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): June 22, 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 jurisdiction (Commission file number) (I.R.S. employer
of incorporation) identification no.)
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 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 ("Ambac") 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, included in the Annual
Report on Form 10-K of Ambac Financial Group, Inc. (which was filed with the
Securities and Exchange Commission (the "Commission") on March 30, 2000;
Commission File Number 1-10777) and the unaudited consolidated financial
statements of Ambac as of March 31, 2000 and for the periods ending March 31,
2000 and March 31, 1999, included in the Quarterly Report on Form 10-Q of Ambac
Financial Group, Inc., for the period ended March 31, 2000 (which was filed with
the Commission on May 12, 2000), 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 2000-KS3,
and shall be deemed to be a part hereof.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) Not applicable
(b) Not applicable
(c) Exhibits
23. Consent of KPMG LLP, independent auditors of Ambac with
respect to (a) the incorporation by reference in the Prospectus and Prospectus
Supplement of their report dated January 21, 2000 on the audit of the
consolidated financial statements of Ambac 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.
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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 22, 2000
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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 June 22, 2000, of our report dated January 21, 2000 on the consolidated
financial statements of Ambac Assurance Corporation and subsidiaries as of
December 31, 1999 and 1998, and for each of the years in the three year period
ended December 31, 1999 which report appears 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, 2000 and to the reference to our firm under the heading
"Experts" in the Prospectus Supplement.
/s/ KPMG LLP
New York, New York
June 22, 2000
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