RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
Company
RESIDENTIAL FUNDING CORPORATION
Master Servicer
Mortgage Pass-Through Certificates
Series 1995-S19
$1,765,523.38* 7.00% Class M-1 Certificates$
882,712.30* 7.00% Class M-2 Certificates
Supplement dated April 19, 1996
to
Prospectus Supplement dated December 21, 1995
and
Prospectus dated April 20, 1995
as supplemented by the Prospectus dated
January 23, 1996
*The Certificate Principal Balances of the Class M-1 and Class
M-2 Certificates after giving effect to the distribution on April
25, 1996.
The Class M-1 Certificates and Class M-2 Certificates
(collectively, the "Class M Certificates") will be offered by
Residential Funding Securities Corporation (the "Underwriter"),
on a best-efforts basis pursuant to an Underwriting Agreement
(the "Underwriting Agreement") among the Company, the Master
Servicer and the Underwriter. The Underwriter is an indirect
wholly-owned subsidiary of the parent of the Company. The
obligation of the Underwriter to pay for and
accept delivery of any of the Class M Certificates is subject to,
among other things, the simultaneous sale by the Underwriter of
such Class M Certificates. The termination date of the offering
of the Class M Certificates is the earlier to occur of April 19,
1997 or the date on which all of the Class M Certificates have
been sold. Proceeds of the offering of the Class M Certificates
will not be placed in any escrow, trust or similar arrangement.
The Underwriter intends to offer the Class M Certificates from
time to time to the public in negotiated transactions or
otherwise at varying prices to be determined at the time of sale.
The proceeds to the Company from any sale of the Class M
Certificates will be equal to the purchase
price paid by the purchaser thereof, net of any expenses payable
by the Company and any compensation payable to the Underwriter
and any dealer. The Underwriter may effect such transactions by
selling the Class M Certificates to or through dealers. In
connection with the purchase and sale of the Class M
Certificates, the Underwriter and any dealers that may
participate with the
(continued on the following page)
THIS SUPPLEMENT MUST BE DELIVERED TOGETHER WITH THE PROSPECTUS
AND PROSPECTUS SUPPLEMENT REFERRED TO ABOVE, AND SHOULD BE READ
IN CONJUNCTION THEREWITH.
Residential Funding Securities Corporation
Underwriter in such resale of the Class M Certificates may be
deemed to have received compensation from the Company in the form
of discounts or commissions or, in the case of such dealers,
compensation from the Underwriter in the form of discounts,
concessions or commissions. The Underwriter and any dealers that
participate with the Underwriter in the distribution of the
Underwritten Certificates may be deemed to be underwriters and
any profit on the resale of the Underwritten Certificates
positioned by them may be deemed to be underwriting discounts and
commissions under the Securities Act of 1933.
The Underwriting Agreement provides that the Company will
indemnify the Underwriter against certain civil liabilities under
the Securities Act of 1933, or contribute to payments required to
be made in respect thereof. There is currently no secondary
market for the Class M Certificates. Neither the Company, the
Underwriter nor any other person intends to make a secondary
market in the Class M Certificates. There can be no assurance
that any such secondary market will develop, or if it does
develop, that it will continue.
The Mortgage Pool consists of 431 Mortgage Loans with an
outstanding aggregate principal balance as of April 1, 1996 (the
"Reference Date"), after deducting payments of principal due on
such date, of $112,770,631.10.
The Certificate Principal Balances of the Class M-1
Certificates, the Class M-2 Certificates, the Class M-3
Certificates, the Class B-1 Certificates, the Class B-2
Certificates, and the Class B-3 Certificates after the April 25,
1996 Distribution Date, will be $1,765,523.38, $882,712.30,
$588,474.87, $294,237.43, $235,350.42 and $353,132.72,
respectively. After the April 25, 1996 Distribution Date, the
Class M-1 Certificates will evidence a Class M-1 Percentage of
approximately 1.57%, the Class M-2 Certificates will evidence a
Class M-2 Percentage of approximately 0.78%, the Class M-3
Certificates will evidence a Class M-3 Percentage of
approximately 0.52%, the Class B-1 Certificates will evidence a
Class B-1 Percentage of approximately
0.26%, the Class B-2 Certificates will evidence a Class B-2
Percentage of approximately 0.21%, and the Class B-3 Certificates
will evidence a Class B-3 Percentage of approximately 0.31%.
As of the Reference Date, two Mortgage Loans, representing
0.7% of the Mortgage Loans were one month delinquent. As of the
Reference Date, one of the Mortgage Loans, representing 0.1 %
was two months delinquent. As of the Reference Date, none of the
Mortgage Loans were three months or more delinquent or in
foreclosure.
UNTIL JULY 18, 1996, ALL DEALERS EFFECTING TRANSACTIONS IN THE
CLASS M CERTIFICATES, WHETHER OR NOT PARTICIPATING IN THIS
DISTRIBUTION, MAY BE REQUIRED TO DELIVER A PROSPECTUS (INCLUDING
THE PROSPECTUS SUPPLEMENT AND THIS SUPPLEMENT). THIS DELIVERY
REQUIREMENT IS IN ADDITION TO THE OBLIGATION OF DEALERS TO
DELIVER A PROSPECTUS WHEN ACTING AS UNDERWRITERS AND WITH RESPECT
TO THEIR UNSOLD ALLOTMENTS OR SUBSCRIPTIONS.
