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 CWABS 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
- --------------------------------------------------------------------------------
(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 CWABS 1996-A
On December 25, 1996, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass-Through Certificates, Series CWABS 1996-1 made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of November 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 CWABS 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 November 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
THE BANK OF NEW YORK
Barclay Street, 12E
New York, NY 10286
Attn: Larry Gerquest, MBS Unit
(212) 815-7l65
COUNTRYWIDE ASSET BACKED SECURITIES, INC.
ASSET-BACKED CERTIFICATES, SERIES 1996-1
<TABLE>
<CAPTION>
Class Information Current Payment Information
Class Beginning Pass Thru Rate Principal Interest Total Principal
Code Name Cert. Bal. Dist. Amt. Dist. Amt. Dist. Losses
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 204,424,000.00 5.64625% 3,036,255.21 961,857.51 3,998,112.72 0.00
A-2 72,500,000.00 6.52500% 1,119,739.32 394,218.75 1,513,958.07 0.00
A-3 22,911,000.00 7.12500% 0.00 136,034.06 136,034.06 0.00
Totals 299,835,000.00 - 4,155,994.53 1,492,110.32 5,648,104.85 0.00
</TABLE>
<TABLE>
<CAPTION>
Factors per $1,000
Class Information
Ending
Class Interest Certificate Unpaid Ending
Code Name Shortfalls Balance Interest Principal Dist. Interest Dist. Cert. Bal.
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 0.00 201,387,744.79 0.00 14.85273358 4.70520833 985.14726642
A-2 0.00 71,380,260.68 0.00 15.44468028 5.43750000 984.55531972
A-3 0.00 22,911,000.00 0.00 0.00000000 5.93750000 1000.00000000
Totals 0.00 295,679,005.47 0.00 13.86093862 4.97643811 986.1390613838
</TABLE>
<TABLE>
<CAPTION>
Class Information Original Certificate Information
Original Pass-Thru Cusip
Type Name Cert. Bal. Rate Numbers
<S> <C> <C> <C> <C> <C> <C>
Floater A-1 204,424,000.00 5.64625% 126671AA4
Fixed A-2 72,500,000.00 6.52500% 126671AB2
Fixed A-3 22,911,000.00 7.12500% 126671AC0
Totals 299,835,000.00
</TABLE>
Carry Forward
Class Amount
A-1 0.00
A-2 0.00
A-3 0.00
COUNTRYWIDE ASSET BACKED SECURITIES, INC.
ASSET-BACKED CERTIFICATES, SERIES 1996-1
COLLATERAL INFORMATION
Group 1 Beginning Principal Balance 204,424,646.51
Group 1 Scheduled Principal Payment 105,039.35
Group 1 Prepayment Amount 2,335,774.06
Group 1 Liquidation Proceeds 0.00
Group 1 Subordinated Increase Amount 0.00
Group 1 Ending Principal Balance 201,983,833.10
Group 1 Required Subordinated Amount 4,395,129.90
Group 1 Subordinated Amount 596,088.31
Group 2 Beginning Principal Balance 95,411,499.86
Group 2 Scheduled Principal Payment 98,940.76
Group 2 Prepayment Amount 734,426.21
Group 2 Liquidation Proceeds 0.00
Group 2 Subordinated Increase Amount 0.00
Group 2 Ending Principal Balance 94,578,132.89
Group 2 Required Subordinated Amount 4,913,692.24
Group 2 Subordinated Amount 286,872.21
FEES & ADVANCES
Monthly master servicer fees paid
Group 1 79,256.59
Group 2 38,377.00
Advances included in this distribution
Group 1 37,229.08
Group 2 37,229.08
<PAGE>
LOSSES & INSURANCE COVERAGES
Net realized losses (this period) 0
Cumulative losses (from Cut-Off) 0
DELINQUENCY INFORMATION
Period Loan Count Ending Stated Balance
1 mo. 84 3,683,723.67
2 mos. 1 64,500.00
3+MOS. 1 206,250.00
In Foreclosure 0 0.00
In Bankruptcy 0 0.00
Totals 86 3,954,473.67
TOTAL REO INFORMATION
Total Number of REO Properties 0
Total Principal Balance of REO Properties 0
Total Market Value of REO Properties Not Available
NEW REO INFORMATION
(Mortgage Loans that became REO Properties during the preceding calendar month)
<TABLE>
<CAPTION>
Loan Number Stated Principal Balance Date of Acquisition
<S> <C> <C> <C>
None 0 0
0 0
0 0
</TABLE>
Aggregate Amount of the Scheduled Payments on all
60+ day delinquencies for the past 12 month rolling period
12/25/96
