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: June 20, 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 June 27, 1996, the Registrant expects to
cause the issuance and sale of Mortgage Pass-
Through Certificates, Series 1996-KS3 (the
"Certificates") pursuant to a Pooling and Servicing
Agreement to be dated as of June 1, 1996, among the
Registrant, Residential Funding Corporation, as
Master Servicer, and First National Bank of
Chicago, as Trustee.
In connection with the expected sale of the
Series 1996-KS3, Class A Certificates (the
"Underwritten Certificates"), the Registrant has
been advised by Residential Funding Securities
Corporation (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 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 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preliminary and may be superseded by the Prospectus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 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
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
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: June 20, 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)
