Exhibit 25.1


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                            STATEMENT OF ELIGIBILITY
                   UNDER THE TRUST INDENTURE ACT OF 1939 OF A
                    CORPORATION DESIGNATED TO ACT AS TRUSTEE

                      CHECK IF AN APPLICATION TO DETERMINE
                      ELIGIBILITY OF A TRUSTEE PURSUANT TO
                               SECTION 305(b) (2)




                              THE BANK OF NEW YORK
               (Exact name of trustee as specified in its charter)




New York                                             13-5160382
(State of incorporation                              (I. R. S. employer
if not a U. S. national bank)                        identification no.)

One Wall Street, New York, NY                        10286
(Address of principal executive offices)             (Zip code)


                   RBMG Funding Co. Mortgage Loan Trust 1998-2
               (Exact name of obligor as specified in its charter)



Delaware                                              N/F
(State or other jurisdiction of                        (I.R.S. employer
incorporation or organization)                        identification no.)


                            C/O First Union Trust Co.
                                 1 Rodney Square
                                920 Kings Street
                                    Suite 102
                           Wilmington, Delaware 19801

                                 Debt Securities
                       (Title of the indenture securities)




                                                                 Exhibit 25.1


                                            

1.    General information.  Furnish the following information as to the
       Trustee:

       (a) Name and address of each examining or supervising authority to which 
        it is subject.

        Name                                        Address

        Superintendent of Banks of the              2 Rector Street, New York,
        State of New York                           NY 10006, and Albany, NY
                                                    12203

        Federal Reserve Bank of New York            33 Liberty Plaza, New York,
                                                    NY 10045

        Federal Deposit Insurance Corporation       Washington, DC  20429

        New York Clearing House Association         New York, NY  10005

        (b) Whether it is authorized to exercise corporate trust powers.

        Yes.

2.      Affiliations with Obligor.

        If the Obligor is an affiliate of the trustee, describe each such
         affiliation.

        None.

16.     List of Exhibits.

        Exhibits  identified in parentheses  below, on file with the Commission,
        are incorporated herein  by  reference  as an  exhibit  hereto, pursuant
        to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act") and 
        17 C. F. R. 229.10(d).

               1.     A copy of the Organization Certificate of The Bank of New
                      York (formerly Irving Trust Company) as now in effect,
                      which contains the authority to commence business and a
                      grant of powers of exercise corporate trust powers.
                      (Exhibit 1 to Amendment No. 1 to Form T-1 filed with
                      Registration Statement No. 33-6215, Exhibits 1a and 1b to
                      Form T-1 filed with Registration Statement No. 33-21672
                      and Exhibit 1 to Form T-1 filed with Registration
                      Statement No. 33-29637.)

               4.     A copy of the existing By-laws of the Trustee. (Exhibit 4
                      to Form T-1 filed with Registration Statement No.
                      33-31019.)


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                                                                    Exhibit 25.1

                                    SIGNATURE


        Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, The Bank of New York, a corporation organized and existing under the
laws of the State of New York, has duly caused this statement of eligibility to
be signed on its behalf by the undersigned, thereunto duly authorized, all in
the city of New York and State of New York, on the 4th day of December, 1998.



                                                      The Bank of New York
                                                      By:  /s/  Franklin Austin

                                                      Franklin Austin
                                                      Assistant Vice President






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