RESIDENTIAL ASSET SECURITIES CORP
S-3/A, EX-2, 2001-01-09
ASSET-BACKED SECURITIES
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As filed  with the  Securities  and  Exchange  Commission  on  January  9,  2001
Registration No. 333-52088

================================================================================
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                              --------------------
                               Amendment No. 1 to
                                    FORM S-3
                             REGISTRATION STATEMENT
                                      under
                           THE SECURITIES ACT OF 1933
                              --------------------

                    RESIDENTIAL ASSET SECURITIES CORPORATION
             (Exact name of registrant as specified in its charter)
                                    DELAWARE
         (State or other jurisdiction of incorporation or organization)
                                   51-0362653
                     (I.R.S. employer identification number)
                    Residential Asset Securities Corporation
                         8400 Normandale Lake Boulevard
                          Minneapolis, Minnesota 55437
                                 (952) 832-7000

(Address,  including zip code,  and telephone  number,  including  area code, of
registrant's principle executive offices)

                               William B. Acheson
                    Residential Asset Securities Corporation
                         8400 Normandale Lake Boulevard
                          Minneapolis, Minnesota 55437
                                 (952) 832-7000

(Name, address,  including zip code, and telephone number,  including area code,
of agent for service) Copies to:

<TABLE>

                            Robert L. Schwartz, Esq.
                            GMAC Mortgage Group, Inc.
                            3031 West Grand Boulevard
                             Detroit, Michigan 48232
                                                                    Steven S. Kudenholdt, Esq.
<S>                                     <C>                        <C>
     Katharine I. Crost, Esq.           Robert C. Wipperman         Paul D. Tvetenstrand, Esq.
Orrick, Herrington & Sutcliffe LLP   Stroock & Stroock & Lavan       Thacher Proffitt & Wood
         666 Fifth Avenue                       LLP                   Two World Trade Center
     New York, New York 10103             180 Maiden Lane            New York, New York 10048
                                      New York, New York 10038
</TABLE>


        Approximate  date of commencement  of proposed sale to the public:  From
time to time after this  Registration  Statement becomes effective as determined
by market conditions.
        If the only securities  being  registered on this Form are to be offered
pursuant to dividend or interest  reinvestment plans, please check the following
box. |_|
        If any of the securities being registered on this Form are to be offered
on a delayed or continuous  basis  pursuant to Rule 415 under the Securities Act
of 1933,  other than  securities  offered only in  connection  with  dividend or
interest reinvestment plans, check the following box. |X|
        If this Form is filed to register additional  securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list  the  Securities  Act  Registration  Statement  number  of the  earlier
effective Registration Statement for the same offering. |_|
        If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the  Securities  Act,  check the following box and list the Securities Act
Registration  Statement number of the earlier effective  Registration  Statement
for the same offering. |_|
        If delivery of the  prospectus  is expected to be made  pursuant to Rule
434, please check the following box. |_|

<TABLE>
<CAPTION>

                         CALCULATION OF REGISTRATION FEE

=============================== ==================== ====================== ====================== =================
                                                       Proposed Maximum       Proposed Maximum        Amount of
  Title of Securities to be        Amount to be       Aggregate Price Per    Aggregate Offering      Registration
        Registered(1)              Registered(2)             Unit                 Price(3)              Fee(4)
------------------------------- -------------------- ---------------------- ---------------------- -----------------
------------------------------- -------------------- ---------------------- ---------------------- -----------------
  Mortgage Asset-Backed and
<S>                               <C>                        <C>               <C>                    <C>
Manufactured Housing Contract     $8,000,000,000             100%              $8,000,000,000         $2,000,014
  Pass-Through Certificates
     (Issuable in Series)
=============================== ==================== ====================== ====================== =================
</TABLE>

(1) This   Registration   Statement   also  relates  to  certain  market  making
    transactions that may be made by Residential Funding Securities Corporation,
    an affiliate of the Registrant.
(2) $717,210,780   aggregate  principal  amount  of  Mortgage  Asset-Backed  and
    Manufactured Housing Contract  Pass-Through  Certificates  registered by the
    Registrant under  Registration  Statement No. 333-84939 on Form S-3 referred
    to below and not previously  sold are  consolidated  into this  Registration
    Statement  pursuant to Rule 429. A registration  fee in connection with such
    unsold amount of Mortgage  Asset-Backed  and  Manufactured  Housing Contract
    Pass-Through   Certificates   was   previously   paid  under  the  foregoing
    Registration Statement.  Accordingly, the total amount registered under this
    Registration  Statement as so  consolidated as of the date of this filing is
    $8,717,210,780.
(3) Estimated solely for the purpose of calculating the registration fee.
(4) $264 of this amount was previously  paid and was  calculated  using the $264
    per $1,000,000  method.  The additional  registration fee of $1,999,750 is a
    result of an increase in the amount to be registered by $7,999,000,000.  The
    additional fee was calculated using the $250 per $1,000,000 method.
                                     -------------------

        The Registrant hereby amends this Registration Statement on such date or
dates as may be necessary to delay its effective date until the Registrant shall
file a further  amendment  which  specifically  states  that  this  Registration
Statement shall  thereafter  become effective in accordance with Section 8(a) of
the Securities Act of 1933, or until this  Registration  Statement  shall become
effective on such date as the Commission,  acting pursuant to said Section 8(a),
may determine.

<PAGE>

        Pursuant  to Rule 429 of the  General  Rules and  Regulations  under the
Securities  Act of  1933,  the  prospectus  that is  part  of this  Registration
Statement is a combined  prospectus and includes all the  information  currently
required in a  prospectus  relating to the  securities  covered by  Registration
Statement No.  333-84939 on Form S-3 previously  filed by the  Registrant.  This
Registration  Statement,  which relates to  $8,717,210,780  aggregate  principal
amount of Mortgage  Asset-Backed and Manufactured Housing Contract  Pass-Through
Certificates,   constitutes  Post-Effective  Amendment  No.  1  to  Registration
Statement No. 333-84939 on Form S-3.





<PAGE>




                                Explanatory Note

        This Registration  Statement includes (i) the basic prospectus  relating
to  Mortgage   Asset-Backed  and  Manufactured  Housing  Contract   Pass-Through
Certificates and (ii) an illustrative  form of prospectus  supplement for use in
an  offering  of  Mortgage   Asset-Backed  and  Manufactured   Housing  Contract
Pass-Through Certificates representing beneficial ownership interests in a trust
fund consisting primarily of mortgage loans.

<PAGE>




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