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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: November 22, 1999
(Date of earliest event reported)
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
DELAWARE 333-84939 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 5. OTHER EVENTS.
ON NOVEMBER 23, 1999, the Registrant expects to cause the
issuance and sale of HOME EQUITY MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1999-KS4 (the "Certificates") PURSUANT TO A POOLING AND SERVICING
AGREEMENT TO BE DATED AS OF NOVEMBER 1, 1999, among THE REGISTRANT,
RESIDENTIAL FUNDING CORPORATION, AS MASTER SERVICER, AND BANC ONE,
NATIONAL ASSOCIATION, as Trustee.
IN CONNECTION WITH THE EXPECTED SALE OF THE SERIES 1999-KS4, the
Class A-I-1, Class A-I-2, Class A-I-3, Class A-I-4, Class A-I-5, Class
A-I-6, and Class A-II Certificates (the "Underwritten Certificates"),
the Registrant has been advised by Prudential Securities INCORPORATED
AND RESIDENTIAL FUNDING SECURITIES CORPORATION AND SALOMON SMITH BARNEY
(the "Underwriters"), that the Underwriters have furnished to
prospective investors certain computational materials (the
"Computational Materials") with respect to the Underwritten Certificates
following the effective date of the related Registration Statement,
which Computational Materials are being filed manually as an exhibit to
this report.
The Computational Materials filed herewith as Exhibit 99 have
been provided by the Underwriters. The information in the Computational
Materials is preliminary and may be superseded by the Prospectus
Supplement relating to the Certificates and by any other related
information subsequently filed with the Securities and Exchange
Commission.
The Computational Materials were prepared by the Underwriters at
the request of certain prospective investors, based on assumptions
provided by, and satisfying the special requirements of, such investors.
The Computational Materials may be based on assumptions that differ from
the assumptions set forth in the related 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 Certificates 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 may very 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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Certain assumptions may have been made in the Computational
Materials which have resulted in certain returns which are detailed in
the Computational Materials. No representation is made that any returns
set forth in the Computational Materials will be achieved. Changes to
the assumptions used therein may have a material impact on any returns
detailed. Past performance is not indicative of future results.
ITEM 7. FINANCIAL 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: /S/ DIANE M. WOLD
NAME:DIANE M. WOLD
TITLE:VICE PRESIDENT
DATED: NOVEMBER 22, 1999
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EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
NUMBER EXHIBIT NO. DESCRIPTION FORMAT
1 99 Computational P
Materials
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EXHIBIT 1
(Intentionally Omitted)
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