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) March 26, 1999
RESIDENTIAL ASSET SECURITIES CORPORATION (as seller under a Pooling and
Servicing Agreement, dated as of March 1, 1999, providing for, inter alia, the
issuance of Mortgage Asset-Backed Pass-Through Certificates, Series 1999-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 subsidiaries as of December 31, 1998 and 1997, and for each of
the years in the three year period ended December 31, 1998, included in the
Current Report on Form 8-K of Ambac Financial Group, Inc. (which was filed with
the Securities and Exchange Commission on March 24, 1999) 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 1999-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 LLP,
independent auditors of
Ambac Assurance Corporation
with respect to the Residential
Asset Securities Corporation
Mortgage Asset-Backed Pass-
Through Certificates, Series
1999-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/ Timothy A. Kruse
Name: Timothy A. Kruse
Title: Vice President
Dated: March 26, 1999
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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: March 26, 1999
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EXHIBIT INDEX
Item 601(a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Page
1 23 Accountant's Consent
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EXHIBIT 1
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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 (the "Prospectus Supplement"),
via the Form 8-K of the registrant dated March 26, 1999, of our report dated
January 27, 1999 on the consolidated financial statements of Ambac Assurance
Corporation and subsidiaries as of December 31, 1998 and 1997, and for each of
the years in the three-year period ended December 31, 1998, which report appears
in the Form 8-K of Ambac Financial Group, Inc. which was filed with the
Securities and Exchange Commission on March 24, 1999 and to the reference to our
firm under the heading "Experts" in the Prospectus Supplement.
KPMG LLP
New York, New York
March 26, 1999
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