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: 12/25/98
(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: 12/25/98
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: December 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 0.0675000000 Fixed Aaa 445,218,000.00 229,985,488.16 6,048,820.72
I-B 301936AN0 0.0712500000 Fixed Aa2 32,979,000.00 32,979,000.00 0.00
I-C 301936AP5 0.0725000000 Fixed A1 27,483,000.00 27,483,000.00 0.00
I-D 301936AQ3 0.0725000000 Fixed Baa2 43,972,693.00 43,972,693.00 0.00
I-XS N/A 0.0170562400 Variable NR 549,652,693.00 334,420,181.16 0.00
II-A 301936AR1 0.0533984000 Variable Aaa 140,168,000.00 68,476,268.36 539,784.17
II-B 301936AS9 0.0568984000 Variable Aa2 15,018,000.00 15,018,000.00 0.00
II-C 301936AT7 0.0628984000 Variable A2 11,680,806.00 11,680,806.00 0.00
II-XS N/A 0.0342780908 Variable NR 166,866,806.00 95,175,074.36 0.00
R-UT N/A 0.0000000000 Residual NR 0.00 0.00 0.00
Totals: 716,519,499.00 429,595,255.52 6,588,604.89
</TABLE>
<TABLE>
Interest Total Ending
Distribution Payable Balance
<S> <C> <C>
1,293,668.37 7,342,489.09 223,936,667.44
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
475,329.24 475,329.24 328,371,360.44
304,710.26 844,494.43 67,936,484.19
71,208.35 71,208.35 15,018,000.00
61,225.33 61,225.33 11,680,806.00
271,868.32 271,868.32 94,635,290.19
22,867.45 22,867.45 0.00
3,128,401.61 9,717,006.50 423,006,650.63
</TABLE>
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distribution Distribution Cert Factor
<S> <C> <C> <C> <C>
I-A 0.516568261 13.5861998 2.905696468 0.502982061
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 0.608420891 0.0000000 0.864781063 0.597416086
II-A 0.488529967 3.8509800 2.173893185 0.484678987
II-B 1.000000000 0.0000000 4.741533493 1.000000000
II-C 1.000000000 0.0000000 5.241532990 1.000000000
II-XS 0.570365531 0.0000000 1.629253454 0.567130710
</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 229,985,488.16 911,365.30 5,137,455.42 0.00 0.00 0.00 6,048,820.72 223,936,667.44 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 334,420,181.16 0.00 0.00 0.00 0.00 0.00 0.00 328,371,360.44 0.00
II-A 68,476,268.36 379,141.09 160,643.08 0.00 0.00 0.00 539,784.17 67,936,484.19 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 95,175,074.36 0.00 0.00 0.00 0.00 0.00 0.00 94,635,290.19 0.00
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 429,595,255.52 1,290,506.39 5,298,098.50 0.00 0.00 0.00 6,588,604.89 423,006,650.63 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 1,293,668.37 0.00 0.00 0.00 0.00 0.00 0.00 1,293,668.37
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 475,329.24 0.00 0.00 0.00 0.00 0.00 0.00 475,329.24
II-A 304,710.26 0.00 0.00 0.00 0.00 0.00 0.00 304,710.26
II-B 71,208.35 0.00 0.00 0.00 0.00 0.00 0.00 71,208.35
II-C 61,225.33 0.00 0.00 0.00 0.00 0.00 0.00 61,225.33
II-XS 271,868.32 0.00 0.00 0.00 0.00 0.00 0.00 271,868.32
R-UT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22,867.45
Totals: 3,105,534.16 0.00 0.00 0.00 0.00 0.00 0.00 3,128,401.61
</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 14.00 7.00 11.00 2.00 2.00 36.00
Aggregate Principal Balance 5,028,319.61 1,159,913.84 3,137,908.09 912,251.29 1,278,440.82 11,516,833.65
Sub-Pool II
Aggregate Number 9 4 5 0 2 20
Aggregate Principal Balance 2,524,545.47 321,966.32 1,865,061.19 0.00 401,632.57 5,113,205.55
Total
Number 23 11 16 2 4 56
Principal Balance 7,552,865.08 1,481,880.16 5,002,969.28 912,251.29 1,680,073.39 16,630,039.20
Percentage Delinquent 0.017581 0.003449 0.011646 0.002124 0.003911 0.038711
</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 2,505,736.74
Sub-Pool II 0.00 0.00 1,074,240.99
Totals 0.00 0.00 3,579,977.73
<TABLE>
Limited Guaranty Coverage Information
Sub Pool I Sub Pool II
Current Cumulative Current Cumulative
<S> <C> <C> <C> <C> <C>
Beginning Coverage Amount 162,031,265.68 166,817,831.00 64,279,693.72 66,746,723.00
Limited Guaranty Draws:
Realized Losses 0.00 2,505,736.74 0.00 1,074,240.99
Temporary Reduction 4,755.50 65,566.72 1,451.54 0.00
Discounted Mortgage Loan 0.00 0.00 0.00 15,259.27
Deficiency Valuation 91,005.23 367,019.28 0.00 0.00
Appraisal Reduction 0.00 0.00 0.00 426,510.42
Extraordinary Trust Fund Expenses 42,662.63 2,065,605.97 37,339.83 1,026,792.40
Recoveries of Realized Loss 0.00 0.00 0.00 0.00
Recoveries of Extraordinary Trust Fund Expenses 3,616.59 93,245.79 29,382.82 67,245.86
Residual Cash Flow applied to Inspection Expenses 1,076.00 11,840.17 0.00 880.61
Ending Coverage Amount 161,895,382.91 161,895,307.91 64,270,285.17 64,270,285.17
</TABLE>
<TABLE>
Other Information
Sub-Pool I Sub-Pool II Aggregate
<S> <C> <C> <C>
Current Principal Advances 82,329.09 35,389.69 117,718.78
Current Interest Advances 220,664.56 75,184.02 295,848.58
Cumulative Principal Advances 224,023.14 107,417.54 331,440.68
Cumulative Interest Advances 754,667.04 294,216.43 1,048,883.47
Current Servicer Advances 37,184.23 1,598.54 38,782.77
Cumulative Servicer Advances 232,597.38 59,043.64 291,641.02
Beginning Scheduled Principal Balance 334,422,227.58 95,175,699.41 429,597,926.99
Ending Scheduled Principal Balance 328,373,406.86 94,635,915.24 423,009,322.10
Number of Mortgage Loans 833 408 1,241
Weighted Average Amortization Term N/A N/A N/A
Weighted Average Remaining Months to Maturity 75.11000 101.48000 N/A
Weighted Average Effective Net Mortgage Rate 0.086 0.089 N/A
Optimal Principal Distribution Amount 6,048,820.72 539,784.17 6,588,604.89
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 60,859.70
Liquidation Fee 0.00
Resolution Fee 0.00
Other Reimbursable Amounts 0.00
Trustee's Fee 2,326.99
Includes Custodian Fee
Basis Risk Shortfall Information
Basis Risk Shortfalls 0.00
Basis Risk Shortfall Support 475,329.24
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 0.3180 July 25, 2005
I-B 0.1300 0.2176 October 25, 2005
I-C 0.0800 0.1339 January 25, 2006
I-D 0.0000 0.0000 July 25, 2023
I-XS N/A N/A N/A
II-A 0.2805 0.2821 March 25, 2007
II-B 0.1227 0.1234 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
Limited Guaranty Coverage is not included in
the calculation of Subordinate Support %.
</TABLE>
