CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 19, 2000
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
DELAWARE 333-84939 51-0362653
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(State or other (Commission file number) (I.R.S. employer
jurisdiction of 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
(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 audited financial statements of Financial Guaranty Insurance
Company ("FGIC") as of December 31, 1999 and 1998, and for each of the years in
the three year period ended December 31, 1999, prepared in accordance with
generally accepted accounting principles, and the unaudited consolidated
financial statements of FGIC as of September 30, 2000 and for the periods ending
September 30, 2000 and September 30, 1999, are hereby filed and incorporated by
reference in (i) the registration statement (No. 333-84939) of the Registrant
(the "Prospectus"); and (ii) the Prospectus Supplement for Home Equity Mortgage
Asset-Backed Pass-Through Certificates, Series 2000-KS5, 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 FGIC with
respect to (a) the incorporation by reference in the Prospectus and Prospectus
Supplement of their report dated September 30, 2000 on the audit of the
financial statements of Financial Guaranty Insurance Company as of December 31,
1999 and 1998 and for each of the years in the three-year period ended December
31, 1999 and (b) with respect to the reference to their firm under the caption
"Experts" in the Prospectus Supplement.
99.1 Audited Financial Statements of Financial Guaranty Insurance Company
as of December 31, 1999 and 1998.
99.2 Unaudited Interim Financial Statements of Financial Guaranty Insurance
Company as of September 30, 2000 and 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/Julie Steinhagen
Name: Julie Steinhagen
Title: Vice President
Dated: December 19, 2000
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Exhibit 23
Consent of Independent Auditors of FGIC
CONSENT OF INDEPENDENT AUDITORS
The Board of Directors
Financial Guaranty Insurance Company:
We consent to the use of our report dated January 21, 2000 on the financial
statements of Financial Guaranty Insurance Company as of December 31, 1999 and
1998, and for each of the years in the three year period ended December 31, 1999
included in the Form 8-K of Residential Asset Securities Corporation (the
"Registrant") which is incorporated herein by reference in the registration
statement (No. 333-84939) of the Registrant and to the reference to our firm
under the heading "Experts" in the Prospectus Supplement of the Registrant.
/s/KPMG LLP
New York, New York
December 19, 2000
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Independent Auditors' Report
The Board of Directors and Stockholder
Financial Guaranty Insurance Company:
We have audited the accompanying balance sheets of Financial Guaranty Insurance
Company as of December 31, 1999 and 1998, and the related statements of income,
stockholder's equity, and cash flows for each of the years in the three year
period ended December 31, 1999. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all materials respects, the financial position of Financial Guaranty Insurance
Company as of December 31, 1999 and 1998 and the results of its operations and
its cash flows for each of the years in the three year period then ended in
conformity with generally accepted accounting principles.
/s/KPMG LLP
January 21, 2000
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