RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
Company
RESIDENTIAL FUNDING CORPORATION
Master Servicer
Mortgage Pass-Through Certificates
Series 1996-S22
$265,929.22 0.00% Class A-12 Certificates
Supplement dated March 18, 1999
to
Prospectus Supplement dated October 24, 1996
to
Prospectus dated June 21, 1996
The Class A-12 Certificates had an initial aggregate Certificate
Principal Balance of $575,632 and initially was issued on October 30, 1996.
After giving effect to the distribution made on February 25, 1999 the
Certificate Principal Balance is $265,929.22.
The Class A-12 Certificates (the "Class A-12 Certificates") will be
purchased from the Company by Donaldson, Lufkin & Jenrette (the "Class A-12
Underwriter"), pursuant to an agreement (the "Class A-12 Underwriting
Agreement") among the Company, the Master Servicer and the Class A-12
Underwriter.
The Class A-12 Underwriter may offer the Class A-12 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 Class A-12 Underwriter may
effect such transactions by selling the Class A-12 Certificates to or through
dealers. In connection with the purchase and sale of the Class A-12
Certificates, the Class A- 12 Underwriter and any dealers that may participate
with the Class A-12 Underwriter in such resale of the Class A-12 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
Class A-12 Underwriter in the form of discounts, concessions or commissions. The
Class A-12 Underwriting Agreement provides that the Company will indemnify the
Class A-12 Underwriter 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 A-12
Certificates. There can be no assurance that an active secondary market will
develop, or if it does develop, that it will continue.
THIS SUPPLEMENT MUST BE DELIVERED TOGETHER WITH THE PROSPECTUS AND
PROSPECTUS SUPPLEMENT REFERRED TO ABOVE, AND SHOULD BE READ IN
CONJUNCTION THEREWITH.
UNTIL JUNE 17, 1999, ALL DEALERS EFFECTING TRANSACTIONS IN THE CLASS A-12
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.
DONALDSON, LUFKIN & JENRETTE
1
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