Exhibit 99.42
GE CAPITAL MORTGAGE SERVICES, INC.
MONTHLY STATEMENT
August, 1998
Series 1998-12C, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of July 1, 1998 (the
"Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
Weighted average coupon % 7.048248
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Weighted average maturity 175.91
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A. Amount of distribution allocable to principal and interest:
The amounts below are for a Single Certificate of $1,000:
1.
Principal
Principal Per Prepayments Per Interest Per
Class Certificate Certificate Certificate Payout Rate
----- ----------- ----------- ----------- -----------
PO3 $ 28.60330678 $ 25.30501890 $ 0.00000000 % 0.00000000
3A1 $ 14.75288408 $ 10.70959655 $ 5.41666658 % 6.49999989
3A2 $ 0.00000000 $ 0.00000000 $ 5.41666522 % 6.49999826
3A3 $ 3.22543700 $ 2.34144900 $ 5.41666700 % 6.50000040
3A4 $ 11.76795055 $ 8.54273665 $ 5.41666663 % 6.49999995
SUP3 $ 0.00000000 $ 0.00000000 $ 0.29620655 % 0.35544786
3R $1000.00000000 $ 725.90000000 $ 5.40000000 % 6.48000000
3M $ 3.22543573 $ 0.00000000 $ 5.41666509 % 6.49999811
3B1 $ 3.22544062 $ 0.00000000 $ 5.41666572 % 6.49999886
3B2 $ 3.22544062 $ 0.00000000 $ 5.41666572 % 6.49999886
3B3 $ 3.22543907 $ 0.00000000 $ 5.41666141 % 6.49999369
3B4 $ 3.22541789 $ 0.00000000 $ 5.41668087 % 6.50001705
3B5 $ 3.22544173 $ 0.00000000 $ 5.41666943 % 6.50000331
2. Unanticipated Recoveries: $ 0.00
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B. Accrual Amount
1.
Accrual Amount
Class
N/A $ N/A
2. The amount of servicing compensation received by the Company during
the month preceding the month of distribution:
$ 14,159.86
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C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $ 173,949,919.64
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2. The aggregate number of Mortgage Loans included in the Pool
Scheduled Principal Balance set forth above: 532
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3.
Beginning Aggregate Class Ending Aggregate Ending
Certificate Principal Class Certificate Single Certificate
Class Balance Principal Balance Balance Cusip
- ----- ------- ----------------- ------- -----
PO3 $ 664,090.00 $ 645,094.83 $ 971.40
3A1 $ 37,700,000.00 $ 37,143,816.27 $ 985.25 36157RMX0
3A2 $ 2,300,000.00 $ 2,300,000.00 $ 1,000.00 36157RMY8
3A3 $ 10,000,000.00 $ 9,967,745.63 $ 996.77 36157RMZ5
3A4 $ 121,818,119.00 $ 120,384,569.40 $ 988.23 36157RNA9
SUP3 $ 153,680,397.00 $ 151,945,048.66 $ 988.71
3R $ 100.00 $ 0.00 $ 0.00 36157RNE1
3M $ 1,320,017.00 $ 1,315,759.37 $ 996.77 36157RNB7
3B1 $ 440,005.00 $ 438,585.79 $ 996.77 36157RNC5
3B2 $ 440,005.00 $ 438,585.79 $ 996.77 36157RND3
3B3 $ 792,010.00 $ 789,455.42 $ 996.77 36157RPE9
3B4 $ 264,003.00 $ 263,151.48 $ 996.77 36157RPF6
3B5 $ 264,007.25 $ 263,155.71 $ 996.77 36157RPG4
D. The aggregate number and aggregate Principal Balances of Mortgage
Loans which, as of the close of business on the last day of the
month preceding the related Determination Date, were delinquent:
1. 30-59 days
Number 0 Principal Balance $ 0.00
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2. 60-89 days
Number 0 Principal Balance $ 0.00
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3. 90 days or more
Number 0 Principal Balance $ 0.00
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4. In Foreclosure
Number 0 Principal Balance $ 0.00
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5. Real Estate Owned
Number 0 Principal Balance $ 0.00
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6. The Scheduled Principal Balance of any Mortgage Loan replaced
pursuant to the Pooling And Servicing Agreement:
$ 0.00
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E. Other Information:
1. Special Hazard Loss Amount: $ 0.00
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2. Bankruptcy Loss Amount: $ 0.00
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3. Fraud Loss Amount: $ 0.00
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4. Certificate Interest Rate of the Class S Certificate: % 0.35544786
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*It has been the Company's experience that, with respect to the first
Distribution Date after the closing of a securitization containing a large
number of recently originated or acquired Mortgage Loans, the number of Mortgage
Loans 30-59 days delinquent may be inflated due to the borrowers sending monthly
payments to the wrong location or delays by the Company in inputting the
Mortgage Loans on its servicing system. It has also been the Company's
experience that for the majority of such Mortgage Loans the routing of
borrowers' monthly payments has corrected itself by the second Distribution
Date. However, the Company makes no assurances as to the level of delinquent
Mortgage Loans for future Distribution Dates.