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Previous: 99 CENTS ONLY STORE, 8-K, 1998-04-22 |
Next: TELEPORT COMMUNICATIONS GROUP INC, S-8, 1998-04-22 |
<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): March 31, 1998
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION AND
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 CertificateHolders
pursuant to the Pooling and Servicing Agreement by and
between Bank of America National Trust and Savings
Association, contract seller, 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 March
1, 1998 (a copy of which agreement was filed by the
registrant with the Commission on April 1, 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: April 16, 1998
San Diego, California
* Mr. Wheeler is president and Division Chief Executive Officer of Bank of
America, FSB.
<PAGE>
<TABLE>
<CAPTION>
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST III
SENIOR/ SUBORDINATE PASS-THROUGH CERTIFICATES
SERIES 1997-2, INVESTOR NUMBER 19972002
MONTHLY SERVICING SUMMARY PERIOD ENDING: 03/31/98
- ---------------------------------------------------------------------------------------------------------------------
Pass Through
Rate Balance Pool Factor
------------ --------------- -------------
<S> <C> <C> <C> <C> <C>
BOP Scheduled Pool $490,614,215.19 98.1228640%
Determination Date: 04/07/98 EOP Scheduled Pool 487,548,776.56 97.5097762%
Remittance Date: 04/10/98 Class A-1 Certificate 5.8250% 17,048,883.56 57.7928256%
Class A-2 Certificate 6.1300% 49,000,000.00 100.0000000%
Class A-3 Certificate 6.2300% 45,000,000.00 100.0000000%
Class A-4 Certificate 6.3100% 50,000,000.00 100.0000000%
Class A-5 Certificate 6.3900% 33,000,000.00 100.0000000%
Prior Period WAC 10.53% Class A-6 Certificate 6.4700% 32,000,000.00 100.0000000%
Current Period WAC 10.52% Class A-7 Certificate 6.6900% 51,000,000.00 100.0000000%
Senior Percentage 100.00% Class A-9 Certificate 7.0900% 68,500,000.00 100.0000000%
Class M Percentage 0.00% Class A-IO Certificate 0.1500%
Class B Percentage 0.00% Class M Certificate 6.9000% 41,250,000.00 100.0000000%
Class B-1 Certificate 7.0700% 32,500,000.00 100.0000000%
Class B-2 Certificate 8.4000% 16,249,893.00 100.0000000%
<CAPTION>
I. RECAP OF POOL: Loan
Count CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
------- -------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Beginning Certificate Balance 15,796 $20,114,322.19 $49,000,000.00 $45,000,000.00 $50,000,000.00
Scheduled Principal Reduction (664,985.56) 0.00 0.00 0.00
Partial Principal Prepayments (164,197.73) 0.00 0.00 0.00
Principal Prepayments In Full (63) (1,372,774.40) 0.00 0.00 0.00
Contract Liquidations (33) (863,480.94) 0.00 0.00 0.00
Contract Repurchases 0 0.00 0.00 0.00 0.00
Previously Undistributed
Shortfalls 0.00 0.00 0.00 0.00
------ -------------- -------------- -------------- --------------
Remaining Certificate Balance 15,700 $17,048,883.56 $49,000,000.00 $45,000,000.00 $50,000,000.00
------ -------------- -------------- -------------- --------------
------ -------------- -------------- -------------- --------------
<CAPTION>
CLASS A-5 CLASS A-6 CLASS A-7 CLASS A-8
-------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
Beginning Certificate Balance $33,000,000.00 $32,000,000.00 $51,000,000.00 $52,000,000.00
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 $33,000,000.00 $32,000,000.00 $51,000,000.00 $52,000,000.00
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
<CAPTION>
CLASS A-9 CLASS M CLASS B-1 CLASS B-2
-------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
Beginning Certificate Balance $68,500,000.00 $41,250,000.00 $32,500,000.00 $16,249,893.00
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 $68,500,000.00 $41,250,000.00 $32,500,000.00 $16,249,893.00
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
<PAGE>
<CAPTION>
II. DISTRIBUTIONS:
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
-------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
Principal Distribution Amount $3,065,438.63 $0.00 $0.00 $0.00
Interest Distribution Amount 100,892.88 250,308.33 233,625.00 262,916.67
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------- -------------- -------------- --------------
Total Distribution $3,166,331.51 $250,308.33 $233,625.00 $262,916.67
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
<CAPTION>
CLASS A-5 CLASS A-6 CLASS A-7 CLASS A-8
-------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
Principal Distribution Amount $0.00 $0.00 $0.00 $0.00
Interest Distribution Amount 175,725.00 172,533.33 284,325.00 294,233.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------- -------------- -------------- --------------
Total Distribution $175,725.00 $172,533.33 $284,325.00 $294,233.33
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
<CAPTION>
CLASS A-9 CLASS A-IO CLASS M
-------------- -------------- --------------
<S> <C> <C> <C>
Principal Distribution Amount $0.00 $0.00
Interest Distribution Amount 404,720.83 61,326.78 237,187.50
Unpaid Interest Shortfall 0.00 0.00
-------------- -------------- --------------
Total Distribution $404,720.83 $61,326.78 $237,187.50
-------------- -------------- --------------
-------------- -------------- --------------
<CAPTION>
CLASS B-1 CLASS B-2
-------------- -------------
<S> <C> <C>
Principal Distribution Amount $0.00 $0.00
Interest Distribution Amount 191,479.17 113,749.25
Unpaid Interest Shortfall 0.00 0.00
-------------- --------------
Total Distribution $191,479.17 $113,749.25
-------------- --------------
-------------- --------------
III. SCHEDULED MONTHLY MORTGAGE PAYMENTS (P&I):
Total P&I ... $4,970,125.30
Gross Interest ... (4,305,139.74)
-------------
Scheduled Principal ... 664,985.56
-------------
-------------
IV. SERVICING FEE: $408,845.18
-------------
-------------
<CAPTION>
V. DELINQUENCY INFORMATION:
Days Delinquent Number Actual Balance
--------------- --------- --------------
<S> <C> <C> <C>
31 - 59 141 $4,154,635.64
60 - 89 52 1,757,367.15
90 or more 53 1,661,793.37
---------------- --- -------------
Total Delinquent 246 $7,573,796.16
---------------- --- -------------
---------------- --- -------------
<PAGE>
<CAPTION>
VI. REPOSSESSION INFORMATION: Number Actual Balance
---------- --------------
<S> <C> <C>
BOP Repossessions 60 $1,899,940.25
Plus Repossessions this Month 53 1,629,431.02
Less Liquidations (33) ($868,670.77)
--------- -------------
EOP Repossessions 80 $2,660,700.50
--------- -------------
--------- -------------
<CAPTION>
VII. REPURCHASES: 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
Total Repurchases 0 $0.00
<CAPTION>
VIII. RESERVE ACCOUNT ACTIVITY
Reserve Fund Beginning Balance $0.00
Reserve Fund Draw Amount $0.00
Reserve Fund Deposit Amount $0.00
IX. MONTHLY ADVANCE
Monthly Advance Amount $0.00
Outstanding Amount Advanced $0.00
X. DELINQUENCY RATIOS
Average 30-Day Delinquency Ratio 0.99%
Average 60-Day Delinquency Ratio 0.66%
Cumulative Realized Loss Ratio 0.17%
Current Realized Loss Ratio 0.10%
XI. RESIDUAL INTEREST DISTRIBUTION AMOUNT $668,814.02
-----------
-----------
XII. LIQUIDATION LOSSES:
Previous Period Aggregate Net Liquidation Losses: $389,140.98
Current Period Aggregate Net Liquidation Losses: $856,012.58
Current Period Liquidation Losses: $466,871.60
XIII. MISC.
Class M Principal Distribution Test Met? NO
Class B-1 Principal Distribution Test Met? NO
Clause X Amount 16,249,893.00
Clause Y Amount 9,999,998.00
Clause X Amount equal to or less than NO
Clause Y Amount?
XIV. CERTIFICATE ACCOUNT INTEREST: $25,344.10
</TABLE>
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