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) September 15, 1996
RESIDENTIAL ASSET SECURITIES CORPORATION (as seller under a Pooling
and Servicing Agreement dated as of June 1, 1995 providing for,
inter alia, the issuance of Mortgage Pass-Through Certificates,
Series 1995-KS1)
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 (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (612) 832-7000
Item 5. Other Events
On June 28, 1995, a single series of certificates, entitled
Residential Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 1995-KS1 (the "Certificates"), was issued
pursuant to a pooling and servicing agreement (the "Pooling and
Servicing Agreement") which was previously filed on Form 8-K, dated
as of June 1, 1995, among Residential Asset Securities Corporation,
as depositor (the "Depositor"), Residential Funding Corporation, as
master servicer (the "Master Servicer") and The First National Bank
of Chicago, as trustee (the "Trustee"). On September 15, 1996, the
Depositor, the Master Servicer, and the Trustee executed Amendment
No. 2 to the Pooling and Servicing Agreement for the purpose of
amending Section 4.07 of the Agreement.
Capitalized terms used herein and not otherwise defined shall
have the meanings assigned to them in the Pooling and Servicing
Agreement.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
1 4.2 Amendment No. 2 to the
Pooling and Servicing
Agreement, dated as of
June 1, 1995, by and
among Residential Asset
Securities Corporation,
as depositor (the
"Depositor"),
Residential Funding
Corporation, as master
servicer (the "Master
Servicer") and The First
National Bank of
Chicago, as trustee (the
"Trustee").
SIGNATURES
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.
RESIDENTIAL ASSET
SECURITIES CORPORATION
By:
Name: William E.Waldusky
Title: Vice President
Dated: September 30, 1996
Index to Exhibits
Exhibit No. Description Sequentially
Numbered
Page
5
1
Amendment No. 2 to Pooling and
Servicing Agreement, dated as of
June 1, 1995, by and among
Residential Asset Securities
Corporation, as depositor (the
"Depositor"), Residential
Funding Corporation, as master
servicer (the "Master Servicer")
and The First National Bank of
Chicago, as trustee (the
"Trustee"), which Amendment No.
2 is dated as of September 15,
1996 and is by and among the
Depositor, the Master Servicer,
and the Trustee.
Exhibit 1
RESIDENTIAL ASSET SECURITIES CORPORATION
Depositor,
RESIDENTIAL FUNDING CORPORATION
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
____________________
AMENDMENT NO. 2 dated as of
September 15, 1996 to the
Pooling and Servicing Agreement
Dated as of June 1, 1995
____________________
Residential Asset Securities Corporation
Mortgage Pass-Through Certificates
Series 1995-KS1
AMENDMENT No. 2 made as of this 15th day of September
1996, among Residential Asset Securities Corporation as depositor
(the "Depositor"), Residential Funding Corporation, as master
servicer (the "Master Servicer"), and The First National Bank of
Chicago, as trustee (the "Trustee").
W I T N E S S E T H
WHEREAS, the Depositor, the Trustee and the Master
Servicer entered into a Pooling and Servicing Agreement (the
"Agreement") dated as of June 1, 1995, relating to the issuance of
Residential Asset Securities Corporation, Mortgage Pass-Through
Certificates, Series 1995-KS1; and
WHEREAS, the Depositor, the Master Servicer and the
Trustee desire to amend the terms of the Agreement pursuant to and
in accordance with Section 12.01(b) of the Agreement for the
purpose of adding a provision to Section 4.07 of the Agreement.
NOW, THEREFORE, in consideration of the mutual
premises and agreements herein, the Depositor, the Master Servicer
and the Trustee agree as follows:
1. Capitalized terms used herein and not defined herein
shall have the meanings assigned to such terms in the Agreement.
2. Section 4.07 of the Agreement is hereby amended by
adding the following to the end of the last sentence thereof:
; provided however, that with respect to
the Mortgage Loans listed on Schedule A to
Amendment No. 2 to this Agreement,
purchased by the Master Servicer, such
Mortgage Loans shall be treated as having
been so purchased for purposes of
performing the foregoing calculations.
3. In addition, Section 4.07 of the Agreement is hereby
amended by deleting the fifth and sixth sentences of the
paragraph.
IN WITNESS WHEREOF, the Depositor, the Master Servicer and
the Trustee have caused their duly authorized representatives to
execute and deliver this instrument as of the date first above
written.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By: /s/ William E. Waldusky
Name: William E. Waldusky
Title: Director
RESIDENTIAL FUNDING CORPORATION
By: /s/ Randy Van Zee
Name: Randy Van Zee
Title: Director
THE FIRST NATIONAL
BANK OF CHICAGO
By: /s/ Richard Tarnas
Name: Richard Tarnas
Title: Vice President
CONSENTED TO:
FINANCIAL SECURITY ASSURANCE INC.
By: /s/ Richard J. Bowerfeld
Name: Richard J. Bowerfeld
Title: Managing Director
Schedule A
RASC Series 1995-KS1
Mortgage Loan/REO Repurchases
Loan Status
1402313 90-Day
1406427 90-Day
1406442 90-Day
1406481 90-Day
1419657 90-Day
1401869 FCLS
1402839 FCLS
1403200 FCLS
1403996 FCLS
1403202 FCLS
1405581 FCLS
1406267 FCLS
1417945 FCLS
1417941 FCLS
1406549 FCLS
1406533 FCLS
1406530 FCLS
1406495 FCLS
1406466 FCLS
1419503 FCLS
1419497 FCLS
1419494 FCLS
1419465 FCLS
1418132 FCLS
1418053 FCLS
1418044 FCLS
1417954 FCLS
1420681 FCLS
1420679 FCLS
1419629 FCLS
1419618 FCLS
1419562 FCLS
1419523 FCLS
1406441 FCLS
1406430 FCLS
1406425 FCLS
1406399 FCLS
1406363 FCLS
1405544 FCLS
1402291 FCLS
1402946 REO
1420669 REO
1419675 REO
1419613 REO
1416362 REO
1406863 REO
1406861 REO
1406529 REO
1406485 REO
1406367 REO
1406415 REO
1406329 REO
1404016 REO
