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SEC File #333-51375
FORM T-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2) [X]
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THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)
New York 13-5160382
(State of incorporation (I.R.S. employer
if not a U.S. national bank) identification no.)
48 Wall Street, New York, N.Y. 10286
(Address of principal executive offices) (Zip code)
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PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
(Exact name of obligor as specified in its charter)
Delaware 06-1204982
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
1285 Avenue of the Americas 10019
New York, New York (Zip code)
(Address of principal executive offices)
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DITECH HOME LOAN OWNER TRUST 1998-1,
HOME LOAN ASSET BACKED NOTES, SERIES 1998-1
(Title of the indenture securities)
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1. General information. Furnish the following information as to the Trustee:
(a) Name and address of each examining or supervising authority to which it
is subject.
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Name Address
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Superintendent of Banks of the State 2 Rector Street, New York,
of New York N.Y. 10006, and Albany,
N.Y. 12203
Federal Reserve Bank of New York 33 Liberty Plaza, New York,
N.Y. 10045
Federal Deposit Insurance Corporation Washington, D.C. 20429
New York Clearing House Association New York, New York 10005
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
2. Affiliations with Obligor.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None.
16. List of Exhibits.
Exhibits identified in parentheses below, on file with the Commission, are
incorporated herein by reference as an exhibit hereto, pursuant to Rule
7a-29 under the Trust Indenture Act of 1939 (the "Act") and 17 C.F.R.
229.10(d).
1. A copy of the Organization Certificate of The Bank of New York
(formerly Irving Trust Company) as now in effect, which contains the
authority to commence business and a grant of powers to exercise
corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1
filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to
Form T-1 filed with Registration Statement No. 33-21672 and Exhibit 1
to Form T-1 filed with Registration Statement No. 33-29637.)
4. A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1
filed with Registration Statement No. 33-31019.)
6. The consent of the Trustee required by Section 321(b) of the Act.
(Exhibit 6 to Form T-1 filed with Registration Statement No.
33-44051.)
7. A copy of the latest report of condition of the Trustee published
pursuant to law or to the requirements of its supervising or examining
authority.
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SIGNATURE
Pursuant to the requirements of the Act, the Trustee, The Bank of New York,
a corporation organized and existing under the laws of the State of New York,
has duly caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in The City of New York, and State
of New York, on the 5th day of June, 1998.
THE BANK OF NEW YORK
By: /s/ Walter N. Gitlin
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Name: Walter N. Gitlin
Title: Vice President
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EXHIBIT 7
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Consolidated Report of Condition of
THE BANK OF NEW YORK
of 48 Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the
close of business December 31, 1997, published in
accordance with a call made by the Federal Reserve
Bank of this District pursuant to the provisions
of the Federal Reserve Act.
Dollar Amounts in
ASSETS Thousands
Cash and balances due from depository institutions:
Noninterest-bearing balances and
currency and coin $5,742,986
Interest-bearing balances 1,342,769
Securities:
Held-to-maturity securities 1,099,736
Available-for-sale securities 3,882,686
Federal funds sold and Securities purchased
under agreements to resell 2,568,530
Loans and lease financing receivables:
Loans and leases, net of unearned income 35,019,608
LESS: Allowance for loan and lease losses 627,350
LESS: Allocated transfer risk reserve 0
Loans and leases, net of unearned income,
allowance, and reserve 34,392,258
Assets held in trading accounts 2,521,451
Premises and fixed assets (including
capitalized leases) 659,209
Other real estate owned 11,992
Investments in unconsolidated subsidiaries
and associated companies 226,263
Customers' liability to this bank on
acceptances outstanding 1,187,449
Intangible assets 781,684
Other assets 1,736,574
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Total assets $56,153,587
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LIABILITIES
Deposits:
In domestic offices $27,031,362
Noninterest-bearing 11,899,507
Interest-bearing 15,131,855
In foreign offices, Edge and Agreement
subsidiaries, and IBFs 13,794,449
Noninterest-bearing 590,999
Interest-bearing 13,203,450
Federal funds purchased and Securities sold
under agreements to repurchase 2,338,881
Demand notes issued to the U.S. Treasury 173,851
Trading liabilities 1,695,216
Other borrowed money:
With remaining maturity of one year or less 1,905,330
With remaining maturity of more than one
year through three years 0
With remaining maturity of more than three
years 25,664
Bank's liability on acceptances executed and
outstanding 1,195,923
Subordinated notes and debentures 1,012,940
Other liabilities 2,018,960
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Total liabilities 51,192,576
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EQUITY CAPITAL
Common stock 1,135,284
Surplus 731,319
Undivided profits and capital reserves 3,093,726
Net unrealized holding gains (losses) on
available-for-sale securities 36,866
Cumulative foreign currency translation
adjustments (36,184)
Total equity capital 4,961,011
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Total liabilities and equity capital $56,153,587
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I, Robert E. Keilman, Senior Vice President
and Comptroller of the above-named bank do
hereby declare that this Report of Condition has
been prepared in conformance with the
instructions issued by the Board of Governors of
the Federal Reserve System and is true to the
best of my knowledge and belief.
Robert E. Keilman
We, the undersigned directors, attest to
the correctness of this Report of Condition and
declare that it has been examined by us and to
the best of our knowledge and belief has been
prepared in conformance with the instructions
issued by the Board of Governors of the Federal
Reserve System and is true and correct.
Thomas A. Renyi
Alan R. Griffith DIRECTORS
J. Carter Bacot
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