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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 16, 1999
CWABS, INC., (as depositor under the Pooling and Servicing Agreement,
to be dated as of February 22, 1999, providing for the issuance
of the CWABS, Inc., Countrywide Home Equity Loan Trust
1999-A Revolving Home Equity Loan Asset Backed Certificates,
Series 1999-A).
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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Item 5. Other Events.
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Filing of Certain Materials
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Pursuant to Rule 424(b)(2) 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 1999-A (the "Certificates").
In connection with the offering of the Revolving Home Equity Loan
Asset Backed Certificates, Series 1999-A, Salomon Smith Barney Inc. ("Salomon
Smith Barney"), Countrywide Securities Corporation ("Countrywide") and
NationsBanc Montgomery Securities LLC ("NationsBanc Montgomery")
(collectively, the "Underwriters"), as underwriters of the Certificates, have
prepared certain materials ("Computational Materials") for distribution to
their potential investors (the "Salomon Smith Barney Computational Materials",
the "Countrywide Computational Materials" and the "NationsBanc Motgomery
Computational Materials", respectively). Although the Company provided the
Underwriters with certain information regarding the characteristics of the
Mortgage Loans (the "Loans") in the related portfolio, the Company did not
participate in the preparation of the Computational Materials by Salomon Smith
Barney, Countrywide or NationsBanc Montgomery. Concurrently with the filing
hereof, pursuant to Rule 311(i) of Regulation S-T, the Company is filing the
Salomon Smith Barney Computational Materials, the Countrywide Computational
Materials and the NationsBanc Montgomery Computational Materials by paper
filing on Form SE.
For purposes of this Form 8-K, "Computational Materials" shall mean
computer generated tables and/or charts displaying with respect to the
Certificates, any of the following: yield; average life; duration; expected
maturity; interest rate sensitivity; loss sensitivity; cash flow
characteristics; background information regarding the Loans; the proposed
structure; decrement tables; or similar information (tabular or otherwise) of
a statistical, mathematical, tabular or computational nature. The Salomon
Smith Barney Computational Materials are attached hereto as Exhibit 99.1, the
Countrywide Computational Materials are attached hereto as Exhibit 99.2 and
the Nations Montgomery Computational Materials are attached hereto as Exhibit
99.3.
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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 17, 1999, of CWABS, Inc., relating to its
Revolving Home Equity Loan Asset Backed Certificates, Series 1999-A.
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Incorporation of Certain Documents by Reference
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Pursuant to Rule 411 of Regulation C under the Securities Act of 1933
and in reliance on Financial Security Assurance Inc., SEC No-Action Letter
(July 16, 1993), the Company will incorporate by reference the financial
statements of Financial Security Assurance Inc., into the Company's
registration statement (File No. 333-60823). The financial statements will be
referred to in the prospectus supplement relating to the Company's Revolving
Home Equity Loan Asset Backed Certificates, Series 1999-A. In connection with
the incorporation of such documents by reference, the Company is hereby filing
the consent of PricewaterhouseCoopers LLP ("PWC") to the use of their name in
such prospectus supplement. The consent of PWC is attached hereto Exhibit 23.
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Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23 Consent of PWC
99.1 Salomon Smith Barney Computational Materials
99.2 Countrywide Computational Materials
99.3 NationsBanc Montgomery Computational Materials
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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 16, 1999
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Exhibit Index
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Exhibit Page
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23 Consent of PWC 7
99.1 Salomon Smith Barney Computational Materials 8
99.2 Countrywide Computational Materials 9
99.3 NationsBank Montgomery Computational Materials 10
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EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus
Supplement of CWABS, Inc. relating to Revolving Home Equity Loan Asset Backed
Certificates, Series 1999-A of our report dated January 26, 1998 on our audits
of the consolidated financial statements of Financial Security Assurance Inc.
and Subsidiaries as of December 31, 1997 and 1996, and for each of the three
years in the period ended December 31, 1997. We also consent to the reference
to our Firm under the caption "Experts."
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
February 18, 1999
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EXHIBIT 99.1
Salomon Smith Barney Computational Materials
In accordance with Rule 311(i) of Regulation S-T, the Salomon Smith
Barney Computational Materials are being filed on paper pursuant to Form SE.
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EXHIBIT 99.2
Countrywide Computational Materials
In accordance with Rule 311(i) of Regulation S-T, the Countrywide
Computational Materials are being filed on paper pursuant to Form SE.
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EXHIBIT 99.3
NationsBanc Montgomery Computational Materials
In accordance with Rule 311(i) of Regulation S-T, the NationsBanc
Montgomery Computational Materials are being filed on paper pursuant to Form
SE.
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