BANK OF AMERICA FSB/CA
8-K, 1998-02-02
ASSET-BACKED SECURITIES
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                      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):  November 30, 1997


             BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST III



                             BANK OF AMERICA, FSB
- -------------------------------------------------------------------------------
           (EXACT NAME OF REGISTRANTS AS SPECIFIED IN ITS CHARTER)



                                 UNITED STATES
- -------------------------------------------------------------------------------
                (STATE OR OTHER JURISDICTION OF INCORPORATION)


                                    333-3200

                             (COMMISSION FILE NUMBER)

                                    91-0221850
- -------------------------------------------------------------------------------
                      (I.R.S. EMPLOYER IDENTIFICATION NUMBER)


                              555 CALIFORNIA STREET
                             SAN FRANCISCO, CA 94104
                                  (415) 622-2220
- -------------------------------------------------------------------------------
   (ADDRESS AND TELEPHONE NUMBER OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)

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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
                                 BankAmerica Housing Services, an
                                 unincorporated division of Bank of
                                 America, FSB, and The First National
                                 Bank of Chicago, as Trustee, dated as of
                                 November 30, 1997 (a copy of which
                                 agreement was filed by the registrant
                                 with the Commission on November 24, 1997
                                 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: December 22, 1997
                                        San Diego, California


*  Mr. Wheeler is president and Division Chief Executive Officer of Bank of 
America, FSB.

                                          


<PAGE>
             BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST III
                SENIOR/ SUBORDINATE PASS-THROUGH CERTIFICATES
                   SERIES 1997-2, INVESTOR NUMBER 19972002
<TABLE>
<CAPTION>

MONTHLY SERVICING SUMMARY                                                                           PERIOD ENDING:       11/30/97
- ----------------------------------------------------------------------------------------------------------------------------------



                                                                                     Pass Through
                                                                                         Rate           Balance         Pool Factor
                                                                                    ---------------    ----------------------------
<S>                                     <C>                 <C>                       <C>         <C>                 <C>
                                                               BOP Scheduled Pool                  $499,999,893.00     100.0000000%
Determination Date:                        12/05/97            EOP Scheduled Pool                   497,997,054.29      99.5994322%
Remittance Date:                           12/10/97         Class A-1 Certificate        5.8250%     27,497,161.29      93.2107162%
                                                            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                             10.54%         Class A-6 Certificate        6.4700%     32,000,000.00     100.0000000%
Current Period WAC                           10.53%         Class A-7 Certificate        6.6900%     51,000,000.00     100.0000000%
                                                            Class A-8 Certificate        6.7900%     52,000,000.00     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-1O 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%
</TABLE>

<TABLE>
<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                 16,024    $29,500,000.00    $49,000,000.00    $45,000,000.00     50,000,000.00
       Scheduled Principal Reduction                              (648,877.54)             0.00             0.00              0.00
       Partial Principal Prepayments                               (99,432.43)             0.00              0.00              0.00
       Principal Prepayments In Full                   (40)     (1,211,598.64)             0.00              0.00              0.00
       Contract Liquidations                            (2)        (42,930.10)             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                 15,982    $27,497,161.29    $49,000,000.00    $45,000,000.00    $50,000,000.00
                                                    =======    ==============    ==============    ==============    ==============

                                                                   CLASS A-5         CLASS A-6         CLASS A-7        CLASS A-8
                                                               ---------------   --------------    ---------------   --------------
       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
                                                             ================    ==============    ==============    ==============

                                                                 CLASS A-9            CLASS M           CLASS B-1         CLASS B-2
                                                               --------------   --------------    ---------------    --------------
       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
                                                               ==============   ==============    ===============    ==============

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

II.    DISTRIBUTIONS:
                                                            CLASS A-1            CLASS A-2           CLASS A-3          CLASS A-4
                                                 ------------------------ -----------------  ------------------- -----------------
<S>                                              <C>                      <C>                <C>                 <C>
       Principal Distribution Amount                        $2,002,838.71             $0.00                $0.00             $0.00
       Interest Distribution Amount                             95,465.28        250,308.33           233,625.00        262,916.67
       Unpaid Interest Shortfall                                     0.00              0.00                 0.00              0.00
                                                 ------------------------ -----------------  ------------------- -----------------
       Total Distribution                                   $2,098,303.99       $250,308.33          $233,625.00       $262,916.67
                                                 ======================== =================  =================== =================

                                                             CLASS A-5            CLASS A-6           CLASS A-7          CLASS A-8
                                                 ------------------------ -----------------  ------------------- -----------------
       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
                                                 ======================== =================  =================== =================

                                                           CLASS A-9            CLASS A-1O           CLASS M
                                                 ------------------------ -----------------  -------------------
       Principal Distribution Amount                                $0.00                                  $0.00
       Interest Distribution Amount                            404,720.83         62,499.99           237,187.50
       Unpaid Interest Shortfall                                     0.00                                   0.00
                                                 ------------------------ -----------------  -------------------
       Total Distribution                                     $404,720.83        $62,499.99          $237,187.50
                                                 ======================== =================  ===================

                                                             CLASS B-1            CLASS B-2
                                                 ------------------------ -----------------
       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 ...                          $5,040,543.27
                                                       Gross Interest ...                         (4,391,665.73)
                                                                                               -----------------
                                                      Scheduled Principal                             648,877.54
                                                                                               =================

IV.    SERVICING FEE:                                                                                $416,666.58
                                                                                               =================

V.     DELINQUENCY INFORMATION:
                                                          Days Delinquent              Number     Actual Balance
                                                     --------------------     ---------------   ----------------
                                                              31 - 59                    159       $4,571,327.83
                                                              60 - 89                     10          365,313.92
                                                            90 or more                     1           23,617.22
                                                     --------------------     --------------    ----------------
                                                       Total Delinquent                  170       $4,960,258.97
                                                                              ===============   ================



VI.    REPOSSESSION INFORMATION:                                                       Number      Actual Balance
                                                                              ---------------    ----------------
                                                      BOP Repossessions                    0                $0.00
                                                Plus Repossessions this                    9           290,322.23
                                                                  Month
                                                      Less Liquidations                   (2)        ($43,972.48)
                                                                              ---------------    ----------------
                                                      EOP Repossessions                    7          $246,349.75
                                                                              ===============    ================
</TABLE>

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<TABLE>
<CAPTION>

<S>                                                         <C>                      <C>                 <C>
VII.   REPURCHASES:                                                                             Number     Actual Balance
                                                                                      -----------------  ------------------
                                                               Contracts Repurchased                 0                $0.00
                                                                         or Replaced
                                                                  Eligible Substitute                0                $0.00
                                                                            Contracts
                                                                  Difference Paid by                 0                $0.00
                                                                            Servicer
                                                                                      -----------------  ------------------
                                                                   Total Repurchases                 0                $0.00
                                                                                      =================  ==================
</TABLE>

<TABLE>
<CAPTION>
<S>                                                          <C>                                                     <C>
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                0.31%
                                                                      Average 60-Day Delinquency Ratio                0.03%
                                                                        Cumulative Realized Loss Ratio                0.00%
                                                                Current Realized Loss                                 0.00%
                                                                                Ratio


XI.    RESIDUAL INTEREST DISTRIBUTION AMOUNT                                                                    $123,096.61
                                                                                                         ==================


XII.   LIQUIDATION LOSSES:
                                                                         Previous Period Aggregate Net                $0.00
                                                                                   Liquidation Losses:
                                                              Current Period Aggregate Net Liquidation           $12,515.04
                                                                                               Losses:
                                                                    Current Period Liquidation Losses:           $12,515.04


XIII.  MISC.
                                                              Class M Principal Distribution Test Met?                   NO
                                                                 Class B-1 Principal Distribution Test                   NO
                                                                                                  Met?
                                                                   Clause X Amount                            16,249,893.00
                                                                   Clause Y Amount                             9,999,998.00
                                                                   Clause Amount equal to or less than                   NO
                                                                                       Clause Y Amount?

</TABLE>


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