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 27, 1999
MERRILL LYNCH MORTGAGE INVESTORS, INC., (as depositor under the Pooling and
Servicing Agreement, dated June 1, 1999, which forms the Trust, which will issue
the Mortgage Loan Asset-Backed Certificates, Series 1999-H2).
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-39127-10 13-5674085
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
World Financial Center North Tower
250 Vesey Street, 17th Floor
New York, New York 10281-1315
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 449-1000
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 8 consecutively numbered pages.
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Item 5. Other Events.
This report and the attached exhibit is being filed with respect to the
Registrant's Mortgage Loan Asset-Backed Certificates, Series 1999-H2 (the
"Certificates") pursuant to "no-action" positions taken by the Securities and
Exchange Commission with respect to alternative means of satisfying the
Registrant's reporting obligations under the Securities Exchange Act of 1934, as
amended. The Certificates were issued, and this report and exhibit is being
filed, pursuant to the terms of the Pooling and Servicing Agreement, dated as of
June 1, 1999 ( the "Agreement"), among Merrill Lynch Mortgage Investors, Inc.,
as depositor, Litton Loan Servicing LP as master servicer, and The Chase
Manhattan Bank, as trustee. On December 27, 1999 distribution was made to the
Certificateholders. Specific information with respect to the distribution is
filed as Exhibit 99.1. No other reportable transactions or matters have occurred
during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
Statement to Certificateholders on December 27, 1999,
as Exhibit 99.1.
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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.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: December 29, 1999 By: /s/ Kimberly K. Costa
Kimberly K. Costa
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
December 27, 1999.
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Exhibit 99.1
Monthly Certificateholder Statement on December 27, 1999
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MERRILL LYNCH MORTGAGE INVESTORS, INC. 1999-H2
STATEMENT TO CERTIFICATEHOLDERS
December 27, 1999
<S> <C> <C>
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A 109,248,500.00 92,134,590.93 3,719,064.09 456,888.40 4,175,952.49 0.00 0.00 88,415,526.84
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
TOTALS 109,248,500.00 92,134,590.93 3,719,064.09 456,888.40 4,175,952.49 0.00 0.00 88,415,526.84
- ----------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- ----------------------------------------------
FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL PASS-THRU
CLASS FACTOR PRINCIPAL INTEREST TOTAL FACTOR CLASS RATE
- -------------------------------------------------------------------------------- ----------------------------------------------
A 843.34879591 34.04224397 4.1821022 38.22434624 809.30655194 A 5.758750%
- -------------------------------------------------------------------------------- ----------------------------------------------
TOTALS 843.34879591 34.04224397 4.1821022 38.22434624 809.30655194
- --------------------------------------------------------------------------------
If there are any questions or problems with this statement, please contact The Administrator listed below:
---------------------------------------
KAREN DOBRES
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
Tel: (212)946-3232
Email: [email protected]
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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MERRILL LYNCH MORTGAGE INVESTORS, INC. 1999-H2
STATEMENT TO CERTIFICATEHOLDERS
December 27, 1999
Sec. 4.02(2) Libor Shortfall Amount 0.00
Sec. 4.02(2) Libor Carry Forward Amount 0.00
Sec. 4.02(2)Class A Interest Carry Forward Amount 0.00
FEES PAID
PMI Premium 13,606.49
Premium 16,123.55
Trustee Fee 1,002.57
Special Service Fee Due 13,750.00
Special Service Fee Paid 0.00
Sec. 4.02(3)The Extra Principal Distribution Amount 362,757.75
Sec 4.02(4)The Monthly Excess Cashflow Amount 393,490.36
Sec. 4.02(5)Required Overcollateralization Amount 7,759,606.13
Sec. 4.02(6)The Overcollateralization Amount 4,474,459.43
Sec. 4.02(7)The Overcollateralization Deficiency 3,285,146.70
Sec. 4.02(6)The Overcollateralization Release Amount 0.00
Sec. 4.02(9)The Aggregate Amount of Servicing Compensation received by the Servicer 40,102.50
Sec. 4.02(10)The Aggregate Amount of Advances 1,059,594.03
Sec. 4.02(11)The Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties 92,889,986.27
Sec. 4.02(12a)The Aggregate Number of the Mortgage Loans as of the related Due Date 840.00
Sec. 4.02(12b)The Aggregate Principal Balance of the Mortgage Loans as of the related Due Date 92,889,986.27
Sec. 4,02(12c)The Weighted Average Mortgage Rate of the Mortgage Loans as of the related Due Date 10.2169%
Sec. 4.02(12c)The Weighted Average Remaining Term to Maturity of the Mortgage Loans 342.80
Sec. 4.02(13)Loans Delinquent
Group Totals
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Period Number Principal Balance Percentage
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0-30 days 97 10,273,248.12 11.06 %
31-60 days 20 2,247,778.73 2.42 %
61-90 days 9 684,221.64 0.74 %
91+ days 0 0 0 %
Total 126 13,205,248.49 14.22 %
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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MERRILL LYNCH MORTGAGE INVESTORS, INC. 1999-H2
STATEMENT TO CERTIFICATEHOLDERS
December 27, 1999
Sec. 4.02 Loans in Foreclosure
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
24 2,471,905.49 2.66 %
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Sec. 4.02 Loans in Bankruptcy
Group Totals
Number Principal Balance Percentage
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3 306,571.32 0.33 %
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Sec. 4.02 Loans in REO
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
Sec. 4.02(16)The Aggregate Amount of Prepayment Penalties during the Collection Period 71,028.46
Sec. 4.02(17)The Aggregate Amount of Principal Prepayments During the related Coffection Period 3,305,276.55
Sec. 4.02(18)The Aggregate Amount of Realized Losses incurred During the related Collection Period 0.00
Sec. 4.02(19)The Aggregate Amount of Extraordinary Trust Fund Expenses During the related Collection Period 0.00
Sec. 4.02(22)The Aggregate Amount of Prepayment Interest Shortfalls in the related Collection Period 0.00
Sec. 4.02(23)The Aggregate Amount of Relief Act Interest Shortfalls for such Distribution Date 0.00
Sec. 4.02(25)The Three-Month Rolling Average of 60+ Delinquent Loans 2.5368 %
Sec. 4.02 Three Largest Loan Balances 1,200,570.67
Sec. 4.02(27)Has the Master Servicing Termination Trigger NO
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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