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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: 02/25/97
(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: 02/25/97
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: February 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 1.01282 0.0675000 Fixed 27.29445 5.55378 0.96004416
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** 1.01036 0.0187540 Variable 0.00000 1.54496 0.98974429
Sub-Pool II
II-A 301936AR1 1.02180 0.0573750 Variable 9.14017 4.67924 0.96952371
II-B 301936AS9 1.00000 0.0608750 Variable 0.00000 5.07292 1.00000000
II-C 301936AT7 1.00000 0.0668750 Variable 0.00000 5.57292 1.00000000
II-XS** 1.01825 0.0316854 Variable 0.00000 2.59236 0.98207767
R-UT N/A N/A Residual N/A N/A N/A
represents net payment per certificate ** based on a Notional Balance
</TABLE>
<TABLE>
Principal Principal Interest Interest Total
Class Payable Adjustments Distributable Adjustments Payable
<S> <C> <C> <C> <C> <C>
Sub-Pool I
I-A 12,151,979.67 0.00 2,472,642.67 0.00 14,624,622.34
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 0.00 849,189.60 0.00 849,189.60
Sub-Pool II
II-A 1,281,159.11 0.00 655,879.25 0.00 1,937,038.36
II-B 0.00 0.00 76,185.06 0.00 76,185.06
II-C 0.00 0.00 65,096.16 0.00 65,096.16
II-XS** 0.00 0.00 432,578.99 0.00 432,578.99
R-UT*** 0.00 0.00 491.87 0.00 491.87
Total 13,433,138.78 0.00 5,179,587.89 0.00 18,612,726.67
** based on a Notional Balance
</TABLE>
<TABLE>
Beginning Distributable Unpaid Principal Realized Ending
Class Balance Principal Amt Principal Adjustments Losses Balance
<S> <C> <C> <C> <C> <C> <C>
I-A 439,580,919.21 12,151,979.67 0.00 0.00 0.00 427,428,939.54
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** 544,015,612.21 0.00 0.00 0.00 0.00 544,015,612.21
Sub-Pool II
II-A 137,177,358.87 1,281,159.11 0.00 0.00 0.00 135,896,199.76
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** 163,876,164.87 0.00 0.00 0.00 0.00 163,876,164.87
R-UT 0.00 0.00 0.00 0.00 0.00 0.00
Total 707,891,777.08 13,433,138.78 0.00 0.00 0.00 694,458,638.30
** based on a Notional Balance
</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>
707,891,782.18 13,433,138.78 0.00 1,145.29 360.89 694,460,149.58
</TABLE>
<TABLE>
Other Information
Sub-Pool I Sub-Pool II Aggregate
<S> <C> <C> <C>
Current Principal Advances 210,338.74 100,019.07 310,357.81
Current Interest Advances 719,324.95 225,379.09 944,704.04
Cummulative Principal Advances 236,435.95 119,230.92 355,666.87
Cummulative Interest Advances 922,722.67 294,027.35 1,216,750.02
Current Servicer Advances 102,112.72 58,764.08 160,876.80
Cummulative Servicer Advances 104,269.50 51,245.69 155,515.19
Stated Principal Balance 531,864,654.12 162,595,495.46 694,460,149.58
Scheduled Principal Balance 531,864,654.12 162,595,495.46 694,460,149.58 ABS
Number of Mortgage Loans 1,174.00 603.00 1,777.00
Weighted Average Amortization Term* 249.98 197.26 N/A
Weighted Average Remaining Months to Maturity* 84.98 101.49 N/A
Weighted Average Effective Net Mortgage Rate 0.09 0.09 N/A
Optimal Principal Distribution Amount 12,151,979.67 1,281,159.11 13,433,138.78
Outstanding Principal Balance Deleted Mortgage Loans 0.00 0.00 0.00
Outstanding Principal Balance Substitute Mortgage Loans 0.00 0.00 0.00
* Weighted on the basis of the Stated Principal Balances
* Loan level data for amortization terms and months to
maturity as received from Servicer is incomplete.
* Loans Matured are represented with a remaining term of zero.
Fee Information
Servicing Fee 100,284.72
Liquidation Fee 2,408.78
Resolution Fee 0.00
Other Reimbursable Amounts 0.00
Trustee's Fee* 3,834.42
*Includes Custodian Fee
Basis Risk Shortfall Information
Basis Risk Shortfalls 0.00
Basis Risk Shortfall Support Amount 850,206.94
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 1,143,466.26 11,008,513.41 12,151,979.67 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 552,274.58 728,884.53 1,281,159.11 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 1,695,740.84 11,737,397.94 13,433,138.78 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 2.56833 24.72612 27.29445 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 3.94009 5.20008 9.14017 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 2,472,642.67 0.00 0.00 0.00 2,472,642.67
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** 850,206.94 0.00 0.00 -1,017.34 849,189.60
Sub-Pool II
II-A 655,879.25 0.00 0.00 0.00 655,879.25
II-B 76,185.06 0.00 0.00 0.00 76,185.06
II-C 65,096.16 0.00 0.00 0.00 65,096.16
II-XS** 432,706.94 0.00 0.00 -127.95 432,578.99
R-UT 0.00 0.00 0.00 0.00 0.00
Total 5,180,241.31 0.00 0.00 -1,145.29 5,179,096.02
</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 5.55378 0.00000 0.00000 0.00000 5.55378
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** 1.54681 0.00000 0.00000 -0.00185 1.54496
Sub-Pool II
II-A 4.67924 0.00000 0.00000 0.00000 4.67924
II-B 5.07292 0.00000 0.00000 0.00000 5.07292
II-C 5.57292 0.00000 0.00000 0.00000 5.57292
II-XS** 2.59313 0.00000 0.00000 -0.00077 2.59236
R-UT N/A N/A N/A N/A N/A
* *based on a Notional Balance
</TABLE>
<TABLE>
* Current Cummulative
<S> <C> <C> <C>
Sub Pool I
Beginning Coverage Amount 166,817,831.00 166,817,831.00
Limited Guaranty Draws:
Realized Losses 0.00 0.00
Temporary Reduction 1,099.13 1,099.13
Discounted Mortgage Loan 0.00 0.00
Deficiency Valuation 0.00 0.00
Appraisal Reduction 0.00 0.00
Extraordinary Trust Fund Expenses 75,594.69 75,594.69
Recoveries of Realised Loss 0.00 0.00
Ending Coverage Amount 166,741,137.18 166,741,137.18
Current Cummulative
Sub Pool II
Beginning Coverage Amount 66,739,748.65 66,746,723.00
Limited Guaranty Draws:
Realized Losses 0.00 6,974.35
Temporary Reduction 0.00 0.00
Discounted Mortgage Loan 0.00 0.00
Deficiency Valuation 0.00 0.00
Appraisal Reduction 0.00 0.00
Extraordinary Trust Fund Expenses 41,572.95 41,572.95
Recoveries of Realised Loss 0.00 0.00
Ending Coverage Amount 66,698,175.70 66,698,175.70
</TABLE>
<TABLE>
Delinquent Loans 30-59 days 60-89 days 90 days + REO Foreclosures Total
<S> <C> <C> <C> <C> <C> <C>
Aggregate Number 47 16 9 0 0 72
Aggregate Principal Balance 17,116,056.54 7,154,048.30 7,469,981.26 0.00 0.00 31,740,086.10
Sub-Pool II
Aggregate Number 23 10 6 0 0 39
Aggregate Principal Balance 8,096,932.13 3,427,249.04 1,145,415.83 0.00 0.00 12,669,597.00
Total
Number 70 26 15 0 0 111
Principal Balance 25,212,988.67 10,581,297.34 8,615,397.09 0.00 0.00 44,409,683.10
Percentage Delinquent 0.0363059 0.0152367 0.0124059 0.0000000 0.0000000 0.0639485
* 90 days + delinquency cataglory does not include forclosures and REO.
Realized Losses
Realized Losses Cumulative
Realized Losses Recoveries Realized Loss
(current period) (current period) (net of recoveries)
Sub-Pool I 0.00 0.00 0.00
Sub-Pool II 0.00 0.00 6,974.35
Total 0.00 0.00 6,974.35
</TABLE>
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