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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)
December 15, 1998
First Alliance Mortgage Loan Trust 1998-4
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(Exact name of registrant as specified in its charter)
APPLICATION
New York 333-44585-05 PENDING
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(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
c/o Norwest Bank Minnesota, National Association,
as Trustee
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (612) 667-1234
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
Reference is hereby made to the Registration Statement on Form S-3
(Registration File No. 333- 44585) filed by First Alliance Mortgage Company
("First Alliance") with the Securities and Exchange Commission (the
"Commission") on January 21, 1998, as amended by Amendment No. 1 to the
Registration Statement on Form S-3 dated February 3, 1998, pursuant to which
First Alliance registered $750,000,000 aggregate principal amount of its
mortgage loan asset-backed certificates and notes, issuable in various series,
for sale in accordance with the provisions of the Securities Act of 1933, as
amended (the "Act"). Reference is also hereby made to the Prospectus dated March
10, 1998, and the related Prospectus Supplement, dated December 7, 1998, which
were previously filed with the Commission pursuant to Rule 424(b)(5), with
respect to the FIRST ALLIANCE MORTGAGE LOAN TRUST 1998-4 Mortgage Loan Asset
Backed Certificates, Series 1998-4 (the "Certificates").
The Certificates were issued pursuant to a Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement") attached hereto as Exhibit
4.1, dated as of December 1, 1998, between First Alliance Mortgage Company in
its capacities as the Seller (the "Seller") and the Servicer (the "Servicer")
and Norwest Bank Minnesota, National Association, in its capacity as trustee
(the "Trustee") and the Master Servicer (the "Master Servicer"). The
Certificates consist of two classes: the Class A-1 and Class A-2 Certificates
(the "Class A Certificates") and the Class R Certificates (the "Class R
Certificates" and, together with the Class A Certificates, the "Certificates").
Only the Class A Certificates were issued pursuant to the Registration
Statement. The Certificates initially evidence, in the aggregate, 100% of the
undivided beneficial ownership interests in the Trust.
The assets of the Trust initially will include two pools (each, a
"Mortgage Loan Group") of closed-end mortgage loans (the "Mortgage Loans")
secured by mortgages or deeds of trust on one-to-four family residential
properties. The Class A-1 Fixed Rate Group Certificates represent undivided
ownership interests in a pool of fixed rate Mortgage Loans secured by mortgages
that may be either in a first or in a junior lien position. The Class A-2
Variable Rate Group Certificates represent undivided ownership interests in a
pool of variable rate Mortgage Loans secured by mortgages in a first lien
position.
Interest distributions on the Class A Certificates are based on the
Certificate Principal Balance thereof and the then applicable Pass-Through Rate
thereof. The Pass-Through Rate for the Class A-1 Certificates will be 6.225% per
annum. The Pass-Through Rate for the Class A-2 Certificates adjusts monthly and
with respect to the first Payment Date will be 6.11047% per annum.
The Class A-1 Certificates have an aggregate principal amount of
$96,000,000. The Class A-2 Certificates have an aggregate principal amount of
$24,000,000.
As of the Closing Date, the Mortgage Loans possessed the
characteristics described in the Prospectus dated March 10, 1998 and the
Prospectus Supplement dated December 7, 1998, filed pursuant to Rule 424(b)(5)
of the Act on December 15, 1998.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
1.1 Underwriting Agreement, dated December 7, 1998,
between First Alliance Mortgage Company and
Prudential Securities Incorporated.
4.1 Pooling and Servicing Agreement, dated as of
December 1, 1998, between First Alliance Mortgage
Company, as Seller and Servicer, and Norwest Bank
Minnesota, National Association, as Trustee and
Master Servicer.
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 hereunto duly authorized.
By: FIRST ALLIANCE MORTGAGE COMPANY
By: /s/ Francisco Nebot
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Name: Francisco Nebot
Title: Executive Vice President and
Chief Financial Officer
Dated: December 21, 1998
EXHIBIT INDEX
Exhibit No. Description Page No.
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1.1 Underwriting Agreement, dated December 7, 1998, between First
Alliance Mortgage Company and Prudential Securities Incorporated.
4.1 Pooling and Servicing Agreement, dated as of December 1, 1998,
between First Alliance Mortgage Company, as Seller and
Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and Master Servicer.