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: November 21, 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 Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota55437
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(612) 832-7000
Item 5. Other Events.
On December 20, 1996, the Registrant expects to cause the
issuance and sale of
Mortgage Pass-Through Certificates, Series 1996-KS5
(the "Certificates") pursuant to a
Pooling and Servicing Agreement to be dated as of
December 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-KS5 Certificates, the
Registrant has been advised by Residential Funding
Securities Corporation (the
"Underwriter"), that the Underwriter has furnished
to prospective investors certain
collateral information with respect to the
mortgage loans ("Mortgage Loans") underlying
the proposed offering of the Certificates
(the "Collateral Term Sheets"), which Collateral
Term Sheets are being filed manually as exhibits to this report.
The Collateral Term Sheets have been provided
by the Underwriter. The
information in the Collateral Term Sheets is
preliminary and will be superseded by the
Description of the Mortgage Pool contained
in the Prospectus Supplement relating to the
Certificates and by any other information
subsequently filed with the Securities and
Exchange Commission.
The Collateral Term Sheets were prepared
by the Underwriter at the request of
certain prospective investors. The Collateral
Term Sheets may be based on information
that differs from the information set forth
in the Prospectus Supplement.
In addition, the actual characteristics
and performance of the Mortgage Loans
underlying the Certificates may differ from
the information provided in the Collateral
Term Sheets, which were provided to certain
investors only to give a sense of the
underlying collateral which will effect the
maturity, interest rate sensitivity and cash flow
characteristics of the Certificates.
Any difference between the collateral information in
the Collateral Term Sheets and the actual
characteristics of the Mortgage Loans will affect
the actual yield, average life, duration,
expected maturity, interest rate sensitivity and cash
flow characteristics of the Certificates.
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 Collateral Term Sheets
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: November 21, 1996<PAGE>
EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Format
1 99 Collateral Term
Sheets P
EXHIBIT 1
(Intentionally Omitted)
