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: 08/25/97
(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: 08/25/97
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: August 25, 1997
Payment Summary
<TABLE>
Pass-Through Interest Original Beginning Principal
Class CUSIP Rate Type Balance Balance Distribution
<S> <C> <C> <C> <C> <C> <C>
I-A 301936AM2 0.0675000 Fixed 445,218,000.00 389,439,540.56 11,430,666.65
I-B 301936AN0 0.0712500 Fixed 32,979,000.00 32,979,000.00 0.00
I-C 301936AP5 0.0725000 Fixed 27,483,000.00 27,483,000.00 0.00
I-D 301936AQ3 0.0725000 Fixed 43,972,693.00 43,972,693.00 0.00
I-XS* N/A 0.0182941 Variable 549,652,693.00 493,874,233.56 0.00
II-A 301936AR1 0.0594844 Variable 140,168,000.00 123,485,655.44 2,975,240.15
II-B 301936AS9 0.0629844 Variable 15,018,000.00 15,018,000.00 0.00
II-C 301936AT7 0.0689844 Variable 11,680,806.00 11,680,806.00 0.00
II-XS* N/A 0.0302456 Variable 166,866,806.00 150,184,461.44 0.00
R-UT N/A 0.0000000 Residual 0.00 0.00 0.00
Totals: 716,519,499.00 644,058,695.00 14,405,906.80
</TABLE>
<TABLE>
Interest Prepayment Total Ending
Distribution Charges Payable Balance
<S> <C> <C> <C>
2,190,597.42 0.00 13,621,264.07 378,008,873.91
195,812.81 0.00 195,812.81 32,979,000.00
166,043.13 0.00 166,043.13 27,483,000.00
265,668.35 0.00 265,668.35 43,972,693.00
752,914.14 0.00 752,914.14 482,443,566.91
612,122.51 0.00 3,587,362.66 120,510,415.29
78,824.98 0.00 78,824.98 15,018,000.00
67,149.45 0.00 67,149.45 11,680,806.00
378,535.36 0.00 378,535.36 147,209,221.29
20.25 0.00 20.25 0.00
4,707,688.40 0.00 19,113,595.20 629,652,788.20
</TABLE>
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distribution Distribution Cert Factor
<S> <C> <C> <C> <C>
I-A 0.874716522 25.6743138 4.9202804469 0.8490422083
I-B 1.000000000 0.0000000 5.9374999242 1.0000000000
I-C 1.000000000 0.0000000 6.0416668486 1.0000000000
I-D 1.000000000 0.0000000 6.0416665861 1.0000000000
I-XS* 0.898520538 0.0000000 1.3697997837 0.8777243759
II-A 0.880983216 21.2262439 4.3670631671 0.8597569723
II-B 1.000000000 0.0000000 5.2487002264 1.0000000000
II-C 1.000000000 0.0000000 5.7487000469 1.0000000000
II-XS* 0.900025985 0.0000000 2.2684880779 0.8821959551
</TABLE>
<TABLE>
Payment Details
Principal Detail
Beginning Scheduled Unscheduled Principal Realized Uncovered Total Prin Ending
Class Balance Principal Principal Adj. Losses Portion Distb Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
I-A 389,439,540.56 1,078,309.43 10,352,357.22 0.00 0.00 0.00 11,430,666.65 378,008,873.91
I-B 32,979,000.00 0.00 0.00 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 0.00 0.00 27,483,000.00
I-D 43,972,693.00 0.00 0.00 0.00 0.00 0.00 0.00 43,972,693.00
I-XS* 493,874,233.56 0.00 0.00 0.00 0.00 0.00 0.00 482,443,566.91
II-A 123,485,655.44 527,679.79 2,447,560.36 0.00 0.00 0.00 2,975,240.15 120,510,415.29
II-B 15,018,000.00 0.00 0.00 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 0.00 0.00 11,680,806.00
II-XS* 150,184,461.44 0.00 0.00 0.00 0.00 0.00 0.00 147,209,221.29
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 644,058,695.00 1,605,989.22 12,799,917.58 0.00 0.00 0.00 14,405,906.80 629,652,788.20
</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 2,190,597.42 0.00 0.00 0.00 0.00 0.00 0.00 2,190,597.42
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* 752,914.14 0.00 0.00 0.00 0.00 0.00 0.00 752,914.14
II-A 612,122.51 0.00 0.00 0.00 0.00 0.00 0.00 612,122.51
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* 378,535.36 0.00 0.00 0.00 0.00 0.00 0.00 378,535.36
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20.25
Totals: 4,707,668.15 0.00 0.00 0.00 0.00 0.00 0.00 4,707,688.40
</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 32 11 20 0 2 65
Aggregate Principal Balance 10,810,521.16 2,709,272.57 13,078,601.30 0.00 335,732.61 26,934,127.64
Sub-Pool II
Aggregate Number 15 2 14 0 3 34
Aggregate Principal Balance 4,259,467.08 1,443,421.99 3,058,398.51 0.00 2,645,432.09 11,406,719.67
Total
Number 47 13 34 0 5 99
Principal Balance 15,069,988.24 4,152,694.56 16,136,999.81 0.00 2,981,164.70 38,340,847.31
Percentage Delinquent 0.0233984 0.0064477 0.0250551 0.0000000 0.0046287 0.0595298
</TABLE>
Realized Losses
Realized Losses Cumulative
Realized Losses Recoveries Realized Loss
(current period) (current period) (net of recoveries)
Sub-Pool I 47,338.25 0.00 194,275.15
Sub-Pool II 0.00 0.00 183,816.14
Total 47,338.25 0.00 378,091.29
<TABLE>
Limited Guaranty Coverage Information
Sub Pool I Sub Pool II
Current Cumulative Current Cumulative
<S> <C> <C> <C> <C> <C>
Beginning Coverage Amount 166,080,634.64 166,817,831.00 66,340,026.86 66,746,723.00
Limited Guaranty Draws:
Realized Losses 47,338.25 194,275.15 0.00 183,816.14
Temporary Reduction 1,046.57 7,401.03 0.00 0.00
Discounted Mortgage Loan 0.00 0.00 0.00 0.00
Deficiency Valuation 1,977.90 46,562.22 0.00 0.00
Appraisal Reduction 0.00 0.00 0.00 0.00
Extraordinary Trust Fund Exp 69,654.28 608,974.96 36,079.99 258,959.99
Recoveries of Realised Loss 0.00 0.00 0.00 0.00
Ending Coverage Amount 165,960,617.64 165,960,617.64 66,303,946.87 66,303,946.87
</TABLE>
<TABLE>
Other Information
Sub-Pool I Sub-Pool II Aggregate
<S> <C> <C> <C>
Current Principal Advances 117,104.51 52,966.66 170,071.17
Current Interest Advances 428,650.33 154,239.34 582,889.67
Cumulative Principal Advances 259,755.18 130,754.85 390,510.03
Cumulative Interest Advances 1,313,965.19 423,939.11 1,737,904.30
Current Servicer Advances 32,953.34 4,965.87 37,919.21
Cumulative Servicer Advances 186,647.26 67,836.38 254,483.64
Beginning Scheduled Principal Balance 493,876,279.98 150,185,086.49 644,061,366.47
Ending Scheduled Principal Balance 482,445,613.33 147,209,846.34 629,655,459.67
Number of Mortgage Loans 1,090.00 547.00 1,637.00
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 0.09 0.09 N/A
Optimal Principal Distribution Amount 11,430,666.65 2,975,240.15 14,405,906.80
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
Fee Information
Servicing Fee 91,242.03
Liquidation Fee 0.00
Resolution Fee 0.00
Other Reimbursable Amounts 0.00
Trustee's Fee* 3,488.66
*Includes Custodian Fee
Basis Risk Shortfall Information
Basis Risk Shortfalls 0.00
Basis Risk Shortfall Support Amount 0.00
Basis Risk Shortfall Payment 0.00
Unfunded Basis Risk Shortfall 0.00
</TABLE>
