RESIDENTIAL ASSET SECURITIES CORP
8-K/A, 1997-04-10
ASSET-BACKED SECURITIES
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K/A

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported): March 27, 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)



                                          Exhibit Index Located on Page 4


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Items 1 through 6 and Item 8 are not included because they are not applicable.


Item 7.         Financial Statements, Pro Forma Financial Information
and Exhibits.

                (a)      Not applicable

                (b)      Not applicable

                (c) Exhibits (executed copies) - The following  execution copies
of Exhibits to the Form S-3 Registration  Statement of the Registrant are hereby
filed:

             Sequentially
Exhibit        Numbered
Number           Exhibit
                Page



10.1            Pooling and Servicing Agreement, dated as of March 1, 1997 among
                Residential   Asset   Securities   Corporation,    as   company,
                Residential  Funding  Corporation,  as master servicer,  and The
                First National Bank of Chicago as trustee.

10.2            Certificate Guaranty Insurance Policy issued
                by AMBAC Indemnity Corporation in connection
                with the Residential Asset Securities Corporation,
                Mortgage Pass-Through Certificates,
                Series 1997-KS1, Class A.



<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/ William E. Waldusky
                                        Name:   William E. Waldusky
                                        Title:  Vice President


Dated:  April 4, 1997




<PAGE>




                              Exhibit 10.1






                                          Pooling and Servicing Agreement





<PAGE>



                                      Exhibit 10.2






                                       Certificate Guaranty Insurance Policy





<PAGE>




                                     AMBAC
                           AMBAC Indemnity Corporation
                           c/o CT Corporation Systems
                             44 East Mifflin Street
                            Madison, Wisconsin 53703
                             Administrative Office:
                             One State Street Plaza
                            New York, New York 10004
                            Telephone: (212) 668-0340
                     Certificate Guaranty Insurance Policy

Insured Obligations:                      Policy Number: AB0103BE
Residential Asset Securities Corporation,
Mortgage Pass-Through Certificates,
Series 1997-KS1, Class A  Premium: Calculated as set forth in the Certificate
 Guaranty Insurance Policy Endorsement attached hereto

AMBAC  Indemnity  Corporation  (AMBAC) A Wisconsin  Stock  Insurance  Company in
consideration  of the  payment of the  premium  and subject to the terms of this
Policy, hereby agrees  unconditionally and irrevocably to pay to the Trustee for
the  benefit of the  Holders of the  Insured  Obligations,  that  portion of the
Insured Amounts which shall become Due for Payment but shall be unpaid by reason
of Nonpayment.

AMBAC will make such  payments to the Trustee from its own funds on the later of
(a) one (1) Business Day  following  notification  to AMBAC of Nonpayment or (b)
the Business Day on which the Insured Amounts are Due for Payment. Such payments
of principal or interest shall be made only upon  presentation  of an instrument
of assignment in form and substance satisfactory to AMBAC, transferring to AMBAC
all rights  under such  Insured  Obligations  to receive  the  principal  of and
interest  on the  Insured  Obligation.  AMBAC  shall  be  subrogated  to all the
Holders'  rights to  payment  on the  Insured  Obligations  to the extent of the
insurance  disbursements so made. Once payments of the Insured Amounts have been
made to the Trustee, AMBAC shall have no further obligation hereunder in respect
of such Insured Amounts.

In the event the Trustee for the Insured Obligations has notice that any payment
of  principal  or  interest  on an Insured  Obligation  which has become Due for
Payment  and which is made to a Holder by or on behalf of the  Trustee  has been
deemed a  preferential  transfer  and  theretofore  recovered  from  its  Holder
pursuant  to the  United  States  Bankruptcy  Code in  accordance  with a final,
nonappealable  order of a court of competent  jurisdiction,  such Holder will be
entitled  to payment  from AMBAC to the extent of such  recovery  if  sufficient
funds are not otherwise available.

This  Policy is  noncancelable  by AMBAC for any  reason,  including  failure to
receive payment of any premium due hereunder.  The premium on this Policy is not
refundable  for any  reason.  This Policy  does not insure  against  loss of any
prepayment  or other  acceleration  payment  which at any time may become due in
respect of any Insured  Obligation,  other than at the sole option of AMBAC, nor
against any risk other than Nonpayment, including failure of the Trustee to make
any payment due Holders of Insured Amounts.

To the fullest  extent  permitted by  applicable  law,  AMBAC hereby  waives and
agrees not to assert any and all rights and defenses,  to the extent such rights
and  defenses may be available  to AMBAC,  to avoid  payment of its  obligations
under this Policy in accordance with the express provisions hereof.

Any capitalized terms not defined herein shall have the meaning given such terms
in the endorsement attached hereto or in the Agreement.

In  witness  whereof,  AMBAC  has  caused  this  Policy to be  affixed  with its
corporate seal and to be signed by its duly authorized  officers in facsimile to
become  effective as their original  signatures and binding upon AMBAC by virtue
of the countersignature of its duly authorized representative.

/s/ Philip Lassiter                             /s/ Stephen D. Cooke
President                                       Secretary


                                                /s/ Karl T. Molin
Effective Date:  March 27, 1997                 Authorized Representative


NY1-201655.1

                                                      6863-254-HS2-04/10/97

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