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: 05/25/98
(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: 05/25/98
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: May 25, 1998
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 0.067500 Fixed 445,218,000.00 308,945,537.20 10,153,897.70
I-B 301936AN0 0.071250 Fixed 32,979,000.00 32,979,000.00 0.00
I-C 301936AP5 0.072500 Fixed 27,483,000.00 27,483,000.00 0.00
I-D 301936AQ3 0.072500 Fixed 43,972,693.00 43,972,693.00 0.00
I-XS N/A 0.017722 Variable 549,652,693.00 413,380,230.20 0.00
II-A 301936AR1 0.059563 Variable 140,168,000.00 95,913,773.35 3,411,682.57
II-B 301936AS9 0.063063 Variable 15,018,000.00 15,018,000.00 0.00
II-C 301936AT7 0.069063 Variable 11,680,806.00 11,680,806.00 0.00
II-XS N/A 0.031803 Variable 166,866,806.00 122,612,579.35 0.00
R-UT N/A 0.000000 Residual 0.00 0.00 0.00
Totals: 716,519,499.00 535,992,809.55 13,565,580.27
</TABLE>
<TABLE>
Interest Prepayment Total Ending
Distribution Charges Payable Balance
<S> <C> <C> <C>
1,737,818.65 0.00 11,891,716.35 298,791,639.50
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
610,509.00 0.00 610,509.00 403,226,332.50
476,072.01 0.00 3,887,754.58 92,502,090.78
78,922.72 0.00 78,922.72 15,018,000.00
67,225.47 0.00 67,225.47 11,680,806.00
324,949.72 0.00 324,949.72 119,200,896.78
38,970.44 0.00 38,970.44 0.00
3,961,992.30 0.00 17,527,572.57 522,427,229.28
</TABLE>
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distribution Distribution Cert Factor
<S> <C> <C> <C> <C>
I-A 0.693919691 22.8065750 3.9032982719 0.6711131165
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 0.752075330 0.0000000 1.1107177455 0.7336020320
II-A 0.684277248 24.3399533 3.3964386308 0.6599372951
II-B 1.000000000 0.0000000 5.2552084166 1.0000000000
II-C 1.000000000 0.0000000 5.7552081594 1.0000000000
II-XS 0.734793110 0.0000000 1.9473598602 0.7143475664
</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 308,945,537.20 1,010,168.02 9,143,729.68 0.00 0.00 0.00 10,153,897.70 298,791,639.50 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 413,380,230.20 0.00 0.00 0.00 0.00 0.00 0.00 403,226,332.50 0.00
II-A 95,913,773.35 419,112.03 2,992,570.54 0.00 0.00 0.00 3,411,682.57 92,502,090.78 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 122,612,579.35 0.00 0.00 0.00 0.00 0.00 0.00 119,200,896.78 0.00
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 535,992,809.55 1,429,280.05 12,136,300.22 0.00 0.00 0.00 13,565,580.27 522,427,229.28 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 1,737,818.65 0.00 0.00 0.00 0.00 0.00 0.00 1,737,818.65
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 610,509.00 0.00 0.00 0.00 0.00 0.00 0.00 610,509.00
II-A 476,072.01 0.00 0.00 0.00 0.00 0.00 0.00 476,072.01
II-B 78,922.72 0.00 0.00 0.00 0.00 0.00 0.00 78,922.72
II-C 67,225.47 0.00 0.00 0.00 0.00 0.00 0.00 67,225.47
II-XS 324,949.72 0.00 0.00 0.00 0.00 0.00 0.00 324,949.72
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 38,970.44
Totals: 3,923,021.86 0.00 0.00 0.00 0.00 0.00 0.00 3,961,992.30
</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 34 9 18 2 3 66
Aggregate Principal Balance 10,087,915.20 1,258,414.99 3,600,771.83 736,585.53 1,554,870.44 17,238,557.99
Sub-Pool II
Aggregate Number 12 0 10 0 5 27.00
Aggregate Principal Balance 1,098,590.95 0.00 2,880,039.11 0.00 4,389,284.75 8,367,914.81
Total
Number 46 9 28 2 8 93.00
Principal Balance 11,186,506.15 1,258,414.99 6,480,810.94 736,585.53 5,944,155.19 25,606,472.80
Percentage Delinquent 0.020871 0.002348 0.012091 0.001374 0.011090 0.047774
</TABLE>
Realized Losses
Realized Losses Cumulative
Realized Losses Recoveries Realized Loss
(current period) (current period) (net of recoveries)
Sub-Pool I 0.00 0.00 1,812,625.11
Sub-Pool II 1,340.19 0.00 241,938.78
Total 1,340.19 0.00 2,054,563.89
<TABLE>
Limited Guaranty Coverage Information
Sub Pool I Sub Pool II
Current Cumulative Current Cumulative
<S> <C> <C> <C> <C> <C>
Beginning Coverage Amount 163,419,592.56 166,817,831.00 65,649,048.32 66,746,723.00
Limited Guaranty Draws:
Realized Losses 0.00 1,812,625.11 1,340.19 241,938.78
Temporary Reduction 4,797.95 32,141.68 2,681.61 0.00
Discounted Mortgage Loan 0.00 0.00 0.00 5,047.71
Deficiency Valuation 0.00 276,014.05 0.00 0.00
Appraisal Reduction 0.00 0.00 0.00 235,446.86
Extraordinary Trust Fund Expenses 48,626.41 1,326,331.50 26,104.29 644,497.16
Recoveries of Realized Loss 0.00 0.00 0.00 0.00
Residual Cash Flow applied to Inspection Expen 0.00 4,535.49 0.00 870.26
Ending Coverage Amount 163,366,168.38 163,366,183.17 65,618,922.23 65,618,922.23
</TABLE>
<TABLE>
Other Information
Sub-Pool I Sub-Pool II Aggregate
<S> <C> <C> <C>
Current Principal Advances 147,988.90 61,128.40 209,117.30
Current Interest Advances 367,399.28 192,323.78 559,723.06
Cumulative Principal Advances 376,356.02 184,918.27 561,274.29
Cumulative Interest Advances 887,292.45 647,443.80 1,534,736.25
Current Servicer Advances 76,666.61 9,034.08 85,700.69
Cumulative Servicer Advances 249,596.77 120,802.66 370,399.43
Beginning Scheduled Principal Balance 413,382,276.62 122,613,204.40 535,995,481.02
Ending Scheduled Principal Balance 403,228,378.92 119,201,521.83 522,429,900.75
Number of Mortgage Loans 958 475 1,433
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 0.0864 0.0927 N/A
Optimal Principal Distribution Amount 10,153,897.70 3,411,682.57 13,565,580.27
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>
Fee Information
Servicing Fee 75,932.69
Liquidation Fee 0.00
Resolution Fee 0.00
Other Reimbursable Amounts 0.00
Trustee's Fee* 2,903.30
*Includes Custodian Fee
Basis Risk Shortfall Information
Basis Risk Shortfalls 0.00
Basis Risk Shortfall Support Amount 610,509.00
Basis Risk Shortfall Payment 0.00
Unfunded Basis Risk Shortfall 0.00
