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: December 13, 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 December 13, 1996 monthly 
  distribution report prepared by the Trustee pursuant to Section 4.02(a) thereof.
  
                  Servicer has received and will file 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 December 
                                       13, 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., 
                                                      Vice President
  
  
  Date: December 19, 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 December
                                        13, 1996.
metadata_documents: [{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 5670}]
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": "96686964"}, "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: December 13, 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 December 13, 1996 monthly 
  distribution report prepared by the Trustee pursuant to Section 4.02(a) thereof.
  
                  Servicer has received and will file 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 December 
                                       13, 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., 
                                                      Vice President
  
  Date: December 19, 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 December
                                        13, 1996.