Residential Accredit Loans, Inc.
Depositor
Residential Funding Corporation
Master Servicer
Mortgage Asset-Backed Pass-Through Certificates
Series 1997-QS5
$ 4,263,750 8.00% Class M-2 Certificates
Supplement dated February 17, 1999
to
Supplement dated January 7, 1999
to
prospectus supplement dated June 23, 1997
to
prospectus dated August 22, 1996
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Residential Funding Securities Corporation, an affiliate of the depositor, will
offer to the public the Class M-2 Certificates on a best efforts basis, from
time to time, directly or through dealers. The termination of the offering of
the Class M-2 Certificates will be the earlier to occur of February 19, 2000 or
the date on which all of the Class M-2 Certificates have been sold. Proceeds of
such offering will not be placed in escrow, trust or any similar arrangement.
The proceeds to the depositor from any sale of the Class M-2 Certificates will
be equal to the purchase price paid by the purchaser thereof, net any expenses
payable by the depositor and any compensation payable to RFSC and any dealer.
The mortgage pool consists of 1,200 mortgage loans with an outstanding aggregate
principal balance of approximately $117,660,496 as of December 1, 1998, after
deducting payments of principal due on or prior to that date.
The principal balance of the Class M-2 Certificates after the January 25, 1998
payment date will represent approximately 3.62% of the mortgage pool.
As of January 1, 1999, twenty-nine mortgage loans, representing approximately
2.73% of the mortgage loans, were 30 to 59 days delinquent; four mortgage loans,
representing approximately 0.26% of the mortgage loans, were 60 to 89 days
delinquent; six mortgage loans, representing approximately 0.46% of the mortgage
loans, were 90 or more days delinquent; and nine mortgage loans, representing
approximately 1.07% of the mortgage loans, were in foreclosure. A mortgage loan
is considered to be "30 to 59 days",
"60 to 89 days" or "90 or more days" delinquent when a payment due on any due
date remains unpaid as of the close of business on the last business day
immediately prior to the next following monthly due date, the second next
following monthly due date or the third next following monthly due date,
respectively. The determination as to whether a mortgage loan falls into a
category is made as of the close of business on the last business day of each
month. Delinquency information presented herein as of January 1, 1999 was
determined and prepared as of the close of business on December 31, 1999.
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Residential Funding Securities Corporation
February 17, 1999
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