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): January 25, 1999

                                     CWMBS

                                  (Depositor)

 (Issuer in respect of Manufactured Housing Contract Pass-Through Certificates,

                (Exact name of registrant as specified in charter)

Delaware                      33-63714                      95-4449516
(State or other               (Commission File No.)         (I.R.S. Employer
    jurisdiction of                                         Identification No.)
    organization)



155 N. Lake Avenue, Pasadena, CA                            91110-7137
(Address of principal executive offices)                    (Zip Code)


Registrant's Telephone Number, including area code: (818)-304-4428

                                 Not Applicable
              (Former name, former address and former fiscal year,
                          if changed since last report)




Item 5.  Other Events

                                     CWMBS
            Manufactured Housing Contract Pass-Through Certificates
                                 Series 1998-2

On  January  25,  1999, The Bank of New York, as Trustee for CWMBS, Manufactured
Housing  Contract  Pass-Through  Certificates  Series  1998-2,  made  a  monthly
distribution to Certificate holders of principal and/or interest pursuant to the
Pooling  and  Servicing  Agreement,  dated  as  of  July 1, 1998, among CWMBS as
Depositor,  INDYMAC,  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 CWMBS, Manufactured Housing Contract
                    Pass-Through  Certificates  Series  1998-2  relating  to the
                    distribution  date  of January 25, 1999 prepared by The Bank
                    of  New  York,  as  Trustee  under the Pooling and Servicing
                    Agreement dated as of July 1, 1998.







                                   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: January 25, 1999


                                     CWMBS


                          By: /s/ Kelly A. Sheahan
                              ------------------------------
                          Name:   Kelly A. Sheahan
                                  Assistant Treasurer
                                  The Bank of New York,
                                  as Trustee







                                 EXHIBIT INDEX



Exhibit


99                  Monthly Remittance Statement dated January 25, 1999