BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORP
10-K/A, 2000-05-17
ASSET-BACKED SECURITIES
Previous: BAY HARBOUR MANAGEMENT LC, 13F-HR, 2000-05-17
Next: BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORP, 10-K/A, 2000-05-17





                            SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C. 20549

                                        FORM 10-K/A

[ X ]    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934.

         For the year ended January 31, 2000.

                                        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)       Identification 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]


         This Amendment No. 1 on Form 10-K/A amends Item 14 of the original
Annual Report on Form 10-K (the "Original Form 10-K") filed on May 1, 2000
by Bombardier Capital Mortgage Securitization Corporation, as Depositor on
behalf of BCMSC Trust 1998-A.





Item 14 of the Original Form 10-K is amended to read in its entirety as follows:

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:          May 17, 2000





                                 EXHIBITS

Exhibit 99.1


                  ANNUAL SERVICER'S STATEMENT AS TO COMPLIANCE
                          ("Officer's Certificate")

                            BOMBARDIER CAPITAL INC.


                               January 31, 2000


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, 1998 (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.  We note that a strict
         application of the Servicer's policy for reporting delinquencies
         during the period from August 1999 to January 2000 would have produced
         delinquency levels higher than those previously reported.  Neither the
         internal data nor the bookkeeping and servicing functions of BCI
         during such period were affected by such reporting.

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 28th day of April 2000.

                               Bombardier Capital Inc.


                               By:      /s/ Pierre Lortie
                               Name:    Pierre Lortie
                               Title:   President & Chief Operating Officer





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 year ended January 31, 2000.  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  attestation  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 year ended January 31, 2000, is fairly
stated, in all material respects.

This  report is  intended  solely for the  information  and use of  Bombardier
Inc.,  the board of  directors  and management, and is not intended to be and
should not be used by anyone other than these specified parties.



                                                  ERNST & YOUNG LLP

Boston, Massachusetts
April 28, 2000





© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission