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) January 22, 1997
RESIDENTIAL ASSET SECURITIES CORPORATION (as seller under a Pooling and
Servicing Agreement dated as of September 1, 1995 providing for, inter alia, the
issuance of Mortgage Pass-Through Certificates, Series 1995-KS2)
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
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2
Item 5. Other Events
On September 28, 1995, a single series of certificates, entitled
Residential Asset Securities Corporation Mortgage Pass-Through Certificates,
Series 1995-KS2 (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 September 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 January 22, 1997, the Depositor,
the Master Servicer, and the Trustee executed Amendment No. 2 to the Pooling and
Servicing Agreement for the purpose of revising Section 7.07 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 4.1 Amendment No. 2 to the Pooling and
Servicing Agreement, dated as of September
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").
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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/ William Waldusky
Name: William E. Waldusky
Title: Vice President
Dated: January 22, 1997
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4
Index to Exhibits
Sequentially
Numbered
Exhibit No. Description Page
1 Amendment No. 2 to Pooling and
Servicing Agreement, dated as
of September 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
January 22, 1997 and is by and
among the Depositor, the Master
Servicer, and the Trustee.
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EXHIBIT 1
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RESIDENTIAL ASSET SECURITIES CORPORATION
Depositor,
RESIDENTIAL FUNDING CORPORATION
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
--------------------
AMENDMENT NO. 2 dated as of
January 22, 1997 to the
Pooling and Servicing Agreement
Dated as of September 1, 1995
--------------------
Residential Asset Securities Corporation
Mortgage Pass-Through Certificates
Series 1995-KS2
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AMENDMENT No. 2 made as of this 22nd day of January 1997,
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
September 1, 1995, relating to the issuance of Residential Asset Securities
Corporation, Mortgage Pass-Through Certificates, Series 1995-KS2; 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 11.01(a) 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:
Capitalized terms used herein and not defined herein shall
have the meanings assigned to such terms in the Agreement.
Section 4.07 of the Agreement is hereby amended by adding the
following to the end of the fifth 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, any related Realized Loss
shall not be allocated in accordance with the terms of the
Agreement.
Section 4.07 of the Agreement is hereby amended by adding the
following to the end of the sixth 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, the payment of the related
Purchase Price will not be viewed as an advance and any
Realized Loss will not be recoverable.
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 and shall not be considered for
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1
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purposes of performing the foregoing calculations for any time
period prior or subsequent to such purchase.
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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: Vice President
RESIDENTIAL FUNDING CORPORATION
By: /s/ Robert Conway
Name: Robert Conway
Title: Director
THE FIRST NATIONAL
BANK OF CHICAGO
By: /s/ R. Tarnas
Name: R. Tarnas
Title: Vice President
CONSENTED TO:
MBIA INSURANCE COMPANY
By: /s/ Robert Heller
Name: Robert Heller
Title: Vice President
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SCHEDULE A
RASC SERIES 1995-KS2
MORTGAGE LOAN/REO REPURCHASES
LOAN
NUMBER
STATUS
1421160 FCLS
1421177 FCLS
1421181 FCLS
1421195 FCLS
1421210 FCLS
1421221 FCLS
1421223 FCLS
1435781 FCLS
1436255 FCLS
1400259 FCLS
1434367 90+
1424527 FCLS
1425203 FCLS
1423491 FCLS
1425445 FCLS
1431589 FCLS
1432284 FCLS
1440048 FCLS
1440044 FCLS
1440029 FCLS
1439973 FCLS
1438830 FCLS
1436187 FCLS
1440169 FCLS
1440130 FCLS
1440123 FCLS
1440081 FCLS
1431238 FCLS
1418433 ACT REO
1435124 ACT REO
1421483 ACT REO
1399710 90+
1406178 90+
1399648 FCLS
1399737 FCLS
1399763 FCLS
1399851 FCLS
1406185 FCLS
1406171 FCLS
1406384 FCLS
1406213 FCLS
1406207 FCLS
1406199 FCLS
1406189 FCLS
1399681 FCLS
1399743 ACT REO
1406197 ACT REO
1406125 ACT REO
1402524 ACT REO
1399778 ACT REO
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