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: 01/25/97
(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: 01/25/97
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: January 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>
I-A 301936AM2 1.00000 0.0675000 Fixed 12.66139 5.62500 0.98733861
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 1.45447 1.00000000
I-XS** 1.00000 0.0174536 Variable 0.00000 1.45447 1.00000000
Sub-Pool II
II-A 301936AR1 1.00000 0.0595625 Variable 21.33612 5.45990 0.97866388
II-B 301936AS9 1.00000 0.0630625 Variable 0.00000 5.78073 1.00000000
II-C 301936AT7 1.00000 0.0690625 Variable 0.00000 6.33073 1.00000000
II-XS** 1.00000 0.0288476 Variable 0.00000 2.40180 1.00000000
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 5,637,080.79 0.00 2,504,351.25 0.00 8,141,432.04
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 0.00 799,451.22 0.00 799,451.22
Sub-Pool II
II-A 2,990,641.13 0.00 765,302.68 0.00 3,755,943.81
II-B 0.00 0.00 86,814.99 0.00 86,814.99
II-C 0.00 0.00 73,948.02 0.00 73,948.02
II-XS** 0.00 0.00 400,781.25 -360.89 400,420.36
R-UT*** 0.00 0.00 2,175.56 0.00 2,175.56
Total 8,627,721.92 0.00 5,260,349.26 -360.89 13,887,710.29
</TABLE>
<TABLE>
Beginning Distributable Unpaid Negative Ending
Class Balance Principal Amoun Principal Amortization Balance
<S> <C> <C> <C> <C> <C> <C>
Sub-Pool I
I-A 445,218,000.00 5,637,080.79 0.00 0.00 439,580,919.21
I-B 32,979,000.00 0.00 0.00 0.00 32,979,000.00
I-C 27,483,000.00 0.00 0.00 0.00 27,483,000.00
I-D 43,972,693.00 0.00 0.00 0.00 43,972,693.00
I-XS** 549,652,693.00 0.00 0.00 0.00 549,652,693.00
Sub-Pool II
II-A 140,168,000.00 2,990,641.13 0.00 0.00 137,177,358.87
II-B 15,018,000.00 0.00 0.00 0.00 15,018,000.00
II-C 11,680,806.00 0.00 0.00 0.00 11,680,806.00
II-XS** 166,866,806.00 0.00 0.00 0.00 166,866,806.00
R-UT 0.00 0.00 0.00 0.00 0.00
Total 716,519,499.00 8,627,721.92 0.00 0.00 707,891,777.08
** based on a Notional Balance
</TABLE>
Beginning Principal Principal Collateral Prin Ending
Coll. Balance Payable Losses Adjust. (Non Cash) Coll. Balance
716,519,504.10 8,627,721.92 0.00 0.00 707,891,782.18
<TABLE>
Other Information
Sub-Pool I Sub-Pool II Aggregate
<S> <C> <C> <C>
P&I Advances 869,047.28 300,817.14 1,169,864.42
Current Servicing Advances 39,637.24 8,018.71 47,655.95
Unreimbursed P&I Advances 0.00 0.00 0.00
Unreimbursed Servicing Advances 0.00 0.00 0.00
Stated Principal Balance 544,015,977.34 163,876,165.73 707,892,143.07
Scheduled Principal Balance 544,015,616.45 163,876,165.73 707,891,782.18
Number of Mortgage Loans 1,207.00 615.00 1,822.00
Weighted Average Amortization Term* 250.34 197.94 N/A
Weighted Average Remaining Months to Maturity* 86.44 102.39 N/A
Weighted Average Effective Net Mortgage Rate 0.09 0.09 N/A
Optimal Principal Distribution Amount 5,637,080.79 2,990,641.13 8,627,721.92
Outstanding Prin Balance Deleted Mortgage Loans 0.00 0.00 0.00
Outstanding Prin 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 102,414.56
Liquidation Fee 6,974.35
Resolution Fee 0.00
Other Reimbursable Amounts 0.00
Trustee's Fee* 3,881.15
*Includes Custodian Fee
Limited Guaranty
Sub-Pool I Sub-Pool II Aggregate
Guaranty Payments 0.00 0.00 0.00
Available Limited Guaranty Amount* 166,817,831.00 66,746,723.00 233,564,554.00
Available Sub-Pool Coverage Amount* 166,817,831.00 66,746,723.00 233,564,554.00
Excess Coverage Amount 0.00 0.00 0.00
*Reverse adjustment made in February 25, 1995
payment date.
Basis Risk Shortfall Information
Basis Risk Shortfalls 0.00
Basis Risk Shortfall Support Amount 799,451.22
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 1,164,044.44 4,473,036.35 5,637,080.79 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 593,829.86 2,396,811.27 2,990,641.13 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 1,757,874.30 6,869,847.62 8,627,721.92 0.00
*Principal Prepayments include realized losses covered by Residual and Limited
Guaranty Payment.
** based on a Notional Balance
</TABLE>
<TABLE>
Accrued Distributable Unpaid Interest Deferred
Class Interest Interest Shortfall Interest
<S> <C> <C> <C> <C>
Sub-Pool I
I-A 2,504,351.25 2,504,351.25 0.00 0.00
I-B 195,812.81 195,812.81 0.00 0.00
I-C 166,043.13 166,043.13 0.00 0.00
I-D 265,668.35 265,668.35 0.00 0.00
I-XS** 799,451.22 799,451.22 0.00 0.00
Sub-Pool II
II-A 765,302.68 765,302.68 0.00 0.00
II-B 86,814.99 86,814.99 0.00 0.00
II-C 73,948.02 73,948.02 0.00 0.00
II-XS** 401,142.14 400,781.25 0.00 360.89
R-UT 0.00 2,175.56 0.00 0.00
Total 5,258,534.59 5,260,349.26 0.00 360.89
** 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 2.61455 10.04685 12.66139 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 4.23656 17.09956 21.33612 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
</TABLE>
<TABLE>
Accrued Distributable Unpaid Interest Deferred
Class Interest Interest Shortfall Interest
<S> <C> <C> <C> <C>
Sub-Pool I
I-A 5.62500 5.62500 0.00000 0.00000
I-B 5.93750 5.93750 0.00000 0.00000
I-C 6.04167 6.04167 0.00000 0.00000
I-D 6.04167 6.04167 0.00000 0.00000
I-XS** 1.45447 1.45447 0.00000 0.00000
Sub-Pool II
II-A 5.45990 5.45990 0.00000 0.00000
II-B 5.78073 5.78073 0.00000 0.00000
II-C 6.33073 6.33073 0.00000 0.00000
II-XS** 2.40397 2.40180 0.00000 0.00216
R-UT N/A N/A N/A N/A
* *based on a Notional Balance
</TABLE>
<TABLE>
Delinquent Loans 30-59 days 60-89 days 90 days + REO Foreclosures Total
<S> <C> <C> <C> <C> <C> <C>
Sub-Pool I
Aggregate Number 61 27 0 0 0 88
Aggregate Principal Balance15,448,910.16 13,845,616.66 0.00 0.00 0.00 29,294,526.82
Sub-Pool II
Aggregate Number 16 13 0 0 0 29
Aggregate Principal Balance3,053,225.93 2,812,365.06 0.00 0.00 0.00 5,865,590.99
Total
Number 77 40 0 0 0 117
Principal Balance 18,502,136.09 16,657,981.72 0.00 0.00 0.00 35,160,117.81
Percentage Delinquent 0.0261370 0.0235318 0.0000000 0.0000000 0.0000000 0.0496688
* 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 0.00
Total 0.00 0.00 0.00
</TABLE>
<TABLE>
Accrued Distributable Unpaid Interest Deferred
Class Interest Interest Shortfall Interest
<S> <C> <C> <C> <C>
Sub-Pool I
I-A 5.62500 5.62500 0.00000 0.00000
I-B 5.93750 5.93750 0.00000 0.00000
I-C 6.04167 6.04167 0.00000 0.00000
I-D 6.04167 6.04167 0.00000 0.00000
I-XS** 1.45447 1.45447 0.00000 0.00000
Sub-Pool II
II-A 5.45990 5.45990 0.00000 0.00000
II-B 5.78073 5.78073 0.00000 0.00000
II-C 6.33073 6.33073 0.00000 0.00000
II-XS** 2.40397 2.40180 0.00000 0.00216
R-UT N/A N/A N/A N/A
* *based on a Notional Balance
</TABLE>
