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): July 20, 1999
WMC Secured Assets Corp.
(Exact name of registrant as specified in its charter)
United States 333-41173 95-4683489
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
6320 Canoga Avenue
Woodland Hills, California 91367
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (818) 592-2610
Item 5. Other Events
On July 20, 1999 a scheduled distribution was made from the Trust
to holders of the Certificates. The Trustee has caused to be filed
with the Commission, the Monthly Report dated July 20, 1999.
The Monthly Report is filed pursuant to and in accordance with
(1) numerous no-action letters (2) current Commission policy
in the area.
A. Monthly Report Information
See Exhibit No.1
B. Have and deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of
Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5
if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report Dated July 20, 1999
WMC Mortgage Loan Pass-Through Certificates
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 20-Jul-99
DISTRIBUTION SUMMARY
Pass
Beginning Through Remaining
ClassBalance Principal Rate Interest Balance
A 459606155.16 19899287.36 5.19375% 1922925.13 439706867.80
M-1 72000000.00 0.00 5.44375% 315737.50 72000000.00
M-2 56000000.00 0.00 5.65375% 255046.94 56000000.00
B 44000000.00 0.00 6.27375% 222369.58 44000000.00
C * 4000000.00 0.00 4.37583% 2586157.06 4000000.00
R 0.00 0.00 0.00000% 0.00 0.00
TOTAL635606155.16 19899287.36 5302236.21 615706867.80
* Class C Interest and Pass-Through Rate
is based on a Notional Balance of: 635606155.16
AMOUNTS PER $1,000 UNIT
Beginning Remaining
ClassCusip Balance Principal Interest Balance
A 92928SAA2 736.54833 31.889884 3.081611 704.658442
M-1 92928SAB0 1000.00000 0.000000 4.385243 1000.000000
M-2 92928SAC8 1000.00000 0.000000 4.554410 1000.000000
B 92928SAD6 1000.00000 0.000000 5.053854 1000.000000
C 1000.00000 0.000000 646.539265 1000.000000
PRINCIPAL DISTRIBUTION BREAKDOWN
Monthly Overcollateralization
Principal Increase
ClassReceived Prepayments Liquidation(Reduction) Total
A 246459.71 19616613.01 0.00 36214.64 19899287.36
M-1 0.00 0.00 0.00 0.00 0.00
M-2 0.00 0.00 0.00 0.00 0.00
B 0.00 0.00 0.00 0.00 0.00
LIBOR: 5.023750%
SEC. 4.03 (i) , (ii), (iii), (v) See Page 1
SEC. 4.03 (iv)
Number of Mortgage Loans outstanding at the
beginning of the Due Period 6503
Number of Mortgage Loans outstanding at the
end of the Due Period 6329
Pool Principal Balance (Beginning of Due Period) 662406155.16
Pool Principal Balance (End of Due Period) 642506867.8
SEC. 4.03 (vi), (vii)
Delinquency Information
Count Balance
30-59 Days 156 14410632.0
60-89 Days 13 1489619.49
90+ Days 6 572483.16
* Excludes Bankruptcies, Foreclosures, and REOs.
Number Balance
Loans in Foreclosure (LIF): 791 74523567.30
Newly Commenced LIF: 96 9743839.69
Loans in Bankruptcy 272 27107829.33
REO's 124 10781476.37
SEC. 4.03 (viii)
Aggregate Unpaid Interest Shortfall
Class A 0.00
Class M-1 0.00
Class M-2 0.00
Class B 0.00
Class C 29900138.5
Total 29900138.5
SEC. 4.03 (ix)
Required Overcollateralization Amount 30800000.00
Overcollateralization Amount as of end of the period 30800000
SEC. 4.03 (x) Aggregate Amount of
Realized Loss Realized Losses
Amount since Cut-Off
Class M-1 0.00 0.00
Class M-2 0.00 0.00
Class B 0.00 0.00
Class C 0.00 0.00
Total 0.00 0.00
SEC. 4.03 (xi)
Weighted Average Remaining Term to Maturity of t 344.82
SEC. 4.03 (xii)
Weighted Average Net Mortgage Rate 9.68801%
SEC. 4.03 (xiii)
Pass through Rate on Class A and Subordinate CerSee Page 1
Pass Through Rate on each Component
Component LT-A 4.48676%
Component LT-M-1 4.23676%
Component LT-M-2 4.02676%
Component LT-B 3.40676%
Component LT-OC 9.68051%
SEC. 4.03 (xiv) Senior Enhancement Percentage, as o 31.56386%
SEC. 4.03 (xxv) Servicing Fee 276002.56
SEC. 4.03 (xxvi) Available Funds Cap Carryover Amount
Available Funds Cap Amount paid from
Carryover Amount Reserve Account
Class A 0.00 0.00
Class M-1 0.00 0.00
Class M-2 0.00 0.00
Class B 0.00 0.00
Total 0.00 0.00
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
thereunto duly authorized.
WMC SECURED ASSETS CORP.
WMC MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-A
By: /s/ Richard Tarnas
Name: Richard Tarnas
Title: Vice President
The First National Bank of Chicago
Dated: July 31, 1999
