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): December 20, 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 December 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 December 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 December 20, 1999
WMC Mortgage Loan Pass-Through Certificates
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 20-Dec-99
DISTRIBUTION SUMMARY
Pass
Beginning Through Remaining
Class Balance Principal Rate Interest Balance
A-1 190535068.59 20413749.41 5.65250% 837666.26 170121319.18
A-2 232000000.00 0.00 5.81250% 1048833.33 232000000.00
M-1 64000000.00 0.00 5.93250% 295306.67 64000000.00
M-2 56000000.00 0.00 6.24250% 271895.56 56000000.00
B 48000000.00 0.00 6.89250% 257320.00 48000000.00
C * 590535068.59 0.00 3.42390% 1455643.70 570121319.18
A-IO * 80000000.00 0.00 4.00000% 266666.67 80000000.00
R III 0.00 0.00 0.00000% 0.00 0.00
TOTAL: 590535068.59 20413749.41 4433332.19 570121319.18
* Class C Interest and Pass-Through Rate
is based on a Notional Balance of: 590535068.59
* 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 476.33767 51.034374 2.09416565 425.3032980
A-2 92928SAF1 1000.00000 0.000000 4.52083332 1000.0000000
M-1 92928SAH7 1000.00000 0.000000 4.61416672 1000.0000000
M-2 92928SAJ3 1000.00000 0.000000 4.85527786 1000.0000000
B 92928SAK0 1000.00000 0.000000 5.36083333 1000.0000000
C NA 738.16884 0.000000 1.81955462 712.6516490
A-IO 92928SAG8 1000.00000 0.000000 3.33333338 1000.0000000
PRINCIPAL DISTRIBUTION BREAKDOWN
Monthly Overcollateralization
Principal Increase
Class Received PrepaymentsLiquidations(Reduction) Total
A-1 214774.63 19541554.78 0.00 657420.00 20413749.41
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: 5.592500%
SEC. 4.03 (iv)
Number of Mortgage Loans outstanding at the
beginning of the Due Period 6255
Number of Mortgage Loans outstanding at the
end of the Due Period 6064
Pool Principal Balance (Beginning of Due Period) 621035771.4
Pool Principal Balance (End of Due Period) 600921319.2
SEC. 4.03 (vi), (vii)
Delinquency Information
Count Balance
30-59 Days 203 17202869.13
60-89 Days 19 1320586.65
90+ Days 6 783092.13
* Excludes Bankruptcies, Foreclosures, and REOs.
Number Balance
Loans in Foreclosure (LIF): 717 67383190.31
Newly Commenced LIF: 75 8098322.13
Loans in Bankruptcy 348 31436719.46
REO's 212 17525841.90
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 33587434.83
Class A-IO 0.00
Total 33587434.83
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
Total 0.00 0.00
Realized Loss on Pool (Current Due Period) 358122.8
Cumulative Realized Losses on Pool 913737.4
SEC. 4.03 (xi)
Weighted Average Remaining Term to Maturity
of the Mortgage Loans 336.77
SEC. 4.03 (xii)
Weighted Average Net Mortgage Rate 9.84115%
SEC. 4.03 (xiii)
Pass through Rate on Class A-1, A-2
and Subordinate Certificates
A-1 5.65250%
A-2 5.81250%
M-1 5.93250%
M-2 6.24250%
B 6.89250%
C 3.42390%
A-IO 4.00000%
Pass Through Rate on each Component
Ending
Rate Balance
Component C-A-1 3.67384%170121319.18
Component C-A-2 3.51384%232000000.00
Component C-M-1 3.39384% 64000000.00
Component C-M-2 3.08384% 56000000.00
Component C-B 2.43384% 48000000.00
Component A-IO-A 0.00000% 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 33.08253%
SEC. 4.03 (xxvi) Servicing Fee 262646.38
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
Bank One, NA
Dated: December 31,1999
