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
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 199-7)
(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
CWMBS, INC.
Mortgage Pass-Through Certificates
Series 199-7
On August 25, 1999, The Bank of New York, as Trustee for CWMBS, INC., Mortgage
Pass-Through Certificates Series 199-7, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of June 1, 1999, among CWMBS, INC. as Depositor,
Countrywide Home Loans, 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 CWMBS, INC., Mortgage Pass-Through
Certificates Series 199-7 relating to the distribution date
of August 25, 1999 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of June 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: August 25, 1999
CWMBS, 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 August 25, 1999
Payment Date: 08/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 199-7
------------------------------------------------------------
<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 A1 154,826,081.96 6.500000% 1,332,138.46 838,641.28 2,170,779.74 0.00 0.00
A2 12,584,880.00 6.500000% 0.00 68,168.10 68,168.10 0.00 0.00
A3 69,817,297.24 6.250000% 232,998.18 363,631.76 596,629.94 0.00 0.00
A4 10,336,972.16 0.000000% 82,254.34 0.00 82,254.34 0.00 0.00
A5 91,013,297.43 6.500000% 724,219.69 492,988.69 1,217,208.38 0.00 0.00
PO 613,816.72 0.000000% 2,131.09 0.00 2,131.09 0.00 0.00
X 277,090,070.34 0.398783% 0.00 92,082.27 92,082.27 0.00 0.00
Residual AR 0.00 6.250000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate M 3,317,082.78 6.250000% 11,069.95 17,276.47 28,346.43 0.00 0.00
B1 1,396,346.42 6.250000% 4,659.97 7,272.64 11,932.60 0.00 0.00
B2 1,047,284.74 6.250000% 3,495.06 5,454.61 8,949.67 0.00 0.00
B3 872,654.22 6.250000% 2,912.27 4,545.07 7,457.34 0.00 0.00
B4 523,692.21 6.250000% 1,747.69 2,727.56 4,475.26 0.00 0.00
B5 698,201.47 6.250000% 2,330.08 3,636.47 5,966.54 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 347,047,607.34 - 2,399,956.78 1,896,424.92 4,296,381.70 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 153,493,943.50 0.00
A2 12,584,880.00 0.00
A3 69,584,299.06 0.00
A4 10,254,717.82 0.00
A5 90,289,077.74 0.00
PO 611,685.63 0.00
X 274,945,162.10 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate M 3,306,012.82 0.00
B1 1,391,686.46 0.00
B2 1,043,789.68 0.00
B3 869,741.95 0.00
B4 521,944.51 0.00
B5 695,871.39 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 344,647,650.56 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 08/25/99
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 199-7
------------------------------------------------------------
<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 A1 154,826,081.96 6.500000% 12669BCN0 8.504139 5.353740 979.878543
A2 12,584,880.00 6.500000% 12669BCP5 0.000000 5.416667 1,000.000000
A3 69,817,297.24 6.250000% 12669BCQ3 3.326408 5.191404 993.423127
A4 10,336,972.16 0.000000% 12669BCR1 7.871727 0.000000 981.374879
A5 91,013,297.43 6.500000% 12669BCS9 7.871727 5.358419 981.374879
PO 613,816.72 0.000000% 12669BCT7 3.458550 0.000000 992.704465
X 277,090,070.34 0.398783% 12669BCU4 0.000000 0.328874 981.973317
Residual AR 0.00 6.250000% 12669BCV2 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate M 3,317,082.78 6.250000% 12669BCW0 3.326408 5.191404 993.423127
B1 1,396,346.42 6.250000% 12669BCX8 3.326408 5.191404 993.423127
B2 1,047,284.74 6.250000% 12669BCY6 3.326408 5.191404 993.423127
B3 872,654.22 6.250000% 12669BEN8 3.326408 5.191404 993.423127
B4 523,692.21 6.250000% 12669BEP3 3.326408 5.191404 993.423127
B5 698,201.47 6.250000% 12669BEQ1 3.326407 5.191402 993.422701
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 347,047,607.34 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Countrywide Home Loans
Mortgage Pass-Through Certificates, Series 199-7
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 344,647,650.86 344,647,650.86
Aggregated loan count 1148 1148
Aggregated average loan rate 6.819760% 6.82
Aggregated prepayment amount 1,241,679.26 1,241,679.26
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 72,197.15 72,197.15
Monthly sub servicer fees 988.38 988.38
Monthly trustee fees 2,602.86 2,602.86
Aggregate advances N/A N/A
Advances this periods 10,987.85 10,987.85
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 0.00 0.00
Special Hazard 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 97.743930% 100.000000% 339,192,345.51
-----------------------------------------------------------------------------
Junior 2.256070% 0.000000% 7,829,046.81
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 5 1,219,502.55
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 5 1,219,502.55
- --------------------------------------------------------------------------------
<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 4,296,381.70 4,296,381.70
Principal remittance amount 2,399,956.78 2,399,956.78
Interest remittance amount 1,896,424.92 1,896,424.92
