CWABS INC
8-K, 1998-05-28
ASSET-BACKED SECURITIES
Previous: INFORMATION MANAGEMENT RESOURCES INC, 8-K, 1998-05-28
Next: CWABS INC, 424B5, 1998-05-28



- --------------------------------------------------------------------------------


                       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): May 29, 1998

CWABS,  INC.,  (as depositor  under the Pooling and Servicing  Agreement,  to be
dated  as of May 20,  1998,  providing  for the  issuance  of the  CWABS,  Inc.,
Countrywide  Home  Equity  Loan Trust  1998-B  Revolving  Home Equity Loan Asset
Backed Certificates, Series 1998-B).

                                   CWABS, INC.
                                   -----------
             (Exact name of registrant as specified in its charter)

       Delaware                       333-37539                  95-4596514
- ----------------------------      -----------------          -------------------
(State or Other Jurisdiction         (Commission               (I.R.S. Employer
of Incorporation)                    File Number)            Identification No.)

           4500 Park Granada        
           Calabasas, California                                      91302
      ------------------------------                             -------------
           (Address of Principal                                   (Zip Code)
            Executive Offices)

Registrant's telephone number, including area code (818) 225-3240
                                                   ----- --------
- --------------------------------------------------------------------------------


Item 5.  Other Events.
- -------  -------------

Filing of Certain Materials
- ---------------------------

     Pursuant to Rule 424(b)(5)  under the Securities Act of 1933,  concurrently
with, or subsequent to, the filing of this Current Report on Form 8-K (the "Form
8-K"),  CWABS,  Inc.  (the  "Company")  is filing a prospectus  and a prospectus
supplement  with the  Securities  and  Exchange  Commission  (the  "Commission")
relating to its  Revolving  Home Equity Loan Asset Backed  Certificates,  Series
1998-B (the "Certificates").

Incorporation of Certain Documents by Reference
- -----------------------------------------------

     The consolidated  financial  statements of Ambac Assurance  Corporation and
its  subsidiaries  as of December 31, 1997 and  December  31, 1996,  and for the
three-year period ended December 31, 1997, 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) and the consolidated financial statements
of Ambac Assurance  Corporation  and its  subsidiaries as of March 31, 1998, and
for the  periods  ended  March  31,  1998 and March 31,  1997,  included  in the
Quarterly  Report on Form 10-Q of Ambac  Financial  Group,  Inc.  for the period
ended  March  31,  1998  (which  was  filed  with the  Securities  and  Exchange
Commission  on May 15,  1998) are hereby  incorporated  by reference in (i) this
Current  Report  on Form 8-K;  (ii) the  prospectus;  and  (iii) the  prospectus
supplement for Countrywide  Home Equity Loan Trust 1998-B  Revolving Home Equity
Loan Asset Backed  Certificates,  Series 1998-B,  and shall be deemed to be part
hereof and thereof.

     In connection with the issuance of the Certificates,  the Company is filing
herewith  the consent of KPMG Peat Marwick LLP ("KPMG") to the use of their name
and the incorporation by reference of their report in the prospectus  supplement
relating to the  issuance of the  Certificates.  The consent of KPMG is attached
hereto as Exhibit 23.

- --------------
*  Capitalized  terms  used and not  otherwise  defined  herein  shall  have the
meanings  assigned  to  them  in the  prospectus  dated  May  29,  1998  and the
prospectus  supplement  dated May 29,  1998,  of CWABS,  Inc.,  relating  to its
Revolving Home Equity Loan Asset Backed Certificates, Series 1998-B.


  Item 7.  Financial Statements, Pro Forma Financial

         Information and Exhibits.
         -------------------------

(a)      Not applicable.

(b)      Not applicable.

(c)      Exhibits:

         23.1              Consent of KPMG


                                   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 hereunto duly authorized.

                                                     CWABS, INC.

                                                     By: /s/ David Walker
                                                     --------------------
                                                         David Walker
                                                         Vice President

Dated:  May 22, 1998



Exhibit Index
- -------------

Exhibit                                                                     Page
- -------                                                                     ----

23                Consent of KPMG                                            6




                                   EXHIBIT 23

                          INDEPENDENT AUDITORS' CONSENT

The Board of Directors
Ambac Assurance Corporation:

         We  consent  to the  incorporation  by  reference  in the  registration
statement (No. 333-37539) of CWABS, Inc. (the "Registrant"),  and the Prospectus
Supplement of the Registrant (the "Prospectus Supplement"), included in Form 8-K
of the  Registrant  dated May 22, 1998,  of our report dated January 29, 1998 on
the  consolidated  financial  statements of Ambac  Assurance  Corporation  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.  dated March 31, 1998 and to the  reference  to our firm
under the heading "Experts" in the Prospectus Supplement.

                                                       /s/ KPMG Peat Marwick LLP

New York, New York
May 22, 1998



                                BROWN & WOOD LLP
                             One World Trade Center
                            New York, New York 10048
                            Telephone: (212) 839-5300
                            Facsimile: (212) 839-5599

                                                                    May 28, 1998

BY MODEM

Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C.  20549

        Re:     CWABS, Inc.
                Countrywide Home Equity Loan Trust 1998-B
                Revolving Home Equity Loan Asset Backed
                Certificates, 1998-B
                ------------------------------------------

Ladies and Gentlemen:

     On behalf of CWABS,  Inc. (the "Company"),  we enclose herewith for filing,
pursuant to the Securities  and Exchange Act of 1934, as amended,  the Company's
Current  Report  on Form 8-K,  for  certain  materials  in  connection  with the
above-referenced transaction.

                                                       Very truly yours,

                                                       /s/ Amy Sunshine

                                                       Amy Sunshine

Enclosure


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission