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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): August 24, 1999
CWABS, INC., (as depositor under the Pooling and Servicing Agreement, to be
dated as of August 30, 1999, providing for the issuance of the CWABS, Inc.,
Countrywide Home Equity Loan Trust 1999-C Revolving Home Equity Loan Asset
Backed Certificates, Series 1999-C).
CWABS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-84365 95-4596514
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
4500 Park Granada
Calabasas, California 91302
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 225-3240
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Incorporation of Certain Documents by Reference
Pursuant to Rule 411 of Regulation C under the Securities Act of 1933 and
in reliance on AMBAC Indemnity Corporation, SEC No-Action Letter (December 19,
1996), the Company will incorporate by reference 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
ending December 31, 1998 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) and the unaudited consolidated financial
statements of Ambac Assurance Corporation and subsidiaries as of June 30, 1999
and for the periods ended June 30, 1999 and June 30, 1998 included in the
quarterly report on Form 10-Q of Ambac Financial Group, Inc. for the period
ended June 30, 1999 (which was filed with the Securities and Exchange
Commission on August 13, 1999). Such financial statements will be referred to
in the prospectus supplement relating to the Company's Revolving Home Equity
Loan Asset Backed Certificates, Series 1999-C. In connection with the
incorporation of such documents by reference, the Company is hereby filing the
consent of KPMG LLP ("KPMG") to the use of their name in such prospectus
supplement. The consent of KPMG is attached hereto as Exhibit 23.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23 Consent of KPMG LLP
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
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David Walker
Vice President
Dated: August 25, 1999
Exhibit Index
Exhibit Page
23 Consent of KPMG LLP 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. 333-84365) of CWABS, Inc. (the "Registrant"), and the
Prospectus Supplement of the Registrant (the "Prospectus Supplement"), via the
Form 8-K of the Registrant dated August 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
August 24, 1999
