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: November 17, 1999
(Date of earliest event reported)
Commission File No. 333-65481
Norwest Asset Securities Corporation
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Delaware 52-1972128
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(State of Incorporation) (I.R.S. Employer
Identification No.)
7485 New Horizon Way
Frederick, Maryland 21703
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Address of principal executive offices (Zip Code)
(301) 846-8881
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Registrant's Telephone Number, including area code
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(Former name, former address and former fiscal year,
if changed since last report)
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Item 5. Other Events
Documents incorporated by Reference
The consolidated financial statements of Ambac Assurance Corporation and
subsidiaries as of December 31, 1998 and December 31, 1997, and for each of the
years in the three-year period ended December 31, 1998, 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 30, 1999) and the unaudited
consolidated financial statements of Ambac Assurance Corporation and its
subsidiaries as of September 30, 1999, and for periods ended September 30, 1999
and September 30, 1998, included in the Quarterly Report on Form 10-Q of Ambac
Financial Group, Inc. for the period ended September 30, 1999 (which was filed
with the Securities and Exchange Commission on November 12, 1999) are hereby
incorporated by reference in (i) this Current Report on Form 8-K; (ii) the
registration statement (No. 333-65481) of the Registrant; and (iii) the
Prospectus Supplement and Prospectus relating to Norwest Asset Securities
Corporation Mortgage Pass-Through Certificates, Series 1999-26, and shall be
deemed to be part hereof and thereof.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(EX-23) Consent of KPMG LLP, independent certified
public accountants of Ambac Assurance
Corporation and subsidiaries in connection
with Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series
1999-26
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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.
NORWEST ASSET SECURITIES CORPORATION
November 17, 1999
By: /s/ Alan S. McKenney
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Alan S. McKenney
Vice President
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INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
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(EX-23) Consent of KPMG LLP, E
independent certified
public accountants of Ambac Assurance
Corporation and subsidiaries in connection
with Norwest Asset Securities Corporation,
Mortgage Pass -Through Certificates,
Series 1999-26
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation:
We consent to the incorporation by reference in the registration statement (No.
333-65481) of Norwest Asset Securities Corporation (the "Registrant"), and in
the Prospectus Supplement of the Registrant (the "Prospectus Supplement"), via
the Form 8-K of the Registrant dated November 17, 1999 of our report dated
January 27, 1999 on the consolidated financial statements of Ambac Assurance
Corporation and subsidiaries as of December 31, 1998 and 1997, and for each of
the years in the three-year period ended December 31, 1998, which report appears
in the Form 10-K of Ambac Financial Group, Inc. which was filed with the
Securities and Exchange Commission on March 30, 1999 and to the reference to our
firm under the heading "Experts" in the Prospectus Supplement.
/s/ KPMG LLP
New York, New York
November 17, 1999
