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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) June 22, 1998
Master Financial Asset Securitization Trust Series 1998-2
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(Exact Name of Registrant as Specified in Charter)
Delaware 333-40467-04 06-1204982
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(State or Other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification No.)
c/o The Bank of New York, as Indenture
Trustee with respect to Home Loan Asset Backed
Notes, Series 1998-2, issued by the Registrant
101 Barclay Street, 12E
New York, New York 10286
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(Address of Principal Executive Offices) (Zip Code)
(212) 815-8727
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(Registrant's telephone number,
including area code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
This Current Report on Form 8-K relates to the Master
Financial Asset Securitization Trust Series 1998-2 (the "Registrant") formed by
PaineWebber Mortgage Acceptance Corporation IV, a Delaware corporation (the
"Depositor"), pursuant to a Sale and Servicing Agreement, dated as of May 1,
1998 among the Depositor and certain other parties thereto, and certain Home
Loan Asset Backed Notes, Series 1998-2, issued pursuant to an Indenture (the
"Indenture"), dated as of May 1, 1998, between the Registrant and The Bank of
New York, as Indenture Trustee (the "Indenture Trustee"). The Home Loan Asset
Backed Notes, Series 1998-2, Class A-1, Class A-2, Class A-3, Class A-4, Class
A-4 IO, Class M-1, Class M-2 and Class B-1 have been registered pursuant to the
Securities Act of 1933 under a Registration Statement on Form S-3 (File No.
333-40467).
This Current Report is being filed by the Indenture Trustee,
in its capacity as such under the Indenture, on behalf of the Registrant
pursuant to Section 4.09 of the Sale and Servicing Agreement dated as of May 1,
1998 among the Depositor, the Registrant, the Indenture Trustee and Master
Financial, Inc. (the "Sale and Servicing Agreement"). The information reported
and contained herein has been derived from information supplied to the Indenture
Trustee by the Servicer (as such term is defined in the Sale and Servicing
Agreement) without independent review or investigation by the Indenture Trustee.
Pursuant to Section 6.01(b) of the Sale and Servicing Agreement, the Indenture
Trustee is entitled to fully rely upon information provided by the Servicer.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit No. Description
99.1 Monthly Payment Date Statement distributed to
Noteholders for the June 22, 1998 payment date.
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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 hereunto duly authorized.
Date: November 16, 1999 MASTER FINANCIAL ASSET SECURITIZATION
TRUST SERIES 1998-2
By: The Bank of New York, as Indenture
Trustee
By: /s/ Robert P. Muller
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Robert P. Muller
Assistant Vice President
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EXHIBIT INDEX
Exhibit No. Description
99.1 Monthly Payment Date Statement distributed to
Noteholders for the June 22, 1998 payment date.
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Exhibit 99.1
Page Number: 1
Payment Date: 6/22/98
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<CAPTION>
101 Barclay Street, 12E
New York, NY 10286 MASTER FINANCIAL ASSET SECURITIZATION TRUST
Attn: Frank Austin, MBS Unit SERIES 1998-2
(212) 815-2297
Current Payment Information
Class Information Beginning Pass Principal Interest Total Interest Ending
Class Thru Distribution Distribution Distribution Principal Carry Class
Class Code Name Balance Rate Amount Amount Amount Losses Forward Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3454 A-1 74,260,000.00 5.73% 1,450,918.38 295,412.47 1,746,330.85 0 0 72,809,081.62
3455 A-2 32,072,000.00 6.34% 0 11,296.47 11,296.47 0 0 32,072,000.00
3456 A-3 28,084,000.00 6.60% 0 10,297.47 10,297.47 0 0 28,084,000.00
3457 A-4 17,589,000.00 7.07% 0 6,908.57 6,908.57 0 0 17,589,000.00
3458 A-4 IO 17,589,000.00 6.32% 0 6,175.69 6,175.69 0 0 17,589,000.00
3459 M-1 21,715,000.00 7.29% 0 8,794.58 8,794.58 0 0 21,715,000.00
3460 M-2 19,543,500.00 7.54% 0 8,186.56 8,186.56 0 0 19,543,500.00
3461 B-1 17,372,000.00 8.73% 0 8,425.42 8,425.42 0 0 17,372,000.00
3462 B-2 6,514,500.00 10.02% 0 3,626.41 3,626.41 0 0 6,514,500.00
Totals - 217,150,000.00 1,450,918.38 359,123.62 1,810,042.01 0 0 215,699,081.62
</TABLE>
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<CAPTION>
Original Certificate Information Factors per $1,000
Class Information
Original Pass Thru Cusip Beginning Principal Interest Ending
Type Name Balance Rate Numbers Balance Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 74,260,000.00 Variable 57634NBD4 1000 19.5383569 3.9780833 980.4616431
Senior A-2 32,072,000.00 6.34% 57634NBE2 1000 0 0.3522222 1000
Senior A-3 28,084,000.00 6.60% 57634NBF9 1000 0 0.3666667 1000
Senior A-4 17,589,000.00 7.07% 57634NBG7 1000 0 0.3927778 1000
Notional A-4 IO 17,589,000.00 6.32% 57634NBM4 1000 0 0.3511111 1000
Subordinate M-1 21,715,000.00 7.29% 57634NBH5 1000 0 0.405 1000
Subordinate M-2 19,543,500.00 7.60% 57634NBJ1 1000 0 0.4188889 1000
Subordinate B-1 17,372,000.00 8.73% 57634NBK8 1000 0 0.485 1000
Subordinate B-2 6,514,500.00 10.02% 57634NBL6 1000 0 0.5566667 1000
Totals 217,150,000.00 1000 6.68164118 1.6538044 993.3183588
</TABLE>
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Page Number: 2
Payment Date: 6/22/98
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<CAPTION>
101 Barclay Street, 12E MASTER FINANCIAL ASSET SECURITIZATION TRUST
New York, NY 10286 SERIES 1998-2
Attn: Frank Austin, MBS Unit
(212) 815-2297
<S> <C> <C>
COLLATERAL INFORMATION DELINQUENCY INFORMATION
Beginning Aggregate Pool Principal Balance 163,252,689.28 Loan Ending
Scheduled Principal Payments 456,788.77 Period Count % of Pool Stated Balance % of Pool
Scheduled Interest Payments 919,503.41 30-59 Days Delinquent 14 0.28% 345,907.06 0.21%
Principal Prepayments 603,804.71 60-89 Days Delinquent 0 0.00% 0 0.00%
Repurchases 0 90+ Days Delinquent 0 0.00% 0 0.00%
Liquidated Home Loans 0 Totals 14 0.28% 345,907.06 0.21%
Substitution Adjustment Amount 0
Ending Aggregate Pool Principal Balance 162,192,095.80 Loans In foreclosure 0 0.00% 0 0.00%
Loans In Bankruptcy 0 0.00% 0 0.00%
Number of Loans Remaining in Pool 4,976
Weighted Average Maturity 230.61
Weighted Average Interest Rate 13.70% OTHER INFORMATION
Cumulative
since
Available Collection Amount 1,980,096.89 Current Closing
Period Date
Regular Payment Amount 1,419,717.10 Aggregate Principal Balance for the following:
Excess Spread 390,324.90 Liquidated Home Loans 0 0
Deleted Home Loans as a result of being
Defective Home Loans 0 0
FEES Deleted Home Loans as a result of being Liquidated,
in Foreclosure, or Default 0 0
Servicing Compensation 170,054.88
Make Whole Servicing Fee 0
Loans Loans
Repurchased Substituted
OVERCOLLATERALIZATION Number of Loans during Current Period 0 0
Aggregate Principal Balance during
Current Period 0 0
Overcollateralization Amount 0
Required Overcollateralization Amount 7,525,000.00 Number of Loans since Closing Date 0 0
Overcollateralization Surplus Amount 0 Aggregate Principal Balance since Closing
Date 0 0
Undercollateralization Amount 1,759,675.10
SUBORDINATE CLASSES
Current Period Net Loan Losses 0
Cumulative Net Loan Losses 0 Class M-1 Deferred Amount Paid This Period 0
Class M-2 Deferred Amount Paid This Period 0
CAPITALIZED INTEREST ACCOUNT Class B-1 Deferred Amount Paid This Period 0
Class B-2 Deferred Amount Paid This Period 0
Initial Deposit 598,881.98
Capitalized Interest Requirement 285,138.74 Class M-1 Remaining Unpaid Deferred Amount 0
Current Balance in Capitalized Interest Account 0 Class M-2 Remaining Unpaid Deferred Amount 0
Class B-1 Remaining Unpaid Deferred Amount 0
Class B-2 Remaining Unpaid Deferred Amount 0
PRE-FUNDING ACCOUNT
Pre-Funding Account Deposit 51,747,310.72
Subsequent Loans Purchased this Due Period 0
Amount on Deposit in Pre-Funding Account 51,747,310.72
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