content: SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
  
                                   FORM 8-K
  
                                CURRENT REPORT
                       Pursuant to Section 13 or 15(d) of the 
                          Securities Exchange Act of 1934
  
  Date of Report: October 16, 1996
  (Date of earliest event reported)
  
  
  
                       Nomura Asset Securities Corporation
  ------------------------------------------------------------------------------
              (Exact Name of registrant as specified in its charter)
  
  Delaware                      33-48481                 13-3672336
  --------                     ----------              ----------------
  (State or Other Juris-       (Commission               (I.R.S.Employer
  diction of Incorporation)     File Number)           Identification Number)
  
  
  Two World Financial Center, Building B, New York, New York 10281
  ----------------------------------------------------------------------------    
  (Address of Principal Executive Office)                     
       (Zip Code)
  
  
  Registrant's telephone number, including area code:  212-667-9300
                                                      ---------------
  
  
  
  
  ----------------------------------------------------------------------------
                     This Document contains exactly    05  Pages.
                           The Exhibit Index is on Page    05  .
  
  
  
  <PAGE>
  
  
  
  ITEM 5.   OTHER EVENTS
            
            This Current Report on Form 8-K relates to the Trust Fund
  formed, and the Commercial Mortgage Pass-Through Certificates Series 1996-MD V 
  issued pursuant to a Pooling and Servicing Agreement, dated as of April 1, 1996 
  (the "Pooling and Servicing Agreement"), by and among Nomura Asset Securities 
  Corporation (the "Company"), as depositor, AMRESCO Management, Inc., as 
  servicer, LaSalle National Bank, as trustee, and ABN AMRO Bank, N.V., as fiscal 
  agent.  The Certificates have been registered pursuant to the Act under a 
  Registration Statement on Form S-3 (No.33-48481) (the "Registration Statement").
  
            Capitalized terms used herein and not defined herein have the
  same meanings ascribed to such terms in the Pooling and Servicing Agreement.
  
            Pursuant to Section 3.22 of the Pooling and Servicing
  Agreement, Servicer is filing this Current Report containing the October 16, 
  1996 monthly distribution report prepared by the Trustee pursuant to Section 
  4.02(a) thereof.
  
            Servicer has received and will include in a Form SE, filed
  separately, based on an EDGAR hardship exemption, the monthly financial 
  information required pursuant to the documents for the Crescent Real Estate 
  Funding loan; Royal Palace Hotel Associates loan; Shaner Hotel Group Properties 
  loans; First Industrial Mortgage loan; First Horizon Group, L.P. loan; TUP 130 
  Company, L.P. loan; Marriott Residence Inn II, L.P. loan; GB Mall, L.P. loan; 
  Bay Plaza Community Center, L.L.C. loan; and Innkeepers Financing loan.
  
            This Current Report is being filed by the Servicer, in its capacity
  as such under the Pooling and Servicing Agreement, on behalf of the Registrant. 
  The information reported and contained herein has been supplied to the Servicer 
  by one or more of the Borrowers or other third parties without independent 
  review or investigation by the Servicer.  Pursuant to the Pooling and 
  Servicing Agreement, the Servicer is not responsible for the accuracy or
  completeness of such information.
  
  
  <PAGE>
  
  
  
  ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
            INFORMATION AND EXHIBITS
  
            (c)  Exhibits
  
  
                                Item 601(a) of 
                                Regulation S-K
            Exhibit No.         Exhibit No.         Description
  
            5.1                 99                  Monthly distribution
                                                    report pursuant to
                                                    Section 4.2 of the Pooling
                                                    and Servicing Agreement for 
                                                    the distribution on October  
                                                    16, 1996.
  
                                               
                                    
  <PAGE>
  
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  Registrant has duly caused this report to be signed on behalf of the Registrant 
  by the undersigned thereunto duly authorized.
  
                                     AMRESCO MANAGEMENT, INC., IN
                                     ITS CAPACITY AS SERVICER 
                                     UNDER THE POOLING AND 
                                     SERVICING AGREEMENT ON 
                                     BEHALF OF NOMURA ASSET          
                                     SECURITIES CORPORATION,        
                                     REGISTRANT
  
  
                                     
                                        By:/s/ Daniel B. Kirby
                                           Daniel B. Kirby,
                                           Senior Vice President
  
  
                                     
                                        By: /s/ William J. Sweeney
                                           William J. Sweeney, Jr., 
                                           VicePresident
  
  
  Date: October 24, 1996
  
  
  
  <PAGE>
  
  EXHIBIT INDEX
  
  
  
                                  Item 601(a) of 
                                  Regulation S-K
            Exhibit No.           Exhibit No.         Description
  
            5.1                   99                  Monthly distribution
                                                      report pursuant to
                                                      Section 4.2 of the Pooling
                                                      and Servicing
                                                      Agreement for the
                                                      distribution on October  
                                                      16, 1996.
metadata_documents: [{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 6083}]
metadata_filer: {"company-data": {"conformed-name": "NOMURA ASSET SECURITIES COR COM MORT PASS TH CER SR 1996 MDV", "cik": "0001012439", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-65944-02", "film-number": "96649333"}, "business-address": {"street1": "2 WORLD FINANCIAL CENTER", "street2": "BLDG B 21ST FL", "city": "NEW YORK", "state": "NY", "zip": "10281", "phone": "2126679300"}}
text: SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
  
                                   FORM 8-K
  
                                CURRENT REPORT
                       Pursuant to Section 13 or 15(d) of the 
                          Securities Exchange Act of 1934
  
  Date of Report: October 16, 1996
  (Date of earliest event reported)
  
                       Nomura Asset Securities Corporation
  ------------------------------------------------------------------------------
              (Exact Name of registrant as specified in its charter)
  
  Delaware                      33-48481                 13-3672336
  --------                     ----------              ----------------
  (State or Other Juris-       (Commission               (I.R.S.Employer
  diction of Incorporation)     File Number)           Identification Number)
  
  Two World Financial Center, Building B, New York, New York 10281
  ----------------------------------------------------------------------------    
  (Address of Principal Executive Office)                     
       (Zip Code)
  
  Registrant's telephone number, including area code:  212-667-9300
                                                      ---------------
  
  ----------------------------------------------------------------------------
                     This Document contains exactly    05  Pages.
                           The Exhibit Index is on Page    05  .
  ITEM 5.   OTHER EVENTS
            
            This Current Report on Form 8-K relates to the Trust Fund
  formed, and the Commercial Mortgage Pass-Through Certificates Series 1996-MD V 
  issued pursuant to a Pooling and Servicing Agreement, dated as of April 1, 1996 
  (the "Pooling and Servicing Agreement"), by and among Nomura Asset Securities 
  Corporation (the "Company"), as depositor, AMRESCO Management, Inc., as 
  servicer, LaSalle National Bank, as trustee, and ABN AMRO Bank, N.V., as fiscal 
  agent.  The Certificates have been registered pursuant to the Act under a 
  Registration Statement on Form S-3 (No.33-48481) (the "Registration Statement").
  
            Capitalized terms used herein and not defined herein have the
  same meanings ascribed to such terms in the Pooling and Servicing Agreement.
  
            Pursuant to Section 3.22 of the Pooling and Servicing
  Agreement, Servicer is filing this Current Report containing the October 16, 
  1996 monthly distribution report prepared by the Trustee pursuant to Section 
  4.02(a) thereof.
  
            Servicer has received and will include in a Form SE, filed
  separately, based on an EDGAR hardship exemption, the monthly financial 
  information required pursuant to the documents for the Crescent Real Estate 
  Funding loan; Royal Palace Hotel Associates loan; Shaner Hotel Group Properties 
  loans; First Industrial Mortgage loan; First Horizon Group, L.P. loan; TUP 130 
  Company, L.P. loan; Marriott Residence Inn II, L.P. loan; GB Mall, L.P. loan; 
  Bay Plaza Community Center, L.L.C. loan; and Innkeepers Financing loan.
  
            This Current Report is being filed by the Servicer, in its capacity
  as such under the Pooling and Servicing Agreement, on behalf of the Registrant. 
  The information reported and contained herein has been supplied to the Servicer 
  by one or more of the Borrowers or other third parties without independent 
  review or investigation by the Servicer.  Pursuant to the Pooling and 
  Servicing Agreement, the Servicer is not responsible for the accuracy or
  completeness of such information.
  ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
            INFORMATION AND EXHIBITS
  
            (c)  Exhibits
  
                                Item 601(a) of 
                                Regulation S-K
            Exhibit No.         Exhibit No.         Description
  
            5.1                 99                  Monthly distribution
                                                    report pursuant to
                                                    Section 4.2 of the Pooling
                                                    and Servicing Agreement for 
                                                    the distribution on October  
                                                    16, 1996.
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  Registrant has duly caused this report to be signed on behalf of the Registrant 
  by the undersigned thereunto duly authorized.
  
                                     AMRESCO MANAGEMENT, INC., IN
                                     ITS CAPACITY AS SERVICER 
                                     UNDER THE POOLING AND 
                                     SERVICING AGREEMENT ON 
                                     BEHALF OF NOMURA ASSET          
                                     SECURITIES CORPORATION,        
                                     REGISTRANT
  
                                     
                                        By:/s/ Daniel B. Kirby
                                           Daniel B. Kirby,
                                           Senior Vice President
  
                                     
                                        By: /s/ William J. Sweeney
                                           William J. Sweeney, Jr., 
                                           VicePresident
  
  Date: October 24, 1996
  EXHIBIT INDEX
  
                                  Item 601(a) of 
                                  Regulation S-K
            Exhibit No.           Exhibit No.         Description
  
            5.1                   99                  Monthly distribution
                                                      report pursuant to
                                                      Section 4.2 of the Pooling
                                                      and Servicing
                                                      Agreement for the
                                                      distribution on October  
                                                      16, 1996.