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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 AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
MAY 17, 1999
AAMES CAPITAL CORPORATION
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(Exact name of Registrant as specified in its charter)
CALIFORNIA 333-46893-01 95-4438859
- ---------------------------- ------------ ----------------
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file numbers) identification
no.)
350 SOUTH GRAND AVENUE
LOS ANGELES, CALIFORNIA 90071
- ---------------------------------------- ----------
(Address of principal executive offices) (ZIP Code)
(213) 210-5000
Registrant's telephone number, including area code
NA
(Former name or former address, if changed since last report)
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<PAGE>
Item 7. FINANCIAL STATEMENTS; PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
20.1 Aames Capital Corporation, Mortgage Pass-Through
Certificates, Series 1998-C - Statement to Certificateholders
Page 2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
AAMES CAPITAL CORPORATION
By: /S/ BARBARA S. POLSKY
----------------------------------
Barbara S. Polsky
Executive Vice President
Dated: May 21, 1999
Page 3
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
- -------
20.1 Aames Capital Corporation, Mortgage Pass-Through
Certificates, Series 1998-C - Statement to Certificateholders
Page 4
EXHIBIT 20.1
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
This statement is also available on Bankers Trust's website, http://online.bankerstrust.com/invr/.
BT begins posting statements to the web at 7:00 PM Eastern Standard time on the business day before each distibution date.
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DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
I-1F 1,184,000.00 904,617.33 7,150.99 44,827.96 51,978.95 0.00 0.00 859,789.37
I-2F 803,000.00 803,000.00 6,347.70 0.00 6,347.70 0.00 0.00 803,000.00
I-3F 399,000.00 399,000.00 3,154.09 0.00 3,154.09 0.00 0.00 399,000.00
I-4F 721,000.00 721,000.00 5,699.49 0.00 5,699.49 0.00 0.00 721,000.00
I-5F 403,000.00 403,000.00 3,185.71 0.00 3,185.71 0.00 0.00 403,000.00
I-6F 390,000.00 390,000.00 3,082.94 0.00 3,082.94 0.00 0.00 390,000.00
I-MF 386,100,000.00 365,367,962.38 2,878,236.76 3,448,861.14 6,327,097.90 0.00 9,990.98 361,929,092.22
I-1A 1,950,000.00 1,726,168.57 13,302.56 59,753.68 73,056.24 0.00 0.00 1,666,414.89
I-2A 650,000.00 650,000.00 5,009.16 0.00 5,009.16 0.00 0.00 650,000.00
I-MA 257,400,000.00 240,495,891.36 1,846,079.58 5,194,941.92 7,041,021.50 0.00 7,279.52 235,308,228.96
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 650,000,000.00 611,860,639.64 4,771,248.98 8,748,384.70 13,519,633.68 0.00 17,270.50 603,129,525.44
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<CAPTION>
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
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<S> <C> <C> <C> <C> <C> <C> <C>
I-1F 764.034907 6.039688 37.861453 43.901140 726.173454 9.485980% 9.477730%
I-2F 1,000.000000 7.904981 0.000000 7.904981 1,000.000000 9.485980% 9.477730%
I-3F 1,000.000000 7.904987 0.000000 7.904987 1,000.000000 9.485980% 9.477730%
I-4F 1,000.000000 7.904979 0.000000 7.904979 1,000.000000 9.485980% 9.477730%
I-5F 1,000.000000 7.904988 0.000000 7.904988 1,000.000000 9.485980% 9.477730%
I-6F 1,000.000000 7.904974 0.000000 7.904974 1,000.000000 9.485980% 9.477730%
I-MF 946.303969 7.454641 8.932559 16.387200 937.397286 9.485980% 9.477730%
I-1A 885.214651 6.821826 30.642913 37.464738 854.571738 9.247688% 9.242215%
I-2A 1,000.000000 7.706400 0.000000 7.706400 1,000.000000 9.247688% 9.242215%
I-MA 934.327472 7.172026 20.182370 27.354396 914.173384 9.247688% 9.242215%
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<S> <C> <C> <C>
SELLER: Aames Capital Corporation ADMINISTRATOR: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: NationsBanc Montgomery Securities LLC 3 Park Plaza
RECORD DATE: April 30, 1999 Irvine, CA 92614
DISTRIBUTION DATE: May 17, 1999 FACTOR INFORMATION: (800) 735-7777
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Page 1 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>
<PAGE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
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DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1F 118,400,000.00 90,461,732.44 470,325.62 4,482,795.87 4,953,121.49 0.00 0.00 85,978,936.57
A-2F 80,300,000.00 80,300,000.00 403,975.92 0.00 403,975.92 0.00 0.00 80,300,000.00
A-3F 39,900,000.00 39,900,000.00 202,525.75 0.00 202,525.75 0.00 0.00 39,900,000.00
A-4F 72,100,000.00 72,100,000.00 376,602.33 0.00 376,602.33 0.00 0.00 72,100,000.00
A-5F 40,300,000.00 40,300,000.00 222,758.25 0.00 222,758.25 0.00 0.00 40,300,000.00
A-6F 39,000,000.00 39,000,000.00 199,322.50 0.00 199,322.50 0.00 0.00 39,000,000.00
A-1A 195,000,000.00 172,616,857.79 795,763.71 5,975,367.90 6,771,131.61 0.00 0.00 166,641,489.89
A-2A 65,000,000.00 65,000,000.00 320,233.33 0.00 320,233.33 0.00 0.00 65,000,000.00
C 0.00 12,182,049.42 0.00 0.00 0.00 0.00 1,727,049.56 13,909,098.98
R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 650,000,000.00 611,860,639.65 2,991,507.41 10,458,163.77 13,449,671.18 0.00 1,727,049.56 603,129,525.44
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<CAPTION>
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1F 00253CFD4 764.034902 3.972345 37.861452 41.833796 726.173451 6.239000% 6.239000%
A-2F 00253CFE2 1,000.000000 5.030833 0.000000 5.030833 1,000.000000 6.037000% 6.037000%
A-3F 00253CFF9 1,000.000000 5.075833 0.000000 5.075833 1,000.000000 6.091000% 6.091000%
A-4F 00253CFG7 1,000.000000 5.223333 0.000000 5.223333 1,000.000000 6.268000% 6.268000%
A-5F 00253CFH5 1,000.000000 5.527500 0.000000 5.527500 1,000.000000 6.633000% 6.633000%
A-6F 00253CFJ1 1,000.000000 5.110833 0.000000 5.110833 1,000.000000 6.133000% 6.133000%
A-1A 00253CFK8 885.214655 4.080840 30.642912 34.723752 854.571743 5.186250% 5.186250%
A-2A 00253CFL6 1,000.000000 4.926667 0.000000 4.926667 1,000.000000 5.912000% 5.912000%
C 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
R-II 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
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<S> <C> <C> <C>
SELLER: Aames Capital Corporation ADMINISTRATOR: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: NationsBanc Montgomery Securities LLC 3 Park Plaza
RECORD DATE: April 30, 1999 Irvine, CA 92614
DISTRIBUTION DATE: May 17, 1999 FACTOR INFORMATION: (800) 735-7777
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Page 2 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>
<PAGE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: May 17, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
1 2 3+
DELINQUENT LOAN INFORMATION PAYMENT PAYMENTS PAYMENTS TOTAL
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIXED GROUP PRINCIPAL BALANCE 8,945,765.47 963,137.32 314,333.15 10,223,235.94
----------- PERCENTAGE OF POOL BALANCE 2.44751% 0.26351% 0.08600% 2.79702%
NUMBER OF LOANS 152 17 5 174
PERCENTAGE OF POOL LOANS 2.75962% 0.30864% 0.09078% 3.15904%
- ---------------------------------------------------------------------------------------------------------------------------
ADJ GROUP PRINCIPAL BALANCE 6,967,436.25 1,213,334.91 540,186.88 8,720,958.04
----------- PERCENTAGE OF POOL BALANCE 2.93212% 0.51061% 0.22733% 3.67006%
NUMBER OF LOANS 67 10 7 84
PERCENTAGE OF POOL LOANS 2.80100% 0.41806% 0.29264% 3.51171%
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FORECLOSURE LOAN INFORMATION
- ---------------------------------------------------------------------------------------------------------------------------
FIXED GROUP PRINCIPAL BALANCE 228,940.38 1,727,445.68 12,720,164.45 14,676,550.51
----------- PERCENTAGE OF POOL BALANCE 0.06264% 0.47262% 3.48016% 4.01542%
NUMBER OF LOANS 4 28 223 255
PERCENTAGE OF POOL LOANS 0.07262% 0.50835% 4.04866% 4.62963%
- ---------------------------------------------------------------------------------------------------------------------------
ADJ GROUP PRINCIPAL BALANCE 144,046.49 2,083,966.40 12,878,871.72 15,106,884.61
----------- PERCENTAGE OF POOL BALANCE 0.06062% 0.87700% 5.41984% 6.35746%
NUMBER OF LOANS 1 20 141 162
PERCENTAGE OF POOL LOANS 0.04181% 0.83612% 5.89465% 6.77258%
- ---------------------------------------------------------------------------------------------------------------------------
REO LOAN INFORMATION
- ---------------------------------------------------------------------------------------------------------------------------
FIXED GROUP PRINCIPAL BALANCE 0.00 0.00 526,385.90 526,385.90
----------- PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.14402% 0.14402%
NUMBER OF LOANS 0 0 8 8
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.14524% 0.14524%
- ---------------------------------------------------------------------------------------------------------------------------
ADJ GROUP PRINCIPAL BALANCE 0.00 0.00 363,750.00 363,750.00
----------- PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.15308% 0.15308%
NUMBER OF LOANS 0 0 5 5
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.20903% 0.20903%
- ---------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY LOAN INFORMATION
- ---------------------------------------------------------------------------------------------------------------------------
FIXED GROUP PRINCIPAL BALANCE 232,796.22 183,837.51 827,416.46 1,244,050.19
----------- PERCENTAGE OF POOL BALANCE 0.06369% 0.05030% 0.22638% 0.34036%
NUMBER OF LOANS 3 4 8 15
PERCENTAGE OF POOL LOANS 0.05447% 0.07262% 0.14524% 0.27233%
- ---------------------------------------------------------------------------------------------------------------------------
ADJ GROUP PRINCIPAL BALANCE 0.00 111,322.86 164,156.17 275,479.03
----------- PERCENTAGE OF POOL BALANCE 0.00000% 0.04685% 0.06908% 0.11593%
NUMBER OF LOANS 0 2 3 5
PERCENTAGE OF POOL LOANS 0.00000% 0.08361% 0.12542% 0.20903%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL
- ---------------------------------------------------------------------------------------------------------------------------
FIXED GROUP PRINCIPAL BALANCE 9,407,502.07 2,874,420.51 14,388,299.96 26,670,222.54
----------- PERCENTAGE OF POOL BALANCE 2.57384% 0.78642% 3.93655% 7.29682%
NUMBER OF LOANS 159 49 244 452
PERCENTAGE OF POOL LOANS 2.88671% 0.88962% 4.42992% 8.20625%
- ---------------------------------------------------------------------------------------------------------------------------
ADJ GROUP PRINCIPAL BALANCE 7,111,482.74 3,408,624.17 13,946,964.77 24,467,071.68
----------- PERCENTAGE OF POOL BALANCE 2.99274% 1.43446% 5.86933% 10.29652%
NUMBER OF LOANS 68 32 156 256
PERCENTAGE OF POOL LOANS 2.84281% 1.33779% 6.52174% 10.70234%
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Page 3 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>
<PAGE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: May 17, 1999
<TABLE>
<CAPTION>
COLLECTION ACCOUNT INFORMATION
- ---------------------------------------------------------------------------------------------------------------------------
SOURCES OF PRINCIPAL FIXED GROUP ADJ GROUP TOTAL
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SCHEDULED PRINCIPAL RECEIVED 582,694.56 134,761.74 717,456.30
PREPAYMENTS & CURTAILMENTS 2,901,003.56 5,112,654.34 8,013,657.90
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
NET LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER PRINCIPAL 0.00 0.00 0.00
PREFUNDING ACCOUNT TERMINATION 0.00 0.00 0.00
LESS: REALIZED LOSSES 0.00 0.00 0.00
TOTAL PRINCIPAL 3,483,698.12 5,247,416.08 8,731,114.20
- ---------------------------------------------------------------------------------------------------------------------------
SOURCES OF INTEREST
- ---------------------------------------------------------------------------------------------------------------------------
SCHEDULED INTEREST 3,070,593.90 1,972,867.52 5,043,461.42
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER INTEREST 0.00 0.00 0.00
LESS: DELINQUENT INTEREST (606,880.13) (440,304.96) (1,047,185.09)
LESS: PPIS 0.00 0.00 0.00
LESS: PPIS CIVIL RELIEF SHORTFALL 0.00 0.00 0.00
LESS: CURRENT SERVICING FEES (126,069.25) (80,113.00) (206,182.25)
LESS: REALIZED LOSSES 0.00 0.00 0.00
PLUS: COMPENSATING INTEREST 0.00 0.00 0.00
PLUS: INTEREST ADVANCED AMOUNT 579,204.14 419,221.27 998,425.41
PLUS: CAPITALIZED INTEREST AMOUNT 0.00 0.00 0.00
PLUS: CLOSING DATE DEPOSIT 0.00 0.00 0.00
TOTAL INTEREST 2,916,848.66 1,871,670.83 4,788,519.49
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PERMITTED WITHDRAWALS
- ---------------------------------------------------------------------------------------------------------------------------
0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL SOURCES
- ---------------------------------------------------------------------------------------------------------------------------
6,400,546.78 7,119,086.91 13,519,633.69
- ---------------------------------------------------------------------------------------------------------------------------
CAPITALIZED INTEREST DEPOSIT FOR CERTIFICATE ACCOUNT 0.00
PREFUNDING DEPOSIT FOR CERTIFICATE ACCOUNT 0.00
TOTAL REMITTANCE DUE 13,519,633.69
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Page 4 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>
<PAGE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: May 17, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
SERVICING FEES FIXED GROUP ADJ GROUP TOTAL
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 153,745.24 101,196.69 254,941.93
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 0.00 0.00 0.00
LESS: DELINQUENT SERVICE FEES: (27,675.99) (21,083.69) (48,759.68)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 126,069.25 80,113.00 206,182.25
AMOUNT PER $1000 CERTIFICATE:
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
POOL INFORMATION FIXED GROUP ADJ GROUP TOTAL
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PRIOR PRINCIPAL BALANCE OF POOL: 368,988,579.71 242,872,059.94 611,860,639.65
CURRENT PRINCIPAL BALANCE OF POOL: 365,504,881.59 237,624,643.86 603,129,525.45
GROUP FACTOR 93.71920% 91.39409% 92.78916%
PRIOR NUMBER OF LOANS: 5,565 2,441 8,006
CURRENT NUMBER OF LOANS: 5,508 2,392 7,900
NUMBER OF LOANS PURCHASED FROM Mortgage Replacement 0 0 0
CURRENT PRINCIPAL BAL. OF LOANS PURCHASED FROM MORT REPLACEMENT 0.00 0.00 0.00
NUMBER OF LOANS PAID IN FULL: 57 49 106
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 9.98598% 9.74769%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 9.97773% 9.74221%
WEIGHTED AVERAGE TERM TO MATURITY: 301 349
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
TRIGGER EVENTS FIXED GROUP ADJ GROUP
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
HAS A ROLLING LOSS RATE EVENT OCCURRED? NO NO
HAS A CUMULATIVE LOSS RATE EVENT OCCURRED? NO NO
HAS A DELINQUENCY RATE EVENT OCCURRED? NO NO
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
OVERCOLLATERALIZATION FIXED GROUP ADJ GROUP
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 999,097.75 727,951.82
OVERCOLLATERALIZATION AMOUNT 7,925,945.02 5,983,153.97
TARGET OVERCOLLATERALIZATION AMOUNT 10,335,000.00 16,510,000.00
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Page 5 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>
<PAGE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: May 17, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
ACCRUED CERTIFICATE INTEREST PRIOR CURRENT
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CLASS A-1F 504,307.21 470,325.62
CLASS A-2F 403,975.92 403,975.92
CLASS A-3F 202,525.75 202,525.75
CLASS A-4F 376,602.33 376,602.33
CLASS A-5F 222,758.25 222,758.25
CLASS A-6F 199,322.50 199,322.50
CLASS A-1A 800,769.45 795,763.71
CLASS A-2A 320,233.33 320,233.33
CLASS C 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------
INTEREST CARRY FORWARD AMOUNT PRIOR CURRENT
- ---------------------------------------------------------------------------------------------------------------------------
CLASS A-1F 0.00 0.00
CLASS A-2F 0.00 0.00
CLASS A-3F 0.00 0.00
CLASS A-4F 0.00 0.00
CLASS A-5F 0.00 0.00
CLASS A-6F 0.00 0.00
CLASS A-1A 0.00 0.00
CLASS A-2A 0.00 0.00
CLASS C 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
CERTIFICATE INSURER INFORMATION
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
MBIA PREMIUM PAID: 69,962.51
INSURED AMOUNTS: 0.00
UNPAID INSURED AMOUNTS AND INTEREST ON THE AMOUNTS: 0.00
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
SUPPLEMENTAL INTEREST AMOUNT (PAID) 0.00
SUPPLEMENTAL INTEREST AMOUNT (REMAINING UNPAID) 0.00
- ---------------------------------------------------------------------------------------------------------------------------
Page 6 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>