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): November 20, 1997
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
DELAWARE 333-28791 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)
Exhibit Index located on page 4.
<PAGE>
Items 1 through 6 and Item 8 are not included because they are not applicable.
Item 5. Other Events.
The consolidated financial statements of Ambac Assurance
Corporation and its subsidiaries as of December 31, 1996 and December 31, 1995,
and for the three year period ended December 31, 1996, included in the Current
Report on Form 8-K of AMBAC Inc. (which was filed with the Securities and
Exchange Commission on March 12, 1997) and the consolidated financial statements
of Ambac Assurance Corporation and its subsidiaries as of September 30, 1997,
and for the periods ended September 30, 1997 and September 30, 1996, included in
the Quarterly Report on Form 10-Q of Ambac Financial Group, Inc. for the period
ended September 30, 1997 (which was filed with the Securities and Exchange
Commission on November 14, 1997), are hereby incorporated by reference in (i)
this Current Report on Form 8-K; (ii) the registration statement (No.333-28791)
of the Registrant (the "Prospectus"); and (iii) the Prospectus Supplement for
Mortgage Pass-Through Certificates, Series 1997-KS4, and shall be deemed to be a
part hereof.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits
23. Consent of KPMG Peat Marwick LLP, independent auditors of
Ambac Assurance Corporation ("Ambac") with respect to (a) the
incorporation by reference in the Prospectus and Prospectus
Supplement of their report dated January 30, 1997 on the audit
of the consolidated financial statements of Ambac and its
subsidiaries as of December 31, 1996 and 1995 and for each of
the years in the three-year period ended December 31, 1996 and
(b) with respect to the reference to their firm under the
caption "Experts" in the Prospectus Supplement.
<PAGE>
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: Timothy A. Kruse
Title: Vice President
Dated: November 20, 1997
<PAGE>
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: /s/Timothy A. Kruse
Name: Timothy A. Kruse
Title: Vice President
Dated: November 20, 1997
<PAGE>
Exhibit 23
Consent of Independent Auditors of Ambac
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation:
We consent to the incorporation by reference in the registration
statement (No. 333-28791) of Residential Assets Securities Corporation (the
"Registrant") and in the Prospectus Supplement of the Registrant dated November
20, 1997 (the "Prospectus Supplement") of our report dated January 30, 1997 on
the consolidated financial statements of Ambac Assurance Corporation as of
December 31, 1996 and 1995, and for each of the years in the three year period
ended December 31, 1996, which report appears in the Form 8-K of Ambac Financial
Group, Inc. (formerly AMBAC Inc.), dated March 12, 1997 and to the reference to
our firm under the heading "Experts" in the Prospectus Supplement.
/s/ KPMG Peat Marwick LLP
New York, New York
November 20, 1997
<PAGE>
