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: 11/25/97
(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: 11/25/97
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: November 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 445,218,000.00 364,055,668.87 6,800,785.66
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 0.0186578 Variable 549,652,693.00 468,490,361.87 0.00
II-A 301936AR1 0.0595625 Variable 140,168,000.00 115,650,102.19 3,153,494.04
II-B 301936AS9 0.0630625 Variable 15,018,000.00 15,018,000.00 0.00
II-C 301936AT7 0.0690625 Variable 11,680,806.00 11,680,806.00 0.00
II-XS* N/A 0.0307660 Variable 166,866,806.00 142,348,908.19 0.00
R-UT N/A 0.0000000 Residual 0.00 0.00 0.00
Totals: 716,519,499.00 610,839,270.06 9,954,279.70
</TABLE>
<TABLE>
Interest Prepayment Total Ending
Distribution Charges Payable Balance
<S> <C> <C> <C>
2,047,813.14 0.00 8,848,598.80 357,254,883.21
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
705,602.45 0.00 705,602.45 461,689,576.21
574,034.10 0.00 3,727,528.14 112,496,608.15
78,922.72 0.00 78,922.72 15,018,000.00
67,225.47 0.00 67,225.47 11,680,806.00
355,622.65 0.00 355,622.65 139,195,414.15
(0.00) 0.00 (0.00) 0.00
4,456,744.82 0.00 14,411,024.52 600,884,990.36
</TABLE>
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distribution Distribution Cert Factor
<S> <C> <C> <C> <C>
I-A 0.817702045 15.2751813 4.5995740064 0.8024268633
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* 0.852338882 0.0000000 1.2837241753 0.8399660042
II-A 0.825082060 22.4979599 4.0953291764 0.8025841002
II-B 1.000000000 0.0000000 5.2552084166 1.0000000000
II-C 1.000000000 0.0000000 5.7552081594 1.0000000000
II-XS* 0.853069053 0.0000000 2.1311767063 0.8341707826
</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 364,055,668.87 1,557,532.12 5,243,253.54 0.00 0.00 0.00 6,800,785.66 357,254,883.21
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* 468,490,361.87 0.00 0.00 0.00 0.00 0.00 0.00 461,689,576.21
II-A 115,650,102.19 503,962.52 2,649,531.52 0.00 0.00 0.00 3,153,494.04 112,496,608.15
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* 142,348,908.19 0.00 0.00 0.00 0.00 0.00 0.00 139,195,414.15
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 610,839,270.06 2,061,494.64 7,892,785.06 0.00 0.00 0.00 9,954,279.70 600,884,990.36
</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 2,047,813.14 0.00 0.00 0.00 0.00 0.00 0.00 2,047,813.14
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* 728,415.68 0.00 0.00 0.00 0.00 0.00 -22,813.23 705,602.45
II-A 574,034.10 0.00 0.00 0.00 0.00 0.00 0.00 574,034.10
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* 364,958.63 0.00 0.00 0.00 0.00 0.00 -9,335.98 355,622.65
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 4,488,894.03 0.00 0.00 0.00 0.00 0.00 -32,149.21 4,456,744.82
</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 35 8 15 1 5 64
Aggregate Principal Balance 14,846,033.52 1,878,587.15 5,521,768.31 228,947.83 841,006.97 23,316,343.78
Sub-Pool II
Aggregate Number 11 2 11 0 5 29
Aggregate Principal Balance 1,297,788.71 281,221.60 3,943,625.85 0.00 3,100,277.44 8,622,913.60
Total
Number 46 10 26 1 10 93
Principal Balance 16,143,822.23 2,159,808.75 9,465,394.16 228,947.83 3,941,284.41 31,939,257.38
Percentage Delinquent 0.0264288 0.0035358 0.0154957 0.0003748 0.0064522 0.0522873
</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 1,805,923.92
Sub-Pool II 0.00 0.00 183,816.14
Total 0.00 0.00 1,989,740.06
<TABLE>
Limited Guaranty Coverage Information
Sub Pool I Sub Pool II
Current Cumulative Current Cumulative
<S> <C> <C> <C> <C> <C>
Beginning Coverage Amount 163,965,506.38 166,817,831.00 66,198,308.97 66,746,723.00
Limited Guaranty Draws:
Realized Losses 0.00 1,805,923.92 0.00 183,816.14
Temporary Reduction 0.00 7,401.03 1,330.97 0.00
Discounted Mortgage Loan 0.00 0.00 0.00 1,330.97
Deficiency Valuation 51,788.82 267,877.32 0.00 0.00
Appraisal Reduction 0.00 0.00 0.00 0.00
Extraordinary Trust Fund Exp 65,296.40 888,207.57 22,268.97 386,866.86
Recoveries of Realised Loss 0.00 0.00 0.00 0.00
Ending Coverage Amount 163,848,421.16 163,848,421.16 66,174,709.03 66,174,709.03
</TABLE>
<TABLE>
Other Information
Sub-Pool I Sub-Pool II Aggregate
<S> <C> <C> <C>
Current Principal Advances 188,494.97 68,927.31 257,422.28
Current Interest Advances 470,158.13 147,454.57 617,612.70
Cumulative Principal Advances 326,059.82 152,456.36 478,516.18
Cumulative Interest Advances 1,004,826.36 470,931.21 1,475,757.57
Current Servicer Advances 79,563.82 25,634.55 105,198.37
Cumulative Servicer Advances 234,356.66 53,327.85 287,684.51
Beginning Scheduled Principal Balance 468,492,408.29 142,349,533.24 610,841,941.53
Ending Scheduled Principal Balance 461,691,622.63 139,196,039.20 600,887,661.83
Number of Mortgage Loans 1,045.00 524.00 1,569.00
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 6,800,785.66 3,153,494.04 9,954,279.70
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 86,535.94
Liquidation Fee 0.00
Resolution Fee 0.00
Other Reimbursable Amounts 0.00
Trustee's Fee* 3,308.73
*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>
