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): May 25, 2001
BAMS
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1999-2)
(Exact name of registrant as specified in charter)
North Carolina 33-63714 13-4078651
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
100 Tryon St., Charlotte, NC 28255
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (704) 388-5770
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
BAMS
Mortgage Pass-Through Certificates
Series 1999-2
On May 25, 2001, The Bank of New York, as Trustee for BAMS, Mortgage
Pass-Through Certificates Series 1999-2, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of March 1, 1999, among BAMS as Depositor, BANK OF
AMERICA MORTGAGE SECURITIES, INC., Seller and Master Servicer and The Bank of
New York, as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of BAMS, Mortgage Pass-Through
Certificates Series 1999-2 relating to the distribution date
of May 25, 2001 prepared by The Bank of New York, as Trustee
under the Pooling and Servicing Agreement dated as of March
1, 1999.
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.
Dated: May 25, 2001
BAMS
By: /s/ Courtney Bartholomew
------------------------------
Name: Courtney Bartholomew
Vice President
The Bank of New York,
as Trustee
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated May 25, 2001
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BANK OF AMERICA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1999-2
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
Senior A-1 79,964,486.47 6.500000% 1,359,890.33 433,140.97 1,793,031.30 0.00 0.00
A-2 83,086,113.38 6.500000% 1,148,013.04 450,049.78 1,598,062.82 0.00 0.00
A-3 26,800,000.00 6.500000% 0.00 145,166.67 145,166.67 0.00 0.00
A-4 4,826,000.00 6.500000% 0.00 26,140.83 26,140.83 0.00 0.00
A-5 7,621,000.00 6.500000% 0.00 41,280.42 41,280.42 0.00 0.00
A-6 6,009,000.00 6.500000% 0.00 32,548.75 32,548.75 0.00 0.00
A-7 8,456,429.00 6.900000% 0.00 48,624.47 48,624.47 0.00 0.00
A-8 3,382,571.00 5.500000% 0.00 15,503.45 15,503.45 0.00 0.00
A-9 278,291.37 6.500000% 3,170.30 1,507.41 4,677.71 0.00 0.00
A-10 8,128,942.24 6.500000% 0.00 0.00 0.00 0.00 0.00
A-11 35,183,278.38 5.750000% 1,411,924.03 168,586.54 1,580,510.57 0.00 0.00
A-12 48,883,000.00 5.900000% 0.00 240,341.42 240,341.42 0.00 0.00
A-13 58,507,611.37 6.350000% 987,000.20 309,602.78 1,296,602.98 0.00 0.00
PAC IO A 39,555,987.21 8.130433% 0.00 80,546.17 80,546.17 0.00 0.00
A-PO 697,988.44 0.000000% 852.27 0.00 852.27 0.00 0.00
Residual A-R 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
A-LR 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 10,515,528.60 6.500000% 10,823.21 56,959.11 67,782.33 0.00 0.00
B-2 3,668,207.76 6.500000% 3,775.54 19,869.46 23,645.00 0.00 0.00
B-3 1,711,830.94 6.500000% 1,761.92 9,272.42 11,034.34 0.00 0.00
B-4 1,711,830.94 6.500000% 1,761.92 9,272.42 11,034.34 0.00 0.00
B-5 978,189.39 6.500000% 1,006.81 5,298.53 6,305.34 0.00 0.00
B-6 978,566.69 6.500000% 1,007.20 5,300.57 6,307.77 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 430,944,853.18 - 4,930,986.78 2,099,012.15 7,029,998.93 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A-1 78,604,596.14 0.00
A-2 81,938,100.34 0.00
A-3 26,800,000.00 0.00
A-4 4,826,000.00 0.00
A-5 7,621,000.00 0.00
A-6 6,009,000.00 0.00
A-7 8,456,429.00 0.00
A-8 3,382,571.00 0.00
A-9 275,121.07 0.00
A-10 8,172,974.01 0.00
A-11 33,771,354.35 0.00
A-12 48,883,000.00 0.00
A-13 57,520,611.17 0.00
PAC IO A 39,743,447.14 0.00
A-PO 697,136.17 0.00
Residual A-R 0.00 0.00
A-LR 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B-1 10,504,705.38 0.00
B-2 3,664,432.22 0.00
B-3 1,710,069.02 0.00
B-4 1,710,069.02 0.00
B-5 977,182.58 0.00
B-6 977,559.49 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 426,245,358.10 -
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Payment Date: 05/25/01
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BANK OF AMERICA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1999-2
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
Class Information Current Payment Information
Factors per $1,000
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Senior A-1 79,964,486.47 6.500000% 060506BK7 13.598903 4.331410 786.045961
A-2 83,086,113.38 6.500000% 060506BL5 11.480130 4.500498 819.381003
A-3 26,800,000.00 6.500000% 060506BM3 0.000000 5.416667 1,000.000000
A-4 4,826,000.00 6.500000% 060506BN1 0.000000 5.416667 1,000.000000
A-5 7,621,000.00 6.500000% 060506BP6 0.000000 5.416667 1,000.000000
A-6 6,009,000.00 6.500000% 060506BQ4 0.000000 5.416667 1,000.000000
A-7 8,456,429.00 6.900000% 060506BR2 0.000000 5.750000 1,000.000000
A-8 3,382,571.00 5.500000% 060506BS0 0.000000 4.583333 1,000.000000
A-9 278,291.37 6.500000% 060506BT8 9.754773 4.638190 846.526368
A-10 8,128,942.24 6.500000% 060506BU5 0.000000 0.000000 729.794983
A-11 35,183,278.38 5.750000% 060506BV3 27.926265 3.334452 667.959302
A-12 48,883,000.00 5.900000% 060506BW1 0.000000 4.916667 1,000.000000
A-13 58,507,611.37 6.350000% 060506BX9 12.924433 4.054144 753.212921
PAC IO A 39,555,987.21 8.130433% 060506BY7 0.000000 2.289284 1,129.588652
A-PO 697,988.44 0.000000% 060506BZ4 1.137931 0.000000 930.796907
Residual A-R 0.00 6.500000% 060506CA8 0.000000 0.019550 0.000000
A-LR 0.00 6.500000% 060506CB6 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 10,515,528.60 6.500000% 060506CC4 1.006053 5.294534 976.446337
B-2 3,668,207.76 6.500000% 060506CD2 1.006053 5.294534 976.446337
B-3 1,711,830.94 6.500000% 060506CE0 1.006053 5.294534 976.446337
B-4 1,711,830.94 6.500000% 060506CF7 1.006053 5.294534 976.446337
B-5 978,189.39 6.500000% 060506CQ5 1.006053 5.294534 976.446337
B-6 978,566.69 6.500000% 060506CH3 1.006052 5.294530 976.445586
- ------------------------------------------------------------------------------------------------------------------------
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Totals - - 430,944,853.18 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
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BANK OF AMERICA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1999-2
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
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COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 426,246,829.48 426,246,829.48
Loan count 1296 1296
Avg loan rate 7.160828% 7.16
Prepay amount 4,255,884.38 4,255,884.38
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FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 227,214.51 227,214.51
Sub servicer fees 0.00 0.00
Trustee fees 1,256.93 1,256.93
Agg advances N/A N/A
Adv this period 0.00 0.00
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LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Realized losses 0.00 0.00
Cumulative losses 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 5,003,766.00 5,003,766.00
Special Hazard 4,654,931.92 4,654,931.92
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
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Senior 95.464633% 100.000000% 411,380,698.87
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Junior 4.535367% 0.000000% 19,544,017.71
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- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 13 4,795,601.57
60 to 89 days 1 489,309.31
90 or more 0 0.00
Foreclosure 2 824,682.01
Totals: 16 6,109,592.89
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- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 7,029,998.93 7,029,998.93
Principal remittance amount 4,930,986.78 4,930,986.78
Interest remittance amount 2,099,012.15 2,099,012.15