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: August 26, 1999
(Date of earliest event reported)
Commission File No. 333-67267
Bank of America Mortgage Securities, Inc.
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Delaware 94-324470
(State of Incorporation) (I.R.S. Employer Identification No.)
345 Montgomery Street, Lower Level #2, Unit #8152, San Francisco, CA 94104
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Address of principal executive offices (Zip Code)
(415) 445-4779
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Registrant's Telephone Number, including area code
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(Former name, former address and former fiscal year,
if changed since last report)
ITEM 5. Other Events
On August 26, 1999, Bank of America Mortgage Securities, Inc., a
Delaware corporation (the "Registrant"), sold Mortgage Pass-Through
Certificates, Series 1999-10, Class A-1, Class A-PO, Class A-R, Class B-1, Class
B-2 and Class B-3 (the "Offered Certificates"), having an aggregate original
principal balance of $149,338,349.00. The Offered Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated August 26, 1999, among the
Registrant, Bank of America, FSB, as a servicer ("BAFSB"), Bank of America,
N.A., as a servicer ("BANA"), 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 1999-10, Class B-4, Class B-5 and Class B-6 Certificates, having an
aggregate initial principal balance of $677,879.43 (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 99.55% 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 a REMIC for federal
income tax purposes (the "REMIC"). The Class A-1, 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 REMIC and the Class A-R Certificate will be
treated as the "residual interest" in the REMIC.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(EX-4) Pooling and Servicing Agreement, dated
August 26, 1999, among Bank of America
Mortgage Securities, Inc., NationsBanc
Mortgage Corporation, Bank of America,
FSB, Bank of America, N.A. 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.
August 26, 1999
/s/ Sharon Joseph
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Sharon Joseph
Vice President
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
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(EX-4) Pooling and Servicing E
Agreement, dated August 26, 1999
among Bank of America Mortgage
Securities, Inc., NationsBanc
Mortgage
Corporation, Bank of America,
FSB, Bank of America, N.A. and
The Bank of New York, as trustee.