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): May 25, 1999
BAMS
(Depositor)
(Issuer in respect of MORTGAGE PASS-THROUGH CERTIFICATES, Series 1999-4)
(Exact name of registrant as specified in charter)
100 N. Tryon St., Charlotte, NC 28255
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (704)-388-5770
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
BAMS
MORTGAGE PASS-THROUGH CERTIFICATES
Series 1999-4
On May 25, 1999, The Bank of New York, as Trustee for BAMS, MORTGAGE
PASS-THROUGH CERTIFICATES Series 1999-4, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of April 1, 1999, among BAMS as Depositor, BANK OF
AMERICA MORTGAGE SECURITIES, INC., 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 BAMS, MORTGAGE PASS-THROUGH
CERTIFICATES Series 1999-4 relating to the distribution date
of May 25, 1999 prepared by The Bank of New York, as Trustee
under the Pooling and Servicing Agreement dated as of April
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: May 25, 1999
BAMS
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 May 25, 1999
Payment Date: 05/25/99
------------------------------------------------------------
BANK OF AMERICA MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1999-4
Bank of America, FSB, Master Servicer
------------------------------------------------------------
<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 126,000,000.00 6.500000% 510,996.95 682,500.00 1,193,496.95 0.00 0.00
A2 196,447,000.00 6.500000% 672,907.73 1,064,087.92 1,736,995.65 0.00 0.00
A3 12,818,000.00 6.500000% 72,261.46 69,430.83 141,692.29 0.00 0.00
A4 6,457,000.00 6.500000% 0.00 34,975.42 34,975.42 0.00 0.00
A5 5,000,000.00 6.500000% 0.00 27,083.33 27,083.33 0.00 0.00
A6 19,715,000.00 6.500000% 0.00 106,789.58 106,789.58 0.00 0.00
A7 45,000,000.00 6.500000% 0.00 243,750.00 243,750.00 0.00 0.00
A8 10,000,000.00 6.250000% 0.00 52,083.33 52,083.33 0.00 0.00
A9 2,571,000.00 6.750000% 0.00 14,461.87 14,461.87 0.00 0.00
A10 2,350,000.00 6.750000% 0.00 13,218.75 13,218.75 0.00 0.00
A11 1,295,000.00 6.750000% 0.00 7,284.37 7,284.37 0.00 0.00
A12 1,377,000.00 6.750000% 0.00 7,745.62 7,745.62 0.00 0.00
A13 2,407,000.00 6.750000% 0.00 13,539.37 13,539.37 0.00 0.00
APO 572,182.45 0.000000% 550.42 0.00 550.42 0.00 0.00
Residual AR 100.00 6.500000% 100.00 0.54 100.54 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 9,676,000.00 6.500000% 7,926.00 52,411.67 60,337.67 0.00 0.00
B2 3,376,000.00 6.500000% 2,765.42 18,286.67 21,052.08 0.00 0.00
B3 1,576,000.00 6.500000% 1,290.97 8,536.67 9,827.63 0.00 0.00
B4 1,576,000.00 6.500000% 1,290.97 8,536.67 9,827.63 0.00 0.00
B5 901,000.00 6.500000% 738.05 4,880.42 5,618.46 0.00 0.00
B6 900,517.50 6.500000% 737.65 4,877.80 5,615.45 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 450,014,799.95 - 1,271,565.61 2,434,480.84 3,706,046.45 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 125,489,003.05 0.00
A2 195,774,092.27 0.00
A3 12,745,738.54 0.00
A4 6,457,000.00 0.00
A5 5,000,000.00 0.00
A6 19,715,000.00 0.00
A7 45,000,000.00 0.00
A8 10,000,000.00 0.00
A9 2,571,000.00 0.00
A10 2,350,000.00 0.00
A11 1,295,000.00 0.00
A12 1,377,000.00 0.00
A13 2,407,000.00 0.00
APO 571,632.03 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 9,668,074.00 0.00
B2 3,373,234.58 0.00
B3 1,574,709.03 0.00
B4 1,574,709.03 0.00
B5 900,261.95 0.00
B6 899,779.85 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 448,743,234.34 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 05/25/99
------------------------------------------------------------
BANK OF AMERICA MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1999-4
Bank of America, FSB, Master Servicer
------------------------------------------------------------
<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 126,000,000.00 6.500000% 060506CT7 4.055531 5.416667 995.944469
A2 196,447,000.00 6.500000% 060506CU4 3.425391 5.416667 996.574609
A3 12,818,000.00 6.500000% 060506CV2 5.637499 5.416667 994.362501
A4 6,457,000.00 6.500000% 060506CW0 0.000000 5.416667 1,000.000000
A5 5,000,000.00 6.500000% 060506CX8 0.000000 5.416667 1,000.000000
A6 19,715,000.00 6.500000% 060506CY6 0.000000 5.416667 1,000.000000
A7 45,000,000.00 6.500000% 060506CZ3 0.000000 5.416667 1,000.000000
A8 10,000,000.00 6.250000% 060506DA7 0.000000 5.208333 1,000.000000
A9 2,571,000.00 6.750000% 060506DB5 0.000000 5.625000 1,000.000000
A10 2,350,000.00 6.750000% 060506DC3 0.000000 5.625000 1,000.000000
A11 1,295,000.00 6.750000% 060506DD1 0.000000 5.625000 1,000.000000
A12 1,377,000.00 6.750000% 060506DE9 0.000000 5.625000 1,000.000000
A13 2,407,000.00 6.750000% 060506DF6 0.000000 5.625000 1,000.000000
APO 572,182.45 0.000000% 060506DG4 0.961975 0.000000 999.038812
Residual AR 100.00 6.500000% 060506DH2 1,000.000000 5.416667 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 9,676,000.00 6.500000% 060506DJ8 0.819140 5.416667 999.180860
B2 3,376,000.00 6.500000% 060506DK5 0.819140 5.416667 999.180860
B3 1,576,000.00 6.500000% 060506DL3 0.819140 5.416667 999.180860
B4 1,576,000.00 6.500000% 060506DM1 0.819140 5.416667 999.180860
B5 901,000.00 6.500000% 060506DN9 0.819140 5.416667 999.180860
B6 900,517.50 6.500000% 060506DP4 0.819140 5.416667 999.180860
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 450,014,799.95 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BANK OF AMERICA MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1999-4
Bank of America, FSB, Master Servicer
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 448,743,234.32 448,743,234.32
Aggregated loan count 1241 1241
Aggregated average loan rate 7.070929% 7.07
Aggregated prepayment amount 902,888.99 902,888.99
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 215,566.68 215,566.68
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 1,500.05 1,500.05
Aggregate advances N/A N/A
Advances this periods 0.00 0.00
- --------------------------------------------------------------------------------
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 4,500,148.00 4,500,148.00
Special Hazard 4,500,148.00 4,500,148.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 96.002052% 100.000000% 432,009,282.45
-----------------------------------------------------------------------------
Junior 3.997948% 0.000000% 17,990,768.45
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 0 0.00
60 to 89 days 0 0.00
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 0 0.00
- --------------------------------------------------------------------------------
<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 3,706,046.45 3,706,046.45
Principal remittance amount 1,271,565.61 1,271,565.61
Interest remittance amount 2,434,480.84 2,434,480.84
