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 97-7)
(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 97-7
On December 26 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass Through Certificates Series 1997-7, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of October 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
1997-7 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 October 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: 12/26/97
-------------------------------------------------
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-7
-------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Ending Cert./ Unpaid / Deferred
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Notional Bal. Interest
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2959 A-1 9,870,322.84 7.250000% 118,123.61 59,633.20 177,756.81 9,752,199.24 0.00
2960 A-2 132,693,435.81 6.850000% 1,773,132.58 757,458.36 2,530,590.94 130,920,303.23 0.00
2961 A-3 15,468,488.00 6.850000% 0.00 88,299.29 88,299.29 15,468,488.00 0.00
2962 A-4 33,865,583.04 6.218750% 405,287.14 175,501.33 580,788.47 33,460,295.90 0.00
2963 A-5 33,865,583.04 2.781250% N/A 78,490.54 78,490.54 33,460,295.90 0.00
2964 A-6 26,100,000.00 7.250000% 0.00 157,687.50 157,687.50 26,100,000.00 0.00
2965 A-7 9,048,299.85 7.250000% 0.00 54,666.81 54,666.81 9,048,299.85 0.00
2966 A-8 4,996,510.39 7.250000% 3,651.36 30,187.25 33,838.61 4,992,859.03 0.00
2967 A-9 1,963,434.48 6.900000% 38,259.40 11,289.75 49,549.15 1,925,175.07 0.00
2968 A-10 38,168,000.00 6.900000% 0.00 219,466.00 219,466.00 38,168,000.00 0.00
2969 A-11 40,131,434.48 0.350000% N/A 11,705.00 11,705.00 40,093,175.07 0.00
2970 A-12 12,224,000.00 7.250000% 0.00 73,853.33 73,853.33 12,224,000.00 0.00
2971 PO 437,903.74 N/A 490.62 N/A 490.62 437,413.12 0.00
2972 X 250,870,188.60 0.356350% N/A 74,497.98 74,497.98 248,564,999.14 0.00
2973 A-R 0.00 7.250000% 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------
2974 M 3,749,310.45 7.250000% 2,739.93 22,652.08 25,392.01 3,746,570.52 0.00
2975 B-1 3,749,310.45 7.250000% 2,739.93 22,652.08 25,392.01 3,746,570.52 0.00
2976 B-2 2,549,531.38 7.250000% 1,863.15 15,403.42 17,266.57 2,547,668.23 0.00
2977 B-3 899,834.55 7.250000% 657.58 5,436.50 6,094.08 899,176.96 0.00
2978 B-4 899,834.55 7.250000% 657.58 5,436.50 6,094.08 899,176.97 0.00
2979 B-5 899,835.12 7.250000% 657.58 5,436.50 6,094.09 899,177.54 0.00
-----------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals 297,583,634.64 2,348,260.46 1,869,753.44 4,218,013.90 295,235,374.18 0.00
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ---------------------------------
Remaining
Class Code Name Unpaid Interest
- ---------------------------------
2959 A-1 0.00
2960 A-2 0.00
2961 A-3 0.00
2962 A-4 0.00
2963 A-5 0.00
2964 A-6 0.00
2965 A-7 0.00
2966 A-8 0.00
2967 A-9 0.00
2968 A-10 0.00
2969 A-11 0.00
2970 A-12 0.00
2971 PO 0.00
2972 X 0.00
2973 A-R 0.00
---------------
2974 M 0.00
2975 B-1 0.00
2976 B-2 0.00
2977 B-3 0.00
2978 B-4 0.00
2979 B-5 0.00
---------------
- ---------------------------------
Totals 0.00
- ---------------------------------
<PAGE>
Payment Date: 12/26/97
-------------------------------------------------
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-7
-------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Aggregate Scheduled Principal 217,546.08
Aggregate Prepayment Amount 2,130,714.38
Aggregate Liquidation Proceeds 0.00
Pool Stated Pricipal Balance after distribution 295,235,374.17
- --------------------------------------------------------------------------------
FEES & ADVANCES
- --------------------------------------------------------------------------------
Monthly master servicer fees paid 59,942.08
Advances included in this distribution 31,513.06
Aggregate Advances Outstanding 31,513.06
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Bankruptcy Loss Coverage Amount 100,000.00
Fraud Loss Coverage Amount 6,003,087.00
Special Hazrad Loss Coverage Amount 3,001,543.43
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
1 mo. 14 4,215,102.92
2 mos. 0 0.00
3+MOS. 0 0.00
In foreclosure 0 0.00
Totals 14 4,215,102.92
- --------------------------------------------------------------------------------
TOTAL REO INFORMATION
- --------------------------------------------------------------------------------
Total Number of REO Properties 0
Total Principal Balance of REO Properties 0.00
- --------------------------------------------------------------------------------
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceeding calendar month)
- --------------------------------------------------------------------------------
Loan Number Stated Principal Balance
----------- ------------------------
0 0.00
0 0.00
- --------------------------------------------------------------------------------
Aggregate Certificate Information for the following distribution date
- --------------------------------------------------------------------------------
Class Aggregate Aggregate
Type Percentages Prepay. Pct.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Senior 95.70996479% 100.00000000%
Subordinate 4.29003521% 0.00000000%
- --------------------------------------------------------------------------------
<PAGE>
Payment Date: 12/26/97
-------------------------------------------------
COUNTRYWIDE HOME LOANS
Mortgage Pass-Through Certificates, Series 1997-7
-------------------------------------------------
Original Certificate Information
Class Information
--------------------------------------
- ------------------- Original Pass Thru Cusip
Type Name Cert. Bal. Rate Numbers
- ---------------------------------------------------------
Senior A-1 10,000,000.00 7.250000% 12669ACH5
---------
A-2 134,640,000.00 6.850000% 12669ACJ1
---------
A-3 15,468,488.00 6.850000% 12669ACK8
---------
A-4 34,310,512.00 6.218750% 12669ACL6
---------
A-5 34,310,512.00 2.781250% 12669ACM4
---------
A-6 26,100,000.00 7.250000% 12669ACN2
---------
A-7 9,048,299.85 7.250000% 12669ACP7
---------
A-8 5,000,000.00 7.250000% 12669ACQ5
---------
A-9 2,000,000.00 6.900000% 12669ACR3
---------
A-10 38,168,000.00 6.900000% 12669ACS1
---------
A-11 40,168,000.00 0.350000% 12669ACT9
---------
A-12 12,224,000.00 7.250000% 12669ACU6
---------
PO 438,383.46 N/A 12669ACV4
---------
X 253,399,973.83 0.356350% 12669ACW2
- ---------------------------------------------------------
Residual A-R 100.00 7.250000% 12669ACX0
- ---------------------------------------------------------
M 3,751,929.00 7.250000% 12669ACY8
---------
B-1 3,751,929.00 7.250000% 12669ACZ5
---------
B-2 2,551,312.00 7.250000% 12669ADA9
---------
B-3 900,463.00 7.250000% 12669ADM3
---------
B-4 900,463.00 7.250000% 12669ADN1
---------
B-5 900,463.57 7.250000% 12669ADP6
- ---------------------------------------------------------
- ---------------------------------------------------------
Total 300,154,342.88
- ---------------------------------------------------------
Factors per $1,000
Class Information
------------------------------------
- ----------------- Principal Interest Ending
Type Name Dist. Dist. Cert. Bal
- ----------------- ------------------------------------
Senior A-1 11.81236053 5.96332005 975.219924
A-2 13.16943389 5.62580483 972.373019
A-3 0.00000000 5.70833333 1000.000000
A-4 11.81233139 5.11508918 975.219953
A-5 0.00000000 2.28765295 975.219953
A-6 0.00000000 6.04166667 1000.000000
A-7 0.00000000 6.04166667 1000.000000
A-8 0.73027187 6.03745006 998.571806
A-9 19.12970195 5.64487412 962.587537
A-10 0.00000000 5.75000000 1000.000000
A-11 0.00000000 0.29140116 998.137201
A-12 0.00000000 6.04166667 1000.000000
PO 1.11915103 0.00000000 997.786554
X 0.00000000 0.29399364 980.919593
- ----------------- ------------------------------------
Residual A-R 0.00000000 0.00000000 0.000000
- ----------------- ------------------------------------
M 0.73027187 6.03745006 998.571806
B-1 0.73027187 6.03745006 998.571806
B-2 0.73027187 6.03745006 998.571806
B-3 0.73027187 6.03745006 998.571806
B-4 0.73027187 6.03745007 998.571809
B-5 0.73027187 6.03745008 998.571810
- ----------------- ------------------------------------
- ----------------- ------------------------------------
Total 7.82350986 6.22930663 983.611869
- ----------------- ------------------------------------
