CAPCO AMERICA SECURITIZATION CORPORATION
(FORMERLY KNOWN AS NOMURA ASSET SECURITIES CORPORATION), DEPOSITOR
NOMURA ASSET CAPITAL CORPORATION, MORTGAGE LOAN SELLER
NASC COMMERCIAL MORTGAGE TRUST 1998-D6, TRUST FUND
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-D6
Supplement, dated January 25, 1999, to Prospectus Supplement dated March 27,
1998
RECENT DEVELOPMENTS
On October 22, 1998, The Nomura Securities Co., Ltd. ("NSC"), NHA's
parent, reported that its consolidated after-tax losses for the six-month period
ending September 30, 1998 was $1,504,000,000 and NHA reported it had incurred a
pre-tax loss of $1,160,000,000 for the same period. Approximately $566,000,000
of that loss was attributable to mark-to-market losses in the value of CCA's
assets. Following the report of those losses, NSC made an additional equity
investment in NHA in the amount of $1,200,000,000.
There can be no assurance that either CCA or NHA will not experience
further losses, that NSC will provide additional capital to NHA or that NHA will
contribute additional capital to CCA. In addition, current market uncertainty
and volatility have had, and may continue to have, further significant adverse
impact on the financial condition and/or operations of CCA and NHA.
On December 11, 1998, CCA announced that it will not undertake any new
loan commitments. CCA also has announced that it will shortly close its regional
offices and that it will be consolidating and centralizing its activities in New
York. As a result of its termination of loan origination activities, a
significant number of employees primarily related to these activities are being
terminated. These employees represent a substantial majority of CCA's staff.
In another development, effective January 7, 1999, CRIIMI MAE Services
Limited Partnership resigned as special servicer and Banc One Mortgage Capital
Markets, LLC was appointed as successor special servicer.
In addition, on October 7, 1998, S&P lowered its subordinated debt
rating on AMRESCO Inc., the parent of AMRESCO Services, L.P. (the "Servicer"),
from "B" to "CCC+" and its long-term counterparty credit rating from "BB-" to
"B." As a result of these rating downgrades, S&P revised its commercial loan
servicer rating for the Servicer from "Strong" to "Average." The Servicer
remains on S&P's approved list of servicers.
