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): June 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1999-2)
(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.
Mortgage Pass-Through Certificates
Series 1999-2
On June 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 1999-2, 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, 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 CWMBS, INC., Mortgage Pass-Through
Certificates Series 1999-2 relating to the distribution date
of June 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: June 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 June 25, 1999
Payment Date: 06/25/99
------------------------------------------------------------
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 19,387,105.95 6.000000% 203,497.28 96,935.53 300,432.81 0.00 0.00
A2 775,484.21 6.250000% 0.00 4,038.98 4,038.98 0.00 0.00
A3 103,096,565.21 6.250000% 810,187.33 536,961.28 1,347,148.61 0.00 0.00
A4 8,546,000.00 6.250000% 0.00 44,510.42 44,510.42 0.00 0.00
A5 39,600,757.37 6.250000% 135,140.45 206,253.94 341,394.39 0.00 0.00
A6 67,854,583.02 6.250000% 712,237.45 353,409.29 1,065,646.74 0.00 0.00
PO 453,018.35 0.000000% 2,440.71 0.00 2,440.71 0.00 0.00
X 188,085,642.69 0.379891% 0.00 59,543.37 59,543.37 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 1,862,720.62 6.250000% 6,356.67 9,701.67 16,058.34 0.00 0.00
B1 1,240,493.72 6.250000% 4,233.27 6,460.90 10,694.18 0.00 0.00
B2 620,741.87 6.250000% 2,118.33 3,233.03 5,351.36 0.00 0.00
B3 868,246.61 6.250000% 2,962.95 4,522.12 7,485.07 0.00 0.00
B4 495,009.47 6.250000% 1,689.26 2,578.17 4,267.43 0.00 0.00
B5 496,824.02 6.250000% 1,695.35 2,587.63 4,282.97 0.87 0.00
AR 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 244,522,066.21 - 1,882,559.05 1,330,736.33 3,213,295.38 0.87 -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 19,183,608.67 0.00
A2 767,344.35 0.00
A3 102,286,377.87 0.00
A4 8,546,000.00 0.00
A5 39,465,616.92 0.00
A6 67,142,345.56 0.00
PO 450,577.65 0.00
X 186,732,865.55 0.00
- --------------------------------------------------------------------------------
Subordinate M 1,856,363.96 0.00
B1 1,236,260.45 0.00
B2 618,623.55 0.00
B3 865,283.65 0.00
B4 493,320.21 0.00
B5 495,127.80 0.00
AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 242,639,506.29 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 06/25/99
------------------------------------------------------------
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 19,387,105.95 6.000000% 12669A7F5 10.174864 4.846776 959.180434
A2 775,484.21 6.250000% 12669A7G3 0.000000 5.048725 959.180434
A3 103,096,565.21 6.250000% 12669A7H1 7.642844 5.065386 964.911211
A4 8,546,000.00 6.250000% 12669A7J7 0.000000 5.208333 1,000.000000
A5 39,600,757.37 6.250000% 12669A7K4 3.378511 5.156349 986.640423
A6 67,854,583.02 6.250000% 12669A7L2 10.174821 5.048704 959.176365
PO 453,018.35 0.000000% 12669A7M0 5.316403 0.000000 981.458205
X 188,085,642.69 0.379891% 12669A7N8 0.000000 0.307666 964.864988
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 1,862,720.62 6.250000% 12669A7Q1 3.378511 5.156349 986.640423
B1 1,240,493.72 6.250000% 12669A7R9 3.378511 5.156349 986.640423
B2 620,741.87 6.250000% 12669A7S7 3.378511 5.156349 986.640423
B3 868,246.61 6.250000% 12669BAL6 3.378511 5.156349 986.640423
B4 495,009.47 6.250000% 12669BAM4 3.378511 5.156349 986.640423
B5 496,824.02 6.250000% 12669BAN2 3.377755 5.155494 986.475430
AR 0.00 6.250000% 12669A7P3 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 244,522,066.21 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 242,639,506.29 242,639,506.29
Aggregated loan count 695 695
Aggregated average loan rate 6.791908% 6.79
Aggregated prepayment amount 1,048,047.16 1,048,047.16
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 50,556.02 50,556.02
Monthly sub servicer fees 463.77 463.77
Monthly trustee fees 1,833.92 1,833.92
Aggregate advances N/A N/A
Advances this periods 8,774.74 8,774.74
- --------------------------------------------------------------------------------
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 97.723963% 100.000000% 238,938,029.90
-----------------------------------------------------------------------------
Junior 2.276037% 0.000000% 5,564,979.62
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 3 952,805.96
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 3 952,805.96
- --------------------------------------------------------------------------------
<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 3,213,295.38 3,213,295.38
Principal remittance amount 1,882,559.05 1,882,559.05
Interest remittance amount 1,330,736.33 1,330,736.33
