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: 03/25/97
(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: 03/25/97
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: March 25, 1997
Payment Summary
<TABLE>
Beg Bal Certif Interest Principal Interest Ending Bal
Class CUSIP Factor Rate Type Distribution Distribution Factor
<S> <C> <C> <C> <C> <C> <C> <C>
Sub-Pool I
I-A 301936AM2 0.96004 0.0675000 Fixed 5.12840 5.40025 0.95491575
I-B 301936AN0 1.00000 0.0712500 Fixed 0.00000 5.93750 1.00000000
I-C 301936AP5 1.00000 0.0725000 Fixed 0.00000 6.04167 1.00000000
I-D 301936AQ3 1.00000 0.0725000 Fixed 0.00000 6.04167 1.00000000
I-XS 0.96764 0.0164688 Variable 0.00000 1.32612 0.96348182
Sub-Pool II
II-A 301936AR1 0.96952 0.0567500 Variable 12.06159 4.58504 0.95746213
II-B 301936AS9 1.00000 0.0602500 Variable 0.00000 5.02083 1.00000000
II-C 301936AT7 1.00000 0.0662500 Variable 0.00000 5.52083 1.00000000
II-XS 0.97440 0.0310875 Variable 0.00000 2.52350 0.96426822
R-UT N/A N/A Residual N/A N/A N/A
</TABLE>
<TABLE>
Principal Principal Interest Interest Total
Class Payable Adjustments Distributable Adjustments Payable
<S> <C> <C> <C> <C> <C>
Sub-Pool I
I-A 2,283,258.17 0.00 2,404,287.78 0.00 4,687,545.95
I-B 0.00 0.00 195,812.81 0.00 195,812.81
I-C 0.00 0.00 166,043.13 0.00 166,043.13
I-D 0.00 0.00 265,668.35 0.00 265,668.35
I-XS** 0.00 0.00 728,906.02 0.00 728,906.02
Sub-Pool II
II-A 1,690,648.26 0.00 642,675.78 0.00 2,333,324.04
II-B 0.00 0.00 75,402.88 0.00 75,402.88
II-C 0.00 0.00 64,487.78 0.00 64,487.78
II-XS** 0.00 0.00 421,087.95 0.00 421,087.95
R-UT*** 0.00 0.00 19,173.89 0.00 19,173.89
Total 3,973,906.43 0.00 4,983,546.37 0.00 8,957,452.80
</TABLE>
<TABLE>
Beginning Distributable Unpaid Principal Realized Ending
Class Balance Principal Amt Principal Adjustments Losses Balance
<S> <C> <C> <C> <C> <C> <C>
Sub-Pool I
I-A 427,428,939.54 2,283,258.17 0.00 0.00 0.00 425,145,681.37
I-B 32,979,000.00 0.00 0.00 0.00 0.00 32,979,000.00
I-C 27,483,000.00 0.00 0.00 0.00 0.00 27,483,000.00
I-D 43,972,693.00 0.00 0.00 0.00 0.00 43,972,693.00
I-XS** 531,863,632.54 0.00 0.00 0.00 0.00 529,580,374.37
Sub-Pool II
II-A 135,896,199.76 1,690,648.26 0.00 0.00 0.00 134,205,551.50
II-B 15,018,000.00 0.00 0.00 0.00 0.00 15,018,000.00
II-C 11,680,806.00 0.00 0.00 0.00 0.00 11,680,806.00
II-XS** 162,595,005.76 0.00 0.00 0.00 0.00 160,904,357.50
R-UT 0.00 0.00 0.00 0.00 0.00 0.00
Total 694,458,638.30 3,973,906.43 0.00 0.00 0.00 690,484,731.87
</TABLE>
<TABLE>
Beginning Principal Principal Negative Collateral Prin Bal Ending.
Coll. Balance Payable Losses Amortization Adjust. (Non-Cash) Coll. Balance
<S> <C> <C> <C> <C> <C>
694,460,149.58 3,973,906.43 0.00 1,160.19 0.00 690,487,403.34
</TABLE>
<TABLE>
Other Information
Sub-Pool I Sub-Pool II Aggregate
<S> <C> <C> <C>
Current Principal Advances 186,231.60 51,288.95 237,520.55 ABS , report comes later
Current Interest Advances 608,384.79 205,344.28 813,729.07 From available dist . amt
Cummulative Principal Advances 238,295.02 107,030.19 345,325.21
Cummulative Interest Advances 983,087.79 272,639.05 1,255,726.84
Current Servicer Advances 23,142.12 26,609.47 49,751.59
Cummulative Servicer Advances 81,328.62 52,731.81 134,060.43 Pd in full, Repurch, REO sale
Stated Principal Balance 529,582,420.79 160,904,982.55 690,487,403.34
Scheduled Principal Balance 529,582,420.79 160,904,982.55 690,487,403.34ABS
Number of Mortgage Loans 1,157.00 595.00 1,752.00
Weighted Average Amortization Term* 263.89 197.81 N/A
Weighted Average Remaining Months to Maturity* 85.65 100.11 N/A
Weighted Average Effective Net Mortgage Rate 0.08 0.09 N/A
Optimal Principal Distribution Amount 2,283,258.17 1,690,648.26 3,973,906.43
Outstanding Principal Balance Deleted Mort Loans 0.00 0.00 0.00
Outstanding Principal Balance Substitute Mort 0.00 0.00 0.00
Servicing Fee 98,381.85
Liquidation Fee 29,403.08
Resolution Fee 0.00
Other Reimbursable Amounts 0.00
Trustee's Fee* 2,604.22
*Includes Custodian Fee
Basis Risk Shortfall Information
Basis Risk Shortfalls 0.00
Basis Risk Shortfall Support Amount 728,906.02
Basis Risk Shortfall Payment 0.00
</TABLE>
<TABLE>
Scheduled Principal Distributable Unpaid
Class Principal Prepayments Principal Amount Principal
<S> <C> <C> <C> <C>
Sub-Pool I
I-A 1,847,339.01 435,919.16 2,283,258.17 0.00
I-B 0.00 0.00 0.00 0.00
I-C 0.00 0.00 0.00 0.00
I-D 0.00 0.00 0.00 0.00
I-XS** 0.00 0.00 0.00 0.00
Sub-Pool II
II-A 637,280.97 1,053,367.29 1,690,648.26 0.00
II-B 0.00 0.00 0.00 0.00
II-C 0.00 0.00 0.00 0.00
II-XS** 0.00 0.00 0.00 0.00
R-UT 0.00 0.00 0.00 0.00
Total 2,484,619.98 1,489,286.45 3,973,906.43 0.00
*Principal Prepayments include realized losses covered by Residual and Limited
Guaranty Payment.
** based on a Notional Balance
</TABLE>
<TABLE>
Scheduled Principal Distributable Unpaid
Class Principal Prepayments* Principal Principal
<S> <C> <C> <C> <C>
Sub-Pool I
I-A 4.14929 0.97911 5.12840 0.00000
I-B 0.00000 0.00000 0.00000 0.00000
I-C 0.00000 0.00000 0.00000 0.00000
I-D 0.00000 0.00000 0.00000 0.00000
I-XS** 0.00000 0.00000 0.00000 0.00000
Sub-Pool II
II-A 4.54655 7.51503 12.06159 0.00000
II-B 0.00000 0.00000 0.00000 0.00000
II-C 0.00000 0.00000 0.00000 0.00000
II-XS** 0.00000 0.00000 0.00000 0.00000
R-UT 0.00000 0.00000 0.00000 0.00000
*Principal Prepayments include realized losses covered by Residual and Limited
Guaranty Payment.
** based on a Notional Balance
</TABLE>
<TABLE>
Accrued Unpaid Unpaid Interest Deferred Interest
Class Interest Interest Due Shortfall Interest Payable
<S> <C> <C> <C> <C> <C>
Sub-Pool I
I-A 2,404,287.78 0.00 0.00 0.00 2,404,287.78
I-B 195,812.81 0.00 0.00 0.00 195,812.81
I-C 166,043.13 0.00 0.00 0.00 166,043.13
I-D 265,668.35 0.00 0.00 0.00 265,668.35
I-XS** 729,930.86 0.00 0.00 -1,024.84 728,906.02
Sub-Pool II
II-A 642,675.78 0.00 0.00 0.00 642,675.78
II-B 75,402.88 0.00 0.00 0.00 75,402.88
II-C 64,487.78 0.00 0.00 0.00 64,487.78
II-XS** 421,223.30 0.00 0.00 -135.35 421,087.95
R-UT 0.00 0.00 0.00 0.00 19,173.89
Total 4,965,532.67 0.00 0.00 -1,160.19 4,983,546.37
** based on a Notional Balance
</TABLE>
<TABLE>
Accrued Unpaid Unpaid Interest Deferred Interest
Class Interest Interest Due Shortfall Interest Payable
<S> <C> <C> <C> <C> <C>
Sub-Pool I
I-A 5.40025 0.00000 0.00000 0.00000 5.40025
I-B 5.93750 0.00000 0.00000 0.00000 5.93750
I-C 6.04167 0.00000 0.00000 0.00000 6.04167
I-D 6.04167 0.00000 0.00000 0.00000 6.04167
I-XS** 1.32799 0.00000 0.00000 -0.00186 1.32612
Sub-Pool II
II-A 4.58504 0.00000 0.00000 0.00000 4.58504
II-B 5.02083 0.00000 0.00000 0.00000 5.02083
II-C 5.52083 0.00000 0.00000 0.00000 5.52083
II-XS** 2.52431 0.00000 0.00000 -0.00081 2.52350
R-UT N/A N/A N/A N/A N/A
* *based on a Notional Balance
</TABLE>
