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 18, 1998
RESIDENTIAL ASSET SECURITIES CORPORATION (as seller under a Pooling and
Servicing Agreement, dated as of November 1, 1998, providing for, inter alia,
the issuance of Mortgage Asset-Backed Pass-Through Certificates, Series
1998-RS1)
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
DELAWARE 333-30789 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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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 September 30, 1998,
and for 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
Residential Asset Securities Corporation Mortgage Asset-Backed Pass-Through
Certificates, Series 1998-RS1, 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:
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
1 23 Consent of KPMG Peat
Marwick LLP, independent
auditors of Ambac Assurance
Corporation with respect to the
Residential Asset Securities
Corporation Mortgage Asset-
Backed Pass-Through
Certificates, Series 1998-RS1
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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/ Diane S. Wold
Name: Diane S. Wold
Title: Vice President
Dated: November 18, 1998
<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: Diane S. Wold
Title: Vice President
Dated: November 18, 1998
<PAGE>
EXHIBIT INDEX
Item 601(a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Page
1 23 Accountant's Consent
<PAGE>
EXHIBIT 1
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 Asset Securities Corporation (the "Registrant"), and
in the Prospectus Supplement of the Registrant dated November 18, 1998 (the
"Prospectus Supplement"), 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.
KPMG PEAT MARWICK LLP
New York, New York
November 18, 1998
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