Item 1 Business
Not Applicable
Item 2
Item 2 Properties
See the Annual Report filed pursuant to Item 14 Below.
Item 3
Item 3 Legal Proceedings
None
Item 4
Item 4 Submission Of Matters To A Vote Of Security Holders
None
Part II
Item 5
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
Item 6 Selected Financial Data
Not Applicable
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
Not Applicable
Item 9
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
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
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
Item 13 Certain Relationships and Related Transactions
None
Part IV
Item 14
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
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