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): 5/26/97
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 May 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 May 26, 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: May 26, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
Payment Date: 05/27/97
COUNTRYWIDE ASSET BACKED SECURITIES, INC.
ASSET-BACKED CERTIFICATES, SERIES 1997-1
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Beginning Pass Thru Principal Interest Total Interest Ending Certificate
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Shortfalls Balance
- ---------- ---- ---------- --------- ---------- ---------- ----- ---------- ------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2343 A-1 178,783,039.12 5.918750% 1,402,001.84 940,597.43 2,342,599.27 0.00 177,381,037.28
2344 A-2 38,429,152.73 5.798750% 1,501,472.74 198,080.93 1,699,553.68 0.00 36,927,679.99
2345 A-3 35,000,000.00 6.675000% 0.00 194,687.50 194,687.50 0.00 35,000,000.00
2346 A-4 14,677,000.00 6.950000% 0.00 85,004.29 85,004.29 0.00 14,677,000.00
2348 A-5 15,623,000.00 7.225000% 0.00 94,063.48 94,063.48 0.00 15,623,000.00
- ---- - -------------- -------- ------------ ------------ ------------ ---- --------------
Totals - 282,512,191.85 2,903,474.58 1,512,433.64 4,415,908.22 0.00 279,608,717.27
</TABLE>
<TABLE>
<CAPTION>
Class Information Original Certificate Information Factors per $1,000
Original Pass Thru Cusip Principal Interest Ending
Type Name Cert. Bal. Rate Numbers Dist. Dist. Cert. Bal
---- ---- ---------- --------- ------- --------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Floater A-1 183,000,000.00 5.918750% 126671AD8 7.66121223 5.13987669 969.29528568
Floater A-2 40,700,000.00 5.798750% 126671AE6 36.89122218 4.86685339 907.31400461
Fixed A-3 35,000,000.00 6.675000% 126671AF3 0.00000000 5.56250000 1000.00000000
Fixed A-4 14,677,000.00 6.950000% 126671AG1 0.00000000 5.79166667 1000.00000000
Fixed A-5 15,623,000.00 7.225000% 126671AH9 0.00000000 6.02083333 54.05882352941
- -------------- -------- --------- ----------- ---------- --------------
Totals - 289,000,000.00 - - 10.04662485 5.23333438 967.504211998
</TABLE>
COUNTRYWIDE ASSET BACKED SECURITIES, INC.
ASSET-BACKED CERTIFICATES, SERIES 1997-1
COLLATERAL INFORMATION
Group 1
Beginning Principal Balance 179,885,969.53
Scheduled Principal Payment 101,113.84
Prepayment Amount 942,432.92
Ending Principal Balance 178,842,422.77
Subordinated Deficit Amount 0.00
Subordinated Increase Amount 358,455.08
Required Subordinated Amount 4,211,709.69
Subordinated Amount 1,461,385.49
Carry-Forward Amount 0.00
Insured Payment 0.00
Group 2
Beginning Principal Balance 104,350,306.24
Scheduled Principal Payment 148,877.78
Prepayment Amount 1,072,560.29
Ending Principal Balance 103,128,868.17
Subordinated Deficit Amount 0.00
Subordinated Increase Amount 280,034.67
Required Subordinated Amount 5,512,058.33
Subordinated Amount 901,188.18
Carry-Forward Amount 0.00
Insured Payment 0.00
FEES & ADVANCES
Monthly master servicer fees paid
Group 1 73,956.19
Group 2 1,297.35
Advances included in this distribution
Group 1 30,330.69
Group 2 11,911.39
CLASS A-1 BASIS RISK CARRY FORWARD AMOUNT
Amount paid 0.00
Amount remaining 0.00
LIQUADATION AND LOSSES INFORMATION
Group 1 Group 2
------- -------
Liquated Loan # 0 0
Stated Principal Balance 0.00 0.00
Realized Losses 0.00 0.00
Liquated Loan # 0 0
Stated Principal Balance 0.00 0.00
Realized Losses 0.00 0.00
Aggregate Stated Principal Balance of all Liquidated Loans 0.00 0.00
Total realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
GROUP 1 DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 month 37 3,034,902.79
2 months 4 289,749.37
3+ months 1 111,000.00
Foreclosures 7 714,987.88
Totals 42 3,435,652.16
GROUP 2 DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 month 18 1,141,144.47
2 months 1 20,994.45
3+ months 1 66,000.00
Foreclosures 6 273,933.53
Totals 26 1,502,072.45
TOTAL REO INFORMATION
Group 1 Group 2
------- -------
Total Number of REO Properties 0 0
Total Principal Balance of REO Properties 0.00 0.00
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceeding calendar month)
Loan Number Loan Group Stated Principal Balance
- ----------- ---------- ------------------------
0 Group 1 0.00
0 Group 2 0.00
