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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 (Date of earliest event reported)
September 29, 1998
AMRESCO Residential Securities Corporation
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 333-30759-04 75-2620414
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
700 North Pearl Street
Suite 1400, LB # 342
Dallas, Texas 75201-7424
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(Address of Principal (Zip Code)
Executive Offices)
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Registrant's telephone number, including area code (214) 953-7700
No Change
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(Former name or former address, if changed since last report)
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
8.1 Tax Opinion of Arter & Hadden LLP
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMRESCO RESIDENTIAL SECURITIES
CORPORATION, as Depositor
By: /s/ Ronald B. Kirkland
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Name: Ronald B. Kirkland
Title: Vice President and Chief Accounting Officer
Dated: September 29, 1998
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EXHIBIT INDEX
Exhibit No. Description Page No.
8.1 Tax Opinion of Arter & Hadden LLP
Exhibit 8.1
September 29, 1998
Re: AMRESCO Residential Securities Corporation
AMRESCO Residential Securities Corporation Mortgage Loan Trust 1998-3
Registration Statement on Form S-3 No. 333-30759
Ladies and Gentlemen:
We have acted as counsel to AMRESCO Residential Securities Corporation
in connection with the preparation and filing of the registration statement on
Form S-3 (such registration statement, the "Registration Statement") filed with
the Securities and Exchange Commission pursuant to the Securities Act of 1933,
as amended (the "Act"), in respect of AMRESCO Residential Securities Corporation
Mortgage Loan Pass-Through Certificates, Series 1998-3 (the "Certificates"). Our
advice formed the basis for the description of federal income tax consequences
appearing under the heading "Certain Federal Income Tax Consequences" in the
prospectus supplement contained in the Registration Statement. Such description
does not purport to discuss all possible federal income tax consequences of an
investment in Certificates but with respect to those tax consequences which are
discussed, it is our opinion that the description is accurate. In addition,
assuming (i) the REMIC elections are made, (ii) the Pooling and Servicing
Agreement is fully executed, delivered and enforceable against the parties
thereto in accordance with its terms, (iii) the transaction described in the
prospectus supplement is completed on substantially the terms and conditions set
forth therein, and (iv) continuing compliance with the Pooling and Servicing
Agreement, it is our opinion that, for federal income tax purposes, the Trust
created by the Pooling and Servicing Agreement will consist of two or more
REMICs. Each class of the Offered Certificates, the Class C-IO Certificates and
the Class D Certificates will be treated as "regular interests" in the
Upper-Tier REMIC, and the Class R Certificates will be the sole "residual
interests" in the Upper-Tier REMIC. The Lower-Tier REMIC Regular Interests,
which consist of several uncertificated subclasses of non-voting interests,
together with the Class S Certificates will be treated as "regular interests" in
the Lower-Tier REMIC, and the uncertificated Lower-Tier REMIC Residual Interest
will be treated as the sole "residual interest" in the Lower-Tier REMIC.
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We hereby consent to the filing of this letter as an Exhibit to the
Registration Statement and to the reference to this firm in the Registration
Statement and related prospectus supplement under the heading "Certain Federal
Income Tax Consequences."
Very truly yours,
/s/ Arter & Hadden LLP
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Arter & Hadden LLP
