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): 6/25/97
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 June 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 June 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: June 25, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
Payment Date: 06/25/97
-----------------------------------------
COUNTRYWIDE ASSET BACKED SECURITIES, INC.
ASSET-BACKED CERTIFICATES, SERIES 1997-1
-----------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment 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-1 177,381,037.28 5.918750% 2,553,491.46 845,731.84 3,399,223.30 0.00 174,827,545.82
2344 A-2 36,927,679.99 5.798750% 1,244,240.78 172,497.14 1,416,737.93 0.00 35,683,439.20
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 -- 279,608,717.27 3,797,732.24 1,391,984.26 5,189,716.50 0.00 275,810,985.03
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
Original Certificate Information
Class Information
-------------------------------------
- ------------------- Original Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
- --------------------------------------------------------
Floater A-1 183,000,000.00 5.918750% 126671AD8
Floater A-2 40,700,000.00 5.798750% 126671AE6
Fixed A-3 35,000,000.00 6.675000% 126671AF3
Fixed A-4 14,677,000.00 6.950000% 126671AG1
Fixed A-5 15,623,000.00 7.225000% 126671AH9
- --------------------------------------------------------
Totals -- 289,000,000.00 -- --
- --------------------------------------------------------
Factors per $1,000
Class Information
---------------------------------------
- ----------------- Principal Interest Ending
Type Name Dist. Dist. Cert. Bal
- ----------------- ---------------------------------------
Floater A-1 13.95350523 4.62148549 955.34178045
Floater A-2 30.57102661 4.23825904 876.74297800
Fixed A-3 0.00000000 5.56250000 1000.00000000
Fixed A-4 0.00000000 5.79166667 1000.00000000
Fixed A-5 0.00000000 6.02083333 54.05882352941
- ----------------- ---------------------------------------
Totals -- 13.14094201 4.81655453 954.3632699909
- ----------------- ---------------------------------------
<PAGE>
Payment Date: 06/25/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-A
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-1
-------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Group 1
-------
Beginning Principal Balance 178,842,422.77
Scheduled Principal Payment 100,779.06
Prepayment Amount 2,004,194.53
Ending Principal Balance 176,737,449.18
Subordinated Deficit Amount 0.00
Subordinated Increase Amount 448,517.87
Required Subordinated Amount 4,211,709.69
Subordinated Amount 1,909,903.36
Carry-Forward Amount 342.47
Insured Payment 0.00
Group 2
-------
Beginning Principal Balance 103,128,868.17
Scheduled Principal Payment 150,070.56
Prepayment Amount 798,472.11
Ending Principal Balance 102,180,325.50
Subordinated Deficit Amount 0.00
Subordinated Increase Amount 295,698.11
Required Subordinated Amount 5,512,058.33
Subordinated Amount 1,196,886.30
Carry-Forward Amount 0.00
Insured Payment 0.00
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Monthly master servicer fees paid
Group 1 72,737.06
Group 2 605.68
Advances included in this distribution
Group 1 57,811.22
Group 2 12,426.74
- --------------------------------------------------------------------------------
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 52 4,921,710.18
2 months 14 1,335,968.22
3+ months 2 164,968.93
Foreclosures 11 1,177,111.02
Totals 68 6,422,647.33
- --------------------------------------------------------------------------------
GROUP 2 DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 month 20 1,085,782.96
2 months 4 130,771.93
3+ months 0 0.00
Foreclosures 7 339,933.53
Totals 31 1,556,488.42
- --------------------------------------------------------------------------------
TOTAL REO INFORMATION
- --------------------------------------------------------------------------------
Group 1 Group 2
------------------
Total Number of REO Properties 0 0
Total Principal Balance of REO Properties 0 0
- --------------------------------------------------------------------------------
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
