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
CWABS, INC.
(Depositor)
(Issuer in respect of Series 1999-3, SERIES 1999-3 )
(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
CWABS, INC.
Series 1999-3
SERIES 1999-3
On September 25, 1999, The Bank of New York, as Trustee for CWABS, INC., Series
1999-3 SERIES 1999-3 , made a monthly distribution to Certificate holders of
principal and/or interest pursuant to the Pooling and Servicing Agreement, dated
as of August 1, 1999, among CWABS, INC. as Depositor, Countrywide Asset Backed
Securities, 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 CWABS, INC., Series 1999-3 SERIES
1999-3 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 August 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
CWABS, 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 Asset Backed Securities
Series 1999-3, SERIES 1999-3
------------------------------------------------------------
<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 92,450,000.00 7.550000% 364,710.02 581,664.58 946,374.60 0.00 0.00
AF2 40,694,000.00 6.860000% 426,932.00 232,634.03 659,566.03 0.00 0.00
AF3 27,579,000.00 7.170000% 0.00 164,784.52 164,784.52 0.00 0.00
AF4 14,123,000.00 7.350000% 0.00 86,503.38 86,503.38 0.00 0.00
AF5 22,922,000.00 7.730000% 0.00 147,655.88 147,655.88 0.00 0.00
AF6 10,682,000.00 7.960000% 0.00 70,857.27 70,857.27 0.00 0.00
AF7 14,500,000.00 7.580000% 0.00 91,591.67 91,591.67 0.00 0.00
MF1 7,350,000.00 8.060000% 0.00 49,367.50 49,367.50 0.00 0.00
MF2 7,350,000.00 8.500000% 0.00 52,062.50 52,062.50 0.00 0.00
BF 6,125,000.00 8.500000% 0.00 43,385.42 43,385.42 0.00 0.00
AV1 532,400,000.00 5.740630% 4,144,534.76 2,292,233.56 6,436,768.32 0.00 0.00
MV1 25,712,000.00 5.990630% 0.00 115,523.31 115,523.31 0.00 0.00
MV2 24,200,000.00 6.570630% 0.00 119,256.93 119,256.93 0.00 0.00
BV 21,175,000.00 8.470630% 0.00 134,524.19 134,524.19 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 - - 847,262,000.00 - 4,936,176.78 4,182,044.75 9,118,221.53 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior AF1 92,085,289.98 0.00
AF2 40,267,068.00 0.00
AF3 27,579,000.00 0.00
AF4 14,123,000.00 0.00
AF5 22,922,000.00 0.00
AF6 10,682,000.00 0.00
AF7 14,500,000.00 0.00
MF1 7,350,000.00 0.00
MF2 7,350,000.00 0.00
BF 6,125,000.00 0.00
AV1 528,255,465.20 0.00
MV1 25,712,000.00 0.00
MV2 24,200,000.00 0.00
BV 21,175,000.00 0.00
BFI 0.00 0.00
BVI 0.00 0.00
Residual R 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 842,325,823.18 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/99
------------------------------------------------------------
Countrywide Asset Backed Securities
Series 1999-3, SERIES 1999-3
------------------------------------------------------------
<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 92,450,000.00 7.550000% 126671GC4 3.944943 6.291667 996.055057
AF2 40,694,000.00 6.860000% 126671GD2 10.491276 5.716667 989.508724
AF3 27,579,000.00 7.170000% 126671GE0 0.000000 5.975000 1,000.000000
AF4 14,123,000.00 7.350000% 126671GF7 0.000000 6.125000 1,000.000000
AF5 22,922,000.00 7.730000% 126671GG5 0.000000 6.441667 1,000.000000
AF6 10,682,000.00 7.960000% 126671GH3 0.000000 6.633333 1,000.000000
AF7 14,500,000.00 7.580000% 126671GJ9 0.000000 6.316667 1,000.000000
MF1 7,350,000.00 8.060000% 126671GK6 0.000000 6.716667 1,000.000000
MF2 7,350,000.00 8.500000% 126671GL4 0.000000 7.083333 1,000.000000
BF 6,125,000.00 8.500000% 126671GM2 0.000000 7.083333 1,000.000000
AV1 532,400,000.00 5.740630% 126671GN0 7.784626 4.305473 992.215374
MV1 25,712,000.00 5.990630% 126671GP5 0.000000 4.492973 1,000.000000
MV2 24,200,000.00 6.570630% 126671GQ3 0.000000 4.927973 1,000.000000
BV 21,175,000.00 8.470630% 126671GR1 0.000000 6.352972 1,000.000000
BFI 0.00 0.000000% N/A 0.000000 0.000000 0.000000
BVI 0.00 0.000000% N/A 0.000000 0.000000 0.000000
Residual R 0.00 0.000000% N/A 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 847,262,000.00 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Asset Backed Securities
Series 1999-3, SERIES 1999-3
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
prin balance 99,767,168.85 144,570,845.51 601,615,528.63 845,953,542.99
loan count 1266 1796 5273 8335
average loan rate 8.891610% 8.978748% 7.187223% 7.69
prepayment amount 49,074.55 296,271.36 3,119,112.76 3,564,458.67
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
servicing fees 41,666.82 60,416.94 252,083.49 354,167.25
sub servicer fees 0.00 0.00 0.00 0.00
trustee fees 750.00 1,087.50 4,537.50 6,375.01
Aggregate advances N/A N/A N/A N/A
Advances this periods 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Special Hazard 0.00 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% 847,262,000.00
-----------------------------------------------------------------------------
Junior 0.000000% 0.000000% 0.00
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 87 8,550,018.05
60 to 89 days 21 1,754,358.21
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 108 10,304,376.26
- --------------------------------------------------------------------------------
<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 9,118,221.53 9,118,221.53
Principal remittance amount 4,936,176.78 4,936,176.78
Interest remittance amount 4,182,044.75 4,182,044.75
