SECURITIES AND EXCHANGE COMMISSION
                        Washington, DC. 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:                   Commission file number:
     December 31, 2002                              333-1682





                   Chevy Chase Home Loan Trust 1996-1
         ____________________________________________________
          (Exact name of registrant as specified in charter)




            New York                             52-897004
________________________________             ___________________
(State or other jurisdiction of               (IRS. Employer
  incorporation or organization)             Identification No.)



     c/o Chevy Chase Bank, F.S.B.
       7501 Wisconsin Avenue
        Bethesda, Maryland                         20814
________________________________________     ___________________
(Address of principal executive offices)        (Zip Code)



Registrant's telephone number, including area (301) 986-7000
                                             ___________________

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 has (1) 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
           _________        _________

The Registrant has no voting stock or class of common stock
outstanding as of the date of this report.











































































                            Introductory Note


Chevy Chase Bank, F.S.B. (the "Bank")is the seller and Servicer under the
Pooling and Servicing Agreement (" Agreement"), dated as of May 1, 1996,
by and between the Bank and Norwest Bank Minnesota, National Association,
as the trustee. The Certificates listed on page 1 hereof will be referred to
collectively herein as the "Certificates". The Certificates do not represent
obligations of or interests  in the Bank.

By letter dated August 7, 1995, the Bank has requested an exemption
from certain reporting and information requirements under the
Exchange Act.  Pending resolution of such request, the Bank intends
to provide information in a manner consistent with such application.
Accordingly, certain items of Form 10-K are designated below as
"Not Applicable", and with respect to the remaining items the Bank is
providing the information set forth below.


                               Part I




Item 1    Business

          Not Applicable


Item 2    Properties

          See the Annual Report filed pursuant to Item 14 Below.


Item 3    Legal Proceedings

          None


Item 4    Submission Of Matters To A Vote Of Security Holders

          None











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                              Part II


Item 5    Market For Registrant's Common Equity
          And Related Stockholder Matters

          Each of the Certificates, representing investors' interests
          in the Trust, are represented by a single certificate
          registered in the name of Cede & Co., the nominee of The
          Depository Trust Company (DTC). Accordingly, Cede & Co.
          is the sole  holder of record of the Certificates, which it
          held on behalf of  approximately 20 brokers, dealers,
          banks and other direct participants  in the DTC system at
          December 31, 2002.



          To the best knowledge of the Registrant, there is no
          established public trading market for the Certificates.

Item 6    Selected Financial Data

          Not Applicable

Item 7    Management's Discussion and Analysis of Financial
          Condition and Results of Operations

          Not Applicable

Item 8    Financial Statements and Supplementary Data

          Not Applicable

Item 9    Changes In And Disagreements With Accountants
          On Accounting and Financial Disclosure

          A current report on Form 8-K, dated August 13, 2002,
          was filed with the SEC reporting the dismissal
          Arthur Andersen LLP as independent auditors of the
          Originator and the engagement of Ernst & Young LLP
          to serve as independent auditors for the
           fiscal year ending September 30, 2002.
           (Item reported:  Item 4)

                               Part III

Item 10   Directors and Executive Officers of the Registrant

          Not Applicable

Item 11   Executive Compensation

          Not Applicable


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Item 12   Security Ownership Of Certain Beneficial Owners
          and Management


          Each of the Certificates, representing investor's interests in the
          Trust, are represented by a single certificate registered in the
          name of Cede & Co., the nominee of the Depository Trust
          Company, and an investor holding an interest in the Trust
          is not entitled to receive a Certificate representing such interest
          except in  certain limited circumstances.  Accordingly, Cede & Co.
          is the sole  holder of record of the Certificates, which it held on
          behalf of  approximately 20 brokers, dealers, banks and other
          direct participants  in the DTC system at December 31, 2002.
          Such direct participants  may hold Certificates for their own
          accounts or for the accounts of  their customers.  The following
          table sets forth, with respect to each of the Certificates, the
          identity of each direct DTC participant that holds positions in
          such Certificate in excess of 5% of the  outstanding principal
          amount thereof at December 31, 2002.


$ 153,521,000 7.15% Asset Backed Certificates

                                             Aggregate Amount of   Percent of
Name                                          Certificates Held     O/S Class
Bankers Trust Company                              29,650,000           19.31%
Boston Safe Deposit & Trust Co.                    26,700,000           17.39%
Bank of New York                                   26,600,000           17.33%
State Street Bank and Trust Co.                    25,550,000           16.64%
Chase Manhattan Bank                                9,200,000            5.99%










The address of each of the above participants is:

                            The Depository Trust Company
                            Issuer Services
                            c/o ADP Proxy Services
                            51 Mercedes Way
                            Edgewood, NY  11717

Item 13   Certain Relationships and Related Transactions

          None



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                     Part IV

Item 14   Exhibits, Financial Statement Schedules and Reports
          On Form 10-K

(a)       The following documents are filed as part of this Report:

          i)  Summary of annual distributions on the Certificates to
              Certificateholders for the year ended December 31, 2002

          ii) Annual Accountant's Report dated October 23, 2002
              and related Report of Management dated October 23, 2002
              relating to sufficiency of accounting controls.

          No proxy soliciting material has been distributed by
          the Trust.







                                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,
thereunto duly authorized.


                                     Chevy Chase Home Loan Trust 1996-1
                                     By: Chevy Chase Bank, F.S.B.
                                     Originator of the Trust and Servicer


Date:     03/31/2003                 By:  ____________________________________
                                                  Joel A. Friedman
                                                  Senior Vice President
                                                  and Controller






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CERTIFICATION

I, Joel A. Friedman., certify that:

1. I have reviewed this annual report on Form 10-K, and all reports on
Form 8-K containing distribution or servicing reports filed in respect of
periods included in the year covered by this annual report, of
Chevy Chase Home Loan Trust 1996-1

2. Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not
misleading as of the last day of the period covered by this annual report;

3. Based on my knowledge, the distribution or servicing information
required to be provided to the trustee by the servicer under the pooling
and servicing, or similar, agreement, for inclusion in these reports is
included in these reports;

4. I am responsible for reviewing the activities performed by the servicer
under the pooling and servicing, or similar, agreement and based upon
my knowledge and the annual compliance review required under that
agreement, and except as disclosed in the reports, the servicer has
fulfilled its obligations under that agreement; and

5. The reports disclose all significant deficiencies relating to the
servicer's compliance with the minimum servicing standards based upon
the report provided by an independent public accountant, after conducting
a review in compliance with the Uniform Single Attestation Program for
Mortgage Bankers or similar procedure, as set forth in the pooling and
servicing, or similar, agreement, that is included in these reports.

In giving the certifications above, I have reasonably relied on
information provided to me by the following unaffiliated parties:  the
Depository Trust Company.


                                     Chevy Chase Home Loan Trust 1996-1
                                     By: Chevy Chase Bank, F.S.B.
                                     Originator of the Trust and Servicer


Date:     03/31/2003                 By:  ____________________________________
                                                  Joel A. Friedman
                                                  Senior Vice President
                                                  and Controller


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