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: May 20, 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 March 31, 1999, and for periods ended March 31, 1999 and
March 31, 1998, included in the Quarterly Report on Form 10-Q of Ambac Financial
Group, Inc. for the period ended March 31, 1999 (which was filed with the
Securities and Exchange Commission on May 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 1998-17, 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
1999-17
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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
May 20, 1999
By: /s/ ALAN S. MCKENNEY
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Alan S. McKenney
Vice President
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<PAGE>
INDEX TO EXHIBITS
Paper (P) or
EXHIBIT NO. DESCRIPTION ELECTRONIC (E)
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(EX-23) Consent of KPMG LLP, independent E
Certified public accountants of
Ambac Assurance Corporation and
subsidiaries in connection with
Norwest Asset Securities
Corporation, Mortgage Pass-Through
Certificates, Series 1999-17
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EXHIBIT 23
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 May 20,
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 December 31, 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/ KPMB LLP
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KPMG LLP
New York, New York
May 20, 1999
