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): April 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of SERIES 1999-2, CWMBS INC.)
(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
CWMBS, INC.
SERIES 1999-2
CWMBS INC.
On April 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., SERIES
1999-2 CWMBS INC., 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 CWMBS, INC. as Depositor, MORTGAGE PASS-THROUGH
CERTIFICATES, 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 CWMBS, INC., SERIES 1999-2 CWMBS INC.
relating to the distribution date of April 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: April 25, 1999
CWMBS, INC.
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 April 25, 1999
Payment Date: 04/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-2
------------------------------------------------------------
<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 A1 19,800,376.26 6.000000% 177,434.36 99,001.88 276,436.24 0.00 0.00
A2 792,015.05 6.250000% 0.00 4,125.08 4,125.08 0.00 0.00
A3 105,370,091.76 6.250000% 8,440.00 548,802.56 557,242.56 0.00 0.00
A4 8,546,000.00 6.250000% 0.00 44,510.42 44,510.42 0.00 0.00
A5 39,868,429.47 6.250000% 133,474.08 207,648.07 341,122.15 0.00 0.00
A6 69,301,316.91 6.250000% 621,020.27 360,944.36 981,964.63 0.00 0.00
PO 456,965.17 0.000000% 1,923.94 0.00 1,923.94 0.00 0.00
X 192,082,371.61 0.381554% 0.00 61,074.91 61,074.91 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 1,875,311.25 6.250000% 6,278.29 9,767.25 16,045.54 0.00 0.00
B1 1,248,878.55 6.250000% 4,181.08 6,504.58 10,685.66 0.00 0.00
B2 624,937.63 6.250000% 2,092.21 3,254.88 5,347.09 0.00 0.00
B3 874,115.32 6.250000% 2,926.42 4,552.68 7,479.10 0.00 0.00
B4 498,355.37 6.250000% 1,668.43 2,595.60 4,264.03 0.00 0.00
B5 500,265.20 6.250000% 1,674.76 2,605.55 4,280.31 0.06 0.00
AR 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 248,965,042.90 - 961,113.84 1,355,387.81 2,316,501.65 0.06 -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 19,622,859.45 0.00
A2 784,914.38 0.00
A3 105,362,022.81 0.00
A4 8,546,000.00 0.00
A5 39,734,955.39 0.00
A6 68,680,008.06 0.00
PO 455,041.23 0.00
X 191,340,672.76 0.00
- --------------------------------------------------------------------------------
Subordinate M 1,869,032.96 0.00
B1 1,244,697.48 0.00
B2 622,845.43 0.00
B3 871,188.90 0.00
B4 496,686.94 0.00
B5 498,590.38 0.00
AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 248,003,929.02 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 04/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-2
------------------------------------------------------------
<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 A1 19,800,376.26 6.000000% 12669A7F5 8.871718 4.950094 981.142972
A2 792,015.05 6.250000% 12669A7G3 0.000000 5.156350 981.142975
A3 105,370,091.76 6.250000% 12669A7H1 0.079618 5.177090 993.925087
A4 8,546,000.00 6.250000% 12669A7J7 0.000000 5.208333 1,000.000000
A5 39,868,429.47 6.250000% 12669A7K4 3.336852 5.191202 993.373885
A6 69,301,316.91 6.250000% 12669A7L2 8.871718 5.156348 981.142972
PO 456,965.17 0.000000% 12669A7M0 4.190760 0.000000 991.178856
X 192,082,371.61 0.381554% 12669A7N8 0.000000 0.315579 988.673931
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 1,875,311.25 6.250000% 12669A7Q1 3.336854 5.191202 993.373885
B1 1,248,878.55 6.250000% 12669A7R9 3.336856 5.191202 993.373885
B2 624,937.63 6.250000% 12669A7S7 3.336858 5.191202 993.373885
B3 874,115.32 6.250000% 12669BAL6 3.336853 5.191202 993.373885
B4 498,355.37 6.250000% 12669BAM4 3.336860 5.191202 993.373885
B5 500,265.20 6.250000% 12669BAN2 3.336733 5.191202 993.373885
AR 0.00 6.250000% 12669A7P3 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 248,965,042.90 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 248,003,929.02 248,003,929.02
Aggregated loan count 702 702
Aggregated average loan rate 6.794534% 6.79
Aggregated prepayment amount 127,553.24 127,553.24
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 51,867.72 51,867.72
Monthly sub servicer fees 545.15 545.15
Monthly trustee fees 1,867.24 1,867.24
Aggregate advances N/A N/A
Advances this periods 18,137.61 18,137.61
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 2,506,516.00 2,506,516.00
Special Hazard 2,506,516.07 2,506,516.07
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 97.749296% 100.000000% 243,343,179.58
-----------------------------------------------------------------------------
Junior 2.250704% 0.000000% 5,603,042.08
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 5 1,734,373.25
60 to 89 days 1 312,000.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 6 2,046,373.25
- --------------------------------------------------------------------------------
<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 2,316,501.65 2,316,501.65
Principal remittance amount 961,113.84 961,113.84
Interest remittance amount 1,355,387.81 1,355,387.81
