Item 1. Business.
Ryan Mortgage Acceptance Corporation IV (the "Company") was incorporated in the State of Delaware on February 21, 1984, and is a wholly owned, limited purpose financing subsidiary of NVR Mortgage Finance, Inc. ("NVRMFI") which, in turn, is a wholly owned mortgage banking subsidiary of NVR, Inc. ("NVR"). Ownership of the Company was transferred to NVRMFI from NVR Financial Services, Inc. ("NVRFS") on September 30, 1998 as part of a plan of merger where NVRFS was merged into NVR. NVR is the successor company to NVR L.P.
The Company was organized to facilitate the financing of long-term residential mortgage loans and does not intend to engage in any business or investment activities other than issuing and selling Mortgage-Collateralized Bonds (the "Bonds") and bonds backed by mortgage loans or other types of mortgage-related securities and acquiring, owning, pledging and dealing with GNMA Certificates, FNMA Certificates, FHLMC Certificates, mortgage loans and other mortgage-related securities securing its bonds.
The Bonds are issued in series pursuant to an Indenture dated as of May 1, 1984, as amended (the "Indenture"), between the Company and The Bank of New York (the "Trustee"), as supplemented by a series supplement with respect to each series of Bonds. Bonds of a series may be secured by GNMA Certificates issued by an affiliate of the Company or another financial institution approved by GNMA as an issuer of GNMA Certificates, FNMA Certificates backed by mortgage loans sold to FNMA and serviced by an affiliate of the Company or another financial institution and FHLMC Certificates backed by mortgage loans sold to FHLMC and serviced by an affiliate of the Company or another financial institution. Such GNMA Certificates, FNMA Certificates and FHLMC Certificates are sold to the Company by NVRFS and pledged by the Company to the Trustee as security for the Bonds of such series. In addition, the Company may enter into funding agreements with the limited purpose finance subsidiaries (the "Finance Companies") of certain home builders and/or financial institutions whereby the Company agrees to loan to a Finance Company a portion of the proceeds of a series of Bonds. Such loans are secured by pledges of GNMA Certificates, FNMA Certificates and/or FHLMC Certificates to the Company, which in turn pledges such Certificates to the Trustee as security for the Bonds of such series. The GNMA Certificates are guaranteed as to payment of principal and interest by the Government National Mortgage Association ("GNMA"), an instrumentality of the United States. The FNMA Certificates are guaranteed as to payment of principal and interest by the Federal National Mortgage Association ("FNMA"), a federally chartered, privately owned corporation. The FHLMC Certificates are guaranteed as to payment of principal and interest by the Federal Home Loan Mortgage Corporation ("FHLMC"), a corporate instrumentality of the United States. As of December 31, 1999, the Company had issued 33 series of Bonds with an aggregate original principal amount of $1,191,475,000.
The Company has no employees, but approximately six persons who are full-time employees of NVR or affiliates of NVR perform services from time to time on behalf of the Company.
Item 2.
Item 2. Properties.
The Company neither owns nor leases any buildings or real estate.
Item 3.
Item 3. Legal Proceedings.
The Company is not involved in any pending legal proceedings, nor is the Company aware of any proceedings contemplated by governmental authorities.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
Omitted pursuant to General Instruction J.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
There is no public market for the Company's common stock, all of the issued and outstanding shares of which are held by NVRMFI. The Company has never paid a cash dividend on its common stock.
Item 6.
Item 6. Selected Financial Data.
Omitted pursuant to General Instruction J.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
The Company commenced operations in May 1984 and was organized to facilitate the financing of long-term residential mortgage loans. The Company does not engage in any business or investment activities other than issuing and selling GNMA/FNMA-Collateralized Bonds, Mortgage-Collateralized Bonds and bonds backed by mortgage loans or other types of mortgage-related securities and acquiring, owning, holding, pledging and dealing with GNMA Certificates, FNMA Certificates, FHLMC Certificates, mortgage loans and other mortgage-related securities.
The Company's long-term debt consists of its Mortgage-Collateralized Bonds; Series 11, originally issued in four classes (collectively, the "Mortgage- Collateralized Bonds"). The Company also has issued and outstanding its Mortgage-Collateralized Bonds, Series 7 and 10, originally issued in four classes (such Bonds, together with the Mortgage-Collateralized Bonds are referred to herein as the "Bonds"). On September 23, 1988, the Company sold the GNMA Certificates, FNMA Certificates and other collateral owned by the Company and pledged to secure the Company's GNMA/FNMA Collateralized Bonds, Series 1 and 2, and its Mortgage-Collateralized Bonds, Series 3, 4, 7, 10, 19 and 21 through 31, to RYMAC Mortgage Investment I, Inc. ("RMI"), a wholly owned subsidiary of RYMAC Mortgage Investment Corporation. Such collateral was sold, subject to the lien of the Indenture and subject to the rights of the Trustee and the Bondholders thereunder, to RMI in exchange for cash and delivery of limited recourse promissory notes of RMI (the "RMI Notes") having payment terms the same as those of the respective classes of the related series of Bonds. RMI subsequently sold to INVG Government Securities Corp., succeeded in interest by INVG Mortgage Securities Corp. ("INVG"), subject to such lien and rights, the collateral securing the Company's Mortgage-Collateralized Bonds, Series 3 and 4. In addition, RMI subsequently sold, to Sperlinga Capital Inc. ("Sperlinga"), subject to such liens and rights, the collateral securing the Company's Mortgage-Collateralized Bonds, Series 7, 10 and 19. In accordance with FASB 125 "Accounting for Transfers and Servicing of Financial Assets and Extinquishment of Liabilities", the assets, liabilities, interest income and interest expense relating to such Bonds are not shown on the balance sheet or the statement of operations of the Company.
The Bonds are secured by GNMA Certificates which are guaranteed as to payment of principal and interest by GNMA, which guaranty is backed by the full faith and credit of the United States and/or FNMA Certificates which are guaranteed as to full and timely payment of principal and interest by FNMA, a federally chartered, privately owned corporation. For purposes of establishing the principal amount of GNMA Certificates and/or FNMA Certificates ("Certificates") which may be pledged to secure a series of Bonds, each Certificate bearing interest at a rate equal to or exceeding the highest interest rate on any class in a series (the "Discount Rate") is valued at its unpaid principal amount. Each Certificate bearing interest at a rate less than the Discount Rate is valued at an amount equal to either (i) the present value, discounted at the Discount Rate, of all remaining scheduled installments of principal and interest on such Certificate, together with reinvestment income thereon, such that the cash flow from such Certificate and the reinvestment income thereon, together with the proceeds of certain other collateral, will be at all times sufficient to support the debt service requirements of the principal amount of Bonds secured by such Certificate or (ii) the amount which, when divided into the annual interest on the Certificate, results in an interest yield at least equal to the Discount Rate. GNMA Certificates that are backed by graduated payment mortgages and that are valued according to the method described in clause (ii) of the preceding sentence are valued after taking into account the funds established to provide additional cash flow to pay interest on the Bonds. Although the Company does not have and does not expect to have any significant assets other than Certificates owned by the
Company, the RMI Notes, notes to the Company from the Finance Companies, GNMA Certificates pledged to the Company as security for such notes and the reserve amounts, all of which are pledged as collateral for the Bonds, the Company believes that such collateral will provide cash sufficient to meet the required payments of principal and interest on such Bonds.
The net premium on the Certificates is amortized using the interest method over the estimated lives of the Certificates. The deferred costs and bond discounts relating to the issuance of the Company's long-term debt are amortized over the estimated lives of the Mortgage-Collateralized Bonds using the interest method. The amounts amortized during any accounting period do not necessarily correspond to actual cash flow during the same period.
Pursuant to the terms of the Indenture, the Company redeemed its GNMA- Collateralized Bonds, Series 32 and 33, on April 1, 1993, its GNMA- Collateralized Bonds, Series 5, on June 19, 1996, its GNMA-Collateralized Bonds, Series 6, on August 1, 1996, its FNMA-Collateralized Bonds, Series 9 and 12, on November 1, 1996, its GNMA-Collateralized Bonds, Series 13, on November 1, 1996, its FNMA-Collateralized Bonds, Series 14, on December 1, 1996, its GNMA- Collateralized Bonds, Series 15, on December 1, 1996, its Mortgage- Collateralized Bonds, Series 16 and 17, on February 1, 1997, its Mortgage- Collateralized Bonds, Series 18 and 20, on May 1, 1997, and its GNMA- Collateralized Bonds, Series 8, on September 1, 1998. In 1992, the Company redeemed, at RMI's request, its Mortgage-Collateralized Bonds, Series 26, 29 and 30, on January 2, 1992, its Mortgage-Collateralized Bonds, Series 21, 22 and 25, on February 3, 1992 and its Mortgage-Collateralized Bonds, Series 23, 24, 27, 28 and 31, on March 2, 1992. In 1993, the Company redeemed, at RMI's request, its Mortgage-Collateralized Bonds, Series 1, on February 10, 1993 and its Mortgage- Collateralized Bonds, Series 2, on October 20, 1993. In 1996, the Company redeemed, at INVG's request, its Mortgage-Collateralized Bonds, Series 3, on June 3, 1996, and its Mortgage-Collateralized Bonds, Series 4, on July 1, 1996. In 1997, the Company redeemed, at Sperlinga's request, its Mortgage- Collateralized Bonds, Series 19, on May 1, 1997. Prior to each redemption date, RMI, INVG or Sperlinga deposited with the Trustee the amount of money required to redeem the Bonds to be redeemed on such redemption date. On the day following each such date of deposit, the collateral securing the Bonds to be redeemed was released to RMI, INVG or Sperlinga and the Notes relating to such Bonds were cancelled.
Interest income for the year ended December 31, 1999 decreased $826 compared to the year ended December 31, 1998. This decrease was due to principal payments on mortgage-backed securities and the sale of mortgage-backed securities. Interest expense for the year ended December 31, 1999 decreased $759 compared to the year ended December 31, 1998. This decrease was due to redemption of bonds. The changes in accretion of net discount (premium) on mortgage-backed securities, amortization of deferred bond issue costs and bond discounts between the twelve months ended December 31, 1999 and December 31, 1998 are due to the sale of mortgage-backed securities and redemption of bonds during 1999 and 1998. In conjunction with the sale of mortgage-backed securities and the redemption of bonds during 1998, the Company realized a gain on the sale of mortgage-backed securities, before taxes, of $608 and a loss on the retirement of the related bonds, before taxes, of $315. No other revenue or expense item changes are deemed significant.
The Year 2000 Issue is the risk that computer programs using two-digit date fields will fail to properly recognize the Year 2000, with the result being business interruptions due to computer system failures by the Company's software or hardware or that of government entities, service providers and vendors.
With the assistance of a consulting firm, the Company completed its assessment of exposure to Year 2000 Issues and successfully remediated areas of exposure prior to December 31, 1999. The Company spent less than $10 for Year 2000 issue costs. To the date of this report, the Company has not encountered any business interruptions or adverse financial consequences related to the Year 2000 Issue. However, there can be no assurances that the Company will not encounter material business interruptions or adverse financial consequences subsequent to the date of this report.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosure About Market Risk.
Market risk is the risk of loss arising from adverse changes in market prices and interest rates. Though the Company faces and manages other types of risk, such as credit and liquidity risks, the Company's market risk arises from interest rate risk inherent in its financial instruments. Interest rate risk is the possibility that changes in interest rates will cause unfavorable changes in net income or in the value of interest rate-sensitive assets and liabilities. The Company has no market rate sensitive instruments held for trading purposes.
The Company is exposed to interest rate risk as it relates to its investment activities. The Company has issued and sold GNMA and FNMA Collateralized Bonds ("Bonds"), which are secured by GNMA and FNMA Mortgage Certificates ("Certificates"). The Company collects principal and interest on the Certificates and makes principal and interest payments to the holders of the Bonds (the "bond administration activities"). Subject to the terms of the Indenture pursuant to which the Bonds were issued, the Company has the option to redeem, in whole or in part, the Bonds at a date that is earlier than the stated maturity of the Bonds. The Company's Certificates are classified and held as available for sale securities.
Profitability of the Company may be directly affected by the levels of and fluctuations in interest rates, which affect the value of the Certificates held as available for sale. The profitability of the Company may be adversely affected during any period of rising interest rates. For example, a substantial or sustained increase in interest rates could adversely affect the value of the Certificates and the intrinsic value of the early redemption option of the respective Bonds. The Company's current risk management strategy involves the holding of the Certificates until the profitable early redemption of the Bonds becomes possible. In an environment of stable interest rates, the Company conducts its bond administration activities, which are not subject to significant market risk. Because of the uncertainty of the future level of interest rates, there can be no assurance that the Company will realize gains on the disposition of financial assets in the future.
The following table represents contractual balances of the Company's on balance sheet financial instruments in dollars at the expected maturity dates, as well as the fair values of those on balance sheet financial instruments, at December 31, 1999. The expected maturity categories take into consideration historical and anticipated prepayment speeds, as well as actual amortization of principal and does not take into consideration the reinvestment of cash or the refinancing of existing indebtedness. Because the Company has previously sold its Certificates at the early redemption call date and the options currently have intrinsic value, the Company has made the assumption that the portfolio of Certificates available for sale will mature at the respective call dates. Consequently, the Bonds are also assumed to mature at the respective call dates.
Item 8.
Item 8. Financial Statements and Supplementary Data.
INDEPENDENT AUDITORS' REPORT
The Board of Directors Ryan Mortgage Acceptance Corporation IV:
We have audited the accompanying balance sheets of Ryan Mortgage Acceptance Corporation IV as of December 31, 1999 and 1998 and the related statements of income, comprehensive income, retained earnings and accumulated other comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 1999. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ryan Mortgage Acceptance Corporation IV as of December 31, 1999 and 1998, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 1999, in conformity with generally accepted accounting principles. /s/ KPMG LLP
McLean, Virginia February 2, 2000
RYAN MORTGAGE ACCEPTANCE CORPORATION IV BALANCE SHEETS December 31, 1999 and 1998 (Dollar amounts in thousands, other than share data)
See accompanying notes to financial statements.
RYAN MORTGAGE ACCEPTANCE CORPORATION IV STATEMENT OF INCOME, COMPREHENSIVE INCOME, RETAINED EARNINGS AND ACCUMULATED OTHER COMPREHENSIVE INCOME For the Years Ended December 31, 1999, 1998 and 1997 (Dollar amounts in thousands)
RYAN MORTGAGE ACCEPTANCE CORPORATION IV STATEMENT OF CASH FLOWS For the Years Ended December 31, 1999, 1998 and 1997 (Dollar amounts in thousands)
See accompanying notes to financial statements.
RYAN MORTGAGE ACCEPTANCE CORPORATION IV NOTES TO FINANCIAL STATEMENTS December 31, 1998 and 1997 and for the Years Ended December 31, 1998, 1997 and (Dollar amounts in thousands)
(1) Incorporation and Principal Business Activity:
Ryan Mortgage Acceptance Corporation IV (the Company) is a wholly owned limited purpose financing subsidiary of NVR Mortgage Finance, Inc. (NVRMFI). NVRMFI is a wholly owned mortgage banking subsidiary of NVR, Inc. (NVR), the successor to NVR L.P. Ownership of the Company was transferred to NVRMFI from NVR Financial Services, Inc. (NVRFS) on September 30, 1998 as part of a plan of merger where NVRFS was merged into NVR.
The Company was organized to facilitate the financing of long-term mortgage loans and does not engage in any business or investment activities other than issuing and selling GNMA/FNMA-Collateralized Bonds, Mortgage-Collateralized Bonds and bonds backed by mortgage loans or other types of mortgage-related securities and acquiring, owning, holding, pledging and dealing with GNMA Certificates, FNMA Certificates, FHLMC Certificates, mortgage loans and other mortgage-related securities securing its bonds.
(2) Summary of Significant Accounting Policies:
In conjunction with the retirement of the Series 5 Bonds during the second quarter of 1996 and the sale of the related collateral, the Company reclassified its mortgage-backed securities as available-for-sale and accordingly such securities are carried at their fair value. The mortgage-backed securities available-for-sale held by the Company are GNMA and FNMA Certificates (Certificates) reflected on the accompanying balance sheet at their fair value as such certificates serve as collateral for the Company's GNMA and FNMA- Collateralized Bonds.
The Company is included in the consolidated federal income tax return of NVR and, therefore, entered into a tax allocation agreement with NVR. According to this agreement, the Company will make federal income tax payments to NVR in an amount equal to its share of the net federal income tax obligation of the entire NVR consolidated tax group based on the amount of the tax obligation of the Company on a "separate return" basis. Also, in the event the Company incurs a tax loss on a cumulative "separate return" basis for any year, the Company will be compensated for such tax loss.
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
The amortization/accretion of deferred bond issue costs, net premium on mortgage-backed securities and bond discounts is based on the interest method considering actual prepayment experience on the mortgage-backed securities and estimates of future prepayments in accordance with Statements of Financial Accounting Standards No. 91 "Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases." Deferred bond issue costs, net premium on mortgage-backed securities and bond discounts are adjusted for differences that arise between estimated and actual prepayments to the amount that would have existed had the actual effective yield, based on actual prepayment speeds, been applied since their inception.
Effective January 1, 1998, the Company adopted Statement of Financial Accounting Standards ("SFAS") No. 130, Reporting Comprehensive Income. SFAS No. 130 establishes standards for reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. Comprehensive income is defined as the change in equity of the Company during a period from transactions and other events and circumstances from nonowner sources.
NOTES TO FINANCIAL STATEMENTS, Continued
Included in accumulated other comprehensive income are the net after tax effects of the net change in unrealized holding gains on mortgage-backed securities available-for-sale.
(3) Receivables on Mortgage-Backed Securities:
Receivables on mortgage-backed securities represent amounts due for scheduled and unscheduled principal and interest payments for the months of December 1999 and 1998.
(4) Long-Term Debt:
Long-term debt at December 31, 1999 consists of the following series of Mortgage-Collateralized Bonds:
On September 23, 1988, the Company sold the GNMA Certificates, FNMA Certificates and other collateral owned by the Company and pledged to secure the Company's GNMA/FNMA Collateralized Bonds, Series 1 and 2, and its Mortgage- Collateralized Bonds, Series 3, 4, 7, 10, 19 and 21 through 31, to RYMAC Mortgage Investment I, Inc. (RMI), a wholly owned subsidiary of RYMAC Mortgage Investment Corporation. Such collateral was sold to RMI subject to the lien of the Indenture dated as of May 1, 1984, as amended and supplemented (the Indenture), between the Company and The Bank of New York, as Trustee, pursuant to which such Bonds were issued, and subject to the rights of the Trustee and the Bondholders thereunder. RMI subsequently sold to INVG Government Securities Corp., succeeded in interest by INVG Mortgage Securities Corp. ("INVG"), subject to such lien and rights, the collateral securing the Company's Mortgage- Collateralized Bonds, Series 3 and 4. In addition, RMI subsequently sold, to Sperlinga Capital Inc. ("Sperlinga"), subject to such liens and rights, the collateral securing the Company's Mortgage-Collateralized Bonds, Series 7, 10 and 19. In accordance with FASB "Accounting for Transfers and Servicing of Financial Assets and Extinquishment of Liabilities 125", the assets, liabilities, interest income and interest expense relating to such Bonds are not shown on the balance sheet or the statement of operations of the Company.
Pursuant to the Indenture, interest is payable quarterly on the Bonds. If a series of Bonds includes a "Z" class, interest on the Bonds of such class will accrue (and be added to the principal of the Bonds of such class) and will not be payable until all Bonds of such series having an earlier stated maturity have been fully paid. Subject to the priorities among classes set forth below, the Company is obligated periodically, to the extent funds are available, to make pro rata principal payments on the Bonds. No payment of principal may be made on any Bond of any class of any series until each class of Bonds of such series having an earlier stated maturity has been fully paid.
The following table sets forth the classes or series of Bonds which are subject to redemption, in whole or in part, at the option of the Company and the first date on which the Company has the right to exercise its right to redeem such Bonds. In conjunction with the retirement of the Series 5 Bonds during the second quarter of 1996 and the sale of the related collateral, the Company reclassified its mortgage-backed securities as available-for-sale and, accordingly, such securities are carried at their fair value. Unrealized net holding gains and losses for the mortgage-
NOTES TO FINANCIAL STATEMENTS, Continued
backed securities are reported net of income taxes in accumulated other comprehensive income until realized. In the case of series of Bonds with respect to which the Company has sold the underlying collateral subject to the lien of the Indenture, the Company has agreed to exercise such right only upon the request of the purchaser.
Pursuant to the terms of the Indenture, the Company redeemed its GNMA- Collateralized Bonds, Series 32 and 33, on April 1, 1993, its GNMA-Collateralized Bonds, Series 5, on June 19, 1996, its GNMA-Collateralized Bonds, Series 6, on August 1, 1996, its FNMA- Collateralized Bonds, Series 9 and 12, on November 1, 1996, its GNMA- Collateralized Bonds, Series 13, on November 1, 1996, its FNMA-Collateralized Bonds, Series 14, on December 1, 1996, its GNMA-Collateralized Bonds, Series 15, on December 1, 1996, its Mortgage-Collateralized Bonds, Series 16 and 17, on February 1, 1997, its Mortgage-Collateralized Bonds, Series 18 and 20, on May 1, 1997, and its GNMA-Collateralized Bonds, Series 8, on September 1, 1998. Pursuant to the terms of the Indenture, the Company redeemed, at RMI's request, its Mortgage-Collateralized Bonds, Series 1, on February 10, 1993 and its Mortgage-Collateralized Bonds, Series 2, on October 20, 1993. In addition, pursuant to the terms of the Indenture, the Company redeemed, at INVG's request, its GNMA-Collateralized Bonds, Series 3, on June 3, 1996 and its FNMA- Collateralized Bonds, Series 4, on July 1, 1996. In 1997, the Company redeemed, at Sperlinga's request, its Mortgage-Collateralized Bonds, Series 19, on May 1, 1997.
The Series 1 and 2 Bonds were collateralized by GNMA Certificates and FNMA Certificates, by funding agreements between the Company and limited purpose finance subsidiaries of certain home builders and/or financial institutions and the notes issued pursuant thereto. The Series 3, 5, 6, 8, 11, 13, 15, 16, 20, 32 and 33 Bonds are or were, as the case may be, collateralized by GNMA Certificates, while the Series 4, 7, 9, 10, 12, 14, 17, 18 and 19 Bonds are or were, as the case may be, collateralized by FNMA Certificates. In addition, in the case of series of Bonds with respect to which the Company has sold the underlying collateral subject to the lien of the Indenture, the Bonds of each such series are also secured by limited recourse promissory notes of Sperlinga having payment terms the same as those of the respective outstanding class of the related series of Bonds. The specific collateral pledged for a particular series of Bonds is not available as collateral for any other series.
The collateral for each of the respective bonds (including those with respect to which the Company has sold the underlying collateral subject to the lien of the Indenture) is held by the Trustee for the benefit of the bondholders. The fair value of mortgage-backed securities at December 31, 1999 and 1998 was $5,732 and $7,825 respectively. Gross unrealized holding gains related to the mortgage-backed securities were $122 and $260 at December 31, 1999 and 1998, respectively. The portion of the proceeds account established for each series of bonds which is not necessary to make required payments on the bonds of such series will be paid to the Company or, in the case of series of Bonds with respect to which the Company has sold the underlying collateral, to Sperlinga. Such payments will be made on the first Principal Payment Date for each series.
(5) Sale of Mortgage-Backed Securities:
On September 23, 1988, the Company sold the GNMA Certificates, FNMA Certificates and other collateral owned by the Company and pledged to secure the Company's GNMA/FNMA Collateralized Bonds, Series 1 and 2, and its Mortgage- Collateralized Bonds, Series 3, 4, 7, 10, 19 and 21 through 31 to RMI. Such collateral was sold, subject to the lien of the Indenture and subject to the rights of the Trustee and the Bondholders thereunder, to RMI in exchange for cash and delivery of limited recourse promissory notes of RMI having payment terms the same as those of the respective classes of the related series of Bonds. RMI subsequently sold, subject to such lien and rights, the collateral securing the Company's Mortgage-Collateralized Bonds, Series 3, 4, 7, 10 and 19. In accordance with
NOTES TO FINANCIAL STATEMENTS, Continued
FASB 125, the assets, liabilities, interest income and interest expense relating to such Bonds are not shown on the balance sheet or the statement of operations of the Company.
Information related to the collateral owned by persons other than the Company and pledged to secure such Bonds as of December 31, 1999 is as follows:
(6) Related Party Transactions:
Certificates were purchased by the Company from NVRFS at a price to yield the approximate weighted average yield of the bonds which they collateralize.
All amounts receivable/payable from/to affiliates bear interest at an intercompany rate determined by NVRMFI. All amounts payable to affiliates are subordinate to the Company's obligations to the holders of its Bonds.
Currently, NVRMFI provides the Company with accounting and administrative services, including services of officers. For such services, the Company paid $4 in 1999, $5 in 1998, and $8 in 1997. NVRMFI acts as servicing agent for the mortgage loans backing certain Certificates owned by the Company and receives a customary servicing fee.
Pursuant to an arrangement established in connection with the acquisition by NVR L.P. of Ryan Homes, Inc., the Company receives payments from, and makes payments to, NVRMFI in the form of an income maintenance allowance based upon profits or losses generated over the lives of bond series issued prior to June 23, 1987.
(7) Income Taxes:
The total income tax expense (recovery) for each of the years in the three year period ended December 31, 1999 was allocated as follows:
NOTES TO FINANCIAL STATEMENTS, Continued
The provision for income taxes attributable to operations for each of the years in the three year period ended December 31, 1999 consists of the following:
The tax effects of temporary differences that give rise to deferred income taxes on the Company's balance sheets consist of the following:
A reconciliation of income tax expense in the accompanying statements of income to the amount computed by applying the statutory Federal income tax rate to income before income taxes and extraordinary items for each of the years in the three year period ended December 31, 1999 is as follows:
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant.
Omitted pursuant to General Instruction J.
Item 11.
Item 11. Executive Compensation.
Omitted pursuant to General Instruction J.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Omitted pursuant to General Instruction J.
Item 13.
Item 13. Certain Relationships and Related Transactions.
NOTES TO FINANCIAL STATEMENTS, Continued
Omitted pursuant to General Instruction J.
PART IV
Item 14.
Item 14. Exhibits, Financial Statements, Schedules and Reports on Form 8-K.
Exhibit No. - ---------------- 3.1 Restated Certificate of Incorporation of the Company/1/ 3.2 By-Laws of the Company/2/ 3.2.1 Amendment to By-Laws of the Company adopted June 24, 1987/3/ 4.1 Indenture dated as of May 1, 1984 between the Company and Trustee/4/ 4.1.1 First Supplemental Indenture to Indenture/5/ 4.1.2 Second Supplemental Indenture to Indenture/6/ 4.1.3 Third Supplemental Indenture to Indenture/7/ 4.1.4 Fourth Supplemental Indenture to Indenture/8/ 4.1.5 Fifth Supplemental Indenture to Indenture/9/ 4.1.6 Sixth Supplemental Indenture to Indenture/10/ 4.1.7 Seventh Supplemental Indenture to Indenture/11/ 4.1.8 Eighth Supplemental Indenture to Indenture/12/ 4.1.9 Ninth Supplemental Indenture to Indenture/13/ 4.1.10 Tenth Supplemental Indenture to Indenture/14/ 4.1.11 Eleventh Supplemental Indenture to Indenture/15/ 4.2 Series 1 Supplement to Indenture/16/ Exhibit No. - ---------------- 4.2.1 First Supplemental Indenture to Series 1 Supplement/17/ 4.2.2 Purchase Agreement with respect to collateral securing Series 1 Bonds/18/ 4.3 Series 2 Supplement to Indenture/19/ 4.3.1 First Supplemental Indenture to Series 2 Supplement/20/ 4.3.2 Second Supplemental Indenture to Series 2 Supplement/21/ 4.3.3 Purchase Agreement with respect to collateral securing Series 2 Bonds/22/ 4.3.4 Third Supplemental Indenture to Series 2 Supplement/23/ 4.4 Series 3 Supplement to Indenture/24/
4.4.1 First Supplemental Indenture to Series 3 Supplement/25/ 4.4.2 Purchase Agreement with respect to collateral securing Series 3 Bonds/26/ 4.5 Series 4 Supplement to Indenture/27/ 4.5.1 First Supplemental Indenture to Series 4 Supplement/28/ 4.5.2 Second Supplemental Indenture to Series 4 Supplement/29/ 4.5.3 Third Supplemental Indenture to Series 4 Supplement/30/ 4.5.4 Purchase Agreement with respect to collateral securing Series 4 Bonds/31/ 4.6 Series 5 Supplement to Indenture/32/ 4.6.1 First Supplemental Indenture to Series 5, 6, 7, 8, 9, 10 and 11 Supplements/33/ 4.7 Series 6 Supplement to Indenture/34/ 4.8 Series 7 Supplement to Indenture/35/ 4.8.1 Second Supplemental Indenture to Series 7 Supplement/36/ 4.8.2 Purchase Agreement with respect to collateral securing Series 7 Bonds/37/ 4.9 Series 8 Supplement to Indenture/38/ 4.10 Series 9 Supplement to Indenture/39/ 4.11 Series 10 Supplement to Indenture/40/ 4.11.1 Second Supplemental Indenture to Series 10 Supplement/41/ 4.11.2 Purchase Agreement with respect to collateral securing Series 10 Bonds/42/ 4.12 Series 11 Supplement to Indenture/43/ 4.12.1 Second Supplemental Indenture to Series 11 Supplement/44/ 4.13 Series 12 Supplement to Indenture/45/ 4.14 Series 13 Supplement to Indenture/46/ 4.15 Series 14 Supplement to Indenture/47/ 4.16 Series 15 Supplement to Indenture/48/ 4.17 Series 16 Supplement to Indenture/49/ 4.18 Series 17 Supplement to Indenture/50/ 4.19 Series 18 Supplement to Indenture/51/ 4.20 Series 19 Supplement to Indenture/52/ 4.20.1 First Supplemental Indenture to Series 19 Supplement/53/ 4.20.2 Purchase Agreement with respect to collateral securing Series 19 Bonds/54/ 4.21 Series 20 Supplement to Indenture/55/ 4.22 Series 21 Supplement to Indenture/56/ 4.22.1 First Supplemental Indenture to Series 21, 22, 23, 24 and 25 Supplements/57/ 4.22.2 Second Supplemental Indenture to Series 21 Supplement/58/ 4.22.3 Purchase Agreement with respect to collateral securing Series 21 Bonds/59/ 4.23 Series 22 Supplement to Indenture/60/ 4.23.1 First Supplemental Indenture to Series 22 Supplement/61/ 4.23.2 Second Supplemental Indenture to Series 22 Supplement/62/ 4.23.3 Purchase Agreement with respect to collateral securing Series 22 Bonds/63/ 4.24 Series 23 Supplement to Indenture/64/ 4.24.1 Second Supplemental Indenture to Series 23 Supplement/65/ 4.24.2 Purchase Agreement with respect to collateral securing Series 23 Bonds/66/ 4.25 Series 24 Supplement to Indenture/67/ 4.25.1 Second Supplemental Indenture to Series 24 Supplement/68/ 4.25.2 Purchase Agreement with respect to collateral securing Series 24 Bonds/69/ Exhibit No. - ---------------- 4.26 Series 25 Supplement to Indenture/70/ 4.26.1 Second Supplemental Indenture to Series 25 Supplement/71/ 4.26.2 Purchase Agreement with respect to collateral securing Series 25 Bonds./72/ 4.27 Series 26 Supplement to Indenture/73/ 4.27.1 First Supplemental Indenture to Series 26 Supplement/74/ 4.27.2 Purchase Agreement with respect to collateral securing Series 26 Bonds/75/ 4.28 Series 27 Supplement to Indenture/76/ 4.28.1 First Supplemental Indenture to Series 27 Supplement/77/
4.28.2 Purchase Agreement with respect to collateral securing Series 27 Bonds/78/ 4.29 Series 28 Supplement to Indenture/79/ 4.29.1 First Supplemental Indenture to Series 28 Supplement/80/ 4.29.2 Purchase Agreement with respect to collateral securing Series 28 Bonds/81/ 4.30 Series 29 Supplement to Indenture/82/ 4.30.1 First Supplemental Indenture to Series 29 Supplement/83/ 4.30.2 Purchase Agreement with respect to collateral securing Series 29 Bonds/84/ 4.31 Series 30 Supplement to Indenture/85/ 4.31.1 First Supplemental Indenture to Series 30 Supplement/86/ 4.31.2 Purchase Agreement with respect to collateral securing Series 30 Bonds/87/ 4.32 Series 31 Supplement to Indenture/88/ 4.32.1 First Supplemental Indenture to Series 31 Supplement/89/ 4.32.2 Purchase Agreement with respect to collateral securing Series 31 Bonds/90/ 4.33 Series 32 Supplement to Indenture/91/ 4.34 Series 33 Supplement to Indenture/92/ 4.35 First Amendment to Purchase Agreements/93/ 4.36 Form of Guaranty Agreement with respect to Single-Family (Level Payment) Mortgage-Backed Certificates between GNMA Issuer and GNMA (GNMA I)/94/ 4.37 Form of Guaranty Agreement with respect to Graduated Payment Mortgage- Backed Certificates between GNMA Issuer and GNMA (GNMA I)/95/ 4.38 Contractual Provisions of Mortgage-Backed Securities Guide for GNMA II Program (Constituting the Guaranty Agreement for GNMA II Program)/96/ 4.39 Form of FNMA Pool Purchase Contract/97/ 4.40 Trust Indenture dated as of November 1, 1981, as amended, between FNMA in its corporate capacity and FNMA, as trustee (''FNMA Indenture'')/98/ 4.41 Sixth Supplemental Indenture dated as of May 1, 1985 to FNMA Indenture/99/ 4.42 Agreement to Purchase Conventional Home Mortgages and to Sell Mortgage Participation Certificates between FHLMC and FHLMC Seller-Servicer/100/ 4.43 Agreement to Guarantee Timely Payment of Scheduled Principal between FHLMC and FHLMC Seller-Servicer/101/ 4.44 FHLMC Mortgage Participation Certificate Agreement/102/ 4.45 Guaranty between the Mortgage Company and the Trustee/103/ 4.46 Letter Agreement among RHI, the Mortgage Company and the Company/104/ 10.1 Form of Participation Agreement/105/ 10.2 Form of Funding Agreement/106/ 10.3 Agreement among the Company, Mellon National Corporation ("Mellon") and certain of Mellon's subsidiaries/107/ 10.4 Form of Guaranteed Investment Contract/108/ 23.1 Consent of KPMG LLP
- ---------------- /1/Incorporated by reference to Exhibit 3.1 filed with Post-Effective Amendment No. 1 to Registration Statement No. 2-89611 on June 28, 1985. /2/Incorporated by reference to Exhibit 3.2 filed with the Company's Form 10. /3/Incorporated by reference to Exhibit 3.2.1 filed with the Company's Quarterly Report on Form 10-Q for period ended June 30, 1987. /4/Incorporated by reference to Exhibit 4.1 filed with the Company's Current Report on Form 8-K on June 29, 1984. /5/Incorporated by reference to Exhibit 4.4 filed with the Company's Annual Report on Form 10-K for the year ended December 31, 1984. /6/Incorporated by reference to Exhibit 4.5 filed with the Company's Quarterly Report on Form 10-Q for the period ended March 31, 1985. /7/Incorporated by reference to Exhibit 4.7 filed with the Company's Registration Statement No. 33-670 on October 4, 1985. /8/Incorporated by reference to Exhibit 4.1 filed with the Company's Current Report on Form 8-K on May 2,
1986. /9/Incorporated by reference to Exhibit 4.1 filed with the Company's Current Report on Form 8-K on July 21, 1986. /10/Incorporated by reference to Exhibit 4.14 filed with the Company's Quarterly Report on Form 10-Q for the period ended June 30, 1986. /11/Incorporated by reference to Exhibit 4.21 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1986. /12/Incorporated by reference to Exhibit 4.33 filed with the Company's Quarterly Report on Form 10-Q for the period ended June 30, 1987. /13/Incorporated by reference to Exhibit 4.4 filed with the Company's Current Report on Form 8-K on March 18, 1988. /14/Incorporated by reference to Exhibit 4.19 filed with the Company's Current Report on Form 8-K on October 11, 1988. /15/Incorporated by reference to Exhibit 4.1.11 filed with the Company's Annual Report on Form 10-K for the year ended December 31, 1989. /16/Incorporated by reference to Exhibit 4.2 filed with the Company's Current Report on Form 8-K on June 29, 1984. /17/Incorporated by reference to Exhibit 4.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /18/Incorporated by reference to Exhibit 4.1.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /19/Incorporated by reference to Exhibit 4.3 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1984. /20/Incorporated by reference to Exhibit 4.6 filed with the Company's Quarterly Report on Form 10-Q for the period ended March 31, 1985. /21/Incorporated by reference to Exhibit 4.2 filed with the Company's Current Report on Form 8-K on October 11, 1988. /22/Incorporated by reference to Exhibit 4.2.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /23/Incorporated by reference to Exhibit 4.3.4 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1993. /24/Incorporated by reference to Exhibit 4.8.1 filed with Registration Statement No. 33-670 on October 4, 1985. /25/Incorporated by reference to Exhibit 4.3 filed with the Company's Current Report on Form 8-K on October 11, 1988. /26/Incorporated by reference to Exhibit 4.3.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /27/Incorporated by reference to Exhibit 4.2 filed with the Company's Current Report on Form 8-K on May 2, 1986. /28/Incorporated by reference to Exhibit 4.3 filed with the Company's Current Report on Form 8-K on May 2, 1986. /29/Incorporated by reference to Exhibit 4.24 filed with Post-Effective Amendment No. 1 to Registration Statement No. 33-8475 on January 21, 1987. /30/Incorporated by reference to Exhibit 4.4 filed with the Company's Current Report on Form 8-K on October 11, 1988. /31/Incorporated by reference to Exhibit 4.4.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /32/Incorporated by reference to Exhibit 4.2 filed with the Company's Current Report on Form 8-K on July 21, 1986. /33/Incorporated by reference to Exhibit 4.25 filed with Post-Effective Amendment No. 1 to Registration Statement No. 33-8475 on January 21, 1987. /34/Incorporated by reference to Exhibit 4.15 filed with the Company's Quarterly Report on Form 10-Q for the period ended June 30, 1986. /35/Incorporated by reference to Exhibit 4.16 filed with the Company's Quarterly Report on Form 10-Q for the period ended June 30, 1986.
/36/Incorporated by reference to Exhibit 4.5 filed with the Company's Current Report on Form 8-K on October 11, 1988. /37/Incorporated by reference to Exhibit 4.5.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /38/Incorporated by reference to Exhibit 4.17 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1986. /39/Incorporated by reference to Exhibit 4.18 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1986. /40/Incorporated by reference to Exhibit 4.19 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1986. /41/Incorporated by reference to Exhibit 4.6 filed with the Company's Current Report on Form 8-K on October 11, 1988. /42/Incorporated by reference to Exhibit 4.6.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /43/Incorporated by reference to Exhibit 4.20 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1986. /44/Incorporated by reference to Exhibit 4.25.1 filed with the Company's Annual Report on Form 10-K for the year ended December 31, 1986. /45/Incorporated by reference to Exhibit 4.22 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1986. /46/Incorporated by reference to Exhibit 4.23 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1986. /47/Incorporated by reference to Exhibit 4.26 filed with Post-Effective Amendment No. 1 to Registration Statement No. 33-8475 on January 21, 1987. /48/Incorporated by reference to Exhibit 4.27 filed with Post-Effective Amendment No. 1 to Registration Statement No. 33-8475 on January 21, 1987. /49/Incorporated by reference to Exhibit 4.28 filed with Post-Effective Amendment No. 1 to Registration Statement No. 33-8475 on January 21, 1987. /50/Incorporated by reference to Exhibit 4.29 filed with the Company's Annual Report on Form 10-K for the year ended December 31, 1986. /51/Incorporated by reference to Exhibit 4.30 filed with the Company's Annual Report on Form 10-K for the year ended December 31, 1986. /52/Incorporated by reference to Exhibit 4.31 filed with the Company's Quarterly Report on Form 10-Q for the period ended March 31, 1987. /53/Incorporated by reference to Exhibit 4.7 filed with the Company's Current Report on Form 8-K on October 11, 1988. /54/Incorporated by reference to Exhibit 4.7.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /55/Incorporated by reference to Exhibit 4.32 filed with the Company's Quarterly Report on Form 10-Q for the period ended March 31, 1987. /56/Incorporated by reference to Exhibit 4.34 filed with the Company's Quarterly Report on Form 10-Q for the period ended June 30, 1987. /57/Incorporated by reference to Exhibit 4.5 filed with the Company's Current Report on Form 8-K on March 18, 1988. /58/Incorporated by reference to Exhibit 4.8 filed with the Company's Current Report on Form 8-K on October 11, 1988. /59/Incorporated by reference to Exhibit 4.8.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /60/Incorporated by reference to Exhibit 4.35 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1987. /61/Incorporated by reference to Exhibit 4.36 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1987. /62/Incorporated by reference to Exhibit 4.9 filed with the Company's Current Report on Form 8-K on October 11, 1988.
/63/Incorporated by reference to Exhibit 4.9.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /64/Incorporated by reference to Exhibit 4.37 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1987. /65/Incorporated by reference to Exhibit 4.10 filed with the Company's Current Report on Form 8-K on October 11, 1988. /66/Incorporated by reference to Exhibit 4.10.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /67/Incorporated by reference to Exhibit 4.38 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1987. /68/Incorporated by reference to Exhibit 4.11 filed with the Company's Current Report on Form 8-K on October 11, 1988. /69/Incorporated by reference to Exhibit 4.11.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /70/Incorporated by reference to Exhibit 4.1 filed with the Company's Current Report on Form 8-K on March 18, 1988. /71/Incorporated by reference to Exhibit 4.12 filed with the Company's Current Report on Form 8-K on October 11, 1988. /72/Incorporated by reference to Exhibit 4.12.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /73/Incorporated by reference to Exhibit 4.2 filed with the Company's Current Report on Form 8-K on March 18, 1988. /74/Incorporated by reference to Exhibit 4.13 filed with the Company's Current Report on Form 8-K on October 11, 1988. /75/Incorporated by reference to Exhibit 4.13.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /76/Incorporated by reference to Exhibit 4.3 filed with the Company's Current Report on Form 8-K on March 18, 1988. /77/Incorporated by reference to Exhibit 4.14 filed with the Company's Current Report on Form 8-K on October 11, 1988. /78/Incorporated by reference to Exhibit 4.14.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /79/Incorporated by reference to Exhibit 4.44 filed with the Company's Quarterly Report on Form 10-Q for the period ended March 31, 1988. /80/Incorporated by reference to Exhibit 4.15 filed with the Company's Current Report on Form 8-K on October 11, 1988. /81/Incorporated by reference to Exhibit 4.15.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /82/Incorporated by reference to Exhibit 4.45 filed with the Company's Quarterly Report on Form 10-Q for the period ended June 30, 1988. /83/Incorporated by reference to Exhibit 4.16 filed with the Company's Current Report on Form 8-K on October 11, 1988. /84/Incorporated by reference to Exhibit 4.16.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /85/Incorporated by reference to Exhibit 4.46 filed with the Company's Quarterly Report on Form 10-Q for the period ended June 30, 1988. /86/Incorporated by reference to Exhibit 4.17 filed with the Company's Current Report on Form 8-K on October 11, 1988. /87/Incorporated by reference to Exhibit 4.17.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /88/Incorporated by reference to Exhibit 4.33 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1988. /89/Incorporated by reference to Exhibit 4.18 filed with the Company's Current Report on Form 8-K on October 11, 1988.
/90/Incorporated by reference to Exhibit 4.18.1 filed with the Company's Current Report on Form 8-K on October 11, 1988. /91/Incorporated by reference to Exhibit 4.34 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1988. /92/Incorporated by reference to Exhibit 4.34 filed with the Company's Annual Report on Form 10-K for the year ended December 31, 1988. /93/Incorporated by reference to Exhibit 4.35 filed with the Company's Quarterly Report on Form 10-Q for the period ended March 31, 1989. /94/Incorporated by reference to Exhibit 4.3 filed with Registration Statement No. 2-89611 on February 23, 1984. /95/Incorporated by reference to Exhibit 4.4 filed with Registration Statement No. 2-89611 on February 23, 1984. /96/Incorporated by reference to Exhibit 4.5 filed with Registration Statement No. 2-89611 on February 23, 1984. /97/Incorporated by reference to Exhibit 4.6 filed with Amendment No. 1 to Registration Statement No. 2-89611 on April 19, 1984. /98/Incorporated by reference to Exhibit 4.9 filed with the Company's Annual Report on Form 10-K for the year ended December 31, 1984. /99/Incorporated by reference to Exhibit 4.14 to Post-Effective Amendment No. 1 to Registration Statement No. 2-89611 on June 28, 1985. /100/Incorporated by reference to Exhibit 4.15 to Post-Effective Amendment No. 1 to Registration Statement No. 2-89611 on June 28, 1985. /101/Incorporated by reference to Exhibit 4.16 filed with Registration Statement No. 33-670 on October 4, 1985. /102/Incorporated by reference to Exhibit 4.17 filed with Registration Statement No. 33-670 on October 4, 1985. /103/Incorporated by reference to Exhibit 4.11 filed with the Company's Quarterly Report on Form 10-Q for the period ended June 30, 1984. /104/Incorporated by reference to Exhibit 4.19 filed with Registration Statement No. 33-670 on October 4, 1985. /105/Incorporated by reference to Exhibit 10.1 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1985. /106/Incorporated by reference to Exhibit 10.2 filed with the Company's Quarterly Report on Form 10-Q for the period ended September 30, 1985. /107/Incorporated by reference to Exhibit 10.3 filed with Amendment No. 1 to Registration Statement No. 2-89611 on April 19, 1984. /108/Incorporated by reference to Exhibit 10.4 filed with Registration Statement No. 33-670 on October 4, 1985.
(b) Reports on Form 8-K.
No report on Form 8-K was filed by the Company during the last quarter of 1999.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Date: March 30, 2000
RYAN MORTGAGE ACCEPTANCE CORPORATION IV
/s/ William J. Inman By:____________________________ William J. Inman, President
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Signature ---------
/s/ William J. Inman ________________________ William J. Inman
Title -----
President and Chairman of the Board of Directors (Principal Executive Officer)
Date ----
March 30, 2000
/s/ Peter J. Fitzsimmons ___________________________ Peter J. Fitzsimmons
Vice President; Controller; Secretary; Director (Principal Financial and Accounting Officer)
March 30, 2000
/s/ Paul C. Saville ________________________ Paul C. Saville
Vice President; Director March 30, 2000