YEARLY CERTIFICATEHOLDERS STATEMENT (O)

                      CAPITOL HOME EQUITY LOAN TRUST 1990-1


               Under subsection  5.02(b) of the Pooling and Servicing  Agreement
       dated  as of  December  1,  1990  by  and  between  Chevy  Chase  Savings
       Bank,F.S.B.,   a  federally   chartered   savings  bank,  as  Seller  and
       Servicer,and Chemical Bank, as Trustee (hereinafter as such agreement may
       have  been,  or may  from  time  to time  be,  amended,  supplemented  or
       otherwise modified, the "Pooling and Servicing  Agreement"),  Chevy Chase
       Savings Bank,  F.S.B.,  as the Servicer,  is required to prepare  certain
       information  each year regarding  distributions  on each Class of Regular
       Certificates   and  the  performance  of  the  Capitol  Home  Loan  Trust
       1990-1(the  "Trust")  during the related  calendar year. The  information
       that is required  to be  prepared  with  respect to the  distribution  to
       Holders(the  "Certificateholders")  of the Class A  Certificates  and the
       Class B Certificates for the calendar year ended December 31, 1996 is set
       forth below.  Certain of the  information is presented on the basis of an
       original  principal  amount of $1,000 per Class A Certificate  or Class B
       Certificate, as the case may be. Capitalized terms used and not otherwise
       defined  herein  have  the  meanings  assigned  them in the  Pooling  and
       Servicing Agreement.

       A.   Information Regarding the Current Yearly
            Distribution to Class A Certificateholders
            (Per $1,000 Original Principal Amount of a
            Class A Certificate).________________________

            1.   The total amount of the distribution
                 allocable to principal of the Class A
                 Certificates............................$0.00000

            2.   The amount of any Unpaid Class A
                 Principal Shortfall ....................$0.00000

            3.   The amount of any remaining Unpaid
                 Class A Principal Shortfall.............$0.00000

            4.   The total amount of the distribution
                 allocable to interest on the Class A
                 Certificates ...........................$0.00000

            5.   The amount of any Unpaid Class A
                 Interest Shortfall......................$0.00000

            6.   The amount of any remaining Unpaid
                 Class A Interest Shortfall..............$0.00000



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            B.   Information Regarding the Current Yearly
            Distribution to Class B Certificateholders
            (Per $1,000 Original Principal Amount of a
            Class B Certificate).________________________

            1.   The total amount of the distribution
                 allocable to principal of the Class
                 B Certificates .........................$313.15979

            2.   The amount of any Unpaid Class B
                 Principal Shortfall ....................$0.00000

            3.   The amount of any remaining Unpaid
                 Class B Principal Shortfall.............$0.00000

            4.   The total amount of the distribution
                 allocable to interest on the Class B
                 Certificate.............................$51.03234

            5.   The amount of any Unpaid Class B
                 Interest Shortfall .....................$0.00000

            6.   The amount of any remaining Unpaid Class
                 B Interest Shortfall....................$0.00000


            IN WITNESS  WHEREOF,  the undersigned has caused this Certificate to
       be duly executed this 31st day of January, 1997.


                                     CHEVY CHASE SAVINGS BANK, F.S.B.
                                     as Servicer



                                     By: John N. Sousane
                                         ---------------
                                         John N. Sousane
                                         Vice President











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