SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the year ended January 31, 1999.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE AT OF 1934.
For the transition period from ____________ to ________________.
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION,
AS DEPOSITOR
(exact name of Registrant as specified in its charter)
on behalf of
BCMSC TRUST Series 1998-A
Delaware 333-40113 03-0355080
(State of other jurisdiction of (Commission (IRS Employer
Incorporation) File Number) Identifiction No.)
1600 Mountain View Drive 05466
Colchester, Vermont (ZIP code)
(Address of principal executive
officers)
Registrant's telephone number, including area code: (802) 654-7200
Securities Registered Pursuant to Section 12(b) of the Securities Exchange
Act of 1934: None.
Securities Registered Pursuant to Section 12(g) of the Securities Exchange
Act of 1934: None.
Indicate by check mark whether the Registrants (1) have filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) have been subject to
such filing requirements for the past 90 days.
Yes X No ____
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the Registrants' knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
The aggregate market value of the voting stock held by non-affiliates
of the Registrant. None.
As of March 31, 1999, there were 1,000 shares of Bombardier Capital
Mortgage Securitization Corporation Common Stock outstanding.
PART I
ITEM 1. BUSINESS
Bombardier Capital Mortgage Securitization Corporation is a
wholly-owned bankruptcy-remote subsidiary of Bombardier Capital Inc.
The Series 1998-A was formed solely for the purpose of acquiring from
Bombardier Capital Mortgage Securitization Corporation certain manufactured
housing installment sales contracts and mortgage loans.
ITEM 2. PROPERTIES
Nothing to Report.
ITEM 3. LEGAL PROCEEDINGS
Nothing to Report.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Nothing to Report.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The sole holder of Bombardier Capital Mortgage Securitization
Corporation's equity shares is Bombardier Capital Inc. There is currently no
market for the equity shares of Bombardier Capital Mortgage Securitization
Corporation nor is it anticipated that such a market will develop.
ITEM 6. SELECTED FINANCIAL DATA
Nothing to Report.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Nothing to Report.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA
Nothing to Report.
ITEM 9. CHANGE IN THE DISAGREEMENT ON ACCOUNTING AND FINANCIAL DISCLOSURE
Nothing to Report.
PART III
ITEM 10. DIRECTORS AND OFFICERS OF THE REGISTRANT
Nothing to Report.
ITEM 11. EXECUTIVE COMPENSATION
Nothing to Report.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Nothing to Report.
ITEM 13. CERTAIN RELATIONSHIP AND RELATED TRANSACTIONS
Nothing to Report.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
99.1 Annual Servicer's Certificate
99.2 Annual Report of Independent Accountants on Compliance
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, Bombardier Capital Mortgage Securitization Corporation
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
By: /s/ Blaine Filthaut
Name: Blaine Filthaut
Title: Treasurer
Dated: March 31, 1999
EXHIBIT INDEX
Exhibit Description
99.1 Annual Servicer's Certificate
99.2 Annual Report of Independent Accountants on Compliance
EXHIBITS
Exhibit 99.1
ANNUAL SERVICER'S STATEMENT AS TO COMPLIANCE
("Officer's Certificate")
BOMBARDIER CAPITAL INC.
January 31, 1999
The undersigned, a duly authorized representative of Bombardier Capital Inc.
("BCI"), as Servicer, pursuant to the Pooling and Servicing Agreement dated
as of January 1, 1999 (the "Agreement"), by and among BC Mortgage
Securitization Corporation ("BCMSC"), as Depositor, BCI, as Servicer,
and Harris Trust and Savings Bank ("Harris"), as Trustee, do hereby certify,
on behalf of BCI, that:
1. BCI is, as of the date hereof, the Servicer under the Agreement.
2. The undersigned is a Servicing Officer and is duly authorized pursuant
to the Agreement to execute and deliver this Officer's Certificate
to Harris.
3. A review of the activities of the Servicer for the preceding 12-month
period or since the Cut-off Date in the case of the first Officer's
Certificate relating to the Trust, and of its performance under the
Agreement has been made under such Officer's supervision.
4. Based on such review, the Servicer has, to the best of the Officer's
knowledge, fulfilled in all material respects all of its obligations
under the Agreement throughout such period.
5. To the best of the Officer's knowledge, each subservicer fulfilled its
obligations under its subservicing agreement in all material respects.
IN WITNESS WHEREOF, the undersigned has duly executed this Officer's
Certificate as of the 31st day of January 1999.
Bombardier Capital Inc.
By: /s/ A. H. Sorheim
Name: A. H. Sorheim
Title: Vice President
Exhibit 99.2
Report on Management's Assertion on Compliance
with Minimum Servicing Standards Set Forth in the
Uniform Single Attestation Program for Mortgage Bankers
Report of Independent Accountants
Board of Directors
Bombardier Capital Inc.
We have examined management's assertion, included in the accompanying
report titled Report of Management, that Bombardier Capital Inc., (BCI)
complied with the minimum servicing standards set forth in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers (USAP) during the fiscal year ended January 31, 1999.
Management is responsible for BCI's compliance with those requirements.
Our responsibility is to express an opinion on management's assertions
about BCI's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about BCI's compliance with
those requirements and performing such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion. Our examination does not provide a
legal determination on BCI's compliance with specified requirements.
In our opinion, management's assertion, that BCI complied with the
aforementioned requirements during the fiscal year ended January 31, 1999,
is fairly stated, in all material respects.
Ernst & Young LLP
April 30, 1999
