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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
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September 29, 1997
(Date of Report - Date of earliest event reported)
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Capitol Home Equity Loan Trust 1990-1
(Issuer in respect of the Capitol Home Equity Loan
Asset Backed Certificates, Series 1990-1, Class A and Class B)
(Exact name of registrant as specified in its charter)
33-54426
(Commission File No.)
Maryland 52-0897004
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8401 Connecticut Avenue
Chevy Chase, Maryland 20815
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (301) 986-7000
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Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Monthly Report to Certificateholders dated September 29, 1997
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has caused this report to be signed on behalf of Capitol
Home Equity Loan Trust 1990-1 by the undersigned thereunto duly authorized.
CAPITOL HOME EQUITY LOAN TRUST 1990-1
By: Chevy Chase Bank, F.S.B.
Originator of the Trust and Servicer
Dated: October 6, 1997 By: Stephen R. Halpin, Jr.
____________________________________
Stephen R. Halpin, Jr.
Executive Vice President and
Chief Financial Officer
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EXHIBIT
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MONTHLY CERTIFICATEHOLDERS STATEMENT (O)
CAPITOL HOME EQUITY LOAN TRUST 1990-1
Under subsection 5.02(b) of the Pooling and Servicing Agreement dated as
of December 1, 1990 by and between Chevy Chase Savings Bank, F.S.B., a federally
chartered savings bank, as Seller and Servicer, and Chemical Bank, as Trustee
(hereinafter as such agreement may have been, or may from time to time, be
amended, supplemented or otherwise modified, the "Pooling and Servicing
Agreement"), Chevy Chase Savings Bank, F.S.B., as the Servicer, is required to
prepare certain information each month regarding current distributions on each
Class of Regular Certificates and the performance of the Capitol Home Loan Trust
1990-1 (the "Trust") during the related Collection Period. The information that
is required to be prepared with respect to the distribution to Holders (the
Certificateholders") of the Class A Certificates and the Class B Certificates on
September 29, 1997 ("Distribution Date" ) and the performance of the Trust
during the month of August, 1997 ("the Collection Period") is set forth below.
Certain of the information is presented on the basis of an original principal
amount of $1,000 per Class A Certificate or Class B Certificate, as the case may
be. Capitalized terms used and not otherwise defined herein have the meanings
assigned them in the Pooling and Servicing Agreement.
A. Information Regarding the Current Monthly Distribution to
Class A Certificateholders (Per $1,000 Original Principal
Amount of a Class A Certificate).
1. The total amount of the distribution allocable to
principal of the Class A
Certificates.......................................$0.000000000
2. The amount of any Unpaid Class A Principal
Shortfall included in the distribution set forth in
the distribution set forth in paragraph A.1 above
....................................................$0.00
3. The amount of any remaining Unpaid Class A
Principal Shortfall after giving effect to the
distribution set forth in paragraph A.1 above.....$0.00
4. The total amount of the distribution allocable to
interest on the Class A Certificates
..........................$0.000000000
5. The amount of any Unpaid Class A Interest
Shortfall Interest Shortfall included in the
distribution set forth in set forth in paragraph
A.4 above..........................................$0.00
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6. The amount of any remaining Unpaid Class A
Interest Shortfall after giving effect to the
distribution set forth in paragraph A.4
above..............................................$0.00
7. The amount of any Class A Principal Shortfall
for the Distribution Date
...................................................$0.00
8. The amount of any Class A Interest Shortfall for
the Distribution Date
...................................................$0.00
B. Information Regarding the Current Monthly Distribution to
Class B Certificateholders (Per $1,000 Original Principal
Amount of a Class B Certificate).
1. The total amount of the distribution allocable to
principal of the Class B
Certificates.......................................$2.920034067
2. The amount of any Unpaid Class B Principal
Shortfall included in the distribution set forth in
paragraph B.1 above
....................................................$0.00
3. The amount of any remaining Unpaid Class B
Principal Shortfall after giving effect to the
distribution set forth in paragraph B.1
above...............................................$0.00
4. The total amount of the distribution allocable to
interest on the Class B Certificates
....................................................$5.944444444
5. The amount of any Unpaid Class B Interest
Shortfall included in the
distribution set forth in paragraph B.4 above
....................................................$0.00
6. The amount of any remaining Unpaid Class B
Interest Shortfall after giving effect to the
distribution set forth in paragraph B.4
above...............................................$0.00
7. The amount of any Draw Amount for the
Distribution Date
....................................................$0.00
8. The Available Surety Bond Amount for the next
succeeding Distribution
Date................................................$578.50
9. The amount of any Class B Principal Shortfall
for the Distribution Date
....................................................$0.00
10. The amount of any Class B Interest Shortfall
for the Distribution Date
....................................................$0.00
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C. Class A Certificate Balance and Factor Information
1. The Class A Principal Balance after giving
effect to the distribution set forth in paragraph A.1
above............................$0.00
2. The Class A Principal Factor after giving effect
to the distribution set forth in paragraph
A1....................0.000000000%
D. Class B Certificate Balance and Factor Information
1. The Class B Principal Balance after giving
effect to the distribution set forth in paragraph
B1...................$38,073,783.60
2. The Class B Principal Factor after giving effect
to the distribution set forth in paragraph
B1....................45.321328879%
E. Pool Balance Information
1. The Pool Balance for the next succeeding
Distribution Date...................................$38,073,783.60
F. Information Regarding the Performance of the Trust
1. As of the end of the Collection Period, with
respect to delinquent Mortgage Loans:
(i) Mortgage Loans delinquent one Minimum
Monthly Payment
(a) number.....................................55
(b) aggregate Trust
Balances..................................$2,073,253.70
(ii) Mortgage Loans delinquent two or more Minimum Monthly Payments
(60 or more days past due including REO and Foreclosures)
(a) number.....................................41
(b) aggregate Trust
Balances..................................$1,505,165.94
(c) % of Total Trust Balances
..........................................3.9533%
2. The book value (within the meaning of
12 C.F.R. 571.13 or any comparable provision)
of any Mortgaged Properties acquired in
Foreclosure Proceedings during the Collection
Period..............................................$0.00
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly
executed this 15th day of September, 1997.
CHEVY CHASE BANK, F.S.B.
as Servicer
By: Carol Thomas
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Carol Thomas
Vice President
