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): August 25, 1996
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1996-1)
(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 1996-1
On August 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 1996-1, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of March 1, 1996, among CWMBS, Inc. as
Depositor, Countrywide Funding 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 1996-1 relating to the distribution date
of August 25, 1996 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of March 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: August 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
August 25, 1996
THE BANK OF NEW YORK
CORPORATE TRUST AND AGENCY SERVICES
101 BARCLAY STREET
NEW YORK, NEW YORK 10286
CWMBS, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-01 CUSIP #126691
STATEMENT TO CERTIFICATEHOLDERS PREPARED PURSUANT TO SECTION 4.04 OF THE
POOLING AND SERVICING AGREEMENT DATED MARCH 1, 1996
CUSIP # 126691
Distribution Date 08/25/96
SINGLE TOTAL
4.04(i) Reduction of the Stated Amount of CERTIFICATE AMOUNT
Certificates
Class A-1 Certificates. SW5 $9.81444402 $361,966.51
Class A-2 Certificates. SX3 $0.00000000 $0.00
Class A-3 Certificates. SY1 $1.44695048 $68,079.02
Class A-4 Certificates. SZ8 $0.00000000 $0.00
Class A-5 Certificates. TA2 $0.00000000 $0.00
Class A-6 Certificates. TB0 $0.73427182 $8,076.99
Class A-7 Certificates. N/A $0.00000000 $0.00
Class X Certificates. TD6 $0.00000000 $0.00
Class A-R Certificates. TE4 $0.00000000 $0.00
Class PO Certificates. TC8 $0.94660619 $506.99
Class B-1 Certificates. TF1 $0.73427342 $2,900.38
Class B-2 Certificates. TG9 $0.73427269 $1,933.34
Class B-3 Certificates. TH7 $0.73426944 $ 1,482.49
Class B-4 Certificates. $0.73427107 $644.69
Class B-5 Certificates. $0.73427757 $386.23
Class B-6 Certificates. $0.73426562 $388.84
Total 446,365.48
Aggregate amount of any Principal 251,294.32
Prepayments
SINGLE TOTAL
4.04(ii) Amount of distribution representing CERTIFICATE AMOUNT
interest.
Class A-1 Certificates. $5.32464901 $196,378.38
Class A-2 Certificates. $5.58336521 $86,988.83
Class A-3 Certificates. $5.49207800 $258,402.27
Class A-4 Certificates. $5.24137105 $15,100.39
Class A-5 Certificates. $5.61575495 $16,178.99
Class A-6 Certificates. $6.02432364 $66,267.56
Class A-7 Certificates. $5.53648189 $267,074.35
Class X Certificates. $0.40742973 $60,420.86
Class A-R Certificates. $0.00000000 $0.00
Class PO Certificates. $0.00000000 $0.00
Class B-1 Certificates. $6.02432405 $23,796.08
Class B-2 Certificates. $6.02432207 $15,862.04
Class B-3 Certificates. $6.02432392 $12,163.11
Class B-4 Certificates. $10.05581749 $5,289.36
Class B-5 Certificates. $6.02431559 $3,168.79
Class B-6 Certificates. $6.02432424 $3,190.26
Total 1,030,281.27
4.04(iii) Amount of shortfall which is less than the full amount that would be
distributed:
Principal 0.00
Interest 0.00
<TABLE>
<CAPTION>
4.04(iv) Stated Amount of Certificates after this Distribution
ORIGINAL SINGLE TOTAL
BALANCE CERTIFICATE AMOUNT
<S> <C> <C> <C>
Class A-1 Certificates. 36,881,000.00 $958.30356498 $35,343,193.78
Class A-2 Certificates. 15,580,000.00 $1,000.00000000 $15,580,000.00
Class A-3 Certificates. 47,050,000.00 $974.92249054 $45,870,103.18
Class A-4 Certificates. 2,881,000.00 $898.52072544 $2,588,638.21
Class A-5 Certificates. 2,881,000.00 $898.52072544 $2,588,638.21
Class A-6 Certificates. 11,000,000.00 $996.39509455 $10,960,346.04
Class A-7 Certificates. 48,239,000.00 $994.84869338 $47,990,506.12
Class X Certificates. 148,297,622.57 $978.36756352 $145,089,583.67
Class A-R Certificates. 1,000.00 $0.00000000 $0.00
Class PO Certificates. 535,587.03 $985.83501919 $528,000.45
Class B-1 Certificates. 3,950,000.00 $996.39509367 $3,935,760.62
Class B-2 Certificates. 2,633,000.00 $996.39509305 $2,623,508.28
Class B-3 Certificates. 2,019,000.00 $996.39509658 $2,011,721.70
Class B-4 Certificates. 878,000.00 $996.39509112 $874,834.89
Class B-5 Certificates. 526,000.00 $996.39509506 $524,103.82
Class B-6 Certificates. 529,563.13 $996.39510402 $527,654.11
Total 171,947,009.41
</TABLE>
4.04(v) The Pool Stated Principal Balance for the following Distribution Date:
171,947,009.44
4.04(vi) Senior Percentage for the following Distribution
Date 93.903256000550%
Subordinated Percentage for the following Distribution
Date 6.096743999450%
4.04(vii) Amount of the Master Servicing Fees paid to or retained by the Master
Servicer with respect to such Distribution Date 44,693.58
4.04(viii)Pass-Through Rate for each Class of Certificates
Class A-1 Certificates. 6.60000%
Class A-2 Certificates. 6.70000%
Class A-3 Certificates. 6.75000%
Class A-4 Certificates. 7.00000%
Class A-5 Certificates. 7.50000%
Class A-6 Certificates. 7.25000%
Class A-7 Certificates. 7.25000%
Class X Certificates. 0.49730%
Class A-R Certificates. 7.25000%
Class PO Certificates. 0.00000%
Class B-1 Certificates. 7.25000%
Class B-2 Certificates. 7.25000%
Class B-3 Certificates. 7.25000%
Class B-4 Certificates. 7.25000%
Class B-5 Certificates. 7.25000%
Class B-6 Certificates. 7.25000%
4.04(ix) Amount of Advances included in the distribution on such Distribution
Date 10,040.08
Aggregate amount of Advances outstanding as of the close of business
on such Distribution Date. 13,084.98
4.04(x) A. The number and aggregate principal amounts of Mortgage Loans
delinquent
30 to 59 days 4 895,350.28
60 to 89 days 1 395,518.50
90 or more 0 0.00
B. The number and aggregate principal amounts of Mortgage Loans in
foreclosure and delinquent
In Foreclosure 0 0.00
4.04(xi) Loan number and Stated Principal Balance of any Mortgage loan
that became an REO Property during the preceding calendar
month. 0.00
4.04(xii) Total number and principal balance of any REO Properties as
of the close of business on the Determination Date preceding
such Distribution Date. 0.00
4.04(xiii)Senior Prepayment Percentage for following Distribution Date
100.000000000000%
4.04(xiv) Aggregate amount of Realized Losses incurred during the
preceding month 0.00
Aggregate amount of Realized Losses through Distribution Date
4.04(xv) Special Hazard Loss Coverage Amount 3,760,049.30
Required Fraud Loss Coverage 8,000,007.24
Current Bankruptcy Amount 50,000.00
