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: December 5, 1997
(Date of earliest event reported)
The WMC Mortgage Loan Pass-Through Certificates,
Series 1997-2 issued pursuant to a Pooling and
Servicing Agreement dated as of
December 1, 1997 among Credit Suisse First Boston Mortgage Securities Corp.,
WMC Mortgage Corp., as servicer and The First National Bank
of Chicago, as Trustee
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(Exact name of Registrant as specified in its charter)
Delaware 333-29239
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
11 Madison Avenue
New York, New York 10010-3629
(Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 325-2000
<PAGE>
Item 5. OTHER EVENTS
FILING OF MORTGAGE LOAN CHARACTERISTICS.
Pursuant to Rule 424(b)(5)under the Securities Act of 1933, as
amended, Credit Suisse First Boston Mortgage Securities Corp. (the "Depositor")
has previously filed a prospectus, dated November 17, 1997, and prospectus
supplement, dated December 3, 1997 (collectively, the "Prospectus") with the
Securities and Exchange Commission relating to $400,000,000 principal amount of
WMC Mortgage Loan Pass-Through Certificates, Series 1997-2.
Set forth below are descriptions of certain characteristics of the
Initial Mortgage Loans, as defined in the Pooling and Servicing Agreement, dated
as of December 1, 1997, among the Depositor, WMC Mortgage Corp., as servicer,
and The First National Bank of Chicago, as trustee (the "Pooling and Servicing
Agreement"), as of December 1, 1997 (the "Cut-Off Date").
On the Closing Date, there will be no Pre-Funded Amount or Capitalized
Interest Account and no Subsequent Mortgage Loans will be conveyed to the Trust
on a Subsequent Transfer Date.
Capitalized terms not defined herein shall have the meanings assigned
to such terms in the Prospectus.
<PAGE>
<TABLE>
<CAPTION>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES
The geographic distribution of Mortgage Loans by state, as of the
Initial Cut-off Date, was as follows:
STATE AGGREGATE % OF AGGREGATE NUMBER OF INITIAL % OF INITIAL
LOAN BALANCE LOAN BALANCE MORTGAGE LOANS MORTGAGE LOANS
<S> <C> <C> <C> <C>
Alaska.................................... $4,326,317.71 1.08% 37 0.98%
Arizona................................... 20,140,916.35 5.04 208 5.51
Arkansas.................................. 2,534,719.22 0.63 36 0.95
California................................ 92,558,976.73 23.14 534 14.15
Colorado.................................. 16,736,515.76 4.18 145 3.84
Connecticut............................... 6,943,288.62 1.74 65 1.72
Delaware.................................. 531,353.73 0.13 3 0.08
Florida................................... 12,345,672.72 3.09 149 3.95
Georgia................................... 4,293,824.32 1.07 51 1.35
Hawaii.................................... 1,404,094.27 0.35 8 0.21
Idaho..................................... 3,628,951.14 0.91 44 1.17
Illinois.................................. 33,343,346.01 8.34 320 8.48
Indiana................................... 1,594,556.53 0.40 24 0.64
Iowa...................................... 1,360,852.46 0.34 21 0.56
Kansas.................................... 3,643,225.92 0.91 42 1.11
Kentucky.................................. 399,212.64 0.10 7 0.19
Louisiana................................. 4,489,131.40 1.12 65 1.72
Maine..................................... 3,388,744.95 0.85 36 0.95
Maryland.................................. 7,007,565.47 1.75 68 1.80
Massachusetts............................. 4,667,978.73 1.17 40 1.06
Michigan.................................. 9,131,957.17 2.28 106 2.81
Minnesota................................. 28,045,628.35 7.01 327 8.67
Mississippi............................... 3,727,791.18 0.93 67 1.78
Missouri.................................. 7,538,491.01 1.88 124 3.29
Montana................................... 1,953,039.90 0.49 23 0.61
Nebraska.................................. 1,320,116.99 0.33 17 0.45
Nevada.................................... 13,239,720.60 3.31 103 2.73
New Hampshire............................. 1,530,823.94 0.38 20 0.53
New Jersey................................ 12,182,386.19 3.05 102 2.70
New Mexico................................ 5,889,485.21 1.47 46 1.22
New York.................................. 12,811,574.40 3.20 92 2.44
North Carolina............................ 3,103,151.18 0.78 32 0.85
Ohio...................................... 4,047,806.53 1.01 64 1.70
Oklahoma.................................. 2,013,560.40 0.50 34 0.90
Oregon.................................... 8,296,238.28 2.07 74 1.96
Pennsylvania.............................. 5,091,444.27 1.27 70 1.86
Rhode Island.............................. 394,712.32 0.10 6 0.16
South Carolina............................ 651,274.70 0.16 11 0.29
South Dakota.............................. 490,102.36 0.12 8 0.21
Tennessee................................. 2,187,217.86 0.55 35 0.93
Texas..................................... 8,742,746.05 2.19 103 2.73
Utah...................................... 5,352,873.08 1.34 41 1.09
Vermont................................... 1,917,296.87 0.48 17 0.45
Virginia.................................. 6,890,074.78 1.72 56 1.48
Washington................................ 20,947,581.53 5.24 189 5.01
Washington, D.C........................... 898,140.49 0.22 10 0.27
West Virginia............................. 1,673,025.16 0.42 30 0.80
Wisconsin................................. 4,166,011.46 1.04 59 1.56
Wyoming................................... 430,850.00 0.11 4 0.11
------------- ----- ---- ----
Total............................$400,004,366.94 100.00% 3,773 100.00%
=============== ====== ===== =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
LOAN-TO-VALUE RATIOS
The original Loan-to-Value Ratios of the Mortgage Loans as of the Initial Cut-Off Date were distributed as follows:
AGGREGATE % OF AGGREGATE NUMBER OF INITIAL % OF INITIAL
RANGE OF LTV LOAN BALANCE LOAN BALANCE MORTGAGE LOANS MORTGAGE LOANS
<S> <C> <C> <C> <C> <C> <C>
8.00% to 8.99% $ 152,000.00 0.04% 1 0.03%
20.00 to 24.99 113,977.13 0.03 3 0.08
25.00 to 29.99 159,980.36 0.04 5 0.13
30.00 to 34.99 149,959.30 0.04 5 0.13
35.00 to 39.99 864,347.75 0.22 9 0.24
40.00 to 44.99 1,108,298.43 0.28 18 0.48
45.00 to 49.99 1,627,961.75 0.41 18 0.48
50.00 to 54.99 2,771,606.08 0.69 29 0.77
55.00 to 59.99 4,207,776.51 1.05 49 1.30
60.00 to 64.99 13,971,705.42 3.49 154 4.08
65.00 to 69.99 32,074,396.33 8.02 336 8.91
70.00 to 74.99 43,769,299.58 10.94 468 12.40
75.00 to 79.99 80,559,957.93 20.14 846 22.42
80.00 to 84.99 120,037,695.49 30.01 1,040 27.56
85.00 to 89.99 54,092,588.33 13.52 458 12.14
90.00 to 94.99 44,342,816.55 11.09 334 8.85
--------------- ----- ----- -----
Total............................... $400,004,366.94 100.00% 3,773 100.00%
=============== ====== ===== =======
CUT-OFF DATE COUPON RATES
The Coupon Rates borne by the Notes relating to the Mortgage Loans were distributed as follows as of the Initial Cut-Off Date:
COUPON CURRENT OUTSTANDING % OF AGGREGATE NUMBER OF INITIAL % OF INITIAL
RANGE OF RATES LOAN BALANCE LOAN BALANCE MORTGAGE LOANS MORTGAGE LOANS
----- -- ------- ---------------- -------------- ---------------- --------------
<S> <C> <C> <C> <C> <C> <C>
5.000% to 5.999% $ 172,000.00 0.04% 2 0.05%
6.000 to 6.999 1,223,511.18 0.31 8 0.21
7.000 to 7.999 9,707,382.62 2.43 77 2.04
8.000 to 8.999 51,646,014.73 12.91 381 10.10
9.000 to 9.999 129,953,745.65 32.49 1,114 29.53
10.000 to 10.999 139,598,810.71 34.90 1,386 36.73
11.000 to 11.999 61,735,150.58 15.43 715 18.95
12.000 to 12.999 5,174,700.98 1.29 76 2.01
13.000 to 13.999 546,423.03 0.14 11 0.29
14.000 to 14.999 246,627.46 0.06 3 0.08
------------- ----- ------ ------
Total............. $400,004,366.94 100.00% 3,773 100.00%
=============== ====== ===== ======
</TABLE>
<PAGE>
INITIAL CUT-OFF DATE LOAN BALANCES
The distribution of the outstanding principal amounts of the Mortgage Loans as
of the Initial Cut-Off Date was as follows:
CURRENT % OF NUMBER OF % OF
LOAN OUTSTANDING AGGREGATE INITIAL INITIAL
RANGE OF BALANCES LOAN BALANCE LOAN MORTGAGE MORTGAGE
BALANCE LOANS LOANS
$ 10,000 to $ 19,999 $ 475,257.82 0.12% 25 0.66%
20,000 to 39,999 11,652,437.06 2.91 376 9.97
40,000 to 59,999 33,831,970.30 8.46 674 17.86
60,000 to 79,999 46,593,972.04 11.65 669 17.73
80,000 to 99,999 47,679,643.71 11.92 532 14.10
100,000 to 119,999 42,549,683.18 10.64 389 10.31
120,000 to 139,999 36,141,364.67 9.04 279 7.39
140,000 to 159,999 30,003,952.22 7.50 201 5.33
160,000 to 179,999 24,363,194.53 6.09 144 3.82
180,000 to 199,999 18,776,000.68 4.69 99 2.62
200,000 to 219,999 15,146,733.49 3.79 73 1.93
220,000 to 239,999 17,202,263.53 4.30 75 1.99
240,000 to 259,999 13,208,083.80 3.30 53 1.40
260,000 to 279,999 11,036,181.34 2.76 41 1.09
280,000 to 299,999 7,242,601.63 1.81 25 0.66
300,000 to 319,999 7,086,580.29 1.77 23 0.61
320,000 to 339,999 5,939,131.70 1.48 18 0.48
340,000 to 359,999 7,346,479.56 1.84 21 0.56
360,000 to 379,999 3,349,416.20 0.84 9 0.24
380,000 to 399,999 4,712,988.33 1.18 12 0.32
400,000 to 419,999 3,669,847.59 0.92 9 0.24
420,000 to 439,999 2,599,197.42 0.65 6 0.16
440,000 to 459,999 3,123,298.15 0.78 7 0.19
460,000 to 479,999 2,348,823.07 0.59 5 0.13
480,000 to 499,999 3,925,264.63 0.98 8 0.21
-------------- ----- -------- -----
Total.................. $400,004,366.94 100.00% 3,773 100.00%
=============== ====== ===== ======
<TABLE>
<CAPTION>
TYPES OF MORTGAGED PROPERTIES
The Mortgaged Properties securing the Mortgage Loans as of the Initial Cut-Off
Date were of the property types as follows:
CURRENT % OF NUMBER OF % OF
OUTSTANDING AGGREGATE MORTGAGE MORTGAGE
PROPERTY TYPE LOAN BALANCE LOAN BALANCE LOANS LOANS
-------------- ------------ ------------- ------ --------
<S> <C> <C> <C> <C>
Condominium.................. $ 14,726,609.15 3.68% 168 4.45%
Duplex....................... 20,904,451.32 5.23 222 5.88
Manufactured................. 63,970.14 0.02 1 0.03
PUD Project.................. 4,561,441.57 1.14 36 0.95
PUD Single Family............ 34,621,171.98 8.66 227 6.02
Single Family 4 Unit......... 4,444,122.48 1.11 35 0.93
Single Family Detached....... 315,803,886.43 78.95 3,034 80.41
Triplex...................... 4,878,713.87 1.22 50 1.33
-------------- ----- ---- -----
Total..................... $400,004,366.94 100.00% 3,773 100.00%
=============== ====== ===== ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF MONTHS OF SEASONING
The distribution of the number of months of seasoning of the Mortgage Loans as of the Initial Cut-Off Date was as follows:
MONTHS OF CURRENT OUTSTANDING % OF AGGREGATE NUMBER OF % OF INITIAL
SEASONING LOAN BALANCE LOAN BALANCE INITIAL MORTGAGE
MORTGAGE LOANS
LOANS
<S> <C> <C> <C> <C>
0.................................... $ 229,912,603.60 57.48% 2,182 57.83%
1.................................... 136,960,198.15 34.24 1,276 33.82
2.................................... 31,218,879.96 7.80 298 7.90
3.................................... 1,544,410.68 0.39 15 0.40
4.................................... 368,274.55 0.09 2 0.05
------------------ ------- ----- -------
Total............................ $ 400,004,366.94 100.00% 3,773 100.00%
================== ======= ====== ======
DISTRIBUTION OF REMAINING TERMS TO MATURITY
The distribution of the number of months remaining to maturity of the Mortgage Loans as of the Initial Cut-Off Date was as follows:
REMAINING CURRENT OUTSTANDING % OF AGGREGATE NUMBER OF INITIAL % OF INITIAL
RANGE OF TERMS LOAN BALANCE LOAN BALANCE MORTGAGE LOANS MORTGAGE LOANS
<S> <C> <C> <C> <C> <C> <C>
179 to 179 months $ 55,252.80 0.01% 1 0.03%
180 to 180 months 244,780.00 0.06 2 0.05
356 to 359 months 170,036,510.54 42.51 1,590 42.14
360 to 360 months 229,667,823.60 57.42 2,180 57.78
-------------- ----- ----- ------
Total....................$400,004,366.94 100.00% 3,773 100.00%
=============== ====== ===== ======
OCCUPANCY STATUS
The occupancy status of the Mortgaged Properties securing the Mortgage Loans as of the Initial Cut-Off Date was as follows:
CURRENT % OF
OUTSTANDING AGGREGATE NUMBER OF % OF
LOAN BALANCE LOAN INITIAL INITIAL
BALANCE MORTGAGE MORTGAGE
OCCUPANCY STATUS LOANS LOANS
- ---------------- ------------ --------- --------- ---------
<S> <C> <C> <C> <C>
Investment $ 23,113,303.17 5.78% 300 7.95%
Primary Residence 374,438,946.82 93.61 3,447 91.36
Secondary Home 2,452,116.95 0.61 26 0.69
--------------- ------ ------ -----
Total..................$400,004,366.94 100.00% 3,773 100.00%
=============== ====== ===== ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF MARGINS
The range of margins borne by the Notes relating to the Mortgage Loans as of the Initial Cut-Off Date was as follows:
CURRENT OUTSTANDING % OF AGGREGATE NUMBER OF INITIAL % OF INITIAL
RANGE OF MARGINS LOAN BALANCE LOAN BALANCE MORTGAGE LOANS MORTGAGE LOANS
------ --- ------- ---------------- ------------- ---------------- --------------
<S> <C> <C> <C> <C> <C> <C>
5.000% to 5.999% $ 33,188,090.03 8.30% 301 7.98%
6.000 to 6.999 277,349,243.51 69.34 2,689 71.27
7.000 to 7.999 87,953,090.00 21.99 770 20.41
8.000 to 8.999 1,324,932.97 0.33 11 0.29
9.000 to 9.999 104,250.00 0.03 1 0.03
10.000 to 10.999 84,760.43 0.02 1 0.03
--------------- ------ ----- ------
Total.......................... $400,004,366.94 100.00% 3,773 100.00%
=============== ====== ===== ======
DISTRIBUTION OF MAXIMUM COUPON RATES
The range of maximum Coupon Rates borne by the Notes relating to the Mortgage Loans as of the Initial Cut-Off Date was as
follows:
MAXIMUM
COUPON CURRENT OUTSTANDING % OF AGGREGATE NUMBER OF INITIAL % OF INITIAL
RANGE OF RATES LOAN BALANCE LOAN BALANCE MORTGAGE LOANS MORTGAGE LOANS
- ----- --- ----- ------------ ------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
10.000% to 10.999% $ 35,984.05 0.01% 1 0.03%
12.000 to 12.999 478,125.00 0.12 5 0.13
13.000 to 13.999 1,939,574.84 0.48 13 0.34
14.000 to 14.999 18,679,362.70 4.67 138 3.66
15.000 to 15.999 72,032,095.46 18.01 559 14.82
16.000 to 16.999 146,422,294.34 36.61 1,272 33.71
17.000 to 17.999 129,431,914.35 32.36 1,402 37.16
18.000 to 18.999 27,762,974.64 6.94 334 8.85
19.000 to 19.999 2,837,867.58 0.71 42 1.11
20.000 to 20.999 384,173.98 0.10 7 0.19
------------- ----- ----- ------
Total.................. $400,004,366.94 100.00% 3,773 100.00%
=============== ====== ===== ======
DISTRIBUTION OF COUPON RATES CHANGE
The next Coupon Rate change for each of the Notes relating to the Mortgage Loans as of the Initial Cut-Off Date was
as follows:
CURRENT % OF NUMBER % OF
OUTSTANDING AGGREGATE OF INITIAL INITIAL
LOAN BALANCE LOAN BALANCE MORTGAGE MORTGAGE
MONTH LOANS LOANS
----- ------------ ------------ --------- -------
<S> <C> <C> <C> <C>
1998 - March $ 1,940,481.64 0.49% 17 0.45%
1998 - April 38,188,889.85 9.55 326 8.64
1998 - May 40,619,759.98 10.15 357 9.46
1998 - June 25,826,898.36 6.46 235 6.23
1999 - August 634,575.56 0.16 5 0.13
1999 - September 1,742,253.68 0.44 15 0.40
1999 - October 68,342,129.32 17.09 655 17.36
1999 - November 159,081,642.03 39.77 1,504 39.86
1999 - December 60,579,080.59 15.14 624 16.54
2000 - October 1,019,436.85 0.25 8 0.21
2000 - November 1,402,244.08 0.35 18 0.48
2000 - December 626,975.00 0.16 9 0.24
--------------- ------ ----- ------
Total....................... $400,004,366.94 100.00% 3,773 100.00%
=============== ====== ===== ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF DOCUMENTATION TYPE
The documentation type of the Mortgage Loans as of the Initial Cut-Off Date was as follows:
DOCUMENTATION CURRENT OUTSTANDING % OF AGGREGATE NUMBER OF INITIAL % OF INITIAL
TYPE LOAN BALANCE LOAN BALANCE MORTGAGE LOANS MORTGAGE LOANS
----- ------------- ------------ -------------- --------------
<S> <C> <C> <C> <C>
Full Doc........................... $235,357,428.72 58.84% 2,321 61.52%
Full-Alternative................... 16,801,819.23 4.20 120 3.18
Lite Doc........................... 10,184,972.48 2.55 88 2.33
Stated............................. 120,658,456.54 30.16 1,005 26.64
Simple 65 / No Ratio............... 17,001,689.97 4.25 239 6.33
--------------- ------ ----- ------
Total......................... $400,004,366.94 100.00% 3,773 100.00%
=============== ====== ===== ======
</TABLE>
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report on Form 8-K to be signed on
its behalf by the undersigned hereunto duly authorized.
CREDIT SUISSE FIRST BOSTON MORTGAGE
SECURITIES CORP.
By: /S/ NITA S. CHERRY
-----------------
Name: Nita S. Cherry
Title: Vice President
Dated: December 9, 1997
