SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: July 23, 1997
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THE CHASE MANHATTAN BANK
(formerly known as "The Chase Manhattan Bank, N.A.")
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(Originator of the Trust referred to herein)
(Exact name of registrant as specified in its charter)
CHASE MANHATTAN HOME EQUITY LOAN TRUST 1995-1
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(Issuer with respect to Certificates)
New York 33-93570 13-2633612
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
270 Park Avenue, New York, New York 10017
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(Address of principal executive offices) (Zip code)
(212) 270-6000
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(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events
On or about April 18, 1997, pursuant to Section 3.09 of the Pooling
and Servicing Agreement, dated as of September 1, 1995, for Revolving Home
Equity Loan Asset Backed Certificates Series 1995-1 among The Chase Manhattan
Bank, as seller and servicer (the "Servicer") and Bank One, Columbus, N.A.,
as trustee (the "Trustee") (such agreement being the "Pooling and Servicing
Agreement") the Servicer delivered to the Trustee, MBIA Insurance Corporation,
Standard & Poors and Moody's Home Equity Surveillance an annual statement,
signed by officers of the Servicer, as to compliance (the "Officer's
Certificate").
On or about April 18, 1997, pursuant to Section 3.10 of the Pooling
and Servicing Agreement, the Servicer delivered to the Trustee, MBIA Insurance
Corporation, Standard & Poors and Moody's Home Equity Surveillance a report
from Price Waterhouse LLP (the "Report of Independent Accountants").
Copies of each of the Officer's Certificate and the Report of
Independent Accountants required by the Pooling and Servicing Agreement are
being filed as Exhibits 20.1 and 20.2, respectively, to this Current Report
on Form 8-K.
Item 7 (c). Exhibits
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Exhibits Description
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20.1 Officer's Certificate, dated April 19, 1997, delivered
pursuant to Section 3.09 of the Pooling and Servicing
Agreement, dated September 1, 1995.
20.2 Report of Independent Accountants, dated April 19, 1997,
delivered pursuant to Section 3.10 of the Pooling and
Servicing Agreement, dated September 1, 1995.
<PAGE>
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Bank has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
THE CHASE MANHATTAN BANK
/s/ William J. Murray
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By: William J. Murray
Title: Vice President
Date: July 23, 1997
<PAGE>
INDEX TO EXHIBITS
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Exhibits Description
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20.1 Officer's Certificate, dated April 19, 1997, delivered
pursuant to Section 3.09 of the Pooling and Servicing
Agreement, dated September 1, 1995.
20.2 Report of Independent Accountants, dated April 19, 1997,
delivered pursuant to Section 3.10 of the Pooling and
Servicing Agreement, dated September 1, 1995.
EX-20.1
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OFFICER'S CERTIFICATE
[LETTERHEAD OF THE CHASE MANHATTAN BANK]
MANAGEMENT REPRESENTATION LETTER
April 18, 1997
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
Ladies and Gentlemen:
In connection with your examination of our assertion that The Chase
Manhattan Bank Home Equity Services line of Business ("CMHES") complied with the
minimum servicing standards in the Mortgage Banker Association of America's
Uniform Single Attestation Program for Mortgage Bankers ("USAP"), as those
standards are applicable to CMHES, for the period ended December 31, 1996, we
recognize that obtaining representations from us concerning the information
contained in this letter is a significant procedure in enabling you to express
an opinion on management's assertion about compliance with the minimum servicing
standards. Accordingly, we make the following representations, which are true to
the best of our knowledge and belief in all material respects;
1. We are responsible for complying with the minimum servicing
standards in the USAP, as those standards are applicable to CMHES.
2. We are responsible for establishing and maintaining an
effective internal control structure over compliance with the applicable
minimum servicing standards.
3. We have performed an evaluation of the compliance of The Chase
Manhattan Bank Home Equity Services line of business with the applicable minimum
servicing standards.
4. For the year ended December 31, 1996, CMHES has complied with the
applicable minimum servicing standards as they are applicable to CMHES.
5. For the year ended December 31, 1996, CMHES has fulfilled all
obligations under and has serviced the home equity line of credit loans in
accordance with the terms of the Pooling and Servicing Agreement dated September
21, 1995 between The Chase Manhattan Bank as Seller and Servicer, and Bank One
Trust Company, N.A., as Trustee, related to the Revolving Home Equity Loan Asset
Backed Certificates Series 1995-1 (the "Pooling and Servicing Agreement").
6. We have made available to you all documentation related to
compliance with the minimum servicing standards.
7. We have disclosed any communications from regulatory agencies,
internal auditors, and other practitioners concerning possible noncompliance
with the minimum servicing standards, including communications received between
December 31, 1996 and April 18, 1997.
8. There are no instances of known noncompliance occurring
subsequent to December 31, 1996.
9. There are no escrow accounts related to home equity line of credit
loans. All credit life payments related to home equity line of credit loans are
paid on a timely basis and Chase advances funds for payment if such payments are
not received from mortgagors.
10. There are no checks used for disbursements to investors or on
behalf of mortgagors.
<PAGE>
11. There are no custodial bank accounts maintained with respect to
payments received on home equity line of credit loans, as permitted under
Section 2.05(d) of the Pooling and Servicing Agreement. Payment received on home
equity line of credit loans are handled in accordance with the terms of the
Pooling and Servicing Agreement.
12. The Chase Manhattan Bank had in effect fidelity bonds and errors
and omissions policies in the amount of $200,000,000 and $25,000,000,
respectively, as of December 31, 1996.
13. There were no disputes, with regard to balances relating to
the period ended December 31, 1996, that are still unresolved.
/S/ Ms. Lois B. Deming
Senior Vice President
Chase Manhattan Home Equity Services
/S/ Ms. Marjorie A. Nau
Vice President
Chase Manhattan Home Equity Services
/S/ Mr. Glen M. Krouse
Chief Financial Officer
Chase Manhattan Home Equity Services
/S/ Mr. William J. Murray
Controller
Chase Manhattan Home Equity Services
EX-20.2
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REPORT OF INDEPENDENT ACCOUNTANTS
[LETTERHEAD OF PRICE WATERHOUSE LLP]
Report of Independent Accountants
April 18, 1997
To the Board of Directors of
The Chase Manhattan Bank
We have examined management's assertion about the compliance
of The Chase Manhattan Bank, Home Equity Services line of business ("CMHES")
with the minimum servicing standards identified in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
("USAP"), as those standards are applicable to CMHES, as of December 31, 1996
included in the accompanying Management Assertion (see Exhibit I). Management is
responsible for the compliance of CMHES with those minimum servicing standards.
Our responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the compliance
of CMHES with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. Our examination does
not provide a legal determination on the compliance of CMHES with the minimum
servicing standards. We understand that compliance with the minimum servicing
standards referred to above are required by the Pooling & Servicing Agreement
dated September 21, 1995, however we make no representation regarding the
sufficiency of the minimum servicing standards either for the purpose for which
this report has been requested or any other purpose.
In our opinion, management's assertion that CMHES has complied
with the minimum standards mentioned above, as those standards are applicable to
CMHES, as of December 31, 1996 is fairly stated, in all material respects.
We have been informed by management that the minimum servicing
standards mentioned above, requiring custodial accounts to be reconciled,
custodial bank accounts to be held at a federally insured depository
institution, and mortgage payments to be deposited into custodial bank accounts
and related bank clearing accounts within two business days of receipt, are not
applicable to CMHES since the Pooling and Servicing Agreement mentioned above
does not require custodial accounts. We have also been informed by management
that the provisions per the minimum servicing standards mentioned above relating
to escrow accounts are not applicable since no escrow accounts exist.
This report is intended solely for the use of the Board of
Directors and management of the Chase Manhattan Bank, MBIA Insurance Corporation
as Insurer and Bank One, Columbus, N.A., as Trustee for the Trust, and should
not be used for any other purpose, except that copies may be distributed by the
Trustees to the Certificateholders, Standard & Poor's Corporation and Moody's
Investor Service, Inc.
/S/ Price Waterhouse LLP
<PAGE>
[LETTERHEAD OF THE CHASE MANHATTAN BANK]
MANAGEMENT REPRESENTATION LETTER
April 18, 1997
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
Ladies and Gentlemen:
In connection with your examination of our assertion that The Chase
Manhattan Bank Home Equity Services line of Business ("CMHES") complied with the
minimum servicing standards in the Mortgage Banker Association of America's
Uniform Single Attestation Program for Mortgage Bankers ("USAP"), as those
standards are applicable to CMHES, for the period ended December 31, 1996, we
recognize that obtaining representations from us concerning the information
contained in this letter is a significant procedure in enabling you to express
an opinion on management's assertion about compliance with the minimum servicing
standards. Accordingly, we make the following representations, which are true to
the best of our knowledge and belief in all material respects;
1. We are responsible for complying with the minimum servicing
standards in the USAP, as those standards are applicable to CMHES.
2. We are responsible for establishing and maintaining an
effective internal control structure over compliance with the applicable
minimum servicing standards.
3. We have performed an evaluation of the compliance of The Chase
Manhattan Bank Home Equity Services line of business with the applicable minimum
servicing standards.
4. For the year ended December 31, 1996, CMHES has complied with the
applicable minimum servicing standards as they are applicable to CMHES.
5. For the year ended December 31, 1996, CMHES has fulfilled all
obligations under and has serviced the home equity line of credit loans in
accordance with the terms of the Pooling and Servicing Agreement dated September
21, 1995 between The Chase Manhattan Bank as Seller and Servicer, and Bank One
Trust Company, N.A., as Trustee, related to the Revolving Home Equity Loan Asset
Backed Certificates Series 1995-1 (the "Pooling and Servicing Agreement").
6. We have made available to you all documentation related to
compliance with the minimum servicing standards.
7. We have disclosed any communications from regulatory agencies,
internal auditors, and other practitioners concerning possible noncompliance
with the minimum servicing standards, including communications received between
December 31, 1996 and April 18, 1997.
8. There are no instances of known noncompliance occurring
subsequent to December 31, 1996.
9. There are no escrow accounts related to home equity line of credit
loans. All credit life payments related to home equity line of credit loans are
paid on a timely basis and Chase advances funds for payment if such payments are
not received from mortgagors.
10. There are no checks used for disbursements to investors or on
behalf of mortgagors.
<PAGE>
11. There are no custodial bank accounts maintained with respect to
payments received on home equity line of credit loans, as permitted under
Section 2.05(d) of the Pooling and Servicing Agreement. Payment received on home
equity line of credit loans are handled in accordance with the terms of the
Pooling and Servicing Agreement.
12. The Chase Manhattan Bank had in effect fidelity bonds and errors
and omissions policies in the amount of $200,000,000 and $25,000,000,
respectively, as of December 31, 1996.
13. There were no disputes, with regard to balances relating to
the period ended December 31, 1996, that are still unresolved.
/S/ Ms. Lois B. Deming
Senior Vice President
Chase Manhattan Home Equity Services
/S/ Ms. Marjorie A. Nau
Vice President
Chase Manhattan Home Equity Services
/S/ Mr. Glen M. Krouse
Chief Financial Officer
Chase Manhattan Home Equity Services
/S/ Mr. William J. Murray
Controller
Chase Manhattan Home Equity Services
