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): July 26, 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 July, 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 July, 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 July, 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: July 29, 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: July 29, 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 CERTIFICATEHOLDERS
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Distribution Date: 26-Jul-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 66,641,949.45 2,719,428.83 329,877.65 3,049,306.48 63,922,520.62
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-6 165,000,000.00 144,536,156.31 4,711,950.63 694,807.39 5,406,758.02 139,824,205.68
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 400,000,000.00 364,178,105.76 7,431,379.46 1,796,718.37 9,228,097.83 356,746,726.30
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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 33.16376622 4.02289817 37.18666439 779.54293439 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 28.55727655 4.21095388 32.76823042 847.41942836 5.58250%
A-7 09367MBG3 0.00000000 4.85833327 4.85833327 1,000.00000000 5.83000%
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Total 18.57844865 4.49179593 23.07024458 891.86681575
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Class A-6 Rate based on a LIBOR of: 5.09250%
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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 CERTIFICATEHOLDERS
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Distribution Date: 26-Jul-99
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Group I Group II
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<S> <C> <C>
SEC. 7.09 (a)(i) Scheduled Principal 136,306.76 82,001.69
Principal Prepayments 1,941,219.82 3,968,703.82
Net Liquidation Proceeds 0.00 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: 165,911,796.85 202,179,697.16 368,091,494.01
SEC. 7.09 (a) (v) Servicing Fees 155,924.88
Insurance Premium Amount 65,391.00
Trustee Fee 4,054.04
SEC. 7.09 (a)(vii) Current Delinquency Advances 1,438,228.20
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 933 50,161,164.01 0 0.00
30-59 Days 226 12,286,687.31 0 0.00
Fixed Group 60-89 Days 88 4,602,913.18 0 0.00
90+ Days 69 4,894,619.21 67 4,507.834.75
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1-29 Days 703 64,110,959.83 0 0.00
30-59 Days 147 13,246,450.98 0 0.00
Adj. Group 60-89 Days 51 4,546,684.92 0 0.00
90+ Days 48 4,036,133.51 48 4,099,844.34
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SEC. 7.09 (a)(ix), (x) Outstanding REO Properties Number Loan Balance
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* New REO Properties - See separate schedule, if applicable 4 230,507.56
<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 3,989,276.23 7,355,491.48
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 11.2793% 10.1684%
Weighted Average Remaining Term to Maturity 231 339
SEC. 7.09 (a)(xvi) Largest Loan Balance Outstanding 438,512.05 665,212.18
SEC. 7.09 (a)(xvi) Available Funds 2,943,729.11 5,050,666.39
Total Available Funds 3,585,631.36 5,711,911.51
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Block Mortgage Finance
Asset Backed Certificates
Series 1999-1
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STATEMENT TO CERTIFICATEHOLDERS
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Distribution Date: 26-Jul-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
II 808420 84,000.00
II 782297 61,142.06
II 782289 23,417.82
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