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: February 23, 1999
(Date of earliest event reported)
Commission File No. 333-67267
Bank of America Mortgage Securities, Inc.
- --------------------------------------------------------------------------------
Delaware 94-324470
- --------------------------------- ---------------------------------
(State of Incorporation) (I.R.S. Employer
Identification No.)
345 Montgomery Street,
Lower Level #2, Unit #8152,
San Francisco, CA 94104
- --------------------------------------------------------------------------------
Address of principal executive offices (Zip Code)
(415) 445-4779
- --------------------------------------------------------------------------------
Registrant's Telephone Number, including area code
BA Mortgage Securities, Inc.
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
ITEM 5. Other Events
On February 23, 1999, Bank of America Mortgage Securities,
Inc., a Delaware corporation (the "Registrant"), sold Mortgage Pass-Through
Certificates, Series 1999-1, Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class
A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class A-17, Class A-18,
Class A-19, Class A-20, Class A-21, Class A-22, Class A-23, Class A-24, Class
A-PO, Class A-R, Class A-LR, Class B-1, Class B-2 and Class B-3 (the "Offered
Certificates"), having an aggregate original principal balance of $595,583,832.
The Offered Certificates were issued pursuant to a Pooling and Servicing
Agreement, dated February 23, 1999, among the Registrant, Bank of America, FSB,
as a servicer ("Bank of America"), NationsBanc Mortgage Corporation, as a
servicer ("NationsBanc") and The Bank of New York, as trustee (the "Agreement"),
a copy of which is filed as an exhibit hereto. Mortgage Pass-Through
Certificates, Series 1999-1, Class B-4, Class B-5 and Class B-6 Certificates,
having an aggregate initial principal balance of $4,500,744.62 (the "Private
Class B Certificates" and, together with the Offered Certificates, the
"Certificates"), were also issued pursuant to the Agreement.
As of the date of initial issuance, the Offered Certificates
evidenced an approximate 99.25% undivided interest in a trust (the "Trust"),
consisting principally of a pool of fixed interest rate, conventional, monthly
pay, fully-amortizing, one-to four-family residential first mortgage loans. The
remaining undivided interests in the Trust are evidenced by the Private Class B
Certificates distributions on which are subordinated to distributions on the
Offered Certificates.
Interest on the Offered Certificates will be distributed on
each Distribution Date (as defined in the Agreement). Monthly distributions in
reduction of the principal balance of the Offered Certificates will be allocated
to the Offered Certificates in accordance with the priorities set forth in the
Agreement. Distributions of interest and in reduction of principal balance on
any Distribution Date will be made to the extent that the Pool Distribution
Amount is sufficient therefor.
An election will be made to treat the Trust as two REMICs for
federal income tax purposes (the "Upper-Tier REMIC" and "Lower-Tier REMIC,"
respectively). The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class
A-6, Class A-7, Class A-10, Class A-11, Class A-12, Class A-13, Class A-14,
Class A-15, Class A-16, Class A-17, Class A-18, Class A-19, Class A-20, Class
A-21, Class A-22, Class A-23, Class A-24, Class A-PO, Class B-1, Class B-2,
Class B-3, Class B-4, Class B-5 and Class B-6 Certificates will be treated as
"regular interests" in the Upper-Tier REMIC and the Class A-R and Class A-LR
Certificates will be treated as the "residual interests" in the Upper-Tier REMIC
and Lower-Tier REMIC, respectively.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(EX-4) Pooling and Servicing Agreement, dated
February 23, 1999, among Bank of
America Mortgage Securities, Inc.,
NationsBanc Mortgage Corporation, Bank
of America, FSB and The Bank of New
York, as trustee.
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 hereunto duly authorized.
BANK OF AMERICA MORTGAGE SECURITIES, INC.
February 23, 1999
/s/ Sharon Joseph
-----------------------------------------
Sharon Joseph
Vice President
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(EX-4) Pooling and Servicing E
Agreement, dated February 23, 1999
among Bank of America Mortgage
Securities, Inc., NationsBanc Mortgage
Corporation, Bank of America, FSB and
The Bank of New York, as trustee.