RESIDENTIAL FUNDING MORTGAGE SECURITIES I INC
8-K, 1999-05-20
ASSET-BACKED SECURITIES
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                      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 20, 1999

RESIDENTIAL  FUNDING MORTGAGE SECURITIES I, INC. (as company under a Pooling and
Servicing  Agreement,  dated as of May 1, 1999,  providing  for, inter alia, the
issuance of Mortgage Pass-Through Certificates, Series 1999-S12)


                    Residential Funding Mortgage Securities I, Inc.
            (Exact name of registrant as specified in its charter)

      DELAWARE                     333-57481         75-2006294
(State or Other Jurisdiction       (Commission       (I.R.S. Employer
of Incorporation)                   File Number)      Identification No.)


 8400 Normandale Lake Blvd.
 Suite 600
 Minneapolis, Minnesota                   55437 
 (Address of Principal                    (Zip Code)
 Executive Offices)


Registrant's telephone number, including area code, is (612) 832-7000



<PAGE>





Item 5Other Events.

      The consolidated  balance  statements of Financial Security Assurance Inc.
and  Subsidiaries as of December 31, 1998 and 1997 and the related  consolidated
statements of income,  changes in shareholder's  equity, and cash flows for each
of the  three  years  in  the  period  ending  December  31,  1998,  are  hereby
incorporated by reference in this Current Report on Form 8-K and shall be deemed
to be a part hereof.

Item 7Financial Statements, Pro Forma Financial Information and Exhibits.

            (a)   Not applicable

            (b)   Not applicable

            (c)   Exhibits:

                        Item 601(a) of
                        Regulation S-K
Exhibit No.             Exhibit No.           Description

1                       23                    Consent of
                                              PricewaterhouseCoopers
                                              LLP, independent auditors of
                                              Financial Security Assurance
                                              Inc. with respect to the
                                              Residential Funding Mortgage
                                              Securities I, Inc. Mortgage
                                              Pass-Through Certificates,
                                              Series 1999-S12


<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.

                               RESIDENTIAL FUNDING MORTGAGE
                               SECURITIES I, INC.


                               By:    /s/ Randy Van Zee                 
                               Name:  Randy Van Zee
                               Title: Vice President


Dated: May 20, 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.

                               RESIDENTIAL FUNDING MORTGAGE
                               SECURITIES I, INC.


                               By:                                      
                               Name:  Randy Van Zee
                               Title: Vice President


Dated: May 20, 1999



<PAGE>



                                 EXHIBIT INDEX


             Item 601(a) of                                 Sequentially
Exhibit     Regulation S-K                                  Numbered
Number      Exhibit No.             Description             Page

1                 23             Accountant's Consent


<PAGE>



                                   EXHIBIT 1



<PAGE>



                      CONSENT OF INDEPENDENT ACCOUNTANTS



We consent to the  incorporation  by reference in the  Prospectus  Supplement of
Residential  Funding  Mortgage  Securities  I,  Inc.  relating  to the  Mortgage
Pass-Through Certificates,  Series 1999-S12 of our report dated January 26, 1999
on our audits of the  consolidated  financial  statements of Financial  Security
Assurance Inc. and  Subsidiaries  as of December 31, 1998 and 1997, and for each
of the three years in the period ended December 31, 1998. We also consent to the
reference to our firm under the caption "Experts".



                                          /s/PricewaterhouseCoopers LLP
                                          PricewaterhouseCoopers LLP

May 20, 1999


<PAGE>





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