Residential Funding Mortgage Securities I, Inc.
Depositor
Residential Funding Corporation
Master Servicer
Mortgage Pass-Through Certificates
Series 1998-S23
$4,436,464.10 6.75% Class M-2 Certificates
$2,087,783.08 6.75% Class M-3 Certificates
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Supplement dated November 25, 1998
to
supplement dated November 2, 1998
to
prospectus supplement dated October 23, 1998
to
prospectus dated July 23, 1998
----------
Lehman Brothers Inc. will offer to the public the Class M-2 and Class M-3
Certificates, in negotiated transactions or otherwise, directly or through
dealers, at varying prices to be determined at the time of sale. Lehman Brothers
Inc.'s commission will be the difference between the price it pays to the
depositor for the Class M-2 and Class M-3 Certificates and the amount it
receives from the sale of the Class M-2 and Class M-3 Certificates to the
public. The proceeds to the depositor from the sale of the Class M-2 and Class
M-3 Certificates to Lehman Brothers Inc. will be $6,025,038.91 before deducting
expenses.
The Class M-2 and Class M-3 Certificates will be offered pursuant to an
underwriting agreement among the depositor, the master servicer and Lehman
Brothers Inc. Lehman Brothes Inc. and any dealers that may participate with
Lehman Brothers Inc. in the resale of the Class M-2 and Class M-3 Certificates
may receive compensation from the depositor in the form of discounts or
commissions or, in the case of dealers, compensation from Lehman Brothers Inc.
in the form of discounts, concessions or commissions. The underwriting agreement
for the Class M-2 and Class M-3 Certificates provides that the depositor will
indemnify Lehman Brothers Inc. against certain civil liabilities under the
Securities Act of 1933, as amended, or contribute to payments required to be
made in respect thereof. There is currently no secondary market for the Class
M-2 and Class M-3 Certificates. There can be no assurance that an active
secondary market will develop, or if it does develop, that it will continue.
This supplement may be used to offer or sell the certificates offered
hereby only if accompanied by the supplement dated November 2, 1998, the
prospectus supplement and prospectus.
Dealers will be required to deliver each of the supplements, the
prospectus supplement and prospectus when acting as underwriters of the
certificates offered hereby and with respect to their unsold allotments or
subscriptions. In addition, all dealers selling the Class M-2 and Class M-3
Certificates, whether or not participating in this offering, may be required to
deliver each of the supplements, the prospectus supplement and prospectus until
March 1, 1999.
LEHMAN BROTHERS
Underwriter of the Class M-2 and Class M-3 Certificates
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