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Previous: HBK INVESTMENTS L P, SC 13G/A, 1998-09-30 |
Next: FIRST TRUST SPECIAL SITUATIONS TRUST SERIES 152, 485BPOS, 1998-09-30 |
<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 report): August 31, 1998
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST V
Bank of America, FSB
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANTS AS SPECIFIED IN ITS CHARTER)
UNITED STATES
- --------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF INCORPORATION)
333-3525-01
- --------------------------------------------------------------------------------
(COMMISSION FILE NUMBER)
94-1687665
91-0221850
- --------------------------------------------------------------------------------
(I.R.S. EMPLOYER IDENTIFICATION NUMBERS)
555 CALIFORNIA STREET
SAN FRANCISCO, CA 94104
(415) 622-2220
- --------------------------------------------------------------------------------
(ADDRESS AND TELEPHONE NUMBER OF REGISTRANTS' PRINCIPAL EXECUTIVE OFFICES)
<PAGE>
Item 5. Other Events
(a) Monthly Report
The following are filed herewith. The exhibit numbers correspond with Item 601
(b) of Regulation S-K.
Exhibit No. Description
20 Monthly Statements mailed to Certificate
Holders pursuant to the Pooling and Servicing
Agreement by and between Bank of America National
Trust and Savings Association avd Bank of America,
FSB, acting through its division, BankAmerica
Housing Services, contract seller and servicer,
and The First National Bank of Chicago, as
Trustee, dated as of June 1, 1998 (a copy of which
agreement was filed by the registrant with the
Commission on July 7, 1998 as an exhibit to a
report on Form 8-K).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrants duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
BANK OF AMERICA, FSB
BY: /s/ JOHN WHEELER
-------------------------------
John W. Wheeler*
Dated: September 23, 1998
San Diego, California
* Mr. Wheeler is president and Division Chief Executive Officer of Bank of
America, FSB.
<PAGE>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST V
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES
SERIES 1998-2, INVESTOR NUMBER 19982002
<TABLE>
<CAPTION>
MONTHLY SERVICING SUMMARY PERIOD ENDING: 08/31/98
- ---------------------------------------------------------------------------------------------------------------------------------
Pass Through
Rate Balance Pool Factor
------------ --------------- ------------
<S> <C> <C> <C> <C>
Determination Date: 09/04/98 BOP Scheduled Pool $674,347,549.98 98.3038830%
Remittance Date: 09/10/98 EOP Scheduled Pool 668,740,927.35 97.4865704%
Prior Period WAC 10.19% Class A-1 Certificate 5.8900% 30,558,309.51 63.9295178%
Current Period WAC 83.56% Class A-2 Certificate 6.0400% 79,000,000.00 100.0000000%
Class A-3 Certificate 6.0400% 64,000,000.00 100.0000000%
Class A-4 Certificate 6.1100% 78,000,000.00 100.0000000%
Class A-5 Certificate 6.2000% 44,000,000.00 100.0000000%
Class A-6 Certificate 6.2400% 69,000,000.00 100.0000000%
Class A-7 Certificate 6.5500% 180,705,000.00 100.0000000%
Class M Certificate 6.8300% 51,449,000.00 100.0000000%
Class B-1 Certificate 7.9300% 41,159,000.00 100.0000000%
Class B-2 Certificate 7.6000% 30,869,617.84 100.0000000%
I. RECAP OF POOL: LOAN
COUNT CLASS A-1 CLASS A-2 CLASS A-3
---------------------- --------------- -------------- --------------
Beginning Certificate Balance 25,468 $36,164,932.14 $79,000,000.00 $64,000,000.00
Scheduled Principal Reduction (1,626,103.10) 0.00 0.00
Partial Principal Prepayments (268,514.49) 0.00 0.00
Principal Prepayments In Full (158) (3,114,472.42) 0.00 0.00
Contract Liquidations (30) (597,532.62) 0.00 0.00
Contract Repurchases 0 0.00 0.00 0.00
Previously Undistributed Shortfalls 0.00 0.00 0.00
---------------------- --------------- -------------- --------------
Remaining Certificate Balance 25,280 $30,558,309.51 $79,000,000.00 $64,000,000.00
---------------------- --------------- -------------- --------------
---------------------- --------------- -------------- ---------------
CLASS A-4 CLASS A-5 CLASS A-6 CLASS A-7
---------------------- --------------- -------------- ---------------
Beginning Certificate Balance $78,000,000.00 $44,000,000.00 $69,000,000.00 $180,705,000.00
Scheduled Principal Reduction 0.00 0.00 0.00 0.00
Partial Principal Prepayments 0.00 0.00 0.00 0.00
Principal Prepayments In Full 0.00 0.00 0.00 0.00
Contract Liquidations 0.00 0.00 0.00 0.00
Contract Repurchases 0.00 0.00 0.00 0.00
Previously Undistributed Shortfalls 0.00 0.00 0.00 0.00
---------------------- --------------- -------------- ---------------
Remaining Certificate Balance $78,000,000.00 $44,000,000.00 $69,000,000.00 $180,705,000.00
---------------------- --------------- -------------- ---------------
---------------------- --------------- -------------- ---------------
CLASS M CLASS B-1 CLASS B-2
--------------- -------------- ---------------
Beginning Certificate Balance $51,449,000.00 $41,159,000.00 $30,869,617.84
Scheduled Principal Reduction 0.00 0.00 0.00
Partial Principal Prepayments 0.00 0.00 0.00
Principal Prepayments In Full 0.00 0.00 0.00
Contract Liquidations 0.00 0.00 0.00
Contract Repurchases 0.00 0.00 0.00
Previously Undistributed Shortfalls 0.00 0.00 0.00
--------------- -------------- ---------------
Remaining Certificate Balance $51,449,000.00 $41,159,000.00 $30,869,617.84
--------------- -------------- ---------------
--------------- -------------- ---------------
II. DISTRIBUTIONS:
-------------
AVAILABLE DISTRIBUTION AMOUNT: 10,253,859.54
-------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS A-1 CLASS A-2 CLASS A-3
--------------- -------------- ---------------
<S> <C> <C> <C>
Principal Distribution Amount $5,606,622.63 $0.00 $0.00
Scheduled Interest Distribution Amount 177,509.54 397,633.33 322,133.33
Unpaid Interest Shortfall Current Period 0.00 0.00 0.00
Previously Undistributed Interest Shortfalls 0.00 0.00 0.00
--------------- -------------- ---------------
Total Distribution $5,784,132.17 $397,633.33 $322,133.33
--------------- -------------- ---------------
--------------- -------------- ---------------
CLASS A-4 CLASS A-5 CLASS A-6 CLASS A-7
---------------------- --------------- -------------- --------------
Principal Distribution Amount $0.00 $0.00 $0.00 $0.00
Scheduled Interest Distribution Amount 397,150.00 227,333.33 358,800.00 986,348.13
Unpaid Interest Shortfall Current Period 0.00 0.00 0.00 0.00
Previously Undistributed Interest Shortfalls 0.00 0.00 0.00 0.00
---------------------- --------------- -------------- --------------
Total Distribution $397,150.00 $227,333.33 $358,800.00 $986,348.13
---------------------- --------------- -------------- --------------
---------------------- --------------- -------------- --------------
CLASS M CLASS B-1 CLASS B-2
--------------- -------------- ---------------
Principal Distribution Amount $0.00 $0.00 $0.00
Scheduled Interest Distribution Amount 292,830.56 271,992.39 195,507.58
Unpaid Interest Shortfall Current Period 0.00 0.00 0.00
Previously Undistributed Interest Shortfalls 0.00 0.00 0.00
--------------- -------------- ---------------
Total Distribution $292,830.56 $271,992.39 $195,507.58
--------------- -------------- ---------------
--------------- -------------- ---------------
III. MONTHLY ADVANCE
Monthly Advance Amount $0.00
Outstanding Amount Advanced $0.00
IV. RESIDUAL INTEREST DISTRIBUTION AMOUNT $1,019,998.72
--------------
--------------
V. SCHEDULED MONTHLY MORTGAGE PAYMENTS (P&I): $7,352,437.71
Gross Int.... (5,726,334.61)
--------------
Principal.... 1,626,103.10
--------------
--------------
VI. SERVICING FEE: $561,956.29
--------------
--------------
VII. DELINQUENCY INFORMATION:
Days Delinquent Number Actual Balance
------------------------ ------------ ----------------
31 - 59 282 $7,101,377.50
60 - 89 79 1,980,327.60
90 or more 30 799,623.06
------------------------ ------------ ----------------
Total Delinquent 391 $9,881,328.16
------------ ----------------
------------ ----------------
VIII. REPOSSESSION INFORMATION: Number Actual Balance
------------ ----------------
BOP Repossessions 35 $997,021.19
Plus Repossessions this
Month 45 1,152,196.27
Less Liquidations (30) ($603,288.15)
------------ ----------------
EOP Repossessions 50 $1,545,929.31
------------ ----------------
------------ ----------------
</TABLE>
<PAGE>
IX. REPURCHASES:
<TABLE>
<CAPTION>
Number Actual Balance
------------ ----------------
<S> <C> <C>
Contracts Repurchased
or Replaced 0 $0.00
Eligible Substitute
Contracts 0 $0.00
------------ ----------------
Difference Paid by Servicer 0 $0.00
------------ ----------------
------------ ----------------
X. RESERVE ACCOUNT SUMMARY:
Reserve Account Deposit
Amount $0.00
Reserve Account Draw
Amount $0.00
Distribution to Class R
Certificateholder $31,683.76
Ending Balance at 31-Aug-98 $6,891,509.76
XI. DELINQUENCY RATIOS
Average 30-Day Delinquency Ratio 0.96%
Average 60-Day Delinquency Ratio 0.24%
Cumulative Realized Loss Ratio 0.08%
Current Realized Loss Ratio 0.04%
XII. LIQUIDATION LOSSES:
Previous Period Aggregate Net
Liquidation Losses: $224,460.87
Current Period Aggregate Net Liquidation
Losses: $572,167.00
Current Period Liquidation Losses: $347,706.13
XIV. CERTIFICATE ACCOUNT INTEREST: $39,966.60
</TABLE>
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