(logo) CHASE



                                                                       EXHIBIT I



                             MANAGEMENT'S ASSERTION

As of and for the year ended  December 31, 1996,  except as  specifically  noted
below, Chase Manhattan Mortgage  Corporation  ("CMMC"),  Chase Mortgage Services
incorporated   ("CMSI")  and  Chemical   MORTGAGE   Company  ("CMC")  and  their
subsidiaries (collectively, the "Group") has complied in all  material respects,
with  the  minimum  servicing  standards  (the  "Standard(s)")  set forth in the
Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE  BANKERS  (USAP).  During the year ended  December  31,  1996,  certain
instances of non-compliance with the Standards occurred.  Except as specifically
noted,  the  following  instances  of  non-compliance  have  been  remedied  and
procedural enhancements have been implemented.



BANK ACCOUNTS

         STANDARD:  CUSTODIAL  BANK ACCOUNTS AND  RELATED BANK CLEARING ACCOUNTS
         RECONCILIATION  SHALL BE PREPARED WITHIN FORTY-FIVE (45) DAYS AFTER THE
         CUTOFF DATE AND  DOCUMENTED  RECONCILING  ITEMS SHALL BE RESOLVED  FROM
         THESE  RECONCILIATIONS  WITHIN  NINETY  (90)  CALENDAR  DAYS  OF  THEIR
         ORIGINAL IDENTIFICATIOIN.

         Certain of the Group's  custodial  accounts  and related  bank clearing
         accounts  were not  consistently  reconciled  within 45 days during the
         year. In addition,  reconciling items documented on the reconciliations
         were not always  resolved within 90 days after  identification.  Weekly
         management  reviews have been initiated for the higher volume  accounts
         to ensure  reconciliations  are  performed  and  reconciling  items are
         cleared  in  accordance  with the  Standards  and new  company  policy.
         Specific project plans have been placed in operation to ensure that the
         population  of  reconciling  items is worked  and  eventually  cleared.
         Additionally,  work orders for technological enhancements to facilitate
         the reconciliation process are being developed.


DISBURSEMENTS

         STANDARD: UNISSUED  CHECKS  SHALL  BE  SAFEGUARDED  SO  AS  TO  PREVENT
         UNAUTHORIZED ACCESS.

         Controls surrounding the Corporation's  safeguarding of unissued checks
         were determined to be inadequate.  There was limited accountability for
         checks printed and issued,  and multiple employees had system access to
         reprint  checks.  In  addition,  blank  checks for  various  disbursing
         amounts do not have pre-printed  serial numbers which would enable area
         management to effectively track missing and voided  checks.  Management
         has  requested  new checks  with  pre-printed  serial  numbers on them.
         Additionally,  management  has placed into operation new scanners to be
         installed  on the  Corporation's  check  printers,  which  will  enable
         management to print detailed  reports on check  printing,  handling and
         reconciliation via the printer account logs.



                                  (logo) CHASE



MORTGAGOR LOAN ACCOUNTING

         STANDARD: ESCROWS  ACCOUNTS SHALL  BE ANALYZED, IN  ACCORDANCE WITH THE
         MORTGAGOR'S LOAN DOCUMENTS, AT LEAST ON AN ANNUAL BASIS.

         During 1996, there  were  instances in which an escrow analysis was not
         performed on certain loans within the required  12-month  cycle.  These
         exceptions  were  primarily  attributed  to  missing tax  or  insurance
         details  required by area  management to effectively  perform an escrow
         analysis.  Management  is currently  utilizing  tracking  worksheets to
         accelerate the information gathering, process and is investigate system
         upgrades to enable it to more  efficiently  perform the required escrow
         analyses within the established timeframe.

Management believes it has taken definitive actions and implemented controls and
procedures to address and correct the instances of noncompliance  which occurred
during 1996.

As of and for the year ended  December 31, 1996, the  Corporation  had in effect
fidelity bond and errors and omissions  policies in the amounts of  $200,000,000
and $25,000,000, respectively.


/s/ Thomas Jacob                                  3-25-97
Thomas Jacob                                      Date
Chief Executive Officer

/s/ Steve Rotella                                 3-24-97
Steve Rotella                                     Date
Executive Vice President

/s/ Glenn Mouridy                                 3-25-97
Glenn Mouridy                                     Date
Executive Vice President
Chief Financial Officer

/s/ Lucy Gambino                                  3-24-97
Lucy Gambino                                      Date
Asisstant Vice President - Risk Management