BANK OF AMERICA FSB/CA
8-K, 1999-04-02
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): February 28, 1999



                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)

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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 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/  Suzanne W. Castleberry
                                 ------------------------------------
                                            Suzanne W. Castleberry *
                             Dated:         March 22, 1999

*    Suzanne W. Castleberry is Vice President of Bank of America, FSB.

<PAGE>

BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST V
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES
SERIES 1998-2, INVESTOR NUMBER 19982002

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MONTHLY SERVICING SUMMARY                                              PERIOD                     02/28/99
                                                                       ENDING:
- ---------------------------------------------------------------------------------------------------------------------------------

                                                                     Pass Through
                                                                         Rate               Balance             Pool Factor
                                                                  ------------------- --------------------- ---------------------
Determination Date:       03/05/99                                BOP  Scheduled Pool      $635,051,681.14           92.5754771%
Remittance Date:          03/10/99                                EOP  Scheduled Pool       626,803,983.68           91.3731584%
Prior Period WAC            10.16%          Class A-1 Certificate             5.8900%               (0.00)            0.0000000%
Current Period WAC          10.16%          Class A-2 Certificate             6.0400%        67,621,365.84           85.5966656%
                                            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                24,205                      ($0.00)       $75,869,063.30        $64,000,000.00
      Scheduled Principal Reduction                                               0.00       (1,616,076.19)                  0.00
      Partial Principal Prepayments                                               0.00         (243,471.54)                  0.00
      Principal Prepayments In Full                (203)                          0.00       (4,275,965.26)                  0.00
      Contract Liquidations                         (81)                          0.00       (2,112,184.47)                  0.00
      Contract Repurchases                           0                            0.00                 0.00                  0.00
      Previously Undistributed Shortfalls                                         0.00                 0.00                  0.00
                                           ----------------------- ------------------- --------------------- ---------------------
      Remaining Certificate Balance                23,921                      ($0.00)       $67,621,365.84        $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:
                                                                        CLASS A-1           CLASS A-2             CLASS A-3
                                                                   ------------------- --------------------- ---------------------
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      Principal Distribution Amount                                              $0.00        $8,247,697.46                 $0.00
      Scheduled Interest Distribution Amount                                      0.00           381,874.29            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                                                         $0.00        $8,629,571.75           $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
                                                                   ------------------- --------------------- ---------------------
                                                                   ------------------- --------------------- ---------------------

      AVAILABLE DISTRIBUTION AMOUNT:                                                          12,079,981.79
                                                                                       --------------------
                                                                                       --------------------

III.  MONTHLY ADVANCE
                                           Monthly Advance Amount                                     $0.00
                                                           Outstanding Amount Advanced                $0.00

IV.   RESIDUAL INTEREST DISTRIBUTION AMOUNT                                                     $398,314.72
                                                                                       --------------------
                                                                                       --------------------

V.    SCHEDULED MONTHLY MORTGAGE PAYMENTS (P&I):                                              $6,992,847.09
                                                                         Gross Int....       (5,376,770.90)
                                                                                       --------------------
                                                                         Principal....         1,616,076.19
                                                                                       --------------------
                                                                                       --------------------


VI.   SERVICING FEE:                                                                            $529,209.73
                                                                                       --------------------
                                                                                       --------------------


VII.  DELINQUENCY INFORMATION:
                                              Days Delinquent                  Number     Actual Balance
                                            ------------------- --------------------- ---------------------
                                                31 - 59                           277         $7,493,127.21
                                                60 - 89                            80          2,286,496.56
                                               90 or more                         106          3,064,095.45
                                            ------------------- --------------------- ---------------------
                                            Total Delinquent                      463        $12,843,719.22
                                            ------------------- --------------------- ---------------------
                                            ------------------- --------------------- ---------------------


VIII. REPOSSESSION INFORMATION:                                               Number    Actual Balance
                                                                --------------------- -------------------
                                              BOP Repossessions                   159       $4,960,615.78
                                             Plus Repossessions                    81        2,038,672.69
                                                     this Month
                                              Less Liquidations                  (81)     ($2,138,362.00)
                                                                --------------------- -------------------
                                              EOP Repossessions                   159       $4,860,926.47
                                                                --------------------- -------------------
                                                                --------------------- -------------------
IX.   REPURCHASES:
                                                                               Number    Actual Balance
                                                                --------------------- -------------------
                                                     Contracts                      0               $0.00
                                                Repurchased or
                                                      Replaced
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                                           Eligible Substitute                      0               $0.00
                                                     Contracts
                                                                --------------------- -------------------
                                            Difference Paid by                      0               $0.00
                                                      Servicer
                                                                --------------------- -------------------
                                                                --------------------- -------------------

X.    RESERVE ACCOUNT SUMMARY:
                       Reserve Account Deposit Amount                                               $0.00
                       Reserve Account Draw Amount                                                  $0.00
                       Distribution to Class R Certificateholder                               $24,636.09
                       Ending Balance  at                            28-Feb-99              $6,884,462.09

XI.   DELINQUENCY RATIOS
                                                    Average 30-Day Delinquency Ratio                1.34%
                                                    Average 60-Day Delinquency Ratio                0.86%
                                                      Cumulative Realized Loss Ratio                0.76%
                                                         Current Realized Loss Ratio                0.66%

XII.  LIQUIDATION LOSSES:
                                                       Previous Period Aggregate Net        $4,068,666.00
                                                                 Liquidation Losses:
                                                        Current Period Aggregate Net        $5,219,113.42
                                                                 Liquidation Losses:
                                                  Current Period Liquidation Losses:        $1,150,447.42

XIV.  CERTIFICATE ACCOUNT INTEREST:                                                            $34,560.42

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