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): May 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 May 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 May 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: May 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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
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 19,622,941.90 6.000000% 235,835.95 98,114.71 333,950.66 0.00 0.00
A2 784,914.38 6.250000% 0.00 4,088.10 4,088.10 0.00 0.00
A3 105,362,022.81 6.250000% 2,265,457.57 548,760.54 2,814,218.11 0.00 0.00
A4 8,546,000.00 6.250000% 0.00 44,510.42 44,510.42 0.00 0.00
A5 39,734,955.39 6.250000% 134,198.05 206,952.89 341,150.94 0.00 0.00
A6 68,680,008.06 6.250000% 825,425.81 357,708.38 1,183,134.19 0.00 0.00
PO 455,041.23 0.000000% 2,022.87 0.00 2,022.87 0.00 0.00
X 191,340,672.76 0.381449% 0.00 60,822.27 60,822.27 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 1,869,032.96 6.250000% 6,312.35 9,734.55 16,046.90 0.00 0.00
B1 1,244,697.48 6.250000% 4,203.75 6,482.80 10,686.55 0.00 0.00
B2 622,845.43 6.250000% 2,103.55 3,243.99 5,347.54 0.00 0.00
B3 871,188.90 6.250000% 2,942.29 4,537.44 7,479.73 0.00 0.00
B4 496,686.94 6.250000% 1,677.48 2,586.91 4,264.39 0.00 0.00
B5 498,590.38 6.250000% 1,683.90 2,596.82 4,280.72 0.00 0.00
AR 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 248,004,011.47 - 3,481,863.57 1,350,139.80 4,832,003.37 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 19,387,105.95 0.00
A2 775,484.21 0.00
A3 103,096,565.21 0.00
A4 8,546,000.00 0.00
A5 39,600,757.37 0.00
A6 67,854,583.02 0.00
PO 453,018.35 0.00
X 188,085,642.69 0.00
- --------------------------------------------------------------------------------
Subordinate M 1,862,720.62 0.00
B1 1,240,493.72 0.00
B2 620,741.87 0.00
B3 868,246.61 0.00
B4 495,009.47 0.00
B5 496,824.02 0.00
AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 244,522,066.21 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
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 19,622,941.90 6.000000% 12669A7F5 11.791797 4.905735 969.355298
A2 784,914.38 6.250000% 12669A7G3 0.000000 5.110120 969.355263
A3 105,362,022.81 6.250000% 12669A7H1 21.371032 5.176693 972.554055
A4 8,546,000.00 6.250000% 12669A7J7 0.000000 5.208333 1,000.000000
A5 39,734,955.39 6.250000% 12669A7K4 3.354951 5.173822 990.018934
A6 68,680,008.06 6.250000% 12669A7L2 11.791797 5.110120 969.351186
PO 455,041.23 0.000000% 12669A7M0 4.406251 0.000000 986.772588
X 191,340,672.76 0.381449% 12669A7N8 0.000000 0.314274 971.854907
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 1,869,032.96 6.250000% 12669A7Q1 3.354956 5.173822 990.018934
B1 1,244,697.48 6.250000% 12669A7R9 3.354948 5.173822 990.018934
B2 622,845.43 6.250000% 12669A7S7 3.354944 5.173822 990.018934
B3 871,188.90 6.250000% 12669BAL6 3.354949 5.173822 990.018934
B4 496,686.94 6.250000% 12669BAM4 3.354960 5.173822 990.018934
B5 498,590.38 6.250000% 12669BAN2 3.354943 5.173822 989.854655
AR 0.00 6.250000% 12669A7P3 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 248,004,011.47 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 244,522,065.44 244,522,065.44
Aggregated loan count 702 702
Aggregated average loan rate 6.794458% 6.79
Aggregated prepayment amount 2,644,209.76 2,644,209.76
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 51,012.67 51,012.67
Monthly sub servicer fees 543.36 543.36
Monthly trustee fees 1,860.03 1,860.03
Aggregate advances N/A N/A
Advances this periods 10,835.38 10,835.38
- --------------------------------------------------------------------------------
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 97.748236% 100.000000% 242,400,969.39
-----------------------------------------------------------------------------
Junior 2.251764% 0.000000% 5,584,036.31
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 3 869,876.62
60 to 89 days 1 316,385.06
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 4 1,186,261.68
- --------------------------------------------------------------------------------
<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 4,832,003.37 4,832,003.37
Principal remittance amount 3,481,863.57 3,481,863.57
Interest remittance amount 1,350,139.80 1,350,139.80
