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Previous: MITCHELL BANCORP INC, 15-12G, 1999-01-04 |
Next: UNITED PAYORS & UNITED PROVIDERS INC, 8-K, 1999-01-04 |
<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): November 30, 1998
BANKAMERICA MANUFACTURED HOUSING CONTRACT TRUST V
Bank of America, FSB
--------------------------------------------------------------------------
(EXACT NAME OF REGISTRANTS AS SPECIFIED IN ITS CHARTER)
UNITED STATES
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(STATE OR OTHER JURISDICTION OF INCORPORATION)
333-3525-01
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(COMMISSION FILE NUMBER)
94-1687665
91-0221850
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(I.R.S. EMPLOYER IDENTIFICATION NUMBERS)
555 CALIFORNIA STREET
SAN FRANCISCO, CA 94104
(415) 622-2220
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(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.
<TABLE>
<CAPTION>
Exhibit No. Description
<S> <C>
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).
</TABLE>
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: December 22, 1998
* 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
<TABLE>
<CAPTION>
MONTHLY SERVICING SUMMARY PERIOD ENDING: 11/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S><C>
Pass Through
Rate Balance Pool Factor
----------------- ---------------- ---------------
Determination Date: 12/07/98 BOP Scheduled Pool $655,556,367.20 95.5645741%
Remittance Date: 12/10/98 EOP Scheduled Pool 649,276,723.12 94.6491509%
Prior Period WAC 10.18% Class A-1 Certificate 5.8900% 11,094,105.28 23.2094253%
Current Period WAC 10.17% 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 24,853 $17,373,749.36 $79,000,000.00 $64,000,000.00
Scheduled Principal Reduction (1,619,657.39) 0.00 0.00
Partial Principal Prepayments (175,705.87) 0.00 0.00
Principal Prepayments In Full (144) (3,057,921.82) 0.00 0.00
Contract Liquidations (58) (1,426,359.00) 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 24,651 $11,094,105.28 $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
----------------- ---------------- ---------------
----------------- ---------------- ---------------
<PAGE>
II. DISTRIBUTIONS:
CLASS A-1 CLASS A-2 CLASS A-3
----------------- ---------------- ---------------
Principal Distribution Amount $6,279,644.08 $0.00 $0.00
Scheduled Interest Distribution Amount 85,276.15 397,633.33 322,133.33
Unpaid Interest Shortfall Current Period 0.00 0.00 0.00
Previously Undistributed Interest Shortfalls 0.00 0.00 0.00
----------------- ---------------- ---------------
Total Distribution $6,364,920.23 $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
----------------- ---------------- --------------
----------------- ---------------- --------------
AVAILABLE DISTRIBUTION AMOUNT: 10,184,630.67
----------------
----------------
III. MONTHLY ADVANCE
Monthly Advance Amount $0.00
Outstanding Amount Advanced $0.00
IV. RESIDUAL INTEREST DISTRIBUTION AMOUNT $369,981.79
----------------
----------------
V. SCHEDULED MONTHLY MORTGAGE PAYMENTS (P&I): $7,180,960.57
Gross Int.... (5,561,303.18)
----------------
Principal.... 1,619,657.39
----------------
----------------
VI. SERVICING FEE: $546,296.97
----------------
----------------
VII. DELINQUENCY INFORMATION:
Days Delinquent Number Actual Balance
------------------------- ----------------- ----------------
31 - 59 366 $9,028,854.02
60 - 89 102 2,756,720.40
90 or more 77 1,828,818.76
------------------------- ----------------- ----------------
Total Delinquent 545 $13,614,393.18
----------------- ----------------
----------------- ----------------
VIII. REPOSSESSION INFORMATION: Number Actual Balance
----------------- ----------------
BOP Repossessions 110 $3,313,597.09
Plus Repossessions this 61 1,616,246.27
Month
Less Liquidations (58) ($1,453,340.52)
----------------- ----------------
EOP Repossessions 113 $3,476,502.84
----------------- ----------------
----------------- ----------------
<PAGE>
IX. REPURCHASES:
Number Actual Balance
----------------- ----------------
Contracts Repurchased 0 $0.00
or Replaced
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 $35,347.29
Ending Balance at 30-Nov-98 $6,895,173.29
XI. DELINQUENCY RATIOS
Average 30-Day Delinquency Ratio 1.29%
Average 60-Day Delinquency Ratio 0.60%
Cumulative Realized Loss Ratio 0.37%
Current Realized Loss 0.27%
Ratio
XII. LIQUIDATION LOSSES:
Previous Period Aggregate Net Liquidation $1,721,676.87
Losses:
Current Period Aggregate Net Liquidation $2,529,113.87
Losses:
Current Period Liquidation Losses: $807,437.00
XIV. CERTIFICATE ACCOUNT INTEREST: $39,928.68
</TABLE>
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