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 1998-17)
(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 1998-17
On May 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1998-17, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of September 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 1998-17 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 September 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 1998-17
------------------------------------------------------------
<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 231,656,156.95 6.500000% 1,447,973.95 1,254,804.18 2,702,778.14 0.00 0.00
A2 18,188,275.84 6.250000% 134,640.05 94,730.60 229,370.66 0.00 0.00
A3 18,188,275.84 6.750000% 134,640.05 102,309.05 236,949.10 0.00 0.00
A4 2,658,710.00 6.500000% 0.00 14,401.35 14,401.35 0.00 0.00
A5 12,852,250.62 6.500000% 44,617.84 69,616.36 114,234.20 0.00 0.00
A6 9,050,486.06 6.500000% 66,996.89 49,023.47 116,020.36 0.00 0.00
PO 451,660.04 0.000000% 3,392.53 0.00 3,392.53 0.00 0.00
X 261,682,688.26 0.435582% 0.00 94,987.00 94,987.00 0.00 0.00
M 4,448,398.95 6.500000% 15,442.96 24,095.49 39,538.45 0.00 0.00
B1 1,270,970.57 6.500000% 4,412.27 6,884.42 11,296.70 0.00 0.00
B2 953,227.93 6.500000% 3,309.20 5,163.32 8,472.52 0.00 0.00
B3 794,356.61 6.500000% 2,757.67 4,302.76 7,060.44 0.00 0.00
B4 635,485.29 6.500000% 2,206.14 3,442.21 5,648.35 0.00 0.00
B5 635,488.16 6.500000% 2,206.15 3,442.23 5,648.37 0.00 0.00
Residual AR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 301,783,742.86 - 1,862,595.71 1,727,202.45 3,589,798.15 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 230,208,183.00 0.00
A2 18,053,635.79 0.00
A3 18,053,635.79 0.00
A4 2,658,710.00 0.00
A5 12,807,632.78 0.00
A6 8,983,489.17 0.00
PO 448,267.51 0.00
X 260,020,709.55 0.00
M 4,432,955.99 0.00
B1 1,266,558.30 0.00
B2 949,918.72 0.00
B3 791,598.94 0.00
B4 633,279.15 0.00
B5 633,282.01 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 299,921,147.15 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-17
------------------------------------------------------------
<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 231,656,156.95 6.500000% 12669AF33 5.791898 5.019219 920.833100
A2 18,188,275.84 6.250000% 12669AF41 6.732003 4.736530 902.681790
A3 18,188,275.84 6.750000% 12669AF58 6.732003 5.115453 902.681790
A4 2,658,710.00 6.500000% 12669AF66 0.000000 5.416667 1,000.000000
A5 12,852,250.62 6.500000% 12669AF74 3.392301 5.292942 973.766236
A6 9,050,486.06 6.500000% 12669AF82 6.732003 4.925991 902.681790
PO 451,660.04 0.000000% 12669AF90 7.301641 0.000000 964.793240
X 261,682,688.26 0.435582% 12669AG24 0.000000 0.334869 916.682583
M 4,448,398.95 6.500000% 12669AG40 3.392281 5.292942 973.766259
B1 1,270,970.57 6.500000% 12669AG57 3.392281 5.292942 973.766259
B2 953,227.93 6.500000% 12669AG65 3.392281 5.292942 973.766259
B3 794,356.61 6.500000% 12669AI85 3.392281 5.292942 973.766259
B4 635,485.29 6.500000% 12669AI93 3.392281 5.292942 973.766259
B5 635,488.16 6.500000% 12669AM27 3.392281 5.292942 973.766259
Residual AR 0.00 6.500000% 12669AG32 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 301,783,742.86 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1998-17
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 299,921,146.94 299,921,146.94
Aggregated loan count 1625 1625
Aggregated average loan rate 7.128521% 7.13
Aggregated prepayment amount 814,884.85 814,884.85
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 62,340.27 62,340.27
Monthly sub servicer fees 388.97 388.97
Monthly trustee fees 2,263.38 2,263.38
Aggregate advances N/A N/A
Advances this periods 13,201.27 13,201.27
- --------------------------------------------------------------------------------
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 0.00 0.00
Fraud 0.00 0.00
Special Hazard 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 301,783,742.86
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 10 1,299,693.79
60 to 89 days 2 101,249.36
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 12 1,400,943.15
- --------------------------------------------------------------------------------
<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 3,589,798.15 3,589,798.15
Principal remittance amount 1,862,595.71 1,862,595.71
Interest remittance amount 1,727,202.45 1,727,202.45
