<PAGE>
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): November 23, 1998
Transamerica Consumer Mortgage Receivables Corporation
--------------------------------------------------------
(EXACT NAME OF THE REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 333-00282 33-0688964
- -------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER
OF INCORPORATION) IDENTIFICATION
NUMBER
1150 South Olive Street, Suit 2800, Los Angeles, CA 90015
- -------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (213) 742-4865
____________________________________
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Located on Page 2
<PAGE>
Item 5. Other Events
------------
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The consolidated financial statements of Ambac Assurance Corporation and
its subsidiaries as of December 31, 1997 and 1996, and for the three-year period
ended December 31, 1997, included in the Annual Report on Form 10-K of Ambac
Financial Group, Inc. (which was filed with the Securities and Exchange
Commission on March 31, 1998) and the unaudited consolidated financial
statements of Ambac Assurance Corporation and its subsidiaries as of September
30, 1998, and for the periods ended September 30, 1998 and September 30, 1997,
included in the Quarterly Report on Form 10-Q of Ambac Financial Group, Inc. for
the period ended September 30, 1998 (which was filed with the Securities and
Exchange Commission on November 13, 1998) are hereby incorporated by reference
into (i) this Report on Form 8-K, (ii) the Registration Statement (No. 333-
000282) of Transamerica Consumer Mortgage Receivables Corporation (the
"Registrant") and (iii) the prospectus supplement of the Registrant dated
November 23, 1998 (the "Prospectus Supplement"), and shall be deemed to be a
part hereof and thereof.
In connection with the issuance of TFC Home Equity Loan Asset-Backed
Certificates, Series 1998-1, pursuant to the Prospectus Supplement and related
prospectus, the Registrant is filing herewith the consent of KPMG Peat Marwick
LLP ("KPMG") to the use of their name and the incorporation by reference of
their report in the Prospectus Supplement. The consent of KPMG is attached
hereto as Exhibit 23.1
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
------------------------------------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit Sequential
Number Numbered
- ----------------- Exhibit
Page
----
23.1 Consent of KPMG Peat Marwick LLP 4
2
<PAGE>
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 thereunto duly authorized.
TRANSAMERICA CONSUMER
MORTGAGE RECEIVABLES
CORPORATION
By: /s/ Stephen H. Foltz
--------------------
Name: Stephen H. Foltz
Title: Senior Vice President, Treasurer
and Controller
Dated: November 23, 1998
3
<PAGE>
EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation:
We consent to the incorporation by reference in the registration statement (No.
333-00282) of Transamerica Consumer Mortgage Receivables Corporation (the
"Registrant") and in the Prospectus Supplement of the Registrant, dated November
23, 1998 (the "Prospectus Supplement"), via the Form 8-K of the Registrant dated
November 23, 1998, of our report dated January 29, 1998 on the consolidated
financial statements of Ambac Assurance Corporation as of December 31, 1997 and
1996, and for each of the years in the three-year period ended December 31,
1997, which report appears in the Form 10-K of Ambac Financial Group, Inc. dated
March 31, 1998 and to the reference to our firm under the heading "Experts" in
the Prospectus Supplement.
/s/ KPMG Peat Marwick LLP
New York, New York
November 23, 1998