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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 reported) February 23, 1999
IMH ASSETS CORP. (as depositor under a Series 1999-1 Indenture, dated as of
February 26, 1999, providing for, inter alia, the issuance of Collateralized
Asset-Backed Bonds, Series 1999-1)
IMH ASSETS CORP.
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(Exact name of registrant as specified in its charter)
CALIFORNIA 333-60707 33-0705301
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
20371 Irvine Avenue
Santa Ana Heights,
California 92707
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (714) 556-0122
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Item 5. Other Events.
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The consolidated financial statements of Ambac Assurance Corporation
and its subsidiaries as of December 31, 1997 and December 31, 1996, and for each
of the years in the three year period ended December 31, 1997, prepared in
accordance with generally accepted accounting principles, included in the Annual
Report on Form 10-K of Ambac Financial Group, Inc. (which was filed with the
Securities and Exchange Commission on March 31, 1998; Commission File Number
1-10777) and the unaudited consolidated financial statements of Ambac Assurance
Corporation and its subsidiaries as of September 30, 1998 and for the periods
ending September 30, 1998 and September 30, 1997 included in the Quarterly
Report on Form 10-Q of Ambac Financial Group, Inc. for the period ended
September 30, 1998 (which was filed with the Securities and Exchange Commission
on November 13, 1998), are hereby incorporated by reference in this Current
Report on Form 8-K and in the registration statement and shall be deemed to be a
part hereof.
Item 7. Financial Statements, Pro Forma Financial Information And Exhibits.
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(a) Not applicable
(b) Not applicable
(c) Exhibits:
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
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1 23 Consent of KPMG LLP,
independent auditors of Ambac
Assurance Corporation with
respect to the IMH Assets
Corp. Collateralized
Asset-Backed Bonds, Series
1999-1
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
IMH ASSETS CORP.
By: /s/ Richard J. Johnson
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Name: Richard J. Johnson
Title: Chief Financial Officer
Dated: February 23, 1999
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EXHIBIT INDEX
Item 601(a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Page
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1 23 Accountants' Consent 6
EXHIBIT 1
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INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation:
We consent to the incorporation by reference in the registration
statement (No. 333-60707) on Form S-3 of IMH Assets Corp. (the "Registrant"),
and in the Prospectus Supplement of the Registrant (the "Prospectus Supplement")
via the Form 8-K of the Registrant dated February 23, 1999, of our report dated
January 29, 1998 on the consolidated financial statements of Ambac Assurance
Corporation and subsidiaries as of December 31, 1997 and 1996, and for each of
the years in the three-year period ended December 31, 1997, which report appears
in the Form 10-K of Ambac Financial Group, Inc. which was filed with the
Securities and Exchange Commission on March 31, 1998 and to the reference to our
firm under the heading "Experts" in the Prospectus Supplement.
/s/ KPMG LLP
New York, New York
February 23, 1999
