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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)
September 22, 1999
HEADLANDS MORTGAGE SECURITIES INC., (as sponsor under the Sale and Servicing
Agreement, dated as of September 1, 1999, providing for the issuance of
Headlands Home Equity Loan Trust 1999-1 Home Equity Loan Asset-Backed Notes).
Headlands Mortgage Securities Inc.
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(Exact name of registrant as specified in its charter)
Delaware 333-79833 68-0397342
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
700 Larkspur Landing Circle 94939
Suite 240 --------
Larkspur, California (Zip Code)
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code (415) 925-5442
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Item 5. Other Events
The consolidated financial statements of Ambac Assurance Corporation
and its subsidiaries as of December 31, 1998 and December 31, 1997 and for each
of the years in the three-year period ended December 31, 1998, prepared in
accordance with generally accepted accounting principles, included in the Annual
Report on Form 10-K of Ambac Financial Group, Inc. (which was filed with the
Commission on March 30, 1999 Commission File No. 1-10777) and the unaudited
consolidated financial statements of Ambac Assurance Corporation and its
subsidiaries as of June 30, 1999 and for the periods ending 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
Commission on August 13, 1999) are incorporated by reference in (i) this Current
Report on Form 8-K; (ii) the Prospectus; and (iii) the Prospectus Supplement for
the Headlands Home Equity Loan Trust 1999-1, and shall be deemed to be part
hereof and thereof.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable.
(c) Exhibits
23.1 Consent of KPMG LLP, dated as of September 27, 1999, in
connection with the consolidated financial statements of Ambac
Assurance Corporation and Subsidiaries
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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.
HEADLANDS MORTGAGE SECURITIES INC.
By: /s/ Kristen Decker
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Name: Kristen Decker
Title: Vice President
Dated: September 29, 1999
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Exhibit Index
Exhibit
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23.1 Consent of KPMG LLP.
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INDEPENDENT AUDITOR'S CONSENT
The Board of Directors
Ambac Assurance Corporation
We consent to the incorporation by reference in the registration statement (No.
333-79833) of Headlands Mortgage Securities Inc. (the "Registrant") and in the
Prospectus Supplement of the Registrant (the "Prospectus Supplement"), via the
Form 8-K of the Registrant dated September 27, 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
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New York, New York
September 27, 1999
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