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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) May 18, 1998
WMC SECURED ASSETS CORP. (as company under the Pooling and Servicing Agreement,
dated as of June 1, 1998, providing for the issuance of Mortgage Pass-Through
Certificates, Series 1998-A)
WMC SECURED ASSETS CORP.
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(Exact name of registrant as specified in its charter)
United States 333-41173 95-4683489
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
6320 Canoga Avenue
Woodland Hills, California 91367
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 592-2610
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Item 5. OTHER EVENTS.
On or about June 5, 1998, the Registrant will cause the
issuance and sale of approximately $796,000,000 initial principal
amount of Mortgage Pass-Through Certificates, Series 1998-A, Class A,
Class M-1, Class M-2, Class B, Class C, Class R-I and Class R-II
(collectively, the "Certificates") pursuant to a Pooling and Servicing
Agreement to be dated as of June 1, 1998, by and among the Registrant,
as company, WMC Mortgage Corp., as master servicer, and The First
National Bank of Chicago, as trustee.
In connection with the sale of Mortgage Pass-Through
Certificates, Series 1998-A, Class A, Class M-1, Class M-2 and Class B
(collectively, the "Underwritten Certificates"), the Registrant has
been advised by NationsBanc Montgomery Securities LLC, Bear, Stearns &
Co. Inc., Lehman Brothers Inc., Credit Suisse First Boston Corporation
and First Union Capital Markets, a division of Wheat First Securities,
Inc. (together, the "Underwriters") that the Underwriters have
furnished to prospective investors certain yield tables and other
computational materials, collateral term sheets and structural term
sheets (the "Computational Materials") with respect to the Underwritten
Certificates following the effective date of Registration Statement No.
333-41173, which Computational Materials are being filed as exhibits to
this report.
The information in the Computational Materials will be
superseded by the Prospectus Supplement relating to the Certificates
and by any other information subsequently filed with the Securities and
Exchange Commission.
The Computational Materials were prepared by the Underwriters
at the request of certain prospective investors, based on collateral
information provided by the Registrant and assumptions provided by, and
satisfying the special requirements of, such prospective investors. The
Computational Materials may be based on assumptions that differ from
the assumptions set forth in the Prospectus Supplement. The
Computational Materials may not include, and do not purport to include,
information based on assumptions representing a complete set of
possible scenarios. Accordingly, the Computational Materials may not be
relevant to or appropriate for investors other than those specifically
requesting them.
In addition, the actual characteristics and performance of the
mortgage loans underlying the Underwritten Certificates (the "Mortgage
Loans") may differ from the assumptions used in the Computational
Materials, which are hypothetical in nature and which were provided to
certain investors only to give a general sense of how the yield,
average life, duration, expected maturity, interest rate sensitivity
and cash flow characteristics of a particular class of Underwritten
Certificates might vary under varying prepayment and other scenarios.
Any difference between such assumptions and the actual characteristics
and performance of the Mortgage Loans will affect the actual yield,
average
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life, duration, expected maturity, interest rate sensitivity and cash
flow characteristics of the Underwritten Certificates.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) FINANCIAL STATEMENTS.
Not Applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not Applicable.
(c) EXHIBITS
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
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1 99 Computational Materials
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
WMC SECURED ASSETS CORP
By /s/ Todd Wallace
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Name: Todd Wallace
Title: Vice President, Treasurer and
Director
Dated: May 19, 1998
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EXHIBIT INDEX
Exhibit no. Description Page
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1 Computational Materials P*
*The Computational Materials have been filed on paper format pursuant to a
continuing hardship exemption from certain electronic filing requirements.
