- -----------------------------------------------------------------
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
STRUCTURED ASSET MORTGAGE INVESTMENTS, INC.
-------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-51279 13-3633241
- ---------------------------- ----------- -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 Park Avenue
New York, New York 10167
----------------------- -----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 272-1000
----- --------
- -----------------------------------------------------------------
<PAGE>
Item 5. Other Events.
- ---- ------------
A distribution was made to the Certificateholders of the GMACM Mortgage
Loan Trust 1999-J1, Mortgage Pass-Through Certificates, Series 1999-J1, on
August 25, 1999. The distribution was made pursuant to the provisions of a
Pooling and Servicing Agreement dated July 1, 1999 by and among Structured
Asset Mortgage Investments, Inc., as Seller, GMAC Mortgage Corporation, as
Servicer, and Norwest Bank Minnesota, N.A., as Trustee.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
Exhibit 28.1. August 25, 1999 -
Information on Distribution to Certificateholders.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
STRUCTURED ASSET MORTGAGE INVESTMENTS, INC.
By: /s/ Sara Bonesteel
--------------------------------------
Name: Sara Bonesteel
Title: Vice President
Dated: September 14, 1999
<PAGE>
Exhibit Index
-------------
Exhibit
- -------
28.1. August 25, 1999 - Information on Distribution to Certificateholders.
<PAGE>
EXHIBIT 28.1
<TABLE>
<CAPTION>
<S> <C>
GMAC Mortgage Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 31-Jul-1999 Securities Administration Services
Distribution Date: 25-Aug-1999 11000 Broken Land Parkway
Columbia, MD 21044
26-Aug-1999 10:46:29AM Telephone: (301) 815-6600
GMA SERIES 1999-J01 Fax: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary
- ------------------------------------------------------------------------------------------
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------
A-1 36185NAA8 SEN 6.40000 % 5,450,000.00 29,066.67
A-2 36185NAB6 SEN 6.75000 % 18,655,000.00 104,934.37
A-3 36185NAC4 SEN 6.75000 % 39,647,000.00 223,014.37
A-4 36185NAD2 SEN 6.75000 % 6,701,000.00 37,693.12
A-5 36185NAE0 SEN 6.75000 % 0.00 1,589.58
A-6 36185NAF7 SEN 6.30000 % 37,100,000.00 194,775.00
A-7 36185NAG5 SEN 6.75000 % 34,582,000.00 194,523.75
A-8 36185NAH3 SEN 5.32000 % 9,540,000.00 42,294.00
A-9 36185NAJ9 SEN 3.18000 % 0.00 25,281.00
A-10 36185NAK6 SEN 6.75000 % 8,250,000.00 46,406.25
A-11 36185NAL4 SEN 7.00000 % 39,641,546.00 231,242.35
A-12 36185NAM2 SEN 0.00000 % 1,468,205.00 0.00
A-13 36185NAN0 SEN 6.75000 % 2,750,000.00 15,468.75
A-14 36185NAP5 SEN 6.75000 % 18,795,000.00 105,721.87
X 36185NAQ3 IO 0.31050 % 0.00 38,598.41
PO 36185NAR1 PO 0.00000 % 1,782,620.00 0.00
RU 36185NAS9 R 6.75000 % 100.00 0.57
RL GMA99J1RL R 0.00000 % 0.00 0.00
B-1 36185NAT7 SUB 6.75000 % 5,520,900.00 31,055.06
B-2 36185NAU4 SUB 6.75000 % 1,997,000.00 11,233.12
B-3 36185NAV2 SUB 6.75000 % 1,057,200.00 5,946.75
B-4 36185NAW0 SUB 6.75000 % 1,057,200.00 5,946.75
B-5 36185NAX8 SUB 6.75000 % 352,400.00 1,982.25
B-6 36185NAY6 SUB 6.75000 % 587,354.00 3,303.87
- ------------------------------------------------------------------------------------------
Totals 234,934,525.00 1,350,077.86
- ------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
(Table Continued)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 5,450,000.00 29,066.67 0.00
A-2 0.00 0.00 18,655,000.00 104,934.37 0.00
A-3 0.00 0.00 39,647,000.00 223,014.37 0.00
A-4 0.00 0.00 6,701,000.00 37,693.12 0.00
A-5 0.00 0.00 0.00 1,589.58 0.00
A-6 318,823.43 0.00 36,781,176.57 513,598.43 0.00
A-7 297,184.69 0.00 34,284,815.31 491,708.44 0.00
A-8 81,983.17 0.00 9,458,016.83 124,277.17 0.00
A-9 0.00 0.00 0.00 25,281.00 0.00
A-10 (14,603.12) 0.00 8,264,603.12 31,803.13 0.00
A-11 0.00 0.00 39,641,546.00 231,242.35 0.00
A-12 0.00 0.00 1,468,205.00 0.00 0.00
A-13 (15,468.75) 0.00 2,765,468.75 0.00 0.00
A-14 (105,721.87) 0.00 18,900,721.87 0.00 0.00
X 0.00 0.00 0.00 38,598.41 0.00
PO 2,680.77 0.00 1,779,939.23 2,680.77 0.00
RU 100.00 0.00 0.00 100.57 0.00
RL 0.00 0.00 0.00 0.00 0.00
B-1 4,604.99 0.00 5,516,295.01 35,660.05 0.00
B-2 1,665.70 0.00 1,995,334.30 12,898.82 0.00
B-3 881.81 0.00 1,056,318.19 6,828.56 0.00
B-4 881.81 0.00 1,056,318.19 6,828.56 0.00
B-5 293.94 0.00 352,106.06 2,276.19 0.00
B-6 489.91 0.00 586,864.09 3,793.78 0.00
- ---------------------------------------------------------------------------------------------------
Totals 573,796.48 0.00 234,360,728.52 1,923,874.34 0.00
- ---------------------------------------------------------------------------------------------------
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
GMAC Mortgage Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 31-Jul-1999 Securities Administration Services
Distribution Date: 25-Aug-1999 11000 Broken Land Parkway
Columbia, MD 21044
26-Aug-1999 10:46:29AM Telephone: (301) 815-6600
GMA SERIES 1999-J01 Fax: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
- ---------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class Amount Balance Distribution Distribution Accretion
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 5,450,000.00 5,450,000.00 0.00 0.00 0.00
A-2 18,655,000.00 18,655,000.00 0.00 0.00 0.00
A-3 39,647,000.00 39,647,000.00 0.00 0.00 0.00
A-4 6,701,000.00 6,701,000.00 0.00 0.00 0.00
A-5 0.00 0.00 0.00 0.00 0.00
A-6 37,100,000.00 37,100,000.00 105,143.07 213,680.36 0.00
A-7 34,582,000.00 34,582,000.00 98,006.95 199,177.74 0.00
A-8 9,540,000.00 9,540,000.00 27,036.79 54,946.38 0.00
A-9 0.00 0.00 0.00 0.00 0.00
A-10 8,250,000.00 8,250,000.00 10,705.11 21,098.02 (46,406.25)
A-11 39,641,546.00 39,641,546.00 0.00 0.00 0.00
A-12 1,468,205.00 1,468,205.00 0.00 0.00 0.00
A-13 2,750,000.00 2,750,000.00 0.00 0.00 (15,468.75)
A-14 18,795,000.00 18,795,000.00 0.00 0.00 (105,721.87)
X 0.00 0.00 0.00 0.00 0.00
PO 1,782,620.00 1,782,620.00 1,669.08 1,011.69 0.00
RU 100.00 100.00 32.98 67.02 0.00
RL 0.00 0.00 0.00 0.00 0.00
B-1 5,520,900.00 5,520,900.00 4,604.99 0.00 0.00
B-2 1,997,000.00 1,997,000.00 1,665.70 0.00 0.00
B-3 1,057,200.00 1,057,200.00 881.81 0.00 0.00
B-4 1,057,200.00 1,057,200.00 881.81 0.00 0.00
B-5 352,400.00 352,400.00 293.94 0.00 0.00
B-6 587,354.00 587,354.00 489.91 0.00 0.00
- ---------------------------------------------------------------------------------------------
Totals 244,934,525.00 244,934,525.00 251,412.14 489,981.21 (167,596.87)
- ---------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
(Table Continued)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (1) Reduction Balance Percentage Distribution
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 5,450,000.00 1.00000000 0.00
A-2 0.00 0.00 18,655,000.00 1.00000000 0.00
A-3 0.00 0.00 39,647,000.00 1.00000000 0.00
A-4 0.00 0.00 6,701,000.00 1.00000000 0.00
A-5 0.00 0.00 0.00 0.00000000 0.00
A-6 0.00 318,823.43 36,781,176.57 0.99140638 318,823.43
A-7 0.00 297,184.69 34,284,815.31 0.99140638 297,184.69
A-8 0.00 81,983.17 9,458,016.83 0.99140638 81,983.17
A-9 0.00 0.00 0.00 0.00000000 0.00
A-10 0.00 (14,603.12) 8,264,603.12 1.00177008 (14,603.12)
A-11 0.00 0.00 39,641,546.00 1.00000000 0.00
A-12 0.00 0.00 1,468,205.00 1.00000000 0.00
A-13 0.00 (15,468.75) 2,765,468.75 1.00562500 (15,468.75)
A-14 0.00 (105,721.87) 18,900,721.87 1.00562500 (105,721.87)
X 0.00 0.00 0.00 0.00000000 0.00
PO 0.00 2,680.77 1,779,939.23 1.00562500 2,680.77
RU 0.00 100.00 0.00 0.00000000 100.00
RL 0.00 0.00 0.00 0.00000000 0.00
B-1 0.00 4,604.99 5,516,295.01 0.99916590 4,604.99
B-2 0.00 1,665.70 1,995,334.30 0.99916590 1,665.70
B-3 0.00 881.81 1,056,318.19 0.99916590 881.81
B-4 0.00 881.81 1,056,318.19 0.99916590 881.81
B-5 0.00 293.94 352,106.06 0.99916589 293.94
B-6 0.00 489.91 586,864.09 0.99916590 489.91
- -------------------------------------------------------------------------------------------------
Totals 0.00 573,796.48 234,360,728.52 0.99755763 573,796.48
- -------------------------------------------------------------------------------------------------
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud
Losses Unless Othwise Disclosed. Please Refer to the Prospectus
Supplement for a Full Description.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
GMAC Mortgage Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 31-Jul-1999 Securities Administration Services
Distribution Date: 25-Aug-1999 11000 Broken Land Parkway
Columbia, MD 21044
26-Aug-1999 10:46:29AM Telephone: (301) 815-6600
GMA SERIES 1999-J01 Fax: (410) 884-2369
</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 5,450,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2 18,655,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 39,647,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 6,701,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-6 37,100,000.00 1000.00000000 2.83404501 5.75957844 0.00000000
A-7 34,582,000.00 1000.00000000 2.83404517 5.75957839 0.00000000
A-8 9,540,000.00 1000.00000000 2.83404507 5.75957862 0.00000000
A-9 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-10 8,250,000.00 1000.00000000 1.29758909 2.55733576 (5.62500000)
A-11 39,641,546.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-12 1,468,205.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-13 2,750,000.00 1000.00000000 0.00000000 0.00000000 (5.62500000)
A-14 18,795,000.00 1000.00000000 0.00000000 0.00000000 (5.62499973)
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
PO 1,782,620.00 1000.00000000 0.93630723 0.56752982 0.00000000
RU 100.00 1000.00000000 329.80000000 670.20000000 0.00000000
RL 0.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 5,520,900.00 1000.00000000 0.83410132 0.00000000 0.00000000
B-2 1,997,000.00 1000.00000000 0.83410115 0.00000000 0.00000000
B-3 1,057,200.00 1000.00000000 0.83409951 0.00000000 0.00000000
B-4 1,057,200.00 1000.00000000 0.83409951 0.00000000 0.00000000
B-5 352,400.00 1000.00000000 0.83410897 0.00000000 0.00000000
B-6 587,354.00 1000.00000000 0.83409664 0.00000000 0.00000000
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
(Table Continued)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class (2) Loss (3) Reduction Balance Percentage Distribution
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-6 0.00000000 8.59362345 991.40637655 0.99140638 8.59362345
A-7 0.00000000 8.59362356 991.40637644 0.99140638 8.59362356
A-8 0.00000000 8.59362369 991.40637631 0.99140638 8.59362369
A-9 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-10 0.00000000 (1.77007515) 1001.77007515 1.00177008 (1.77007515)
A-11 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-12 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-13 0.00000000 (5.62500000) 1005.62500000 1.00562500 (5.62500000)
A-14 0.00000000 (5.62499973) 1005.62499973 1.00562500 (5.62499973)
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
PO 0.00000000 1.50383705 998.49616295 0.99849616 1.50383705
RU 0.00000000 1000.00000000 0.00000000 0.00000000 1000.00000000
RL 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.83410132 999.16589868 0.99916590 0.83410132
B-2 0.00000000 0.83410115 999.16589885 0.99916590 0.83410115
B-3 0.00000000 0.83409951 999.16590049 0.99916590 0.83409951
B-4 0.00000000 0.83409951 999.16590049 0.99916590 0.83409951
B-5 0.00000000 0.83410897 999.16589103 0.99916589 0.83410897
B-6 0.00000000 0.83409664 999.16590336 0.99916590 0.83409664
- ---------------------------------------------------------------------------------------------------
</TABLE>
Per $1000 denomination.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud
Losses Unless Otherwise Disclosed. Please Refer to the Prospectus
Supplement for a Full Description.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
GMAC Mortgage Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 31-Jul-1999 Securities Administration Services
Distribution Date: 25-Aug-1999 11000 Broken Land Parkway
Columbia, MD 21044
26-Aug-1999 10:46:29AM Telephone: (301) 815-6600
GMA SERIES 1999-J01 Fax: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
- --------------------------------------------------------------------------------------------------------
Payment of
Current Beginning Current Unpaid Current
Original Face Certificate Certificate/ Accrued Interest Interest
Class Amount Rate Notional Balance Interest Shortfall Shortfall
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 5,450,000.00 6.40000 % 5,450,000.00 29,066.67 0.00 0.00
A-2 18,655,000.00 6.75000 % 187,655,000.00 104,934.38 0.00 0.00
A-3 39,647,000.00 6.75000 % 39,647,000.00 223,014.38 0.00 0.00
A-4 6,701,000.00 6.75000 % 6,701,000.00 37,693.12 0.00 0.00
A-5 0.00 6.75000 % 282,592.59 1,589.58 0.00 0.00
A-6 37,100,000.00 6.30000 % 37,100,000.00 194,775.00 0.00 0.00
A-7 34,582,000.00 6.75000 % 34,582,000.00 194,523.75 0.00 0.00
A-8 9,540,000.00 5.32000 % 9,540,000.00 42,294.00 0.00 0.00
A-9 0.00 3.18000 % 9,540,000.00 25,281.00 0.00 0.00
A-10 8,250,000.00 6.75000 % 8,250,000.00 46,406.25 0.00 0.00
A-11 39,641,546.00 7.00000 % 39,641,546.00 231,242.35 0.00 0.00
A-12 1,468,205.00 0.00000 % 1,468,205.00 0.00 0.00 0.00
A-13 2,750,000.00 6.75000 % 2,750,000.00 15,468.75 0.00 0.00
A-14 18,795,000.00 6.75000 % 18,795,000.00 105,721.88 0.00 0.00
X 0.00 0.31050 % 0.00 38,598.41 0.00 0.00
PO 1,782,620.00 0.00000 % 1,782,620.00 0.00 0.00 0.00
RU 100.00 6.75000 % 100.00 0.56 0.00 0.00
RL 0.00 0.00000 % 0.00 0.00 0.00 0.00
B-1 5,520,900.00 6.75000 % 5,520,900.00 31,055.06 0.00 0.00
B-2 1,997,000.00 6.75000 % 1,997,000.00 11,233.12 0.00 0.00
B-3 1,057,200.00 6.75000 % 1,057,200.00 5,946.75 0.00 0.00
B-4 1,057,200.00 6.75000 % 1,057,200.00 5,946.75 0.00 0.00
B-5 352,400.00 6.75000 % 352,400.00 1,982.25 0.00 0.00
B-6 587,354.00 6.75000 % 587,354.00 3,303.87 0.00 0.00
- --------------------------------------------------------------------------------------------------------
Totals 234,934,525.00 1,350,077.88 0.00 0.00
- --------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
(Table Continued)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
Remaining
Non-Supported Total Unpaid Ending
Interest Realized Interest Interest Certificate/
Class Shortfall Losses (4) Distribution Shortfall Notional Balance
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 29,066.67 0.00 5,450,000.00
A-2 0.00 0.00 104,934.37 0.00 18,655,000.00
A-3 0.00 0.00 223,014.37 0.00 39,647,000.00
A-4 0.00 0.00 37,693.12 0.00 6,701,000.00
A-5 0.00 0.00 1,589.58 0.00 282,592.59
A-6 0.00 0.00 194,775.00 0.00 36,781,176.57
A-7 0.00 0.00 194,523.75 0.00 34,284,815.31
A-8 0.00 0.00 42,294.00 0.00 9,458,016.83
A-9 0.00 0.00 25,281.00 0.00 9,458,016.83
A-10 0.00 0.00 46,406.25 0.00 8,264,603.12
A-11 0.00 0.00 231,242.35 0.00 39,641,546.00
A-12 0.00 0.00 0.00 0.00 1,468,205.00
A-13 0.00 0.00 15,468.75 0.00 2,765,468.75
A-14 0.00 0.00 105,721.87 0.00 18,900,721.87
X 0.00 0.00 38,598.41 0.00 0.00
PO 0.00 0.00 0.00 0.00 1,779,939.23
RU 0.00 0.00 0.57 0.00 0.00
RL 0.00 0.00 0.00 0.00 0.00
B-1 0.00 0.00 31,055.06 0.00 5,516,295.01
B-2 0.00 0.00 11,233.12 0.00 1,995,334.30
B-3 0.00 0.00 5,946.75 0.00 1,056,318.19
B-4 0.00 0.00 5,946.75 0.00 1,056,318.19
B-5 0.00 0.00 1,982.25 0.00 352,106.06
B-6 0.00 0.00 3,303.87 0.00 586,864.09
- -----------------------------------------------------------------------------------------
Totals 0.00 0.00 1,350,077.86 0.00
- -----------------------------------------------------------------------------------------
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud
Losses Unless Otherwise Disclosed. Please Refer to the Prospectus
Supplement for a Full Description.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
GMAC Mortgage Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 31-Jul-1999 Securities Administration Services
Distribution Date: 25-Aug-1999 11000 Broken Land Parkway
Columbia, MD 21044
26-Aug-1999 10:46:29AM Telephone: (301) 815-6600
GMA SERIES 1999-J01 Fax: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
- ---------------------------------------------------------------------------------------------------------
Payment of
Current Beginning Current Unpaid Current
Original Face Certificate Certificate/ Accrued Interest Interest
Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 5,450,000.00 6.40000% 1000.00000000 5.33333394 0.00000000 0.00000000
A-2 18,655,000.00 6.75000% 1000.00000000 5.62500027 0.00000000 0.00000000
A-3 39,647,000.00 6.75000% 1000.00000000 5.62500013 0.00000000 0.00000000
A-4 6,701,000.00 6.75000% 1000.00000000 5.62499925 0.00000000 0.00000000
A-5 0.00 6.75000% 1000.00000000 5.62498826 0.00000000 0.00000000
A-6 37,100,000.00 6.30000% 1000.00000000 5.25000000 0.00000000 0.00000000
A-7 34,582,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-8 9,540,000.00 5.32000% 1000.00000000 4.43333333 0.00000000 0.00000000
A-9 0.00 3.18000% 1000.00000000 2.65000000 0.00000000 0.00000000
A-10 8,250,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-11 39,641,546.00 7.00000% 1000.00000000 5.83333329 0.00000000 0.00000000
A-12 1,468,205.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
A-13 2,750,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-14 18,795,000.00 6.75000% 1000.00000000 5.62500027 0.00000000 0.00000000
X 0.00 0.31050% 0.00000000 0.26007360 0.00000000 0.00000000
PO 1,782,620.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
RU 100.00 6.75000% 1000.00000000 5.60000000 0.00000000 0.00000000
RL 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
B-1 5,520,900.00 6.75000% 1000.00000000 5.62499955 0.00000000 0.00000000
B-2 1,997,000.00 6.75000% 1000.00000000 5.62499750 0.00000000 0.00000000
B-3 1,057,200.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
B-4 1,057,200.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
B-5 352,400.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
B-6 587,354.00 6.75000% 1000.00000000 5.62500638 0.00000000 0.00000000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
(Table Continued)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
Remaining
Non-Supported Total Unpaid Ending
Interest Realized Interest Interest Certificate/
Class (5) Shortfall Losses(6) Distribution Shortfall Notional Balance
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 5.33333394 0.00000000 1000.00000000
A-2 0.00000000 0.00000000 5.62499973 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.62499987 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.62499925 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.62498826 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.25000000 0.00000000 991.40637655
A-7 0.00000000 0.00000000 5.62500000 0.00000000 991.40637644
A-8 0.00000000 0.00000000 4.43333333 0.00000000 991.40637631
A-9 0.00000000 0.00000000 2.65000000 0.00000000 991.40637631
A-10 0.00000000 0.00000000 5.62500000 0.00000000 1001.77007515
A-11 0.00000000 0.00000000 5.83333329 0.00000000 1000.00000000
A-12 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
A-13 0.00000000 0.00000000 5.62500000 0.00000000 1005.62500000
A-14 0.00000000 0.00000000 5.62499973 0.00000000 1005.62499973
X 0.00000000 0.00000000 0.26007360 0.00000000 0.00000000
PO 0.00000000 0.00000000 0.00000000 0.00000000 998.49616295
RU 0.00000000 0.00000000 5.70000000 0.00000000 0.00000000
RL 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 5.62499955 0.00000000 999.16589868
B-2 0.00000000 0.00000000 5.62499750 0.00000000 999.16589885
B-3 0.00000000 0.00000000 5.62500000 0.00000000 999.16590049
B-4 0.00000000 0.00000000 5.62500000 0.00000000 999.16590049
B-5 0.00000000 0.00000000 5.62500000 0.00000000 999.16589103
B-6 0.00000000 0.00000000 5.62500638 0.00000000 999.16590336
- ------------------------------------------------------------------------------------------
</TABLE>
Per $1000 denomination
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud
Losses Unless Otherwise Disclosed. Please Refer to the Prospectus
Supplement for a Full Description.
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
GMAC Mortgage Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 31-Jul-1999 Securities Administration Services
Distribution Date: 25-Aug-1999 11000 Broken Land Parkway
Columbia, MD 21044
26-Aug-1999 10:46:29AM Telephone: (301) 815-6600
GMA SERIES 1999-J01 Fax: (410) 884-2369
</TABLE>
Certificateholder Account Statement
CERTIFICATE ACCOUNT
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 1,975,168.71
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
--------------
Total Deposits 1,975,168.71
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 51,294.37
Payment of Interest and Principal 1,923,874.34
--------------
Total Withdrawals (Pool Distribution Amount) 1,975,168.71
Ending Balance 0.00
==============
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
--------------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
==============
SERVICING FEE
Gross Servicing Fee 48,944.80
Trustee Fee - Norwest Bank 2,349.57
Supported Prepayment/Curtailment Interest Shortfall 0.00
--------------
Net Servicing Fee 51,294.37
==============
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
GMAC Mortgage Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 31-Jul-1999 Securities Administration Services
Distribution Date: 25-Aug-1999 11000 Broken Land Parkway
Columbia, MD 21044
26-Aug-1999 10:46:29AM Telephone: (301) 815-6600
GMA SERIES 1999-J01 Fax: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Delinquency/Credit Enhancement Statement
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 5 1,871,669.11 0.716332% 0.798627%
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 5 1,871,669.11 0.716332% 0.798627%
</TABLE>
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 0.00
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
GMAC Mortgage Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 31-Jul-1999 Securities Administration Services
Distribution Date: 25-Aug-1999 11000 Broken Land Parkway
Columbia, MD 21044
26-Aug-1999 10:46:29AM Telephone: (301) 815-6600
GMA SERIES 1999-J01 Fax: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class % Prepayment %
------------- ----------- ------------- ------------ ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Class A 12,354,774.00 5.25881583% 12,343,175.07 5.26674205% 95.492745% 100.000000%
Class X 12,354,774.00 5.25881583% 12,343,175.07 5.26674205% 0.000000% 0.000000%
Class PO 10,572,154.00 4.50004272% 10,563,235.84 4.50725507% 0.759487% 0.000000%
Class RU 10,572,054.00 4.50000016% 10,563,235.84 4.50725507% 0.000000% 0.000000%
Class RL 10,572,054.00 4.50000016% 10,563,235.84 4.50725507% 0.000000% 0.000000%
Class B-1 5,051,154.00 2.15002627% 5,046,940.83 2.15349254% 2.353763% 0.000000%
Class B-2 3,054,154.00 1.30000220% 3,051,606.53 1.30209807% 0.851394% 0.000000%
Class B-3 1,996,954.00 0.85000449% 1,995,288.34 0.85137486% 0.450723% 0.000000%
Class B-4 939,754.00 0.40000677% 938,970.15 0.40065166% 0.450723% 0.000000%
Class B-5 587,354.00 0.25000753% 586,864.09 0.25041059% 0.150241% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.000000% 0.250411% 0.000000%
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
Original $ Original % Current $ Current %
------------- ----------- ------------- ------------
Bankruptcy 100,000.00 0.04256505% 100,000.00 0.04266926%
Fraud 2,349,345.25 1.00000000% 2,349,345.25 1.00244834%
Special Hazard 4,223,271.00 1.79763745% 4,223,271.00 1.80203868%
Limit of Subordinate's Exposure to Certain Types of Loss
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
GMAC Mortgage Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 31-Jul-1999 Securities Administration Services
Distribution Date: 25-Aug-1999 11000 Broken Land Parkway
Columbia, MD 21044
26-Aug-1999 10:46:29AM Telephone: (301) 815-6600
GMA SERIES 1999-J01 Fax: (410) 884-2369
</TABLE>
COLLATERAL STATEMENT
Collateral Description 6 Month LIBOR ARM
Weighted Average Gross Coupon 7.157919%
Weighted Average Net Coupon 6.907918%
Weighted Average Pass-Through Rate 6.895917%
Weighted Average Maturity (Stepdown Calculation) 356
Beginning Scheduled Collateral Loan Count 698
Number of Loans Paid in Full 0
Ending Scheduled Collateral Loan Count 698
Beginning Scheduled Collateral Balance 234,934,525.00
Ending Scheduled Collateral Balance 234,360,729.20
Ending Actual Collateral Balance at 31-Jul-1999 234,507,465.63
Monthly P&I Constant 1,597,317.15
Class A Optimal Amount 1,853,369.38
Ending Scheduled Balance for Premium Loans 234,360,729.20
