$167,302,000
RESIDENTIAL ASSET SECURITIES CORPORATION
Company
RESIDENTIAL FUNDING CORPORATION
Master Servicer
Mortgage Asset-Backed Pass-Through Certificates
Series 1999-RS2
Supplement dated July 14, 1999
to
Prospectus Supplement dated June 28, 1999
to
Prospectus dated July 23, 1998
Capitalized terms used herein and not otherwise defined herein have the meanings
assigned in the Prospectus Supplement dated June 28, 1999.
The Prospectus Supplement is hereby revised to add the following section
as an additional section after "Description of the Mortgage Pool--General"
Loans in Breach of a Representation
As of the Cut-off Date, 0.26% and 2.22% of the Group I Loans and Group II
Loans, respectively, were in foreclosure. Since this constitutes a breach of a
delinquency representation made by Residential Funding, these Mortgage Loans
will be repurchased from the Trust Fund by Residential Funding on July 19, 1999.
As a result, $332,550 and $951,066 will be paid to the holders of the Class
A-I-1 Certificates and Class A-II Certificates, respectively, as principal on
the Distribution Date in July 1999, in addition to the other distributions to be
made to such Certificates on such Distribution Date.
Prudential Securities
Underwriter
This supplement may be used to offer or sell the certificates offered
hereby only if accompanied by the prospectus supplement and prospectus.
Dealers will be required to deliver a supplement, prospectus supplement
and prospectus when acting as underwriters of the certificates offered hereby
and with respect to their unsold allotments or subscriptions. In addition, all
dealers selling the Class A Certificates, whether or not participating in this
offering, may be required to deliver a supplement, prospectus supplement and
prospectus until September 27, 1999.
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