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Previous: FDIC REMIC TRUST 1996-C1, 8-K, 1998-07-23 |
Next: MERCURY WASTE SOLUTIONS INC, 8-K/A, 1998-07-23 |
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: 05/25/97
(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: 05/25/97
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: May 25, 1997
Payment Summary
<TABLE>
Pass-Through Interest Original Beginning Principal
Class CUSIP Rate Type Balance Balance Distrib. Amount
<S> <C> <C> <C> <C> <C> <C>
I-A 301936AM2 0.0675000000 Fixed 445,218,000.00 422,121,255.39 1,395,986.00
I-B 301936AN0 0.0712500000 Fixed 32,979,000.00 32,979,000.00 0.00
I-C 301936AP5 0.0725000000 Fixed 27,483,000.00 27,483,000.00 0.00
I-D 301936AQ3 0.0725000000 Fixed 43,972,693.00 43,972,693.00 0.00
I-XS* N/A 0.0184934121 Variable 549,652,693.00 526,555,948.39 0.00
II-A 301936AR1 0.0598750000 Variable 140,168,000.00 133,360,183.43 576,933.49
II-B 301936AS9 0.0633750000 Variable 15,018,000.00 15,018,000.00 0.00
II-C 301936AT7 0.0693750000 Variable 11,680,806.00 11,680,806.00 0.00
II-XS* N/A 0.0295978098 Variable 166,866,806.00 160,058,989.43 0.00
R-UT N/A 0.0000000000 Residual 0.00 0.00 0.00
Totals: 716,519,499.00 686,614,937.82 1,972,919.49
</TABLE>
<TABLE>
Distributable Total Ending
Cert Int Payable Balance
<S> <C> <C>
2,374,432.06 3,770,418.06 420,725,269.39
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
811,484.68 811,484.68 525,159,962.39
665,411.75 1,242,345.24 132,783,249.94
79,313.81 79,313.81 15,018,000.00
67,529.66 67,529.66 11,680,806.00
394,782.96 394,782.96 159,482,055.94
32,909.57 32,909.57 0.00
5,053,388.78 7,026,308.27 684,642,018.33
</TABLE>
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distribution Distribution Cert Factor
<S> <C> <C> <C> <C>
I-A 0.948122617 3.1355111 5.3331897183 0.9449871061
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* 0.957979384 0.0000000 1.4763589633 0.9554396241
II-A 0.951431022 4.1160143 4.7472443782 0.9473150073
II-B 1.000000000 0.0000000 5.2812498335 1.0000000000
II-C 1.000000000 0.0000000 5.7812500268 1.0000000000
II-XS* 0.959202092 0.0000000 2.3658567540 0.9557446431
</TABLE>
<TABLE>
Payment Details
Principal Detail
Beginning Scheduled Unscheduled Principal Realized Bal Total Principal Ending
Class Balance Principal Principal Adjustments Losses Adj Distrib. Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
I-A 422,121,255.39 1,113,882.40 282,103.60 0.00 0.00 0.00 1,395,986.00 420,725,269.39
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* 526,555,948.39 0.00 0.00 0.00 0.00 0.00 0.00 525,159,962.39
II-A 133,360,183.43 548,821.27 28,112.22 0.00 0.00 0.00 576,933.49 132,783,249.94
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* 160,058,989.43 0.00 0.00 0.00 0.00 0.00 0.00 159,482,055.94
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 686,614,937.82 1,662,703.67 310,215.82 0.00 0.00 0.00 1,972,919.49 684,642,018.33
</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 2,374,432.06 0.00 0.00 0.00 0.00 0.00 0.00 2,374,432.06
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* 811,484.68 0.00 0.00 0.00 0.00 0.00 0.00 811,484.68
II-A 665,411.75 0.00 0.00 0.00 0.00 0.00 0.00 665,411.75
II-B 79,313.81 0.00 0.00 0.00 0.00 0.00 0.00 79,313.81
II-C 67,529.66 0.00 0.00 0.00 0.00 0.00 0.00 67,529.66
II-XS* 394,782.96 0.00 0.00 0.00 0.00 0.00 0.00 394,782.96
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 32,909.57
Totals: 5,020,479.21 0.00 0.00 0.00 0.00 0.00 0.00 5,053,388.78
</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 62 8 17 0 2 89
Aggregate Principal Balance26,292,887.74 3,775,215.71 13,126,927.71 0.00 470,963.54 43,665,994.70
Sub-Pool II
Aggregate Number 18 8 12 0 1 39
Aggregate Principal Balance3,319,575.74 2,402,732.23 4,362,880.39 0.00 257,471.92 10,342,660.28
Total
Number 80 16 29 0 3 128
Principal Balance 29,612,463.48 6,177,947.94 17,489,808.10 0.00 728,435.46 54,008,654.98
Percentage Delinquent 0.0431280 0.0089977 0.0254724 0.0000000 0.0010609 0.0786590
</TABLE>
Realized Losses
Realized Losses Cumulative
Realized Losses Recoveries Realized Loss
(current period) (current period) (net of recoveries)
Sub-Pool I 140,440.37 0.00 140,440.37
Sub-Pool II 0.00 0.00 6,974.35
Total 140,440.37 0.00 147,414.72
<TABLE>
Limited Guaranty Coverage Information
Sub Pool I Sub Pool II
Current Cumulative Current Cumulative
<S> <C> <C> <C> <C> <C>
Beginning Coverage Amount 166,546,146.05 166,817,831.00 66,623,855.37 66,746,723.00
Limited Guaranty Draws:
Realized Losses 140,440.37 140,440.37 0.00 6,974.35
Temporary Reduction 1,051.08 4,256.78 0.00 0.00
Discounted Mortgage Loan 0.00 0.00 0.00 0.00
Deficiency Valuation 0.00 0.00 0.00 0.00
Appraisal Reduction 0.00 0.00 0.00 0.00
Extraordinary Trust Fund Exp 73,078.25 341,557.50 20,143.48 136,036.76
Recoveries of Realised Loss 0.00 0.00 0.00 0.00
Ending Coverage Amount 166,331,576.35 166,331,576.35 66,603,711.89 66,603,711.89
</TABLE>
<TABLE>
Other Information
Sub-Pool I Sub-Pool II Aggregate
<S> <C> <C> <C>
Current Principal Advances 179,962.53 77,955.91 257,918.44
Current Interest Advances 613,790.30 180,467.70 794,258.00
Cummulative Principal Advances 282,018.34 138,992.69 421,011.03
Cummulative Interest Advances 1,209,806.00 312,660.75 1,522,466.75
Current Servicer Advances 30,300.90 9,866.96 40,167.86
Cummulative Servicer Advances 69,372.86 53,340.16 122,713.02
Beginning Scheduled Principal Balance 526,557,994.81 160,059,614.48 686,617,609.29
Ending Scheduled Principal Balance 525,162,008.81 159,482,680.99 684,644,689.80
Number of Mortgage Loans 1,152.00 593.00 1,745.00
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 1,395,986.00 576,933.49 1,972,919.49
Outstanding Principal Balance Deleted Mortgage Loans 0.00 0.00 0.00
Outstanding Principal Balance Substitute Mortgage Loans 0.00 0.00 0.00
Fee Information
Servicing Fee 97,270.82
Liquidation Fee 4,737.26
Resolution Fee 0.00
Other Reimbursable Amounts 0.00
Trustee's Fee* 3,719.18
*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
</TABLE>
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