SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
(Mark One)
[ x ] Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the fiscal year ended DECEMBER 31, 1997
______________________ or
[ ] Transition Report Pursuant to Section 13 or 15d of the Securities
Exchange Act of 1934
For the transition period from _____________ to ________
Commission file Number 333-33807
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware 13-3320910
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
11 Madison Avenue
New York, New York 10010
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 325-2000
Securities registered pursuant to Section 12(b) of the Act
NONE
Securities registered pursuant to Section 12(g) of the Act
NONE
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 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.
x Yes No
PART I
Item 2. Properties
Not applicable on reliance of Relief Letters
Item 3. Legal Proceedings
There were no legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of the Security Holders.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder matters
There was one participant in the DTC system holding positions in the
Cede certificates.
The following were Noteholders and Certificateholders of record
as of the end of the reporting year.
Chevy Chase Mortgage Backed Pass Through Certificates
Series 1997-CCB1 Class A Cede & Co.
Series 1997-CCB1 Class S Cede & Co.
There is no established public trading market for the notes.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosures: Information required by Item 304 of Reg. S-K.
There were no changes in and/or disagreements with Accountants on
Accounting and Financial Disclosures.
PART IV
Item 12. Security Ownership of Certain Beneficial Owners and Management
The Notes are represented by one or more notes registered in the name
of Cede & Co., the nominee of The Depository Trust Company. An investor
holding Notes is not entitled to receive a certificate representing such
Note, except in limited circumstances. Accordingly, Cede & Co. is the
sole holder of Notes, which it holds on behalf of brokers, dealers,
banks and other participants in the DTC system. Such participants may
hold Notes for their own accounts or for the accounts of their customers.
The address of Cede & Co. is:
Cede & Co.
c/o The Depository Trust Company
Seven Hanover Square
New York, New York 10004
Item 13. Certain Relationships and Related Transactions.
There has not been, and there is not currently proposed, any transactions
or series or transactions, to which any of the Trust, the Registrant,
the Trustee or the Servicer is a party with any Noteholder who, to the
knowledge of the Registrant and Servicer, owns of record or beneficially
more than five percent of the Notes.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not Applicable
2. Not Applicable
3. Exhibits
99.1 Annual Summary Statement
99.2 Annual Statement as to Compliance.
99.3 Annual Independent Public
Accountant's Servicing Report.
(b) Reports on Form 8-K
The Registrant has filed Current Reports on Form 8-K
with the Securities and Exchange Commision dated
October 25, 1997; November 25, 1997; December 26, 1997
(c) See (a) 3 above
(d) Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange act of 1934 the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
Credit Suisse First Boston Mortgage Securities Corp.
Chevy Chase Bank F.S.B. Mortgage Backed Pass Through Certificates
Series 1997-CCB1
/s/ Eve Kaplan, Vice President
Vice President
U.S. Bank National Association
Date March 5, 1999
EXHIBIT INDEX
Exhibit Number Description
99.1 Annual Summary Statement
99.2 Annual Statement of Compliance
99.3 Report of Independent Accountants
EXHIBIT 99.1 -- Summary of Aggregate Amounts or End of Year
Amounts for the period ending December 31, 1997
Chevy Chase Mortgage Backed Pass Through Certificates Series 1997-CCB1
Summary of Aggregate Amounts or End of Year Amounts
Pool Balance 611,386,749.48
Principal Collections 116,854,775.18
Interest Collections 15,864,304.65
Servicer Fees 869,249.12
Trustee Fees 7,417.59
PPIS 308,780.97
Premium Fees 127,489.87
Certificate Balance Interest Principal
Class A 651,417,417.34 10,140,596.42 76,824,107.32
Class S 0.00 0.00 0.00
Class S Interest Accrual Amount 1,225,954.52
EXHIBIT 99.2 -- Servicer's Annual Statement of Compliance
CHEVY CHASE BANK
Chevy Chase Bank
8401 Connecticut Avenue
Chevy Chase, Maryland 20815
MANAGEMENT'S ASSERTION ON THE MORTGAGE BANKERS ASSOCATION OF
AMERICA'S MINIMUM SERVICING REQUIREMENTS
As of and for the year ended September 30, 1998, Chevy Chase Bank,
F.S.B. has complied with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers. As of and for this same
period, Chevy Chase Bank, F.S.B. had in effect a fidelity bond and
errors and omissions policy in the amount of $40,000,000 and
$10,000,000, respectively.
/s/ Alexander M. Boyle
Alexander M. Boyle,
Vice Chairman
/s/ Stephen Halpin
Stephen R. Halpin, Jr.
Executive Vice Presidend and
Chief Financial Officer
/s/ Vicki L. Parry
Vicki L. Parry
Vice President
November 18, 1998
Exhibit 99.3 Report of Independent Accountants
ARTHUR ANDERSON LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Chevy Chase Bank, F.S.B.
We have examined management's assertion about Chevy Chase Bank, F.S.B.'s
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers (USAP) and that Chevy Chase Bank, F.S.B. had in effect
a fidelity bond and errors and omissions policy in the amount of
$40,000,000 and $10,000,000, respectively, as of and for the year ended
September 30, 1998 included in the accompanying Management's Assertion
on to Mortgage Bankers Association of America's Minimum Servicing
Requirements. Management is responsible for Chevy Chase Bank, F.S.B.'s
compliance with those minimum servicing standards and for maintaining a
fidelity bond and errors and omissions policy. Our responsibility is to
express an opinion on management's assertion based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly,
included examining, on a test basis, evidence about Chevy Chase Bank,
F.S.B.'s compliance with the minimum servicing standards and performing
such other procedures as we considered necessary in the circumstances.
We believe that our examination provides a reasonable basis for our
opinion. Our examination does not provide a legal determination on
Chevy Chase Bank, F.S.B.'s compliance with the minimum servicing standards.
In our opinion, management's assertion that Chevy Chase Bank, F.S.B.
complied with the aforementioned minimum servicing standards and that Chevy
Chase Bank, F.S.B. had in effect a fidelity bond and errors and omissions
policy in the amount of $40,000,000 and $10,000,000, respectively, as of
and for the year ended September 30, 1998 is fairly stated, in all material
respects.
/s/ Arthur Andersen LLP
Washington, D.C.
November 18, 1998
