SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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
BLOCK MORTGAGE FINANCE ASSET BACKED
CERTIFICATES SERIES 1999-1 TRUST
(created under a Pooling and Servicing Agreement dated as of January 1,
1999, which Trust is the Issuer of Block Mortgage Finance
Asset Backed Certificates, Series 1999-1)
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(Exact name of registrant as specified in its charter)
New York
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(State or other jurisdiction of incorporation)
333-65215-01 36-4270815
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(Commission File Number) (IRS Employer Identification No.)
One First National Plaza, Suite 0126
Chicago, Illinois
Attention: Corporate Trust Administration
Block Mortgage Finance
Asset Backed Certificates, Series 1999-1 60670-0126
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 312-407-0192
Not applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
Attached hereto is a copy of the Statement to Certificateholders
with respect to the May, 1999, distribution to Certificateholders,
as provided to the Certificateholders by the Trustee.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
Exhibit 99.1 Statement to Certificateholders Relating to May, 1999,
Distributions to Holders of Block Mortgage Finance Asset Backed
Certificates, Series 1999-1.
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Statement to Certificateholders
Relating to May, 1999, Distributions
to Holders of Block Mortgage
Finance Asset Backed Certificates,
Series 1999-1.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BLOCK MORTGAGE FINANCE, INC., as
Registrant
Date: June 2, 1999 By: /s/ Bret G. Wilson
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Bret G. Wilson, President
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BLOCK MORTGAGE FINANCE, INC., as
Registrant
Date: June 2, 1999 By:____________________________________
Bret G. Wilson, President
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Block Mortgage Finance
Asset Backed Certificates
Series 1999-1
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STATEMENT TO CERTIFICATE HOLDERS
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Distribution Date: 25-May-99
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Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
Class Face Value Balance Distribution Distribution Distribution Balance
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<S> <C> <C> <C> <C> <C> <C>
A-1 82,000,000.00 73,054,171.58 3,407,537.89 361,618.15 3,769,156.04 69,646,633.69
A-2 45,000,000.00 45,000,000.00 0.00 225,000.00 225,000.00 45,000,000.00
A-3 17,000,000.00 17,000,000.00 0.00 87,975.00 87,975.00 17,000,000.00
A-4 18,000,000.00 18,000,000.00 0.00 99,000.00 99,000.00 18,000,000.00
A-5 18,000,000.00 18,000,000.00 0.00 92,850.00 92,850.00 18,000,000.00
A-6 165,000,000.00 155,363,933.86 6,027,723.85 676,146.00 6,703,869.85 149,336,210.01
A-7 55,000,000.00 55,000,000.00 0.00 267,208.33 267,208.33 55,000,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00
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Total 400,000,000.00 381,418,105.44 9,435,261.74 1,809,797.48 11,245,059.22 371,982,843.70
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AMOUNTS PER $1,000 UNIT RATES
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Ending
Principal Interest Total Certificate Current Pass
Class CUSIP Distribution Distribution Distribution Balance Through Rate
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<S> <C> <C> <C> <C> <C> <C>
A-1 09367MBA6 41.55534012 4.40997744 45.96531756 849.34919134 5.94000%
A-2 09367MBB4 0.00000000 5.00000000 5.00000000 1,000.00000000 6.00000%
A-3 09367MBC2 0.00000000 5.17500000 5.17500000 1,000.00000000 6.21000%
A-4 09367MBD0 0.00000000 5.50000000 5.50000000 1,000.00000000 6.60000%
A-5 09367MBE8 0.00000000 5.15833333 5.15833333 1,000.00000000 6.19000%
A-6 09367MBF5 36.53165970 4.09785455 40.62951424 905.06793945 5.40250%
A-7 09367MBG3 0.00000000 4.85833327 4.85833327 1,000.00000000 5.83000%
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Total 23.58815435 4.52449370 28.11264805 929.95710925
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Class A-6 Rate based on a LIBOR of: 4.91250%
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PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Jeff Kinney
The First National Bank of Chicago
Mail Suite 0126
Chicago, IL 60670
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Block Mortgage Finance
Asset Backed Certificates
Series 1999-1
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STATEMENT TO CERTIFICATE HOLDERS
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Distribution Date: 25-May-99
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Group I Group II
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<S> <C> <C>
SEC. 7.09 (a)(i) Scheduled Principal 145,735.90 105,933.62
Principal Prepayments 2,535,928.58 5,174,921.18
Net Liquidation Proceeds 69,710.73 0.00
Paid Principal Carry Forward Amount 0.00 0.00
Remaining Unpaid Principal Carry Forward Amount 0.00 0.00
SEC. 7.09 (a) (ii) Compensating Interest 0.00 0.00
Paid Interest Carry Forward Amount 0.00 0.00
Remaining Unpaid Interest Carry Forward Amount 0.00 0.00
A-7 Basis Risk Carryover Amount Paid 0.00
A-7 Basis Risk Carryover Amount Remaining 0.00
Group I Group II Total
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<S> <C> <C> <C>
SEC. 7.09 (a)(iv), (xii) Aggregate Group Loan Balance: 170,345,741.03 210,342,388.47 380,688,129.50
SEC. 7.09 (a) (v) Servicing Fees 161,977.62
Insurance Premium Amount 68,185.00
Trustee Fee 4,211.42
SEC. 7.09 (a)(vii) Current Delinquency Advances 1,307,237.71
Current Servicing Advances 0.00
Total unreimbursed Delinquency Advances 0.00
Total unreimbursed Servicing Advances 0.00
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SEC. 7.09 (a) (viii) (A), (B) Not in Foreclosure or REO In Foreclosure
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Delinquencies Period Number Prin. Balance Number Prin. Balance
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<S> <C> <C> <C> <C> <C>
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1-29 Days 879 46,966,456.75 1 45,084.75
30-59 Days 200 12,060,651.63 2 100,918.52
Fixed Group 60-89 Days 63 3,051,607.41 2 149,044.48
90+ Days 38 2,532,631.84 39 2,888.307.45
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1-29 Days 713 63,696,844.30 0 0.00
30-59 Days 134 12,755,091.95 0 0.00
Adj. Group 60-89 Days 39 3,189,236.92 1 143,826.83
90+ Days 16 1,363,114.25 35 2,966,145.55
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SEC. 7.09 (a)(ix), (x) Outstanding REO Properties Number Principal Balance
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* New REO Properties - See separate schedule, if applicable 1 61,947.68
<S> <C> <C>
SEC. 7.09 (a)(xi) Insured Payment 0.00
Class A-1 Allocation 0.00
Class A-2 Allocation 0.00
Class A-3 Allocation 0.00
Class A-4 Allocation 0.00
Class A-5 Allocation 0.00
Class A-6 Allocation 0.00
Class A-7 Allocation 0.00
Group I Group II
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<S> <C> <C>
SEC. 7.09 (a)(xiii) Subordinated Amount 2,699,107.34 6,006,178.46
Subordination Deficit 0.00 0.00
Specified Subordinated Amount 11,070,005.62 16,957,429.39
SEC. 7.09 (a) (xiv) Substitution Adjustments 0.00 0.00
Loan Purchase Price amounts 0.00 0.00
SEC. 7.09 (a)(xv) Weighted Average Coupon 11.2854% 10.1303%
Weighted Average Remaining Term to Maturity 233 341
SEC. 7.09 (a)(xvi) Largest Loan Balance Outstanding 438,512.05 665,212.18
SEC. 7.09 (a)(xvi) Available Funds 3,650,423.86 6,264,000.05
Total Available Funds 4,306,586.54 7,010,869.10
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Block Mortgage Finance
Asset Backed Certificates
Series 1999-1
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STATEMENT TO CERTIFICATE HOLDERS
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Distribution Date: 25-May-99
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REO Status
SEC. 7.09 (a) (x) Mortgage Loans becoming REO Property during the preceding calendar month
<S> <C> <C> <C>
Group Loan Number Principal Balance
1 781749 61,947.68
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