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) June 24, 1999
RESIDENTIAL ASSET SECURITIES CORPORATION (as seller under a Pooling and
Servicing Agreement, dated as of June 1, 1999, providing for, inter alia, the
issuance of Mortgage Asset-Backed Pass-Through Certificates, Series 1999-RS2)
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 5Other 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 Annual Report on
Form 10-K of Ambac Financial Group, Inc. (which was filed with the Securities
and Exchange Commission on March 30, 1999; Commission File Number 1-10777 ) and
the unaudited consolidated financial statements of Ambac Assurance Corporation
and subsidiaries as of March 31, 1999 and for the periods ending March 31, 1999
and March 31, 1998 included in the Quarterly Report on Form 10Q of Ambac
Financial Group, Inc. for the period ended March 31, 1999 (which was filed with
the Commission on May 12, 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-RS2, and shall be deemed to be a part hereof.
Item 7Financial 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
and subsidiaries with respect
to the Residential Asset
Securities Corporation
Mortgage Asset-Backed Pass-
Through Certificates, Series
1999-RS2
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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/ Julie Steinhagen
Name: Julie Steinhagen
Title: Vice President
Dated: June 24, 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: Julie Steinhagen
Title: Vice President
Dated: June 24, 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) on Form S-3 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 June 24, 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 10-K of Ambac Financial Group, Inc. which was
filed with the Securities and Exchange Commission on March 30, 1999 and to the
reference to our firm under the heading "Experts" in the Prospectus Supplement.
KPMG LLP
New York, New York
June 24, 1999
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