SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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
BLOCK MORTGAGE FINANCE ASSET BACKED
CERTIFICATES SERIES 1999-2 TRUST
(created under a Pooling and Servicing Agreement dated as of October 1,
1999, which Trust is the Issuer of Block Mortgage Finance
Asset Backed Certificates, Series 1999-2)
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(Exact name of registrant as specified in its charter)
New York
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(State or other jurisdiction of incorporation)
333-65215-03 36-4319816
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(Commission File Number) (IRS Employer Identification No.)
Bank One, National Association
1 Bank One Plaza, Suite IL1-0126
Chicago, Illinois 60670-0126
Attention: Corporate Trust Administration,
Block Mortgage Finance
Asset Backed Certificates, Series 1999-2 60670-0126
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 312-407-0192
Not applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
Attached hereto is a copy of the Statement to Certificateholders with
respect to the December, 1999, distribution to Certificateholders as
provided to the Certificateholders by the Trustee.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
Exhibit 99.1 Statement to Certificateholders Relating to December, 1999,
Distributions to Holders of Block Mortgage Finance Asset Backed
Certificates, Series 1999-2.
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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EXHIBIT INDEX
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Exhibit No. Description
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99.1 Statement to Certificateholders Relating to December, 1999,
Distributions to Holders of Block Mortgage Finance Asset
Backed Certificates, Series 1999-2.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BLOCK MORTGAGE FINANCE, INC., as
Registrant
Date: January 4, 2000 By: /s/ Bret G. Wilson
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Bret G. Wilson, President
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Block Mortgage Finance
Asset Backed Certificates
Series 1999-2
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STATEMENT TO CERTIFICATEHOLDERS
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Distribution Date: 27-Dec-99
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Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
Class Face Value Balance Distribution Distribution Distribution Balance
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<S> <C> <C> <C> <C> <C> <C>
A-1 25,500,000.00 24,553,776.16 923,767.09 144,232.97 1,068,000.06 23,630,009.07
A-2 19,000,000.00 19,000,000.00 0.00 118,259.17 118,259.17 19,000,000.00
A-3 12,586,000.00 12,586,000.00 0.00 84,053.50 84,053.50 12,586,000.00
A-4 6,343,000.00 6,343,000.00 0.00 41,107.93 41,107.93 6,343,000.00
A-5 39,500,000.00 37,610,995.11 1,713,673.30 223,221.26 1,936,894.56 35,897,321.81
A-6 55,304,000.00 55,304,000.00 0.00 287,166.02 287,166.02 55,304,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00
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Total 158,233,000.00 155,397,771.27 2,637,440.39 898,040.85 3,535,481.24 152,760,330.88
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AMOUNTS PER $1,000 UNIT RATES
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Ending
Principal Interest Total Certificate Current Pass
Class CUSIP Distribution Distribution Distribution Balance Through Rate
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<S> <C> <C> <C> <C> <C> <C>
A-1 09367MBH1 36.22616039 5.65619490 41.88235529 962.66702235 7.04900%
A-2 09367MBJ7 0.00000000 6.22416684 6.22416684 1,000.00000000 7.46900%
A-3 09367MBK4 0.00000000 6.67833307 6.67833307 1,000.00000000 8.01400%
A-4 09367MBL2 0.00000000 6.48083399 6.48083399 1,000.00000000 7.77700%
A-5 09367MBM0 43.38413418 5.65117114 49.03530532 908.79295722 7.12200%
A-6 09367MBN8 0.00000000 5.19250000 5.19250000 1,000.00000000 6.03000%
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Total 16.66808055 5.67543338 22.34351393 965.41385729
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PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Jeff Kinney
Bank One, NA
Mail Suite 0134
Chicago, IL 60670
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Block Mortgage Finance
Asset Backed Certificates
Series 1999-2
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STATEMENT TO CERTIFICATEHOLDERS
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Distribution Date: 27-Dec-99
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Group I Group II
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<S> <C> <C>
SEC. 7.09 (a)(i) Scheduled Principal 51,295.99 42,109.62
Principal Prepayments 713,218.13 1,409,764.01
Net Liquidation Proceeds 0.00 0.00
Paid Principal Carry Forward Amount 0.00 0.00
Remaining Unpaid Principal Carry Forward Amount 0.00 0.00
SEC. 7.09 (a) (ii) Compensating Interest 0.00 0.00
Paid Interest Carry Forward Amount 0.00 0.00
Remaining Unpaid Interest Carry Forward Amount 0.00 0.00
A-6 Basis Risk Carryover Amount Paid 0.00
A-6 Basis Risk Carryover Amount Remaining 0.00
Group I Group II Total
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<S> <C> <C> <C>
SEC. 7.09 (a)(iv), (xii) Aggregate Group Loan Balance: 63,666,378.93 94,918,714.09 158,585,093.02
SEC. 7.09 (a) (v) Servicing Fees 67,000.62
Insurance Premium Amount 00.00
Trustee Fee 3,015.03
SEC. 7.09 (a)(vii) Current Delinquency Advances 375,036.15
Current Servicing Advances 0.00
Total unreimbursed Delinquency Advances 0.00
Total unreimbursed Servicing Advances 0.00
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SEC. 7.09 (a) (viii) (A), (B) Not in Foreclosure or REO In Foreclosure
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Delinquencies Period Number Prin. Balance Number Prin. Balance
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<S> <C> <C> <C> <C> <C>
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1-29 Days 228 14,258,100.95 0 0.00
30-59 Days 23 1,387,941.07 0 0.00
Fixed Group 60-89 Days 9 446,275.36 0 0.00
90+ Days 35 2,041,450.87 0 0.00
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1-29 Days 194 19,902,929.89 0 0.00
30-59 Days 22 2,603,043.25 0 0.00
Adj. Group 60-89 Days 7 774,650.76 0 0.00
90+ Days 25 2,954,626.07 0 0.00
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SEC. 7.09 (a)(ix), (x) Outstanding REO Properties Number Loan Balance
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* New REO Properties - See separate schedule, if applicable 0 0.00
<S> <C> <C>
SEC. 7.09 (a)(xi) Insured Payment 0.00
Class A-1 Allocation 0.00
Class A-2 Allocation 0.00
Class A-3 Allocation 0.00
Class A-4 Allocation 0.00
Class A-5 Allocation 0.00
Class A-6 Allocation 0.00
Group I Group II
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<S> <C> <C>
SEC. 7.09 (a)(xiii) Subordinated Amount 2,107,369.86 3,717,392.28
Subordination Deficit 0.00 0.00
Specified Subordinated Amount 4,793,415.85 7,838,253.22
SEC. 7.09 (a) (xiv) Substitution Adjustments 0.00 0.00
Loan Purchase Price amounts 0.00 0.00
SEC. 7.09 (a)(xv) Weighted Average Coupon 10.7155% 10.1417%
Weighted Average Remaining Term to Maturity 224 350
SEC. 7.09 (a)(xvi) Largest Loan Balance Outstanding 391,681.54 509,874.80
SEC. 7.09 (a)(xvii) Available Funds 1,153,375.77 1,964,067.86
Total Available Funds 1,312,628.74 2,225,867.53
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Block Mortgage Finance
Asset Backed Certificates
Series 1999-2
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STATEMENT TO CERTIFICATEHOLDERS
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Distribution Date: 27-Dec-99
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REO Status
SEC. 7.09 (a) (x) Mortgage Loans becoming REO Property during the preceding calendar month
<S> <C> <C> <C>
Group Loan Number Principal Balance
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