Item 1. Business
CS FBC Mortgage Securities Trust 22 and Similar Trusts (formerly FBC Mortgage Securities Trust 22 and Similar Trusts) (the "Trusts") are trusts established under the laws of the State of Delaware by a Trust Agreement between Credit Suisse First Boston Mortgage Securities Corp., (formerly CS First Boston Mortgage Securities Corp.) as depositor (the "Depositor") and Wilmington Trust Company, as Owner Trustee (the "Owner Trustee"). The Depositor, a Delaware corporation is an indirect wholly owned subsidiary of Credit Suisse First Boston , Inc. (formerly CS First Boston, Inc.,) and is the settlor and sole beneficiary of the issuer prior to the offering. Subsequent to the issuance of the Bonds, the Depositor may sell all or a part of its ownership interest in the related trusts to other investors. Wilmington Trust Company will act as Owner Trustee for, and at the direction of, the beneficial holders of the Trusts.
The Trust Agreement provides that the Trusts have no power to engage in any activities other than (i) the issuance and sale of the Bonds pursuant to the Indenture and the acquiring, owning, holding and pledging of Mortgage Certificates in connection therewith, provided that the bonds have been rated "AAA" by Standard & Poor's Corporation; (ii) activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and (iii) such other activities as may be required in connection with conservation of trust assets and distributions to holders of the beneficial interest in the Trusts. The provision of the Trust Agreements so limiting the power of the Trusts is not subject to amendment without the prior written consent of Bondholders holding in the aggregate no less than a majority of the outstanding principal amount of the Bonds.
As of the date of this report, the trusts have not issued any bonds.
Item 2.
Item 2. Properties
The Trusts neither own nor lease any physical properties.
Item 3.
Item 3. Legal Proceedings
The Trusts are not a party to any material actual or pending legal proceedings.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
None.
PART II.
Item 5.
Item 5. Market for the Registrant's Common Equity and Related Stockholder Matters
Not applicable.
Item 6.
Item 6. Selected Financial Data
Selected financial data is omitted, because financial statements for the year ended December 31, 1996 have not been prepared in as much as the reporting entities have not yet commenced operations as of that date.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Not applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data
Financial statements for the year ended December 31, 1996 have not been prepared inasmuch as the reporting entities have not yet commenced operations as of that date.
As of the date of this report, the trusts have been formed and have not issued any bonds. It is anticipated that the trusts will issue series of Bonds under Registration Statement No. 33-11924 which was filed on Form S-11 by Credit Suisse First Boston Mortgage Securities Corp. on February 12, 1987 with the Securities and Exchange Commission providing for the issuance of up to $2,000,000,000 aggregate principal amount, of Collateralized Mortgage Obligations.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
PART III.
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11.
Item 11. Executive Compensation
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions
Not applicable.
PART IV.
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) The following documents are filed as part of this report.
(1) Financial Statements
Financial Statements for the year ended December 31, 1996 have not been prepared inasmuch as the reporting entities had not commenced operations as of that date.
(2) Financial Statement Schedules
Financial Statement Schedules are omitted because they are not required or are applicable.
(3) Exhibits
Form of Trust Agreement [for non-REMIC Bonds] (incorporated by reference to Exhibit 3(a) of Registration Statement on Form S-11 (No. 33-11924) dated February 12, 1987).
Form of Trust Agreement [for REMIC Bonds] (incorporated by reference to Exhibit 3(b) of Registration Statement on Form S-11 (No. 33-11924) dated February 12, 1987).
Form of Indenture (incorporated by reference to Exhibit 4 of Registration Statement on Form S-11 (No. 33-11924) dated February 12, 1987).
Form of Bond Administration Agreement [for non-REMIC Bonds] (incorporated by reference to Exhibit 10(a) of Registration Statement on Form S-11 (No. 33-11924) dated February 12, 1987).
Form of Bond Administration Agreement [for REMIC Bonds] (incorporated by reference to Exhibit 10(b) of Registration Statement on Form S-11 (No. 33- 11924) dated February 12, 1987).
(b) Reports on Form 8-K
None.
(c) Exhibits filed as part of this report are included in Item 14(a)(3) above.
SIGNATURE
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 thereunto duly authorized.
Credit Suisse First Boston Mortgage Securities Corp., as Depositor, on behalf of CS FBC Mortgage Securities Trust 22 and Similar Trusts
By: THOMAS M. ZINGALLI ----------------------- Thomas M. Zingalli Controller and Principal Accounting Officer (Duly Authorized Officer and Principal Accounting Officer)
Dated: March 21, 1997
INDEX TO EXHIBITS
* Incorporated by reference to the same Exhibits in Registration Statement on Form S-11 (No. 33-11924) filed with the Securities and Exchange Commission on February 12, 1987.