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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) June 24, 1999
IMH ASSETS CORP. (as depositor under a Series 1999-2 Indenture, dated as of June
28, 1999, providing for, inter alia, the issuance of Collateralized Asset-Backed
Bonds, Series 1999-2)
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.)
1401 Dove Street
Newport Beach,
California 92660
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (949) 475-3600
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Item 5. Other Events.
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The consolidated financial statements of Ambac Assurance Corporation
and subsidiaries as of December 31, 1998 and December 31, 1997, and for each of
the years in the three year period ended December 31, 1998, 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 30, 1999; Commission File Number
1-10777) and the unaudited consolidated financial statements of Ambac Assurance
Corporation and subsidiaries as of March 31, 1999 and for the periods ending
March 31, 1999 and March 31, 1998 included in the Quarterly Report on Form 10-Q
of Ambac Financial Group, Inc. for the period ended March 31, 1999 (which was
filed with the Securities and Exchange Commission on May 12, 1999), 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 and subsidiaries
with respect to the IMH
Assets Corp. Collateralized
Asset-Backed Bonds, Series
1999-2
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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: June 24, 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 June 24, 1999, of our report dated
January 27, 1999 on the consolidated financial statements of Ambac Assurance
Corporation and subsidiaries as of December 31, 1998 and 1997, and for each of
the years in the three-year period ended December 31, 1998, which report appears
in the Form 10-K of Ambac Financial Group, Inc. which was filed with the
Securities and Exchange Commission on March 30, 1999 and to the reference to our
firm under the heading "Experts" in the Prospectus Supplement.
/s/ KPMG LLP
New York, New York
June 24, 1999
