<PAGE> 1
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: July 18, 1996
Chemical Mortgage Securities, Inc.
(Issuer in respect of Multi-Class Mortgage
Pass-Through Certificates, Series 1996-1)
(Exact name of registrant as
specified in its charter)
New York 33-18640 13-3436103
- ------------ ------------ ----------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
270 Park Avenue, New York, New York 10017
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 834-5316
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Item 5. Other Events.
On or about June 30, 1996, interest and principal, in accordance with the
Pooling and Servicing Agreement dated as of January 1, 1996 (the "Agreement"),
among Chemical Mortgage Securities, Inc., Chemical Residential Mortgage
Corporation, as the master servicer, and The First National Bank of Chicago as
Trustee (the "Trustee"), were distributed to holders of the Multi-Class
Mortgage Pass-Through Certificates, Series 1996-1 evidencing the entire
beneficial ownership interest in a trust fund consisting of a segregated pool
of conventional one- to four-family fixed rate first-lien mortgage loans. A
copy of the Monthly Report, prepared pursuant to the Agreement, was furnished
to the Trustee in accordance with the Agreement. A copy of the Monthly Report
is being filed as Exhibit 20.1 to this Current Report on Form 8-K.
Item 7(c). Exhibits.
Exhibit No. Description
- ----------- -----------
20.1 Monthly Report for the month ended
May 31, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: July 18, 1996
CHEMICAL MORTGAGE SECURITIES, INC.
By: /s/Louis D. Violante
----------------------------
Name: Louis D. Violante
Title: Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit No. Description Page
- ----------- ----------- ----
20.1 Monthly Report for the month 5
ended May 31, 1996
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CHEMICAL MORTGAGE SECURITIES - SERIES 1996-1
WATERFALL
<TABLE>
<CAPTION>
DEPOSITS
<S> <C>
Available Distribution Amount 1,707,387.91
</TABLE>
<TABLE>
<CAPTION>
REMAINING
DISTRIBUTIONS BY PRIORITY DUE PAID UNPAID BALANCE DIST. TO
- ------------------------- ----- ----- ------ ------------ ---------
<S> <C> <C> <C> <C> <C>
ACI-A1 520,056.36 520,056.36 0.00 1,187,331.55 CLASS A1
ACI-A2 226,059.91 226,059.91 0.00 961,271.64 CLASS A2
ACI-A3 125,140.31 125,140.31 0.00 836,131.33 CLASS A3
ACI-A4 53,310.83 53,310.83 0.00 782,820.50 CLASS A4
ACI-A5 6,250.00 6,250.00 0.00 776,570.50 CLASS A5
ACI-A6 18,086.67 18,086.67 0.00 758,483.83 CLASS A6
ACI-A7 139,725.63 139,725.63 0.00 618,758.20 CLASS A7
ACI-A8 79,899.17 79,899.17 0.00 538,859.03 CLASS A8
ACI-A9 145,199.13 145,199.13 0.00 393,659.90 CLASS A9
ACI-A10 1,940.41 1,940.41 0.00 391,719.49 CLASS A10
ACI-AR 0.00 0.00 0.00 391,719.49 CLASS AR
ACI-ARL 0.00 0.00 0.00 391,719.49 CLASS ARL
PREMIUM 913.13 913.13 0.00 390,806.36 FINANCIAL SECURITY
UNPAID ACI-A1 0.00 0.00 0.00 390,806.36 CLASS A1
UNPAID ACI-A2 0.00 0.00 0.00 390,806.36 CLASS A2
UNPAID ACI-A3 0.00 0.00 0.00 390,806.36 CLASS A3
UNPAID ACI-A4 0.00 0.00 0.00 390,806.36 CLASS A4
UNPAID ACI-A5 0.00 0.00 0.00 390,806.36 CLASS A5
UNPAID ACI-A6 0.00 0.00 0.00 390,806.36 CLASS A6
UNPAID ACI-A7 0.00 0.00 0.00 390,806.36 CLASS A7
UNPAID ACI-A8 0.00 0.00 0.00 390,806.36 CLASS A8
UNPAID ACI-A9 0.00 0.00 0.00 390,806.36 CLASS A9
UNPAID ACI-A10 0.00 0.00 0.00 390,806.36 CLASS A10
UNPAID ACI-AR 0.00 0.00 0.00 390,806.36 CLASS AR
UNPAID ACI-ARL 0.00 0.00 0.00 390,806.36 CLASS ARL
UNPAID PREMIUM 0.00 0.00 0.00 390,806.36 FINANCIAL SECURITY
CLASS A9 PRINCIPAL AMOUNT 17,168.52 17,168.52 0.00 373,637.84 CLASS A9
CLASS AR PRINCIPAL AMOUNT 0.00 0.00 0.00 373,637.84 CLASS AR
CLASS ARL PRINCIPAL AMOUNT 0.00 0.00 0.00 373,637.84 CLASS ARL
CLASS A1 PRINCIPAL AMOUNT 164,989.53 164,989.53 0.00 208,648.31 CLASS A1
CLASS A2 PRINCIPAL AMOUNT 74,279.59 74,279.59 0.00 134,368.72 CLASS A2
CLASS A3 PRINCIPAL AMOUNT 37,139.79 37,139.79 0.00 97,228.93 CLASS A3
CLASS A4 PRINCIPAL AMOUNT 0.00 0.00 0.00 97,228.93 CLASS A4
CLASS A5 PRINCIPAL AMOUNT 0.00 0.00 0.00 97,228.93 CLASS A5
CLASS A6 PRINCIPAL AMOUNT 0.00 0.00 0.00 97,228.93 CLASS A6
CLASS A7 PRINCIPAL AMOUNT 0.00 0.00 0.00 97,228.93 CLASS A7
CLASS A8 PRINCIPAL AMOUNT 0.00 0.00 0.00 97,228.93 CLASS A8
UNREIMBURSED ADVANCES 0.00 0.00 0.00 97,228.93 SERVICER
ACI-B1 36,227.48 36,227.48 0.00 61,001.45 CLASS B1
UNPAID ACI-B1 0.00 0.00 0.00 61,001.45 CLASS B1
CLASS B1 PRINCIPAL AMOUNT 4,283.58 4,283.58 0.00 56,717.87 CLASS B1
ACI-B2 21,731.67 21,731.67 0.00 34,986.20 CLASS B2
UNPAID ACI-B2 0.00 0.00 0.00 34,986.20 CLASS B2
CLASS B2 PRINCIPAL AMOUNT 2,569.58 2,569.58 0.00 32,416.62 CLASS B2
ACI-B3 14,495.81 14,495.81 0.00 17,920.81 CLASS B3
UNPAID ACI-B3 0.00 0.00 0.00 17,920.81 CLASS B3
CLASS B3 PRINCIPAL AMOUNT 1,714.00 1,714.00 0.00 16,206.81 CLASS B3
ACI-B4 5,795.92 5,795.92 0.00 10,410.89 CLASS B4
UNPAID ACI-B4 0.00 0.00 0.00 10,410.89 CLASS B4
CLASS B4 PRINCIPAL AMOUNT 685.32 685.32 0.00 9,725.57 CLASS B4
ACI-B5 2,897.96 2,897.96 0.00 6,827.61 CLASS B5
UNPAID ACI-B5 0.00 0.00 0.00 6,827.61 CLASS B5
CLASS B5 PRINCIPAL AMOUNT 342.66 342.66 0.00 6,484.95 CLASS B5
ACI-B6 5,799.24 5,799.24 0.00 685.71 CLASS B6
UNPAID ACI-B6 0.00 0.00 0.00 685.71 CLASS B6
CLASS B6 PRINCIPAL AMOUNT 685.71 685.71 0.00 0.00 CLASS B6
REMAINING BALANCE 0.00 0.00 0.00 0.00 CLASS AR
</TABLE>
