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): September 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 September 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 September 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: September 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 September 25, 1999
Payment Date: 09/25/99
------------------------------------------------------------
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 18,791,864.95 6.000000% 203,378.40 93,959.32 297,337.72 0.00 0.00
A2 751,674.60 6.250000% 0.00 3,914.97 3,914.97 0.00 0.00
A3 101,352,288.45 6.250000% 804,837.74 527,876.50 1,332,714.24 0.00 0.00
A4 8,546,000.00 6.250000% 0.00 44,510.42 44,510.42 0.00 0.00
A5 39,191,923.52 6.250000% 137,946.01 204,124.60 342,070.61 0.00 0.00
A6 65,771,248.34 6.250000% 711,821.38 342,558.59 1,054,379.96 0.00 0.00
PO 445,973.11 0.000000% 15,399.44 0.00 15,399.44 0.00 0.00
X 184,601,212.08 0.378788% 0.00 58,270.55 58,270.55 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 1,843,490.10 6.250000% 6,488.64 9,601.51 16,090.15 0.00 0.00
B1 1,227,687.00 6.250000% 4,321.16 6,394.20 10,715.36 0.00 0.00
B2 614,333.40 6.250000% 2,162.30 3,199.65 5,361.96 0.00 0.00
B3 859,282.92 6.250000% 3,024.47 4,475.43 7,499.90 0.00 0.00
B4 489,899.04 6.250000% 1,724.33 2,551.56 4,275.88 0.00 0.00
B5 491,694.10 6.250000% 1,730.57 2,560.91 4,291.47 0.08 0.00
AR 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 239,625,684.94 - 1,892,834.41 1,303,998.21 3,196,832.63 0.08 -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 18,588,486.55 0.00
A2 743,539.46 0.00
A3 100,547,450.71 0.00
A4 8,546,000.00 0.00
A5 39,053,977.52 0.00
A6 65,059,426.97 0.00
PO 430,573.66 0.00
X 183,264,191.93 0.00
- --------------------------------------------------------------------------------
Subordinate M 1,837,001.47 0.00
B1 1,223,365.85 0.00
B2 612,171.10 0.00
B3 856,258.46 0.00
B4 488,174.72 0.00
B5 489,963.46 0.00
AR 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 237,732,850.45 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/99
------------------------------------------------------------
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 18,791,864.95 6.000000% 12669A7F5 10.168920 4.697966 929.424327
A2 751,674.60 6.250000% 12669A7G3 0.000000 4.893715 929.424327
A3 101,352,288.45 6.250000% 12669A7H1 7.592379 4.979685 948.507167
A4 8,546,000.00 6.250000% 12669A7J7 0.000000 5.208333 1,000.000000
A5 39,191,923.52 6.250000% 12669A7K4 3.448650 5.103115 976.349438
A6 65,771,248.34 6.250000% 12669A7L2 10.168877 4.893694 929.420385
PO 445,973.11 0.000000% 12669A7M0 33.543405 0.000000 937.885088
X 184,601,212.08 0.378788% 12669A7N8 0.000000 0.301089 946.942050
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 1,843,490.10 6.250000% 12669A7Q1 3.448650 5.103115 976.349438
B1 1,227,687.00 6.250000% 12669A7R9 3.448650 5.103115 976.349438
B2 614,333.40 6.250000% 12669A7S7 3.448650 5.103115 976.349438
B3 859,282.92 6.250000% 12669BAL6 3.448650 5.103115 976.349438
B4 489,899.04 6.250000% 12669BAM4 3.448650 5.103115 976.349438
B5 491,694.10 6.250000% 12669BAN2 3.447922 5.102262 976.186166
AR 0.00 6.250000% 12669A7P3 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 239,625,684.94 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 237,732,850.45 237,732,850.45
Aggregated loan count 690 690
Aggregated average loan rate 6.791476% 6.79
Aggregated prepayment amount 1,049,342.08 1,049,342.08
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 49,195.40 49,195.40
Monthly sub servicer fees 459.27 459.27
Monthly trustee fees 1,797.19 1,797.19
Aggregate advances N/A N/A
Advances this periods 7,722.38 7,722.38
- --------------------------------------------------------------------------------
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 97.701673% 100.000000% 234,099,298.37
-----------------------------------------------------------------------------
Junior 2.298327% 0.000000% 5,506,935.04
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 2 840,239.14
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 2 840,239.14
- --------------------------------------------------------------------------------
<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 3,196,832.63 3,196,832.63
Principal remittance amount 1,892,834.41 1,892,834.41
Interest remittance amount 1,303,998.21 1,303,998.21
