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): September 22, 1998
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
DELAWARE 333-30789 51-0362653
(State or other (Commission file number) (I.R.S. employer
jurisdiction of identification no.)
incorporation)
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
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(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 5. Other Events.
The consolidated financial statements of Ambac Assurance Corporation
and its subsidiaries as of December 31, 1997 and December 31, 1996, and for the
three year period ended December 31, 1997, included in the Annual Report on Form
10-K of Ambac Financial Group, Inc. (which was filed with the Securities and
Exchange Commission on March 31, 1998) and the consolidated financial statements
of Ambac Assurance Corporation and its subsidiaries as of June 30, 1998, and for
the periods ended June 30, 1998 and June 30, 1997, included in the Quarterly
Report on Form 10-Q of Ambac Financial Group, Inc. for the period ended June 30,
1998 (which was filed with the Securities and Exchange Commission on August 14,
1998), are hereby incorporated by reference in (i) this Current Report on Form
8-K; (ii) the registration statement (No.333-30789) of the Registrant (the
"Prospectus"); and (iii) the Prospectus Supplement for Home Equity Mortgage
Asset-Backed Pass-Through Certificates, Series 1998- KS3, 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 29, 1998 on the audit of the consolidated financial statements of Ambac
Assurance Corporation and its subsidiaries as of December 31, 1997 and 1996 and
for each of the years in the three-year period ended December 31, 1997 and (b)
with respect to the reference to their firm under the caption "Experts" in the
Prospectus Supplement.
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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/ Timothy A. Kruse
Name: Timothy A. Kruse
Title: Vice President
Dated: September 22, 1998
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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:
Name: Timothy A. Kruse
Title: Vice President
Dated: September 22, 1998
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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- 30789) of Residential Assets Securities Corporation (the "Registrant")
and in the Prospectus Supplement of the Registrant (the "Prospectus
Supplement"), included in the Form 8-K of the Registrant dated September 22,
1998, of our report dated January 29, 1998 on the consolidated financial
statements of Ambac Assurance Corporation as of December 31, 1997 and 1996, and
for each of the years in the three year period ended December 31, 1997 which
report appears in the Form 10-K of Ambac Financial Group, Inc., dated March 31,
1998 and to the reference to our firm under the heading "Experts" in the
Prospectus Supplement.
/s/ KPMG Peat Marwick LLP
New York, New York
September 22, 1998
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