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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: March 24, 1998
(Date of earliest event reported)
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-30789 51-0362653
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota 55437
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(612) 832-7000
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Item 5Other Events.
On March 30, 1999, the Registrant will cause the issuance and sale
of $1,300,000,000 initial principal amount of Home Equity Mortgage
Asset-Backed Pass-Through Certificates, Series 1999-KS1, Class A (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be dated
as of March 1, 1999, among the Registrant, Residential Funding
Corporation, as Master Servicer, and The First National Bank of Chicago,
as Trustee.
In connection with the sale of the Series 1999-KS1, Class A
Certificates, (the "Underwritten Certificates"), the Registrant has been
advised by Residential Fundings Securities Corporation (the
"Underwriter"), that the Underwriter has furnished to prospective
investors certain yield tables and other computational materials (the
"Computational Materials") with respect to the Underwritten Certificates
following the effective date of Registration Statement No. 333-30789,
which Computational Materials are being filed manually as exhibits to this
report.
The Computational Materials have been provided by the Underwriter.
The information in the Computational Materials is preliminary and may be
superseded by the Prospectus Supplement relating to the Certificates and
by any other information subsequently filed with the Securities and
Exchange Commission.
The Computational Materials consist of the 20 pages that appear
after the Form SE cover sheet and the page headed "NOTICE".
The Computational Materials were prepared by the Underwriter at the
request of certain prospective investors, based on assumptions provided
by, and satisfying the special requirements of, such prospective
investors. The Computational Materials may be based on assumptions that
differ from the assumptions set forth in the Prospectus Supplement. The
Computational Materials may not include, and do not purport to include,
information based on assumptions representing a complete set of possible
scenarios. Accordingly, the Computational Materials may not be relevant to
or appropriate for investors other than those specifically requesting
them.
In addition, the actual characteristics and performance of the
mortgage loans underlying the Underwritten Certificates (the "Mortgage
Loans") may differ from the assumptions used in the Computational
Materials, which are hypothetical in nature and which were provided to
certain investors only to give a general sense of how the yield, average
life, duration, expected maturity, interest rate sensitivity and cash flow
characteristics of a particular class of Underwritten Certificates might
vary under varying prepayment and other scenarios. Any difference between
such assumptions and the actual characteristics and performance of the
Mortgage Loans will affect the actual yield, average life, duration,
expected maturity, interest rate sensitivity and cash flow characteristics
of a particular class of Underwritten Certificates.
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Item 7Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
1 99 Computational Materials
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By:
Name: Timothy A. Kruse
Title:Vice President
Dated: March 24, 1999
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By: /s/Timothy A. Kruse
Name: Timothy A. Kruse
Title:Vice President
Dated: March 24, 1999
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EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Page
1 99 Computational Materials Filed Manually
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EXHIBIT
(Intentionally Omitted)
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