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):June 27, 1996
Bear Stearns Mortgage Securities Inc.
(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.On June 27, 1996, as part of a transfer of its master servicing
portfolio, Bear Stearns Mortgage Capital Corporation concluded the
transfer of its obligations as Master Servicer under the Pooling
and Servicing Agreement to First Union National Bank of North
Carolina and First Union National Bank of North Carolina assumed
such obligations.
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: July 10, 1996 By: /S/William J. Mortgoris
William J. Montgoris
Treasurer and Secretary
