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) March 18, 1999
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated Trust Agreement, dated as of March 23, 1999, and pursuant to which
an Indenture was entered into, providing for, inter alia, the issuance of Home
Loan-Backed Notes, Series 1999-HI1)
Residential Funding Mortgage Securities II, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE 333-28025 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 Assurance
Corporation and its subsidiaries as of December 31, 1997 and December 31, 1996,
and for each of the years in the three year period ended December 31, 1997,
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 on March 31, 1998; Commission
File Number 1-10777) and the unaudited consolidated financial statements of
Ambac Assurance Corporation and its subsidiaries as of September 30, 1998, and
for the periods ending September 30, 1998 and September 30, 1997, included in
the Quarterly Report on Form 10-Q of Ambac Financial Group, Inc. for the period
ended September 30, 1998 (which was filed with the Securities and Exchange
Commission on November 13, 1998), are hereby incorporated by reference in this
Current Report on Form 8-K and in the registration statement 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 LLP,
independent auditors of
Ambac Assurance Corporation
with respect to the Residential
Funding Mortgage Securities
II, Inc. Home Loan-Backed
Notes, Series 1999-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: March 18, 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 FUNDING MORTGAGE
SECURITIES II, INC.
By:
Name: Diane S. Wold
Title: Vice President
Dated: March 18, 1999
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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
[
<PAGE>
EXHIBIT 1
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation:
We consent to the incorporation by reference in the registration statement (No.
333-28025) on Form S-3 of Residential Funding Mortgage Securities II, Inc. (the
"Registrant"), and in the Prospectus Supplement of the Registrant (the
"Prospectus Supplement") via the Form 8-K of the Registrant dated March 18,
1999, of our report dated January 29, 1998 on the consolidated financial
statements of Ambac Assurance Corporation and subsidiaries as of December 31,
1997 and 1996, and for each of the years in the three-year period ended December
31, 1997, which report appears in the Form 10- K of Ambac Financial Group, Inc.
which was filed with the Securities and Exchange Commission on March 31, 1998
and to the reference to our firm under the heading "Experts" in the Prospectus
Supplement.
/s/ KPMG LLP
New York, New York
March 18, 1999
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