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                                                     CHASE MORTGAGE FINANCE TRUST
                                    MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-S5
                                                   STATEMENT TO CERTIFICATEHOLDERS
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DISTRIBUTION DATE:          28-Dec-98                                                                                       PAGE # 1
RECORD DATE:                30-Nov-98



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             ORIGINAL        BEGINNING                                                                   COMPENSATING       ENDING
           CERTIFICATE      CERTIFICATE    PRINCIPAL       INTEREST       TOTAL         REALIZED LOSS     INTEREST       CERTIFICATE
 CLASS       BALANCE          BALANCE     DISTRIBUTION   DISTRIBUTION  DISTRIBUTION  PRINCIPAL  INTEREST  SHORTFALLS       BALANCE
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<S>    <C>              <C>             <C>              <C>         <C>            <C>          <C>       <C>     <C>        
  A-1    26,000,000.00    25,208,603.25    332,359.21     136,546.60    468,905.81     0.00       0.00      0.00       24,876,244.04
  A-2     3,413,903.00     3,413,903.00          0.00      18,491.97     18,491.97     0.00       0.00      0.00        3,413,903.00
  A-3    12,553,500.00    12,431,592.62     41,367.49      67,337.79    108,705.28     0.00       0.00      0.00       12,390,225.13
  A-4   141,000,000.00   137,526,233.35  1,436,822.98     744,933.76  2,181,756.74     0.00       0.00      0.00      136,089,410.37
  A-6    20,800,000.00    20,166,882.61    265,887.36     105,035.85    370,923.21     0.00       0.00      0.00       19,900,995.25
  A-P       457,673.00       450,761.01      1,690.80            N/A      1,690.80     0.00       0.00      0.00          449,070.21
  A-R           100.00             0.00          0.00           0.00          0.00     0.00       0.00      0.00                0.00
   M      2,100,001.00     2,079,607.82      6,920.11      11,264.54     18,184.65     0.00       0.00      0.00        2,072,687.71
  B-1     1,365,001.00     1,351,745.42      4,498.08       7,321.95     11,820.03     0.00       0.00      0.00        1,347,247.34
  B-2       840,000.00       831,842.73      2,768.05       4,505.81      7,273.86     0.00       0.00      0.00          829,074.68
  B-3       630,000.00       623,882.05      2,076.03       3,379.36      5,455.39     0.00       0.00      0.00          621,806.02
  B-4       525,000.00       519,901.71      1,730.03       2,816.13      4,546.16     0.00       0.00      0.00          518,171.68
  B-5       315,003.39       311,944.38      1,038.03       1,689.70      2,727.73     0.00       0.00      0.00          310,906.35
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 TOTAL  210,000,181.39   204,916,899.95  2,097,158.17   1,103,323.46  3,200,481.63     0.00       0.00      0.00      202,819,741.78
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                ORIGINAL          BEGINNING                                                            ENDING
                NOTIONAL           NOTIONAL         INTEREST                  TOTAL                   NOTIONAL
      CLASS     BALANCE            BALANCE        DISTRIBUTION             DISTRIBUTION               BALANCE
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
<S>         <C>             <C>                 <C>                     <C>                      <C>               
       A-5    20,800,000.00      20,166,882.61         4,201.43                 4,201.43            19,900,995.25
       A-X   183,626,014.51     179,033,249.69        60,287.29                60,287.29           177,034,190.58
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                   FACTOR INFORMATION PER $1,000                                                                    PASS THRU RATES


          PRINCIPAL                 INTEREST                END. CERT.                                             PASS-THRU
CLASS    DISTRIBUTION             DISTRIBUTION               BALANCE                             CLASS              RATE

------------------------------------------------------------------------------                  ------------------------------------
<S>    <C>                       <C>                    <C>                                   <C>             <C>        
 A-1     12.78304654               5.25179231             956.77861692                          A-1               6.50000000%
 A-2      0.00000000               5.41666532            1000.00000000                          A-2               6.50000000%
 A-3      3.29529534               5.36406500             986.99367746                          A-3               6.50000000%
 A-4     10.19023390               5.28321816             965.17312319                          A-4               6.50000000%
 A-5             N/A               5.04980048             956.77861779                          A-5               0.25000000%
 A-6     12.78304615               5.04980048             956.77861779                          A-6               6.25000000%
 A-P      3.69434072                      N/A             981.20319529                          A-P                       N/A
 A-R      0.00000000               0.00000000               0.00000000                          A-R               6.50000000%
 A-X             N/A               0.32831563             964.10190600                          A-X               0.40408000%
  M       3.29528891               5.36406411             986.99367762                           M                6.50000000%
 B-1      3.29529429               5.36406200             986.99366521                          B-1               6.50000000%
 B-2      3.29529762               5.36405952             986.99366667                          B-2               6.50000000%
 B-3      3.29528571               5.36406349             986.99368254                          B-3               6.50000000%
 B-4      3.29529524               5.36405714             986.99367619                          B-4               6.50000000%
 B-5      3.29529787               5.36406926             986.99366378                          B-5               6.50000000%
------------------------------------------------------------------------------------            ------------------------------------


(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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DISTRIBUTION DATE:   28-Dec-98                                                                                             PAGE # 2
RECORD DATE:         30-Nov-98




<S>                <C>                                                                                        <C>         
SECTION 6.02 (iii)                          AGGREGATE PRINCIPAL PREPAYMENT AMOUNT                                      1,415,219.75
                                            AGGREGATE REPURCHASE PROCEEDS AMOUNT                                               0.00


SECTION 6.02 (iv)                           AGGREGATE SERVICER ADVANCES                                                1,523,211.10



                                            ENDING PRINCIPAL BALANCE OF OUTSTANDING MORTGAGE POOL                    202,819,741.78


SECTION 6.02 (vi)                           SERVICING FEES                                                                53,602.80


SECTION 6.02 (vii)                          NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:

                                            ------------------------------------------------------------------------------------
                                                      CATEGORY                  COUNT                    AGG. PRIN. BAL.
                                            ------------------------------------------------------------------------------------
                                                       1 MONTH                    7                                2,653,448.71
                                                      2 MONTHS                    0                                        0.00
                                                      3+ MONTHS                   0                                        0.00
                                                     FORECLOSURE                  0                                        0.00
                                            ------------------------------------------------------------------------------------


SECTION 6.02 (viii)                         MORTGAGE LOANS ACQUIRED THROUGH FORECLOSURE

                                                                          --------------------------------------------------------
                                                                                      COUNT                AGG. PRIN. BAL.
                                                                          --------------------------------------------------------
                                                                                        0                                    0.00
                                                                          --------------------------------------------------------


SECTION 6.02 (ix)                           AGGREGATE AMOUNT OF ALL ADVANCES RECOVERED DURING THE RELATED                 11,273.39
                                            DUE PERIOD


                                            -------------------------------------------------------------------------------------
SECTION 6.02 (x)                                        CLASS                      PERCENTAGE            PRINCIPAL BALANCE
                                            ------------------------------                         ------------------------------
                                            -------------------------------------------------------------------------------------
                                                       CLASS A                       97.21%                       199,197,975.84
                                                       CLASS M                        1.01%                         2,079,607.82
                                                       CLASS B                        1.78%                         3,639,316.29
                                            -------------------------------------------------------------------------------------

                                            NON-PO CLASS A PERCENTAGE                                                         97.20%
                                            NON-PO CLASS A PREPAYMENT PERCENTAGE                                             100.00%

                                            CREDIT SUPPORT LEVEL

                                                                          --------------------------------------------------------
                                                                                      CLASS                CREDIT SUPPORT
                                                                          --------------------------------------------------------
                                                                                                      ----------------------------
                                                                                        M                    1.77600000%
                                                                                       B-1                   1.11634000%
                                                                                       B-2                   0.71040000%
                                                                                       B-3                   0.40594000%
                                                                                       B-4                   0.15223000%
                                                                          --------------------------------------------------------



SECTION 6.02 (xi)                           CURRENT AGGREGATE AMOUNT OF REALIZED LOSSES                                        0.00
                                            CUMULATIVE AGGREGATE AMOUNT REALIZED LOSSES                                        0.00





(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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