Offices) (Zip Code)
(202) 664-5500
(Registrant's telephone number, including area code)
Commission File Number 333-16397
04-3342274(I.R.S. Employer Identification No.)
Not Applicable
(Former name, former address and former fiscal year if changed
since last report)
<PAGE>
Federal Deposit Insurance Corporation,
REMIC Trust 1996-C1
FORM 8-K
INDEX
ITEM DESCRIPTION PAGE NUMBER
Item 5. Other Event 3
Item 7. Financial Statements and
Exhibits 3
Signatures 3
Exhibit A Trustee's Report to
Bondholders 4
<PAGE>
Federal Deposit Insurance Corporation,
REMIC Trust 1996-C1
FORM 8-K
ITEMS AND SIGNATURES
ITEMS
Item 5. Other Events
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
Item 7. Financial Statements and Exhibits
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
SIGNATURES
Pursuant to the requirement of the Securities Exchange
Act of 1934, the registrar has duly caused this report to
be signed on its behalf by the
undersigned hereunto duly authorized.
Federal Deposit Insurance Corporation,
REMIC Trust 1996-C1
(Registrant)
Date: 09/25/98
By:
Name Julie A. Kirby
Title: Assistant Vice President
State Street Bank and Trust Company
as Trustee
Federal Deposit Insurance Corporation
Commercial Mortgage Pass-Through Certificates
Series 1996-C1
B223
Report to Certificateholders for Payment Date: September 25, 1998
Payment Summary
<TABLE>
Pass-Through Interest Original Moody's Original Beginning Principal
Class CUSIP Rate Type Rating Balance Balance Distribution
<S> <C> <C> <C> <C> <C> <C> <C>
I-A 301936AM2 0.0675000000 Fixed Aaa 445,218,000.00 252,069,138.10 9,135,796.14
I-B 301936AN0 0.0712500000 Fixed Aa2 32,979,000.00 32,979,000.00 0.00
I-C 301936AP5 0.0725000000 Fixed A1 27,483,000.00 27,483,000.00 0.00
I-D 301936AQ3 0.0725000000 Fixed Baa2 43,972,693.00 43,972,693.00 0.00
I-XS* N/A 0.0181515270 Variable NR 549,652,693.00 356,503,831.10 0.00
II-A 301936AR1 0.0594844000 Variable Aaa 140,168,000.00 79,058,635.26 3,420,527.99
II-B 301936AS9 0.0629844000 Variable Aa2 15,018,000.00 15,018,000.00 0.00
II-C 301936AT7 0.0689844000 Variable A2 11,680,806.00 11,680,806.00 0.00
II-XS* N/A 0.0309612199 Variable NR 166,866,806.00 105,757,441.26 0.00
R-UT N/A 0.0000000000 Residual NR 0.00 0.00 0.00
Totals: 716,519,499.00 462,261,272.36 12,556,324.13
Based on a Notional Balance
1 for complete information see Payment Detail
</TABLE>
<TABLE>
Interest Total Ending
Distribution Payable Balance
<S> <C> <C>
1,417,888.90 10,553,685.04 242,933,341.96
195,812.81 195,812.81 32,979,000.00
166,043.13 166,043.13 27,483,000.00
265,668.35 265,668.35 43,972,693.00
536,288.26 536,288.26 347,368,034.96
391,896.29 3,812,424.28 75,638,107.27
78,824.98 78,824.98 15,018,000.00
67,149.45 67,149.45 11,680,806.00
272,702.06 272,702.06 102,336,913.27
0.00 0.00 0.00
3,392,274.23 15,948,598.36 449,704,948.23
</TABLE>
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distribution Distribution Cert Factor
<S> <C> <C> <C> <C>
I-A 0.596204599 30.0344573 3.353650863 0.566170142
I-B 1.000000000 0.0000000 5.937499924 1.000000000
I-C 1.000000000 0.0000000 6.041666849 1.000000000
I-D 1.000000000 0.0000000 6.041666586 1.000000000
I-XS* 0.672926226 0.0000000 1.017464405 0.648598352
II-A 0.620139618 56.1119135 3.078088865 0.564027704
II-B 1.000000000 0.0000000 5.255208417 1.000000000
II-C 1.000000000 0.0000000 5.755208159 1.000000000
II-XS* 0.680917545 0.0000000 1.746176468 0.633783577
</TABLE>
<TABLE>
Payment Details
Principal Detail
Beginning Scheduled Unscheduled Principal Realized Uncovered Total Principal Ending Cumulative
Class Balance Principal Principal Adj. Losses Portion Distb Amount Balance Rlzd Losses
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
I-A 252,069,138.10 923,915.77 8,211,880.37 0.00 0.00 0.00 9,135,796.14 242,933,341.96 0.00
I-B 32,979,000.00 0.00 0.00 0.00 0.00 0.00 0.00 32,979,000.00 0.00
I-C 27,483,000.00 0.00 0.00 0.00 0.00 0.00 0.00 27,483,000.00 0.00
I-D 43,972,693.00 0.00 0.00 0.00 0.00 0.00 0.00 43,972,693.00 0.00
I-XS* 356,503,831.10 0.00 0.00 0.00 0.00 0.00 0.00 347,368,034.96 0.00
II-A 79,058,635.26 404,820.70 3,015,707.29 0.00 0.00 0.00 3,420,527.99 75,638,107.27 0.00
II-B 15,018,000.00 0.00 0.00 0.00 0.00 0.00 0.00 15,018,000.00 0.00
II-C 11,680,806.00 0.00 0.00 0.00 0.00 0.00 0.00 11,680,806.00 0.00
II-XS* 105,757,441.26 0.00 0.00 0.00 0.00 0.00 0.00 102,336,913.27 0.00
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 462,261,272.36 1,328,736.47 11,227,587.66 0.00 0.00 0.00 12,556,324.13 449,704,948.23 0.00
</TABLE>
<TABLE>
Interest Detail
Accrued Current Unpaid Prior Accr Unp Deferred Default Prepay Int Additional Total Interest
Class Certf. Int Distrib. Int Distrib. Int Interest Interest Shortfalls Adjustments Distribution
<S> <C> <C> <C> <C> <C> <C> <C> <C>
I-A 1,417,888.90 0.00 0.00 0.00 0.00 0.00 0.00 1,417,888.90
I-B 195,812.81 0.00 0.00 0.00 0.00 0.00 0.00 195,812.81
I-C 166,043.13 0.00 0.00 0.00 0.00 0.00 0.00 166,043.13
I-D 265,668.35 0.00 0.00 0.00 0.00 0.00 0.00 265,668.35
I-XS* 539,257.41 0.00 0.00 0.00 0.00 0.00 (2,969.15) 536,288.26
II-A 391,896.29 0.00 0.00 0.00 0.00 0.00 0.00 391,896.29
II-B 78,824.98 0.00 0.00 0.00 0.00 0.00 0.00 78,824.98
II-C 67,149.45 0.00 0.00 0.00 0.00 0.00 0.00 67,149.45
II-XS* 272,864.95 0.00 0.00 0.00 0.00 0.00 (162.89) 272,702.06
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals:3,395,406.27 0.00 0.00 0.00 0.00 0.00 (3,132.04) 3,392,274.23
</TABLE>
Delinquencies, Realized losses and Limited Guaranty Coverage Information
<TABLE>
Delinquent Loans One Month Two Months Three Months + REO Foreclosures Total
<S> <C> <C> <C> <C> <C> <C>
Sub-Pool I
Aggregate Number 19 6 13 2 2 42
Aggregate Principal Balance 7,238,538.99 3,776,529.70 2,907,972.50 912,251.29 1,451,500.45 16,286,792.93
Sub-Pool II
Aggregate Number 6 4 3 0 3.00 16.00
Aggregate Principal Balance 759,536.29 300,033.77 1,797,511.77 0.00 2,552,534.06 5,409,615.89
Total
Number 25 10 16 2 5.00 58.00
Principal Balance 7,998,075.28 4,076,563.47 4,705,484.27 912,251.29 4,004,034.51 21,696,408.82
Percentage Delinquent 0.01730197 0.00881869 0.01017922 0.00197344 0.0086618 0.0469351
</TABLE>
Realized Losses
Realized Losses Cumulative
Realized Losses Recoveries Realized Loss
(current period) (current period) (net of recoveries)
Sub-Pool I 495,308.32 0.00 2,351,354.67
Sub-Pool II 126,842.12 0.00 1,074,169.99
Totals 622,150.44 0.00 3,425,524.66
<TABLE>
Limited Guaranty Coverage Information
Sub Pool I Sub Pool II
Current Cumulative Current Cumulative
<S> <C> <C> <C> <C> <C>
Limited Guaranty Draws:
Realized Losses 495,308.32 2,351,354.67 126,842.12 1,074,169.99
Temporary Reduction 4,775.05 51,270.84 1,458.81 0.00
Discounted Mortgage Loan 0.00 0.00 0.00 10,893.71
Deficiency Valuation 0.00 276,014.05 0.00 0.00
Appraisal Reduction 0.00 0.00 0.00 247,153.41
Extraordinary Trust Fund Expenses 164,636.58 1,829,609.76 79,215.29 898,462.11
Recoveries of Realized Loss 0.00 0.00 0.00 0.00
Recoveries of Extraordinary Trust Fund Expenses* 1,102.27 89,629.20 10,040.86 37,863.04
Residual Cash Flow applied to Inspection Expenses 15.21 9,589.17 5.04 880.61
Ending Coverage Amount 162,389,621.71 162,389,621.71 64,553,026.21 64,553,026.21
</TABLE>
<TABLE>
Other Information
Sub-Pool I Sub-Pool II Aggregate
<S> <C> <C> <C>
Current Principal Advances 77,388.79 31,621.65 109,010.44
Current Interest Advances 204,620.89 80,640.22 285,261.11
Cumulative Principal Advances 245,530.48 129,084.16 374,614.64
Cumulative Interest Advances 718,213.00 427,650.97 1,145,863.97
Current Servicer Advances 58,614.09 19,908.97 78,523.06
Cumulative Servicer Advances 196,303.21 125,924.59 322,227.80
Beginning Scheduled Principal Balance 356,505,877.52 105,758,066.31 462,263,943.83
Ending Scheduled Principal Balance 347,370,081.38 102,337,538.32 449,707,619.70
Number of Mortgage Loans 881 429 1,310
Weighted Average Amortization Term* N/A N/A N/A
Weighted Average Remaining Months to Maturity* N/A N/A N/A
Weighted Average Effective Net Mortgage Rate 0.08700 0.09199 N/A
Optimal Principal Distribution Amount 9,135,796.14 3,420,527.99 12,556,324.13
Outstanding Principal Balance Deleted Mortgage Loans 0.00 0.00 0.00
Outstanding Principal Balance Substitute Mortgage Loans 0.00 0.00 0.00
Outstanding Principal Balance Loans Repurchased by FDIC 0.00 0.00 0.00
</TABLE>
Servicing Fee 65,487.39
Liquidation Fee 0.00
Resolution Fee 0.00
Other Reimbursable Amounts 0.00
Trustee's Fee* 2,503.93
*Includes Custodian Fee
Basis Risk Shortfall Information
Basis Risk Shortfalls 0.00
Basis Risk Shortfall Support Am 536,288.26
Basis Risk Shortfall Payment 0.00
Unfunded Basis Risk Shortfall 0.00
<TABLE>
Subordinate Support Percentage and Maturities:
Original Current Orig. Class Maturity
Class Subordination % Subordination % @ 0% CPR
<S> <C> <C> <C>
Class Subordination % Subordination % @ 0% CPR
I-A 0.190001 0.300644 July 25, 2005
I-B 0.130002 0.205705 October 25, 2005
I-C 0.080001 0.126587 January 25, 2006
I-D 0.000000 0.000000 July 25, 2023
I-XS* N/A N/A N/A
II-A 0.252452 0.260890 March 25, 2007
II-B 0.110448 0.114140 January 25, 2012
II-C 0.000000 0.000000 January 25, 2024
II-XS* N/A N/A N/A
R-UT N/A N/A N/A
</TABLE>