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Previous: ASSOCIATES MANUFACTURED HOUSING PASS THROUGH CERT SER 1996-2, 15-15D, 1999-07-28 |
Next: PRUDENTIAL SECURITIES SECURED FINANCING CORP FOR SER 1999-C2, 8-K, 1999-07-28 |
<PAGE>
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 30, 1996
CS FIRST BOSTON MORTGAGE SECURITIES CORP. (as depositor under a Pooling and
Servicing Agreement dated as of November 1, 1996 providing for, inter alia, the
issuance of Associates Manufactured Housing Pass-Through Certificates, Series
1996-2)
Credit Suisse First Boston Mortgage Securities Corp.
---------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
<TABLE>
<S> <C> <C>
DELAWARE 333-53115 13-3320910
------------------------------ ------------------- -------------------
(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
</TABLE>
<TABLE>
<S> <C>
11 Madison Avenue, New York, New York 10010
- ------------------------------------------------------------------ ---------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
</TABLE>
(212) 325-2000
- --------------------------------------------------------------------------------
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE
Not Applicable
- --------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Located on Page 2
<PAGE>
Items 1 through 6 and Item 8 are not included because they are not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
20.1 CS First Boston Mortgage Securities Corp., Associates
Manufactured Housing Pass-Through Certificates, Series 1996-2,
Statement to Certificateholders dated November 1996
20.2 CS First Boston Mortgage Securities Corp., Associates
Manufactured Housing Pass-Through Certificates, Series 1996-2,
Statement to Certificateholders dated December 1996
2
<PAGE>
SIGNATURES
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 thereunto duly authorized.
CS FIRST BOSTON MORTGAGE SECURITIES CORP.,
Registrant
By: /s/ William S. Pitofsky
--------------------------------------------
Name: William S. Pitofsky
Title: Attorney-in-fact
Date: June 17, 1999
3
<PAGE>
20.1 CS First Boston Mortgage Securities Corp., Associates Manufactured
Housing Pass-Through Certificates, Series 1996-2, Statement to
Certificateholders dated November 1996
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-2
Servicer Certificate
<TABLE>
<CAPTION>
Period Ending: 11/30/96
Determination Date 12/12/96 Pass Through
Remittance Date: 12/16/96 Rate Balance Pool Factor
---------------- -------------------- ------------
<S> <C> <C> <C> <C> <C>
Class A-1 Certificate 5.70% $ 96,750,000.00 0.9609072
Class A-2 Certificate 6.05% $ 64,700,000.00 1.0000000
Class A-3 Certificate 6.35% $ 63,470,000.00 1.0000000
Class A-4 Certificate 6.60% $ 36,350,000.00 1.0000000
Class A-5 Certificate 6.90% $ 74,885,000.00 1.0000000
Class M Certificate 7.10% $ 27,339,000.00 1.0000000
Class B-1 Certificate 7.20% $ 27,339,000.00 1.0000000
Class B-2 Certificate 8.30% $ 14,176,244.00 1.0000000
---------------
$405,009,244.00
</TABLE>
<TABLE>
<CAPTION>
I. RECAP OF POOL
Loan
Count Class A-1 Class A-2 Class A-3 Class A-4
-------------- ---------------- -------------------------------------- ---------------------
<S> <C> <C> <C> <C> <C>
Beginning Certificate Balance 14,385 $96,750,000.00 $64,700,000.00 $63,470,000.00 $36,350,000.00
Principal Collected 0 $891,490.62 0.00 0.00 0.00
Principal Payments in Full 99 $2,815,952.51 0.00 0.00 0.00
Liquidation Proceeds 0 $25,550.00 0.00 0.00 0.00
Contract Repurchases 0 $8,926.36 0.00 0.00 0.00
Defaulted Contracts 5 $40,305.27 0.00 0.00 0.00
-------------- ---------------- ---------------- -------------------- ---------------------
Ending Certificate Balance 14,281 $92,967,775.24 $64,700,000.00 $63,470,000.00 $36,350,000.00
============== ================ ================ ==================== =====================
<CAPTION>
Class A-5 Class M Class B-1 Class B-2 Total
-------------- ---------------- -------------------------------------- ---------------------
Beginning Certificate Balance $74,885,000.00 $27,339,000.00 $27,339,000.00 $14,176,244.00 $405,009,244.00
Principal Collected 0.00 0.00 0.00 0.00 $891,490.62
Principal Payments in Full 0.00 0.00 0.00 0.00 $ 2,815,952.51
Liquidation Proceeds 0.00 0.00 0.00 0.00 $25,550.00
Contract Repurchase 0.00 0.00 0.00 0.00 $8,926.36
Defaulted Contracts 0.00 0.00 0.00 0.00 $ 40,305.27
-------------- ---------------- ---------------- -------------------- ---------------------
Ending Certificate Balance $74,885,000.00 $27,339,000.00 $27,339,000.00 $14,176,244.00 $401,227,019.24
============== ================ ================ ==================== =====================
POOL FACTOR 0.9906614
</TABLE>
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-2
Servicer Certificate
<TABLE>
<CAPTION>
II. DISTRIBUTIONS
Class A-1 Class A-2 Class A-3 Class A-4
------------------- ------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Principal Distribution Amount $/$1,000 39.092762 $3,782,224.76 $0.00 $0.00 $0.00
Interest Distribution Amount $/$1,000 1.900000 183,825.00 130,478.33 134,344.83 79,970.00
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------------- ------------- ------------ ---------------
Total Distribution $3,966,049.76 $130,478.33 $134,344.83 $79,970.00
==================== ============= ============ ===============
$/$1,000 2.016667 2.116667 2.200000
Class A-5 Class M Class B-1 Class B-2 TOTAL
--------------- -------------------- ------------- ------------ ---------------
Principal Distribution Amount $ 0.00 $ 0.00 $ 0.00 $ 0.00 $3,782,224.76
Interest Distribution Amount 172,235.50 64,702.30 65,613.60 39,220.94 870,390.51
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00 0.00
--------------- -------------------- ------------- ------------ ---------------
Unpaid Interest Shortfall $172,235.50 $64,702.30 $65,613.60 $39,220.94 $4,652,615.27
=============== ==================== ============= ============ ===============
Total Distribution $/$1,000 2.300000 2.366667 2.400000 2.766667
III. SERVICING FEES $337,507.70
LATE FEES $16,183.66
EXTENSION FEES $12,665.69
</TABLE>
<TABLE>
<CAPTION>
IV. DELINQUENCY INFORMATION
Days Delinquent Number Actual Balance Delinq. Percentage
-------------------- -------------------- -------------------- ---------------------
<S> <C> <C> <C> <C>
31-59 110 $2,561,902.94 0.63852%
60-89 35 $ 807,462.79 0.20125%
90 or more 3 $ 106,238.84 0.02648%
-------------------- -------------------- ---------------------
Total Delinquent 148 $3,475,604.57 0.86624%
==================== ==================== =====================
Memo:ncl. Repo Inventory 149 $3,512,797.83 0.87551%
</TABLE>
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-2
Servicer Certificate
<TABLE>
<S> <C> <C>
V. REPOSSESSION INFORMATION
Number Actual Balance
-------------------- ---------------------
(A) BOP Repossessions 0 $0.00
(B) Plus Repossessions In Month 5 $100,561.95
(C) Less Liquidations 4 $ 63,368.69
-------------------- ---------------------
(D) EOP Repossessions 1 $ 37,193.26
==================== =====================
VI. REPURCHASES
Number Actual Balance
-------------------- ---------------------
(A) Contracts Repurchased or Replaced 1 $8,926.36
(B) Eligible Substitute Contracts 0 0
-------------------- ---------------------
(C) Difference Paid by Servicer 1 $8,926.36
==================== =====================
VII. RECONCILIATION OF RESERVE FUND
(A) Beginning Reserve Fund Balance $0.00
(B) Reserve Fund Investment Income $0.00
(C) Reserve Fund Draw For Distributions $0.00
(D) Excess Interest Deposit to Reserve Fund $3,483,310.72
(E) Reserve Fund Balance Prior to Release $3,483,310.72
(F) Specified Reserve Fund Balance $2,025,046.22
(G) Reserve Fund Release $1,458,264.50
(H) Ending Reserve Fund Balance $2,025,046.22
VIII. RECONCILIATION OF CLASS M LIQUIDITY ACCOUNT
(A) Beginning Liquidity Account Balance $0.00
(B) Reserve Fund Investment Income $0.00
(C) Liquidity Account Draw for Monthly & Interest Shortfall $0.00
(D) Liquidity Account Draw for Liquidation Loss
Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Liquidity Account $1,458,264.50
(F) Liquidity Account Balance Prior to Release $1,458,264.50
(G) Specified Liquidity Account Balance $ 485,267.25
(H) Liquidity Account Release $ 972,997.25
(I) Ending Liquidity Account Balance $ 485,267.25
</TABLE>
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-2
Servicer Certificate
<TABLE>
<S> <C>
IX. RECONCILIATION OF CLASS B-1 LIQUIDITY ACCOUNT
(A) Beginning Liquidity Account Balance $0.00
(B) Reserve Fund Investment Income $0.00
(C) Liquidity Account Draw for Monthly & Interest Shortfall $0.00
(D) Liquidity Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Liquidity Account $972,997.25
(F) Liquidity Account Balance Prior to Release $972,997.25
(G) Specified Liquidity Account Balance $492,102.00
(H) Liquidity Account Release $480,895.25
(I) Ending Liquidity Account Balance $492,102.00
X. RECONCILIATION OF CLASS B-2 LIQUIDITY ACCOUNT
(A) Beginning Liquidity Account Balance $0.00
(B) Reserve Fund Investment Income $0.00
(C) Liquidity Account Draw for Monthly & Interest Shortfall $0.00
(D) Liquidity Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Liquidity Account $480,895.25
(F) Liquidity Account Balance Prior to Release $480,895.25
(G) Specified Liquidity Account Balance $294,157.06
(H) Liquidity Account Release $186,738.19
(I) Ending Liquidity Account Balance $294,157.06
XI. MONTHLY ADVANCE INTEREST
(A) Beginning Monthly Advance Amount $0.00
(B) Monthly Amount Advanced $981,846.13
---------------
(C) Ending Monthly Advance Amount $981,846.13
</TABLE>
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-2
Servicer Certificate
<TABLE>
<S> <C> <C> <C> <C>
XII. DELINQUENCY RATIOS
Current Loss Ratio November December January February
Realized Losses $ 40,305.27 $0.00 N/A NA
Cumulative Losses $ 40,305.27 $0.00 N/A NA
Ending Pool Balance $401,227,019.24 $0.00 N/A NA
Average
(A) Average 30-Day Delinquency Ratio 0.639% N/A N/A N/A
(B) Average 60-Day Delinquency Ratio 0.201% N/A N/A N/A
(C) Cumulative Realized Loss Ratio 0.010% N/A N/A N/A
(D) Current Realized Loss Ratio N/A N/A N/A N/A
XIII. RESIDUAL INTEREST DISTRIBUTION AMOUNT $186,738.19
</TABLE>
<PAGE>
Associates MH Pass-Through Certificates, Series 1996-2
Trustee Payment Reconciliation
November 30, 1996
<TABLE>
<CAPTION>
AVAILABLE FUNDS PAYMENTS BY THE TRUSTEE
<S> <C> <C> <C>
Principal Received $3,741,919.49 Class A-1 Principal $3,782,224.76
Defaulted Principal $ 40,305.27
Collected Interest $3,749,668.06 Class A-1 Interest 183,825.00
Advanced Interest $ 981,846.13 Class A-2 Interest 130,478.33
Extension Fees $ 12,665.69 Class A-3 Interest 134,344.83
Late Charges $ 16,183.66 Class A-4 Interest 79,970.00
----------------------
Class A-5 Interest 172,235.50
Subtotal FCFC $8,542,588.30 Class M Interest 64,702.30
Class B-1 Interest 65,613.60
Investment Income Class B-2 Interest 39,220.94
-----------------------
Reserve Fund $0.00 Total Interest $ 870,390.50
-----------------------
Class M Reserve Fund $0.00
Class B-1 Reserve Fund $0.00 Certificate Payments $4,652,615.26
Class B-2 Reserve Fund $0.00
----------------------
Total Reserve Income $0.00
----------------------
Investments
--------------
Total Available Funds $8,542,588.30 Reserve Fund $2,025,046.22
======================
Class M Reserve Account $ 485,267.25
Class B-1 Reserve Account $ 492,102.00
Class B-2 Reserve Account $ 294,157.06
-----------------------
Total Investments $3,296,572.53
Less: Reserve Fund Income $0.00
-----------------------
Net Payment to Trustee $7,949,187.79
=======================
Memo: Reconciliation
Plus: Defaulted Principal $ 40,305.27
Plus: Class R Dist $ 186,738.19
Plus: Servicer Fee $ 337,507.70
Plus: Late/Extension Fees 28,849.35
Plus: Reserve Fund Income -
-----------------------
Total Available Funds $8,542,588.30
=======================
</TABLE>
**Corrected for "Memo Reconciliation" presentation
including Reserve Income incorrectly.
Page 1
<PAGE>
20.2 CS First Boston Mortgage Securities Corp., Associates Manufactured
Housing Pass-Through Certificates, Series 1996-2, Statement to
Certificateholders dated December 1996
<PAGE>
Associates Manufactured Housing Contract Pass Through recons
Series 1996-2
Servicer Certificate
<TABLE>
<CAPTION>
Period Ending: 12/31/96
Determination Date 1/13/97 Pass Through
Remittance Date: 1/15/97 Rate Balance Pool Factor
-------------------- -------------------- --------------------
<S> <C> <C> <C> <C>
Class A-1 recon 5.70% $ 96,750,000.00 0.9196002
Class A-2 recon 6.05% $ 64,700,000.00 1.0000000
Class A-3 recon 6.35% $ 63,470,000.00 1.0000000
Class A-4 recon 6.60% $ 36,350,000.00 1.0000000
Class A-5 recon 6.90% $ 74,885,000.00 1.0000000
Class M recon 7.10% $ 27,339,000.00 1.0000000
Class B-1 recon 7.20% $ 27,339,000.00 1.0000000
Class B-2 recon 8.30% $ 14,176,244.00 1.0000000
-----------------
$405,009,244.00
</TABLE>
<TABLE>
<CAPTION>
I. RECAP OF POOL
Loan
Count Class A-1 Class A-2 Class A-3 Class A-4
------------------ ----------------- ----------------- --------------------- ------------------
<S> <C> <C> <C> <C> <C>
Beginning recon Balance 14,281 $92,967,775.24 $64,700,000.00 $63,470,000.00 $36,350,000.00
Principal Collected 0 $ 871,243.44 0.00 0.00 0.00
Principal Payments in Full 95 $ 2,717,769.15 0.00 0.00 0.00
Liquidation Proceeds 0 $ 249,619.51 0.00 0.00 0.00
Contract Repurchases 0 $ 0.00 0.00 0.00 0.00
Defaulted Contracts 16 $ 157,823.57 0.00 0.00 0.00
----------------------------------------------------- -------------------- ------------------
Ending recon Balance 14,170 $88,971,319.57 $64,700,000.00 $63,470,000.00 $36,350,000.00
===================================================== ==================== ==================
<CAPTION>
Class A-5 Class M Class B-1 Class B-2 Total
--------------------------------------------------------------------------- ------------------
<S> <C> <C> <C> <C> <C>
Beginning recon Balance $74,885,000.00 $27,339,000.00 $27,339,000.00 $14,176,244.00 $401,227,019.24
Principal Collected 0.00 0.00 0.00 0.00 $871,243.44
Principal Payments in Full 0.00 0.00 0.00 0.00 $2,717,769.15
Liquidation Proceeds 0.00 0.00 0.00 0.00 $249,619.51
Contract Repurchase 0.00 0.00 0.00 0.00 $0.00
Defaulted Contracts 0.00 0.00 0.00 0.00 $157,823.57
----------------------------------------------------- -------------------- ------------------
Ending recon Balance $74,885,000.00 $27,339,000.00 $27,339,000.00 $14,176,244.00 $397,230,563.57
===================================================== ==================== ==================
POOL FACTOR 0.9807938
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
II. DISTRIBUTIONS
Class A-1 Class A-2 Class A-3 Class A-4
----------------- --------------- ------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Principal Distribution Amount $/$1,000 41.307035 $3,996,455.67 $0.00 $0.00 $0.00
Interest Distribution Amount $/$1,000 4.564309 441,596.93 326,195.83 335,862.08 199,925.00
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
----------------- --------------- ------------- ----------------
Total Distribution $4,438,052.60 $326,195.83 $335,862.08 $199,925.00
================= =============== ============= ================
$/$1,000 5.041667 5.291667 5.500000
Class A-5 Class M Class B-1 Class B-2 TOTAL
--------------------------------- --------------- ------------- ----------------
Principal Distribution Amount $0.00 $0.00 $0.00 $0.00 $3,996,455.67
Interest Distribution Amount 430,588.75 161,755.75 164,034.00 98,052.35 2,158,010.70
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00 0.00
--------------------------------- --------------- ------------- ----------------
Unpaid Interest Shortfall $430,588.75 $161,755.75 $164,034.00 $98,052.35 $6,154,466.37
================================= =============== ============= ================
Total Distribution $/$1,000 5.750000 5.916667 6.000000 6.916667
III. SERVICING FEES $334,355.85
LATE FEES $ 15,929.03
EXTENSION FEES $ 19,352.10
IV. DELINQUENCY INFORMATION
Days Delinquent Number Actual Balance Delinq. Percentage
-------------------- -------------------- -------------------- ---------------------
31-59 190 $4,465,182.02 1.12408%
60-89 40 $1,060,152.40 0.26689%
90 or more 16 $399,197.82 0.10050%
-------------------- -------------------- ---------------------
Total Delinquent 246 $5,924,532.24 1.49146%
==================== ==================== =====================
Memo:ncl. Repo Inventory 254 $6,203,013.71 1.56157%
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
V. REPOSSESSION INFORMATION
Number Actual Balance
-------------------- ---------------------
(A) BOP Repossessions 1 $ 37,193.26
(B) Plus Repossessions In Month 21 $625,991.29
(C) Less Liquidations 14 $384,703.08
-------------------- ---------------------
(D) EOP Repossessions 8 $278,481.47
==================== =====================
VI. REPURCHASES
Number Actual Balance
-------------------- ---------------------
(A) Contracts Repurchased or Replaced 0 $0.00
(B) Eligible Substitute Contracts 0 0
-------------------- ---------------------
(C) Difference Paid by Servicer 0 $0.00
==================== =====================
VII. RECONCILIATION OF RESERVE FUND
(A) Beginning Reserve Fund Balance $2,025,046.22
(B) Reserve Fund Investment Income $ 9,675.22
(C) Reserve Fund Draw For Distributions $ 0.00
(D) Excess Interest Deposit to Reserve Fund $1,287,980.15
(E) Reserve Fund Balance Prior to Release $3,322,701.59
(F) Specified Reserve Fund Balance $2,025,046.22
(G) Reserve Fund Release $1,297,655.37
(H) Ending Reserve Fund Balance $2,025,046.22
VIII. RECONCILIATION OF CLASS M LIQUIDITY ACCOUNT
(A) Beginning Liquidity Account Balance $ 485,267.25
(B) Reserve Fund Investment Income $ 2,318.50
(C) Liquidity Account Draw for Monthly &
Interest Shortfall $0.00
(D) Liquidity Account Draw for Liquidation Loss
Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Liquidity Account $1,297,655.37
(F) Liquidity Account Balance Prior to Release $1,785,241.12
(G) Specified Liquidity Account Balance $ 485,267.25
(H) Liquidity Account Release $1,299,973.87
(I) Ending Liquidity Account Balance $ 485,267.25
IX. RECONCILIATION OF CLASS B-1 LIQUIDITY ACCOUNT
(A) Beginning Liquidity Account Balance $ 492,102.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
(B) Reserve Fund Investment Income $ 2,351.15
(C) Liquidity Account Draw for Monthly
& Interest Shortfall $0.00
(D) Liquidity Account Draw for Liquidation Loss
Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Liquidity Account $1,299,973.87
(F) Liquidity Account Balance Prior to Release $1,794,427.02
(G) Specified Liquidity Account Balance $ 492,102.00
(H) Liquidity Account Release $1,302,325.02
(I) Ending Liquidity Account Balance $ 492,102.00
X. RECONCILIATION OF CLASS B-2 LIQUIDITY ACCOUNT
(A) Beginning Liquidity Account Balance $ 294,157.06
(B) Reserve Fund Investment Income $ 1,405.42
(C) Liquidity Account Draw for Monthly &
Interest Shortfall $0.00
(D) Liquidity Account Draw for Liquidation Loss
Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Liquidity Account $1,302,325.02
(F) Liquidity Account Balance Prior to Release $1,597,887.50
(G) Specified Liquidity Account Balance $ 294,157.06
(H) Liquidity Account Release $1,303,730.44
(I) Ending Liquidity Account Balance $ 294,157.06
XI. MONTHLY ADVANCE INTEREST
(A) Beginning Monthly Advance Amount $ 981,846.13
(B) Monthly Amount Advanced $ 164,534.03
--------------------
(C) Ending Monthly Advance Amount $1,146,380.16
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
XII. DELINQUENCY RATIOS
Current Loss Ratio November December January February
<S> <C> <C> <C> <C>
Realized Losses $ 40,305.27 $ 157,823.57 N/A NA
Cumulative Losses $ 40,305.27 $ 198,128.84 N/A NA
Ending Pool Balance $401,227,019.24 $397,230,563.57 N/A NA
Average
(A) Average 30-Day Delinquency Ratio 0.639% 1.124% N/A N/A
(B) Average 60-Day Delinquency Ratio 0.201% 0.267% N/A N/A
(C) Cumulative Realized Loss Ratio 0.010% 0.050% N/A N/A
(D) Current Realized Loss Ratio N/A N/A N/A N/A
XIII. RESIDUAL INTEREST DISTRIBUTION AMOUNT $1,303,730.44
</TABLE>
<PAGE>
Associates MH Pass-Through Certificates, Series 1996-2
Trustee Payment Reconciliation
December 31, 1996
<TABLE>
<CAPTION>
AVAILABLE FUNDS PAYMENTS BY THE TRUSTEE
<S> <C> <C> <C>
Principal Received $3,838,632.10 Class A-1 Principal $3,996,455.67
Defaulted Principal $157,823.57
Collected Interest $3,773,636.23 Class A-1 Interest 441,596.93
Advanced Interest $164,534.03 Class A-2 Interest 326,195.83
Extension Fees $19,352.10 Class A-3 Interest 335,862.08
Late Charges $15,929.03 Class A-4 Interest 199,925.00
----------------------
Class A-5 Interest 430,588.75
Subtotal FCFC $7,969,907.06 Class M Interest 161,755.75
Class B-1 Interest 164,034.00
Investment Income Class B-2 Interest 98,052.35
-----------------------
Reserve Fund $9,675.22 Total Interest 2,158,010.69
-----------------------
Class M Reserve Fund $2,318.50
Class B-1 Reserve Fund $2,351.15 Certificate Payments $6,154,466.36
Class B-2 Reserve Fund $1,405.42
----------------------
Total Reserve Income $15,750.29
----------------------
Investments
------------
Total Available Funds $7,985,657.35 Reserve Fund $0.00
======================
Class M Reserve Account $0.00
Class B-1 Reserve Account $0.00
Class B-2 Reserve Account $0.00
-----------------------
Total Investments $0.00
Less: Class B-2 Interest 98,052.35
Less: Reserve Fund Income $15,750.29
-----------------------
Net Payment to Trustee $6,040,663.72
=======================
Memo: reconciliation
Plus: Defaulted Principal $157,823.57
Plus: Class R Dist 1,303,730.44
Plus: Servicer Fee 334,355.85
Plus: Class B-2 Interest 98,052.35
Plus: Reserve Income 15,750.29
Plus: Late/Extension Fees 35,281.13
-----------------------
Total Available Funds $7,985,657.35
=======================
</TABLE>
**Corrected for "Memo Reconciliation" presentation
including Reserve Income incorrectly.
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