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): December 25, 1999
CWMBS, INC.
(Depositor)
(Issuer in respect of Asset-Backed 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.
Asset-Backed Certificates
Series 1999-2
On December 25, 1999, The Bank of New York, as Trustee for CWMBS, INC.,
Asset-Backed 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 May 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., Asset-Backed Certificates
Series 1999-2 relating to the distribution date of December
25, 1999 prepared by The Bank of New York, as Trustee under
the Pooling and Servicing Agreement dated as of May 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: December 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 December 25, 1999
Payment Date: 12/25/99
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed 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 AF1 34,848,194.72 6.130000% 1,678,189.18 178,016.19 1,856,205.37 0.00 0.00
AF2 30,822,000.00 6.240000% 0.00 160,274.40 160,274.40 0.00 0.00
AF3 19,666,000.00 6.390000% 0.00 104,721.45 104,721.45 0.00 0.00
AF4 22,736,000.00 6.780000% 0.00 128,458.40 128,458.40 0.00 0.00
AF5 11,628,000.00 7.170000% 0.00 69,477.30 69,477.30 0.00 0.00
AF6 15,500,000.00 6.730000% 0.00 86,929.17 86,929.17 0.00 0.00
MF1 5,037,000.00 7.090000% 0.00 29,760.27 29,760.27 0.00 0.00
MF2 2,713,000.00 7.480000% 0.00 16,911.03 16,911.03 0.00 0.00
BF 3,100,000.00 8.700000% 0.00 22,475.00 22,475.00 0.00 0.00
AV1 253,623,502.98 5.810000% 5,183,146.95 1,268,892.48 6,452,039.42 0.00 0.00
MV1 14,962,000.00 6.030000% 0.00 77,690.18 77,690.18 0.00 0.00
MV2 11,025,000.00 6.490000% 0.00 61,614.44 61,614.44 0.00 0.00
BV 11,813,000.00 8.190000% 0.00 83,311.18 83,311.18 0.00 0.00
BFI 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
BVI 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
Residual R 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 437,473,697.70 - 6,861,336.13 2,288,531.50 9,149,867.63 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 33,170,005.54 0.00
AF2 30,822,000.00 0.00
AF3 19,666,000.00 0.00
AF4 22,736,000.00 0.00
AF5 11,628,000.00 0.00
AF6 15,500,000.00 0.00
MF1 5,037,000.00 0.00
MF2 2,713,000.00 0.00
BF 3,100,000.00 0.00
AV1 248,440,356.03 0.00
MV1 14,962,000.00 0.00
MV2 11,025,000.00 0.00
BV 11,813,000.00 0.00
BFI 0.00 0.00
BVI 0.00 0.00
Residual R 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 430,612,361.58 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 12/25/99
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed 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 AF1 34,848,194.72 6.130000% 126671FP6 38.316571 4.064482 757.340644
AF2 30,822,000.00 6.240000% 126671FQ4 0.000000 5.200000 1,000.000000
AF3 19,666,000.00 6.390000% 126671FR2 0.000000 5.325000 1,000.000000
AF4 22,736,000.00 6.780000% 126671FS0 0.000000 5.650000 1,000.000000
AF5 11,628,000.00 7.170000% 126671FT8 0.000000 5.975000 1,000.000000
AF6 15,500,000.00 6.730000% 126671FU5 0.000000 5.608333 1,000.000000
MF1 5,037,000.00 7.090000% 126671FV3 0.000000 5.908333 1,000.000000
MF2 2,713,000.00 7.480000% 126671FW1 0.000000 6.233333 1,000.000000
BF 3,100,000.00 8.700000% 126671FX9 0.000000 7.250000 1,000.000000
AV1 253,623,502.98 5.810000% 126671FY7 18.698221 4.577534 896.249481
MV1 14,962,000.00 6.030000% 126671FZ4 0.000000 5.192500 1,000.000000
MV2 11,025,000.00 6.490000% 126671GA8 0.000000 5.588611 1,000.000000
BV 11,813,000.00 8.190000% 126671GB6 0.000000 7.052500 1,000.000000
BFI 0.00 0.000000% PRIVATE 0.000000 0.000000 0.000000
BVI 0.00 0.000000% PRIVATE 0.000000 0.000000 0.000000
Residual R 0.00 0.000000% PRIVATE 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 437,473,697.70 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Asset-Backed Certificates, Series 1999-2
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
stated principal balance 146,387,088.57 290,928,051.32 437,315,139.89
loan count 2045 2769 4814
average loan rate 9.509232% 8.944260% 9.13
prepayment amount 1,252,289.74 4,222,992.03 5,475,281.77
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 59,342.71 118,125.97 177,468.68
sub servicer fees 0.00 0.00 0.00
trustee fees 0.00 0.00 0.00
Aggregate advances N/A N/A N/A
Advances this periods 138,070.88 307,766.54 445,837.42
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 1,062.45 1,062.45
Cumulative losses (from Cut-Off) 20,401.31 1,062.45 21,463.76
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 3,100,127.30 6,300,085.92 9,400,213.22
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 437,473,697.70
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 322 26,662,054.71
60 to 89 days 130 11,232,148.75
90 or more 38 2,850,321.11
Foreclosure 104 9,479,621.27
Totals: 594 50,224,145.84
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 169,769.53
Current Total Outstanding Number of Loans: 2
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 9,149,867.63 9,149,867.63
Principal remittance amount 6,861,336.13 6,861,336.13
Interest remittance amount 2,288,531.50 2,288,531.50
