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
[NY01:260075.1] 16069-00376 01/15/97 4:12pm
<PAGE>
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 Home Improvement
Loan-Backed Notes, Series 1997-HI1
[NY01:260075.1] 16069-00376 01/15/97 4:12pm
<PAGE>
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
[NY01:260075.1] 16069-00376 01/15/97 4:12pm
<PAGE>
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
[NY01:260075.1] 16069-00376 01/15/97 4:12pm
<PAGE>
EXHIBIT INDEX
Item 601(a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Page
1 23 Accountant's Consent
[NY01:260075.1] 16069-00376 01/15/97 4:12pm
<PAGE>
EXHIBIT 1
[NY01:260075.1] 16069-00376 01/15/97 4:12pm
<PAGE>
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."
New York, New York
January 15, 1997
[NY01:260075.1] 16069-00376 01/15/97 4:12pm
<PAGE>
