BLOCK MORTGAGE FINANCE ASSET BACKED CERTIFICATES SER 1999 1
8-K, 2000-01-04
ASSET-BACKED SECURITIES
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                       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): December 27, 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)
- ------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)

                                   New York
- ------------------------------------------------------------------------------
                (State or other jurisdiction of incorporation)

333-65215-01                                       36-4270815
- ------------------------------------------------------------------------------
(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
- ------------------------------------------------------------------------------
       (Address of principal executive offices)             (Zip Code)

       Registrant's telephone number, including area code: 312-407-0192

                                Not applicable
- ------------------------------------------------------------------------------
        (Former name or former address, if changed since last report)
<PAGE>

     ITEM  5.  OTHER  EVENTS  Attached  hereto  is a copy  of the  Statement  to
Certificateholders   with  respect  to  the  December,   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 December,  1999,
Distributions  to Holders of Block Mortgage  Finance Asset Backed  Certificates,
Series 1999-1.


           [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]








































<PAGE>


                                EXHIBIT INDEX

Exhibit No.                         Description
- -----------------------------------------------
      99.1                          Statement to Certificateholders
                                    Relating to December, 1999, Distributions
                                    to Holders of Block Mortgage
                                    Finance Asset Backed Certificates,
                                    Series 1999-1.



<PAGE>


                                  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: January 4, 2000                     By: /s/ Bret G. Wilson
                                          --------------------------
                                          Bret G. Wilson, President

































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<CAPTION>

- -----------------------------------------------------------------------------------------------------------------------------------
                                                              Block Mortgage Finance
                                                            Asset Backed Certificates
                                                                  Series 1999-1
- -----------------------------------------------------------------------------------------------------------------------------------
                                                         STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
    Distribution Date:      27-Dec-99

- -----------------------------------------------------------------------------------------------------------------------------------
                       Original          Beginning                                                                        Ending
                    Certificate        Certificate        Principal           Interest               Total           Certificate
       Class         Face Value            Balance     Distribution       Distribution        Distribution               Balance
- -----------------------------------------------------------------------------------------------------------------------------------
       <S>       <C>                 <C>              <C>                 <C>                <C>                  <C>
       A-1        82,000,000.00       46,316,590.22    3,661,230.07         229,267.12        3,890,497.19         42,655,360.15
       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      114,231,187.00    5,421,246.23         598,063.73        6,019,309.96        108,809,940.77
       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
    -------------------------------------------------------------------------------------------------------------------------------
     Total       400,000,000.00      313,547,777.22    9,082,476.30       1,599,364.18       10,681.840.48        304,465,300.92
    -------------------------------------------------------------------------------------------------------------------------------






    -------------------------------------------------------------------------------------------------------------------------------
                                         AMOUNTS PER $1,000 UNIT                                                        RATES
    -------------------------------------------------------------------------------------------------------------------------------
                                                                                                  Ending
                                        Principal        Interest            Total           Certificate             Current Pass
       Class         CUSIP           Distribution    Distribution     Distribution               Balance             Through Rate
    -------------------------------------------------------------------------------------------------------------------------------
        <S>        <C>                <C>              <C>             <C>                <C>                            <C>
        A-1        09367MBA6          44.64914720      2.79594049      47.44508768          520.18731890                 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          32.85603776      3.62462867      36.48066642          659.45418648                 6.08000%
        A-7        09367MBG3           0.00000000      4.85833327       4.85833327        1,000.00000000                 5.83000%
    ------------------------------------------------------------------------------------------------------------------------------
        Total                         22.70619075      3.99841045      26.70460120          761.16325230
    -------------------------------------------------------------------------------------------------------------------------------

                                                                              Class A-6 Rate based on a LIBOR of:        5.59000%
                                                                                                                   --------------











PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:

                                                     Jeff Kinney
                                                     Bank One, NA
                                                     1 North State Street, 9th Floor
                                                     Chicago, IL 60603

                                                                                                 Page 1
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<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
                                                              Block Mortgage Finance
                                                            Asset Backed Certificates
                                                                  Series 1999-1
- -----------------------------------------------------------------------------------------------------------------------------------
                                                         STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
    Distribution Date:      27-Dec-99
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                        Group I            Group II
                                                                                 ---------------       ------------
<S>                                                                                <C>                <C>
SEC. 7.09 (a)(i)               Scheduled Principal                                   126,224.23          73,997.07
                               Principal Prepayments                               2,946,749.73       4,796,872.53
                               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-6 Basis Risk Carryover Amount Paid                                           0.00
                               A-6 Basis Risk Carryover Amount Remaining                                      0.00

                                                                                        Group I           Group II           Total
                                                                                  --------------   ----------------  --------------
<S>                                                                              <C>                <C>              <C>
SEC. 7.09 (a)(iv), (xii)       Aggregate Group Loan Balance:                     147,666,779.15     174,199,629.41   321,866,408.56


SEC. 7.09 (a) (v)              Servicing Fees                                        137,420.94
                               Insurance Premium Amount                               55,808.00
                               Trustee Fee                                             3,572.94

SEC. 7.09 (a)(vii)             Current Delinquency Advances                        1,610,081.72
                               Current Servicing Advances                                  0.00
                               Total unreimbursed Delinquency Advances                     0.00
                               Total unreimbursed Servicing Advances                       0.00

                                                                ----------------------------------------     ----------------------
SEC. 7.09 (a) (viii) (A), (B)                                              Not in  Foreclosure or REO            In Foreclosure
                                                                ----------------------------------------     ----------------------
                               -------------------------------------------------------------------------     ----------------------
                               Delinquencies                    Period           Number    Prin. Balance     Number   Prin. Balance
                               -------------------------------------------------------------------------     ----------------------
                                          <S>                <C>                    <C>    <C>                  <C>    <C>
                               -------------------------------------------------------------------------     ----------------------
                                                              1-29 Days             858    45,701,977.88          0            0.00
                                                             30-59 Days             252    13,217,817.63          1       29,900.27
                                          Fixed Group        60-89 Days              96     5,686,644.44          4      427,987.17
                                                               90+ Days             133     7,109,507.55        164   10,088,831.84
                               -------------------------------------------------------------------------     ----------------------
                                                              1-29 Days             705    63,734,328.02          2      139,753.52
                                                             30-59 Days             153    14,034,593.55          0            0.00
                                          Adj. Group         60-89 Days              81     7,324,644.96          5      275,014.13
                                                               90+ Days             101     9,165,958.89         99    7,711,369.55
                ----------------------------------------------------------------------------------------     ----------------------

SEC. 7.09 (a)(ix), (x)         Outstanding REO Properties                                       Number            Loan Balance
                                                                                               ----------------------------------
                               * New REO Properties - See separate schedule, if applicable            30          2,058,553.03
<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
                                                                                             ------------           ---------------
<S>                                                                                        <C>                      <C>
SEC. 7.09 (a)(xiii)            Subordinated Amount                                          7,011,419.00            10,389,688.64
                               Subordination Deficit                                                0.00                     0.00
                               Specified Subordinated Amount                               16,912.949.94            18,544,680.46

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                                          11.2525%                 10.2053%
                               Weighted Average Remaining Term to Maturity                           228                      334

SEC. 7.09 (a)(xvi)             Largest Loan Balance Outstanding                               375,319.47               664,230.68

SEC. 7.09 (a)(xvi)             Available Funds                                              3,834,481.09             5,768,107.59
                               Total Available Funds                                        4,422,737.20             6,318,484.22

                                                                                                Page 2
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<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
                                                              Block Mortgage Finance
                                                            Asset Backed Certificates
                                                                  Series 1999-1
- -----------------------------------------------------------------------------------------------------------------------------------
                                                         STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
    Distribution Date:      27-Dec-99
- -----------------------------------------------------------------------------------------------------------------------------------


                                                         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

                                                    I          783120            138,383.37
                                                    I          782839             42,407.58
                                                    I          782810             73,079.99
                                                    I          782603             34,858.94
                                                    I          702751             45,493.89
                                                    II        1009591             55,137.18
                                                    II         809540            144,192.90
                                                    II         704415             47,387.16
                                                    II         704233             81,627.61







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