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
_______________________________
January 31, 1997
(Date of Report - Date of earliest event reported)
_______________________________
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 January 31, 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: February 14, 1997 By: Stephen R. Halpin, Jr.
_________________________
Stephen R. Halpin, Jr.
Executive Vice President and
Chief Financial Officer
<PAGE>
EXHIBIT
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 January 31, 1997(the
"Distribution Date") and the performance of the Trust during the month
of December, 1996 (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..............................$0.000000000
2. The amount of any Unpaid Class A
Principal Shortfall included in
the distribution set forth in
paragraph A.1 above ........................$.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............$.00
4. The total amount of the distribution
allocable to interest on the Class A
Certificates ...............................$0.000000000
5. The amount of any Unpaid Class A
Interest Shortfall included in the
distribution set forth in paragraph
A.4 above ..................................$.00
6. The amount of any remaining Unpaid
Class A Interest Shortfall after
giving effect to the distribution
set forth in paragraph A.4 above............$.00
7. The amount of any Class A Principal
Shortfall for the Distribution Date ........$.00
8. The amount of any Class A Interest
Shortfall for the Distribution Date ........$.00
B. Information Regarding the Current Monthly
Distribution to Class B Certificateholders
(Per $1,000 Original Principal Amount of a
Class B Certificate)._____________________
1. The total amount of the distribution
allocable to principal of the Class
B Certificates .............................$.00
2. The amount of any Unpaid Class B
Principal Shortfall included in
the distribution set forth in
paragraph B.1 above ........................$.00
3. The amount of any remaining Unpaid
Class B Principal Shortfall after
giving effect to the distribution
set forth in Paragraph in B.1 above ........$.00
4. The total amount of the distribution
allocable to interest on the Class B
Certificate ................................$5.812500000
5. The amount of any Unpaid Class B
Interest Shortfall included in the
distribution set forth in paragraph
B.4 above ..................................$.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 ..................................$.00
7. The amount of any Draw Amount for
the Distribution Date .....................$.00
8. The Available Surety Bond Amount for
the next succeeding Distribution Date......$449.15
9. The amount of any Class B Principal
Shortfall for the Distribution Date .......$.00
10. The amount of any Class B Interest
Shortfall for the Distribution Date ...... $.00
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 A.1 above...........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 B.1 above...............$49,038,427.15
2. The Class B Principal Factor after
giving effect to the distribution set
forth in paragraph B.1 above...............58.3732%
E. Pool Balance Information
1. The Pool Balance for the next
succeeding Distribution Date...............$49,038,427.15
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..........$1,946,931.73
(ii) Mortgage Loans delinquent two
or more Minimum Monthly Payments
(60 or more days past due including
REO and Foreclosures)
(a) number ...........................# 33
(b) aggregate Trust Balances .........$1,267,350.90
(c) % of Total Trust Balances ........2.5844%
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
1990-1
02/25/97 O-6 11:18 AM
G. Certificate Pass-Through Rates
1. The Class A Pass-Through Rate for
the next succeeding Distribution Date........0.0000%
2. The Class B Pass-Through Rate for
the next succeeding Distribution Date........6.5000%
H. Other Information
IN WITNESS WHEREOF, the undersigned has caused this
Certificate to be duly executed this 31th day of January, 1997.
CHEVY CHASE SAVINGS BANK, F.S.B.
as Servicer
By: John N. Sousane
____________________________
John N. Sousane
Vice President
