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Previous: FOUNDRY NETWORKS INC, S-1/A, 1999-09-01 |
Next: UNITED PARCEL SERVICE INC, S-4/A, 1999-09-01 |
UNITED STATES
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): August 25, 1999
MERRILL LYNCH MORTGAGE INVESTORS INC
Mortgage Pass-Through Certificates, Series 1999-2 Trust
New York (governing law of 333-11588-03 52-2172860
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, Maryland (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On August 25, 1999 a distribution was made to holders of MERRILL LYNCH
MORTGAGE INVESTORS INC, Mortgage Pass-Through Certificates, Series 1999-2
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1999-2 Trust, relating to the August 25,
1999 distribution.
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 hereunto duly authorized.
MERRILL LYNCH MORTGAGE INVESTORS INC
Mortgage Pass-Through Certificates, Series 1999-2 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 8/30/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1999-2 Trust, relating to the August 25,
1999 distribution.
<TABLE>
<CAPTION>
Merrill Lynch Mortgage Investors, Inc.
Mortgage Pass-Through Certificates
Record Date: 7/31/99
Distribution Date: 8/25/99
MLC Series: 1999-2
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 151314BC4 SEQ 6.50000% 99,869,605.24 540,960.36 123,793.54
A-2 151314BD2 SEQ 6.50000% 13,806,808.00 74,786.88 0.00
A-3 151314BE0 SEQ 6.50000% 20,176,266.84 109,288.11 17,502.34
A-4 151314BF7 SEQ 6.50000% 53,402,433.94 289,263.18 80,396.62
A-5 151314BG5 SEQ 6.50000% 11,457,000.00 62,058.75 0.00
APO 151314BJ9 PO 0.00000% 960,902.64 0.00 522.05
A-IO 151314BH3 IO 0.42802% 0.00 63,329.79 0.00
R 151314BK6 R 6.50000% 0.00 0.00 0.00
M 151314BL4 MEZ 6.50000% 4,446,204.79 24,083.61 3,856.96
B-1 151314BM2 SUB 6.50000% 1,905,516.05 10,321.55 1,652.98
B-2 151314BN0 SUB 6.50000% 846,896.25 4,587.35 734.66
B-3 151314BP5 SUB 6.50000% 741,034.46 4,013.94 642.83
B-4 151314BQ3 SUB 6.50000% 423,448.12 2,293.68 367.33
B-5 151314BR1 SUB 6.50000% 635,171.72 3,440.51 550.96
Totals 208,671,288.05 1,188,427.71 230,020.27
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 99,745,811.70 664,753.90 0.00
A-2 0.00 13,806,808.00 74,786.88 0.00
A-3 0.00 20,158,764.51 126,790.45 0.00
A-4 0.00 53,322,037.32 369,659.80 0.00
A-5 0.00 11,457,000.00 62,058.75 0.00
APO 0.00 960,380.60 522.05 0.00
A-IO 0.00 0.00 63,329.79 0.00
R 0.00 0.00 0.00 0.00
M 0.00 4,442,347.83 27,940.57 0.00
B-1 0.00 1,903,863.07 11,974.53 0.00
B-2 0.00 846,161.59 5,322.01 0.00
B-3 0.00 740,391.64 4,656.77 0.00
B-4 0.00 423,080.79 2,661.01 0.00
B-5 0.00 634,620.76 3,991.47 0.00
Totals 0.00 208,441,267.81 1,418,447.98 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 102,000,000.00 99,869,605.24 93,895.28 29,898.25 0.00 0.00
A-2 13,806,808.00 13,806,808.00 0.00 0.00 0.00 0.00
A-3 20,227,768.00 20,176,266.84 17,502.34 0.00 0.00 0.00
A-4 54,786,000.00 53,402,433.94 60,979.46 19,417.16 0.00 0.00
A-5 11,457,000.00 11,457,000.00 0.00 0.00 0.00 0.00
APO 965,563.00 960,902.64 522.05 0.00 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
R 100.00 0.00 0.00 0.00 0.00 0.00
M 4,457,554.00 4,446,204.79 3,856.96 0.00 0.00 0.00
B-1 1,910,380.00 1,905,516.05 1,652.98 0.00 0.00 0.00
B-2 849,058.00 846,896.25 734.66 0.00 0.00 0.00
B-3 742,926.00 741,034.46 642.83 0.00 0.00 0.00
B-4 424,529.00 423,448.12 367.33 0.00 0.00 0.00
B-5 636,793.00 635,171.72 550.96 0.00 0.00 0.00
Totals 212,264,479.00 208,671,288.05 180,704.85 49,315.41 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 123,793.54 99,745,811.70 0.97790011 123,793.54
A-2 0.00 13,806,808.00 1.00000000 0.00
A-3 17,502.34 20,158,764.51 0.99658868 17,502.34
A-4 80,396.62 53,322,037.32 0.97327853 80,396.62
A-5 0.00 11,457,000.00 1.00000000 0.00
APO 522.05 960,380.60 0.99463277 522.05
A-IO 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
M 3,856.96 4,442,347.83 0.99658867 3,856.96
B-1 1,652.98 1,903,863.07 0.99658867 1,652.98
B-2 734.66 846,161.59 0.99658868 734.66
B-3 642.83 740,391.64 0.99658868 642.83
B-4 367.33 423,080.79 0.99658867 367.33
B-5 550.96 634,620.76 0.99658878 550.96
Totals 230,020.27 208,441,267.81 0.98198846 230,020.27
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 102,000,000.00 979.11377686 0.92054196 0.29312010 0.00000000
A-2 13,806,808.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 20,227,768.00 997.45393758 0.86526304 0.00000000 0.00000000
A-4 54,786,000.00 974.74599241 1.11304822 0.35441828 0.00000000
A-5 11,457,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
APO 965,563.00 995.17342732 0.54066902 0.00000000 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
M 4,457,554.00 997.45393774 0.86526377 0.00000000 0.00000000
B-1 1,910,380.00 997.45393587 0.86526241 0.00000000 0.00000000
B-2 849,058.00 997.45394308 0.86526480 0.00000000 0.00000000
B-3 742,926.00 997.45393215 0.86526787 0.00000000 0.00000000
B-4 424,529.00 997.45393130 0.86526480 0.00000000 0.00000000
B-5 636,793.00 997.45399211 0.86521052 0.00000000 0.00000000
<FN>
(2) Per 1,000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 1.21366216 977.90011471 0.97790011 1.21366216
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.86526304 996.58867503 0.99658868 0.86526304
A-4 0.00000000 1.46746651 973.27852590 0.97327853 1.46746651
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
APO 0.00000000 0.54066902 994.63276865 0.99463277 0.54066902
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 0.00000000 0.86526377 996.58867397 0.99658867 0.86526377
B-1 0.00000000 0.86526241 996.58867346 0.99658867 0.86526241
B-2 0.00000000 0.86526480 996.58867828 0.99658868 0.86526480
B-3 0.00000000 0.86526787 996.58867774 0.99658868 0.86526787
B-4 0.00000000 0.86526480 996.58866650 0.99658867 0.86526480
B-5 0.00000000 0.86521052 996.58878160 0.99658878 0.86521052
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 102,000,000.00 6.50000% 99,869,605.24 540,960.36 0.00 0.00
A-2 13,806,808.00 6.50000% 13,806,808.00 74,786.88 0.00 0.00
A-3 20,227,768.00 6.50000% 20,176,266.84 109,288.11 0.00 0.00
A-4 54,786,000.00 6.50000% 53,402,433.94 289,263.18 0.00 0.00
A-5 11,457,000.00 6.50000% 11,457,000.00 62,058.75 0.00 0.00
APO 965,563.00 0.00000% 960,902.64 0.00 0.00 0.00
A-IO 0.00 0.42802% 177,550,238.99 63,329.79 0.00 0.00
R 100.00 6.50000% 0.00 0.00 0.00 0.00
M 4,457,554.00 6.50000% 4,446,204.79 24,083.61 0.00 0.00
B-1 1,910,380.00 6.50000% 1,905,516.05 10,321.55 0.00 0.00
B-2 849,058.00 6.50000% 846,896.25 4,587.35 0.00 0.00
B-3 742,926.00 6.50000% 741,034.46 4,013.94 0.00 0.00
B-4 424,529.00 6.50000% 423,448.12 2,293.68 0.00 0.00
B-5 636,793.00 6.50000% 635,171.72 3,440.51 0.00 0.00
Totals 212,264,479.00 1,188,427.71 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 540,960.36 0.00 99,745,811.70
A-2 0.00 0.00 74,786.88 0.00 13,806,808.00
A-3 0.00 0.00 109,288.11 0.00 20,158,764.51
A-4 0.00 0.00 289,263.18 0.00 53,322,037.32
A-5 0.00 0.00 62,058.75 0.00 11,457,000.00
APO 0.00 0.00 0.00 0.00 960,380.60
A-IO 0.00 0.00 63,329.79 0.00 177,345,247.33
R 0.00 0.00 0.00 0.00 0.00
M 0.00 0.00 24,083.61 0.00 4,442,347.83
B-1 0.00 0.00 10,321.55 0.00 1,903,863.07
B-2 0.00 0.00 4,587.35 0.00 846,161.59
B-3 0.00 0.00 4,013.94 0.00 740,391.64
B-4 0.00 0.00 2,293.68 0.00 423,080.79
B-5 0.00 0.00 3,440.51 0.00 634,620.76
Totals 0.00 0.00 1,188,427.71 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 102,000,000.00 6.50000% 979.11377686 5.30353294 0.00000000 0.00000000
A-2 13,806,808.00 6.50000% 1000.00000000 5.41666691 0.00000000 0.00000000
A-3 20,227,768.00 6.50000% 997.45393758 5.40287539 0.00000000 0.00000000
A-4 54,786,000.00 6.50000% 974.74599241 5.27987406 0.00000000 0.00000000
A-5 11,457,000.00 6.50000% 1000.00000000 5.41666667 0.00000000 0.00000000
APO 965,563.00 0.00000% 995.17342732 0.00000000 0.00000000 0.00000000
A-IO 0.00 0.42802% 980.80825045 0.34984115 0.00000000 0.00000000
R 100.00 6.50000% 0.00000000 0.00000000 0.00000000 0.00000000
M 4,457,554.00 6.50000% 997.45393774 5.40287566 0.00000000 0.00000000
B-1 1,910,380.00 6.50000% 997.45393587 5.40287796 0.00000000 0.00000000
B-2 849,058.00 6.50000% 997.45394308 5.40287000 0.00000000 0.00000000
B-3 742,926.00 6.50000% 997.45393215 5.40287996 0.00000000 0.00000000
B-4 424,529.00 6.50000% 997.45393130 5.40288178 0.00000000 0.00000000
B-5 636,793.00 6.50000% 997.45399211 5.40287032 0.00000000 0.00000000
<FN>
(5) Per 1,000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 5.30353294 0.00000000 977.90011471
A-2 0.00000000 0.00000000 5.41666691 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.40287539 0.00000000 996.58867503
A-4 0.00000000 0.00000000 5.27987406 0.00000000 973.27852590
A-5 0.00000000 0.00000000 5.41666667 0.00000000 1000.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 994.63276865
A-IO 0.00000000 0.00000000 0.34984115 0.00000000 979.67585259
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 0.00000000 0.00000000 5.40287566 0.00000000 996.58867397
B-1 0.00000000 0.00000000 5.40287796 0.00000000 996.58867346
B-2 0.00000000 0.00000000 5.40287000 0.00000000 996.58867828
B-3 0.00000000 0.00000000 5.40287996 0.00000000 996.58867774
B-4 0.00000000 0.00000000 5.40288178 0.00000000 996.58866650
B-5 0.00000000 0.00000000 5.40287032 0.00000000 996.58878160
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 1,438,415.04
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 15,824.14
Realized Losses 0.00
Total Deposits 1,454,239.18
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 35,791.20
Payment of Interest and Principal 1,418,447.98
Total Withdrawals (Pool Distribution Amount) 1,454,239.18
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 35,791.20
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 35,791.20
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 9 2,408,266.83 1.388889% 1.155369%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 9 2,408,266.83 1.388889% 1.155369%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 15,824.14
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class A 9,021,240.00 4.24999983% 8,990,465.68 4.31318892% 95.666846% 100.000000%
Class M 4,563,686.00 2.14999986% 4,548,117.85 2.18196612% 2.141088% 0.000000%
Class B-1 2,653,306.00 1.25000001% 2,644,254.78 1.26858506% 0.917609% 0.000000%
Class B-2 1,804,248.00 0.84999997% 1,798,093.19 0.86263781% 0.407826% 0.000000%
Class B-3 1,061,322.00 0.49999981% 1,057,701.55 0.50743385% 0.356848% 0.000000%
Class B-4 636,793.00 0.29999979% 634,620.76 0.30446023% 0.203913% 0.000000%
Class B-5 0.00 0.00000000% 0.00 0.00000000% 0.305870% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.04711104% 100,000.00 0.04797514%
Fraud 4,245,289.59 2.00000000% 4,245,289.59 2.03668382%
Special Hazard 2,478,897.00 1.16783412% 2,478,897.00 1.18925442%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 7.040080%
Weighted Average Pass-Through Rate 6.834257%
Weighted Average Maturity(Stepdown Calculation ) 353
Beginning Scheduled Collateral Loan Count 648
Number Of Loans Paid In Full 0
Ending Scheduled Collateral Loan Count 648
Beginning Scheduled Collateral Balance 208,671,288.61
Ending Scheduled Collateral Balance 208,441,268.33
Ending Actual Collateral Balance at 31-Jul-1999 208,441,268.33
Monthly P &I Constant 1,405,494.80
Class A Optimal Amount 1,361,379.56
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 177,345,247.33
Ending scheduled Balance For discounted Loans 31,096,021.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
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