STRUCTURED ASSET MORTGAGE INVESTMENTS INC
8-K, 1999-06-29
ASSET-BACKED SECURITIES
Previous: CHILDRENS BROADCASTING CORP, SC 13D/A, 1999-06-29
Next: BISHOP EQUITIES INC, NT 10-K, 1999-06-29




================================================================================


                       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) June 28, 1999


                   STRUCTURED ASSET MORTGAGE INVESTMENTS INC.
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

         DELAWARE                  333-51279                    13-3633241
- ----------------------------     -----------                ----------------
(State or Other Jurisdiction     (Commission                (I.R.S. Employer
of Incorporation)                File Number)               Identification No.)


 245 Park Avenue
 New York, New York                                           10167
 ------------------                                           ---------
 (Address of Principal                                        (Zip Code)
 Executive Offices)


Registrant's telephone number, including area code, is (212) 272-2000

================================================================================

<PAGE>


                                       -2-

Item 5.  OTHER EVENTS.

                  On or about June 30, 1999, the Registrant will cause the
         issuance and sale of approximately $241,806,999 initial principal
         amount of Mortgage Pass-Through Certificates, Series 1999-4 (the
         "Certificates") pursuant to a Pooling and Servicing Agreement to be
         dated as of June 1, 1999, among the Registrant as seller, Bankers Trust
         Company of California, N.A. as trustee and Norwest Bank Minnesota,
         National Association as master servicer.

                  In connection with the sale of the Series 1999-4, Class A-1,
         Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class
         P, Class X-1, Class X-2, Class B-1, Class B-2, Class B-3 and Class R
         Certificates (the "Underwritten Certificates"), the Registrant has been
         advised by Bear, Stearns & Co. Inc. (the "Underwriter"), that the
         Underwriter has furnished to prospective investors certain
         computational materials (the "Computational Materials") with respect to
         the Underwritten Certificates following the effective date of
         Registration Statement No. 333-51279, which Computational Materials are
         being filed as exhibits to this report.

                  The Computational Materials have been provided by the
         Underwriter. The information in the Computational Materials is
         preliminary and may be superseded by the Prospectus Supplement relating
         to the Certificates and by any other information subsequently
         filed with the Securities and Exchange Commission.

                  The Computational Materials were prepared by the Underwriter
         at the request of certain prospective investors, based on assumptions
         provided by, and satisfying the special requirements of, such
         prospective investors. The Computational Materials may be based on
         assumptions that differ from the assumptions set forth in the
         Prospectus Supplement. The Computational Materials may not include, and
         do not purport to include, information based on assumptions
         representing a complete set of possible scenarios. Accordingly, the
         Computational Materials may not be relevant to or appropriate for
         investors other than those specifically requesting them.

                  In addition, the actual characteristics and performance of the
         mortgage loans underlying the Underwritten Certificates (the "Mortgage
         Loans") may differ from the assumptions used in the Computational
         Materials, which are hypothetical in nature and which were provided to
         certain investors only to give a general sense of how the yield,
         average life, duration, expected maturity, interest rate sensitivity
         and cash flow characteristics of the Underwritten Certificates might
         vary under varying prepayment and other scenarios. Any difference
         between such assumptions and the actual characteristics and performance
         of the Mortgage Loans will affect the actual yield, average life,
         duration, expected maturity, interest rate sensitivity and cash flow
         characteristics of the Underwritten Certificates.





<PAGE>


                                       -3-


Item 7.           FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
                  EXHIBITS


         (a)      FINANCIAL STATEMENTS.

                  Not applicable.

         (b)      PRO FORMA FINANCIAL INFORMATION.

                  Not applicable.

         (c)      EXHIBITS



                ITEM 601(A) OF
                REGULATION S-K
 EXHIBIT NO.     EXHIBIT NO.                             DESCRIPTION
 -----------     -----------                             -----------
      1               99           Computational Materials--Computational
                                   Materials (as defined in Item 5) that have
                                   been provided by the Underwriter to certain
                                   prospective purchasers of Structured Asset
                                   Mortgage Investments Inc. Mortgage Pass-
                                   Through Certificates, Series 1999-4 (filed in
                                   paper pursuant to the automatic SEC
                                   exemption pursuant to Release 33-7427,
                                   August 7, 1997)


<PAGE>


                                       -4-

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly
authorized.


                                              STRUCTURED ASSET MORTGAGE
                                              INVESTMENTS INC.

                                              By:/s/ Baron Silverstein
                                                 ---------------------
                                              Name:  Baron Silverstein
                                              Title: Vice President




Dated: June 29, 1999


<PAGE>


                                       -5-




                                  EXHIBIT INDEX



                    Item 601(a) of      Sequentially
                    Regulation S-K      Numbered
Exhibit Number      Exhibit No.         Description            Page
- --------------      -----------         -----------            ----
                                        Computational
1                   99                  Materials              8



<PAGE>


                                       -6-


                                   EXHIBIT 99






© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission