<PAGE> 1
MID-STATE TRUST VI
ASSET-BACKED BONDS
ANNUAL STATEMENT TO BONDHOLDERS
JUNE 4, 1997 - MAY 31, 1998
<TABLE>
<CAPTION>
=======================================================================================================================
Original Beginning Ending
Certificate Certificate Certificate Total Certificate
Class Cusip Rate Balance Balance Interest Principal Distribution Balance
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 59549NAA1 7.340% 287,750,000.00 287,750,000.00 $20,572,769.84 21,919,419.14 42,492,188.98 265,830,580.86
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TOTALS 287,750,000.00 287,750,000.00 20,572,769.84 21,919,419.14 42,492,188.98 265,830,580.86
-----------------------------------------------------------------------------------------------------------------------
=======================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
401 South Tryon Street, 12th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
<PAGE> 2
MID-STATE TRUST VI
ASSET-BACKED BONDS
ANNUAL STATEMENT TO BONDHOLDERS
JUNE 4, 1997 - MAY 31, 1998
<TABLE>
<CAPTION>
====================================================================================================================================
SCHEDULE OF REMITTANCE COLLATERAL INFORMATION
<S> <C> <C>
Collections as of the end of the Related Due Period 64,682,523.54 Aggregate Beginning Economic Balance of Loans 462,287,289.00
Investment Earnings 590,953.37 Aggregate Ending Economic Balance of Loans 431,539,334.52
Overcollateralization Amount 32,913,068.79
AVAILABLE FUNDS 65,273,476.91 Cummulative Actual Net Economic Losses 2,414,534.69
=============
Minimum Target Overcollateralization 43,153,933.45
FEES
Trustee Fee 53,881.93
Standby Servicer Fee 48,552.24
Owner Trustee Fee 5,000.00
Richards, Layton & Finger 1,558.26
TOTAL: 108,992.43
====================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
401 South Tryon Street, 12th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
<PAGE> 3
MID-STATE TRUST VI
ASSET-BACKED BONDS
ANNUAL STATEMENT TO BONDHOLDERS
JUNE 4, 1997 - MAY 31, 1998
<TABLE>
<CAPTION>
=============================================================================================================
------------------------------------------------------------
DELINQUENT INFOR. # LOANS AMOUNT
------------------------------------------------------------
<S> <C> <C> <C> <C>
Delinquent 0-30 Days 8159 1,021,558,102.84
------------------------------------------ Delinquent 31-60 Days 118 15,922,263.44
Outstanding Balance $ 431,539,334.52 Delinquent 61-90 Days 65 7,837,370.12
------------------------------------------ Delinquent 91+ Days 345 43,310,359.72
# Accounts 8,687 Loans in Foreclosure, Bankruptcy* 441 21,220,990.55
------------------------------------------ REO Property 36 1,390,401.03
------------------------------------------------------------
* figures included in above Delinquency numbers
=============================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
401 South Tryon Street, 12th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
