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 Asset Backed 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.
Asset Backed Certificates
Series 97-2
On December 26 1997, The Bank of New York, as Trustee for CWMBS, Inc. Asset
Backed 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 May 23, 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 1997-2
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 May 23, 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: 12/26/97
----------------------------------------
COUTRYWIDE HOME LOAN, INC.
ASSET-BACKED CERTIFICATES, SERIES 1997-2
----------------------------------------
<TABLE>
<CAPTION>
Current Payment Information
Class Information -------------------------------------------------------------------------------------
- ------------------- Beginning Pass Thru Principal Interest Total Ending Certificate
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Balance
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 163,398,413.82 5.958750% 4,713,980.52 838,421.09 5,552,401.61 158,684,433.29
R 0.00 N/A N/A 0.00 0.00 0.00
Totals -- 163,398,413.82 -- 4,713,980.52 838,421.09 5,552,401.61 158,684,433.29
- --------------------------------------------------------------------------------------------------------
</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-1 178,026,096.00 5.958750% 126671AJ5 26.47915461 4.70954039 891.35490167
Fixed R 0.00 N/A N/A 0.00000000 0.00000000 0.00000000
- ----------------------------------------------------------------------------------------------
Totals -- 178,026,096.00 -- -- 26.47915461 4.70954039 891.35490167
- ----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/26/97
----------------------------------------
COUNTRYWIDE HOME LOAN, INC.
ASSET-BACKED CERTIFICATES, SERIES 1997-2
----------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Beginning Pool Balance 165,607,224.79
Scheduled Principal Payment 88,092.60
Prepayment Amount 4,236,573.77
Ending Pool Balance 161,282,558.42
Subordinated Increase Amount 269,053.72
Required Subordinated Amount 4,895,717.65
Subordination Deficit Amount 0.00
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Class A Carry-Forward Amount 120,260.43
Class A Insured Payment 0.00
Class A Basis Risk Carry-Forward Amount paid 0.00
Class A Basis Risk Carry Forward Amount remained 0.00
- --------------------------------------------------------------------------------
TOTAL REO INFORMATION
- --------------------------------------------------------------------------------
Total Number of REO Properties 2
Total Principal Balance of REO Properties 171,400.00
- --------------------------------------------------------------------------------
NEW REO INFORMATION
- --------------------------------------------------------------------------------
Loan Number Stated Principal Balance
----------- ------------------------
6836706 59,400.00
7235473 112,000.00
0 0.00
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Monthly master servicer fees paid 65,789.75
Advances included in this distribution 47,717.81
- --------------------------------------------------------------------------------
LIQUIDATION / LOSS INFORMATION
- --------------------------------------------------------------------------------
Loan Number Ending Stated Balance Realized Losses
----------- --------------------- ---------------
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
Total realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
30 days 41 3,538,960.71
60 days 18 1,437,225.15
90 or more days 8 494,013.57
Foreclosure 10 758,492.54
Totals 77 6,228,691.97
