UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1997
Commission File Number 33-92096 ,33-80419,333-28025
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
State of Incorporation: Delaware
I.R.S. Employer Identification Number: 41-1808858
8400 Normandale Lake Blvd, Suite 600
Minneapolis, Minnesota 55437
Telephone (612) 832-7000
Securities registered pursuant to Section 12(b) of the Act:
None Securities registered pursuant to Section 12(g) of the
Act: None. Indicate by check mark whether the Registrant (1)
has filed all reports required to be filed by Section 13 or 15
(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the
Registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days. Yes
X No ______.
<PAGE>
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
TABLE OF CONTENTS
Page #
PART I
Item 1. Business. . . . . . . . . . . . . . . . . . . . . . .2
Item 2. Properties. . . . . . . . . . . . . . . . . . . . . .2
Item 3. Legal Proceedings . . . . . . . . . . . . . . . . . .2
Item 4. Submission of Matters to a Vote of Security
Holders . . . . . . . . . . . . . . . . . . . . . . .2
PART II
Item 5. Market for the Registrant's Common Equity and
Related Stockholder Matters . . . . . . . . . . . . .2
Item 6. Selected Financial Data . . . . . . . . . . . . . . .2
Item 7. Management's Discussion & Analysis of Financial
Condition and Results of Operations . . . . . . . . .2
Item 8. Financial Statements & Supplementary Financial
Data . . . . . . . . . . . . . . . . . . . . . . . .3
Item 9. Changes in and Disagreements with Accountants
on Accounting & Financial Disclosure. . . . . . . . .3
PART III
Item 10. Directors and Executive Officers of the
Registrant . . . . . . . . . . . . . . . . . . . . .3
Item 11. Executive Compensation. . . . . . . . . . . . . . . .3
Item 12. Security Ownership of Certain Beneficial
Owners and Management . . . . . . . . . . . . . . . .3
Item 13. Certain Relationships and Related Transactions. . . .3
PART IV
Item 14. Exhibits, Financial Statement Schedules and
Reports on Form 8-K . . . . . . . . . . . . . . . . .4
SIGNATURES . . . . . . . . . . . . . . . . . . . . .5
EXHIBITS. . . . . . . . . . . . . . . . . . . . . . .6
<PAGE>
PART I
Item 1. Business
Information not provided pursuant to Exemptive Order.
Item 2. Properties
Pursuant to the Exemptive Order the Master Servicer's Annual Statement as to
Compliance, dated March 31, 1998 are filed as Exhibit 1 under Item 14(a)
hereof.
Item 3. Legal Proceedings
There are no material pending legal proceedings related to any series of
Certificates that involve the Trustee, Custodian, the Master Servicer or the
Registrant with respect to any such series.
Item 4. Submission of Matters to a Vote of Security Holders
Information not provided pursuant to Exemptive Order.
PART II
Item 5. Market for the Registrant's Common Equity and Related
Matters
(a) There is no established public trading market for the
Certificates.
(b) At December 31, 1997, the number of holders of record of each
outstanding series of Certificates is listed in Exhibit 3 under
Item 14(a) hereof.
<PAGE>
(c) Not applicable.
Item 6. Selected Financial Data
Information not provided pursuant to Exemptive Order.
Item 7. Management's Discussion & Analysis of Financial Condition
and Results of Operations
Information not provided pursuant to Exemptive Order.
Item 8. Financial Statements & Supplementary Financial Data
See the Master Servicer's Annual Statement of Compliance that is filed as
Exhibit 1 under Item 14(a) hereof; see also report dated January 20, 1998
prepared by the Master Servicer's independent accountant, concerning the
Master Servicer's servicing activities that is filed as Exhibit 2 under Item
14(a) hereof.
Item 9. Disagreements on Accounting and Financial Disclosure
Not Applicable.
PART III
Item 10. Directors and Executive Officers of the Registrant
Information not provided pursuant to Exemptive Order.
Item 11. Executive Compensation
Information not provided pursuant to Exemptive Order.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Each holder of record of more than five percent (5%) of the
fractional undivided interest in a Mortgage Pool evidenced by a
series of Certificates, outstanding at
<PAGE>
December 31, 1997 is listed in Exhibit 4 under Item 14(a) hereof.
(b) Not applicable
(c) Not applicable.
Item 13. Certain Relationships and Related Transactions
Information not provided pursuant to Exemptive Order.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on
Form 8-K
(a) EXHIBIT #
Officers' Annual Compliance Statements: . . . . . . . . .1
Residential Funding Corporation
Residential Funding Corporation Independent Auditors'
Report on the Uniform Single Audit Program for
Mortgage Bankers. . . . . . . . . . . . . . . . . . . . .2
Part II, Item 5(b). . . . . . . . . . . . . . . . . . . .3
Part III, Item 12(a). . . . . . . . . . . . . . . . . . .4
Audited Financial statements for the year ended December 31,
1997 for Ambac Financial Group, Inc. *
(b) See Item 2.
(c) Not applicable.
(d) Not applicable. No annual report or proxy material has been sent
to security holders.
- -------------------------------
* Incorporated by reference to the audited financial statements of Ambac
Financial Group, Inc. filed with the Securities and Exchange Commission on March
31, 1998 as part of its Annual Report on Form 10-K (Commission File #1-10777)
for the twelve-month period ended December 31, 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereto duly authorized, on this 31st day
of March, 1998.
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
BY: s/Christopher J. Nordeen
Christopher J. Nordeen
President
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been executed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
s/Christopher J. Nordeen
Christopher J. Nordeen
President
March 31, 1998
s/Dennis W. Sheehan
Dennis W Sheehan
Assistant Treasurer
March 31, 1998
s/Davee Olson
Davee L. Olson
Chief Financial Officer
March 31, 1998
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereto duly authorized, on this 31st day
of March, 1998.
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
BY:
Christopher J. Nordeen
President
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been executed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
Christopher J. Nordeen
President
March 31, 1998
Dennis W Sheehan
Assistant Treasurer,
March 31, 1998
Davee L. Olson
Executive Vice President
March 31, 1998
<PAGE>
EXHIBIT I
OFFICERS' ANNUAL COMPLIANCE CERTIFICATE
The undersigned, Managing Director and Director, respectively, of
Residential Funding Corporation (the "Master Servicer"), pursuant to the various
Pooling and Servicing Agreements (the "Agreements") under which RFC acts as
Master Servicer or Manager, which agreements require an annual statement of
compliance to be made to the Certificate holders by officers of the Master
Servicer, hereby certify that:
(i) a review of the activities of the Master Servicer during the preceding
calendar year and of performance under the Agreements has been made
under the undersigned officers' supervision;
(ii) to the best of the undersigned officers' knowledge, based on such
review, the Master Servicer has fulfilled its obligations in all
material respects throughout such year;
(iii) to the best of each undersigned officers' knowledge, based on such
review, each Subservicer and Servicer has fulfilled its obligations
under its servicing agreement in all material respects; and
(iv) the Company has fully complied with the provisions of Article II of
the Pooling and Servicing Agreement.
Dated: March 31, 1998
s/ Linda C. Simmons s/ Karen Gill
Linda C. Simmons Karen Gill
Managing Director Director
EXHIBIT 2
Residential Funding Corporation
Uniform Single Attestation
Program for Mortgage Bankers
December 31, 1997
Independent Auditors' Report
January 20, 1998
To the Board of Directors and Stockholder
of Residential Funding Corporation
We have examined management's assertion about Residential Funding Corporation's
(the "Company") compliance with their minimum servicing standards in their role
as Master Servicer as of and for the year ended December 31, 1997 included in
the accompanying management assertion. Such assertions were examined relating to
those mortgage loans included in the listing of mortgage loans and series of
certificates included in the attached Exhibit 1. Our testing procedures were
applied only to the series of certif icates serviced on or before September 30,
1997. Direct servicing functions are performed by various subservicers.
Management is responsible for the Company's compliance with their minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with their
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. Loans and series of certificates
subject to such procedures were selected using sampling methods, and
accordingly, we make no representation that our examination proc edures were
performed on a specific loan or series of certificates as listed in the attached
Exhibit 1. We believe that our examination provides a reasonable basis for our
opinion. Our examination does not provide a legal determination on the Company's
compliance with their minimum servicing standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 1997 is fairly stated, in all material respects, except for the instances of
noncompliance described in the attached management assertion.
RESIDENTIAL FUNDING CORPORATION
Serviced Series with Initial Cutoff Date Prior to September 30, 1997
December 31, 1997 Exhibit 1
- --------------------------------------------------------------------------------
1986 Series
1986 NY Series A 1986-12 1986-15 1986-PC-10R 1986-PC-7R 1986-PC-8R
1986-PC-9R(A) 1986-PC-9R(C) 1986-U2 1986-U5
1987 Series
1987-1 1987-3 1987-4 1987-6 1987-PC-1 1987-PC-2 1987-PC-3 1987-PC-4
1987-S1 1987-S2 1987-S3 1987-S4 1987-S5 1987-S7 1987-S8 1987-S9 1987-SA1
1987-U10 1987-U11-A 1987-U12-B 1987-U13-A 1987-U13-B 1987-U15 1987-U16 1987-U17
1987-U18 1987-U19 1987-U4 1987-U5 1987-U7 1987 Series (cont.) 1987-U9 1987-WH1-A
1987-WH1-B 1987-WHI-C
1988 Series
1988 NY Series A 1988-3A 1988-3B 1988-3C 1988-4B 1988-SW1 1988-U1
1988-U10 1988-U2 1988-U3 1988-U4 1988-U5 1988-U8 1988-U9
1989 Series
1989-2 1989-3 1989-3A 1989-3B 1989-3C 1989-4 1989-4A 1989-4B 1989-4C
1989-4D 1989-4E 1989-5A 1989-5B 1989-7 1989-S1 1989-S2 1989-S3 1989-S4 1989-S5
1989-S6 1989 Series (cont.) 1989-SW1A 1989-SW1A 1989-SW1B 1989-SW1B 1989-SW2
1989-U1 1989-WH1
1990 Series
1990-2 1990-3A 1990-3B 1990-3C 1990-5 1990-6 1990-8 1990-MS1A
1990-MS1B 1990-MS1C 1990-MS1D 1990-MS1E 1990-NY A 1990-PC1 1990-PC2 1990-PC3
1990-PC4 1990-PC5 1990-PC6 1990-PC7 1990-R16 1990-S1 1990-S14 1990-SW1A
1990-SW1B 1990-SW1C 1990-SW2A 1990-SW2B 1990-SW3 1990-WH1 1990-WH-2
1991 Series
1991-20 1991-21A 1991-21B 1991-21C 1991-25A 1991-25B 1991-4
1991-MS1A 1991-MS1B 1991-MS1C 1991-MS2 1991-MS3A 1991-MS3B 1991-MS3C 1991-R13
1991-R14 1991-R9 1991-S11 1991-S30 1991-SW-1A 1991-SW-1B 1991-SW-1C 1991-SW5A
1991-SW5B 1991-WH4A 1991-WH4B
1992 Series
1992-13 1992-17A 1992-17B 1992-17C 1992-S1 1992-S10 1992-S11
1992-S12 1992-S14 1992-S15 1992-S16 1992-S18 1992-S19 1992-S2 1992 Series
(cont.) 1992-S20 1992-S21 1992-S22 1992-S23 1992-S24 1992-S25 1992-S26 1992-S27
1992-S28 1992-S29 1992-S3 1992-S30 1992-S31 1992-S32 1992-S33 1992-S34 1992-S35
1992-S36 1992-S37 1992-S38 1992-S39 1992-S4 1992-S40 1992-S41 1992-S42 1992-S43
1992-S44 1992-S5 1992-S6 1992-S7 1992-S8 1992-S9 1992-SW12 1992-SW1A 1992-SW1B
1992-SW1C 1992-SW3 1992-SW4 1992-SW5 1992-SW6 1992-SW7 1992-U10 1992 Series
(cont.) 1992-U11 1992-U2 1992-WH8
1993 Series
1993-1 1993-19 1993-PC11A 1993-PC11B 1993-PC11C 1993-PC12 1993-PC12A
1993-PC3 1993-PC6 1993-PC7 1993-PC9A 1993-PC9B 1993-PC9C 1993-PC9D 1993-PC9F
1993-PC9G 1993-PC9H 1993-PC9I 1993-PC9J 1993-S1 1993-S10 1993-S11 1993-S12
1993-S13 1993-S14 1993-S15 1993-S16 1993-S17 1993-S18 1993-S2 1993-S20 1993-S21
1993-S22 1993-S23 1993-S24 1993-S25 1993-S26 1993 Series (cont.) 1993-S27
1993-S28 1993-S29 1993-S3 1993-S30 1993-S31 1993-S32 1993-S33 1993-S34 1993-S35
1993-S36 1993-S37 1993-S38 1993-S39 1993-S4 1993-S40 1993-S41 1993-S42 1993-S43
1993-S44 1993-S45 1993-S46 1993-S47 1993-S48 1993-S49 1993-S5 1993-S6 1993-S7
1993-S8 1993-S9 1993-WH1 1993-WH10 1993-WH13 1993-WH13A 1993-WH14 1993-WH14A-94
1993-WH15A 1993-WH15B 1993-WH15C 1993-WH15D 1993-WH15E-94 1993-WH15F-94 1993
Series (cont.) 1993-WH15G-94 1993-WH15H-94 1993-WH15I-94 1993-WH15J-94
1993-WH15K-94 1993-WH2 1993-WH4A 1993-WH4B 1993-WH4C 1993-WH8
1994 Series
1994-S1 1994-S10 1994-S11 1994-S12 1994-S13 1994-S14 1994-S15
1994-S16 group I 1994-S16 group II 1994-S16 group III 1994-S17 1994-S18 1994-S19
1994-S2 1994-S20 1994-S3 1994-S5 1994-S6 1994-S7 1994-S8 1994-S9 1994-WH1
1994-WH10 1994-WH11A 1994-WH11B 1994-WH12 1994-WH14 1994-WH15 1994-WH16A
1994-WH16B 1994 Series (cont.) 1994-WH16C 1994-WH16D 1994-WH17 1994-WH18
1994-WH2 1994-WH20 1994-WH21A 1994-WH21B 1994-WH22 1994-WH23 1994-WH3 1994-WH4A
1994-WH4B 1994-WH4C 1994-WH4D 1994-WH4E 1994-WH4F 1994-WH5 1994-WH8 1994-WH9
1995 Series
1995-1 1995-HWH1 1995-HWH2 1995-HWH3 1995-HWH4 1995-HWH5 1995-K1
1995-KS1 1995-KS2 1995-KS3 group I 1995-KS3 group II 1995-KS4 1995-Q1 1995-QS1
1995-S1 1995-S10 1995-S11 1995-S12 1995-S13 1995-S14 1995 Series (cont.)
1995-S15 1995-S16 1995-S17 1995-S18 1995-S19 1995-S2 1995-S21 1995-S3 1995-S4
1995-S6 1995-S7 1995-S8 1995-S9 1995-WH1 1995-WH10 1995-WH11 1995-WH12 1995-WH13
1995-WH14 1995-WH15 1995-WH16 1995-WH17 1995-WH18 1995-WH19 1995-WH2 1995-WH20
1995-WH21 1995-WH22A 1995-WH22B 1995-WH23 1995-WH3 1995-WH4 1995-WH5 1995-WH7
1995-WH8 1995-WH9
1996 Series
1996-HS1 1996-HS2 1996-HS3 1996-KS1 1996 Series (cont.) 1996-KS2
1996-KS3 1996-KS4group I 1996-KS4group II 1996-KS5 1996-QS1 group I 1996-QS1
group II 1996-QS2 1996-QS3 group I 1996-QS3 group II 1996-QS4 group I 1996-QS4
group II 1996-QS5group I 1996-QS5group II 1996-QS6 1996-QS7 group I
1996-QS7-group II 1996-QS8 1996-RHS4 1996-S1 1996-S10 1996-S11 1996-S12 1996-S13
1996-S14 1996-S15 1996-S16 1996-S17 1996-S18 1996-S19 1996-S2 1996-S20 1996-S21
1996-S22 1996-S23 1996-S24 1996-S25 1996-S3 1996-S4 1996-S5 1996-S6 1996-S7 1996
Series (cont.) 1996-S8 1996-S9 1996-SW1 1996-SWC-E 1996-WH10 1996-WH11 1996-WH12
1996-WH14 1996-WH15A 1996-WH15B 1996-WH15C 1996-WH16 1996-WH17 1996-WH18
1996-WH18 1996-WH19 1996-WH1A 1996-WH1B 1996-WH2 1996-WH3 1996-WH4 1996-WH4B
1996-WH4C 1996-WH4D 1996-WH4E 1996-WH4F 1996-WH4G group I 1996-WH4G group II
1996-WH4H group I 1996-WH4H group II 1996-WH4I group I 1996-WH4I group II
1996-WH4J group I 1996-WH4J group II 1996-WH5 1996-WH6 1996-WH7 1996-WH9
1997 Series
1997-GMACM4 1997-HI1 1997 Series (cont.) 1997-HI3 1997-HS2 1997-HS5 1997-HWH1
1997-KS1 group I 1997-KS1 group II 1997-KS2 group I 1997-KS2 group II 1997-KS3
group I 1997-KS3 group IIa 1997-KS3 group IIb 1997-KS4 group I 1997-KS4 group II
1997-NPC1 1997-NWH1 1997-NWH2 1997-NWH3 1997-NWH4 1997-NWH5 1997-NWH6 1997-NWH7
1997-NWH8 1997-QPCR1 group I 1997-QPCR1 group II 1997-QPCR2 group I 1997-QPCR2
group II 1997-QPCR2 group III 1997-QPCR3 1997-QS1 1997-QS10 1997-QS11 1997-QS12
1997-QS2 1997-QS3 1997-QS4 1997-QS5 1997-QS6 1997-QS7 1997-QS8 1997-QS9
1997-QWH1 1997-S1 1997 Series (cont.) 1997-S10 1997-S11 1997-S12 1997-S13
1997-S14 1997-S15 1997-S16 1997-S17 1997-S18 1997-S2 1997-S3 1997-S4 1997-S5
1997-S6 1997-S7 1997-S8 1997-S9 1997-WH10 1997-WH11 1997-WH12gr1 1997-WH12gr2
1997-WH13 1997-WH15 1997-WH1A 1997-WH1B group I 1997-WH1B group II 1997-WH1C
group I 1997-WH1D group I 1997-WH1D group II 1997-WH1E group I 1997-WH1E group
II 1997-WH1F group I 1997-WH1F group III 1997-WH1G group I 1997-WH1G group III
1997-WH1I group I 1997-WH1I group II 1997-WH1I group III 1997-WH1J group I
1997-WH1J group II 1997-WH1J group III 1997-WH1K group I 1997 Series (cont.)
1997-WH1K group II 1997-WH3 1997-WH4 1997-WH5 1997-WH6 1997-WH7 1997-WH8 group I
1997-WH8 group II 1997-WH9 1997-WH1F group II 1997-WH1G group II 1997-WH1H group
I 1997-WH1H group II 1997-WH1H group III
RESIDENTIAL FUNDING CORPORATION
Serviced Series with Initial Cutoff Date Prior to September 30, 1997
December 31, 1997 Exhibit II
- ------------------------------------------------------------------------------
Loans Serviced for Others:
Citizens Thrift & Loan Association
Pool 5001
Liberty Lending Services, Inc.
Pool 5900
Metropolitan Bank
Pool 5901
Owensboro National Bank
Pool 5002
Salomon Brothers Realty
Pool 5005
Argo Federal Savings Bank
Pools 5000 and 5004
January 20, 1998
Price Waterhouse LLP
3100 Multifoods Tower
33 South Sixth Street
Minneapolis, MN 55402
As of and for the year ended December 31, 1997, Residential Funding Corporation
(RFC) has complied in all material respects with our minimum servicing standards
set forth below for those loans serviced for others under master servicing
arrangements, except for where indicated in Section I.A. - Custodial Bank
Accounts and Section V.A. - Mortgagor Loan Accounting. Direct servicing
functions are performed by various subservicers.
Our minimum standards are:
I. CUSTODIAL BANK ACCOUNTS
A. Reconciliations shall be prepared on a monthly basis for all
custodial bank accounts and related bank clearing accounts. These
reconciliations shall:
1) Be mathematically accurate.
2) Be prepared within thirty (30) calendar days after the cutoff date.
3) Be reviewed and approved by someone other than the person who prepared
the reconciliation, and document explanation for reconciling items.
4) These reconciling items shall be resolved within ninety (90) calendar
days of their original identification.
During 1997, certain custodial bank account reconciliations were not accurately
completed within the 30 day standard and reconciling items were not resolved
within 90 days of their identification. Procedures have been strengthened to
ensure compliance with the minimum standards. As of the date of this letter, RFC
was back in compliance with these standards.
B. Each custodial and escrow account as maintained by the master servicer
and subservicer shall be maintained in an eligible account in trust for the
applicable certificateholders as prescribed by applicable pooling and servicing
agreements.
C. Funds shall be advanced by the master servicer or the subservicer, as
required by applicable pooling and servicing agreements in accordance with the
amortization schedules of each mortgage loan, or for overdrafts in the
mortgagers escrow accounts.
II. SUBSERVICER REMITTANCES
A. Remittances for mortgage payments and payoffs received from subservicers
shall be deposited into the applicable investor custodial bank account within
one business day of receipt.
B. Remittances from subservicers shall be reconciled to applicable
mortgagor records during the appropriate accounting cycle.
C. Reconciliations shall be performed monthly for each subservicer
remittance. These reconciliations shall:
1) Be mathematically accurate.
2) Be prepared within thirty (30) days after the cutoff date.
III. DISBURSEMENTS
A. Disbursements to investors shall be made in accordance with the
applicable pooling and servicing agreements and/or the prospectus indicating how
cash flows are to be allocated.
B. Amounts remitted to investors per our investor reports shall agree with
the custodial bank statements.
C. Only permitted withdrawals per the applicable pooling and servicing
agreements shall be made from the custodial accounts for certificateholders.
D. Disbursements of investor funds from custodial accounts via wire
transfer shall be made only by authorized personnel.
IV. INVESTOR ACCOUNTING AND REPORTING
Statements to the certificateholders shall be made with each monthly
distribution in accordance with applicable pooling and servicing agreements
detailing the applicable distribution activity and effect on the unpaid
principal balance of the mortgage loans.
V. MORTGAGOR LOAN ACCOUNTTNG
A. Uniform Single Attestation Program reports from subservicers will be
obtained and reviewed to provide a basis in meeting our minimum servicing
standards.
During 1997, the Uniform Single Attestation Program reports from RFC's
subservicers were not consistently received or reviewed by the servicing group.
However, reports from the larger subservicers were requested, received and
reviewed separately by RFC's Quality and Audit group in conjunction with their
review of the servicing group. Procedures have been strengthened to ensure
compliance with the minimum standards on a prospective basis.
B. Mortgage loan records shall agree with, or reconcile to, the mortgage
loan records maintained by the subservicer with respect to unpaid principal
balance on a monthly basis.
VI. DELINQUENCIES
Reports from subservicers identifying delinquent loans shall be received and
reviewed monthly. Reports shall be made with each distribution to
certificateholders as to the number and aggregate principal balances of
delinquent mortgage loans, based on the most recent reports furnished by the
subservicers.
VII. INSURANCE POLICIES
As of and for this same period, RFC had in effect a fidelity bond and
errors and omissions policy in the amount of $150,000,000 and $60,000,000,
respectively.
- -----------------------------------
Bruce Paradis
Managing Director/President
- -----------------------------------
Davee Olson
Managing Director/Chief Financial Officer
- -----------------------------------
Linda Simmons
Managing Director
RESIDENTIAL FUNDING CORPORATION
Serviced Series with Initial Cutoff Date Prior to September 30, 1997
December 31, 1997 Exhibit 1
- --------------------------------------------------------------------------------
1986 Series
1986 NY Series A 1986-12 1986-15 1986-PC-10R 1986-PC-7R 1986-PC-8R
1986-PC-9R(A) 1986-PC-9R(C) 1986-U2 1986-U5
1987 Series
1987-1 1987-3 1987-4 1987-6 1987-PC-1 1987-PC-2 1987-PC-3 1987-PC-4
1987-S1 1987-S2 1987-S3 1987-S4 1987-S5 1987-S7 1987-S8 1987-S9 1987-SA1
1987-U10 1987-U11-A 1987-U12-B 1987-U13-A 1987-U13-B 1987-U15 1987-U16 1987-U17
1987-U18 1987-U19 1987-U4 1987-U5 1987-U7 1987 Series (cont.) 1987-U9 1987-WH1-A
1987-WH1-B 1987-WHI-C
1988 Series
1988 NY Series A 1988-3A 1988-3B 1988-3C 1988-4B 1988-SW1 1988-U1
1988-U10 1988-U2 1988-U3 1988-U4 1988-U5 1988-U8 1988-U9
1989 Series
1989-2 1989-3 1989-3A 1989-3B 1989-3C 1989-4 1989-4A 1989-4B 1989-4C
1989-4D 1989-4E 1989-5A 1989-5B 1989-7 1989-S1 1989-S2 1989-S3 1989-S4 1989-S5
1989-S6 1989 Series (cont.) 1989-SW1A 1989-SW1A 1989-SW1B 1989-SW1B 1989-SW2
1989-U1 1989-WH1
1990 Series
1990-2 1990-3A 1990-3B 1990-3C 1990-5 1990-6 1990-8 1990-MS1A
1990-MS1B 1990-MS1C 1990-MS1D 1990-MS1E 1990-NY A 1990-PC1 1990-PC2 1990-PC3
1990-PC4 1990-PC5 1990-PC6 1990-PC7 1990-R16 1990-S1 1990-S14 1990-SW1A
1990-SW1B 1990-SW1C 1990-SW2A 1990-SW2B 1990-SW3 1990-WH1 1990-WH-2
1991 Series
1991-20 1991-21A 1991-21B 1991-21C 1991-25A 1991-25B 1991-4
1991-MS1A 1991-MS1B 1991-MS1C 1991-MS2 1991-MS3A 1991-MS3B 1991-MS3C 1991-R13
1991-R14 1991-R9 1991-S11 1991-S30 1991-SW-1A 1991-SW-1B 1991-SW-1C 1991-SW5A
1991-SW5B 1991-WH4A 1991-WH4B
1992 Series
1992-13 1992-17A 1992-17B 1992-17C 1992-S1 1992-S10 1992-S11
1992-S12 1992-S14 1992-S15 1992-S16 1992-S18 1992-S19 1992-S2 1992 Series
(cont.) 1992-S20 1992-S21 1992-S22 1992-S23 1992-S24 1992-S25 1992-S26 1992-S27
1992-S28 1992-S29 1992-S3 1992-S30 1992-S31 1992-S32 1992-S33 1992-S34 1992-S35
1992-S36 1992-S37 1992-S38 1992-S39 1992-S4 1992-S40 1992-S41 1992-S42 1992-S43
1992-S44 1992-S5 1992-S6 1992-S7 1992-S8 1992-S9 1992-SW12 1992-SW1A 1992-SW1B
1992-SW1C 1992-SW3 1992-SW4 1992-SW5 1992-SW6 1992-SW7 1992-U10 1992 Series
(cont.) 1992-U11 1992-U2 1992-WH8
1993 Series
1993-1 1993-19 1993-PC11A 1993-PC11B 1993-PC11C 1993-PC12 1993-PC12A
1993-PC3 1993-PC6 1993-PC7 1993-PC9A 1993-PC9B 1993-PC9C 1993-PC9D 1993-PC9F
1993-PC9G 1993-PC9H 1993-PC9I 1993-PC9J 1993-S1 1993-S10 1993-S11 1993-S12
1993-S13 1993-S14 1993-S15 1993-S16 1993-S17 1993-S18 1993-S2 1993-S20 1993-S21
1993-S22 1993-S23 1993-S24 1993-S25 1993-S26 1993 Series (cont.) 1993-S27
1993-S28 1993-S29 1993-S3 1993-S30 1993-S31 1993-S32 1993-S33 1993-S34 1993-S35
1993-S36 1993-S37 1993-S38 1993-S39 1993-S4 1993-S40 1993-S41 1993-S42 1993-S43
1993-S44 1993-S45 1993-S46 1993-S47 1993-S48 1993-S49 1993-S5 1993-S6 1993-S7
1993-S8 1993-S9 1993-WH1 1993-WH10 1993-WH13 1993-WH13A 1993-WH14 1993-WH14A-94
1993-WH15A 1993-WH15B 1993-WH15C 1993-WH15D 1993-WH15E-94 1993-WH15F-94 1993
Series (cont.) 1993-WH15G-94 1993-WH15H-94 1993-WH15I-94 1993-WH15J-94
1993-WH15K-94 1993-WH2 1993-WH4A 1993-WH4B 1993-WH4C 1993-WH8
1994 Series
1994-S1 1994-S10 1994-S11 1994-S12 1994-S13 1994-S14 1994-S15
1994-S16 group I 1994-S16 group II 1994-S16 group III 1994-S17 1994-S18 1994-S19
1994-S2 1994-S20 1994-S3 1994-S5 1994-S6 1994-S7 1994-S8 1994-S9 1994-WH1
1994-WH10 1994-WH11A 1994-WH11B 1994-WH12 1994-WH14 1994-WH15 1994-WH16A
1994-WH16B 1994 Series (cont.) 1994-WH16C 1994-WH16D 1994-WH17 1994-WH18
1994-WH2 1994-WH20 1994-WH21A 1994-WH21B 1994-WH22 1994-WH23 1994-WH3 1994-WH4A
1994-WH4B 1994-WH4C 1994-WH4D 1994-WH4E 1994-WH4F 1994-WH5 1994-WH8 1994-WH9
1995 Series
1995-1 1995-HWH1 1995-HWH2 1995-HWH3 1995-HWH4 1995-HWH5 1995-K1
1995-KS1 1995-KS2 1995-KS3 group I 1995-KS3 group II 1995-KS4 1995-Q1 1995-QS1
1995-S1 1995-S10 1995-S11 1995-S12 1995-S13 1995-S14 1995 Series (cont.)
1995-S15 1995-S16 1995-S17 1995-S18 1995-S19 1995-S2 1995-S21 1995-S3 1995-S4
1995-S6 1995-S7 1995-S8 1995-S9 1995-WH1 1995-WH10 1995-WH11 1995-WH12 1995-WH13
1995-WH14 1995-WH15 1995-WH16 1995-WH17 1995-WH18 1995-WH19 1995-WH2 1995-WH20
1995-WH21 1995-WH22A 1995-WH22B 1995-WH23 1995-WH3 1995-WH4 1995-WH5 1995-WH7
1995-WH8 1995-WH9
1996 Series
1996-HS1 1996-HS2 1996-HS3 1996-KS1 1996 Series (cont.) 1996-KS2
1996-KS3 1996-KS4group I 1996-KS4group II 1996-KS5 1996-QS1 group I 1996-QS1
group II 1996-QS2 1996-QS3 group I 1996-QS3 group II 1996-QS4 group I 1996-QS4
group II 1996-QS5group I 1996-QS5group II 1996-QS6 1996-QS7 group I
1996-QS7-group II 1996-QS8 1996-RHS4 1996-S1 1996-S10 1996-S11 1996-S12 1996-S13
1996-S14 1996-S15 1996-S16 1996-S17 1996-S18 1996-S19 1996-S2 1996-S20 1996-S21
1996-S22 1996-S23 1996-S24 1996-S25 1996-S3 1996-S4 1996-S5 1996-S6 1996-S7 1996
Series (cont.) 1996-S8 1996-S9 1996-SW1 1996-SWC-E 1996-WH10 1996-WH11 1996-WH12
1996-WH14 1996-WH15A 1996-WH15B 1996-WH15C 1996-WH16 1996-WH17 1996-WH18
1996-WH18 1996-WH19 1996-WH1A 1996-WH1B 1996-WH2 1996-WH3 1996-WH4 1996-WH4B
1996-WH4C 1996-WH4D 1996-WH4E 1996-WH4F 1996-WH4G group I 1996-WH4G group II
1996-WH4H group I 1996-WH4H group II 1996-WH4I group I 1996-WH4I group II
1996-WH4J group I 1996-WH4J group II 1996-WH5 1996-WH6 1996-WH7 1996-WH9
1997 Series
1997-GMACM4 1997-HI1 1997 Series (cont.) 1997-HI3 1997-HS2 1997-HS5 1997-HWH1
1997-KS1 group I 1997-KS1 group II 1997-KS2 group I 1997-KS2 group II 1997-KS3
group I 1997-KS3 group IIa 1997-KS3 group IIb 1997-KS4 group I 1997-KS4 group II
1997-NPC1 1997-NWH1 1997-NWH2 1997-NWH3 1997-NWH4 1997-NWH5 1997-NWH6 1997-NWH7
1997-NWH8 1997-QPCR1 group I 1997-QPCR1 group II 1997-QPCR2 group I 1997-QPCR2
group II 1997-QPCR2 group III 1997-QPCR3 1997-QS1 1997-QS10 1997-QS11 1997-QS12
1997-QS2 1997-QS3 1997-QS4 1997-QS5 1997-QS6 1997-QS7 1997-QS8 1997-QS9
1997-QWH1 1997-S1 1997 Series (cont.) 1997-S10 1997-S11 1997-S12 1997-S13
1997-S14 1997-S15 1997-S16 1997-S17 1997-S18 1997-S2 1997-S3 1997-S4 1997-S5
1997-S6 1997-S7 1997-S8 1997-S9 1997-WH10 1997-WH11 1997-WH12gr1 1997-WH12gr2
1997-WH13 1997-WH15 1997-WH1A 1997-WH1B group I 1997-WH1B group II 1997-WH1C
group I 1997-WH1D group I 1997-WH1D group II 1997-WH1E group I 1997-WH1E group
II 1997-WH1F group I 1997-WH1F group III 1997-WH1G group I 1997-WH1G group III
1997-WH1I group I 1997-WH1I group II 1997-WH1I group III 1997-WH1J group I
1997-WH1J group II 1997-WH1J group III 1997-WH1K group I 1997 Series (cont.)
1997-WH1K group II 1997-WH3 1997-WH4 1997-WH5 1997-WH6 1997-WH7 1997-WH8 group I
1997-WH8 group II 1997-WH9 1997-WH1F group II 1997-WH1G group II 1997-WH1H group
I 1997-WH1H group II 1997-WH1H group III
RESIDENTIAL FUNDING CORPORATION
Serviced Series with Initial Cutoff Date Prior to September 30, 1997
December 31, 1997 Exhibit II
- ------------------------------------------------------------------------------
Loans Serviced for Others:
Citizens Thrift & Loan Association
Pool 5001
Liberty Lending Services, Inc.
Pool 5900
Metropolitan Bank
Pool 5901
Owensboro National Bank
Pool 5002
Salomon Brothers Realty
Pool 5005
Argo Federal Savings Bank
Pools 5000 and 5004
Exhibit 3
# OF HOLDERS OF RECORD OF OUTSTANDING SERIES
MORTGAGE POOL # OF HOLDERS OF RECORD
1996-HS1 TERM NOTES 1
1996-HS3 CERTIFICATES 2
1996-HS3 TERM NOTES 1
1996-HS3 VARIABLE FUNDING NOTES 1
1996-HS1 CERTIFICATES 3
1996-HS1 VARIABLE FUNDING CERT. 1
1996-RHS4 CERTIFICATES 2
1996-RHS4 TERM 1
1996-RHS4 VARIABLE FUNDING CERT 2
1996-RHS4 VARIABLE FUNDING NOTES 1
1997-HI3 NOTES 1
1997-HI1 NOTES A-1 THRU A-7 2
1997-HI1 CERTIFICATES 2
1997-HI3 NOTES 2
1997-HS2 CERTIFICATES 1
1997-HS2 TERM 1
1997-HS2 VARIABLE FUNDING NOTES 1
1997-GMACM4 CERTIFICATES 1
1997-GMACM4 TERM NOTES 1
1997-GMACM4 VARIABLE FUNDING NOTES 1
1997-HI3 CERTIFICATES 2
1996-HS2 A-1 THRU A-6 1 EACH
1996-HS2 L AND IO 1 EACH
1996-HS2 RI AND RII 2 EACH
1997-HS5 A1 THRU A-7 1 EACH
1997-HS5 L1, L2 AND IO 1 EACH
1997-HS5 M1 5
1997-HS5 M2 1
1997-HS5 B1 1
1997-HS5 R1 AND RII 2 EACH
EXHIBIT 4
HOLDERS OF RECORD GREATER THAN 5% OF MORTGAGE
SERIES CLASS HOLDER NAME & ADDRESS FACE AMOUNT PERCENTAGE
1996-HS1 CEDE & CO. 110,603,172.00 100.00
TERM NOTES C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1996-HS3 OLEN & CO. 15,240,332.17 99.00
CERTIFICATES C/O THE FIRST NAT'L BK OF CHIC.
ONE FIRST NAT'L PLAZA
CHICAGO, ILL 60670
1996-HS3 CEDE & CO. 91,923,133.85 100.00
TERM NOTES C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1996-HS3 PELK & CO. 00.00 99.00
VAR. FUNDING CERT. C/O BANKERS TRUST CO
PO BOX 704
CHURCH STREET STATION
NEW YORK, NEW YORK 10008
1996-HS1 CEDE & CO. 9,599,769.37 98.00
CERTIFICATES C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1996-HS1 PELK & CO. 2,509,833.00 100.00
VAR. FUND. CERT. C/O BANKERS TRUST CO
PO BOX 704
CHURCH STREET STATION
NEW YORK, NEW YORK 10008
1996-RHS4 HARE & CO. 7,993,361.77 99.00
CERTIFICATES C/O THE BANK OF NEW YORK
PO BOX 11203
NEW YORK, NEW YORK 10249
1996-RHS4 CEDE & CO. 91,923,133.85 100.00
TERM NOTES C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1996-RHS4 SIGLER & CO. 00.00 100.00
VAR.FUND. NOTES C/O CHEMICAL BANK
PO BOX 50000
NEWARK, NJ 07101-8006
1996-RHS4 SIGLER & CO. 00.00 99.00
VAR.FUNDING CERT. C/O CHEMICAL BANK
PO BOX 50000
NEWARK, NJ 07101-8006
1997-HI3 CEDE & CO. 115,324,041.77 100.00
NOTES C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HI1 A-1 CEDE & CO. 42,750,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HI1 A-2 CEDE & CO. 7,250,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HI1 A-3 CEDE & CO. 26,500,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HI1 A-4 CEDE & CO. 26,100,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HI1 A-5 CEDE & CO. 9,450,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HI1 A-6 CEDE & CO. 25,000,000 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HI1 A-7 CEDE & CO. 12,268,000 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HI1 MASTER FINANCIAL INC 11,884,078.12 50.00
CERTIFICATES 333 SOUTH ANITA DRIVE #150
ORANGE, CA 92668
PELK & CO 11,884,078.12 50.00
C/O BANKERS TRUST CO
PO BOX 704
CHURCH STREET STATION
NEW YORK, NY 10008
1997-HI3 NOTES PRUDENTIAL INS CO AM 93,938,752.03 83.00
C/O PRUDENTIAL SF GROUP
4 GATEWAY CTR 7TH FL
100 MULBERRY ST
NEWARK, NJ 01102-4077
PRUCO LIFE INS CO 93,938,752.03 17.00
C/O INVESTMENTS OP GROUP
3 GATEWAY CTR
100 MULBERRY ST
NEWARK, NJ 07102-4077
1997-HS2 AUER & CO 00.00 100.00
CERTIFICATES C/O BANKERS TRUST CO
CHURCH STREET STATION
NEW YORK, NY 10008
1997-HS2 CEDE & CO. 240,936,350.30 100.00
TERM NOTES C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS2 AUER & CO 00.00 100.00
VAR.FUNDING NOTES C/O BANKERS TRUST CO
CHURCH STREET STATION
NEW YORK, NY 10008
1997-GMACM4 SIGLER & COMPANY 2,257,245.26 100.00
CERTIFICATES C/O CHEMICAL BANK
PO BOX 50000
NEWARK, NJ 07101-8006
1997-GMACM4 CEDE & CO. 178,361,024.72 100.00
TERM NOTES C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-GMACM4 SIGLER & COMPANY 00.00 100.00
VAR.FUND.NTOES C/O CHEMICAL BANK
PO BOX 50000
NEWARK, NJ 07101-8006
1997-HI3 MASTER FINANCIAL INC 12,900,455.33 50.00
CERTIFICATES 333 SOUTH ANITA DRIVE #150
ORANGE, CA 92668
AUER & CO
C/O BANKERS TRUST CO 12,900,455.33 50.00
CHURCH STREET STATION
NEW YORK, NY 10008
1996-HS2 A-1 CEDE & CO. 11,555,527.53 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS2 A-2 CEDE & CO. 15,000,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS2 A-3 CEDE & CO. 41,000,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS2 A-4 CEDE & CO. 26,500,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS2 A-5 CEDE & CO. 9,374,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS2 A-6 CEDE & CO. 12,341,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS2 A-L CEDE & CO. 20,152,179.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS2 IO AUER & CO 00.00 100.00
C/O BANKERS TRUST
PO BOX 704
CHURCH STREET STATION
NEW YORK, NY 10015
1997-HS2 R-I AUER & CO 00.00 100.00
C/O BANKERS TRUST
PO BOX 704
CHURCH STREET STATION
NEW YORK, NY 10015
1997-HS2 R-II AUER & CO 5,653,464.00 99.00
C/O BANKERS TRUST
PO BOX 704
CHURCH STREET STATION
NEW YORK, NY 10015
1997-HS5 A-1 CEDE & CO. 34,030,791.93 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS5 A-2 CEDE & CO. 16,800,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS5 A-3 CEDE & CO. 55,800,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS5 A-4 CEDE & CO. 10,600,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS5 A-5 CEDE & CO. 18,100,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS5 A-6 CEDE & CO. 8,300,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS5 A-7 CEDE & CO. 18,778,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS5 L-1 CEDE & CO. 20,288,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS5 L-2 CEDE & CO. 1,220,000.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS5 IO CEDE & CO. 00.00 100.00
C/O THE DEPOSITORY TRUST CO.
PO BOX 20
BOWLING GREEN STATION
NEW YORK, NEW YORK 10004
1997-HS5 M1 FIRST UNION NATIONAL 19,518,000.00 79.00
C/0 FIRST UNION NAT'L BK
1525 WEST MT HARRIS BLVD
CHARLOTTE, NC 28288-1030
MORGAN STANLEY & CO 19,518,000.00 21.00
ONE PIERREPONT PLAZA
BROOKLYN, NY 11201
1997-HS5 M2 MORGAN STANLEY & CO 9,185,000.00 100.00
ONE PIERREPONT PLAZA
BROOKLYN, NY 11201
1997-HS5 B1 MORGAN STANLEY & CO 8,037,000.00 100.00
ONE PIERREPONT PLAZA
BROOKLYN, NY 11201
1997-HS5 R-I MORGAN STANLEY & CO 00.00 100.00
ONE PIERREPONT PLAZA
BROOKLYN, NY 11201
1997-HS5 R-II AUER & CO 1,285,791.37 99.00
C/O BANKERS TRUST
PO BOX 998
BOWLING GREEN STATION
NEW YORK, NY 10274
