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 97-2)
(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 97-2
On December 26 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass Through Certificates Series 1997-2, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of February 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
1997-2 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 February 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
Payment Date: 12/25/97
-------------------------------------------------
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-2
-------------------------------------------------
<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>
2305 A-1 63,026,181.88 7.500000% 2,339,347.17 393,913.64 2,733,260.80 0.00 0.00 60,686,834.71
2306 A-2 5,025,000.00 7.500000% 0.00 31,406.25 31,406.25 0.00 0.00 5,025,000.00
2307 A-3 5,020,000.00 7.500000% 0.00 31,375.00 31,375.00 0.00 0.00 5,020,000.00
2313 A-4 3,535,000.00 7.500000% 0.00 22,093.75 22,093.75 0.00 0.00 3,535,000.00
2314 A-5 23,682,134.23 7.500000% 18,326.30 148,013.34 166,339.64 0.00 0.00 23,663,807.93
2315 A-6 17,722,000.00 7.500000% 0.00 110,762.50 110,762.50 0.00 0.00 17,722,000.00
2316 A-7 18,293,131.14 6.218750% 854,719.42 94,800.34 949,519.76 0.00 0.00 17,438,411.72
2319 A-8 18,293,131.14 2.281250% N/A 34,776.00 34,776.00 N/A 0.00 17,438,411.72
2325 A-9 13,603,333.00 7.000000% 0.00 8.00 8.00 0.00 0.00 13,603,333.00
2326 A-10 9,022,797.75 7.500000% 0.00 0.00 0.00 0.00 0.00 9,079,190.23
2327 A-11 3,133,799.50 7.500000% 0.00 0.00 0.00 0.00 0.00 3,153,385.75
2328 A-12 22,982,927.61 7.000000% 1,709,438.77 134,067.08 1,843,505.84 0.00 0.00 21,273,488.84
2329 A-13 10,443,756.19 7.500000% 291,675.44 65,273.48 356,948.92 0.00 0.00 10,152,080.75
2330 A-14 22,089,000.00 7.300000% 0.00 134,374.75 134,374.75 0.00 0.00 22,089,000.00
2331 PO 378,360.46 N/A 750.05 N/A 750.05 0.00 N/A 377,610.41
2332 X 178,157,595.35 0.332469% N/A 49,359.89 49,359.89 N/A 0.00 178,157,595.35
- ----------------------------------------------------------------------------------------------------------------------------
2333 A-R 0.00 7.500000% 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
2334 M 3,715,947.27 7.500000% 2,875.57 23,224.67 26,100.24 0.00 0.00 3,713,071.70
2338 B-1 3,096,622.39 7.500000% 2,396.31 19,353.89 21,750.20 0.00 0.00 3,094,226.08
2339 B-2 1,238,648.76 7.500000% 958.52 7,741.55 8,700.08 0.00 0.00 1,237,690.24
2340 B-3 743,189.25 7.500000% 575.11 4,644.93 5,220.05 0.00 0.00 742,614.14
2341 B-4 867,053.63 7.500000% 670.96 5,419.09 6,090.05 0.00 0.00 866,382.67
2342 B-5 867,057.61 7.500000% 670.97 5,419.11 6,090.08 0.00 0.00 866,386.64
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Totals -- 246,779,071.81 5,222,404.58 1,316,027.26 6,538,431.84 0.00 0.00 223,339,514.82
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -----------------------------------
Unpaid / Deferred
Class Code Name Interest
- -----------------------------------
2305 A-1 0.00
2306 A-2 0.00
2307 A-3 0.00
2313 A-4 0.00
2314 A-5 0.00
2315 A-6 0.00
2316 A-7 0.00
2319 A-8 0.00
2325 A-9 0.00
2326 A-10 56,392.49
2327 A-11 19,586.25
2328 A-12 0.00
2329 A-13 0.00
2330 A-14 0.00
2331 PO 0.00
2332 X 0.00
- -----------------------------------
2333 A-R 0.00
- -----------------------------------
2334 M 0.00
2338 B-1 0.00
2339 B-2 0.00
2340 B-3 0.00
2341 B-4 0.00
2342 B-5 0.00
- -----------------------------------
- -----------------------------------
Totals -- 75,978.73
- -----------------------------------
<PAGE>
Payment Date: 12/25/97
-------------------------------------------------
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-2
-------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
The Ending Pool Stated Principal Balance 223,339,514.93
Aggregate Stated Principal 176,829.91
Aggregate Prepayment Amount 4,969,595.94
Aggregate Liquidation Proceeds 0.00
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Monthly master servicer fees paid 45,350.32
Monthly servicer fees paid 3,980.93
Advances included in this distribution 17,579.51
Aggregate Advances Outstanding 17,579.51
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bankruptcy Loss Coverage Amount 4,986,781.00
Fraud Loss Coverage Amount 6,053,487.35
Special Hazard Loss Coverage Amount 2,284,859.41
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Available remittance amount 6,538,431.84
Principal remittance amount 5,222,404.58
Interest remittance amount 1,316,027.26
Aggregate Certificate Information for the following distribution date
Class Aggregate Aggregate Aggregate
Type Percentages Prepay. Pct. Certificate Bal.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior 95.623811% 100.000000% 229,879,944.66
Subordinate 4.376189% 0.000000% 10,520,371.47
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 mo. 9 2,239,879.48
2 mos. 0 0.00
3+MOS. 0 0.00
In foreclosure 2 364,859.93
In Bankruptcy 0 0.00
Totals 11 2,604,739.41
- --------------------------------------------------------------------------------
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 Date of Acquisition
----------- ------------------------ -------------------
0 0.00 0.00
<PAGE>
Payment Date: 12/25/97
-------------------------------------------------
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-2
-------------------------------------------------
Original Certificate Information
Class Information
---------------------------------------
- ------------------- Original Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
- ----------------------------------------------------------
Senior A-1 72,452,081.00 7.50000000% 126691-N42
Senior A-2 5,025,000.00 7.50000000% 126691-N59
Senior A-3 5,020,000.00 7.50000000% 126691-N67
Senior A-4 3,535,000.00 7.50000000% 126691-N75
Senior A-5 23,835,973.00 7.50000000% 126691-N83
Senior A-6 17,722,000.00 7.50000000% 126691-N91
Senior A-7 21,855,967.00 0.00000000% 126691-P24
Senior A-8 21,855,967.00 7.50000000% 126691-P32
Senior A-9 13,603,333.00 7.00000000% 126691-P40
Senior A-10 8,530,769.00 7.50000000% 126691-P57
Senior A-11 2,962,908.00 7.50000000% 126691-P65
Senior A-12 30,108,599.00 7.00000000% 126691-P73
Senior A-13 11,619,000.00 7.50000000% 126691-P81
Senior A-14 22,089,000.00 7.30000000% 126691-P99
Non-Core PO 382,453.00 N/A 126691-Q23
Notional X 197,804,629.00 0.33800000% 126691-M43
- ----------------------------------------------------------
Residual A-R 100.00 7.50000000% 126691-Q31
- ----------------------------------------------------------
Subordinate M 3,740,086.00 7.50000000% 126691-Q49
Subordinate B-1 3,116,738.00 7.50000000% 126691-Q56
Subordinate B-2 1,246,695.00 7.50000000% 126691-Q64
Subordinate B-3 748,017.00 7.50000000% 126691-Q72
Subordinate B-4 872,686.00 7.50000000% 126691-Q80
Subordinate B-5 872,690.00 7.50000000% 126691-Q98
- --------------------------------- ----------
- ----------------------------------------------------------
Total -- 268,232,154.00 --
- ----------------------------------------------------------
Factors per $1,000
Class Information
--------------------------------------
- ----------------- Principal Interest Ending
Type Name Dist. Dist. Cert. Bal
- ----------------- --------------------------------------
Senior A-1 32.28819842 5.43688506 837.613411
Senior A-2 0.00000000 6.25000000 1000.000000
Senior A-3 0.00000000 6.25000000 1000.000000
Senior A-4 0.00000000 6.25000000 1000.000000
Senior A-5 0.76885036 6.20966213 992.777091
Senior A-6 0.00000000 6.25000000 1000.000000
Senior A-7 39.10691403 4.33750385 797.878754
Senior A-8 0.00000000 1.59114463 797.878754
Senior A-9 0.00000000 0.00058809 1000.000000
Senior A-10 0.00000000 0.00000000 1064.287432
Senior A-11 0.00000000 0.00000000 1064.287432
Senior A-12 56.77576585 4.45278366 706.558576
Senior A-13 25.10331702 5.61782220 873.748236
Senior A-14 0.00000000 6.08333333 1000.000000
Non-Core PO 1.96115523 0.00000000 987.338091
Notional X 0.00000000 0.24953859 900.674551
- ----------------- --------------------------------------
Residual A-R 0.00000000 0.00000000 0.000000
- ----------------- --------------------------------------
Subordinate M 0.76885036 6.20966213 992.777091
Subordinate B-1 0.76885036 6.20966213 992.777091
Subordinate B-2 0.76885036 6.20966213 992.777091
Subordinate B-3 0.76885036 6.20966213 992.777091
Subordinate B-4 0.76885036 6.20966213 992.777091
Subordinate B-5 0.76885036 6.20966213 992.777091
- ----------------- --------------------------------------
- ----------------- --------------------------------------
Total -- 19.46971869 4.90629940 832.635132
- ----------------- --------------------------------------
