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Previous: SOURCE ONE MORTGAGE SERVICES CORP, 8-K, 1999-07-26 |
Next: NORTON MOTORCYCLES INC, 8-K, 1999-07-26 |
<PAGE> 1
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: May 28, 1999
Source One Mortgage Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-12898 38-3423621
-------- ------- ----------
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
27555 Farmington Road
Farmington Hills, Michigan 48334-3357
- ---------------------------- ----------
(Address of prinicipal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (248) 488-7000
Total Pages: 7
<PAGE> 2
Item 5. Other Events
None applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
See attached Distribution Reports as of May 25, 1999 for Series 1987-2
Distribution Reports as of June 1, 1999 for Series 1988-1 and 1988-2
and Distribution Reports as of May 20, 1999 for Series 1990-1.
Signature
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.
SOURCE ONE MORTGAGE CORPORATION
(Registrant)
Date: May 28, 1999 By: /s/ Larry N. Ciofu
-------------------------------------
Larry N. Ciofu
Vice President
<PAGE> 3
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1987-2
<TABLE>
<CAPTION>
Distribution Date Statement for
Interest
COUPON Principal Number of Interest Interest Payable Per
Class RATE Outstanding Certificates Accrued Payable $1,000 CTF
----- ---- ----------- ------------ -------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
2-A 0.0000% $ 0.00 45,100 $ 0.00 $ 0.00 $0.000000
2-B 7.0000% $ 0.00 18,000 $ 0.00 $ 0.00 $0.000000
2-C 7.0000% $ 0.00 19,700 $ 0.00 $ 0.00 $0.000000
2-D 9.5500% $ 0.00 124 $ 0.00 $ 0.00 $0.000000
2-E 9.9500% $6,430,038.80 5,200 $ 53,315.74 $53,315.74 $10.253027
------------- -------- ----------- ----------
$6,430,038.80 88,124 $ 53,315.74 $53,315.74
<CAPTION>
25-May-99
Principal Principal Per $1,000
Principal Payable Per Balance After CTF After
Payable $1,000 CTF 25-Jun-99 25-Jun-99
--------- ----------- ------------- ----------
<S> <C> <C> <C>
$ 0.000000 $ 0.000000 $ 0.00 $ 0.000000
$ 0.000000 $ 0.000000 $ 0.00 $ 0.000000
$ 0.000000 $ 0.000000 $ 0.00 $ 0.000000
$ 0.000000 - $ 0.00 $ 0.000000
$239,591.58 $46.075304 $6,190,447.22 $1,190.470619
----------- ---------- -------------
$239,591.58 $6,190,447.22
Ending Aggregate Agency MBS Balance: $6,210,238.19
Agency MBS Collections :
Interest $ 53,748.61
Principal $239,591.58 Accrual Distribution Amount: $ 0.00
Investment Income $ 482.33 Aggregate Cash Flow Value Decline: $ 239,591.58
-----------
TOTAL AVAILABLE $293,822.52
Due to Certificateholders $292,907.32
-----------
Available for Expenses and Residual Payment $ 915.20
THE FIRST NATIONAL BANK OF CHICAGO,
Expenses Payable ($167.18) as Trustee
Corporate Trust Division
----------- One First National Plaza Suite 0126
Net Balance $ 748.02 Chicago, Illinois 60670
=========== (312)407-4660
Due to Residual Holders $ 748.02 **THIS IS A REDEMPTION PAYMENT TO SPECIFIC HOLDERS ELECTING A PUT OPTION.
Amount Payable Per Individual
Residual Certificate (5% Denomination): $ 37.4010
</TABLE>
<PAGE> 4
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-1
Distribution Date Statement for
<TABLE>
<CAPTION>
Interest
COUPON Principal Number of Interest Interest Payable Per
Class RATE Outstanding Certificates Accrued Payable $1,000 CTF
----- ---- ----------- ------------ -------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
A 0.0000% $ 0.00 38,510 $ 0.00 $ 0.00 $0.000000
B 8.0000% $ 0.00 51,050 $ 0.00 $ 0.00 $0.000000
Z 9.9000% $6,490,584.25 10,440 $ 53,547.32 $53,547.32 $5.129054
------------- ------- ----------- ----------
$6,490,584.25 100,000 $53,547.32 $53,547.32
<CAPTION>
1-Jun-99
Principal Balance
Principal Principal Per $1,000
Principal Payable Per Balance After CTF After
Payable* $1,000 CTF 1-Jun-99 1-Jun-99
--------- ------------ ------------- -----------------
<S> <C> <C> <C>
$ 0.00 $0.000000 $ 0.00 $ 0.000000
$ 0.00 $0.000000 $ 0.00 $ 0.000000
$251,909.76 $24.129287 $6,238,674.49 $597.574185
----------- -------------
$251,909.76 $6,238,674.49
Ending Aggregate Agency MBS Balance: $6,238,942.02
Agency MBS Collections :
Interest $ 54,090.43
Principal $251,909.76 Accrual Distribution Amount: $ 0.00
Investment Income $ 538.65 Aggregate Cash Flow Value Decline: $251,909.76
----------- -----------
TOTAL AVAILABLE $306,538.84 *Aggregate Amount of Principal Distributable: $251,909.76
Due to Certificateholders ($305,457.08)
-----------
Available for Expenses and Residual Payments $ 1,081.76
Expenses Payable ($175.94)
----------- THE FIRST NATIONAL BANK OF CHICAGO,
Net Balance $ 905.82 as Trustee
=========== Corporate Trust Division
Suite 0126
One First National Plaza
Due to Residual Holders $ 905.82 Chicago, Illinois 60670
(312)407-4660
Amount Payable Per Individual
Residual Certificate (5% Denomination): $ 45.2910
</TABLE>
<PAGE> 5
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-2
Distribution Date Statement for 1-Jun-99
<TABLE>
<CAPTION>
Interest
COUPON Principal Number of Interest Interest Payable Per
Class RATE Outstanding Certificates Accrued Payable $1,000 CTF
----- ---- ----------- ------------ -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
2-A 0.0000% $ 0.00 39,750 $ 0.00 $ 0.00 $0.000000
2-B 7.0000% $ 0.00 24,540 $ 0.00 $ 0.00 $0.000000
2-C 7.0000% $ 0.00 10,930 $ 0.00 $ 0.00 $0.000000
2-D 7.0000% $ 0.00 14,580 $ 0.00 $ 0.00 $0.000000
2-Z 9.4000% $8,565,886.75 10,200 $67,099.45 $ 67,099.45 $6.578377
------------- ------- ---------- -----------
$8,565,886.75 100,000 $67,099.45 $ 67,099.45
<CAPTION>
Principal Balance
Principal Principal Per $1,000
Principal Payable Per Balance After CTF After
Payable* $1,000 CTF 1-Jun-99 1-Jun-99
--------- ----------- ------------- -----------------
<S> <C> <C> <C>
$ 0.00 $0.000000 $ 0.00 $ 0.000000
$ 0.00 $0.000000 $ 0.00 $ 0.000000
$ 0.00 $0.000000 $ 0.00 $ 0.000000
$ 0.00 $0.000000 $ 0.00 $ 0.000000
$415,646.00 $40.749608 $8,150,240.75 $799.043211
----------- -------------
$415,646.00 $8,150,240.75
Ending Aggregate Agency MBS Balance: $8,150,255.50
Agency MBS Collections :
Interest $ 67,813.38
Principal $415,646.00 Accrual Distribution Amount: $ 0.00
Investment Income $ 812.25 Aggregate Cash Flow Value Decline: $415,646.00
----------- -----------
TOTAL AVAILABLE $484,271.63 *Aggregate Amount of Principal Distributable: $415,646.00
Due to Certificateholders ($482,745.45) Principal Allocation: Class 2-A: 0.0000%
----------- Class 2-D: 0.0000%
Available for Expenses and Residual Payments $ 1,526.18
Expenses Payable ($232.74)
THE FIRST NATIONAL BANK OF CHICAGO,
Net Balance $ 1,293.44 as Trustee
=========== Corporate Trust Division
Suite 0126
One First National Plaza
Due to Residual Holders $ 1,293.44 Chicago, Illinois 60670
(312)407-4660
Amount Payable Per Individual
Residual Certificate (5% Denomination): $ 64.6720
</TABLE>
<PAGE> 6
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
Distribution Date Statement for 20-May-99
UPPER TIER REMIC REGULAR CERTIFICATES
<TABLE>
<CAPTION>
COUPON Principal Number of Interest Interest
Class RATE Outstanding Cert. Accrued Payable
----- ------ ------------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
1-A 8.5000% $ 0.00 15,250 $ 0.00 $ 0.00
1-B 9.0000% $ 0.00 10,500 $ 0.00 $ 0.00
1-C 9.0000% $ 0.00 6,500 $ 0.00 $ 0.00
1-D 9.0000% $ 0.00 16,500 $ 0.00 $ 0.00
1-E 9.0000% $5,121,374.28 12,000 $38,410.31 $38,410.31
1-F 0.0000% $ 0.00 18,500 $ 0.00 $ 0.00
1-G 0.0000% $ 0.00 12,450 $ 0.00 $ 0.00
1-H 0.0000% $ 0.00 4,850 $ 0.00 $ 0.00
1-I 259.5000% $ 10,242.75 152 $ 2,214.99 $ 2,214.99
------------- ----------- ---------- ----------
$5,131,617.03 96,702 $40,625.30 $40,625.30
</TABLE>
<TABLE>
<CAPTION>
Principal Balance
Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
Class $1,000 CTF Payable* $1,000 CTF 20-May-99 20-May-99
----- ----------- ----------- ------------------ -------------- -----------------
<S> <C> <C> <C> <C> <C>
1-A $ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
1-B $ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
1-C $ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
1-D $ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
1-E $ 3.200859 $140,553.34 $ 11.712778 $ 4,980,820.94 $ 415.068412
1-F $ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
1-G $ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
1-H $ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
1-I $ 14.572303 $ 281.11 $ 1.849408 $ 9,961.64 $ 65.537105
----------- --------------
$140,834.45 $ 4,990,782.58
</TABLE>
UPPER TIER REMIC REGULAR CERTIFICATES
Principal Balance
<TABLE>
<CAPTION>
Interest Principal
COUPON Principal Number of Interest Interest Payable Per Principal Payable Per
RATE Outstanding Cert. Accrued Payable $1,000 CTF Payable* $1,000 CTF
------- ----------- --------- ---------- ---------- ------------ ----------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1-R 0.0000% $ 0.00 3,298 $ 7.96 $ 7.96 $ 0.002414 $ 0.00 $ 0.000000
</TABLE>
<TABLE>
<CAPTION>
Principal Per $1,000
Balance After CTF After
20-May-99 20-May-99
------------- ----------
<S> <C> <C>
1-R $ 0.00 $ 0.000000
</TABLE>
LOWER TIER REMIC REGULAR INTERESTS
<TABLE>
<CAPTION>
Principal
COUPON Principal Number of Interest Principal Balance After
Class RATE Outstanding Certificates Accrued Payable* 20-May-99
----- ------ ------------- ------------ ---------- ----------- --------------
<S> <C> <C> <C> <C> <C> <C>
1-AS 9.5000% $ 0.00 15,311 $ 0.00 $ 0.00 $ 0.00
1-BS 9.5000% $ 0.00 10,521 $ 0.00 $ 0.00 $ 0.00
1-CS 9.5000% $ 0.00 6,513 $ 0.00 $ 0.00 $ 0.00
1-DS 9.5000% $ 0.00 16,533 $ 0.00 $ 0.00 $ 0.00
1-ES 9.5000% $5,382,048.04 12,024 $42,607.88 $140,834.45 $ 5,241,213.59
1-FS 9.5000% $ 0.00 30,950 $ 0.00 $ 0.00 $ 0.00
1-HS 9.5000% $ 0.00 8,148 $ 0.00 $ 0.00 $ 0.00
------------- ------------ ---------- ----------- --------------
$5,382,048.04 100,000 $42,607.88 $140,834.45 $ 5,241,213.59
</TABLE>
<PAGE> 7
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
DISTRIBUTION DATE STATEMENT FOR May 20, 1999
<TABLE>
<CAPTION>
Agency MBS Collections :
<S> <C>
Interest $ 40,633.26
Principal $ 140,834.45
Investment Income $ 229.02
---------------
Lower Tier REMIC Collection Account $ 181,696.73
---------------
Upper Tier REMIC Collection Account $ 181,696.73
Aggregate Prin Payable to Holders of
Upper Tier REMIC Regular Certificate ($140,834.45)
Aggregate Interest Payable to Holders of
Upper Tier REMIC Regular Certificates ($40,625.30)
Expenses Payable $ 0.00
REMIC Taxes Payable $ 0.00
Interest Payable to Class 1-R Certificate ($7.96)
Principal Payable to Class 1-R Certificate $ 0.00
Due to Class 1-RS Certificate ($229.02)
---------------
Net Balance ($0.00)
===============
Beginning Aggregate Agency MBS Balance : $100,001,006.61
Ending Aggregate Agency MBS Balance : $ 4,991,789.01
Aggregate Cash Flow Value Decline: $ 140,834.45
---------------
*Aggregate Amount of Principal Distributable: $ 140,834.45
Principal Allocation:
Aggregate Amount of Principal
Distributable to Classes 1-D and 1-I:
Class 1-E: 3.69315767%
Class 1-I: 0.58313158%
Aggregate Amount of Principal
Distributable to Classes 1-G,1-H and 1-R :
Class 1-R: 0.00000000%
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
</TABLE>
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