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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) February 22 , 1999
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FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC.
(Exact name of registrant as specified in its charter)
North Carolina 333-3574 56-1967773
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Address of principal executive offices:
One First Union Center
301 South College Street
Charlotte, NC 28255
Registrant's telephone number, including area code (704) 383-3624
Not applicable
(Former Name or Former Address, if Changed Since Last Report.)
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Item 5. Other Events.
On or about February 25, 1999, the Registrant will cause the issuance
and sale of approximately $212,629,523 initial principal amount of Mortgage
Pass-Through Certificates, Series 1999-A (the "Certificates"), consisting of (i)
Class 1A, Class 1A-PO, Class 1A-WIO, Class A-R, Class A-LR, Class 2A, Class M,
Class B-1 and Class B-2 (collectively, the "Offered Certificates") and (ii)
Class B-3, Class B-4 and Class B-5 pursuant to a Pooling and Servicing Agreement
to be dated as of February 1, 1999, among the Registrant, First Union National
Bank, as seller, master servicer and trust administrator, and Norwest Bank
Minnesota, National Association, as trustee and document custodian.
In connection with the sale of the Offered Certificates, the Registrant
has been advised by First Union Capital Markets Corp. and PaineWebber
Incorporated (together, the "Underwriters"), that the Underwriters have
furnished to prospective investors certain computational materials and
structural terms sheets (together, the "Computational Materials") with respect
to the Offered Certificates following the effective date of Registration
Statement No. 333-3574, which Computational Materials for the Certificates are
being filed as exhibits to this report.
The Computational Materials have been provided to the Registrant by the
Underwriters. The information in the Computational Materials is preliminary and
may be superseded by the final Prospectus Supplement relating to the
Certificates and by any other information subsequently filed with the Securities
and Exchange Commission.
The Computational Materials were prepared by the Underwriters, based on
assumptions that differ from the assumptions set forth in the Prospectus
Supplement. The Computational Materials may not include, and do not purport to
include, information based on assumptions representing a complete set of
possible scenarios.
In addition, the actual characteristics and performance of the mortgage
loans underlying the Offered Certificates (the "Mortgage Loans") may differ from
the assumptions used in the Computational Materials, which are hypothetical in
nature and which were provided to investors only to give a general sense of how
the yield, average life, duration, expected maturity, interest rate sensitivity
and cash flow characteristics of a particular class of Offered Certificates
might vary under varying prepayment and other scenarios. Any difference between
such assumptions and the actual characteristics and performance of the Mortgage
Loans will affect the actual yield, average life, duration, expected maturity,
interest rate sensitivity and cash flow characteristics of the Offered
Certificates.
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Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1* Computational Materials of First Union Capital Markets Corp.
99.2* Computational Materials of PaineWebber Incorporated
*In accordance with Rule 311 of Regulation S-T, this exhibit is being
filed in paper under cover of Form SE.
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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.
FIRST UNION RESIDENTIAL
SECURITIZATION TRANSACTIONS, INC.
By: /s/ Patrick J. Tadie
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Name: Patrick J. Tadie
Its: Vice President
Dated: February 24, 1999
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FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC.
EXHIBIT INDEX
Exhibit No. Exhibit Description
99.1* Computational Materials of First Union Capital Markets Corp.
99.2* Computational Materials of PaineWebber Incorporated
*In accordance with Rule 311 of Regulation S-T, this exhibit is being
filed in paper under cover of Form SE.