<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 10-Q
Quarterly Report Pursuant to Section
13 or 15(d) of
the Securities Exchange Act
of 1934
For the quarter ended June 30, 1997 Commission
file number 0-11301
NORWEST MORTGAGE INSURED 1, INC.
(Exact name of registrant as
specified in its charter)
Delaware 41-
1462645
(State or other jurisdiction of (I.R.S.
Employer Identification No.)
incorporation or organization)
405 S.W. Fifth Street, Des Moines, Iowa
50328
(Address of principal executive offices)
(Zip code)
Registrant's telephone number, including area code
(515) 237-6000
THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN
GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND
IS THEREFORE FILING THIS FORM WITH THE REDUCED
DISCLOSURE FORMAT.
Indicate by check mark whether the registrant (1)
has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to
file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
.
On August 12, 1997, 100 shares of the registrant's
common stock were outstanding. All common stock of
registrant is held by an affiliate.
<PAGE> 2
PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements.
The following statements of the Company are included
herein:
1. Balance Sheets - June 30, 1997, and December 31,
1996.
2. Statements of Operations - For the quarters
ended June 30, 1997 and 1996.
3. Statements of Operations - For the six months
ended June 30, 1997 and 1996.
4. Statements of Stockholder's Equity - For the six
months ended June 30, 1997 and 1996, and the six
months ended December 31, 1996.
The financial information for the interim periods is
unaudited. In the opinion of management, all
adjustments necessary for a fair presentation of the
results of operations have been included. The
results of operations for an interim period are not
necessarily indicative of the results that may be
expected for a full year or any other interim
period.
<PAGE> 3
NORWEST MORTGAGE
INSURED 1, INC.
(a wholly-owned subsidiary
of Norwest Mortgage, Inc.)
BALANCE SHEETS
UNAUDITED
June 30, 1997
and December 31,1996
June
30, December 31,
Assets 1997
1996
Note receivable from parent $10,000
$10,000
Total assets $10,000
$10,000
Stockholder's Equity
Common stock, $1 par value:
100 shares authorized, issued
and outstanding $ 100
$ 100
Additional paid-in capital 9,900
9,900
Total stockholder's equity $10,000
$10,000
<PAGE> 4
NORWEST MORTGAGE
INSURED 1, INC.
(a wholly-owned subsidiary of
Norwest Mortgage, Inc.)
STATEMENTS OF
OPERATIONS
UNAUDITED
For the quarters ended June
30, 1997 and 1996
1997 1996
Income:
Total income $
- -- $ --
Operating expenses:
Total operating expenses --
- --
Net income before income taxes --
- --
Provision for income taxes --
- --
Net income $
- -- $ --
<PAGE> 5
NORWEST MORTGAGE INSURED 1, INC.
(a wholly-owned subsidiary of
Norwest Mortgage, Inc.)
STATEMENTS OF
OPERATIONS
UNAUDITED
For the six months ended
June 30, 1997 and 1996
1997 1996
Income:
Total income
$ -- $ --
Operating expenses:
Total operating expenses
- -- --
Income before income taxes
- -- --
Provision for income taxes
- -- --
Net income
$ -- $ --
<PAGE> 6
NORWEST MORTGAGE INSURED 1,
INC.
(a wholly-owned subsidiary of
Norwest Mortgage, Inc.)
STATEMENTS OF STOCKHOLDER'S EQUITY
UNAUDITED
For the six months ended June 30, 1997 and
1996, and the six
months ended December 31,
1996
Additional
Common Paid in
Retained
Stock
Capital Earnings Total
Balance, December 31, $100 9,900
- -- 10,000
1995
Net income --
- -- -- --
Balance, June 30, $100 9,900
- -- 10,000
1996
Net income --
- -- -- --
Balance, December 31, 1996 $100 9,900
- -- 10,000
Net income --
- -- -- --
Balance, June 30, $100 9,900
- -- 10,000
1997
<PAGE> 7
Item 2. Management's Discussion and Analysis of
Financial Condition and
Results of Operations.
The following narrative by management of the
Company's results of operations is provided in
accordance with General Instruction (H)(2)(a) of
Form 10-Q.
Norwest Mortgage Insured 1, Inc. (the Company), a
wholly-owned subsidiary of Norwest Mortgage, Inc.
(the parent company) which is a wholly-owned
subsidiary of Norwest Nova, Inc., was incorporated
on October 27, 1983, under the laws of the State of
Delaware. The Company was organized to issue and
sell one series of obligations, consisting of four
classes, collateralized by fully modified, pass-
through, mortgage-backed certificates guaranteed as
to principal and interest by the Government
National Mortgage Association, and does not intend
to engage in any other business activities except
activities incidental and necessary to the
foregoing.
The Company had no net income for the quarter and
six months ended June 30, 1997 and 1996. The
management contract is structured so that all
available income of the Company shall be paid to the
parent company as compensation for management
services, reimbursement for certain expenses, and as
additional purchase price of the pass-through
certificates purchased from the parent company. As
a result of the terms of the management contract, it
is anticipated that the Company will have no net
income for a number of subsequent years.
<PAGE> 8
PART II -- OTHER
INFORMATION
Item 1. Legal Proceedings.
None.
Item 2. Changes in Securities.
Omitted pursuant to General Instruction
(H)(2)(b) of Form
10-Q.
Item 3. Defaults Upon Senior Securities.
Omitted pursuant to General Instruction
(H)(2)(b) of Form
10-Q.
Item 4. Submission of Matters to a Vote of Security
Holders.
Omitted pursuant to General Instruction
(H)(2)(b) of Form 10-Q.
Item 5. Other Information.
Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) None.
(b) None.
<PAGE> 9
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant had duly caused
this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Norwest Mortgage Insured 1, Inc.
Dated: August 12, 1997
Robert K. Chapman
Chief Financial Officer
(Principal Accounting and
Financial Officer)
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 10,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 10,000
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 10,000
<CURRENT-LIABILITIES> 0
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0
0
<COMMON> 100
<OTHER-SE> 9,900
<TOTAL-LIABILITY-AND-EQUITY> 10,000
<SALES> 0
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<CGS> 0
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<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
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<DISCONTINUED> 0
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<NET-INCOME> 0
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