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 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-2)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 91110-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
CWMBS, INC.
Mortgage Pass-Through Certificates
Series 1998-2
On May 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-2, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of January 1, 1998, among CWMBS, INC. as
Depositor, Countrywide Home Loans, Seller and Master Servicer and The Bank of
New York, as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of CWMBS, INC., Mortgage Pass-Through
Certificates Series 1998-2 relating to the distribution date
of May 25, 1999 prepared by The Bank of New York, as Trustee
under the Pooling and Servicing Agreement dated as of
January 1, 1998.
<PAGE>
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.
Dated: May 25, 1999
CWMBS, INC.
By: /s/ Kelly A. Sheahan
------------------------------
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-2
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A1 106,047,825.22 6.500000% 6,100,411.22 574,425.72 6,674,836.94 0.00 0.00
A2 5,000,000.00 6.250000% 0.00 26,041.67 26,041.67 0.00 0.00
A3 5,000,000.00 6.750000% 0.00 28,125.00 28,125.00 0.00 0.00
A4 15,940,233.88 6.500000% 1,996,148.70 86,342.93 2,082,491.64 0.00 0.00
A5 32,731,909.24 6.750000% 1,181,435.79 184,116.99 1,365,552.78 0.00 0.00
A6 1,258,919.64 0.000000% 45,439.84 0.00 45,439.84 0.00 0.00
A7 16,365,954.62 6.500000% 590,717.89 88,648.92 679,366.81 0.00 0.00
A8 45,500,000.00 6.500000% 0.00 246,458.33 246,458.33 0.00 0.00
A9 10,982,060.00 6.500000% 0.00 59,486.16 59,486.16 0.00 0.00
A10 45,000,000.00 6.500000% 0.00 243,750.00 243,750.00 0.00 0.00
PO 463.05 0.000000% 0.44 0.00 0.44 0.00 0.00
X 304,617,681.01 0.935956% 0.00 237,590.68 237,590.68 0.00 0.00
M 10,006,860.64 6.500000% 8,659.01 54,203.83 62,862.84 0.00 0.00
B1 4,446,176.23 6.500000% 3,847.31 24,083.45 27,930.76 0.00 0.00
B2 2,667,705.74 6.500000% 2,308.38 14,450.07 16,758.46 0.00 0.00
B3 1,778,470.49 6.500000% 1,538.92 9,633.38 11,172.31 0.00 0.00
B4 889,235.25 6.500000% 769.46 4,816.69 5,586.15 0.00 0.00
B5 1,336,290.64 6.500000% 1,156.30 7,238.24 8,394.54 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 304,952,104.63 - 9,932,433.28 1,889,412.07 11,821,845.35 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 99,947,413.99 0.00
A2 5,000,000.00 0.00
A3 5,000,000.00 0.00
A4 13,944,085.17 0.00
A5 31,550,473.45 0.00
A6 1,213,479.80 0.00
A7 15,775,236.73 0.00
A8 45,500,000.00 0.00
A9 10,982,060.00 0.00
A10 45,000,000.00 0.00
PO 462.61 0.00
X 294,685,567.20 0.00
M 9,998,201.63 0.00
B1 4,442,328.92 0.00
B2 2,665,397.35 0.00
B3 1,776,931.57 0.00
B4 888,465.78 0.00
B5 1,335,134.34 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 295,019,671.35 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-2
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
Factors per $1,000
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
Senior A1 106,047,825.22 6.500000% 12669AHH0 31.250090 2.942565 511.992640
A2 5,000,000.00 6.250000% 12669AHJ6 0.000000 5.208333 1,000.000000
A3 5,000,000.00 6.750000% 12669AHK3 0.000000 5.625000 1,000.000000
A4 15,940,233.88 6.500000% 12669AHL1 44.244489 1.913785 309.069621
A5 32,731,909.24 6.750000% 12669AHM9 23.628716 3.682340 631.009469
A6 1,258,919.64 0.000000% 12669AHN7 23.628716 0.000000 631.009469
A7 16,365,954.62 6.500000% 12669AHP2 23.628716 3.545957 631.009469
A8 45,500,000.00 6.500000% 12669AHQ0 0.000000 5.416667 1,000.000000
A9 10,982,060.00 6.500000% 12669AHR8 0.000000 5.416667 1,000.000000
A10 45,000,000.00 6.500000% 12669AHS6 0.000000 5.416667 1,000.000000
PO 463.05 0.000000% 12669AHT4 0.942624 0.000000 985.534574
X 304,617,681.01 0.935956% 12669AHU1 0.000000 0.528242 655.182822
M 10,006,860.64 6.500000% 12669AHW7 0.854957 5.351879 987.184206
B1 4,446,176.23 6.500000% 12669AHX5 0.854957 5.351879 987.184206
B2 2,667,705.74 6.500000% 12669AHY3 0.854957 5.351879 987.184206
B3 1,778,470.49 6.500000% 12669AJC9 0.854957 5.351879 987.184206
B4 889,235.25 6.500000% 12669AJD7 0.854957 5.351879 987.184206
B5 1,336,290.64 6.500000% 12669AJE5 0.854957 5.351879 987.184206
Residual AR 0.00 6.500000% 12669AHV9 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 304,952,104.63 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 295,019,671.13 295,019,671.13
Aggregated loan count 936 936
Aggregated average loan rate 7.696498% 7.70
Aggregated prepayment amount 9,668,554.79 9,668,554.79
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 56,356.06 56,356.06
Monthly sub servicer fees 655.05 655.05
Monthly trustee fees 2,287.14 2,287.14
Aggregate advances N/A N/A
Advances this periods 21,026.68 21,026.68
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 116,842.00 116,842.00
Fraud 0.00 0.00
Special Hazard 3,049,521.05 3,049,521.05
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 304,952,104.63
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 5 1,790,000.61
60 to 89 days 1 23,734.02
90 or more 1 367,643.57
Foreclosure 1 495,583.72
Totals: 8 2,676,961.92
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 11,821,845.35 11,821,845.35
Principal remittance amount 9,932,433.28 9,932,433.28
Interest remittance amount 1,889,412.07 1,889,412.07
