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): November 25, 1999
BAMS
(Depositor)
(Issuer in respect of MORTGAGE PASS-THROUGH CERTIFICATES, Series 1999-8)
(Exact name of registrant as specified in charter)
North Carolina 33-63714 13-4078651
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
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 1999-8
On November 25, 1999, The Bank of New York, as Trustee for BAMS, MORTGAGE
PASS-THROUGH CERTIFICATES Series 1999-8, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of July 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 1999-8 relating to the distribution date
of November 25, 1999 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of July 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: November 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 November 25, 1999
Payment Date: 11/25/99
------------------------------------------------------------
BANK OF AMERICA MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1999-8
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 170,992,064.92 6.750000% 555,444.51 961,627.55 1,517,072.07 0.00 202.81
A2 74,421,546.50 6.750000% 357,338.09 418,532.93 775,871.01 0.00 88.27
A3 13,000,000.00 7.125000% 0.00 77,171.22 77,171.22 0.00 16.28
A4 58,495,603.15 6.750000% 173,149.17 328,968.39 502,117.55 0.00 69.38
A5 20,113,000.00 6.750000% 0.00 113,111.77 113,111.77 0.00 23.86
A6 15,471,000.00 6.750000% 0.00 87,006.02 87,006.02 0.00 18.35
A7 13,648,778.00 6.750000% 0.00 76,758.19 76,758.19 0.00 16.19
A8 722,222.00 0.000000% 0.00 0.00 0.00 0.00 0.00
A9 26,158,000.00 6.750000% 0.00 147,107.72 147,107.72 0.00 31.03
A10 25,000,000.00 6.750000% 0.00 140,595.35 140,595.35 0.00 29.65
A11 49,550,000.00 6.750000% 0.00 278,659.98 278,659.98 0.00 58.77
A12 450,000.00 6.750000% 0.00 2,530.72 2,530.72 0.00 0.53
APO 1,891,143.53 0.000000% 2,022.07 0.00 2,022.07 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 13,225,772.03 6.750000% 10,940.38 74,379.28 85,319.66 0.00 15.69
B2 3,743,877.09 6.750000% 3,096.94 21,054.87 24,151.81 0.00 4.44
B3 1,997,133.47 6.750000% 1,652.03 11,231.51 12,883.54 0.00 2.37
B4 1,497,351.32 6.750000% 1,238.61 8,420.83 9,659.44 0.00 1.78
B5 998,566.74 6.750000% 826.02 5,615.75 6,441.77 0.00 1.18
B6 998,494.14 6.750000% 825.96 5,615.35 6,441.30 0.00 1.18
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 492,374,552.88 - 1,106,533.77 2,758,387.42 3,864,921.19 - 581.76
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 170,436,620.41 202.81
A2 74,064,208.41 88.27
A3 13,000,000.00 16.28
A4 58,322,453.98 69.38
A5 20,113,000.00 23.86
A6 15,471,000.00 18.35
A7 13,648,778.00 16.19
A8 722,222.00 0.00
A9 26,158,000.00 31.03
A10 25,000,000.00 29.65
A11 49,550,000.00 58.77
A12 450,000.00 0.53
APO 1,889,121.45 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 13,214,831.65 15.69
B2 3,740,780.15 4.44
B3 1,995,481.44 2.37
B4 1,496,112.71 1.78
B5 997,740.72 1.18
B6 997,668.18 1.18
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 491,268,019.11 581.76
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/99
------------------------------------------------------------
BANK OF AMERICA MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1999-8
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 170,992,064.92 6.750000% 060506GT3 3.173969 5.495015 973.923545
A2 74,421,546.50 6.750000% 060506GU0 4.640754 5.435493 961.872836
A3 13,000,000.00 7.125000% 060506GV8 0.000000 5.936248 1,000.000000
A4 58,495,603.15 6.750000% 060506GW6 2.898137 5.506208 976.189706
A5 20,113,000.00 6.750000% 060506GX4 0.000000 5.623814 1,000.000000
A6 15,471,000.00 6.750000% 060506GY2 0.000000 5.623814 1,000.000000
A7 13,648,778.00 6.750000% 060506GZ9 0.000000 5.623814 1,000.000000
A8 722,222.00 0.000000% 060506HA3 0.000000 0.000000 1,000.000000
A9 26,158,000.00 6.750000% 060506HB1 0.000000 5.623814 1,000.000000
A10 25,000,000.00 6.750000% 060506HC9 0.000000 5.623814 1,000.000000
A11 49,550,000.00 6.750000% 060506HD7 0.000000 5.623814 1,000.000000
A12 450,000.00 6.750000% 060506HE5 0.000000 5.623814 1,000.000000
APO 1,891,143.53 0.000000% 060506HF2 1.064632 0.000000 994.633040
Residual AR 0.00 6.750000% 060506HG0 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 13,225,772.03 6.750000% 060506HH8 0.825191 5.610143 996.743977
B2 3,743,877.09 6.750000% 060506HJ4 0.825191 5.610143 996.743977
B3 1,997,133.47 6.750000% 060506HK1 0.825191 5.610143 996.743977
B4 1,497,351.32 6.750000% 060506HL9 0.825191 5.610143 996.743977
B5 998,566.74 6.750000% 060506HM7 0.825191 5.610143 996.743980
B6 998,494.14 6.750000% 060506HN5 0.825176 5.610047 996.726856
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 492,374,552.88 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
BANK OF AMERICA MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, Series 1999-8
Bank of America, FSB, Master Servicer
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregated stated principal balance 491,268,019.11 491,268,019.11
Aggregated loan count 1387 1387
Aggregated average loan rate 7.162902% 7.16
Aggregated prepayment amount 699,103.90 699,103.90
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 177,772.80 177,772.80
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 1,436.09 1,436.09
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 10,005,467.20 10,005,467.20
Special Hazard 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.441791% 100.000000% 469,913,358.09
-----------------------------------------------------------------------------
Junior 4.558209% 0.000000% 22,442,614.86
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 0 0.00
60 to 89 days 1 263,887.63
90 or more 0 0.00
Foreclosure 0 0.00
Totals: 1 263,887.63
- --------------------------------------------------------------------------------
<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 3,864,921.19 3,864,921.19
Principal remittance amount 1,106,533.77 1,106,533.77
Interest remittance amount 2,758,387.42 2,758,387.42
