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: 06/25/98
(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: 06/25/98
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: June 25, 1998
Payment Summary
<TABLE>
Pass-Through Interest Original Moody's Original Beginning Principal
Class CUSIP Rate Type Rating Balance Balance Distribution
<S> <C> <C> <C> <C> <C> <C> <C>
I-A 301936AM2 0.0675000 Fixed Aaa 445,218,000.00 298,791,639.50 15,462,924.10
I-B 301936AN0 0.0712500 Fixed Aa2 32,979,000.00 32,979,000.00 0.00
I-C 301936AP5 0.0725000 Fixed A1 27,483,000.00 27,483,000.00 0.00
I-D 301936AQ3 0.0725000 Fixed Baa2 43,972,693.00 43,972,693.00 0.00
I-XS* N/A 0.0186123 Variable NR 549,652,693.00 403,226,332.50 0.00
II-A 301936AR1 0.0594844 Variable Aaa 140,168,000.00 92,502,090.78 3,750,321.54
II-B 301936AS9 0.0629844 Variable Aa2 15,018,000.00 15,018,000.00 0.00
II-C 301936AT7 0.0689844 Variable A2 11,680,806.00 11,680,806.00 0.00
II-XS* N/A 0.0307260 Variable NR 166,866,806.00 119,200,896.78 0.00
R-UT N/A 0.0000000 Residual NR 0.00 0.00 0.00
Totals: 716,519,499.00 522,427,229.28 19,213,245.64
* Based on a Notional Balance
</TABLE>
<TABLE>
Interest Total Ending
Distribution Payable Balance
<S> <C> <C>
1,680,702.97 17,143,627.07 283,328,715.40
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
625,415.68 625,415.68 387,763,408.40
458,535.95 4,208,857.49 88,751,769.24
78,824.98 78,824.98 15,018,000.00
67,149.45 67,149.45 11,680,806.00
304,648.22 304,648.22 115,450,575.24
54,982.15 54,982.15 0.00
3,897,783.69 23,111,029.33 503,213,983.64
</TABLE>
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distribution Distribution Cert Factor
<S> <C> <C> <C> <C>
I-A 0.671113116 34.7311297 3.775011275 0.636381987
I-B 1.000000000 0.0000000 5.937499924 1.000000000
I-C 1.000000000 0.0000000 6.041666849 1.000000000
I-D 1.000000000 0.0000000 6.041666586 1.000000000
I-XS* 0.733602032 0.0000000 1.137837926 0.705469860
II-A 0.659937295 26.7559039 3.271331188 0.633181391
II-B 1.000000000 0.0000000 5.248700226 1.000000000
II-C 1.000000000 0.0000000 5.748700047 1.000000000
II-XS* 0.714347566 0.0000000 1.825696957 0.691872626
</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 298,791,639.50 1,024,699.47 14,438,224.63 0.00 0.00 0.00 15,462,924.10 283,328,715.40 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* 403,226,332.50 0.00 0.00 0.00 0.00 0.00 0.00 387,763,408.40 0.00
II-A 92,502,090.78 407,935.67 3,342,385.87 0.00 0.00 0.00 3,750,321.54 88,751,769.24 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* 119,200,896.78 0.00 0.00 0.00 0.00 0.00 0.00 115,450,575.24 0.00
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 522,427,229.28 1,432,635.14 17,780,610.50 0.00 0.00 0.00 19,213,245.64 503,213,983.64 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 1,680,702.97 0.00 0.00 0.00 0.00 0.00 0.00 1,680,702.97
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* 625,415.68 0.00 0.00 0.00 0.00 0.00 0.00 625,415.68
II-A 458,535.95 0.00 0.00 0.00 0.00 0.00 0.00 458,535.95
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* 305,213.98 0.00 0.00 0.00 0.00 0.00 (565.76) 304,648.22
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 54,982.15
Totals: 3,843,367.30 0.00 0.00 0.00 0.00 0.00 (565.76) 3,897,783.69
</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 26 10 25 2 4 67
Aggregate Principal Balance 5,134,224.56 3,744,123.05 3,999,466.97 736,585.53 1,959,484.03 15,573,884.14
Sub-Pool II
Aggregate Number 10 2 8 1 3 24
Aggregate Principal Balance 6,590,510.14 216,402.28 2,377,580.17 48,000.00 2,565,203.32 11,797,695.91
Total
Number 36 12 33 3 7 91
Principal Balance 11,724,734.70 3,960,525.33 6,377,047.14 784,585.53 4,524,687.35 27,371,580.05
Percentage Delinquent 0.0224427 0.0075810 0.0122065 0.0015018 0.0086609 0.0523928
</TABLE>
Realized Losses
Realized Losses Cumulative
Realized Losses Recoveries Realized Loss
(current period) (current period) (net of recoveries)
Sub-Pool I 8,741.28 0.00 1,821,366.39
Sub-Pool II 0.00 0.00 241,938.78
Totals 8,741.28 0.00 2,063,305.17
<TABLE>
Limited Guaranty Coverage Information
Sub Pool I Sub Pool II
Current Cumulative Current
<S> <C> <C> <C> <C> <C>
Beginning Coverage Amount 163,366,168.20 166,817,831.00 65,618,922.23 66,746,723.00
Limited Guaranty Draws:
Realized Losses 8,741.28 1,821,366.39 0.00 241,938.78
Temporary Reduction 4,789.50 36,931.18 1,464.17 0.00
Discounted Mortgage Loan 0.00 0.00 0.00 6,511.88
Deficiency Valuation 0.00 276,014.05 11,706.55 0.00
Appraisal Reduction 0.00 0.00 0.00 247,153.41
Extraordinary Trust Fund Expenses 84,333.52 1,410,665.02 75,677.18 720,174.34
Recoveries of Realized Loss 0.00 0.00 0.00 0.00
Residual Cash Flow applied to Inspection Expenses 1,207.00 5,757.46 5.31 875.57
Ending Coverage Amount 163,267,096.90 163,267,096.90 65,530,069.02 65,530,069.02
</TABLE>
<TABLE>
Other Information
Sub-Pool I Sub-Pool II Aggregate
<S> <C> <C> <C>
Current Principal Advances 93,971.25 38,582.73 132,553.98
Current Interest Advances 290,967.08 132,610.09 423,577.17
Cumulative Principal Advances 341,394.86 106,582.12 447,976.98
Cumulative Interest Advances 864,468.09 470,546.00 1,335,014.09
Current Servicer Advances 28,146.40 3,629.74 31,776.14
Cumulative Servicer Advances 243,561.17 117,243.49 360,804.66
Beginning Scheduled Principal Balance 403,228,378.92 119,201,521.83 522,429,900.75
Ending Scheduled Principal Balance 387,765,454.82 115,451,200.29 503,216,655.11
Number of Mortgage Loans 939 467 1,406
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 0.0873 0.0916 N/A
Optimal Principal Distribution Amount 15,462,924.10 3,750,321.54 19,213,245.64
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 74,010.90
Liquidation Fee 0.00
Resolution Fee 0.00
Other Reimbursable Amounts 0.00
Trustee's Fee* 2,829.82
*Includes Custodian Fee
Basis Risk Shortfall Information
Basis Risk Shortfalls 0.00
Basis Risk Shortfall Sup Amt. 625,415.68
Basis Risk Shortfall Payment 0.00
Unfunded Basis Risk Shortfall 0.00
<TABLE>
Subordinate Support Percentage and Maturities:
Original Current Orig. Class Maturity
Class Subordination % Subordination % @ 0% CPR
<S> <C> <C> <C>
I-A 0.190 0.269 July 25, 2005
I-B 0.130 0.184 October 25, 2005
I-C 0.080 0.113 January 25, 2006
I-D 0.000 0.000 July 25, 2023
I-XS* N/A N/A N/A
II-A 0.224 0.231 March 25, 2007
II-B 0.098 0.101 January 25, 2012
II-C 0.000 0.000 January 25, 2024
II-XS* N/A N/A N/A
R-UT N/A N/A N/A
</TABLE>
