<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7)
NORTH AMERICAN MORTGAGE CO.
(Name of Issuer)
Common Stock, Par Value, $0.01 Per Share
(Title of Class of Securities)
657037107
(CUSIP Number)
Stephen M. Davis, Esq.
Werbel & Carnelutti
A Professional Corporation
711 Fifth Avenue, New York, New York 10022, (212) 832-8300
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
February 28, 1997
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13-d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [ ]. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purposes of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 10
<PAGE>
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 657037107 Page 2 of 10 Pages
- ---------------------- ------------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
The SC Fundamental Value Fund, L.P.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC/OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
598,700
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
598,700
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
598,700
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
USIP No. 657037107 Page 3 of 10 Pages
- ---------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
SC Fundamental Value BVI, Inc.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC/OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
266,300
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
0
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
266,300
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
266,300
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.9%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 657037107 Page 4 of 10 Pages
- ---------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
SC Fundamental Inc.
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC/OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
598,700
- ----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
598,700
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
598,700
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 657037107 Page 5 of 10 Pages
- ---------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Gary N. Siegler
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC/OO/PF
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
2,000
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
867,000
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,000
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
867,000
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
867,000
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
- ---------------------- -----------------
CUSIP No. 657037107 Page 6 of 10 Pages
- ---------------------- -----------------
==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Peter M. Collery
- -----------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
- -----------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC/OO
- -----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- -----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- -----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- -----------------------------------------------------------------------------
8 SHARED VOTING POWER
865,000
- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
865,000
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
865,000
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
- -----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
<PAGE>
<PAGE> Page 7 of 10 Pages
AMENDMENT NO. 7
TO THE
SCHEDULE 13D
The Reporting Persons, consisting of SC Fundamental Inc., The SC
Fundamental Value Fund, L.P., SC Fundamental Value BVI, Inc., Gary N. Siegler
and Peter M. Collery, hereby amend their Schedule 13D relating to the Common
Stock, par value $0.01 per share, of North American Mortgage Co. (the
"Issuer") as set forth herein.
Item 3. Source and Amount of Funds of Other Consideration
The aggregate purchase prices of the shares of the Issuer's Common
Stock ("Shares") purchased by the Reporting Persons as reported in Item 5(c)
of this Schedule 13D were as follows:
Name of Aggregate
Reporting Person Purchase Price
Fund $ 281,102.41
BVI Inc. on behalf of BVI Ltd. $ 133,477.21
The Reporting Persons listed above purchased the Shares reported
herein as beneficially owned by them with working capital of Fund and BVI Ltd.
or with funds extended by brokerage firms in connection with margin
transactions effected for Fund and BVI Ltd.
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on March 7, 1997, the Reporting
Persons, by virtue of the language of Rule 13d-3(d)(1)(i), may be deemed to
own beneficially in the aggregate the number and percentage of the Issuer's
Common Stock set forth opposite their names below (based upon the number of
Shares that were reported to be outstanding in the Issuer's Form 10-Q as of
September 30, 1996).
<PAGE>
<PAGE> Page 8 of 10 Pages
<TABLE>
<CAPTION>
==============================================================================
Name Shares of Common Stock Percentage
- -----------------------------------------------------------------------------
<S> <C> <C>
SC Fundamental Inc. 598,700 4.3%
- -----------------------------------------------------------------------------
The SC Fundamental
Value Fund, L.P. 598,700 4.3%
- -----------------------------------------------------------------------------
SC Fundamental Value
BVI, Inc. 266,300 1.9%
- -----------------------------------------------------------------------------
Gary N. Siegler 867,000 6.2%
- -----------------------------------------------------------------------------
Peter M. Collery 865,000 6.2%
==============================================================================
</TABLE>
(c) The following table sets forth the transactions effected by the
Fund and by BVI Inc., on behalf of BVI Ltd., during the past sixty days or
since the last filing. Unless otherwise noted, each of the transactions set
forth below reflects a sale effected on the New York Stock Exchange.
<TABLE>
<CAPTION>
BVI, Inc.
Price Per on behalf
Trade Date Share ($) Fund of BVI Ltd. Siegler Collery
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1/08/97 20.7250 1,000* 500* 0 0
- ------------------------------------------------------------------------------
1/08/97 20.6338 69,200 30,800 0 0
- -----------------------------------------------------------------------------
1/08/97 20.6250 4,500 2,000 0 0
- -----------------------------------------------------------------------------
1/09/97 21.3438 1,300* 700* 0 0
- ------------------------------------------------------------------------------
1/09/97 21.1250 13,800 6,200 0 0
- -----------------------------------------------------------------------------
1/10/97 20.8750 1,990* 1,010* 0 0
- -----------------------------------------------------------------------------
1/16/97 20.8750 660* 340* 0 0
- ------------------------------------------------------------------------------
1/22/97 20.1250 350* 150* 0 0
- -----------------------------------------------------------------------------
1/23/97 19.8750 1,385* 615* 0 0
- -----------------------------------------------------------------------------
1/24/97 19.2500 650* 350* 0 0
<PAGE>
<PAGE> Page 9 of 10 Pages
</TABLE>
<TABLE>
<CAPTION>
BVI, Inc.
Price Per on behalf
Trade Date Share ($) Fund of BVI Ltd. Siegler Collery
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1/31/97 19.5789 1,315* 585* 0 0
- ------------------------------------------------------------------------------
2/20/97 20.6250 15,950 7,050 0 0
- -----------------------------------------------------------------------------
2/24/97 20.2500 200* 100* 0 0
- -----------------------------------------------------------------------------
2/25/97 20.5000 28,655 12,745 0 0
- ------------------------------------------------------------------------------
2/26/97 20.4375 2,075* 925* 0 0
- -----------------------------------------------------------------------------
2/26/97 20.5000 350 150 0 0
- -----------------------------------------------------------------------------
2/27/97 20.5000 7,615 3,385 0 0
- ------------------------------------------------------------------------------
2/28/97 20.2917 2,075* 925* 0 0
- -----------------------------------------------------------------------------
2/28/97 20.1250 139,730 62,170 0 0
- -----------------------------------------------------------------------------
3/03/97 21.0110 35,645 15,855 0 0
- ------------------------------------------------------------------------------
3/04/97 21.2500 16,470 7,330 0 0
- -----------------------------------------------------------------------------
3/06/97 21.6250 350* 150* 0 0
- ------------------------------------------------------------------------------
3/06/97 21.5000 19,170 8,530 0 0
- -----------------------------------------------------------------------------
3/07/97 21.7500 350* 150* 0 0
- -----------------------------------------------------------------------------
3/07/97 21.6719 24,915 11,085 0 0
- -----------------------------------------------------------------------------
* Reflects a purchase.
<FN>
- --------------
</TABLE>
<PAGE>
<PAGE> Page 10 of 10 Pages
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: March 10, 1997
SC FUNDAMENTAL INC.
By:
------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President*
THE SC FUNDAMENTAL VALUE FUND, L.P.
By: SC FUNDAMENTAL INC.
By:
---------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President*
SC FUNDAMENTAL VALUE BVI, INC.
By:
---------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery
Vice President*
- -------------------------------
Neil H. Koffler as Attorney-
in-Fact for Gary N. Siegler*
- -------------------------------
Neil H. Koffler as Attorney-
in-Fact for Peter M. Collery*
*Executed by Neil H. Koffler as Attorney-In-Fact for Peter M. Collery and Gary
N. Siegler. The Powers of Attorney for Messrs. Collery and Siegler were filed
as Exhibit A to Amendment No. 5 to Schedule 13D relating to US Facilities
Corporation on August 4, 1995 and is hereby incorporated herein by reference.
<PAGE>
<PAGE> Page 10 of 10 Pages
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: March 10, 1997
SC FUNDAMENTAL INC.
By: /s/ Peter M. Collery
- ---------------------------------
Neil H. Koffler as Attorney-in-Fact
for Peter M. Collery
Vice President*
THE SC FUNDAMENTAL VALUE FUND, L.P.
By: SC FUNDAMENTAL INC.
By: /s/ Peter M. Collery
- ----------------------------------
Neil H. Koffler as Attorney-in-Fact
for Peter M. Collery
Vice President*
SC FUNDAMENTAL VALUE BVI, INC.
By: /s/ Peter M. Collery
- ----------------------------------
Neil H. Koffler as Attorney-in-Fact
for Peter M. Collery
Vice President*
/s/ Gary N. Siegler
- ---------------------------------
Neil H. Koffler as Attorney-in-Fact
for Gary N. Siegler*
/s/ Peter M. Collery
- ---------------------------------
Neil H. Koffler as Attorney-in-Fact
for Peter M. Collery*
*Executed by Neil H. Koffler as Attorney-In-Fact for Peter M. Collery and Gary
N. Siegler. The Powers of Attorney for Messrs. Collery and Siegler were filed
as Exhibit A to Amendment No. 5 to Schedule 13D relating to US Facilities
Corporation on August 4, 1995 and is hereby incorporated herein by reference.
92066
