FORM 8-K
_____________
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):September 25, 1996
Bear Stearns Mortgage Securities Inc.
Mortgage Pass-Through certificates, Series 1996-3
(Exact name of registrant as specified in its charter)
Delaware 33-44658 13-3633241
(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification No.)
245 Park Avenue, New York, New York 10167
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 272-2000
Not Applicable
(Former name or former address, if changed since last report.)
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Item 5. Other Events.
1.A distribution was made to the Certificateholders of the Bear
Stearns Mortgage Securities, Inc. Mortgage Pass-Through
Certificates,Series 1996-3, on September 25, 1996. The distribution was
made pursuant to the provisions of a Pooling and Servicing
Agreement dated June 28, 1996, between and among Bear Stearns
Mortgage Securities Inc., as Depositor, ICI Funding orporation, as
Master Servicer and Seller, and Banker Trust Companyof California,
N.A., as Trustee.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
28.3 September 25, 1996 - Information on Distribution to
Certificateholders
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 thereunto duly authorized.
Bear Stearns Mortgage Securities Inc.
(Registrant)
Date: Octoberr 9, 1996 By: /S/William J. Mortgoris
William J. Montgoris
Treasurer and Secretary
BEAR STEARNS MORTGAGE SECURITIES INC.
FORM 8-K
CURRENT REPORT
Exhibit Index
Exhibit No. Description
(28.3) September 25, 1996 - Information on
Distribution to Certificateholders
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SEPTEMBER 25, 1996 - INFORMATION ON DISTRIBUTION EXHIBIT 28.3
TO CERTIFICATEHOLDERS
Bear Stearns Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1996-3
<CAPTION>
Principal Amt
Original Outstanding Ending
Certificat Principal Prior to Interest Interest Interest Principal Principal Amount
Class Amount Distribution Rate Accrued Distributed Payable Outstanding
<S> <C> <C> <C> <C> <C> <C> <C>
1-A $45,532,000 $42,292,295 6.820% $240,361 $240,361 $2,143,462 $40,148,833
2-A $28,467,000 $28,467,000 7.240% $171,751 $171,751 $0 $28,467,000
3-A $24,371,000 $24,371,000 7.390% $150,085 $150,085 $0 $24,371,000
4-A $18,604,000 $18,604,000 7.550% $117,050 $117,050 $0 $18,604,000
5-A $17,089,000 $17,089,000 7.550% $110,366 $110,366 $0 $17,089,000
6-A $6,502,000 $6,502,000 7.750% $41,992 $41,992 $0 $6,502,000
7-A $12,175,000 $12,175,000 7.750% $78,630 $78,630 $0 $12,175,000
8-A $17,149,000 $17,149,000 7.750% $110,754 $110,754 $0 $17,149,000
9-A $9,256,000 $9,256,000 7.750% $59,778 $59,778 $0 $9,256,000
10-A $16,000,346 $16,000,346 7.750% $103,336 $103,336 $0 $16,000,346
11-A $2,500,000 $2,500,000 7.750% $16,146 $16,146 $0 $2,500,000
PO $165,945 $165,602 0.000% $0 $0 $196 $165,406
X $0 $0 0.000% $208,531 $208,531 $0 $0
1-B $7,608,134 $7,598,084 7.750% $49,071 $49,071 $5,230 $7,592,854
2-B $4,890,943 $4,884,483 7.750% $31,546 $31,546 $3,362 $4,881,121
3-B $2,717,190 $2,713,601 7.750% $17,525 $17,525 $1,868 $2,711,733
4-B $1,412,939 $1,411,073 7.750% $9,113 $9,113 $971 $1,410,102
5-B $978,188 $976,896 7.750% $6,309 $6,309 $672 $976,224
6-B $1,956,380 $1,953,796 7.750% $12,618 $12,618 $1,345 $1,952,451
R-1 $100 $0 7.750% $0 $0 $0 $0
$217,375,165 $214,109,175 $1,534,963 $1,534,963 $2,157,106 $211,952,069
</TABLE>
