FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 1, 1998
Bear Stearns Mortgage Securities Inc.
Mortgage Pass-Through certificates, Series 1998-2
(Exact name of registrant as specified in its charter)
Delaware 33-44658 13-3633241
(State or other (Commission File Number) (IRS Employer Identification No.)
jurisdiction of
incorporation)
245 Park Avenue, New York, New York 10167
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 272-2000
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
1. A distribution was made to the Certificateholders of the Bear
Stearns Mortgage Securities, Inc. Mortgage Pass-Through
Certificates, Series 1998-2, on April 1, 1998. The distribution
was made pursuant to the provisions of a Pooling and Servicing
Agreement dated February 25, 1998, between and among Bear Stearns
Mortgage Securities Inc., as Seller, and The Bank of New York., as
Trustee. Complete Certificateholder report of the underlying
Securities maybe obtained from the trustee, The Bank of New York at
101 Barclay Street,Suite 12E, New York, New York 10286
Item 7. Financial Statements and Exhibits.
c) Exhibits.
(28.1) April 1, 1998 - Information on Distribution to
Certificateholders.
<PAGE>
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.
Bear Stearns Mortgage Securities Inc.
(Registrant)
Date: April 15, 1998 By: /S/William J. Montgoris
William J. Montgoris
Treasurer and Secretary
<PAGE>
BEAR STEARNS MORTGAGE SECURITIES INC.
FORM 8-K
CURRENT REPORT
Exhibit Index
Exhibit No. Description
(28.1) April 1, 1998 - Information on Distribution to
Certificateholders
<PAGE>
<TABLE>
APRIL 1, 1998 - INFORMATION ON DISTRIBUTION EXHIBIT 28.1
TO CERTIFICATEHOLDERS
Bear Stearns Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1998-2
<CAPTION>
<PAGE>
Beginning Pass Thru Principal Interest Total Principal Int. Ending Cert./ Deferred
Type Class Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Short. Notional Bal. Amounts
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A 206,127,524 6.75% 249,088 1,159,467 1,408,555 0 0 205,878,436 0
B 61,399,747 6.75% 69,801 345,374 415,175 0 0 61,329,946 0
C 45,920,819 6.75% 52,204 258,305 310,509 0 0 45,868,615 0
D 74,556,836 6.75% 84,759 419,382 504,141 0 0 74,472,077 0
E 43,083,016 6.75% 48,978 242,342 291,320 0 0 43,034,038 0
F 53,402,301 6.75% 60,710 300,388 361,097 0 0 53,341,591 0
G 14,962,963 6.75% 17,010 84,167 101,177 0 0 14,945,953 0
H 16,510,861 6.75% 4,015 92,874 96,888 14,755 0 16,492,091 14,755
X 515,964,267 0.26% 101,123 101,123 N/A 0 515,362,746 N/A
PO 2,008,801 N/A 0 0 0 0 2,008,801 N/A
Residual R-1 100 6.75% 100 1 1 0 1 0 0 0
R-2 100 6.75% 100 1 1 0 1 0 0 0
Totals 515,964,267 586,765 3,003,422 3,590,187 14,755 0 515,362,746 14,755
Factors per $1,000
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
Senior A 206,127,524 6.75 073914B93 1.208418 5.625000 998.791582
B 61,399,747 6.75 073914C27 1.136834 5.625000 998.863166
C 45,920,819 6.75 073914C35 1.136834 5.625000 998.863166
D 74,556,836 6.75 073914C43 1.136834 5.625000 998.863166
E 43,083,016 6.75 073914C50 1.136834 5.625000 998.863166
F 53,402,301 6.75 073914C68 1.136834 5.625000 998.863166
G 14,962,963 6.75 073914C76 1.136834 5.625000 998.863166
H 16,510,861 6.75 PRIVATE 0.243152 5.625000 998.863166
X 515,964,267 0.24 073914C84 0.000000 0.195988 998.834181
PO 2,008,801 N/A PRIVATE 0.000000 0.000000 1,000.000000
R-1 100 6.75 PRIVATE 1,000.000000 5.625000 0.000000
R-2 100 6.75 PRIVATE 1,000.000000 5.725000 0.000000
Totals 515,964,267
Beginning Pass Thru Prin. Int. Total Prin. Int. Ending
Issue Cert. Bal. Rate Dist. Amt.Dist. Amt. Dist. Losses Shortfall Cert. Bal.
AMERT 9303 3B 17,169,145 8.21 110,653 117,524 228,177 14,757 0 17,043,736
BSMSI 9308 M 18,976,087 7.5 23,330 118,601 141,930 0 0 18,952,757
CHASE 94E B-2 1,665,768 6.2500 8,489 8,676 17,165 0 0 1,657,279
CHEMPT 9601 B-3 2,359,481 7.2500 2,112 14,255 16,368 0 0 2,357,368
CITIMT 9016 B 5,673,664 9.5000 0 44,917 44,917 0 0 5,673,664
CITIMT 9205 B 9,516,504 8.0000 0 63,443 63,443 0 0 9,516,504
CITIMT 9219 B 9,109,558 7.5000 0 56,935 56,935 0 0 9,109,558
CITIMT 9401 B-1 10,397,986 6.500 14,983 56,322 71,305 0 0 10,383,004
CITIMT 9405 B-1 15,965,171 6.250 23,714 83,152 106,866 0 0 15,941,457
CITIMT 9407 B-1 9,472,008 6.250 11,999 49,333 61,332 0 0 9,460,009
CITIMT 9410 B-1 8,721,075 6.250 10,140 45,422 55,562 0 0 8,710,935
CITIMT 9411 B-1 14,808,195 6.250 16,818 77,126 93,944 0 0 14,791,377
CITIMT 9413 B-2 1,183,772 6.5000 1,498 6,412 7,910 0 0 1,182,275
CITIMT 9502 B-3 1,283,259 7.5000 1,364 8,020 9,385 0 0 1,281,895
CITIMT 9601 B-1 2,475,646 7.5000 1,939 15,258 17,197 0 215 2,473,706
CITIMT 9703 B-1 2,010,901 7.2500 1,490 12,112 13,602 0 37 2,009,411
CITIMT 9703 B-2 2,010,901 7.2500 1,490 12,112 13,602 0 37 2,009,411
CITIMT 9707 B-1 2,017,186 7.0000 1,511 11,767 13,278 0 0 2,015,675
CAPPTC 94C B-1 5,742,238 6.7500 8,752 32,300 41,052 0 0 5,733,486
CFC 9301 B-1 18,976,450 7.125 23,612 112,673 136,285 0 0 18,952,838
CFC 9401 B-1 8,570,478 6.875 10,612 49,102 59,714 0 0 8,559,866
CFC 9409 B-2 3,221,689 6.5000 3,830 17,451 21,281 0 0 3,217,859
CFC 9418 B-3 1,696,474 8.0000 1,698 11,310 13,008 0 0 1,694,776
CFC 9602 B-2 2,808,563 7.7500 2,189 18,139 20,327 0 0 2,806,374
CFC 9705 B-3 2,090,203 7.5000 1,443 13,064 14,507 0 0 2,088,760
FBCS 9302R 1 8,485,202 7.425 39,991 52,502 92,493 0 0 8,445,211
CWD 94A B-3 1,898,999 6.7500 2,340 10,682 13,022 0 0 1,896,659
CWD 94C B-2 2,914,108 6.5000 3,399 15,785 19,184 0 0 2,910,709
Totals 191,220,711 - 329,394 1,134,3941,463,788 14,757 289 190,876,561
Beginning Pass Thru Prin. Int. Total Prin. Int. Ending
Issue Cert. Bal. Rate Dist. Amt.Dist. Amt. Dist. Losses Shortfall Cert. Bal.
CWD 94G B-1 4,402,238 6.5000 6,535 23,845 30,381 0 0 4,395,703
RAST 96A3 B-1-B 6,907,227 7.5000 4,806 43,170 47,976 0 0 6,902,421
RAST 96A4 B-2 5,027,207 7.5000 3,438 31,420 34,858 0 0 5,023,769
DLJ 9403 B-1 6,697,567 6.5000 4,581 36,278 40,859 0 0 6,692,986
GECAP 9401 B-2 7,578,757 6.5000 9,488 40,874 50,362 0 178 7,569,269
GECAP 9416 B-2 3,047,974 6.5000 3,755 16,472 20,227 0 38 3,044,220
GECAP 9427 B-2 2,229,036 6.5000 2,868 12,074 14,942 0 0 2,226,168
GECAP 9507 B-2 4,877,118 7.5000 4,243 30,482 34,725 0 0 4,872,874
GECAP 9615 B-1 3,098,874 7.7500 2,224 20,014 22,238 0 0 3,096,650
GECAP 9616 B-2 2,493,028 7.7500 1,741 16,101 17,842 0 0 2,491,287
GECAP 9701 B-1 3,717,013 7.5000 2,670 23,231 25,902 0 0 3,714,343
GECAP 9702 1-B-2 4,461,573 7.5000 3,347 27,885 31,232 0 0 4,458,225
GECAP 9709 1-B-1 4,747,490 7.2500 3,402 28,683 32,084 0 0 4,744,089
GECAP 9709 1-B-2 3,747,835 7.2500 2,685 22,643 25,328 0 0 3,745,150
GECAP 9709 2-B-2 2,622,896 7.0000 1,937 15,300 17,237 0 (0) 2,620,959
GECAP 9712 B-1 6,118,726 7.0000 4,410 35,693 40,103 0 0 6,114,315
GECAP 9712 B-2 4,830,572 7.0000 3,482 28,178 31,660 0 0 4,827,091
HMSI 9705 B-2 4,940,602 7.2500 3,661 29,849 33,510 0 0 4,936,942
MSCAPI 9601 B-2 2,311,320 7.2500 2,058 13,964 16,022 0 0 2,309,262
MORSRV 9602 B-1 2,007,208 7.2500 3,783 12,127 15,910 0 0 2,003,425
NSCOR 9604 B-1 4,726,179 7.7500 3,663 30,523 34,186 0 0 4,722,516
NSCOR 9605 B-1 4,512,982 8.0000 3,178 30,087 33,264 0 0 4,509,804
PWMAC 9307 M-3 1,860,518 7.5000 2,392 11,628 14,021 0 0 1,858,125
PWMAC 9402 M-2 3,299,406 6.5000 4,164 17,872 22,036 0 0 3,295,242
PWMAC 9402 M-3 2,429,515 6.5000 3,066 13,160 16,226 0 0 2,426,449
PNC 9502 B-3 2,637,368 7.5000 2,548 16,484 19,032 0 0 2,634,820
PNC 9702 B-2 1,758,667 7.5000 1,349 10,992 12,340 0 0 1,757,319
PNC 9705 B-2 2,617,251 7.2500 1,827 15,813 17,640 0 (0) 2,615,424
Totals 109,706,148 - 97,302 654,841 752,143 0 216 109,608,846
Beginning Pass Thru Prin. Int. Total Prin. Interest Ending
Issue Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfall Cert. Bal.
PNC 9705 B-3 3,489,669 7.2500 2,437 21,083 23,520 0 (0) 3,487,232
PHMSC 93E 2-B 20,850,914 7.394 0 128,481 128,481 0 0 20,850,914
PHMSC 93L 3-B-3 5,000,000 6.641 0 27,672 27,672 0 0 5,000,000
PHMSC 94A 5-B 20,268,736 6.803 15,424 114,910 130,334 0 0 20,253,312
PHMSC 94E 2-B 31,578,900 7.339 19,896 193,155 213,051 0 0 31,559,003
PHMSC 95A 3-B 6,283,935 8.980 5,502 47,029 52,532 0 0 6,278,433
RFC 93S10 M-2 1,833,800 8.500 0 0 0 0 12,989 1,833,800
RFC 93S18 M-2 5,886,813 7.500 7,099 36,422 43,521 0 371 5,879,714
RFC 93S18 M-3 3,546,125 7.500 4,277 21,940 26,217 0 223 3,541,848
RFC 93S21 M-3 2,572,255 7.500 2,869 15,914 18,783 0 162 2,569,386
RFC 93S22 M-2 4,102,206 7.000 5,087 23,770 28,858 0 159 4,097,119
RFC 93S22 M-3 2,461,333 7.000 3,052 14,262 17,315 0 96 2,458,281
RFC 93S24 M-3 3,587,645 7.000 4,429 20,756 25,185 0 172 3,583,216
RFC 93S26 M-2 5,338,218 7.500 6,382 32,989 39,370 0 375 5,331,837
RFC 93S26 M-3 3,630,617 7.500 4,340 22,436 26,776 0 255 3,626,276
RFC 93S27 M-3 1,968,944 7.500 2,222 23,737 25,960 0 (11,431) 1,966,721
RFC 93S28 M-2 3,049,351 7.000 3,751 17,683 21,434 0 105 3,045,600
RFC 93S28 M-3 2,033,850 7.000 2,502 11,794 14,296 0 70 2,031,349
RFC 93S34 M-3 2,030,034 7.000 2,482 11,810 14,292 0 32 2,027,551
RFC 94S3 M-3 1,428,150 6.738 2,383 8,007 10,391 0 12 1,425,767
RFC 95R20 M-3 3,189,359 7.500 3,030 19,929 22,959 0 4 3,186,329
RFC 96S10 M-2 6,573,571 7.500 5,487 41,009 46,495 0 76 6,568,084
RFC 96S14 M-2 3,606,538 7.500 3,663 22,531 26,194 0 9 3,602,875
RFC 96S14 M-3 1,803,269 7.500 1,832 11,266 13,097 0 5 1,801,438
RFC 96S16 M-2 4,485,140 7.750 3,138 28,401 31,539 0 566 4,482,002
RFC 96S18 M-2 2,634,212 8.000 1,879 17,282 19,161 0 279 2,632,333
RFC 96S23 M-2 3,215,089 7.750 5,948 20,469 26,416 0 295 3,209,141
RFC 96S25 M-2 3,158,716 7.750 2,208 20,112 22,320 0 288 3,156,508
Totals 159,607,390 - 121,320 974,850 1,096,169 0 5,114 159,486,070
Beginning Pass Thru Prin. Int. Total Prin. Interest Ending
Issue Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfall Cert. Bal.
RALI 97QS12 M-2 4,463,224 7.25 2,847 26,953 29,800 0 12 4,460,378
RYLPT 92A 1-B 1,500,000 8.26 0 10,333 10,333 0 0 1,500,000
RYLPT 9304 B-2 5,135,340 7.50 6,327 32,096 38,423 0 0 5,129,013
SBMSI 92D B-4 4,146,276 7.88 4,594 27,253 31,847 0 0 4,141,682
SBMSI 9409 B-2 4,095,482 7.00 4,459 23,890 28,349 0 0 4,091,024
SASI 9405 B-2 4,779,332 7.00 5,529 27,879 33,409 0 0 4,773,803
SASI 9405 B-3 3,584,500 7.00 4,147 20,910 25,056 0 0 3,580,353
SASI 9504 B-2 4,292,282 7.50 3,690 26,827 30,517 0 0 4,288,592
SASI 93J 3-B 16,199,173 6.80 0 0 0 0 91,903 16,199,173
SASCO 9601 B-1 3,156,156 7.25 2,928 19,068 21,997 0 0 3,153,227
SASCO 9601 B-2 1,623,250 7.25 1,506 9,807 11,313 0 0 1,621,744
SASCO 9602 B-2 2,455,002 7.00 2,723 14,321 17,044 0 0 2,452,280
Totals 55,430,018 - 38,749 239,337 278,086 0 91,915 55,391,269
Grand Totals: 515,964,267 586,765 3,003,4223,590,187 14,757 97,535 515,362,746
</TABLE>
