SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM T-1
__________________
STATEMENT OF ELIGIBILITY AND QUALIFICATION UNDER THE TRUST INDENTURE
ACT OF 1939, AS AMENDED, OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE
PURSUANT TO SECTION 305(b)(2)_______
_________________________
FIRST UNION NATIONAL BANK
(Exact name of trustee as specified in its charter)
United States National Bank 56-0900030
(State of incorporation if I.R.S. employer
not a national bank) identification no.)
First Union National Bank
230 South Tryon Street, 9th Floor
Charlotte, North Carolina 28288-1179
(Address of principal (Zip Code)
executive offices)
Same as above
(Name, address and telephone number, including
area code, of trustee's agent for service)
FREMONT HOME LOAN OWNER TRUST 1999-1
(Exact name of obligor as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
Not yet received
(I.R.S. employer identification no.)
c/o Wilmington Trust Company
Rodney Square North
1100 N. Market Street
Wilmington, Delaware 19890-0001
(Address, including zip code, of principal executive offices)
_________________________________
Fremont Home Loan Owner Trust 1999-1,
Home Loan Asset Backed Notes, Series 1999-1
(Title of the indenture securities)
___________________________________
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Item 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.
________________________________________________________________________________
Name Address
________________________________________________________________________________
Federal Reserve Bank of Richmond, VA Richmond, VA
Comptroller of the Currency Washington, D.C.
Securities and Exchange Commission
Division of Market Regulation Washington, D.C.
Federal Deposit Insurance Corporation Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers.
The trustee is authorized to exercise corporate trust powers.
Item 2. Affiliations with the obligor and underwriters.
If the obligor or any underwriter for the obligor is an affiliate of
the trustee, describe each such affiliation.
None. Inasmuch as this Form T-1 is filed prior to the ascertainment by
the Trustee of all facts on which to base a responsive answer this Item 2, the
answer to said Item is based on incomplete information. Item 2 may, however, be
considered correct unless amended by an amendment to this Form T-1.
Items 3-15.
Because the obligor is not in default on any securities issued under
indentures under which the applicant is trustee, Item 3 through 15 are not
required herein.
Item 16. List of Exhibits.
All exhibits identified below are filed as a part of this statement of
eligibility.
*1. A copy of the Articles of Association of First Union National Bank as
now in effect, which contain the authority to commence business and a grant of
powers to exercise corporate trust powers.
*2. A copy of the certificate of authority of the trustee to commence
business, if not contained in the Articles of Association.
3. A copy of the authorization of the trustee to exercise corporate trust
powers, if such authorization is not contained in the documents specified in
exhibits (1) or (2) above.
*4. A copy of the existing By-laws of First Union National Bank, or
instruments corresponding thereto.
5. Inapplicable.
6. The consent of the trustee required by Section 321(b) of the Trust
Indenture Act of 1939. Included on signature page of this Form T-1 Statement.
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.
8. Inapplicable.
9. Inapplicable.
- ----------------------
* Incorporated by reference to Exhibits bearing identical numbers in Item 16 of
the Form T-1 of First Union National Bank, filed as Exhibit 25.1 to Form S-4
Registration Statement of Unifi, Inc. filed with the Securities and Exchange
Commission on April 2, 1998 (Registration No. 333-49243).
<PAGE>
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, First Union National Bank, a national association
organized and existing under the laws of the United States of America, has duly
caused this statement of eligibility and qualification to be signed on its
behalf by the undersigned, thereunto duly authorized, all in the City of
Charlotte, and State of North Carolina, on the 10th day of March, 1999.
FIRST UNION NATIONAL BANK
(trustee)
By: /s/Robert Ashbaugh
------------------------
Name: Robert Ashbaugh
Title: Vice President
[LOGO]
Comptroller of the Currency
Administrator of National Banks
Washington, D.C. 20219
CERTIFICATE
I, Julie L. Williams, Acting Comptroller of the Currency, do hereby
certify that:
1. The Comptroller of the Currency, pursuant to Revised Statutes 324,
et seq., as amended, 12 U.S.C. 1, et seq., as amended, has possession, custody
and control of all records pertaining to the chartering of all National Banking
Associations.
2. "First Union National Bank," Charlotte, North Carolina, (Charter
No. 000001) is a National Banking Association formed under the laws of the
United States and is authorized thereunder to transact the business of banking
and exercise Fiduciary Powers on the date of this Certificate.
IN TESTIMONY WHEREOF, I have hereunto
subscribed my name and caused my seal of
office to be affixed to these presents
at the Treasury Department in the City
of Washington and District of Columbia,
this 26th day of August, 1998.
/s/ Julie L. Williams
________________________________________
Acting Comptroller of the Currency
[SEAL OF THE COMPTROLLER
OF THE CURRENCY]
CONSENT OF TRUSTEE
Under section 321(b) of the Trust Indenture Act of 1939, as amended,
and in connection with the proposed issuance by Fremont Home Loan Owner Trust of
its debt securities, First Union National Bank as the trustee herein named,
hereby consents that reports of examinations of said Trustee by Federal, State,
Territorial or District authorities may be furnished by such authorities to the
Securities and Exchange Commission upon requests therefor.
FIRST UNION NATIONAL BANK
By: /s/Robert Ashbaugh
------------------------
Name: Robert Ashbaugh
Title: Vice President
Dated: March 10, 1999
Consolidated Report of Condition for Insured Commercial and State-Chartered
Savings Bank for December 31, 1998
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Line Description Value
<S> <C> <C>
Call Date 12/31/1998
Bank Name First Union National Bank
Address 2 First Union Center
City Charlotte
County Mecklenburg
Short Name FUNB
Zip Code 28288-0201
Certificate Number 33869
State NC
Charter Type 1
RC.1.a. Cash and balances due, noninterest-bearing balances & currency & coin 12220276
RC.1.b. Cash and balances due, interest-bearing balances 2533262
RC.2.a. Securities, held-to-maturity 1891097
RC.2.b. Securities, available-for-sale 36783824
RC.3. Federal funds sold and securities purchased under agreements to resell 8034320
RC.4.a. Loans and leases, net of unearned income 133283216
RC.4.b. Less: allowance for loan and lease losses 1810465
RC.4.c. Less: allocated transfer risk reserve 0
RC.4.d. Loans and leases, net of unearned income, allowance, and reserve 131472751
RC.5. Trading assets 7042399
RC.6. Premises and fixed assets (including capitalized leases) 3165970
RC.7. Other real estate owned 128223
RC.8. Investments in unconsolidated subsidiaries and associated companies 323890
RC.9. Customers' liability to this bank on acceptances outstanding 1268425
RC.10. Intangible assets 5200418
RC.11. Other assets 12418468
RC.12. Total assets 222483323
RC.13.a. Deposits in domestic offices 137007272
RC.13.a.(1) Noninterest-bearing deposits, domestic 26154252
RC.13.a.(2) Interest-bearing deposits, domestic 110853020
RC.13.b. Deposits in foreign offices, Edge & Agreement subsidiaries and IBFs 10021556
RC.13.b.(1) Noninterest-bearing deposits, foreign 477500
RC.13.b.(2) Interest-bearing deposits, foreign 9544056
RC.14. Federal funds purchased and securities sold under agreements to repur. 19607885
RC.15.a. Demand notes issued to the U.S. Treasury 389283
RC.15.b. Trading liabilities 5075053
RC.16.a. Other borrowed money, remaining maturity of one year or less 14089286
RC.16.b. Other borrowed money, remaining maturity of more than 1 thru 3 years 2371510
RC.16.c. Other borrowed money, remaining maturity of more than three years 767010
RC.18. Bank's liability on acceptances executed and outstanding 1280934
RC.19. Subordinated notes and debentures 4045123
RC.20. Other liabilities 9151594
RC.21. Total liabilities 203806506
RC.23. Perpetual preferred stock and related surplus 160540
RC.24. Common stock 454543
RC.25. Surplus (exclude all surplus related to preferred stock) 13206325
RC.26.a. Undivided profits and capital reserves 4441457
RC.26.b. Net unrealized holding gains (losses) on available-for-sale securities 417625
RC.27. Cumulative foreign currency translation adjustments -3673
RC.28. Total equity capital 18676817
RC.29. Total liabilities and equity capital 222483323
RC.M.1. Most comprehensive level of auditing by independent external auditors N/A
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