UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: December 31, 1999
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number: 333-60823-04
CWABS, Inc.
Asset-Backed Certificates, Series 1999-1
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(Exact name of Registrant as specified in its charter)
Delaware 95-4596514
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(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
c/o Countrywide Home Loans, Inc.
4500 Park Granada
Calabasas, California 91302
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 225-3240
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Securities registered pursuant to Section 12(b) of the Act: None
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Securities registered pursuant to Section 12(g) of the Act: None
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Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (ss.229.405 of this chapter) is not contained herein, and
will not be contained, to the best of Registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ ]
State the aggregate market value of the voting and non-voting common equity
held by non-affiliates of the Registrant: Not applicable
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State the number of shares outstanding of each of the registrant's classes of
common stock, as of December 31, 1999: Not applicable
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DOCUMENTS INCORPORATED BY REFERENCE
None.
* * *
This Annual Report on Form 10-K (the "Report") is filed with respect
to the trust fund which issued the CWABS, Inc., Asset-Backed Certificates,
Series 1999-1 (the "Trust Fund") formed pursuant to the pooling and servicing
agreement dated as of February 1, 1999 (the "Pooling and Servicing Agreement")
among CWABS, Inc., as depositor (the "Company"), Countrywide Home Loans, Inc.,
as seller and master servicer (the "Master Servicer"), and The Bank of New
York, as trustee (the "Trustee"), for the issuance of the CWABS, Inc.,
Asset-Backed Certificates, Series 1999-1 (the "Certificates"). Certain
information otherwise required to be included in this Report by the
Instructions to Form 10-K has been omitted in reliance on the relief granted
by the Commission to other companies in similar circumstances, including, but
not limited to, the relief granted to CWMBS, Inc. (February 3, 1994)
(collectively, the "Relief Letters").
PART I
ITEM 1. BUSINESS
Not applicable in reliance on the Relief Letters.
ITEM 2. PROPERTIES
Not applicable in reliance on the Relief Letters.
ITEM 3. LEGAL PROCEEDINGS
There were no material pending legal proceedings relating to
the Trust Fund to which any of the Trust Fund, the Trustee,
the Master Servicer or the Company was a party or of which
any of their respective properties was the subject during
the fiscal year covered by this Report, nor is the Company
aware of any such proceedings contemplated by governmental
authorities.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter was submitted to a vote of Certificateholders, and
no Certificateholder consent was solicited during the fiscal
year covered by this Report.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
(a) There is no established public trading market for the Certificates.
(b) At December 31, 1999, there were less than 300
holders of record of each of the Certificates.
(c) Not applicable. (Information as to distributions to
Certificateholders is provided in the Registrant's monthly filings on
Form 8-K.)
ITEM 6. SELECTED FINANCIAL DATA
Not applicable in reliance on the Relief Letters.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Not applicable in reliance on the Relief Letters.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Furnish the information required by Item 305 of Regulation S-K
(ss.229.305 of this chapter).[Added in Release No. 34-38223
(P. 72,448), January 31, 1997, effective April 11, 1997, 62 F.R.
6044.]
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable in reliance on the Relief Letters.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not applicable in reliance on the Relief Letters.
ITEM 11. EXECUTIVE COMPENSATION
Not applicable. See the Relief Letters.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
(a) Not applicable in reliance on the Relief Letters.
(b) Not applicable in reliance on the Relief Letters.
(c) Not applicable in reliance on the Relief Letters.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
(a) Not applicable in reliance on the Relief Letters.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) ______ (1) ______ Pursuant to
the Pooling and Servicing Agreement, the
Master Servicer is required to deliver an
annual statement as to compliance with the
provisions of the Pooling and Servicing
Agreement and certain other matters (the
"Annual Statement of the Master
Servicer"). The Master Servicer is also
required to cause a firm of independent
public accountants to deliver an annual
report as to compliance with the servicing
provisions of the Pooling and Servicing
Agreement (the "Annual Report of the Firm
of Accountants"). The Annual Statement of
the Master Servicer is included as Exhibit
99.1 to this Report. The Annual Report of
the Firm of Accountants is required to be
delivered not later than 120 days after
the end of the Master Servicer's fiscal
year. The Registrant hereby undertakes to
file the Annual Report of the Firm of
Accountants as an Exhibit to a Form 10-K/A
amending this Form 10-K promptly following
the date on which such report becomes
available.
(2) Not applicable.
(3) The required exhibits are as follows:
Exhibit 3(i): Copy of Company's
Certificate of Incorporation (Filed as an
Exhibit to Registration Statement on
Form S-3 (File No. 333-11095)).
Exhibit 3(ii): Copy of Company's
By-laws (Filed as an Exhibit to Registration
Statement on Form S-3 (File No. 333-11095)).
Exhibit 4: Pooling and Servicing
Agreement (Filed as part of the
Registrant's Current Report on Form 8-K
dated February 26, 1999).
Exhibit 99.1: Annual Statement
of the Master Servicer.
(b) Current Reports on Form 8-K filed during the
quarter ending December 31, 1999:
Date Items Reported
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October 25, 1999 Monthly Report sent to certificateholders with the
October 1999 distribution
November 25, 1999 Monthly Report sent to certificateholders with the
November 1999 distribution
December 27, 1999 Monthly Report sent to certificateholders with the
December 1999 distribution
(c) See subparagraph (a)(3) above.
(d) Not applicable. See the Relief Letters.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT
TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
No such annual report, proxy statement, form of proxy or other
soliciting material has been sent to Certificateholders. See the Relief
Letters.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
CWABS, INC., ASSET-BACKED CERTIFICATES,
SERIES 1999-1
By: The Bank of New York,
as Trustee*
By: /s/ Courtney Bartholomew
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Name: Courtney Bartholomew
Title: Assistant Vice President
Date: March 15, 2000
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* This Report is being filed by the Trustee on behalf of the
Trust Fund. The Trust Fund does not have any officers or directors.
EXHIBIT INDEX
Sequential
Exhibit Document Page Number
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3(i) Company's Certificate of Incorporation (Filed as an
Exhibit to Registration Statement on Form S-3
(File No. 333-11095)) *
3(ii) Company's By-laws (Filed as an Exhibit to Registration
Statement on Form S-3 (File No. 333-11095)) *
4 Pooling and Servicing Agreement (Filed as part of the
Company's Current Report on Form 8-K dated February 26, 1999) *
99.1 Annual Statement of the Master Servicer.................... 11
* Incorporated herein by reference.
EXHIBIT 99.1
COUNTRYWIDE HOME LOANS, INC.
OFFICERS' CERTIFICATE
ANNUAL STATEMENT OF THE MASTER SERVICER
CWABS, INC.
ASSET-BACKED CERTIFICATES, SERIES 1999-1
The undersigned do hereby certify that they are each an officer of
Countrywide Home Loans, Inc. (the "Master Servicer") and do hereby further
certify pursuant to Section 3.17 of the Pooling and Servicing Agreement for
the above-captioned Series (the "Agreement") that:
(i) A review of the activities of the Master Servicer during
the preceding calendar year and of the performance of the Master
Servicer under the Agreement has been made under our supervision; and
(ii) To the best of our knowledge, based on such review, the
Master Servicer has fulfilled all its obligations under the Agreement
throughout such year.
/s/ Thomas H. Boone Dated: March 15, 2000
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Name: Thomas H. Boone
Title: Managing Director,
Portfolio Management
/s/ Michael Muir Dated: March 15, 2000
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Name: Michael Muir
Title: Senior Vice President
