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): June 26, 2000
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
-----------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-91561 41-1955181
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600 Minneapolis, MN 55437
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (612) 832-7000
<PAGE>
Items 1 through 4, Item 6 and Item 8 are not included because they are not
applicable.
Item 5. Other Events.
Filing of Computational Materials
In connection with the proposed offering of the GMACM Home Equity
Loan-Backed Term Notes, Series 2000-HE2 (the "Term Notes"), Bear, Stearns & Co.
Inc.(the "Underwriter"), has prepared certain materials (the "Computational
Materials") for distribution to potential investors. Although Residential Asset
Mortgage Products, Inc. (the "Company") provided the Underwriter with certain
information regarding the characteristics of the mortgage loans (the "Home
Equity Loans") in the related portfolio, the Company did not participate in the
preparation of the Computational Materials.
For purposes of this Form 8-K, "Computational Materials" shall mean
computer generated tables and/or charts displaying, with respect to the Notes,
any of the following: yield; average life; duration, expected maturity; interest
rate sensitivity; loss sensitivity; cash flow characteristics; background
information regarding the Mortgage Loans; the proposed structure; decrement
tables; or similar information (tabular or otherwise) of a statistical,
mathematical, tabular or computational nature. The Computational Materials
listed as Exhibit 99.1 hereto are filed.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials.
<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 hereunto duly authorized.
RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
By: /s/ Patricia C. Taylor
Patricia C. Taylor
Vice President
Dated: June 27, 2000
<PAGE>
Exhibit Index
Exhibit Page
99.1 Computational Materials 6
<PAGE>
Exhibit 99.1
GMACM Home Equity Loan Trust 2000-HE2
BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o DC o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, New York 10167
LONDON o PARIS o TOKYO (212) 272-2000; (212) 272-7294 fax
GMACM Home Equity Loan Trust 2000-HE2: Computational Materials
Fax to: Date: 6/21/00
Company: # Pages (incl. 3
cover):
Fax No: Phone No:
From: Phone No:
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND OTHER
INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer,
seller or servicer, and although it may be based on data supplied to it by an
issuer, seller or servicer, none of the issuer, seller or servicer makes any
representations regarding its accuracy or completeness. Should you receive
Information that refers to the "Statement Regarding Assumptions and Other
Information," please refer to this statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear, Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
____________________________________
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS Page 1
<PAGE>
GMACM Revolving Home Equity Loan Trust 2000-HE2
SENSITIVITY TABLES*
<TABLE>
<CAPTION>
Class A-1 (to call)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
% CPR - HELOCs 10% 25% 30% 35% 40% 45% 50%
% CPR - HELs 10% 12% 17% 23% 29% 35% 40%
----------------------------------------------------------------------------------------------------------------
---------------------
Average Life (years) 11.51 5.93 4.97 4.27 3.77 3.39 3.10
Modified Duration (years) 7.41 4.51 3.93 3.47 3.14 2.87 2.66
First Principal Payment 01/25/2002 01/25/2002 01/25/2002 01/25/2002 01/25/200201/25/2002 01/25/2002
Last Principal Payment 12/25/2016 10/25/2011 12/25/2009 07/25/2008 07/25/200709/25/2006 01/25/2006
Principal Lockout (months) 18 18 18 18 18 18 18
Principal Window (months) 180 118 96 79 67 57 49
Illustrative Yield @ Par (30/360) 7.07% 7.07% 7.07% 7.07% 7.07% 7.07% 7.07%
----------------------------------------------------------------------------------------------------------------
-----------
Class A-2 (to call)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
% CPR - HELOCs 10% 25% 30% 35% 40% 45% 50%
% CPR - HELs 10% 12% 17% 23% 29% 35% 40%
----------------------------------------------------------------------------------------------------------------
----------
Average Life (years) 11.60 5.74 4.84 4.20 3.72 3.36 3.08
Modified Duration (years) 7.50 4.39 3.84 3.42 3.10 2.84 2.64
First Principal Payment 01/25/2002 01/25/2002 01/25/2002 01/25/2002 01/25/200201/25/2002 01/25/2002
Last Principal Payment 02/25/2016 07/25/2011 10/25/2009 06/25/2008 06/25/200708/25/2006 01/25/2006
Principal Lockout (months) 18 18 18 18 18 18 18
Principal Window (months) 170 115 94 78 66 56 49
Illustrative Yield @ Par (30/360) 7.09% 7.09% 7.09% 7.09% 7.09% 7.09% 7.09%
----------------------------------------------------------------------------------------------------------------
* Assumes in the case of HELOCs, a Gross CPR as disclosed above less a constant draw rate of 10%, and in the
case of the HELs, the CPR disclosed above.
____________________________________
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS Page 2
<PAGE>
GMACM Revolving Home Equity Loan Trust 2000-HE2
SENSITIVITY TABLES*
Class A-1 (to maturity)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
% CPR - HELOCs 10% 25% 30% 35% 40% 45% 50%
% CPR - HELs 10% 12% 17% 23% 29% 35% 40%
----------------------------------------------------------------------------------------------------------------
---------------------
Average Life (years) 11.51 6.18 5.21 4.48 3.94 3.53 3.22
Modified Duration (years) 7.41 4.61 4.03 3.58 3.23 2.95 2.73
First Principal Payment 01/25/2002 01/25/2002 01/25/2002 01/25/2002 01/25/200201/25/2002 01/25/2002
Last Principal Payment 12/25/2016 12/25/2016 12/25/2016 12/25/2016 04/25/201501/25/2013 04/25/2011
Principal Lockout (months) 18 18 18 18 18 18 18
Principal Window (months) 180 180 180 180 160 133 112
Illustrative Yield @ Par (30/360) 7.07% 7.08% 7.08% 7.08% 7.08% 7.08% 7.08%
----------------------------------------------------------------------------------------------------------------
Class A-2 (to maturity)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
% CPR - HELOCs 10% 25% 30% 35% 40% 45% 50%
% CPR - HELs 10% 12% 17% 23% 29% 35% 40%
----------------------------------------------------------------------------------------------------------------
---------------------
Average Life (years) 11.60 5.99 5.07 4.40 3.89 3.50 3.19
Modified Duration (years) 7.50 4.49 3.94 3.52 3.19 2.92 2.71
First Principal Payment 01/25/2002 01/25/2002 01/25/2002 01/25/2002 01/25/200201/25/2002 01/25/2002
Last Principal Payment 02/25/2016 02/25/2016 02/25/2016 02/25/2016 03/25/201512/25/2012 02/25/2011
Principal Lockout (months) 18 18 18 18 18 18 18
Principal Window (months) 170 170 170 170 159 132 110
Illustrative Yield @ Par (30/360) 7.09% 7.10% 7.10% 7.10% 7.10% 7.10% 7.10%
----------------------------------------------------------------------------------------------------------------
* Assumes in the case of HELOCs, a Gross CPR as disclosed above less a constant draw rate of 10%, and in the
case of the HELs, the CPR disclosed above.
</TABLE>
____________________________________
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not
received the statement described above or the related Prospectus and
Prospectus Supplement, please contact your account executive at Bear, Stearns
& Co. Inc.
Page 3 BEAR STEARNS
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Bear Stearns is not responsible for any recommendation, solicitation,
offer or agreement or any information about any transaction, customer
account or account activity contained in this communication.
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<PAGE>
