UNITED STATES
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 28, 1998
CITY CAPITAL HOME LOAN TRUST
Asset Backed Certificates, Series 1998-4 Trust
New York (governing law of 333-44067-05 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On December 28, 1998 a distribution was made to holders of CITY CAPITAL HOME
LOAN TRUST, Asset Backed Certificates, Series 1998-4 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Asset Backed Certificates, Series 1998-4
Trust, relating to the December 28, 1998
distribution.
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.
CITY CAPITAL HOME LOAN TRUST
Asset Backed Certificates, Series 1998-4 Trust
By: Norwest Bank Minnesota, N.A., as Indenture Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 01/07/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 1998-4 Trust, relating to the December 28,
1998 distribution.
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<CAPTION>
CITY CAPITAL HOME LOAN TRUST
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
CCH Series: 1998-4
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A 177766AK8 SEN_FL 7.04000% 168,173,000.00 986,614.93 1,416,123.19
OC CCH9804OC JUN_FI 0.00000% 14,425,309.53 0.00 0.00
TRST JUN_EX 0.00000% 0.00 0.00 0.00
Totals 182,598,309.53 986,614.93 1,416,123.19
</TABLE>
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<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A 0.00 166,756,876.80 2,402,738.12 0.00
OC 0.00 15,181,588.45 0.00 0.00
TRST 0.00 0.00 0.00 0.00
Totals 0.00 181,938,465.25 2,402,738.12 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
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<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A 168,173,000.00 168,173,000.00 453,926.82 962,196.37 0.00 0.00
OC 14,425,309.53 14,425,309.53 0.00 0.00 0.00 0.00
TRST 0.00 0.00 0.00 0.00 0.00 0.00
Totals 182,598,309.53 182,598,309.53 453,926.82 962,196.37 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A 1,416,123.19 166,756,876.80 0.99157937 1,416,123.19
OC 0.00 15,181,588.45 1.05242722 0.00
TRST 0.00 0.00 0.00000000 0.00
Totals 1,416,123.19 181,938,465.25 0.99638636 1,416,123.19
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A 168,173,000.00 1000.00000000 2.69916586 5.72146760 0.00000000
OC 14,425,309.53 1000.00000000 0.00000000 0.00000000 0.00000000
TRST 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All classes are per $1000 denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A 0.00000000 8.42063345 991.57936649 0.99157937 8.42063345
OC 0.00000000 0.00000000 1,052.42722303 1.05242722 0.00000000
TRST 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 168,173,000.00 7.04000% 168,173,000.00 986,614.93 0.00 0.00
OC 14,425,309.53 0.00000% 14,425,309.53 0.00 0.00 0.00
TRST 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 182,598,309.53 986,614.93 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.00 0.00 986,614.93 0.00 166,756,876.80
OC 0.00 0.00 0.00 0.00 15,181,588.45
TRST 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 986,614.93 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 168,173,000.00 7.04000% 1000.00000000 5.86666665 0.00000000 0.00000000
OC 14,425,309.53 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
TRST 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All classes are per $1000 denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 5.86666665 0.00000000 991.57936649
OC 0.00000000 0.00000000 0.00000000 0.00000000 1052.42722303
TRST 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 2,619,466.68
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 2,619,466.68
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 216,728.56
Payment of Interest and Principal 2,402,738.12
Total Withdrawals (Pool Distribution Amount) 2,619,466.68
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 152,165.49
Custodial Fee 1,521.11
Trustee Fee 1,401.44
Pool Insurance Fee 44,902.00
Master Servicing Fee 16,738.52
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 216,728.56
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
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<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 18 698,873.88 0.362611% 0.384127%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 18 698,873.88 0.362611% 0.384127%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance -66.26
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 12.878251%
Weighted Average Net Coupon 11.878250%
Weighted Average Pass-Through Rate 11.758252%
Weighted Average Maturity(Stepdown Calculation ) 239
Begin Scheduled Collateral Loan Count 4,975
Number Of Loans Paid In Full 11
End Scheduled Collateral Loan Count 4,964
Begining Scheduled Collateral Balance 182,598,309.53
Ending Scheduled Collateral Balance 181,938,465.25
Ending Actual Collateral Balance at 30-Nov-1998 181,938,465.25
Monthly P &I Constant 2,171,130.14
Ending Scheduled Balance for Premium Loans 181,938,465.25
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 756,278.92
Overcollateralization reduction Amount 0.00
Specified O/C Amount 26,750,652.35
Overcollateralized Amount 14,425,309.53
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 1,825,983.10
Extra principal distribution Amount 756,278.92
Excess Cash Amount 756,278.92
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Aggregate Balance of Repurchases 0.00
Aggregate Repurchases - 3 Months 0.00
Delinquent
Aggregate Balance - 3 Largest Loans 299,660.53
Rolling Delinquency Percentage 0.00
Rolling Loss Percentage 0.00
Cumulative Loss Percentage 0.00
Delinquency Loss Factor 174,718.47
Rolling Three Month Average Annualized 0.00
Losses
Delinquency Percentage 0.00
Total Expected Losses 174,718.47
</TABLE>
