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): June 21, 1999
WMC Secured Assets Corp.
(Exact name of registrant as specified in its charter)
United States 333-59687 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 June 21, 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 June 21, 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 June 21, 1999
WMC Mortgage Loan Pass-Through Certificates
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 06/21/99
DISTRIBUTION SUMMARY
Pass
Beginning Through Remaining
Class Balance Principal Rate Interest Balance
A-1 319403661.07 13080042.91 4.98125% 1414248.43 306323618.16
A-2 232000000.00 0.00 5.14125% 1060240.00 232000000.00
M-1 64000000.00 0.00 5.26125% 299306.67 64000000.00
M-2 56000000.00 0.00 5.57125% 277324.44 56000000.00
B 48000000.00 0.00 6.22125% 265440.00 48000000.00
C * 719403661.07 0.00 3.98073% 0.00 706323618.16
A-IO * 80000000.00 0.00 5.50000% 366666.67 80000000.00
R III 0.00 0.00 0.00000% 0.00 0.00
TOTAL: 719403661.0713080042.91 3683226.21 706323618.16
* Class C Interest and Pass-Through Rate
is based on a Notional Balance of: 719403661.07
* Class A-IO Interest and Pass-Through Rate
is based on a Notional Balance of:
AMOUNTS PER $1,000 UNIT
Beginning Remaining
Class Cusip Balance Principal Interest Balance
A-1 92928SAE4 798.50915 32.70011 3.53562108 765.8090454
A-2 92928SAF1 1000.00000 0.00000 4.57000000 1000.0000000
M-1 92928SAH7 1000.00000 0.00000 4.67666672 1000.0000000
M-2 92928SAJ3 1000.00000 0.00000 4.95222214 1000.0000000
B 92928SAK0 1000.00000 0.00000 5.53000000 1000.0000000
C NA 899.25458 0.00000 0.00000000 882.9045227
A-IO 92928SAG8 1000.00000 0.00000 4.583333375 1000.00000000
PRINCIPAL DISTRIBUTION BREAKDOWN
Monthly Overcollateralization
Principal Increase
Class Received PrepaymentsLiquidation(Reduction) Total
A-1 249112.62 10514155.24 0.00 2316775.05 13080042.91
A-2 0.00 0.00 0.00 0.00 0.00
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: 4.92125%
SEC. 4.03 (iv)
Number of Mortgage Loans outstanding at the
beginning of the Due Period 7270
Number of Mortgage Loans outstanding at the
end of the Due Period 7168
Pool Principal Balance (Beginning of Due Period) 737366070.10
Pool Principal Balance (End of Due Period) 726602802.24
SEC. 4.03 (vi), (vii)
Delinquency Information
Count Balance
30-59 Days 19016833286.99
60-89 Days 9 674121.67
90+ Days 4 555631.18
* Excludes Bankruptcies, Foreclosures, and REOs.
Number Balance
Loans in Foreclosure (LIF): 748 70660226.85
Newly Commenced LIF: 100 10306493.16
Loans in Bankruptcy 194 16773692.37
REO's 67 5062369.46
SEC. 4.03 (viii)
Aggregate Unpaid Interest Shortfall
Class A-1 0.00
Class M-1 0.00
Class M-2 0.00
Class B 0.00
Class C 22995275.84
Class A-IO 0.00
Total 22995275.84
SEC. 4.03 (ix)
Required Overcollateralization Amount 30800000.00
Overcollateralization Amount as of end of the period 20279184.08
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
Total 0.00 0.00
SEC. 4.03 (xi)
Weighted Average Remaining Term to Maturity
of the Mortgage Loans 350.21
SEC. 4.03 (xii)
Weighted Average Net Mortgage Rate 9.76386%
SEC. 4.03 (xiii)
Pass through Rate on Class A-1, A-2
and Subordinate Certificates
A-1 4.98125%
A-2 5.14125%
M-1 5.26125%
M-2 5.57125%
B 6.22125%
C 3.98073%
A-IO 5.50000%
Pass Through Rate on each Component
Ending
Rate Balance
Component C-A-1 4.18590% 306323618.16
Component C-A-2 4.02590% 232000000.00
Component C-M-1 3.90590% 64000000.00
Component C-M-2 3.59590% 56000000.00
Component C-B 2.94590% 48000000.00
Component A-IO-A 1.50000%NA
Component A-IO-B 1.50000%NA
SEC. 4.03 (xiv) Component A-IO-C 2.50000%NA
SEC. 4.03 (xxv) Senior Enhancement Percentage,
as of the end of the period 25.91226%
SEC. 4.03 (xxvi) Servicing Fee 311844.4
Available Funds Cap Carryover Amount
Available Funds Cap Amount paid from
Carryover Amount Reserve Account
Class A-1 0.00 0.00
Class A-2 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-B
By: /s/ Richard Tarnas
Name: Richard Tarnas
Title: Vice President
The First National Bank of Chicago
Dated: June 30, 1999
