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): March 25, 1999
(null)
(Depositor)
(Issuer in respect of Asset-Backed Certificates, Series 1999-1)
(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
(null)
Asset-Backed Certificates
Series 1999-1
On March 25, 1999, The Bank of New York, as Trustee for , Asset-Backed
Certificates Series 1999-1, made a monthly distribution to Certificate holders
of principal and/or interest pursuant to the Pooling and Servicing Agreement,
dated as of February 1, 1999, among 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 , Asset-Backed Certificates Series
1999-1 relating to the distribution date of March 25, 1999
prepared by The Bank of New York, as Trustee under the
Pooling and Servicing Agreement dated as of February 1,
1999.
<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: March 25, 1999
(null)
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 March 25, 1999
Payment Date: 03/25/99
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1999-1
------------------------------------------------------------
<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 AF1 32,000,000.00 5.995000% 449,549.57 159,866.67 609,416.24 0.00 0.00
AF2 29,000,000.00 6.160000% 0.00 148,866.67 148,866.67 0.00 0.00
AF3 14,008,000.00 6.815000% 0.00 79,553.77 79,553.77 0.00 0.00
AF4 10,000,000.00 6.370000% 0.00 53,083.33 53,083.33 0.00 0.00
MF1 4,158,000.00 6.760000% 0.00 23,423.40 23,423.40 0.00 0.00
MF2 2,310,000.00 7.255000% 0.00 13,965.88 13,965.88 0.00 0.00
BF 924,000.00 7.965653% 0.00 6,133.55 6,133.55 0.00 0.00
AV1 285,012,000.00 5.249380% 3,488,326.79 1,122,102.20 4,610,428.99 0.00 0.00
MV1 16,380,000.00 5.569380% 0.00 68,419.80 68,419.80 0.00 0.00
MV2 13,104,000.00 6.059380% 0.00 59,551.60 59,551.60 0.00 0.00
BV 13,104,000.00 7.689380% 0.00 75,571.20 75,571.20 0.00 0.00
BFI 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
BVI 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 420,000,000.00 - 3,937,876.36 1,810,538.06 5,748,414.42 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 31,550,450.43 0.00
AF2 29,000,000.00 0.00
AF3 14,008,000.00 0.00
AF4 10,000,000.00 0.00
MF1 4,158,000.00 0.00
MF2 2,310,000.00 0.00
BF 924,000.00 0.00
AV1 281,523,673.20 0.00
MV1 16,380,000.00 0.00
MV2 13,104,000.00 0.00
BV 13,104,000.00 0.00
BFI 0.00 0.00
BVI 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 416,062,123.63 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 03/25/99
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1999-1
------------------------------------------------------------
<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 AF1 32,000,000.00 5.995000% 14.048424 4.995833 985.951576
AF2 29,000,000.00 6.160000% 0.000000 5.133333 1,000.000000
AF3 14,008,000.00 6.815000% 0.000000 5.679167 1,000.000000
AF4 10,000,000.00 6.370000% 0.000000 5.308333 1,000.000000
MF1 4,158,000.00 6.760000% 0.000000 5.633333 1,000.000000
MF2 2,310,000.00 7.255000% 0.000000 6.045833 1,000.000000
BF 924,000.00 7.965653% 0.000000 6.638044 1,000.000000
AV1 285,012,000.00 5.249380% 12.239228 3.937035 987.760772
MV1 16,380,000.00 5.569380% 0.000000 4.177033 1,000.000000
MV2 13,104,000.00 6.059380% 0.000000 4.544536 1,000.000000
BV 13,104,000.00 7.689380% 0.000000 5.767033 1,000.000000
BFI 0.00 0.000000% 0.000000 0.000000 0.000000
BVI 0.00 0.000000% 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 420,000,000.00 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1999-1
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Agg stated principal balance 92,085,966.72 324,827,435.43 416,913,402.15
Agg loan count 1489 3164 4653
Agg average loan rate 8.391269% 7.888809% 8.00
Agg prepayment amount 230,247.89 2,618,628.42 2,848,876.31
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 38,502.92 135,053.35 173,556.27
Monthly sub servicer fees 0.00 0.00 0.00
Monthly trustee fees 0.00 0.00 0.00
Aggregate advances N/A N/A N/A
Advances this periods 0.00 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 420,000,000.00
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 0 0.00
60 to 89 days 78 6,967,489.32
90 or more 18 1,913,308.09
Foreclosure 0 0.00
Totals: 96 8,880,797.41
- --------------------------------------------------------------------------------
<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 5,748,414.42 5,748,414.42
Principal remittance amount 3,937,876.36 3,937,876.36
Interest remittance amount 1,810,538.06 1,810,538.06
