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): November 30, 1999
CWABS, INC., (as depositor under the Pooling and Servicing Agreement,
dated as of November 1, 1999,
providing for the issuance of the CWABS, INC.
Asset-Backed Certificates, Series 1999-4).
CWABS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-84365 95-4596514
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) 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
<PAGE>
Item 5. Other Events.
Filing of Certain Materials
In connection with the issuance of CWABS, INC. Asset-Backed
Certificates, Series 1999-4 (the "Certificates"), CWABS, INC. is filing
herewith an opinion of counsel relating to the characterization of the
Certificates for federal income tax purposes. The opinion is annexed hereto as
Exhibit 8.1
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
8.1 Opinion of Brown & Wood LLP re Tax Matters.
- ------------------
* Capitalized terms used and not otherwise defined herein
shall have the meanings assigned to them in the prospectus dated
August 12, 1999 and prospectus supplement dated November 23, 1999, of
CWABS, Inc., relating to its Asset-Backed Certificates, Series
1999-4.
<PAGE>
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: November 30, 1999
<PAGE>
Exhibit Index
Exhibit Page
8.1 Opinion of Brown & Wood LLP re Tax matters 5
<PAGE>
Exhibit 8.1
November 30, 1999
Federal Home Loan Mortgage Corporation
8200 Jones Branch Drive
McLean, Virginia 22102
Greenwich Capital Markets, Inc.
600 Steamboat Road
Greenwich, Connecticut 06830
CWABS, Inc.
4500 Park Granada
Calabasas, California 91302
Countrywide Securities Corporation
4500 Park Granada
Calabasas, California 91302
Re: CWABS, Inc.
Asset-Backed Certificates, Series 1999-4
Ladies and Gentlemen:
We have acted as special counsel for CWABS, Inc., a Delaware
corporation (the "Company"), in connection with the issuance of the CWABS,
Inc. Asset-Backed Certificates of the above-referenced Series (the
"Certificates"). The Class A, Class M-1, Class M-2, and Class B Certificates
are referred to herein as the "Public Certificates".
The Certificates will represent the entire beneficial ownership
interest in a trust fund (the "Trust Fund") to be created pursuant to a
Pooling and Servicing Agreement dated as of November 1, 1999 (the "Pooling and
Servicing Agreement") among the Company, as depositor, Countrywide Home Loans,
Inc. ("CHL"), as seller and master servicer, and The Bank of New York, as
trustee (the "Trustee"). The assets of the Trust Fund will consist primarily
of a pool of conventional sub-prime mortgage loans (the "Mortgage Loans")
secured by first and second liens on one- to four-family residential
properties. Capitalized terms not otherwise defined herein have the meanings
ascribed to such terms in the Pooling and Servicing Agreement.
In arriving at the opinions expressed below, we have examined such
documents and records as we have deemed appropriate, including the following:
(1) Signed copy of the Registration Statement on Form S-3
(File No. 333-84365) filed by the Company with the Securities and
Exchange Commission (the "Commission") under the Securities Act of
1933, as amended (the "1933 Act"), on August 3, 1998, (such
registration statement, as declared effective by the Commission on
August 12, 1999, is referred to herein as the "Registration
Statement").
(2) The Prospectus dated August 12, 1999 (the "Basic
Prospectus"), as supplemented by the Prospectus Supplement relating
to the Public Certificates, dated November 23, 1999 (the "Prospectus
Supplement"), in the form to be filed with the Commission pursuant to
Rule 424(b) under the 1933 Act (the Basic Prospectus, as supplemented
by the Prospectus Supplement, the "Prospectus").
(3) The Pooling and Servicing Agreement (together with the
Prospectus, the "Documents").
(4) A specimen Certificate of each Class of Certificates.
In addition, we have made such investigations of such matters of law
as we deemed appropriate as a basis for the opinions expressed below. Further,
we have assumed the genuineness of all signatures and the authenticity of all
documents submitted to us as originals. Our opinions are also based on the
assumption that there are no agreements or understandings with respect to
those transactions contemplated in the Documents other than those contained in
the Documents. Furthermore, our opinions are based on the assumption that all
parties to the Documents will comply with the terms thereof, including all tax
reporting requirements contained therein.
As to any facts material to the following opinions which we did not
independently establish or verify, we have relied upon statements and
representations of the responsible officers and other representatives of the
Company and of public officials and agencies. We have, for purposes of
rendering the opinions, also relied on certain factual, numerical and
statistical information which is based on the assumptions used in pricing the
Public Certificates.
As of the Closing Date, the Upper Tier REMIC and REMIC 1, REMIC 2,
and REMIC 3 (each of REMIC 1, REMIC 2 and REMIC 3, a "Lower Tier REMIC") will
each qualify as a REMIC within the meaning of Section 860D of the Internal
Revenue Code of 1986, as amended (the "Code"), assuming (i) an election is
made to treat the assets of the Upper Tier REMIC and the assets of each Lower
Tier REMIC as a REMIC, (ii) compliance with the Pooling and Servicing
Agreement, and (iii) compliance with changes in the law, including any
amendments to the Code or applicable Treasury regulations thereunder. The
Public Certificates and the Class B-IO Certificates represent ownership of
regular interests in the Upper Tier REMIC. The Class R Certificates represent
ownership of the sole class of residual interest in the Upper Tier REMIC and
in each Lower Tier REMIC. The Adjustable Rate Carryover Reserve Fund is an
outside reserve fund that is not an asset of the Upper Tier REMIC or any of
the Lower Tier REMICs. The rights of the Class AV, Class MV-1, Class MV-2 and
Class BV Certificates to receive payments from the Adjustable Rate Carryover
Reserve Fund represent, for federal income tax purposes, contractual rights
that are separate from their regular interests within the meaning of Treasury
regulation ss.1.860 G-2(i).
The opinions set forth herein are based upon the existing provisions
of the Code and Treasury regulations issued or proposed thereunder, published
Revenue Rulings and releases of the Internal Revenue Service and existing case
law, any of which could be changed at any time. Any such changes may be
retroactive in application and could modify the legal conclusions upon which
such opinions are based. The opinions expressed herein are limited as
described above, and we do not express an opinion on any other tax aspect of
the transactions contemplated by the documents relating to the transaction.
In rendering the foregoing opinions, we express no opinion as to the
laws of any jurisdiction other than the federal income tax laws of the United
States. This opinion is rendered as of the date hereof and we undertake no
obligation to update this opinion or advise you of any changes in the event
there is any change in legal authorities, facts, assumptions or documents on
which this opinion is based (including the taking of any action by any party
to the Documents pursuant to any opinion of counsel or a waiver), or any
inaccuracy in any of the representations, warranties or assumptions upon which
we have relied in rendering this opinion unless we are specifically engaged to
do so. This opinion is rendered only to those to whom it is addressed and may
not be relied on in connection with any transactions other than the
transactions contemplated herein. This opinion may not be relied upon for any
other purpose, or relied upon by any other person, firm or corporation for any
purpose, without our prior written consent.
Very truly yours,
/s/ Brown & Wood LLP
<PAGE>
BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
November 30, 1999
BY MODEM
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: CWABS, Inc.
File No. 333-84365
Asset-Backed Certificates, 1999-4
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, an
opinion of counsel relating to the characterization of the Certificates for
federal income tax purposes.
Very truly yours,
/s/ Jeffrey Stewart
Jeffrey Stewart
Enclosure
