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): June 19, 1997
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, MN 55437
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (612) 832-7000
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On June 24, 1997, the Registrant will cause the issuance and
sale of approximately $365,268,593 initial principal amount of Mortgage
Pass-Through Certificates, Series 1997-KS2, Class A-I, Class A-II,
Class SB-I, Class SB-II, Class R-I, Class R-II and Class R-III (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be
dated as of June 1, 1997, among the Registrant, Residential Funding
Corporation, as Master Servicer, and The First National Bank of
Chicago, as Trustee.
In connection with the sale of the Series 1997-KS2, Class A-I
and Class A-II Certificates (the "Underwritten Certificates") to
Residential Funding Securities Corporation ("RFSC" or the
"Underwriter") the Registrant has been advised by the Underwriter that
the Underwriter has furnished to prospective investors certain yield
tables and other computational materials (the "Computational
Materials") with respect to the Underwritten Certificates following the
effective date of Registration Statement No. 33-56893, which
Computational Materials are being filed manually as exhibits to this
report.
The Computational Materials 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preliminary and may be superseded by the Prospectus Supplement relating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 information subsequently filed
with the Securities and Exchange Commission.
The Computational Materials consist of the first __ pages (the
"Computational Materials") that appear after the Form SE cover sheet
and the page headed "NOTICE". The Underwriter has advised the
Registrant that certain information in the Computational Materials may
have been based on assumptions that differed from the final pool
information.
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
prospective investors. The Computational Materials may be based on
assumptions that differ from the assumptions set forth in the
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 Underwritten Certificates (the "Mortgage
Loans") may differ from the
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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 might vary 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
Item 601(a) of
Regulation S-K
Exhibit No. 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:
Name: Tim Kruse
Title: Vice President
Dated: June 19, 1997
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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/Tim Kruse
Name: Tim Kruse
Title:Vice President
Dated: June 19, 1997
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EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description
Page
1 99 Computational Materials Filed
Manually
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EXHIBIT
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