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): October 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 October 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 October 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: October 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 October 25, 1999
Payment Date: 10/25/99
------------------------------------------------------------
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 171,725,622.72 6.750000% 733,557.80 965,956.63 1,699,514.43 0.00 0.00
A2 74,893,471.48 6.750000% 471,924.98 421,275.78 893,200.76 0.00 0.00
A3 13,000,000.00 7.125000% 0.00 77,187.50 77,187.50 0.00 0.00
A4 58,724,275.71 6.750000% 228,672.57 330,324.05 558,996.62 0.00 0.00
A5 20,113,000.00 6.750000% 0.00 113,135.63 113,135.63 0.00 0.00
A6 15,471,000.00 6.750000% 0.00 87,024.38 87,024.38 0.00 0.00
A7 13,648,778.00 6.750000% 0.00 76,774.38 76,774.38 0.00 0.00
A8 722,222.00 0.000000% 0.00 0.00 0.00 0.00 0.00
A9 26,158,000.00 6.750000% 0.00 147,138.75 147,138.75 0.00 0.00
A10 25,000,000.00 6.750000% 0.00 140,625.00 140,625.00 0.00 0.00
A11 49,550,000.00 6.750000% 0.00 278,718.75 278,718.75 0.00 0.00
A12 450,000.00 6.750000% 0.00 2,531.25 2,531.25 0.00 0.00
APO 1,893,117.40 0.000000% 1,973.87 0.00 1,973.87 0.00 0.00
Residual AR 0.00 6.750000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1 13,236,616.84 6.750000% 10,844.82 74,455.97 85,300.79 0.00 0.00
B2 3,746,946.98 6.750000% 3,069.89 21,076.58 24,146.47 0.00 0.00
B3 1,998,771.08 6.750000% 1,637.60 11,243.09 12,880.69 0.00 0.00
B4 1,498,579.11 6.750000% 1,227.79 8,429.51 9,657.30 0.00 0.00
B5 999,385.54 6.750000% 818.80 5,621.54 6,440.34 0.00 0.00
B6 999,330.06 6.750000% 835.92 5,621.23 6,457.15 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 493,829,116.92 - 1,454,564.04 2,767,140.00 4,221,704.04 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 170,992,064.92 0.00
A2 74,421,546.50 0.00
A3 13,000,000.00 0.00
A4 58,495,603.15 0.00
A5 20,113,000.00 0.00
A6 15,471,000.00 0.00
A7 13,648,778.00 0.00
A8 722,222.00 0.00
A9 26,158,000.00 0.00
A10 25,000,000.00 0.00
A11 49,550,000.00 0.00
A12 450,000.00 0.00
APO 1,891,143.53 0.00
Residual AR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1 13,225,772.03 0.00
B2 3,743,877.09 0.00
B3 1,997,133.47 0.00
B4 1,497,351.32 0.00
B5 998,566.74 0.00
B6 998,494.14 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 492,374,552.88 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 10/25/99
------------------------------------------------------------
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 171,725,622.72 6.750000% 060506GT3 4.191759 5.519752 977.097514
A2 74,893,471.48 6.750000% 060506GU0 6.128896 5.471114 966.513591
A3 13,000,000.00 7.125000% 060506GV8 0.000000 5.937500 1,000.000000
A4 58,724,275.71 6.750000% 060506GW6 3.827476 5.528899 979.087842
A5 20,113,000.00 6.750000% 060506GX4 0.000000 5.625000 1,000.000000
A6 15,471,000.00 6.750000% 060506GY2 0.000000 5.625000 1,000.000000
A7 13,648,778.00 6.750000% 060506GZ9 0.000000 5.625000 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 5.625000 1,000.000000
A10 25,000,000.00 6.750000% 060506HC9 0.000000 5.625000 1,000.000000
A11 49,550,000.00 6.750000% 060506HD7 0.000000 5.625000 1,000.000000
A12 450,000.00 6.750000% 060506HE5 0.000000 5.625000 1,000.000000
APO 1,893,117.40 0.000000% 060506HF2 1.039256 0.000000 995.697673
Residual AR 0.00 6.750000% 060506HG0 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1 13,236,616.84 6.750000% 060506HH8 0.817983 5.615928 997.569168
B2 3,746,946.98 6.750000% 060506HJ4 0.817983 5.615928 997.569168
B3 1,998,771.08 6.750000% 060506HK1 0.817983 5.615928 997.569168
B4 1,498,579.11 6.750000% 060506HL9 0.817983 5.615928 997.569168
B5 999,385.54 6.750000% 060506HM7 0.817982 5.615928 997.569171
B6 999,330.06 6.750000% 060506HN5 0.835131 5.615928 997.552032
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 493,829,116.92 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</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 492,374,552.88 492,374,552.88
Aggregated loan count 1389 1389
Aggregated average loan rate 7.163136% 7.16
Aggregated prepayment amount 1,049,805.10 1,049,805.10
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 178,256.56 178,256.56
Monthly sub servicer fees 0.00 0.00
Monthly trustee fees 1,440.33 1,440.33
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 95.451456% 100.000000% 471,349,487.31
-----------------------------------------------------------------------------
Junior 4.548544% 0.000000% 22,461,194.79
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 1 263,887.63
60 to 89 days 0 0.00
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 4,221,704.04 4,221,704.04
Principal remittance amount 1,454,564.04 1,454,564.04
Interest remittance amount 2,767,140.00 2,767,140.00
