SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): December 23, 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 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 September 30, 1998, and for
each of the periods ended September 30, 1998 and September 30, 1997, included in
the Quarterly Report on Form 10-Q of Ambac Financial Group, Inc. for the period
ended September 30, 1998 (which was filed with the Securities and Exchange
Commission on November 13, 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-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 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: December 23, 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: December 23, 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"), via the Form 8-K of the Registrant dated December 23,
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
December 23, 1998
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