SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 12/26/97
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 97-1)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 911009-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
CWMBS, INC.
Mortgage Pass Through Certificates
Series 97-1
On December 26 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass Through Certificates Series 1997-1, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of January 1, 1997, among CWMBS, Inc. as
Depositor, Independent National Mortgage Corporation, Seller and Master Servicer
and The Bank of New York, as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of CWMBS, Inc., Mortgage Pass Through Certificates Series
1997-1 relating to the distribution date of December 26, 1997 prepared by
The Bank of New York, as Trustee under the Pooling and Servicing Agreement
dated as of January 1, 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized. Dated: December 26, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
0207701.01
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 3/25/97
CWMBS, INC.
(Depositor)
(Issuer in respect of Asset Backed Certificates, Series 97-1)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 911009-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
CWMBS, INC.
Asset Backed Certificates
Series 97-1
On March 25, 1997, The Bank of New York, as Trustee for CWMBS, Inc. Asset Backed
Certificates Series 1997-1, made a monthly distribution to Certificateholders of
principal and/or interest pursuant to the Pooling and Servicing Agreement, dated
as of March 1, 1997, among CWMBS, Inc. as Depositor, Independent National
Mortgage Corporation, Seller and Master Servicer and The Bank of New York, as
Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of CWMBS, Inc., Asset Backed Certificates Series 1997-1
relating to the distribution date of March 25, 1997 prepared by The Bank of
New York, as Trustee under the Pooling and Servicing Agreement dated as of
March 1, 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized. Dated: March 25, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
Payment Date: 12/26/97
-------------------------------------------------
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-1
-------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- - ----------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest Ending Cert./
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls Notional Bal.
- - ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
02264 A-1 106,057,480.26 7.250000% 2,650,869.21 640,763.94 3,291,633.15 0.00 0.00 103,406,611.05
02265 A-2 24,178,722.73 6.318750% 604,338.62 127,316.09 731,654.71 0.00 0.00 23,574,384.10
02266 A-3 24,178,722.73 2.681250% N/A 54,024.33 54,024.33 N/A 0.00 23,574,384.10
02267 A-4 8,500,000.00 7.400000% 0.00 52,416.67 52,416.67 0.00 0.00 8,500,000.00
02268 A-5 15,855,000.00 7.500000% 0.00 99,093.75 99,093.75 0.00 0.00 15,855,000.00
02269 A-6 30,077,832.43 7.500000% 22,919.78 187,986.45 210,906.24 0.00 0.00 30,054,912.65
02270 A-7 9,925,000.00 7.500000% 0.00 62,031.25 62,031.25 0.00 0.00 9,925,000.00
02271 A-8 6,375,000.00 7.500000% 0.00 39,843.75 39,843.75 0.00 0.00 6,375,000.00
02272 A-9 22,483,962.00 7.250000% 0.00 135,840.60 135,840.60 0.00 0.00 22,483,962.00
02273 A-10 16,530,888.86 7.250000% 975,162.40 99,874.12 1,075,036.52 0.00 0.00 15,555,726.46
02274 A-11 8,918,000.00 7.450000% 0.00 55,365.92 55,365.92 0.00 0.00 8,918,000.00
02275 A-12 6,000,000.00 7.500000% 0.00 37,500.00 37,500.00 0.00 0.00 6,000,000.00
02276 A-13 5,500,000.00 7.500000% 0.00 34,375.00 34,375.00 0.00 0.00 5,500,000.00
02277 PO 985,629.33 N/A 1,679.32 N/A 1,679.32 0.00 N/A 983,950.01
02278 X 204,335,065.34 0.257690% N/A 66,917.48 66,917.48 N/A 0.00 200,680,043.87
- - ----------------------------------------------------------------------------------------------------------------------------
02279 A-R 0.00 7.500000% 0.00 0.00 0.00 0.00 0.00 0.00
- - ----------------------------------------------------------------------------------------------------------------------------
02280 M 8,257,623.28 7.500000% 6,292.44 51,610.15 57,902.58 0.00 0.00 8,251,330.84
02281 B-1 3,753,464.77 7.500000% 2,860.20 23,459.15 26,319.35 0.00 0.00 3,750,604.57
02282 B-2 1,501,385.51 7.500000% 1,144.08 9,383.66 10,527.74 0.00 0.00 1,500,241.43
02283 B-3 900,831.11 7.500000% 686.45 5,630.19 6,316.64 0.00 0.00 900,144.66
02284 B-4 1,050,969.46 7.500000% 800.86 6,568.56 7,369.41 0.00 0.00 1,050,168.60
02285 B-5 1,050,973.43 7.500000% 800.86 6,568.58 7,369.44 0.00 0.00 1,050,172.57
- - ----------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------
Totals -- 302,081,485.89 -- 4,267,554.22 1,796,569.65 6,064,123.87 0.00 0.00 273,635,208.95
- - ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
- - --------------------------
Unpaid
Class Code Name Interest
- - --------------------------
02264 A-1 0.00
02265 A-2 0.00
02266 A-3 0.00
02267 A-4 0.00
02268 A-5 0.00
02269 A-6 0.00
02270 A-7 0.00
02271 A-8 0.00
02272 A-9 0.00
02273 A-10 0.00
02274 A-11 0.00
02275 A-12 0.00
02276 A-13 0.00
02277 PO 0.00
02278 X 0.00
- - --------------------------
02279 A-R 0.00
- - --------------------------
02280 M 0.00
02281 B-1 0.00
02282 B-2 0.00
02283 B-3 0.00
02284 B-4 0.00
02285 B-5 0.00
- - --------------------------
- - --------------------------
Totals -- 0.00
- - --------------------------
<PAGE>
Payment Date: 12/26/97
-------------------------------------------------
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-1
-------------------------------------------------
- - --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- - --------------------------------------------------------------------------------
Aggregate Stated Principal 211,815.25
Aggregate Prepayment Amount 4,055,738.97
Aggregate Liquidation Proceeds 0.00
Pool Stated Pricipal Balance after distribution 273,635,208.95
- - --------------------------------------------------------------------------------
FEES & ADVANCES
- - --------------------------------------------------------------------------------
Monthly master servicer fees paid 56,370.53
Advances included in this distribution 21,080.01
Aggregate Advances Outstanding 31,072.60
- - --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- - --------------------------------------------------------------------------------
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bankruptcy Loss Coverage Amount 100,000.00
Fraud Loss Coverage Amount 1,338,346.56
Special Hazrad Loss Coverage Amount 2,779,027.63
- - --------------------------------------------------------------------------------
OTHER INFORMATION
- - --------------------------------------------------------------------------------
Guranteed Distribution 179,657.58
Guranteed Distribution Paid 179,657.58
Reserve Fund Information
Class Beg. Balance Withdrawal Ending Balance
- - --------------------------------------------------------------------------------
A-4 1,080.00 0.00 1,080.00
A-11 2,140.00 0.00 2,140.00
A-12 1,070.00 0.00 1,070.00
A-13 1,150.00 0.00 1,150.00
- - --------------------------------------------------------------------------------
Aggregate Certificate Information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
- - --------------------------------------------------------------------------------
Senior 82.924130% 100.000000% 226,093,683.61
Subordinate 6.052663% 0.000000% 16,502,662.68
Class A-6 11.023207% 0.000000% 30,054,912.65
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- - --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 mo. 6 1,748,047.03
2 mos. 2 734,868.63
3+MOS. 1 293,488.92
In foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 9 2,776,404.58
- - --------------------------------------------------------------------------------
TOTAL REO INFORMATION
- - --------------------------------------------------------------------------------
Total Number of REO Properties 0
Total Principal Balance of REO Properties 0.00
Total Market Value of REO Properties Not Available
- - --------------------------------------------------------------------------------
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceeding calendar month)
- - --------------------------------------------------------------------------------
Loan Number Stated Principal Balance
----------- ------------------------
0 0.00
<PAGE>
Payment Date: 12/26/97
-------------------------------------------------
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-1
-------------------------------------------------
Original Certificate Information
Class Information
-------------------------------------
- - ------------------- Original Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
- - --------------------------------------------------------
Senior A-1 121,196,482.00 7.250000% 126691-K60
A-2 27,630,075.00 6.318750% 126691-K78
A-3 27,630,075.00 2.681250% 126691-K86
A-4 8,500,000.00 7.400000% 126691-K94
A-5 15,855,000.00 7.500000% 126691-L28
A-6 30,293,121.00 7.500000% 126691-L36
A-7 9,925,000.00 7.500000% 126691-L44
A-8 6,375,000.00 7.500000% 126691-L51
A-9 22,483,962.00 7.250000% 126691-L69
A-10 22,100,000.00 7.250000% 126691-L77
A-11 8,918,000.00 7.450000% 126691-L85
A-12 6,000,000.00 7.500000% 126691-L93
A-13 5,500,000.00 7.500000% 126691-M27
PO 1,016,326.00 N/A 126691-M35
X 226,293,619.00 0.257690% 126691-M43
- - --------------------------------------------------------
Residual A-R 100.00 7.500000% 126691-M50
- - --------------------------------------------------------
Subordinate M 8,316,729.00 7.500000% 126691-M68
B-1 3,780,331.00 7.500000% 126691-M76
B-2 1,512,132.00 7.500000% 126691-M84
B-3 907,279.00 7.500000% 126691-M92
B-4 1,058,492.00 7.500000% 126691-N26
B-5 1,058,496.00 7.500000% 126691-L34
- - --------------------------------------------------------
- - --------------------------------------------------------
Total -- 321,138,600.00 -- --
- - --------------------------------------------------------
Factors per $1,000
Class Information
------------------------------------
- - ----------------- Principal Interest Ending
Type Name Dist. Dist. Cert. Bal
- - ----------------- ------------------------------------
Senior A-1 21.87249306 5.28698468 853.214626
A-2 21.87249306 4.60788061 853.214626
A-3 0.00000000 1.95527278 853.214626
A-4 0.00000000 6.16666667 1000.000000
A-5 0.00000000 6.25000000 1000.000000
A-6 0.75660024 6.20558221 992.136553
A-7 0.00000000 6.25000000 1000.000000
A-8 0.00000000 6.25000000 1000.000000
A-9 0.00000000 6.04166667 1000.000000
A-10 44.12499544 4.51919096 703.879025
A-11 0.00000000 6.20833333 1000.000000
A-12 0.00000000 6.25000000 1000.000000
A-13 0.00000000 6.25000000 1000.000000
PO 1.65234816 0.00000000 968.144089
X 0.00000000 0.29571087 886.812650
- - -------------------------------------------------------
Residual A-R 0.00000000 0.00000000 0.000000
- - -------------------------------------------------------
Subordinate M 0.75660024 6.20558221 992.136553
B-1 0.75660024 6.20558221 992.136553
B-2 0.75660024 6.20558221 992.136553
B-3 0.75660024 6.20558221 992.136553
B-4 0.75660024 6.20558221 992.136553
B-5 0.75660024 6.20558221 992.136553
- - -------------------------------------------------------
- - -------------------------------------------------------
Total -- 13.28882364 5.59437469 852.078227
- - -------------------------------------------------------
