SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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) January 15, 1997
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated Trust Agreement, dated as of January 30, 1997, and pursuant to
which an Indenture was entered into, providing for, inter alia, the issuance of
Home Improvement Loan-Backed Notes, Series 1997-HI1)
Residential Funding Mortgage Securities II, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE 33-80419 41-1808858
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd.
Suite 600
Minneapolis, Minnesota 55437
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (612) 832-7000
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Item 5. Other Events.
The consolidated financial statements of AMBAC Indemnity Corporation and
its subsidiaries as of December 31, 1995 and 1994, and for the three year period
ended December 31, 1995, included in the Current Report on Form 8-K/A of AMBAC
Inc. for the year ended December 31, 1995 (which was filed with the Securities
and Exchange Commission on March 15, 1996) and the consolidated financial
statements of AMBAC Indemnity Corporation and its subsidiaries at September 30,
1996 and December 31, 1995, and for the periods ended September 30, 1996 and
1995, included in the Quarterly Report on Form 10-Q of AMBAC Inc. for the period
ended September 30, 1996 (which was filed with the Securities and Exchange
Commission on November 14, 1996), are hereby incorporated by reference in this
Current Report on Form 8-K 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:
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
1 23 Consent of KPMG Peat
Marwick LLP, independent
auditors of AMBAC
Indemnity Corporation with
respect to the Residential
Funding Mortgage Securities
II, Inc. Home Improvement
Loan-Backed Notes, Series
1997-HI1
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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 FUNDING MORTGAGE
SECURITIES II, INC.
By: /s/ Diane S. Wold
Name: Diane S. Wold
Title: Vice President
Dated: January 15, 1997
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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 FUNDING MORTGAGE
SECURITIES II, INC.
By:
Name: Diane S. Wold
Title: Vice President
Dated: January 15, 1997
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EXHIBIT INDEX
Item 601(a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Page
1 23 Accountant's Consent
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EXHIBIT 1
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INDEPENDENT AUDITORS' CONSENT
The Board of Directors
AMBAC Indemnity Corporation:
We consent to the use of our report dated January 31, 1996 on the
consolidated financial statements of AMBAC Indemnity Corporation as of December
31, 1995 and 1994, and for each of the years in the three year period ended
December 31, 1995 incorporated by reference in the Form 8-K of Residential
Funding Mortgage Securities II, Inc. dated January 15, 1997, and to the
reference to our firm under the heading "Experts" in the preliminary Prospectus
Supplement of Residential Funding Mortgage Securities II, Inc. dated January 15,
1997.
Our report refers to accounting changes adopted by AMBAC Indemnity
Corporation in 1993, which include the Financial Accounting Standards Board's
Statements of Financial Accounting Standards No. 109, "Accounting for Income
Taxes," No. 115, "Accounting for Certain Investments in Debt and Equity
Securities," No. 106, "Employers' Accounting for Postretirement Benefits Other
Than Pension," and No. 112, "Employers' Accounting for Postemployment Benefits."
KPMG Peat Marwick LLP
New York, New York
January 15, 1997
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