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 333-41173 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 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 355803927.53 20578648.52 5.76250% 1594693.44 335225279.01
M-1 72000000.00 0.00 6.01250% 336700.00 72000000.00
M-2 56000000.00 0.00 6.22250% 271024.44 56000000.00
B 44000000.00 0.00 6.84250% 234165.56 44000000.00
C * 4000000.00 0.00 3.85584% 1516886.28 4000000.00
R 0.00 0.00 0.00000% 0.00 0.00
TOTAL: 531803927.53 20578648.52 3953469.72 511225279.01
* Class C Interest and Pass-Through Rate
is based on a Notional Balance of: 531803927.53
AMOUNTS PER $1,000 UNIT
Beginning Remaining
Class Cusip Balance Principal Interest Balance
A 92928SAA2 570.19860 32.978603 2.555598 537.219998
M-1 92928SAB0 1000.00000 0.000000 4.676389 1000.000000
M-2 92928SAC8 1000.00000 0.000000 4.839722 1000.000000
B 92928SAD6 1000.00000 0.000000 5.321945 1000.000000
C 1000.00000 0.000000 379.221570 1000.000000
PRINCIPAL DISTRIBUTION BREAKDOWN
Monthly Overcollateralization
Principal Increase
Class Received PrepaymentsLiquidations(Reduction) Total
A 207625.39 19793565.36 0.00 577457.77 20578648.52
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 (i) , (ii), (iii), (v) See Page 1
SEC. 4.03 (iv)
Number of Mortgage Loans outstanding at the
beginning of the Due Period 5610
Number of Mortgage Loans outstanding at the
end of the Due Period 5426
Pool Principal Balance (Beginning of Due Period) 558603927.5
Pool Principal Balance (End of Due Period) 538025279
SEC. 4.03 (vi), (vii)
Delinquency Information
Count Balance
30-59 Days 158 13719209.77
60-89 Days 20 2425910.40
90+ Days 10 899870.22
* Excludes Bankruptcies, Foreclosures, and REOs.
Number Balance
Loans in Foreclosure (LIF): 737 68819777.79
Newly Commenced LIF: 66 6607601.39
Loans in Bankruptcy 337 32003067.97
REO's 239 19549689.83
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 30997265.1
Total 30997265.1
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
Realized Losses on Pool(Current Due Period) $577,457.77
Cumulative Realized Losses on Pool $1,848,839.83
SEC. 4.03 (xi)
Weighted Average Remaining Term to Maturity of th 332.78
SEC. 4.03 (xii)
Weighted Average Net Mortgage Rate 9.75414%
SEC. 4.03 (xiii)
Pass through Rate on Class A and Subordinate CertSee Page 1
Pass Through Rate on each Component
Component LT-A 3.98414%
Component LT-M-1 3.73414%
Component LT-M-2 3.52414%
Component LT-B 2.90414%
Component LT-OC 9.74664%
SEC. 4.03 (xiv) Senior Enhancement Percentage, as of 37.69340%
SEC. 4.03 (xxv) Servicing Fee 232751.64
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
Bank One, NA
Dated: December 31, 1999
