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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 18, 1999
CWABS, INC., (as depositor under the Pooling and
Servicing Agreement, dated as of February 1, 1999, providing
for the issuance of the CWABS, INC., Asset-Backed
Certificates, Series 1999-1).
CWABS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-60823 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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<PAGE>
Item 5. Other Events.
Filing of Computational Materials
Pursuant to Rule 424(b) 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
prospectus supplement with the Securities and Exchange Commission relating to
its Asset-Backed Certificates, Series 1999-1.
In connection with the offering of the Asset-Backed Certificates,
Series 1999-1, Prudential Securities Incorporated ("Prudential Securities"),
as underwriter of the Offered Certificates, has prepared certain materials
(the "Prudential Securities Computational Materials") for distribution to
their potential investors. Similarly, Countrywide Securities Corporation
("CSC"), as underwriter of the Offered Certificates, has prepared certain
materials (the "CSC Computational Materials") for distribution to their
potential investors. Similarly, NationsBanc Montgomery Securities LLC
("NationsBanc"), as underwriter of the Offered Certificates, has prepared
certain materials (the "NationsBanc Computational Materials") for distribution
to their potential investors. Although the Company provided Prudential
Securities, CSC and NationsBanc with certain information regarding the
characteristics of the Mortgage Loans in the related portfolio, the Company
did not participate in the preparation of the Prudential Securities
Computational Materials, the CSC Computational Materials or the NationsBanc
Computational Materials.
For purposes of this Form 8-K, "Computational Materials" shall mean
computer generated tables and/or charts displaying, with respect to any Class
or Classes of Certificates, any of the following: yield; average life;
duration; expected maturity; interest rate sensitivity; loss sensitivity; cash
flow characteristics; background information regarding the Mortgage Loans; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
The Prudential Securities Computational Materials, which are listed as Exhibit
99.1 hereto, the CSC Computational Materials, which are listed as Exhibit 99.2
hereto, and the NationsBanc Computational Materials, which are listed as
Exhibit 99.3 hereto, are filed on Form SE dated February 24, 1999.
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* Capitalized terms used and not otherwise defined herein shall have
the meanings assigned to them in the prospectus dated October 26,
1998 and the prospectus supplement dated February 18, 1999, of CWABS,
Inc., relating to its Asset-Backed Certificates, Series 1999-1.
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Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Prudential Securities Computational Materials filed on
Form SE dated February 24, 1999.
99.2 CSC Computational Materials filed on Form SE dated
February 24, 1999.
99.3 NationsBanc Computational Materials filed on Form SE
dated February 24, 1999.
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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 hereunto duly authorized.
CWABS, INC.
By: /s/ David Walker
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David Walker
Vice President
Dated: February 24, 1999
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Exhibit Index
Exhibit Page
99.1 Prudential Securities Incorporated Computational Materials filed on Form
SE dated February 24, 1999.
99.2 Countrywide Securities Corporation Computational Materials filed on Form
SE dated February 24, 1999.
99.3 NationsBanc Montgomery Securities LLC Computational Materials filed on
Form SE dated February 24, 1999.
<PAGE>
BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
February 24, 1999
BY MODEM
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: CWABS, Inc.
Asset-Backed Certificates, Series 1999-1
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 Computational Materials in
connection with the above-referenced transaction.
Pursuant to a continuing hardship exemption letter dated November 6,
1996, as provided in Rule 202 of Regulation S-T, and pursuant to Rule 311(i)
of Regulation S-T, Exhibits 99.1 and 99.2 will be filed on Wednesday, February
24, 1999 in paper on Form SE.
Very truly yours,
/s/ Erinn Harley-Lewis
Erinn Harley-Lewis
Enclosure
