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: September 24, 1996
(Date of earliest event reported)
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
Delaware 33-56893 51-0362653
(State or Other
Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis,
Minnesota 55437
(Address of Principal Executive Office)(Zip Code)
Registrant's telephone number, including area
code:(612) 832-7000
Item 5. Other Events.
On September 24, 1996, the Registrant expects to cause the issuance
and sale of Mortgage Pass-Through Certificates, Series 1996-KS4 (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be dated
as of September 1, 1996, among the Registrant, Residential Funding
Corporation, as Master Servicer, and First National Bank of Chicago, as
Trustee.
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In connection with the expected sale of the Series 1996-KS4, Class
A-I-1, A-I-2, A-I-3, A-I-4 and A-I-5
Certificates (the "Salomon Brothers Inc "Underwritten Certificates")
and the Class A-I-1 and A-I-3 (the Residential Funding Securities
Corporation "Underwritten Certificates"), that the Underwriters have
furnished to prospective investors certain computational materials (the
"Computational Materials") with respect to the Underwritten Certificates
following the effective date of the related Registration Statement, which
Computational Materials are being filed manually as an exhibit to this
report.
The Computational Materials filed herewith as Exhibit 99 have been
provided by the Underwriters. The information in the Computational
Materials is preliminary and may be superseded by the Prospectus Supplement
relating to the Certificates and by any other related 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 investors. The
Computational Materials may be based on assumptions that differ from the
assumptions set forth in the related 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 Certificates 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 a particular class of
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Underwritten Certificates may very 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 a particular class of
Underwritten Certificates.
Certain assumptions may have been made in the Computational Materials
which have resulted in certain returns which are detailed in the
Computational Materials. No representation is made that any returns set
forth in the Computational Materials will be achieved. Changes to the
assumptions used therein may have a material impact on any returns
detailed. Past performance is not indicative of future results.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
Exhibit No. Item 601(a) of
Regulation S-K
Exhibit No. Description
1 99 Computational
Materials
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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.
RESIDENTIAL ASSET
SECURITIES CORPORATION
By:/s/William E. Waldusky
Name:William E. Waldusky
Title: Vice President
Dated: September 24, 1996
EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Format
1 99 Computational Materials P
EXHIBIT 1
(Intentionally Omitted)
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