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) FEBRUARY 4, 2000
Residential Asset Securities Corporation (as company under a Pooling and
Servicing Agreement dated as of November 1, 1999 providing for, inter alia, the
issuance of Home Equity Mortgage Asset-Backed Pass-Through Certificates, Series
1999-KS4)
Residential Asset Securities Corporation
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 333-84939 75-2006294
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(STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER
JURISDICTION OF FILE NUMBER) IDENTIFICATION NO.)
INCORPORATION)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, MN 55437
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(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 2
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Items 1 through 4 and Items 6 through 8 are not included because they are not
applicable.
ITEM 5. OTHER EVENTS.
This Current Report on Form 8-K is being filed to report Amendment No. 1
dated as of January 1, 2000 to the Pooling and Servicing Agreement dated as of
November 1, 1999 among Residential Asset Securities Corporation, as company,
Residential Funding Corporation, as master servicer, and Bank One, National
Association, as trustee.
Sequentially
Numbered
Exhibit Exhibit
NUMBER PAGE
10.1 Amendment No. 1 dated as of January 1, 2000 to the Pooling
and Servicing Agreement, dated as of November 1, 1999 among
Residential Asset Securities Corporation, as company,
Residential Funding Corporation, as master servicer, and Bank
One, National Association, as trustee.
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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: February 4, 2000
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Exhibit 10.1
Amendment No. 1 to Pooling and Servicing Agreement
EXECUTION COPY
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RESIDENTIAL ASSET SECURITIES CORPORATION
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Depositor,
RESIDENTIAL FUNDING CORPORATION
Master Servicer,
and
BANK ONE, NATIONAL ASSOCIATION
Trustee
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AMENDMENT NO. 1 dated as of
January 1, 2000 to the
Pooling and Servicing Agreement
Dated as of November 1, 1999
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Home Equity Mortgage Asset-Backed Pass-Through Certificates
Series 1999-KS4
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AMENDMENT NO. 1, dated as of January 1, 2000, among RESIDENTIAL ASSET
SECURITIES CORPORATION, as depositor, (the "Depositor"), RESIDENTIAL FUNDING
CORPORATION, as master servicer, (the "Master Servicer") and BANK ONE, NATIONAL
ASSOCIATION as trustee, (the "Trustee") to that certain Pooling and Servicing
Agreement dated as of November 1, 1999 (the "Pooling and Servicing Agreement").
WHEREAS, the Depositor, the Trustee and the Master Servicer entered into
a Pooling and Servicing Agreement (the "Agreement") dated as of November 1,
1999, relating to the issuance of Home Equity Mortgage Asset-Backed Pass-Through
Certificates, Series 1999-KS4; and
WHEREAS, Section 11.01 of the Pooling and Servicing Agreement permits
the Pooling and Servicing Agreement to be amended from time to time by the
Depositor, the Master Servicer and the Trustee, with the consent of the Insurer
and without the consent of the Certificateholders to correct or supplement any
provisions therein which may be inconsistent; and
WHEREAS, the parties hereto wish to amend the Pooling and Servicing
Agreement to correct an inconsistent provision;
NOW, THEREFORE, in consideration of the above premises and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Capitalized terms used herein and not otherwise defined shall have
the meanings ascribed thereto in the Pooling and Servicing Agreement.
2. The second paragraph of Section 2.02 of the Pooling and Servicing
Agreement is hereby amended by deleting such paragraph in its entirety and
replacing it with the following:
"If the Custodian, as the Trustee's agent, finds any document or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly notify the Master Servicer and the Depositor; provided,
that if the Mortgage Loan related to such Mortgage File is listed on Schedule A
of Exhibit One of the Custodial Agreement, no notification shall be necessary.
Pursuant to Section 2.3 of the Custodial Agreement, the Custodian will notify
the Master Servicer, the Depositor and the Trustee of any such omission or
defect found by it in respect of any Mortgage File held by it. If such omission
or defect materially and adversely affects the interests in the related Mortgage
Loan of the Certificateholders or the Insurer, the Master Servicer shall
promptly notify the related Subservicer or Seller of such omission or defect and
request that such Subservicer or Seller correct or cure such omission or defect
within 60 days from the date the Master Servicer was notified of such omission
or defect and, if such Subservicer or Seller does not correct or cure such
omission or defect within such period, that such Subservicer or Seller purchase
such Mortgage Loan from REMIC I or REMIC II, as applicable, at its Purchase
Price, in either case within 90 days from the date the Master Servicer was
notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
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in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was discovered. The Purchase Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited or caused to be deposited by the Master Servicer in the Custodial
Account maintained by it pursuant to Section 3.07 and, upon receipt by the
Trustee of written notification of such deposit signed by a Servicing Officer,
the Trustee or any Custodian, as the case may be, shall release to the Master
Servicer the related Mortgage File and the Trustee shall execute and deliver
such instruments of transfer or assignment prepared by the Master Servicer, in
each case without recourse, as shall be necessary to vest in the Seller or its
designee or the Subservicer or its designee, as the case may be, any Mortgage
Loan released pursuant hereto and thereafter such Mortgage Loan shall not be
part of the Trust Fund. It is understood and agreed that the obligation of the
Seller or the Subservicer, as the case may be, to so cure or purchase any
Mortgage Loan as to which a material and adverse defect in or omission of a
constituent document exists shall constitute the sole remedy respecting such
defect or omission available to Certificateholders or the Trustee on behalf of
Certificateholders (except for the Insurer's rights, under the Insurance
Agreement). Notwithstanding the foregoing, it is understood and agreed that the
Master Servicer shall use its best efforts to substitute, within 60 days of the
Closing Date, Qualified Substitute Mortgage Loans to replace any of the Mortgage
Loans identified in Schedule I hereto with respect to which any documents or
documents constituting a part of the Mortgage File are missing or defective in
any material respect if the Master Servicer cannot cure such omission or defect
within such 60 day period."
3. The parties hereto shall execute such documents, and take such other
action, as may be required to effectuate the intent of this Amendment No. 1.
4. Except as otherwise set forth herein, the Pooling and Servicing
Agreement shall continue in full force and effect in accordance with its terms.
5. This Amendment No. 1 may be executed in one or more counterparts and
by the different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed an original; such counterparts, together, shall
constitute one and the same agreement.
6. This Amendment No. 1 shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.
7. All other provisions of the Pooling and Servicing Agreement are
hereby affirmed in all respects.
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IN WITNESS WHEREOF, the parties hereto have executed this
Amendment No. 1 to the Pooling and Servicing Agreement as of the day and year
first above written.
RESIDENTIAL ASSET SECURITIES CORPORATION
BY: /S/ JULIE STEINHAGEN
Name: Julie Steinhagen
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
BY: /S/ TIMOTHY PILLAR
Name: Timothy Pillar
Title: Director
BANKONE, NATIONAL ASSOCIATION, as Trustee
BY: /S/ R. TARNAS
Name: R. Tarnas
Title: Vice President
Consented to:
AMBAC ASSURANCE CORPORATION
BY: /S/ THOMAS J. ADAMS
Name: Thomas J. Adams
Title: First Vice President
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