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 1996-1)
(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
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(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 December 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 December 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: December 25, 1996
CSMBS, INC.
By: /s/ Jonathan Chayes
-------------------
Name: Jonathan Chayes
Assistant Treasurer
The Bank of New York,
as Trustee
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EXHIBIT INDEX
Exhibit Page
1. Monthly Remittance Statement dated 5
December 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 12/25/96
4.04(i) Reduction of the Stated Amount of Certificates
SINGLE CERTIFICATE TOTAL AMOUNT
Class A-1 Certificates. SW5 $12.72936309 469,471.64
Class A-2 Certificates. SX3 $0.00000000 0.00
Class A-3 Certificates. SYI $4.10159405 192,980.00
Class A-4 Certificates. SZ8 $0.00000000 0.00
Class A-5 Certificates. TA2 $0.00000000 0.00
Class A-6 Certificates. TBO $0.75416091 8,295.77
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 $0.97140142 520.27
Class B-1 Certificates. TFI $0.75416203 2,978.94
Class B-2 Certificates. TG9 $0.75416255 1,985.71
Class B-3 Certificates. TH7 $0.75416048 1,522.65
Class B-4 Certificates. $0.75415718 662.15
Class B-5 Certificates. $0.75416350 396.69
Class B-6 Certificates. $0.75416882 399.38
Total Amount 679,213.20
Aggregate amount of any Principal Prepayments 481,113.88
4.04(ii) Amounts distributed representing interest
SINGLE CERTIFICATE TOTAL AMOUNT
Class A-1 Certificates. $5.08441121 187,518.17
Class A-2 Cenificates. $5.58333312 86,988.33
Class A-3 Certificates. $5.27159936 248,028.75
Class A-4 Certificates. $5.24137105 15,100.39
Class A-5 Certificates. $5.61575495 16,178.99
Class A-6 Certificates. $6.00644636 66,070.91
Class A-7 Certificates. $5.50246357 265,433.34
Class X Certificates. $0.39831724 59,069.50
Class A-R Certificates. $0.00000000 0.00
Class PO Certificates. $0.00000000 0.00
Class B-1 Certificates. $6.00644557 23,725.46
Class B-2 Certificates. $6.00644512 15,814.97
Class B-3 Certificates. $6.00644874 12,127.02
Class B-4 Certificates. $10.02596958 5,273.66
Class B-5 Certificates. $6.00644487 3,159.39
Class B-6 Certificates. $6.00644157 3,180.79
Total Amount 1,007,669.67
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4.04(iii) Amount of shortfall which is less than the full amount
that would be distributed:
Principal 0.00
Interest 0.00
4.04(iv) Stated Amount of Certificates after this Distribution
<TABLE>
<CAPTION>
ORIGINAL SINGLE TOTAL
BALANCE CERTIFICATE AMOUNT
<S> <C> <C> <C>
Class A-1 Certificates. $36,881,000.00 $911.70903094 33,624,740.77
Class A-2 Certificates. $15,580,000.00 $1,000.00000000 15,580,000.00
Class A-3 Certificates. $47,050,000.00 $933.07162657 43,901,020.03
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 $993.41627636 10,927,579.04
Class A-7 Certificates. $48,239,000.00 $1,000.57961919 48,266,960.25
Class X Certificates. $148,297,622.57 $957.62473733 142,013,471.86
Class A-R Certificates. $1,000.00 $0.00000000 0.00
Class PO Certificates. $535,587.03 $980.11337205 524,936.01
Class B-1 Certificates. $3,950,000.00 $993.41627595 3,923,994.29
Class B-2 Certificates. $2,633,000.00 $993.41627421 2,615,665.05
Class B-3 Certificates. $2,019,000.00 $993.41628034 2,005,707.47
Class B-4 Certificates. $878,000.00 $993.41627563 872,219.49
Class B-5 Certificates. $526,000.00 $993.41627376 522,536.96
Class B-6 Certificates. $529,563.13 $993.41627126 526,076.63
Total Amount 168,468,712.41
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
4.04(v) The Pool Stated Principal Balance for the following Distribution Date: 168,468,712.46
4.04(vi) Senior Percentage for the following Distribution Date 92.49511907%
Subordinated Percentage for the following Distribution Date 7.50488093%
4.04(vii) Amount of the Master Servicing Fees paid to or retained by the Master
Servicer with respect to such Distribution Date 34,904.27
</TABLE>
4.04(viii) Pass-Through Rate for each such 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. 6.59913%
Class X Certificates. 0.49913%
Class A-R Certificates. 0.00000%
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. 7.24999%
<TABLE>
<CAPTION>
<S> <C> <C>
4.04 (ix) Amount of Advances included in the distribution on this Distribution Date 8,588.07
Aggregate amount of Advances outstanding as of the close of business on 8,588.07
such Distribution Date.
</TABLE>
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4.04(x) A. The number and aggregate principal amounts of Mortgage Loans
delinquent
30 to 59 days 5 1,150,152.42
60 to 89 days 0 0.00
90 or more 0 0.00
B. The number and aggregate principal amounts of Mortgage Loans in
foreclosure and delinquent
In Foreclosure 3 908,787.82
<TABLE>
<CAPTION>
<S> <C> <C> <C>
4.04(xi) Loan number and Stated Principal Balance for any Mortgage None 0.00
loan that became an REO Property during the preceding calandar month.
4.04(xii) Total number and principal balance of any REO Properties as 0.00
of the close of business on the Determination Date preceding such
Distribution Date.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
4.04(xiii) Senior Prepayment Percentage for following Distribution Date 100.00000%
4.04(xiv) Aggregate amount of Realized Losses incurred during preceding month 0.00
Aggregate amount of Realized Losses through Distribution Date 0.00
4.04(xv) Special Hazard Loss Coverage Amount 3,760,049.30
Required Fraud Loss Coverage 8,000,007.24
Current Bankruptcy Coverage 50,000.00
</TABLE>
