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 1999-7)
(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 N. 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 1999-7
On May 25, 2001, The Bank of New York, as Trustee for BAMS, Mortgage
Pass-Through Certificates Series 1999-7, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of June 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 1999-7 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 June
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 1999-7
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 61,171,342.10 6.500000% 1,514,576.05 331,344.77 1,845,920.82 0.00 0.00
A-2 10,957,387.17 6.500000% 614,641.12 59,352.51 673,993.63 0.00 0.00
A-3 93,229,434.24 6.500000% 2,270,051.58 504,992.77 2,775,044.35 0.00 0.00
A-4 17,992,331.13 6.500000% 305,246.44 97,458.46 402,704.90 0.00 0.00
A-5 4,459,000.00 7.000000% 0.00 26,010.83 26,010.83 0.00 0.00
A-6 3,776,000.00 7.000000% 0.00 22,026.67 22,026.67 0.00 0.00
A-7 2,650,000.00 7.000000% 0.00 15,458.33 15,458.33 0.00 0.00
A-8 2,309,000.00 7.000000% 0.00 13,469.17 13,469.17 0.00 0.00
A-9 1,823,000.00 7.000000% 0.00 10,634.17 10,634.17 0.00 0.00
A-10 1,551,000.00 7.000000% 0.00 9,047.50 9,047.50 0.00 0.00
A-11 1,245,000.00 7.000000% 0.00 7,262.50 7,262.50 0.00 0.00
A-12 808,000.00 7.000000% 0.00 4,713.33 4,713.33 0.00 0.00
A-13 1,363,000.00 7.000000% 0.00 7,950.83 7,950.83 0.00 0.00
A-14 553,929.00 7.000000% 0.00 3,231.25 3,231.25 0.00 0.00
A-15 2,090,000.00 7.000000% 0.00 12,191.67 12,191.67 0.00 0.00
A-16 1,665,000.00 7.000000% 0.00 9,712.50 9,712.50 0.00 0.00
A-17 1,053,000.00 7.250000% 0.00 6,361.88 6,361.88 0.00 0.00
A-18 1,776,000.00 7.250000% 0.00 10,730.00 10,730.00 0.00 0.00
A-19 13,867,000.00 6.500000% 0.00 75,112.92 75,112.92 0.00 0.00
A-20 107,904,098.41 6.500000% 2,599,270.46 584,480.53 3,183,750.99 0.00 0.00
A-21 19,401,000.00 6.500000% 0.00 105,088.75 105,088.75 0.00 0.00
A-22 4,088,006.00 0.000000% 0.00 0.00 0.00 0.00 0.00
A-23 10,373,962.00 6.500000% 0.00 56,192.29 56,192.29 0.00 0.00
A-24 48,000,000.00 6.500000% 0.00 260,000.00 260,000.00 0.00 0.00
A25 16,405,103.00 7.250000% 0.00 99,114.16 99,114.16 0.00 0.00
A-PO 158,952.08 0.000000% 382.67 0.00 382.67 0.00 0.00
Residual A-R 0.00 6.500000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 11,766,723.67 6.500000% 11,673.28 63,736.42 75,409.70 0.00 0.00
B-2 3,677,775.23 6.500000% 3,648.57 19,921.28 23,569.85 0.00 0.00
B-3 1,716,818.03 6.500000% 1,703.18 9,299.43 11,002.61 0.00 0.00
B-4 1,716,818.03 6.500000% 1,703.18 9,299.43 11,002.61 0.00 0.00
B-5 981,459.08 6.500000% 973.66 5,316.24 6,289.90 0.00 0.00
B-6 932,965.28 6.500000% 925.41 5,053.56 5,978.98 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 451,463,104.43 - 7,324,795.61 2,444,564.16 9,769,359.77 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A-1 59,656,766.05 0.00
A-2 10,342,746.05 0.00
A-3 90,959,382.66 0.00
A-4 17,687,084.69 0.00
A-5 4,459,000.00 0.00
A-6 3,776,000.00 0.00
A-7 2,650,000.00 0.00
A-8 2,309,000.00 0.00
A-9 1,823,000.00 0.00
A-10 1,551,000.00 0.00
A-11 1,245,000.00 0.00
A-12 808,000.00 0.00
A-13 1,363,000.00 0.00
A-14 553,929.00 0.00
A-15 2,090,000.00 0.00
A-16 1,665,000.00 0.00
A-17 1,053,000.00 0.00
A-18 1,776,000.00 0.00
A-19 13,867,000.00 0.00
A-20 105,304,827.96 0.00
A-21 19,401,000.00 0.00
A-22 4,088,006.00 0.00
A-23 10,373,962.00 0.00
A-24 48,000,000.00 0.00
A25 16,405,103.00 0.00
A-PO 158,569.40 0.00
Residual A-R 0.00 0.00
- --------------------------------------------------------------------------------
Subordinate B-1 11,755,050.39 0.00
B-2 3,674,126.66 0.00
B-3 1,715,114.84 0.00
B-4 1,715,114.84 0.00
B-5 980,485.41 0.00
B-6 932,039.86 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 444,138,308.82 -
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Payment Date: 05/25/01
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BANK OF AMERICA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1999-7
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 61,171,342.10 6.500000% 060506FM9 21.292172 4.658102 838.665121
A-2 10,957,387.17 6.500000% 060506FN7 40.976075 3.956834 689.516403
A-3 93,229,434.24 6.500000% 060506FP2 20.987903 4.668942 840.970624
A-4 17,992,331.13 6.500000% 060506FQ0 15.262322 4.872923 884.354235
A-5 4,459,000.00 7.000000% 060506FR8 0.000000 5.833333 1,000.000000
A-6 3,776,000.00 7.000000% 060506FS6 0.000000 5.833333 1,000.000000
A-7 2,650,000.00 7.000000% 060506FT4 0.000000 5.833333 1,000.000000
A-8 2,309,000.00 7.000000% 060506FU1 0.000000 5.833333 1,000.000000
A-9 1,823,000.00 7.000000% 060506FV9 0.000000 5.833333 1,000.000000
A-10 1,551,000.00 7.000000% 060506FW7 0.000000 5.833333 1,000.000000
A-11 1,245,000.00 7.000000% 060506FX5 0.000000 5.833333 1,000.000000
A-12 808,000.00 7.000000% 060506GS5 0.000000 5.833333 1,000.000000
A-13 1,363,000.00 7.000000% 060506FY3 0.000000 5.833333 1,000.000000
A-14 553,929.00 7.000000% 060506FZ0 0.000000 5.833333 1,000.000000
A-15 2,090,000.00 7.000000% 060506GA4 0.000000 5.833333 1,000.000000
A-16 1,665,000.00 7.000000% 060506GB2 0.000000 5.833333 1,000.000000
A-17 1,053,000.00 7.250000% 060506GC0 0.000000 6.041667 1,000.000000
A-18 1,776,000.00 7.250000% 060506GD8 0.000000 6.041667 1,000.000000
A-19 13,867,000.00 6.500000% 060506GE6 0.000000 5.416667 1,000.000000
A-20 107,904,098.41 6.500000% 060506GF3 20.794164 4.675844 842.438624
A-21 19,401,000.00 6.500000% 060506GG1 0.000000 5.416667 1,000.000000
A-22 4,088,006.00 0.000000% 060506GH9 0.000000 0.000000 1,000.000000
A-23 10,373,962.00 6.500000% 060506GJ5 0.000000 5.416667 1,000.000000
A-24 48,000,000.00 6.500000% 060506GK2 0.000000 5.416667 1,000.000000
A25 16,405,103.00 7.250000% 060506GL0 0.000000 6.041667 1,000.000000
A-PO 158,952.08 0.000000% 060506GM8 1.878303 0.000000 778.319685
Residual A-R 0.00 6.500000% 060506GN6 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 11,766,723.67 6.500000% 060506GP1 0.972692 5.310926 979.505907
B-2 3,677,775.23 6.500000% 060506GQ9 0.972692 5.310926 979.505907
B-3 1,716,818.03 6.500000% 060506GR7 0.972692 5.310926 979.505907
B-4 1,716,818.03 6.500000% 060506FJ6 0.972692 5.310926 979.505907
B-5 981,459.08 6.500000% 060506FK3 0.972692 5.310926 979.505907
B-6 932,965.28 6.500000% 060506FL1 0.924401 5.048028 931.019250
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 451,463,104.43 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
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BANK OF AMERICA MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1999-7
BANK OF AMERICA, FSB, MASTER SERVICER
------------------------------------------------------------
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COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 444,138,307.71 444,138,307.71
Loan count 1291 1291
Avg loan rate 7.139580% 7.14
Prepay amount 6,876,907.28 6,876,907.28
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FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 227,303.16 227,303.16
Sub servicer fees 0.00 0.00
Trustee fees 1,316.77 1,316.77
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 46,734.93 46,734.93
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00
Fraud 5,000,099.29 5,000,099.29
Special Hazard 0.00 0.00
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 95.398764% 100.000000% 430,670,545.12
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Junior 4.601236% 0.000000% 20,771,932.01
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- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 4 1,455,685.92
60 to 89 days 2 548,790.87
90 or more 1 258,331.83
Foreclosure 1 386,858.59
Totals: 8 2,649,667.21
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 9,769,359.77 9,769,359.77
Principal remittance amount 7,324,795.61 7,324,795.61
Interest remittance amount 2,444,564.16 2,444,564.16