March 30, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Imperial CMB Trust Series 1997-1 Collateralized Asset-Backed
Bonds; File No. 33-23387
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of IMH Assets Corp. (as
depositor under the Trust Agreement, dated as of May 1, 1997, and
pursuant to which an Indenture was entered into, providing for,
inter alia, the issuance of Collateralized Asset-Backed Bonds,
Series 1997-1 is a Current Report on Form 8-K. The Imperial CMB
Trust Series 1997-1 (the "Issuer") will issue $348,073,445
aggregate principal amount of Collateralized Asset-Backed Bonds,
Series 1997-1 (the "Bonds"). The Bonds will be issued pursuant to
an Indenture to be dated as of May 1, 1997, between the Issuer and
Bankers Trust Company of California, N.A.
The Bonds will represent indebtedness of the trust fund (the "Trust
Fund") created by the Trust Agreement. The Trust Fund will consist
of adjustable-rate, conventional, on- to four-family, first lien
mortgage loans (the "Mortgage Loans"). In addition, the Bonds will
have the benefit of an irrevocable and unconditional financial
guaranty insurance policy (the "Bond Insurance Policy") issued by
AMBAC Indemnity Corporation (the "Bond Insurer") as described under
"Description of the Bonds-Bond Insurance Policy" of the Prospectus
Supplement dated May 22, 1997.
The Bonds were registered under the Securities Act of 1933. 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 Indenture), 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 Imperial CMB Trust Series 1997-1
Collateralized Asset-Backed Bonds Series, 1997-1.
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
IMPERIAL CMB TRUST SERIES 1997-1
(as issuer under the Indenture, dated as of May 1, 1997, providing
for the issuance of Collaterialized Asset-Backed Bonds Series ,
1997-1).
IMPERIAL CMB TRUST SERIES 1997-1
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-23387 33-0705301
(Commission File Number) (I.R.S. Employer
Identification No.)
c/o WILMINGTON TRUST COMPANY
RODNEY SQUARE NORTH
1100 NORTH MARKET STREET
WILMINGTON, DELAWARE 19890
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (714) 556-0122
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 Indenture, dated as of May 1,
1997.
Date: March 30, 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. 5
IMH ASSETS CORP. IMPERIAL CMB TRUST SERIES 1997-1
COLLATERALIZED MORTGAGE BONDS SERIES 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
BONDS 348,073,445.00 300,524,331.82 1,544,945.50 12,335,638.08
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
13,880,583.58 0.00 0.00 288,188,693.74
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
348,073,445.00 300,524,331.82 1,544,945.50 12,335,638.08
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
13,880,583.58 0.00 0.00 288,188,693.74
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
BONDS 452628AB6 863.393448 4.438562 35.439756 39.878318
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
827.953692 5.970000% 6.345000%
SELLER: ICI Funding Corporation ADMINISTRATOR: David Arnold
SERVICER: ICI Funding Corporation Bankers Trust Company
LEAD UNDERWRITER: Bear, Stearns & Co. Inc 3 Park Plaza
and Morgan Stanley & Co. Irvine, CA 92614
RECORD DATE: November 28, 1997
DISTRIBUTION DATE: December 26, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
