February 9, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: First Boston Mortgage Securities Corp., Conduit Mortgage
Pass-Through Certificates, Series 1988-4; File No. 333-53115.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of First Boston Mortgage
Securities Corp., Conduit Mortgage Pass-Through Certificates, Series
1988-4 (as depositor under a series 1988-4 Pooling and Servicing
Agreement dated as of November 1, 1988, providing for, among other
things, the issuance of Conduit Mortgage Pass-Through Certificates,
Series 1988-4 is a Current Report on Form 8-K.
The Conduit Mortgage Pass-Through Certificates, Series 1988-4 will be
comprised of Class A Certificates and Class B Certificates, which
will consist of two subclasses, the Class B-1 Certificates and the
Class B-2 Certificates (collectively, the "Certificates"). The Class
A Certificates will represent interests in the Master Trust Fund
described herein which consists of Subsidiary Regular Interests (as
defined in the Prospectus Supplement dated October 19, 1988) which in
the aggregate represent an interest in a pool (the "Mortgage Pool")
of adjustable rate conventional mortgage loans secured by first
mortgages or deeds of trust on one- to four- unit residential
properties (the "Mortgage Loans") originated or acquired by
AmeriStar Financial Corporation ("AmeriStar"), and certain other
property held in trust for the benefit of the Certificateholders.
The Mortgage Loans will be sold to First Boston Mortgage Securities
Corp. (the "Depositor") on or prior to the date of initial issuance
of the Certificates and will be transferred to a trust pursuant to
the Pooling and Servicing Agreement dated as of November 1, 1988 by
the Depositor in exchange for the Certificates. AmeriStar will act
as Master Servicer.
The Class A Certificates will evidence an initial interest of
approximately 91.25% in the Mortgage Loans. The remaining interest
in the Mortgage Loans will be evidenced by the Class B Certificates.
The rights of the Class B Certificateholders to receive distributions
with respect to the Mortgage Loans are subordinated to the rights of
the Class A Certificateholders to the extent described in the
Prospectus Supplement and in the Prospectus. In addition, the Class
A Certificateholders will be entitled to receive a
disproportionately greater percentage of Principal Prepayments (as
defined in the Prospectus Supplement) and other payments with respect
to the Mortgage Loans, as described herein. See "Description of the
Certificates- Distributions" and "-Subordination of the Class B
Certificates; Shifting Interest Credit Enhancement" in the Prospectus
Supplement and "Credit Support- Subordinated Certificates" in the
Prospectus.
The Certificates 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 (949) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for First Boston Mortgage Securities Corp.,
Conduit Mortgage Pass-Through Certificates, Series 1988-4.
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 13, 1988
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates, Series 1988-4
(as issuer under the Pooling and Servicing Agreement, dated
as of November 1, 1988, providing for the issuance of Conduit
Mortgage Pass-Through Certificates, Series, 1988-4).
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates, Series 1988-4
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-53115 13-332-0910
(Commission File Number) (I.R.S. Employer
Identification No.)
c/o The First Boston Corporation
Park Avenue Plaza
New York, New York 10055
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: 212-909-2000
ITEM 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statement
to the Certificateholders which was 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 27, 1988.
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 November 1, 1988.
Date: February 9, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Monthly Remittance Statement to the Certificateholders dated as of
December 27, 1988.
FIRST BOSTON MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1988-4
DATE: 12/27/88 STATEMENT TO CERTIFICATEHOLDERS PAGE 1 OF 3
DISTRIBUTION SUMMARY
PRINCIPAL
> NEGATIVE ALLOCATION REMAININ
>G PRINCIPAL
CUSIP ORIGINAL BALANCE BEFORE INTE
>REST PRINCIPAL TOTAL AMORTIZ- REALIZED PRINC
>IPAL BALANCE
CLASS NUMBER FACE VALUE DISTRIBUTION DIST
>RIBUTION DISTRIBUTION DISTRIBUTION ATION LOSSES BALANCE
> FACTOR
A 319339AF4 45,893,053.03 45,893,053.03
> 291,420.88 33,401.48 324,822.36 0.00 0.0045,859,6
>51.55 99.927219
B-1 2,137,484.66 2,137,484.66
> 13,573.03 1,458.95 15,031.98 0.00 0.00 2,136,0
>25.71 99.931745
B-2 2,263,219.05 2,263,219.05
> 14,371.44 1,544.77 15,916.21 0.00 0.00 2,261,6
>74.28 99.931745
50,293,756.74 50,293,756.74
> 319,365.35 36,405.20 355,770.55 0.00 0.0050,257,3
>51.54
> RECORD DATE:
> 11/30/88
> PRINCIPAL DISTRIBUTION DATE:
> 12/27/88
CUSIP INTEREST PRINCIPAL TOTA
>L BALANCE AFTER PRIOR DISTRIBUTION DATE:
CLASS NUMBER DISTRIBUTION DISTRIBUTION DIST
>RIBUTION DISTRIBUTION
> CURRENT MASTER PASS-THROUGH RATE:
> 7.620000%
> NEXT MASTER PASS-THROUGH RATE:
> 7.620000%
A 319339AF4 6.350000 0.727811
> 7.077811 999.272189
B-1 6.350001 0.682555
> 7.032556 999.317445 ACCOUNT NUMBER: 11-7-196
>600
B-2 6.350000 0.682554
> 7.032554 999.317446
ADMINISTRATOR: MARGARET SWINDALL
SECURITY PACIFIC NATIONAL BANK
333 SOUTH BEAUDRY AVE W24-30
LOS ANGELES, CA 90017
FOR CERTIFICATE FACTOR INFORMATION, PLEASE CALL 1-800-423-5041
FIRST BOSTON MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-4
DATE: 12/27/1988 STATEMENT TO CERTIFICATEHOLDERS PAGE 2 OF 3
OTHER RELATED INFORMATION
PRINCIPAL PREPAYMENTS DURING THE PRECEDING MONTH:
APPLICABLE TO CLASS A CERTIFICATES 2,077.00
APPLICABLE TO CLASS B-1 CERTIFICATES 0.00
APPLICABLE TO CLASS B-2 CERTIFICATES 0.00
ADVANCES REQUIRED FROM MASTER SERVICER:
PRINCIPAL 242.47
INTEREST 2,562.91
TOTAL 2,805.38
AGGREGATE STATED PRINCIPAL BALANCE OF MORTGAGE LOANS 50,257,351.54
SERVICING FEES RECEIVED BY MASTER SERVICER 15,599.91
ADDTIONAL SERVICING COMPENSATION RECEIVED BY MASTER SERVICER 108.09
DELINQUENCIES:
(A) PAYMENTS DELINQUENT ONE MONTH:
NUMBER OF LOANS 3
AGGREGATE PRINCIPAL BALANCE 374,049.95
(B) PAYMENTS DELINQUENT TWO MONTHS:
NUMBER OF LOANS 0
AGGREGATE PRINCIPAL BALANCE 0.00
(C) PAYMENTS DELINQUENT THREE OR MORE MONTHS:
NUMBER OF LOANS 0
AGGREGATE PRINCIPAL BALANCE 0.00
LOANS ON WHICH FORECLOSURE PROCEEDINGS HAVE COMMENCED:
NUMBER OF LOANS 0.00
AGGREGATE PRINCIPAL BALANCE 0.00
BOOK VALUE OF REO PROPERTY AS OF PRECEDING MONTH-END 0.00
SERVICER ADVANCES RECOVERED 0.00
SPECIAL HAZARD LOSSES:
CURRENT PERIOD AMOUNT 0.00
CUMULATIVE AMOUNT SINCE 10/01/88 0.00
FIRST BOSTON MORTGAGE SECURITIES CORP.
MORGAGE PASS-THROUGH CERTIFICATES
SERIES 1988-4
DATE: 12/27/1988 STATEMENT TO CERTIFICATEHOLDERS PAGE 3 OF 3
OTHER RELATED INFORMATION
PRIOR PERIOD SHORTFALL AMOUNTS INCLUDED IN THE CURRENT DISTRIBUTION:
CLASS A 0.00
CLASS B-1 0.00
TOTAL 0.00
CURRENT CLASS A DISTRIBUTION SHORTFALL:
PRINCIPLE 0.00
INTEREST 0.00
TOTAL 0.00
CURRENT CLASS B-1 DISTRIBUTION SHORTFALL:
PRINCIPAL 0.00
INTEREST 0.00
TOTAL 0.00
PERCENTAGES FOR NEXT PERIOD:
CLASS A PERCENTAGE 91.250000%
SUBORDINATE PERCENTAGE 8.750000%
