<PAGE>
_____________________________________________________________________________
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 (Date of earliest Event
Reported) July 26, 1996
GREENWICH CAPITAL ACCEPTANCE, INC., (as depositor
under the Pooling and Servicing Agreement, dated
as of July 1, 1996, providing for the issuance
of Greenwich Capital Acceptance, Inc., Mortgage
Pass-Through Certificates, Series 1996-CHL1).
GREENWICH CAPITAL ACCEPTANCE, INC.
(Exact name of registrant as specified in its charter)
Delaware 33-80740 61199884
- ---------------------------- ----------- ------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
- ---------------------------- -----------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (203) 625-2700
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______________________________________________________________________________
<PAGE>
Item 5. Other Events
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Incorporation of Certain Documents by Reference
- -----------------------------------------------
Pursuant to Rule 411 of Regulation C under the Securities Act
of 1933 and in reliance on Financial Security Assurance Inc., SEC No-Action
Letter (July 16, 1993), Greenwich Capital Acceptance, Inc. (the "Company")
will incorporate by reference the financial statements of Financial Security
Assurance, Inc., into the Company's registration statement (File No.
33-80740). The financial statements will be referred to in the prospectus
supplement relating to the Company's Mortgage Pass-Through Certificates,
Series 1996-CHL1. In connection with the incorporation of such documents by
reference, the Company is hereby filing the consent of Coopers & Lybrand
L.L.P. ("Coopers & Lybrand L.L.P.") to the use of their name in such
prospectus supplement. The consent of Coopers & Lybrand L.L.P. is
attached hereto as Exhibit 23.
Filing of Computational Materials.
- ---------------------------------
In connection with the proposed offering of Greenwich Capital
Acceptance, Inc. (the "Company") Mortgage Pass-Through Certificates, Series
1996-CHL1, Greenwich Capital Markets, Inc., one of the underwriters, has
prepared certain materials (the "Computational Materials") for distribution
to the underwriters' potential investors. Although the Company provided
Greenwich Capital Markets, Inc. with certain information regarding
the characteristics of the mortgage loans in the related portfolio, it
did not participate in the preparation of the Computational Materials.
For the purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to
any Class or Classes of Certificates, any of the following: yield; average
life; duration; expected maturity; interest rate sensitivity; loss
sensitivity; cash flow characteristics; background information regarding the
mortgage loans; the proposed structure; decrement tables; or similar
information (tabular or otherwise) of a statistical, mathematical, tabular or
computational nature. The Computational Materials are attached hereto as
Exhibit 99.
2
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Item 7. Financial Statements, Pro Forma Financial
- ------- -----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds with
Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
23 Consent of Coopers & Lybrand L.L.P.
99 Computational Materials
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
GREENWICH CAPITAL ACCEPTANCE, INC.
By: /s/ BRIAN D. BERNARD
------------------------
Name: Brian D. Bernard
Title: Vice President
Dated: July 26, 1996
<PAGE>
Exhibit Index
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Exhibit Page
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23. Consent of Coopers & Lybrand L.L.P. 6
99. Computational Materials 8
5
<PAGE>
CONSENT of INDEPENDENT ACCOUNTANTS
__________
We consent to the incorporation by reference in the Prospectus Supplement
dated July 25, 1996 (to Prospectus dated July 25, 1996) of Greenwich Capital
Acceptance, Inc. relating to Mortgage Pass-Through Certificates, Series 1996-
CHL1 of our report dated January 17, 1996, on our audits of the consolidated
financial statements of Financial Security Assurance Inc. and Subsidiaries
as of December 31, 1995 and 1994, and for each of the three years in the
period ended December 31, 1995. We also consent to the reference to our Firm
under the caption "Experts".
COOPERS & LYBRAND L.L.P.
New York, New York
July 25, 1996
<PAGE>
GREENWICH CAPITAL ACCEPTANCE, SERIES 1996-CHL1 CLASS A
PRICE-DM SENSITIVITY REPORT
Settlement 07/31/96
Next Payment 08/26/96
Class Balance $198,250,000
Collateral Balance $200,000,000
Pass-Thru Margin 0.340%
Accrued Days 0
1-Month LIBOR 5.49609%
Cleanup Call 10.00%
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Flat
Price 15% CPR 18% CPR 20% CPR 22% CPR 24% CPR 30% CPR 35% CPR 40% CPR
99-16 0.465% 0.486% 0.500% 0.514% 0.528% 0.575% 0.617% 0.662%
99-17 0.457% 0.476% 0.490% 0.503% 0.517% 0.560% 0.599% 0.642%
99-18 0.450% 0.467% 0.480% 0.492% 0.505% 0.545% 0.582% 0.622%
99-19 0.442% 0.458% 0.470% 0.481% 0.493% 0.531% 0.565% 0.601%
99-20 0.434% 0.449% 0.460% 0.470% 0.481% 0.516% 0.547% 0.581%
99-21 0.426% 0.440% 0.450% 0.459% 0.469% 0.501% 0.530% 0.561%
99-22 0.418% 0.431% 0.440% 0.448% 0.458% 0.486% 0.513% 0.541%
99-23 0.410% 0.422% 0.430% 0.438% 0.446% 0.472% 0.495% 0.521%
99-24 0.402% 0.413% 0.420% 0.427% 0.434% 0.457% 0.478% 0.501%
99-25 0.395% 0.404% 0.410% 0.416% 0.422% 0.442% 0.461% 0.481%
99-26 0.387% 0.394% 0.400% 0.405% 0.410% 0.428% 0.443% 0.460%
99-27 0.379% 0.385% 0.390% 0.394% 0.399% 0.413% 0.426% 0.440%
99-28 0.371% 0.376% 0.380% 0.383% 0.387% 0.398% 0.409% 0.420%
99-29 0.363% 0.367% 0.370% 0.372% 0.3755 0.384% 0.392% 0.400%
99-30 0.356% 0.358% 0.360% 0.362% 0.363% 0.369% 0.374% 0.380%
99-31 0.348% 0.349% 0.350% 0.351% 0.352% 0.355% 0.357% 0.360%
100-00 0.340% 0.340% 0.340% 0.340% 0.340% 0.340% 0.340% 0.340%
100-01 0.332% 0.331% 0.330% 0.329% 0.328% 0.325% 0.323% 0.320%
100-02 0.324% 0.322% 0.320% 0.318% 0.317% 0.311% 0.306% 0.300%
100-03 0.317% 0.313% 0.310% 0.308% 0.305% 0.296% 0.288% 0.280%
100-04 0.309% 0.304% 0.300% 0.297% 0.293% 0.282% 0.271% 0.260%
100-05 0.301% 0.295% 0.290% 0.286% 0.281% 0.267% 0.254% 0.240%
100-06 0.293% 0.286% 0.281% 0.275% 0.270% 0.253% 0.237% 0.220%
100-07 0.286% 0.277% 0.271% 0.265% 0.258% 0.238% 0.220% 0.200%
100-08 0.278% 0.268% 0.261% 0.254% 0.246% 0.223% 0.203% 0.180%
100-09 0.270% 0.259% 0.251% 0.243% 0.235% 0.209% 0.186% 0.160%
100-10 0.262% 0.250% 0.241% 0.232% 0.223% 0.194% 0.168% 0.140%
100-11 0.255% 0.241% 0.231% 0.222% 0.211% 0.180% 0.151% 0.120%
100-12 0.247% 0.232% 0.221% 0.211% 0.200% 0.165% 0.134% 0.100%
100-13 0.239% 0.223% 0.211% 0.200% 0.188% 0.151% 0.117% 0.080%
100-14 0.231% 0.214% 0.202% 0.189% 0.177% 0.136% 0.100% 0.061%
100-15 0.224% 0.205% 0.192% 0.179% 0.165% 0.122% 0.083% 0.041%
100-16 0.216% 0.196% 0.182% 0.168% 0.153% 0.107% 0.066% 0.021%
WAL (yr.) 5.01 4.15 3.72 3.36 3.05 2.37 1.98 1.67
MAT (yr.) 13.42 11.17 10.00 9.08 8.25 6.42 5.33 4.50
First Prin Pay 1 1 1 1 1 1 1 1
Last Prin Pay 161 134 120 109 99 77 64 54
MDUR (yr.) 3.86 3.32 3.03 2.78 2.57 2.06 1.75 1.50
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price/yield.
Maturity and Last Principal Pay Dates may be distorted by the use of
collateral pool WAMs.
1
<PAGE>
GREENWICH CAPITAL ACCEPTANCE, SERIES 1996-CHL1 CLASS A
PRICE-DM SENSITIVITY REPORT
Settlement 07/31/96
Next Payment 08/26/96
Class Balance $198,250,000
Collateral Balance $200,000,000
Pass-Thru Margin 0.340%
Accrued Days 0
1-Month LIBOR 5.49609%
Cleanup Call 0.00%
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Flat
Price 15% CPR 18% CPR 20% CPR 22% CPR 24% CPR 30% CPR 35% CPR 40% CPR
99-16 0.473% 0.494% 0.509% 0.522% 0.537% 0.582% 0.622% 0.665%
99-17 0.466% 0.486% 0.499% 0.512% 0.526% 0.568% 0.605% 0.646%
99-18 0.458% 0.477% 0.489% 0.502% 0.515% 0.554% 0.589% 0.627%
99-19 0.451% 0.468% 0.480% 0.491% 0.503% 0.540% 0.573% 0.608%
99-20 0.443% 0.459% 0.470% 0.481% 0.492% 0.526% 0.556% 0.589%
99-21 0.436% 0.451% 0.461% 0.471% 0.481% 0.512% 0.540% 0.570%
99-22 0.428% 0.442% 0.451% 0.460% 0.470% 0.499% 0.524% 0.551%
99-23 0.420% 0.433% 0.442% 0.450% 0.459% 0.4855 0.508% 0.533%
99-24 0.413% 0.425% 0.432% 0.440% 0.447% 0.471% 0.492% 0.514%
99-25 0.405% 0.416% 0.423% 0.429% 0.436% 0.457% 0.475% 0.495%
99-26 0.398% 0.407% 0.413% 0.419% 0.425% 0.443% 0.459% 0.476%
99-27 0.390% 0.399% 0.404% 0.409% 0.414% 0.430% 0.443% 0.457%
99-28 0.383% 0.390% 0.394% 0.399% 0.403% 0.416% 0.427% 0.439%
99-29 0.375% 0.381% 0.385% 0.388% 0.392% 0.402% 0.411% 0.420%
99-30 0.368% 0.373% 0.376% 0.378% 0.381% 0.388% 0.395% 0.401%
99-31 0.360% 0.364% 0.366% 0.368% 0.370% 0.374% 0.378% 0.382%
100-00 0.353% 0.355% 0.357% 0.357% 0.359% 0.361% 0.362% 0.364%
100-01 0.345% 0.347% 0.347% 0.347% 0.347% 0.347% 0.346% 0.345%
100-02 0.338% 0.338% 0.338% 0.337% 0.336% 0.333% 0.330% 0.326%
100-03 0.330% 0.329% 0.328% 0.327% 0.325% 0.320% 0.314% 0.308%
100-04 0.323% 0.321% 0.319% 0.317% 0.314% 0.306% 0.298% 0.289%
100-05 0.315% 0.312% 0.310% 0.306% 0.303% 0.292% 0.282% 0.270%
100-06 0.308% 0.303% 0.300% 0.296% 0.292% 0.278% 0.266% 0.252%
100-07 0.300% 0.295% 0.291% 0.286% 0.281% 0.265% 0.250% 0.233%
100-08 0.293% 0.286% 0.281% 0.276% 0.270% 0.251% 0.234% 0.214%
100-09 0.285% 0.278% 0.272% 0.265% 0.259% 0.237% 0.218% 0.196%
100-10 0.278% 0.269% 0.263% 0.255% 0.248% 0.224% 0.202% 0.177%
100-11 0.270% 0.260% 0.253% 0.245% 0.237% 0.210% 0.186% 0.159%
100-12 0.263% 0.252% 0.244% 0.235% 0.226% 0.197% 0.170% 0.140%
100-13 0.256% 0.243% 0.234% 0.225% 0.215% 0.183% 0.154% 0.122%
100-14 0.248% 0.235% 0.225% 0.215% 0.204% 0.169% 0.138% 0.103%
100-15 0.241% 0.226% 0.216% 0.204% 0.193% 0.156% 0.122% 0.084%
100-16 0.233% 0.218% 0.206% 0.194% 0.182% 0.142% 0.106% 0.066%
WAL (yr) 5.41 4.51 4.05 3.66 3.33 2.59 2.16 1.83
MAT (yr) 26.33 23.67 21.75 20.00 18.42 14.50 12.08 10.25
First Prin Pay 1 1 1 1 1 1 1 1
Last Prin Pay 316 284 261 240 221 174 145 123
MDUR (yr) 4.01 3.48 3.19 2.93 2.71 2.19 1.87 1.61
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price/yield.
Maturity and Last Principal Pay Dates may be distorted by the use of
collateral pool WAMs.
2
