Bank of America Mort SEC Inc Mort Pass THR Cert Ser 1999-2 – ‘8-K’ for 3/25/99

On:  Thursday, 6/3/99   ·   For:  3/25/99   ·   Accession #:  914121-99-544   ·   File #:  333-67267-01

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         5     13K 
 2: EX-4        Pooling and Servicing Agreement                      269±  1.14M 

8-K   —   Current Report
Document Table of Contents

8-K
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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:  March 25, 1999                                                 
(Date of earliest event reported)                                               

Commission File No. 333-67267                                                   

 Bank of America Mortgage Securities, Inc.
--------------------------------------------------------------------------------

Delaware                                          94-324470     
------------------------                    ------------------------------------
(State of Incorporation)                    (I.R.S. Employer Identification No.)

345 Montgomery Street, Lower Level #2, Unit #8152, San Francisco, CA    94104   
--------------------------------------------------------------------------------
              Address of principal executive offices                  (Zip Code)

(415) 445-4779
--------------------------------------------------------------------------------
Registrant's Telephone Number, including area code

--------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report) 

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ITEM 5.  OTHER EVENTS                                                           
------------                                                  

         On March  25,  1999,  Bank of  America  Mortgage  Securities,  Inc.,  a
Delaware   corporation   (the   "Registrant"),    sold   Mortgage   Pass-Through
Certificates,  Series 1999-2,  Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10,  Class A-11,  Class
A-12,  Class A-13,  Class A-14,  Class A-PO,  Class A-R, Class A-LR,  Class B-1,
Class B-2 and  Class  B-3 (the  "Offered  Certificates"),  having  an  aggregate
original principal balance of $496,623,408. The Offered Certificates were issued
pursuant to a Pooling and Servicing  Agreement,  dated March 25, 1999, among the
Registrant, Bank of America, FSB, as a servicer ("Bank of America"), NationsBanc
Mortgage Corporation, as a servicer ("NationsBanc") and The Bank of New York, as
trustee  (the  "Agreement"),  a copy of which is  filed  as an  exhibit  hereto.
Mortgage  Pass-Through  Certificates,  Series  1999-2,  Class B-4, Class B-5 and
Class B-6  Certificates,  having  an  aggregate  initial  principal  balance  of
$3,753,213.77 (the "Private Class B Certificates" and, together with the Offered
Certificates, the "Certificates"), were also issued pursuant to the Agreement.  

         As of the date of initial issuance,  the Offered Certificates evidenced
an approximate  99.25% undivided  interest in a trust (the "Trust"),  consisting
principally  of a pool  of  fixed  interest  rate,  conventional,  monthly  pay,
fully-amortizing,  one-to  four-family  residential  first mortgage  loans.  The
remaining  undivided interests in the Trust are evidenced by the Private Class B
Certificates  distributions  on which are  subordinated to  distributions on the
Offered Certificates.                                                           

         Interest  on the  Offered  Certificates  will  be  distributed  on each
Distribution  Date (as  defined  in the  Agreement).  Monthly  distributions  in
reduction of the principal balance of the Offered Certificates will be allocated
to the Offered  Certificates  in accordance with the priorities set forth in the
Agreement.  Distributions  of interest and in reduction of principal  balance on
any  Distribution  Date will be made to the  extent  that the Pool  Distribution
Amount is sufficient therefor.                                                  

         An  election  will be made to treat the Trust as two REMICs for federal
income  tax  purposes   (the   "Upper-Tier   REMIC"  and   "Lower-Tier   REMIC,"
respectively).  The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class
A-6,  Class A-7, Class A-10,  Class A-11,  Class A-12,  Class A-13,  Class A-PO,
Class  B-1,   Class  B-2,  Class  B-3,  Class  B-4,  Class  B-5  and  Class  B-6
Certificates,  the  Class  A-14  PAC IO A  Component,  the  Class  A-14 PAC IO B
Component, the Class A-14 PAC Component, the Class A-14 TAC IO Component and the
Class  A-14  TAC  Component  will  be  treated  as  "regular  interests"  in the
Upper-Tier REMIC and the Class A-R and Class A-LR  Certificates  will be treated
as the  "residual  interests"  in the  Upper-Tier  REMIC and  Lower-Tier  REMIC,
respectively.                                                                   

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ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS                                      
---------------------------------                             

(c) Exhibits                                                  

Item 601(a)                                                                     
of Regulation S-K                                                               
Exhibit No.                             Description                             
-----------                             -----------                             

      (EX-4)                            Pooling and Servicing  Agreement,  dated
                                        March 25,  1999,  among  Bank of America
                                        Mortgage Securities,  Inc.,  NationsBanc
                                        Mortgage  Corporation,  Bank of America,
                                        FSB  and  The  Bank  of  New  York,   as
        trustee.

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         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.                                           

                                            BANK OF AMERICA MORTGAGE
                                        SECURITIES, INC.

March 25, 1999                                                                  

                                     /S/ SHARON JOSEPH
                                                  ------------------------------
                                 Sharon Joseph
                                  Vice President

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 INDEX TO EXHIBITS
 -----------------

                                                                Paper (P) or
Exhibit No.             Description                               Electronic (E)
-----------             -----------                               --------------

(EX-4)             Pooling and Servicing                           E  
Agreement, dated March 25, 1999 
among Bank of America Mortgage  
      Securities, Inc., NationsBanc Mortgage
     Corporation, Bank of America, FSB and
 The Bank of New York, as trustee.

Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		6/3/99							None on these Dates
For Period End:		3/25/99		1		5
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