SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): September 23, 1999
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
DELAWARE 333-84939 51-0362653
(State or other jurisdiction of (Commission file number) (I.R.S. employer
incorporation) identification no.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, MN 55437
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 832-7000
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(Former name or former address, if changed since last report)
Exhibit Index located on page 4.
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Items 1 through 6 and Item 8 are not included because they are not applicable.
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
Annual Report on Form 10-K of Ambac Financial Group, Inc. (which was filed with
the Securities and Exchange Commission on March 30, 1999) and the unaudited
consolidated financial statements of Ambac Assurance Corporation and
subsidiaries as of March 31, 1999, and for each of the periods ended March 31,
1999 and March 31, 1998, included in the Quarterly Report on Form 10-Q of Ambac
Financial Group, Inc. for the period ended March 31, 1999 (which was filed with
the Securities and Exchange Commission on May 12, 1999), are hereby incorporated
by reference in (i) this Current Report on Form 8-K; (ii) the registration
statement (No.333-84939) of the Registrant (the "Prospectus"); and (iii) the
Prospectus Supplement for Home Equity Mortgage Asset-Backed Pass-Through
Certificates, Series 1999-KS3, 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
23. Consent of KPMG LLP, independent auditors of Ambac Assurance
Corporation and subsidiaries ("Ambac") with respect to (a) the incorporation by
reference in the Prospectus and Prospectus Supplement of their report dated
January 27, 1999 on the audit of 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 and (b) with
respect to the reference to their firm under the caption "Experts" in the
Prospectus Supplement.
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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: Diane M. Wold
Title: Vice President
Dated: September 23, 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: /s/ Diane M. Wold
Name: Diane M. Wold
Title: Vice President
Dated: September 23, 1999
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Exhibit 23
Consent of Independent Auditors of Ambac
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation:
We consent to the incorporation by reference in the registration
statement (No. 333-84939) 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 September 23,
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.
/s/ KPMG LLP
New York, New York
September 23, 1999
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