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): December 25, 1996
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1996-C)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
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(State or other (Commission File No. (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 911009-7137
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
CWMBS, INC.
Mortgage Pass-Through Certificates
Series 1996-C
On December 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-C, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of February 1, 1996, among CWMBS, Inc. as
Depositor, Independent National Mortgage Corporation, Seller and Master Servicer
and The Bank of New York, as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
1 Report to Holders of CWMBS, Inc., Mortgage Pass-Through
Certificates Series 1996-A relating to the distribution date
of December 25, 1996 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of February 1, 1996.
<PAGE>
SIGNATURES
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.
Dated: December 25, 1996
CSMBS, INC.
By: /s/ Jonathan Chayes
-------------------
Name: Jonathan Chayes
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit Page
1. Monthly Remittance Statement dated 5
December 25, 1996
4.03(i) Reduction of the Stated Amount of Certificates
<TABLE>
<CAPTION>
SINGLE TOTAL
CERTIFICATE AMOUNT
<S> <C> <C> <C>
Class A-1 Certificates QX5 $65.90832938 $3,394,015.33
Class A-2 Certificates QY3 $0.00000000 $0.00
Class A-3 Certificates QZ0 $0.00000000 $0.00
Class A-4 Certificates RA4 $0.00000000 $0.00
Class A-5 Certificates RB2 $0.00000000 $0.00
Class A-6 Certificates RC0 $0.00000000 $0.00
Class A-7 Certificates RD8 $0.00000000 $0.00
Class A-8 Certificates RE6 $0.00000000 $0.00
Class A-9 Certificates RF3 $0.00000000 $0.00
Class R Certificates RG1 $0.00000000 $0.00
Total Amount 3,394,015.33
Aggregate amount of any Principal Prepayments 3,218,623.56
</TABLE>
<TABLE>
<CAPTION>
4.03(ii) Amount of distribution representing interest.
SINGLE TOTAL
CERTIFICATE AMOUNT
<S> <C> <C>
Class A-1 Certificates $2.79414459 $143,887.27
Class A-2 Certificates $5.08333326 $222,944.83
Class A-3 Certificates $5.12500000 $177,975.88
Class A-4 Certificates $5.29166667 $158,607.13
Class A-5 Certificates $5.54166667 $125,529.83
Class A-6 Certificates $5.87500000 $280,584.13
Class A-7 Certificates $5.91666667 $81,022.83
Class A-8 Certificates $6.12500000 $158,660.14
Class A-9 Certificates $5.83333333 $175,000.00
Class R Certificates $0.00000000 $0.00
Total Amount 1,524,212.04
</TABLE>
4.03(iii) Amount of interest shortfall 0.00
4.03(iv) Stated Amount of Certificates after this Distribution
<TABLE>
<CAPTION>
ORIGINAL SINGLE TOTAL
BALANCE CERTIFICATE AMOUNT
<S> <C> <C> <C>
Class A-1 Certificates 51,496,000.00 $502.39227979 $25,871,192.84
Class A-2 Certificates 43,858,000.00 $1,000.00000000 $43,858,000.00
Class A-3 Certificates 34,727,000.00 $1,000.00000000 $34,727,000.00
Class A-4 Certificates 29,973,000.00 $1,000.00000000 $29,973,000.00
Class A-5 Certificates 22,652,000.00 $1,000.00000000 $22,652,000.00
Class A-6 Certificates 47,759,000.00 $1,000.00000000 $46,759,000.00
Class A-7 Certificates 13,694,000.00 $1,000.00000000 $13,694,000.00
Class A-8 Certificates 25,903,697.00 $1,000.00000000 $25,903,697.00
Class A-9 Certificates 30,000,000.00 $1,000.00000000 $30,000,000.00
Class R Certificates 200.00 $0.000000 $0.00
Total 274,437,889.84
</TABLE>
4.03 (v) The Pool Stated Principal Balance
for the following Distribution Date $277,138,455.91
Amount of Over-collateralization $2,700,566.07
4.03(vi) Amount of the Master Servicing Fees paid to or retained by the
Master Servicer with respect to such Distribution Date 29,222.13
4.03(vii) Pass-Through Rate and for each Class of Certificates
Class A-1 Certificates 5,90000000%
Class A-2 Certificate 6.10000000%
Class A-3 Certificates 6.15000000%
Class A-4 Certificates 6.35000000%
Class A-5 Certificates 6.65000000%
Class A-6 Certificates 7.05000000%
Class A-7 Certificates 7.10000000%
Class A-8 Certificates 7.35000000%
Cass A-9 Certificates 7.00000000%
Class R Certificates 7.00000000%
4.03(viii) Amount of Advances included in the distribution on such
Distribution Date 65,944.39
Aggregate amount of Advances outstanding
as of the close of business on such
Distribution Date 83,937.85
4.03(ix) The number and aggregate principal amounts of Mortgage Loans delinquent
30 to 59 days 50 6,580,612.66
60 to 89 days 6 971,958.07
90 or more 5 639,781.67
The number and aggregate principal amounts of Mortgage Loans in foreclosure
In foreclosure 10 1,502,028.78
4.03(x) The aggregate dollar amount of Scheduled Payments for each of Mortgage
Loan for the preceeding 12 calendar months or all calendar months since
cut-off date
(a) All outstanding Mortgage loans on each Due Date 0.00
(b) Delinquent 60 days or more on each of the Due Dates 0.00
4.03(xi) Loan number and Stated Principal Balance of any Mortgage loan that
became an REO Property during the preceding calendar month
0 0.00
4.03(xii) Total number and principal balance of any REO Properties as of the
close of business on the Determination Date preceding such Distribution
Date. 1 430,000.00
4.03(xiv) Aggregate amount of Realized Losses incurred during the preceding
calendar month 0.00
Aggregate amount of Realized Losses through Distribution
Date 0.00
4.03(xv) Net Excess Cash Flow $0.00
MBIA Premium Amount $0.00
Current Subordinated Amount $0.00
Required Subordinated Amount $2,700,566.07
Special Hazard Loss Coverage Amount 2,805,324.71
Required Fraud Loss Coverage 2,413,945.00
Current Bankruptcy Amount 75,000.00
