March 24, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Fund America Investors Corporation II Mortgage Pass-Through
Certificates, Series 1996-A; File No. 33-73748
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of Fund America Investors
Corporation II is a Current Report on Form 8-K to report the
acquisition by the Registrant of certain conventional first lien
mortgage loans (the "Adjustable Rate Mortgage Loans") and second
lien mortgage loans (the "Fixed Rate Mortgage Loan" and, together
with the Adjustable Rate Mortgage Loans, the "Mortgage Loans").
The Mortgage Loans were pooled to form a mortgage pass-through
certificate (the "Certificate") pursuant to the terms of a Pooling
and Servicing Agreement dated as of April 1, 1996 (the "Pooling
and Servicing") among the Registrant, as seller, ICI Funding
Corporation , a California corporation, as master servicer, and
Bankers Trust Company of California, N.A. as trustee (the "Pooling
Trustee"). The Registrant then conveyed all of its right, title and
interest in the Certificate to Fund America Investors V (the
"Issuer") pursuant to the terms of a Deposit Trust Agreement dated
as of April 25, 1995 (the "Deposit Trust Agreement") between the
Issuer and Wilmington Trust Company, as owner trustee (the "Owner
Trustee"). The Issuer then pledged all of its right, title and
interest in the Certificate to Bankers Trust Company of California,
N.A. as trustee (the "Indenture Trustee") as collateral for the
bonds which were issued pursuant to an Indenture dated as of April
1, 1996 (the "Indenture") between the Issuer and the Indenture
Trustee.
The Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
33-73748). As a result, the Registrant is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The agent for Registrant will file, promptly after each Distribution
Date as defined in the Pooling and Servicing Agreement), a Current
Report on Form 8-K in substantially the form enclosed herewith,
including as an exhibit thereto the applicable Distribution Date
report. Each such Current Report will also disclose under Item 5
any matter occurring during the relevant reporting period which would
be reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
Within 90 days after the end of each fiscal year, the agent for the
Registrant will file an annual report of Form 10-K, which responds to
Items 2, 3, and 4 of Part I, Items 5 and 9 of Part II, Items 12 and
13 of Part III and Item 14 of Part IV thereof, and include as
exhibits thereto certain information from the Distribution Date
reports aggregated for such year and a copy of the independent
accountants' annual compliance statement required under the Pooling
and Servicing Agreement.
The agent for the Registrant will follow the above procedures except
for any fiscal year as to which its reporting obligations under
Section 15(d) of the Exchange Act have been suspended pursuant to
such Section. In such event, the agent for the Registrant will file
a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Fund America Investors Corporation II
Mortgage Pass-Through Certificates, Series 1996-A.
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): December 26, 1997
FUND AMERICA INVESTORS CORPORATION II
(as Seller under the Pooling and Servicing Agreement, dated as of
April 1, 1996, which forms Fund America Investors Corporation II
Mortgage Pass-Through Certificates, Series 1996-A).
FUND AMERICA INVESTORS CORPORATION II
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
33-73748 84-1218906
(Commission File Number) (I.R.S. Employer
Identification No.)
6400 S. FIDDLER'S GREEN CIRCLE
SUITE 1200B
ENGLEWOOD, COLORADO
200 VESEY STREET 80111
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (303) 290-2065
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer to the Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
December 26, 1997.
SIGNATURE
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, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of April 1, 1996.
Date: March 24, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders
dated as of December 26, 1997. 3
FUND AMERICA INVESTORS TRUST V SERIES 1996A BONDS
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 296,300,000.00 156,484,088.10 815,021.29 4,606,233.66
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
5,421,254.95 0.00 0.00 151,877,854.44
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
296,300,000.00 156,484,088.10 815,021.29 4,606,233.66
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
5,421,254.958 0.00 0.00 151,877,854.44
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 FA96A1001 528.127196 2.750662 15.545844 18.296507
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
512.581351 6.250000% N/A
SELLER: Fund America Investors Trust V ADMINISTRATOR: David Arnold
SERVICER: ICI Funding Corporation Bankers Trust Company
LEAD UNDERWRITER: Salomon Brothers Inc. 3 Park Plaza
RECORD DATE: November 28, 1997 Irvine, CA 92714
DISTRIBUTION DATE: December 26, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
