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: 07/25/98
(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: 07/25/98
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: July 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 0.067500000 Fixed Aaa 445,218,000.00 283,328,715.40 17,887,696.28
I-B 301936AN0 0.071250000 Fixed Aa2 32,979,000.00 32,979,000.00 0.00
I-C 301936AP5 0.072500000 Fixed A1 27,483,000.00 27,483,000.00 0.00
I-D 301936AQ3 0.072500000 Fixed Baa2 43,972,693.00 43,972,693.00 0.00
I-XS* N/A 0.017630783 Variable NR 549,652,693.00 387,763,408.40 0.00
II-A 301936AR1 0.059562500 Variable Aaa 140,168,000.00 88,751,769.24 1,828,039.29
II-B 301936AS9 0.063062500 Variable Aa2 15,018,000.00 15,018,000.00 0.00
II-C 301936AT7 0.069062500 Variable A2 11,680,806.00 11,680,806.00 0.00
II-XS* N/A 0.030785244 Variable NR 166,866,806.00 115,450,575.24 0.00
R-UT N/A 0.000000000 Residual NR 0.00 0.00 0.00
Totals: 716,519,499.00 503,213,983.64 19,715,735.57
* Based on a Notional Balance
1 for complete information see Payment Detail
</TABLE>
<TABLE>
Interest Total Ending
Distribution Payable Balance
<S> <C> <C>
1,593,724.02 19,481,420.30 265,441,019.12
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
569,714.37 569,714.37 369,875,712.12
440,523.10 2,268,562.39 86,923,729.95
78,922.72 78,922.72 15,018,000.00
67,225.47 67,225.47 11,680,806.00
295,166.27 295,166.27 113,622,535.95
23,710.36 23,710.36 0.00
3,696,510.60 23,412,246.17 483,498,248.07
</TABLE>
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distribution Distribution Cert Factor
<S> <C> <C> <C> <C>
I-A 0.636381987 40.1773879 3.579648666 0.596204599
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* 0.705469860 0.0000000 1.036498824 0.672926226
II-A 0.633181391 13.0417734 3.142822185 0.620139618
II-B 1.000000000 0.0000000 5.255208417 1.000000000
II-C 1.000000000 0.0000000 5.755208159 1.000000000
II-XS* 0.691872626 0.0000000 1.768873493 0.680917545
</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 283,328,715.40 992,197.22 16,895,499.06 0.00 0.00 0.00 17,887,696.28 265,441,019.12 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* 387,763,408.40 0.00 0.00 0.00 0.00 0.00 0.00 369,875,712.12 0.00
II-A 88,751,769.24 405,814.64 1,422,224.65 0.00 0.00 0.00 1,828,039.29 86,923,729.95 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* 115,450,575.24 0.00 0.00 0.00 0.00 0.00 0.00 113,622,535.95 0.00
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 503,213,983.64 1,398,011.86 18,317,723.71 0.00 0.00 0.00 19,715,735.57 483,498,248.07 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 1,593,724.02 0.00 0.00 0.00 0.00 0.00 0.00 1,593,724.02
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* 569,714.37 0.00 0.00 0.00 0.00 0.00 0.00 569,714.37
II-A 440,523.10 0.00 0.00 0.00 0.00 0.00 0.00 440,523.10
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* 296,181.18 0.00 0.00 0.00 0.00 0.00 (1,014.91) 295,166.27
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23,710.36
Totals: 3,673,815.15 0.00 0.00 0.00 0.00 0.00 (1,014.91) 3,696,510.60
</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 27 8 22 2 4 63
Aggregate Principal Balance 5,380,949.97 1,621,952.31 4,350,730.81 736,585.53 1,959,484.03 14,049,702.65
Sub-Pool II
Aggregate Number 12 0 8 0 3 23
Aggregate Principal Balance 1,120,735.05 0.00 2,377,580.17 0.00 2,557,126.14 6,055,441.36
Total
Number 39 8 30 2 7 86
Principal Balance 6,501,685.02 1,621,952.31 6,728,310.98 736,585.53 4,516,610.17 20,105,144.01
Percentage Delinquent 0.012920 0.003223 0.013371 0.001464 0.008975 0.039953
</TABLE>
Realized Losses
Realized Losses Cumulative
Realized Losses Recoveries Realized Loss
(current period) (current period) (net of recoveries)
Sub-Pool I 5,507.28 0.00 1,826,873.67
Sub-Pool II 705,389.09 0.00 947,327.87
Totals 710,896.37 0.00 2,774,201.54
<TABLE>
Limited Guaranty Coverage Information
Sub Pool I Sub Pool II
Current Cumulative Current Cumulative
<S> <C> <C> <C> <C> <C>
Beginning Coverage Amount 163,267,096.90 166,817,831.00 65,530,069.02 66,746,723.00
Limited Guaranty Draws:
Realized Losses 5,507.28 1,826,873.67 705,389.09 947,327.87
Temporary Reduction 4,784.71 41,715.89 1,462.41 0.00
Discounted Mortgage Loan 0.00 0.00 0.00 7,974.29
Deficiency Valuation 0.00 276,014.05 0.00 0.00
Appraisal Reduction 0.00 0.00 0.00 247,153.41
Extraordinary Trust Fund Expenses 129,421.93 1,540,086.94 51,513.47 771,687.82
Recoveries of Realized Loss 0.00 0.00 0.00 0.00
Recoveries of Extraordinary Trust Fund Expenses 114,291.95 114,291.95 25,635.49 25,635.49
Residual Cash Flow applied to Inspection Expenses 3,816.50 9,573.96 0.00 875.57
Ending Coverage Amount 163,237,858.44 163,237,858.44 64,797,339.53 64,797,339.53
</TABLE>
<TABLE>
Other Information
Sub-Pool I Sub-Pool II Aggregate
<S> <C> <C> <C>
Current Principal Advances 87,839.99 47,981.57 135,821.56
Current Interest Advances 219,076.75 137,316.68 356,393.43
Cumulative Principal Advances 338,985.88 128,778.27 467,764.15
Cumulative Interest Advances 813,278.90 135,255.06 948,533.96
Current Servicer Advances 7,911.67 70.93 7,982.60
Cumulative Servicer Advances 209,545.03 110,087.80 319,632.83
Beginning Scheduled Principal Balance 387,765,454.82 115,451,200.29 503,216,655.11
Ending Scheduled Principal Balance 369,877,758.54 113,623,161.00 483,500,919.54
Number of Mortgage Loans 921 458 1,379
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 0.086 0.092 N/A
Optimal Principal Distribution Amount 17,887,696.28 1,828,039.29 19,715,735.57
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 71,289.03
Liquidation Fee 0.00
Resolution Fee 0.00
Other Reimbursable Amounts 0.00
Trustee's Fee* 2,725.76
*Includes Custodian Fee
Basis Risk Shortfall Information
Basis Risk Shortfalls 0.00
Basis Risk Shtfall Support Amt 569,714.37
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 0.1900 0.2823 July 25, 2005
I-B 0.1300 0.1932 October 25, 2005
I-C 0.0800 0.1189 January 25, 2006
I-D 0.0000 0.0000 July 25, 2023
I-XS* N/A N/A N/A
II-A 0.2313 0.2350 March 25, 2007
II-B 0.1012 0.1028 January 25, 2012
II-C 0.0000 0.0000 January 25, 2024
II-XS* N/A N/A N/A
R-UT N/A N/A N/A
</TABLE>
