UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549



                                   FORM 10-K

(Mark One)

     [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the fiscal year ended: December 31, 1999

                                      OR

     [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the transition period from ________ to ________

                     Commission file number: 333-53861-17


                                  CWMBS, Inc.
               Mortgage Pass-Through Certificates, Series 1999-1
               -------------------------------------------------
            (Exact name of Registrant as specified in its charter)


              Delaware                                 95-4449516
------------------------------------           ----------------------------
(State or other jurisdiction of             (IRS Employer Identification Number)
incorporation or organization)

c/o      The Bank of New York
         101 Barclay Street
         New York, New York                              10286
-----------------------------------------------       -----------
(Address of principal executive offices)               (Zip Code)

Registrant's telephone number, including area code:   (212) 815-2007

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act:  None



<PAGE>


Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No __

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (ss.229.405 of this chapter) is not contained herein, and
will not be contained, to the best of Registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ ]

State the aggregate market value of the voting and non-voting common equity
held by non-affiliates of the Registrant: Not applicable

Indicate the number of shares outstanding of each of the registrant's classes
of common stock, as of December 31, 1999: Not applicable



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DOCUMENTS INCORPORATED BY REFERENCE

                        None.

                        *     *    *


         This Annual Report on Form 10-K (the "Report") is filed with respect
to the trust fund entitled CHL Mortgage Pass-Through Trust 1999-1 (the "Trust
Fund") formed pursuant to the pooling and servicing agreement dated as of
January 1, 1999 (the "Pooling and Servicing Agreement") among CWMBS, Inc., as
depositor (the "Company"), Countrywide Home Loans, Inc., as seller and master
servicer (the "Master Servicer"), and The Bank of New York, as trustee (the
"Trustee"), for the issuance of CWMBS, Inc., Mortgage Pass-Through
Certificates, Series 1999-1 (the "Certificates"). Certain information
otherwise required to be included in this Report by the Instructions to Form
10-K has been omitted in reliance on the relief granted to the Company in
CWMBS, Inc. (February 3, 1994) (the "Relief Letter").


<PAGE>


                                    PART I

ITEM 1.  BUSINESS

         Not applicable.  See the Relief Letter.

ITEM 2.  PROPERTIES

         Not applicable.  See the Relief Letter.

ITEM 3.  LEGAL PROCEEDINGS

         There were no material pending legal proceedings relating to the
         Trust Fund to which any of the Trust Fund, the Trustee, the Master
         Servicer or the Company was a party or of which any of their
         respective properties was the subject during the fiscal year covered
         by this Report, nor is the Company aware of any such proceedings
         contemplated by governmental authorities.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         No matter was submitted to a vote of Certificateholders, and no
         Certificateholder consent was solicited during the fiscal year
         covered by this Report.


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                                    PART II

ITEM 5.   MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         (a) There is no established public trading market for the
         Certificates.

         (b) As of December 31, 1999 there were less than 300 holders of
         record of the Certificates.

         (c) Not applicable. (Information as to distributions to
         Certificateholders is provided in the Registrant's monthly filings on
         Form 8-K.)

ITEM 6.  SELECTED FINANCIAL DATA

         Not applicable. See the Relief Letter.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

         Not applicable. See the Relief Letter.

ITEM 7A  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Not applicable. See the Relief Letter.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         Not applicable. See the Relief Letter.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

         None.


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                                   PART III


ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         Not applicable. See the Relief Letter.

ITEM 11. EXECUTIVE COMPENSATION

         Not applicable. See the Relief Letter.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         (a) Not applicable. See the Relief Letter.

         (b) Not applicable. See the Relief Letter.

         (c) Not applicable. See the Relief Letter.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         (a) Not applicable. See the Relief Letter.


<PAGE>


                                    PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

                   (a) (1) Pursuant to the Pooling and Servicing Agreement,
              the Master Servicer is required (i) to deliver an annual
              statement as to compliance with the provisions of the Pooling
              and Servicing Agreement and certain other matters (the "Annual
              Statement of the Master Servicer") and (ii) to cause a firm of
              independent public accountants to deliver an annual report as to
              compliance with the servicing provisions of the Pooling and
              Servicing Agreement (the "Annual Report of the Firm of
              Accountants"). The Annual Statement of the Master Servicer is
              attached as Exhibit 99.1 to this Report. The Annual Report of
              the Firm of Accountants is required to be delivered not later
              than 120 days after the end of the Master Servicer's fiscal
              year. The Registrant hereby undertakes to file the Annual Report
              of the Firm of Accountants as an Exhibit to a Form 10-K/A
              amending this Form 10-K promptly following the date on which
              such report becomes available.

          (2) Not applicable.

          (3) The required exhibits are as follows:

                   Exhibit 3(i): Copy of Company's Certificate of
              Incorporation (Filed as an Exhibit to Registration Statement on
              Form S-3 (File No. 33-63714)).

                   Exhibit 3(ii): Copy of Company's By-laws (Filed as an
              Exhibit to Registration Statement on Form S-3 (File No.
              33-53614)).

                   Exhibit 4: Pooling and Servicing Agreement (Filed as part
              of the Registrant's Current Report on Form 8-K filed on
              February 5, 1999).

                   Exhibit 99.1: Annual Statement of the Master Servicer.



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              (b) Current Reports on Form 8-K filed during the last quarter
              ending December 31, 1999:


             Date of Current Report               Item Reported
             ----------------------               -------------
             October 25, 1999          Monthly report sent to certificateholders
                                       with the October 1999 distribution

             November 25,1999          Monthly report sent to certificateholders
                                       with the November 1999 distribution

             December 27, 1999         Monthly report sent to certificateholders
                                       with the December 1999 distribution

             (c)  See subparagraph (a)(3) above.

             (d)  Not applicable.  See the Relief Letter.

         SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT
TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

         No such annual report, proxy statement, form of proxy or other
soliciting material has been sent to Certificateholders. See the Relief
Letter.


<PAGE>


                                  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.

                                     CWMBS, INC.,
                                     MORTGAGE PASS-THROUGH CERTIFICATES,
                                     SERIES 1999-1

                                     By:  The Bank of New York,
                                          as Trustee*


                                      By: /s/ Courtney Bartholomew
                                          --------------------------------
                                          Name:  Courtney Bartholomew
                                          Title: Assistant Vice President

                                     Date:  March 22, 2000










*   This Report is being filed by the Trustee on behalf of the Trust Fund. The
    Trust Fund does not have any officers or directors.



<PAGE>


                                 EXHIBIT INDEX


                                                                      Sequential
Exhibit Document                                                     Page Number

3(i)     Company's Certificate of Incorporation (Filed as an Exhibit
         to Registration Statement on Form S-3 (File No. 33-63714)) *

3(ii)    Company's By-laws (Filed as an Exhibit to Registration
         Statement on Form S-3 (File No. 33-63714)) *

4        Pooling and Servicing Agreement (Filed as part of the
         Company's Current Report on Form 8-K filed on February 5,
         1999) *

99.1     Annual Statement of the Master
         Servicer........................................................12














*   Incorporated herein by reference.


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                             Exhibit 99.1


<PAGE>


COUNTRYWIDE HOME LOANS, INC.


                         OFFICERS' CERTIFICATE
                ANNUAL STATEMENT OF THE MASTER SERVICER


                              CWMBS, INC.
                CHL MORTGAGE PASS THROUGH TRUST 1999-1
           MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-1


         The undersigned do hereby certify that they are each an officer of
Countrywide Home Loans, Inc. (the "Master Servicer") and do hereby further
certify pursuant to Section 3.16 of the Pooling and Servicing Agreement for
the above-captioned Series (the "Agreement") that:

         (i) A review of the activities of the Master Servicer during the
         preceding calendar year and of the performance of the Master Servicer
         under the Agreement has been made under our supervision; and

         (ii) To the best of our knowledge, based on such review, the Master
         Servicer has fulfilled all its obligations under the Agreement
         throughout such year.

/s/ Thomas H. Boone                                  Dated: 3/22/00

THOMAS H. BOONE
MANAGING DIRECTOR,
  PORTFOLIO MANAGEMENT


/s/ David A. Spector                                 Dated: 3/22/00

DAVID A. SPECTOR
SENIOR VICE PRESIDENT