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: October 15, 1996
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION, (as depositor under
the Pooling and Servicing Agreement, dated September 27, 1996, which forms ABFS
Mortgage Loan Trust 1996-2, which will issue the ABFS Mortgage Loan Trust
1996-2, Mortgage Pass-through Certificates, Series 1996-2).
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
---------------------------------------------------
(Exact name of registrant as specified in its charter)
Delawar 333-91148 13-3526694
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation or organization) Number) Identification No.)
One New York Plaza
New York, New York 10292
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code : (212) 214-7435
No Change
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of consecutively numbered pages.
<PAGE>
Item 5. Other Events.
On October 15, 1996, November 15, 1996, December 15, 1996, January 15,
1997 and February 15, 1997 distributions were made to the
Certificateholders. Specific information with respect to the
distributions is filed as Exhibits 99.1, 99.2, 99.3, 99.4 and 99.5 hereto.
No other reportable transactions or matters have occurred during the current
reporting period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on October 15, 1996 filed as
Exhibit 99.1 hereto.
Statement to Certificateholders on November 15, 1996 filed
as Exhibit 99.2 hereto.
Statement to Certificateholders on December 15, 1996 filed
as Exhibit 99.3 hereto.
Statement to Certificateholders on January 15, 1997 filed as
Exhibit 99.4 hereto.
Statement to Certificateholders on February 15, 1997 filed
as Exhibit 99.5 hereto
<PAGE>
SIGNATURE
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.
CHASE MANHATTAN BANK
(SUCCESSOR BY MERGER OF THE
CHASE MANHATTAN BANK, N.A.),
AS TRUSTEE, FOR
ABFS MORTGAGE LOAN TRUST 1996-2
Date: By: /s/ Ronald Feldman
Ronald Feldman
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
October 15, 1996.
99.2 Monthly Certificateholder Statement on 9
November 15, 1996.
99.3 Monthly Certificateholder Statement on 13
December 15, 1996.
99.4 Monthly Certificateholder Statement on 17
January 15, 1997.
99.5 Monthly Certificateholder Statement on 21
February 15, 1997.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on October 15, 1996
<PAGE>
ABFS MORTGAGE LOAN TRUST REMIC SERIES 1996-2
MORTGAGE PASS-THROUGH CERTIFICATES,CLASS A AND CLASS R
THE CHASE MANHATTAN BANK AS TRUSTEE
MONTHLY SERVICING CERTIFICATE
DUE PERIOD
- ----------
BEGINNING DATE: 09/01/96 END DATE: 09/30/96
DISTRIBUTION DATE: 10/15/96
BEGINNING POOL BALANCE: $40,000,000.00
BEGINNING CLASS A CERTIFICATE BALANCE: $38,799,000.00
1.TOTAL INTEREST PAYMENTS RECEIVED $235,557.96
2.TOTAL PRINCIPAL PAYMENTS/PREPAYMENTS RECEIVED $50,969.78
A) TOTAL REGULAR PRINCIPAL $42,579.54
B) TOTAL PRINCIPAL PREPAYMENTS RECEIVED CLASS A (100%) $0.00
C) PARTIAL PREPAYMENTS CLASS A (100%) $8,390.24
3. MISCELLANEOUS FEES $140.10
4. TOTAL INSURANCE PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION EXPENSES (TO SERVICER) NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
BALANCE OF PROCEEDS NONE
5. TOTAL LIQUIDATION PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION XPENSES (TO SERVICER) NONE
BALANCE OF PROCEEDS (100% CLASS A) NONE
6. SUBSTITUTION/PURCHASE DEFECTIVE-DELINQUENT LOANS + NONE
A) SUBSTITUTION AMOUNT ++ NONE
B) PURCHASE PRICE AMOUNT NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
7. AMOUNT OF ADVANCES ** (1) $32,585.19
8.BALANCE OF CAPITALIZED INTEREST ACCOUNT AT CLOSING
$174,835.85
AGGREGATE AMOUNT OF WITHDRAWALS FROM CAPITALIZED
INTEREST ACCOUNT $58,278.62
A) WITHDRAWALS FROM OCT96 $58,278.62
B) WITHDRAWALS FROM NOV96 $0.00
C) WITHDRAWALS FROM DEC96 $0.00
BALANCE REMAINING IN CAPITALIZED INTEREST ACCOUNT $116,557.23
9. SERVICING FEE $16,666.67
10.TRUSTEE FEE $1,333.33
11. SURETY FEE $9,053.10
<PAGE>
12. AMOUNT DELETED FROM SERVICING FEE FOR EXTERNAL
ACCOUNTANTS ($2,000.00 QUARTERLY OR $666.66 MONTHLY) $666.66
13. AGGREGATE WITHDRAWALS (LIST BELOW)
A) LIQUIDATION EXPENSES NONE
B) PROPERTY PROTECTION EXPENSES NONE
C) EXCESS OF SUBSTITUTED/REPURCVHASED DEFECTIVE
MORTGAGE LOAN NONE
D) LEGAL EXPENSES NONE
E) UNREIMBURSED ADVANCES (WITHOUT INTEREST) $0.00
F) NON-RECOVERABLE ADVANCES NONE
G) MISCELLANEOUS FEES $140.10
14. TOTAL AVAILABLE FUNDS FOR DISTRIBUTION $377,531.65
15. CLASS A FORMULA AMOUNT
A) INTEREST (7.525%) $243,302.06
B) UNPAID CLASS A INTEREST SHORTFALL NONE
C) PRINCIPAL PAYMENTS $42,579.54
D) PREPAYMENTS (100%) $8,390.24
E) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
F) OTHER NONE
G) TOTAL $294,271.84
16. REMAINING AVAILABLE FUNDS $83,259.81
17. CLASS A DISTRIBUTION AMOUNT
A) AMOUNT ALLOCABLE TO CURRENT INTEREST $243,302.06
B) AMOUNT OF INTEREST UNPAID TO CLASS A HOLDERS
PLUS ACCRUED INTEREST AT 7.525% FROM
DISTRIBUTION DATE TO DISTRIBUTION DATE NONE
C) AMOUNT ALLOCABLE TO CURRENT PRINCIPAL $50,969.78
D) AMOUNT OF ANY UNPAID CLASS A PRINCIPAL SHORTFALL NONE
E) SUB-TOTAL $294,271.84
F) EXCESS INTEREST PAYABLE TO CLASS A AS PRINCIPAL $56,066.61
G) TOTAL $350,338.45
18. UNPAID PRINCIPAL AND INTEREST FROM PRIOR AND CURRENT
PERIOD
A) UNPAID CLASS A INTEREST SHORTFALL NONE
B) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
19. REALIZED LOSSES (UNALLOCATED)
A) PRINCIPAL BALANCE OF DEFAULTED LOAN NONE
B) UNPAID ACCRUED INTEREST
(LESS SERVICING AND TRUSTEE FEES) NONE
C) LIQUIDATION PROCEEDS NONE
D) REALIZED LOSSES (IF ANY) NONE
E) AMOUNT OF LOSS ALLOCATED TO CLASS A NONE
20. OVER-COLLATERALIZATION AMOUNT (POOL BALANCE-DELINQUENT
LOAN LOSS RESERVES-DEFECTIVE MORTGAGE BALANCE NOT
SUBSTITUTED OR REPURCHASED=ADJUSTED POOL BALANCE
A) ADJUSTED POOL BALANCE $40,000,000.00
MINUS
B) CLASS A CERTIFICATE BALANCE $38,799,000.00
C) DIFFERENCE $1,201,000.00
DIVIDED BY
D) ADJUSTED POOL BALANCE $40,000,000.00
E) OVERCOLLATERALIZATION AMOUNT AS A PERCENTAGE 3.00%
<PAGE>
21. CLASS R DISTRIBUTION AMOUNT * NONE
22. TOTAL POOL BALANCE AFTER DISTRIBUTION $39,949,030.22
23. CLASS A PRINCIPAL FACTOR AFTER DISTRIBUTION IS MADE
A) PRINCIPAL AFTER DISTRIBUTION $38,691,963.61
B) ORIGINAL PRINCIPAL $20,900,000.00
C) CLASS A PRINCIPAL FACTOR 1.8512901250
D) CLASS A PERCENTAGE AFTER DISTRIBUTION IS MADE 96.85
24. DELINQUENCIES
PERIOD (DAYS) NUMBER OF LOANS PRINCIPAL BALANCE
30 0 $0.00
60 0 $0.00
90 OR GREATER 0 $0.00
FORECLOSURES 0 $0.00
REAL ESTATE ACQUIRED 0 $0.00
TOTAL 0 $0.00
25. LISTING OF PROPERTY DAMAGED BY HAZERDOUS WASTE, IF APPLICABLE SEE
ATTACHED
APPLICABLE_______ NOT APPLICABLE__X___
26. CAPITALIZED INTEREST ACCOUNT RECAP
A. AGGREGATE WITHDRAWALS $58,278.62
B.REMAINING BALANCE $116,557.23
27. WEIGHTED AVERAGE COUPON OF LOANS AFTER DISTRIBUTION HAS BEEN
MADE 13.06
28. WEIGHTED AVERAGE MATURITY OF LOANS AFTER DISTRIBUTION HAS BEEN
MADE 182
PREPARED BY:
_____________________________
VERIFIED BY:
_____________________________
* CLASS R WILL NOT RECEIVE ANY PAYMENTS UNTIL SUCH TIME OVERCOLLATERALIZATION
IS MET.
** DETERMINED AS OF THE CLOSE OF BUSINESS ON THE4 DAY PRECEDING THE
SERVICERS
DISTRIBUTION DATE.(10TH DAY)
+ LOAN RATE MUST BE AT LEAST EQUAL TO LOAN RATE BEING REPLACED BY,
SAME OR BETTER PROPERTY TYPE, SAME OR BETTER OCCUPANCY STATUS, SHALL
MATURE NO LATER HAN REPLACED LOAN, CLTV NO HIGHER THAN REPLACED LOAN,
SAME OR HIGHER QUALITY OF REPLACED LOAN, SHALL BE A FIRST MORTGAGE LOAN
IF LOAN REPLACED WAS FIRST MORTGAGE, PRINCIPAL BALANCE EQUAL TO OR LESS
THAN REPLACED LOAN,HAS A WEIGHTED AVERAGE LIFE OF NO GREATER
OR LESS THAN 12 MONTHS OF REPLACED LOAN.
++ PRINCIPAL PLUS ACCRUED AT THE NET LOAN RATE FROM DISTRIBUTION
DATE TO DISTRIBUTION DATE.
(1) SPECIAL ADVANCE ONLY
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on November 15, 1996
<PAGE>
ABFS MORTGAGE LOAN TRUST REMIC SERIES 1996-2
MORTGAGE PASS-THROUGH CERTIFICATES, CLASS A AND CLASS R
THE CHASE MANHATTAN BANK AS TRUSTEE
MONTHLY SERVICING CERTIFICATE
DUE PERIOD
- ----------
BEGINNING DATE: 10/01/96 END DATE: 10/31/96
DISTRIBUTION DATE: 11/15/96
BEGINNING POOL BALANCE: $39,949,030.22
BEGINNING CLASS A CERTIFICATE BALANCE: $38,691,963.61
1.TOTAL INTEREST PAYMENTS RECEIVED $290,428.86
2.TOTAL PRINCIPAL PAYMENTS/PREPAYMENTS RECEIVED $347,856.03
A) TOTAL REGULAR PRINCIPAL $49,818.98
B) TOTAL PRINCIPAL PREPAYMENTS RECEIVED CLASS A (100%) $292,495.08
C) PARTIAL PREPAYMENTS CLASS A (100%) $5,541.97
3. MISCELLANEOUS FEES $4,256.27
4. TOTAL INSURANCE PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION EXPENSES (TO SERVICER) NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
BALANCE OF PROCEEDS NONE
5. TOTAL LIQUIDATION PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION XPENSES (TO SERVICER) NONE
BALANCE OF PROCEEDS (100% CLASS A) NONE
6. SUBSTITUTION/PURCHASE DEFECTIVE-DELINQUENT LOANS + NONE
A) SUBSTITUTION AMOUNT ++ NONE
B) PURCHASE PRICE AMOUNT NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
7. AMOUNT OF ADVANCES ** NONE
8.BALANCE OF CAPITALIZED INTEREST ACCOUNT AT CLOSING $174,835.85
AGGREGATE AMOUNT OF WITHDRAWALS FROM CAPITALIZED
INTEREST ACCOUNT $116,557.24
A) WITHDRAWALS FROM OCT96 $58,278.62
B) WITHDRAWALS FROM NOV96 $58,278.62
C) WITHDRAWALS FROM DEC96 $0.00
BALANCE REMAINING IN CAPITALIZED INTEREST ACCOUNT $58,278.61
9. SERVICING FEE $16,645.43
10.TRUSTEE FEE $1,331.63
11. SURETY FEE $9,028.12
<PAGE>
12. AMOUNT DELETED FROM SERVICING FEE FOR EXTERNAL
ACCOUNTANTS ($2,000.00 QUARTERLY OR $666.66 MONTHLY) $666.66
13. AGGREGATE WITHDRAWALS (LIST BELOW)
A) LIQUIDATION EXPENSES NONE
B) PROPERTY PROTECTION EXPENSES NONE
C) EXCESS OF SUBSTITUTED/REPURCVHASED DEFECTIVE
MORTGAGE LOAN NONE
D) LEGAL EXPENSES NONE
E) UNREIMBURSED ADVANCES (WITHOUT INTEREST) $0.00
F) NON-RECOVERABLE ADVANCES NONE
G) MISCELLANEOUS FEES $4,256.27
14. TOTAL AVAILABLE FUNDS FOR DISTRIBUTION $700,819.78
15. CLASS A FORMULA AMOUNT
A) INTEREST (7.525%) $242,630.86
B) UNPAID CLASS A INTEREST SHORTFALL NONE
C) PRINCIPAL PAYMENTS $49,818.98
D) PREPAYMENTS (100%) $298,037.05
E) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
F) OTHER NONE
G) TOTAL $590,486.89
16. REMAINING AVAILABLE FUNDS $110,332.89
17. CLASS A DISTRIBUTION AMOUNT
A) AMOUNT ALLOCABLE TO CURRENT INTEREST $242,630.86
B) AMOUNT OF INTEREST UNPAID TO CLASS A HOLDERS PLUS
ACCRUED INTEREST AT 7.525% FROM DISTRIBUTION DATE
TO DISTRIBUTION DATE NONE
C) AMOUNT ALLOCABLE TO CURRENT PRINCIPAL $347,856.03
D) AMOUNT OF ANY UNPAID CLASS A PRINCIPAL SHORTFALL NONE
E) SUB-TOTAL $590,486.89
F) EXCESS INTEREST PAYABLE TO CLASS A AS PRINCIPAL $79,071.44
G) TOTAL $669,558.32
18. UNPAID PRINCIPAL AND INTEREST FROM PRIOR AND CURRENT PERIOD
A) UNPAID CLASS A INTEREST SHORTFALL NONE
B) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
19. REALIZED LOSSES (UNALLOCATED)
A) PRINCIPAL BALANCE OF DEFAULTED LOAN NONE
B) UNPAID ACCRUED INTEREST
(LESS SERVICING AND TRUSTEE FEES) NONE
C) LIQUIDATION PROCEEDS NONE
D) REALIZED LOSSES (IF ANY) NONE
E) AMOUNT OF LOSS ALLOCATED TO CLASS A NONE
20. OVER-COLLATERALIZATION AMOUNT (POOL BALANCE-DELINQUENT
LOAN LOSS RESERVES-DEFECTIVE MORTGAGE BALANCE NOT
SUBSTITUTED OR REPURCHASED=ADJUSTED POOL BALANCE
A) ADJUSTED POOL BALANCE $39,949,030.22
MINUS
B) CLASS A CERTIFICATE BALANCE $38,691,963.61
C) DIFFERENCE $1,257,066.61
DIVIDED BY
D) ADJUSTED POOL BALANCE $39,949,030.22
E) OVERCOLLATERALIZATION AMOUNT AS A PERCENTAGE 3.15%
<PAGE>
21. CLASS R DISTRIBUTION AMOUNT * NONE
22. TOTAL POOL BALANCE AFTER DISTRIBUTION $39,601,174.19
23. CLASS A PRINCIPAL FACTOR AFTER DISTRIBUTION IS MADE
A) PRINCIPAL AFTER DISTRIBUTION $38,265,036.14
B) ORIGINAL PRINCIPAL $38,799,000.00
C) CLASS A PRINCIPAL FACTOR 0.9862376902
D) CLASS A PERCENTAGE AFTER DISTRIBUTION IS MADE 96.63
24. DELINQUENCIES
PERIOD (DAYS) NUMBER OF LOANS PRINCIPAL BALANCE
30 0 $0.00
60 0 $0.00
90 OR GREATER 0 $0.00
FORECLOSURES 0 $0.00
REAL ESTATE ACQUIRED 0 $0.00
TOTAL 0 $0.00
25. LISTING OF PROPERTY DAMAGED BY HAZERDOUS WASTE, IF APPLICABLE SEE
ATTACHED
APPLICABLE_______ NOT APPLICABLE__X___
26. CAPITALIZED INTEREST ACCOUNT RECAP
A. AGGREGATE WITHDRAWALS $116,557.24
B.REMAINING BALANCE $58,278.61
27. WEIGHTED AVERAGE COUPON OF LOANS AFTER DISTRIBUTION HAS BEEN MADE
13.07
28. WEIGHTED AVERAGE MATURITY OF LOANS AFTER DISTRIBUTION HAS BEEN MADE
182
PREPARED BY:
ANNE BUCCERONI
VERIFIED BY:
DAVID LEVIN
* CLASS R WILL NOT RECEIVE ANY PAYMENTS UNTIL SUCH TIME OVERCOLLATERALIZATION
IS MET.
** DETERMINED AS OF THE CLOSE OF BUSINESS ON THE4 DAY PRECEDING THE SERVICERS
DISTRIBUTION DATE.(10TH DAY)
+ LOAN RATE MUST BE AT LEAST EQUAL TO LOAN RATE BEING REPLACED BY,
SAME OR BETTER PROPERTY TYPE, SAME OR BETTER OCCUPANCY STATUS, SHALL
MATURE NO LATER HAN REPLACED LOAN, CLTV NO HIGHER THAN REPLACED LOAN,
SAME OR HIGHER QUALITY OF REPLACED LOAN, SHALL BE A FIRST MORTGAGE LOAN
IF LOAN REPLACED WAS FIRST MORTGAGE, PRINCIPAL BALANCE EQUAL TO OR LESS
THAN REPLACED LOAN,HAS A WEIGHTED AVERAGE LIFE OF NO GREATER OR LESS
THAN 12 MONTHS OF REPLACED LOAN.
++ PRINCIPAL PLUS ACCRUED AT THE NET LOAN RATE FROM DISTRIBUTION
DATE TO DISTRIBUTION DATE.
<PAGE>
Exhibit 99.3
Monthly Certificateholder Statement on December 15, 1996
<PAGE>
ABFS MORTGAGE LOAN TRUST REMIC SERIES 1996-2
MORTGAGE PASS-THROUGH CERTIFICATES, CLASS A AND CLASS R
THE CHASE MANHATTAN BANK AS TRUSTEE
MONTHLY SERVICING CERTIFICATE
DUE PERIOD
- ----------
BEGINNING DATE: 11/01/96 END DATE: 11/30/96
DISTRIBUTION DATE: 12/16/96
BEGINNING POOL BALANCE: $39,601,174.19
BEGINNING CLASS A CERTIFICATE BALANCE: $38,265,036.14
1.TOTAL INTEREST PAYMENTS RECEIVED $274,101.21
2.TOTAL PRINCIPAL PAYMENTS/PREPAYMENTS RECEIVED $287,281.38
A) TOTAL REGULAR PRINCIPAL $44,804.66
B) TOTAL PRINCIPAL PREPAYMENTS RECEIVED CLASS A (100%) $236,647.85
C) PARTIAL PREPAYMENTS CLASS A (100%) $5,828.87
3. MISCELLANEOUS FEES $1,535.11
4. TOTAL INSURANCE PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION EXPENSES (TO SERVICER) NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
BALANCE OF PROCEEDS NONE
5. TOTAL LIQUIDATION PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION XPENSES (TO SERVICER) NONE
BALANCE OF PROCEEDS (100% CLASS A) NONE
6. SUBSTITUTION/PURCHASE DEFECTIVE-DELINQUENT LOANS + NONE
A) SUBSTITUTION AMOUNT ++ NONE
B) PURCHASE PRICE AMOUNT NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
7. AMOUNT OF ADVANCES ** NONE
8.BALANCE OF CAPITALIZED INTEREST ACCOUNT AT CLOSING $174,835.85
AGGREGATE AMOUNT OF WITHDRAWALS FROM CAPITALIZED
INTEREST ACCOUNT $174,835.85
A) WITHDRAWALS FROM OCT96 $58,278.62
B) WITHDRAWALS FROM NOV96 $58,278.62
C) WITHDRAWALS FROM DEC96 $58,278.61
BALANCE REMAINING IN CAPITALIZED INTEREST ACCOUNT $0.00
9. SERVICING FEE $16,500.49
10.TRUSTEE FEE $1,320.04
11. SURETY FEE $8,928.51
<PAGE>
12. AMOUNT DELETED FROM SERVICING FEE FOR EXTERNAL ACCOUNTANTS
($2,000.00 QUARTERLY OR $666.66 MONTHLY) $666.66
13. AGGREGATE WITHDRAWALS (LIST BELOW)
A) LIQUIDATION EXPENSES NONE
B) PROPERTY PROTECTION EXPENSES NONE
C) EXCESS OF SUBSTITUTED/REPURCVHASED DEFECTIVE
MORTGAGE LOAN NONE
D) LEGAL EXPENSES NONE
E) UNREIMBURSED ADVANCES (WITHOUT INTEREST) $0.00
F) NON-RECOVERABLE ADVANCES NONE
G) MISCELLANEOUS FEES $1,535.11
14. TOTAL AVAILABLE FUNDS FOR DISTRIBUTION $621,196.31
15. CLASS A FORMULA AMOUNT
A) INTEREST (7.525%) $239,953.66
B) UNPAID CLASS A INTEREST SHORTFALL NONE
C) PRINCIPAL PAYMENTS $44,804.66
D) PREPAYMENTS (100%) $242,476.72
E) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
F) OTHER NONE
G) TOTAL $527,235.04
16. REMAINING AVAILABLE FUNDS $93,961.27
17. CLASS A DISTRIBUTION AMOUNT
A) AMOUNT ALLOCABLE TO CURRENT INTEREST $239,953.66
B) AMOUNT OF INTEREST UNPAID TO CLASS A HOLDERS PLUS
ACCRUED INTEREST AT 7.525% FROM DISTRIBUTION DATE
TO DISTRIBUTION DATE NONE
C) AMOUNT ALLOCABLE TO CURRENT PRINCIPAL $287,281.38
D) AMOUNT OF ANY UNPAID CLASS A PRINCIPAL SHORTFALL NONE
E) SUB-TOTAL $527,235.04
F) EXCESS INTEREST PAYABLE TO CLASS A AS PRINCIPAL $65,677.12
G) TOTAL $592,912.16
18. UNPAID PRINCIPAL AND INTEREST FROM PRIOR AND CURRENT PERIOD
A) UNPAID CLASS A INTEREST SHORTFALL NONE
B) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
19. REALIZED LOSSES (UNALLOCATED)
A) PRINCIPAL BALANCE OF DEFAULTED LOAN NONE
B) UNPAID ACCRUED INTEREST
(LESS SERVICING AND TRUSTEE FEES) NONE
C) LIQUIDATION PROCEEDS NONE
D) REALIZED LOSSES (IF ANY) NONE
E) AMOUNT OF LOSS ALLOCATED TO CLASS A NONE
20. OVER-COLLATERALIZATION AMOUNT (POOL BALANCE-DELINQUENT
LOAN LOSS RESERVES-DEFECTIVE MORTGAGE BALANCE NOT
SUBSTITUTED OR REPURCHASED=ADJUSTED POOL BALANCE
A) ADJUSTED POOL BALANCE $39,601,174.19
MINUS
B) CLASS A CERTIFICATE BALANCE $38,265,036.14
C) DIFFERENCE $1,336,138.05
DIVIDED BY
D) ADJUSTED POOL BALANCE $39,601,174.19
E) OVERCOLLATERALIZATION AMOUNT AS A PERCENTAGE 3.37%
<PAGE>
21. CLASS R DISTRIBUTION AMOUNT * NONE
22. TOTAL POOL BALANCE AFTER DISTRIBUTION $39,313,892.81
23. CLASS A PRINCIPAL FACTOR AFTER DISTRIBUTION IS MADE
A) PRINCIPAL AFTER DISTRIBUTION $37,912,077.64
B) ORIGINAL PRINCIPAL $38,799,000.00
C) CLASS A PRINCIPAL FACTOR 0.9771405872
D) CLASS A PERCENTAGE AFTER DISTRIBUTION IS MADE 96.43
24. DELINQUENCIES
PERIOD (DAYS) NUMBER OF LOANS PRINCIPAL BALANCE
30 0 $0.00
60 0 $0.00
90 OR GREATER 0 $0.00
FORECLOSURES 0 $0.00
REAL ESTATE ACQUIRED 0 $0.00
TOTAL 0 $0.00
25. LISTING OF PROPERTY DAMAGED BY HAZERDOUS
WASTE, IF APPLICABLE SEE ATTACHED
APPLICABLE_______ NOT APPLICABLE__X___
26. CAPITALIZED INTEREST ACCOUNT RECAP
A. AGGREGATE WITHDRAWALS $174,835.85
B.REMAINING BALANCE $0.00
27. WEIGHTED AVERAGE COUPON OF LOANS AFTER DISTRIBUTION HAS BEEN MADE
13.07
28. WEIGHTED AVERAGE MATURITY OF LOANS AFTER DISTRIBUTION HAS BEEN MADE
182
PREPARED BY:
ANNE BUCCERONI
VERIFIED BY:
DAVID LEVIN
* CLASS R WILL NOT RECEIVE ANY PAYMENTS UNTIL SUCH TIME OVERCOLLATERALIZATION
IS MET.
** DETERMINED AS OF THE CLOSE OF BUSINESS ON THE4 DAY PRECEDING THE SERVICERS
DISTRIBUTION DATE.(10TH DAY)
+ LOAN RATE MUST BE AT LEAST EQUAL TO LOAN RATE BEING REPLACED BY,
SAME OR BETTER PROPERTY TYPE, SAME OR BETTER OCCUPANCY STATUS, SHALL
MATURE NO LATER HAN REPLACED LOAN, CLTV NO HIGHER THAN REPLACED LOAN,
SAME OR HIGHER QUALITY OF REPLACED LOAN, SHALL BE A FIRST MORTGAGE LOAN
IF LOAN REPLACED WAS FIRST MORTGAGE, PRINCIPAL BALANCE EQUAL TO OR LESS
THAN REPLACED LOAN,HAS A WEIGHTED AVERAGE LIFE OF NO GREATER OR LESS
THAN 12 MONTHS OF REPLACED LOAN.
++ PRINCIPAL PLUS ACCRUED AT THE NET LOAN RATE FROM DISTRIBUTION
DATE TO DISTRIBUTION DATE.
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on January 15, 1997
<PAGE>
ABFS MORTGAGE LOAN TRUST REMIC SERIES 1996-2
MORTGAGE PASS-THROUGH CERTIFICATES, CLASS A AND CLASS R
THE CHASE MANHATTAN BANK AS TRUSTEE
MONTHLY SERVICING CERTIFICATE
DUE PERIOD
- ----------
BEGINNING DATE: 12/01/96 END DATE: 12/31/96
DISTRIBUTION DATE: 01/15/97
BEGINNING POOL BALANCE: $39,313,892.81
BEGINNING CLASS A CERTIFICATE BALANCE: $37,912,077.64
1.TOTAL INTEREST PAYMENTS RECEIVED $449,023.98
2.TOTAL PRINCIPAL PAYMENTS/PREPAYMENTS RECEIVED $438,838.83
A) TOTAL REGULAR PRINCIPAL $79,221.26
B) TOTAL PRINCIPAL PREPAYMENTS RECEIVED CLASS A (100%) $351,008.4
C) PARTIAL PREPAYMENTS CLASS A (100%) $8,609.08
3. MISCELLANEOUS FEES $2,177.39
4. TOTAL INSURANCE PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION EXPENSES (TO SERVICER) NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
BALANCE OF PROCEEDS NONE
5. TOTAL LIQUIDATION PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION XPENSES (TO SERVICER) NONE
BALANCE OF PROCEEDS (100% CLASS A) NONE
6. SUBSTITUTION/PURCHASE DEFECTIVE-DELINQUENT LOANS + NONE
A) SUBSTITUTION AMOUNT ++ NONE
B) PURCHASE PRICE AMOUNT NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
7. AMOUNT OF ADVANCES ** $6,106.10
8.BALANCE OF CAPITALIZED INTEREST ACCOUNT AT CLOSING $174,835.85
AGGREGATE AMOUNT OF WITHDRAWALS FROM CAPITALIZED
INTEREST ACCOUNT $174,835.85
A) WITHDRAWALS FROM OCT96 $58,278.62
B) WITHDRAWALS FROM NOV96 $58,278.62
C) WITHDRAWALS FROM DEC96 $58,278.61
BALANCE REMAINING IN CAPITALIZED INTEREST ACCOUNT $0.00
9. SERVICING FEE $16,380.79
10.TRUSTEE FEE $1,310.46
11. SURETY FEE $8,846.15
<PAGE>
12. AMOUNT DELETED FROM SERVICING FEE FOR EXTERNAL ACCOUNTANTS
($2,000.00 QUARTERLY OR $666.66 MONTHLY) $666.66
13. AGGREGATE WITHDRAWALS (LIST BELOW)
A) LIQUIDATION EXPENSES NONE
B) PROPERTY PROTECTION EXPENSES NONE
C) EXCESS OF SUBSTITUTED/REPURCVHASED DEFECTIVE
MORTGAGE LOAN NONE
D) LEGAL EXPENSES NONE
E) UNREIMBURSED ADVANCES (WITHOUT INTEREST) $0.00
F) NON-RECOVERABLE ADVANCES NONE
G) MISCELLANEOUS FEES $2,177.39
14. TOTAL AVAILABLE FUNDS FOR DISTRIBUTION $954,424.91
15. CLASS A FORMULA AMOUNT
A) INTEREST (7.525%) $237,740.32
B) UNPAID CLASS A INTEREST SHORTFALL NONE
C) PRINCIPAL PAYMENTS $79,221.26
D) PREPAYMENTS (100%) $359,617.57
E) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
F) OTHER NONE
G) TOTAL $676,579.15
16. REMAINING AVAILABLE FUNDS $277,845.76
17. CLASS A DISTRIBUTION AMOUNT
A) AMOUNT ALLOCABLE TO CURRENT INTEREST $237,740.32
B) AMOUNT OF INTEREST UNPAID TO CLASS A HOLDERS PLUS
ACCRUED INTEREST AT 7.525% FROM DISTRIBUTION DATE
TO DISTRIBUTION DATE NONE
C) AMOUNT ALLOCABLE TO CURRENT PRINCIPAL $438,838.83
D) AMOUNT OF ANY UNPAID CLASS A PRINCIPAL SHORTFALL NONE
E) SUB-TOTAL $676,579.15
F) EXCESS INTEREST PAYABLE TO CLASS A AS PRINCIPAL $249,130.97
G) TOTAL $925,710.12
18. UNPAID PRINCIPAL AND INTEREST FROM PRIOR AND CURRENT PERIOD
A) UNPAID CLASS A INTEREST SHORTFALL NONE
B) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
19. REALIZED LOSSES (UNALLOCATED)
A) PRINCIPAL BALANCE OF DEFAULTED LOAN NONE
B) UNPAID ACCRUED INTEREST (LESS SERVICING AND TRUSTEE FEES) NONE
C) LIQUIDATION PROCEEDS NONE
D) REALIZED LOSSES (IF ANY) NONE
E) AMOUNT OF LOSS ALLOCATED TO CLASS A NONE
20. OVER-COLLATERALIZATION AMOUNT (POOL BALANCE-DELINQUENT
LOAN LOSS RESERVES-DEFECTIVE MORTGAGE BALANCE NOT
SUBSTITUTED OR REPURCHASED=ADJUSTED POOL BALANCE
A) ADJUSTED POOL BALANCE $39,313,892.81
MINUS
B) CLASS A CERTIFICATE BALANCE $37,912,077.64
C) DIFFERENCE $1,401,815.17
DIVIDED BY
D) ADJUSTED POOL BALANCE $39,313,892.81
E) OVERCOLLATERALIZATION AMOUNT AS A PERCENTAGE 3.57%
<PAGE>
21. CLASS R DISTRIBUTION AMOUNT * NONE
22. TOTAL POOL BALANCE AFTER DISTRIBUTION $38,875,057.98
23. CLASS A PRINCIPAL FACTOR AFTER DISTRIBUTION IS MADE
A) PRINCIPAL AFTER DISTRIBUTION $37,224,107.84
B) ORIGINAL PRINCIPAL $38,799,000.00
C) CLASS A PRINCIPAL FACTOR 0.9594089498
D) CLASS A PERCENTAGE AFTER DISTRIBUTION IS MADE 95.75
24. DELINQUENCIES
PERIOD (DAYS) NUMBER OF LOANS PRINCIPAL BALANCE
30 0 $0.00
60 0 $0.00
90 OR GREATER 0 $0.00
FORECLOSURES 0 $0.00
REAL ESTATE ACQUIRED 0 $0.00
TOTAL 0 $0.00
25. LISTING OF PROPERTY DAMAGED BY HAZERDOUS
WASTE, IF APPLICABLE SEE ATTACHED
APPLICABLE_______ NOT APPLICABLE__X___
26. CAPITALIZED INTEREST ACCOUNT RECAP
A. AGGREGATE WITHDRAWALS $$174,835.85
B.REMAINING BALANCE $0.00
27. WEIGHTED AVERAGE COUPON OF LOANS AFTER DISTRIBUTION HAS BEEN MADE
13.29
PREPARED BY:
ANNE BUCCERONI
VERIFIED BY:
DAVID LEVIN
* CLASS R WILL NOT RECEIVE ANY PAYMENTS UNTIL SUCH TIME OVERCOLLATERALIZATION
IS MET.
** DETERMINED AS OF THE CLOSE OF BUSINESS ON THE4 DAY PRECEDING THE SERVICERS
DISTRIBUTION DATE.(10TH DAY)
+ LOAN RATE MUST BE AT LEAST EQUAL TO LOAN RATE BEING REPLACED BY,
SAME OR BETTER PROPERTY TYPE, SAME OR BETTER OCCUPANCY STATUS, SHALL
MATURE NO LATER HAN REPLACED LOAN, CLTV NO HIGHER THAN REPLACED LOAN,
SAME OR HIGHER QUALITY OF REPLACED LOAN, SHALL BE A FIRST MORTGAGE LOAN
IF LOAN REPLACED WAS FIRST MORTGAGE, PRINCIPAL BALANCE EQUAL TO OR LESS
THAN REPLACED LOAN,HAS A WEIGHTED AVERAGE LIFE OF NO GREATER OR LESS
THAN 12 MONTHS OF REPLACED LOAN.
++ PRINCIPAL PLUS ACCRUED AT THE NET LOAN RATE FROM DISTRIBUTION
DATE TO DISTRIBUTION DATE.
(1) PREFUNDING PORTION OF LOANS (247)
(1)2331.94 OF THE ADVANCES REPRESENTS LOANS IN WHICH THE FIRST PAY DATE
IS NOT UNTIL 1/97. THE CUT-OFF IS 11/30/96 CAUSING THE INVESTOR TO
RECEIVE
INTEREST ON THE PREFUNDING PORTION OF THE LOANS FROM 12/96.
<PAGE>
Exhibit 99.3
Monthly Certificateholder Statement on February 15, 1997
<PAGE>
ABFS MORTGAGE LOAN TRUST REMIC SERIES 1996-2
MORTGAGE PASS-THROUGH CERTIFICATES, CLASS A AND CLASS R
THE CHASE MANHATTAN BANK AS TRUSTEE
MONTHLY SERVICING CERTIFICATE
DUE PERIOD
- ----------
BEGINNING DATE: 01/01/97 END DATE: 01/31/97
DISTRIBUTION DATE: 02/17/97
BEGINNING POOL BALANCE: $38,875,057.98
BEGINNING CLASS A CERTIFICATE BALANCE: $37,224,107.84
1.TOTAL INTEREST PAYMENTS RECEIVED $449,268.45
2.TOTAL PRINCIPAL PAYMENTS/PREPAYMENTS RECEIVED $462,189.01
A) TOTAL REGULAR PRINCIPAL $70,219.05
B) TOTAL PRINCIPAL PREPAYMENTS RECEIVED CLASS A (100%) $387,897.54
C) PARTIAL PREPAYMENTS CLASS A (100%) $4,072.42
3. MISCELLANEOUS FEES $2,393.34
4. TOTAL INSURANCE PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION EXPENSES (TO SERVICER) NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
BALANCE OF PROCEEDS NONE
5. TOTAL LIQUIDATION PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION XPENSES (TO SERVICER) NONE
BALANCE OF PROCEEDS (100% CLASS A) NONE
6. SUBSTITUTION/PURCHASE DEFECTIVE-DELINQUENT LOANS + NONE
A) SUBSTITUTION AMOUNT ++ NONE
B) PURCHASE PRICE AMOUNT NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
7. AMOUNT OF ADVANCES ** $2,786.22
8.BALANCE OF CAPITALIZED INTEREST ACCOUNT AT CLOSING $174,835.85
AGGREGATE AMOUNT OF WITHDRAWALS FROM CAPITALIZED
INTEREST ACCOUNT $174,835.85
A) WITHDRAWALS FROM OCT96 $58,278.62
B) WITHDRAWALS FROM NOV96 $58,278.62
C) WITHDRAWALS FROM DEC96 $58,278.61
BALANCE REMAINING IN CAPITALIZED INTEREST ACCOUNT $0.00
9. SERVICING FEE $16,197.94
10.TRUSTEE FEE $1,295.84
11. SURETY FEE $8,685.63
<PAGE>
12. AMOUNT DELETED FROM SERVICING FEE FOR EXTERNAL ACCOUNTANTS
($2,000.00 QUARTERLY OR $666.66 MONTHLY) $666.66
13. AGGREGATE WITHDRAWALS (LIST BELOW)
A) LIQUIDATION EXPENSES NONE
B) PROPERTY PROTECTION EXPENSES NONE
C) EXCESS OF SUBSTITUTED/REPURCVHASED DEFECTIVE
MORTGAGE LOAN NONE
D) LEGAL EXPENSES NONE
E) UNREIMBURSED ADVANCES (WITHOUT INTEREST) $656.63
F) NON-RECOVERABLE ADVANCES NONE
G) MISCELLANEOUS FEES $2,393.34
14. TOTAL AVAILABLE FUNDS FOR DISTRIBUTION $916,637.02
15. CLASS A FORMULA AMOUNT
A) INTEREST (7.525%) $233,426.18
B) UNPAID CLASS A INTEREST SHORTFALL NONE
C) PRINCIPAL PAYMENTS $70,219.05
D) PREPAYMENTS (100%) $391,969.96
E) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
F) OTHER NONE
G) TOTAL $695,615.19
16. REMAINING AVAILABLE FUNDS $221,021.83
17. CLASS A DISTRIBUTION AMOUNT
A) AMOUNT ALLOCABLE TO CURRENT INTEREST $233,426.18
B) AMOUNT OF INTEREST UNPAID TO CLASS A HOLDERS PLUS
ACCRUED INTEREST AT 7.525% FROM DISTRIBUTION DATE
TO DISTRIBUTION DATE NONE
C) AMOUNT ALLOCABLE TO CURRENT PRINCIPAL $462,189.01
D) AMOUNT OF ANY UNPAID CLASS A PRINCIPAL SHORTFALL NONE
E) SUB-TOTAL $695,615.19
F) EXCESS INTEREST PAYABLE TO CLASS A AS PRINCIPAL $191,792.46
G) TOTAL $887,407.65
18. UNPAID PRINCIPAL AND INTEREST FROM PRIOR AND CURRENT PERIOD
A) UNPAID CLASS A INTEREST SHORTFALL NONE
B) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
19. REALIZED LOSSES (UNALLOCATED)
A) PRINCIPAL BALANCE OF DEFAULTED LOAN NONE
B) UNPAID ACCRUED INTEREST
(LESS SERVICING AND TRUSTEE FEES) NONE
C) LIQUIDATION PROCEEDS NONE
D) REALIZED LOSSES (IF ANY) NONE
E) AMOUNT OF LOSS ALLOCATED TO CLASS A NONE
20. OVER-COLLATERALIZATION AMOUNT (POOL BALANCE-DELINQUENT
LOAN LOSS RESERVES-DEFECTIVE MORTGAGE BALANCE NOT
SUBSTITUTED OR REPURCHASED=ADJUSTED POOL BALANCE
A) ADJUSTED POOL BALANCE $38,875,057.98
MINUS
B) CLASS A CERTIFICATE BALANCE $37,224,107.84
C) DIFFERENCE $1,650,950.14
DIVIDED BY
D) ADJUSTED POOL BALANCE $38,875,057.98
E) OVERCOLLATERALIZATION AMOUNT AS A PERCENTAGE 4.25%
<PAGE>
21. CLASS R DISTRIBUTION AMOUNT * NONE
22. TOTAL POOL BALANCE AFTER DISTRIBUTION (1) $38,413,093.57
23. CLASS A PRINCIPAL FACTOR AFTER DISTRIBUTION IS MADE
A) PRINCIPAL AFTER DISTRIBUTION $36,570,126.37
B) ORIGINAL PRINCIPAL $38,799,000.00
C) CLASS A PRINCIPAL FACTOR 0.9425533227
D) CLASS A PERCENTAGE AFTER DISTRIBUTION IS MADE 95.20
24. DELINQUENCIES
PERIOD (DAYS) NUMBER OF LOANS PRINCIPAL BALANCE
30 0 $0.00
60 0 $0.00
90 OR GREATER 0 $0.00
FORECLOSURES 0 $0.00
REAL ESTATE ACQUIRED 0 $0.00
TOTAL 0 $0.00
25. LISTING OF PROPERTY DAMAGED BY HAZERDOUS
WASTE, IF APPLICABLE SEE ATTACHED
APPLICABLE_______ NOT APPLICABLE__X___
26. CAPITALIZED INTEREST ACCOUNT RECAP
A. AGGREGATE WITHDRAWALS $174,835.85
B.REMAINING BALANCE $0.00
27. WEIGHTED AVERAGE COUPON OF LOANS AFTER DISTRIBUTION HAS BEEN MADE
13.30
28. WEIGHTED AVERAGE MATURITY OF LOANS AFTER DISTRIBUTION HAS BEEN MADE
178
PREPARED BY:
ANNE BUCCERONI
VERIFIED BY:
DAVID LEVIN
* CLASS R WILL NOT RECEIVE ANY PAYMENTS UNTIL SUCH TIME OVERCOLLATERALIZATION
IS MET.
** DETERMINED AS OF THE CLOSE OF BUSINESS ON THE4 DAY PRECEDING THE
SERVICERS DISTRIBUTION DATE.(10TH DAY)
+ LOAN RATE MUST BE AT LEAST EQUAL TO LOAN RATE BEING REPLACED BY,
SAME OR BETTER PROPERTY TYPE, SAME OR BETTER OCCUPANCY STATUS, SHALL
MATURE NO LATER HAN REPLACED LOAN, CLTV NO HIGHER THAN REPLACED LOAN,
SAME OR HIGHER QUALITY OF REPLACED LOAN, SHALL BE A FIRST MORTGAGE LOAN
IF LOAN REPLACED WAS FIRST MORTGAGE, PRINCIPAL BALANCE EQUAL TO OR LESS
THAN REPLACED LOAN,HAS A WEIGHTED AVERAGE LIFE OF NO GREATER OR LESS THAN
12 MONTHS OF REPLACED LOAN.
++ PRINCIPAL PLUS ACCRUED AT THE NET LOAN RATE FROM DISTRIBUTION
DATE TO DISTRIBUTION DATE.
(1) 224.60 POSTED TO PRINCIPAL IN ERROR TO LOAN NUMBER H633.
NO CASH TRANSACTED. THIS WILL BE CORRECTED NEXT MONTH.
