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 1988-2; 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
1988-2 (as depositor under a series 1988-2 Pooling and Servicing
Agreement dated as of November 1, 1988, providing for, among other
things, the issuance of Conduit Mortgage Pass-Through Certificates,
Series 1988-2 is a Current Report on Form 8-K.
The Conduit Mortgage Pass-Through Certificates, Series 1988-2 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 and the Class B Certificates will represent interests
in the Master Trust Fund described in the Prospectus Supplement dated
October 19, 1988 which consists of Subsidiary Regular Interests (as
defined in the Prospectus Supplement which in the aggregate represent
an interest in a pool (the "Mortgage Pool") of adjustable rate
conventional mortgage loans secured by one-family residential
properties (the "Mortgage Loans") originated by Home Federal Savings
and Loan Association ("Home Federal") 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. Home Federal will act as
Master Servicer.
The Class A Certificates will evidence an initial interest of
approximately 90% 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 in the Prospectus Supplement. 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 1988-2.
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): November 22, 1988
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates, Series 1988-2
(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, 1988-2).
First Boston Mortgage Securities Corp.
Conduit Mortgage Pass-Through Certificates, Series 1988-2
(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 1988-2
DATE: 12/27/88 STATEMENT TO CERTIFICATEHOLDERS PAGE 1 OF 3
> DISTRIBUTION SUMMARY
PRINCIPAL
> ALLOCATION REMAINING PRINC
>IPAL
CUSIP ORIGINAL BALANCE BEFORE INTE
>REST PRINCIPAL TOTAL REALIZED PRINCIPAL BALAN
>CE
CLASS NUMBER FACE VALUE DISTRIBUTION DIST
>RIBUTION DISTRIBUTION DISTRIBUTION LOSSES BALANCE FACTO
>R
A 319339AD9 98,610,170.85 98,610,170.85
> 753,274.96 162,190.86 915,465.82 0 98,447,979.99 99
>.835523
B-1 9,633,705.00 9,633,705.00
> 73,591.08 5,457.04 79,048.12 0 9,628,247.96 99
>.943355
B-2 0 0
> 0 0 0 0 0
> 0
108,243,875.85 108,243,875.85
> 826,866.04 167,647.90 994,513.94 0 108,076,227.95
>RECORD DATE: 11/30/1988
> PRINCIPAL DISTRIBUTION DATE: 12/27/1988
CUSIP INTEREST PRINCIPAL TOTA
>L BALANCE AFTER PRIOR DISTRIBUTION DATE:
CLASS NUMBER DISTRIBUTION DISTRIBUTION DIST
>RIBUTION DISTRIBUTION
> CURRENT MASTER PASS-THROUGH RATE:
> 9.17%
> NEXT MASTER PASS-THROUGH RATE:
> 9.17%
A 319339AD9 7.638918 1.644768
> 9.283686 998.355232
B-1 7.638918 0.566453
> 8.205371 999.433547 ACCOUNT NUMBER: 11-7-19150-0
B-2 0 0
> 0 0
> ADMINISTRATOR: MOLLY OTTO
> SECURITY PACIFIC NATION
>AL 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 1998-2
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 106,332.83
APPLICABLE TO CLASS B-1 CERTIFICATES 0.00
ADVANCES REQUIRED FROM MASTER SERVICER:
PRINCIPAL 4,803.78
INTEREST 45,989.98
TOTAL 50,793.76
AGGREGATE SCHEDULED PRINCIPAL BALANCE OF MORTGAGE LOANS 108,076,227.95
SERVICING FEES RECEIVED BY MASTER SERVICER 42,513.59
ADDTIONAL SERVICING COMPENSATION RECEIVED BY MASTER SERVICER 354.88
DELINQUENCIES:
(A) PAYMENTS DELINQUENT ONE MONTH:
NUMBER OF LOANS 30
AGGREGATE PRINCIPAL BALANCE 4,101,915.04
(B) PAYMENTS DELINQUENT TWO MONTHS:
NUMBER OF LOANS 0
AGGREGATE PRINCIPAL BALANCE 1,197,947.33
(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
AGGREGATE PRINCIPAL BALANCE 0
BOOK VALUE OF REO PROPERTY AS OF PRECEDING MONTH-END 0.00
SERVICER ADVANCES RECOVERED 0
SPECIAL HAZARD LOSSES:
CURRENT PERIOD AMOUNT 0.00
CUMULATIVE AMOUNT SINCE 11/01/88 0.00
FIRST BOSTON MORTGAGE SECURITIES CORP.
MORGAGE PASS-THROUGH CERTIFICATES
SERIES 1988-2
DATE: 12/27/1988 STATEMENT TO CERTIFICATEHOLDERS PAGE 3 OF 3
OTHER RELATED INFORMATION
PRIOR PERIOD SHORTFALL AMOUNTS INCLUDED IN THE CURRENT DISTRIBUTION:
PRINCIPAL 0.00
INTEREST 0
TOTAL 0.00
CURRENT PERIOD CLASS A DISTRIBUTION SHORTFALL:
PRINCIPLE 0.00
INTEREST 0
TOTAL 0.00
CURRENT PERIOD CLASS B-1 ADVANCES 0.00
SUBORDINATED AMOUNT:
TOTAL DOLLAR AMOUNT 9,633,705.00
PERCENTAGE OF THE CLASS B-1 CERTIFICATE PRINCIPAL BALANCE 100.000000%
CLASS B-1 ADVANCES REPAID 0.00
CLASS A PERCENTAGE FOR NEXT PERIOD 91.091000%
