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 1999-4, 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 1999-4
CWMBS INC.
On May 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., SERIES 1999-4
CWMBS INC., made a monthly distribution to Certificate holders of principal
and/or interest pursuant to the Pooling and Servicing Agreement, dated as of
March 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 1999-4 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 March 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 1999-4
------------------------------------------------------------
<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 95,990,085.73 6.250000% 404,722.84 499,948.36 904,671.20 0.00 0.00
A2 59,557,303.02 6.250000% 264,188.36 310,194.29 574,382.64 0.00 0.00
A3 14,928,381.43 6.250000% 49,865.51 77,751.99 127,617.50 0.00 0.00
PO 431,395.46 0.000000% 1,589.79 0.00 1,589.79 0.00 0.00
X 123,335,432.55 0.343909% 0.00 35,346.79 35,346.79 0.00 0.00
Residual AR 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 1,310,698.41 6.250000% 4,378.15 6,826.55 11,204.70 0.00 0.00
B1 436,898.80 6.250000% 1,459.38 2,275.51 3,734.89 0.00 0.00
B2 436,898.80 6.250000% 1,459.38 2,275.51 3,734.89 0.00 0.00
B3 699,039.48 6.250000% 2,335.01 3,640.83 5,975.84 0.00 0.00
B4 349,519.24 6.250000% 1,167.50 1,820.41 2,987.92 0.00 0.00
B5 262,143.60 6.250000% 875.47 1,365.33 2,240.81 0.17 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 174,402,363.99 - 732,041.40 941,445.59 1,673,486.99 0.17 -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 95,585,362.89 0.00
A2 59,293,114.66 0.00
A3 14,878,515.92 0.00
PO 429,805.67 0.00
X 122,792,786.05 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate M 1,306,320.26 0.00
B1 435,439.42 0.00
B2 435,439.42 0.00
B3 696,704.47 0.00
B4 348,351.74 0.00
B5 261,267.96 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 173,670,322.42 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-4
------------------------------------------------------------
<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 95,990,085.73 6.250000% 12669BAP7 4.194019 5.180812 990.521895
A2 59,557,303.02 6.250000% 12669BAQ5 4.410117 5.178097 989.784565
A3 14,928,381.43 6.250000% 12669BAR3 3.329630 5.191671 993.471210
PO 431,395.46 0.000000% 12669BAS1 3.672378 0.000000 992.838436
X 123,335,432.55 0.343909% 12669BAT9 0.000000 0.284911 989.766368
Residual AR 0.00 6.250000% 12669BAU6 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 1,310,698.41 6.250000% 12669BAV4 3.329630 5.191671 993.471210
B1 436,898.80 6.250000% 12669BAW2 3.329630 5.191671 993.471210
B2 436,898.80 6.250000% 12669BAX0 3.329630 5.191671 993.471210
B3 699,039.48 6.250000% 12669BAY8 3.329630 5.191671 993.471210
B4 349,519.24 6.250000% 12669BAZ5 3.329630 5.191671 993.471210
B5 262,143.60 6.250000% 12669BBA9 3.328989 5.191670 993.471096
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 174,402,363.99 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 1999-4
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 173,670,322.42 173,670,322.42
Aggregated loan count 496 496
Aggregated average loan rate 6.739849% 6.74
Aggregated prepayment amount 149,451.10 149,451.10
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 36,333.83 36,333.83
Monthly sub servicer fees 450.54 450.54
Monthly trustee fees 1,308.02 1,308.02
Aggregate advances N/A N/A
Advances this periods 21,833.76 21,833.76
- --------------------------------------------------------------------------------
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 1,753,208.00 1,753,208.00
Special Hazard 2,879,349.71 2,879,349.71
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 98.002460% 100.000000% 170,907,165.65
-----------------------------------------------------------------------------
Junior 1.997540% 0.000000% 3,483,523.28
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 7 2,432,985.41
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 7 2,432,985.41
- --------------------------------------------------------------------------------
<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 1,673,486.99 1,673,486.99
Principal remittance amount 732,041.40 732,041.40
Interest remittance amount 941,445.59 941,445.59
