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) August 26,
1996
Structured Asset Securities Corporation, Series 1995-2
(Exact name of registrant as specified in its charter)
Delaware 33-48771 74-2440850
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization) Number)
200 Vesey Street
New York, New York 10285-
0800
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code (212) 526-
5594
Structured Asset Securities, Series 1995-2
Form 8-K
INDEX
Page Number
Item 5. Other Events
3
Item 7. Financial Statements and Exhibits
3
SIGNATURES 4
INDEX OF EXHIBITS 5
ITEM 5. OTHER EVENTS
The Structured Asset Securities Corporation, Series 1995-2
makes monthly remittances to security holders. The latest
remittance was made August 26, 1996. We have furnished a
monthly remittance statement delivered to the trustee with
security holder payment instructions.
Monthly Remittance
Statement...................................................
......Exhibit 21.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
21.1 Monthly Remittance Statement dated as of August
26, 1996.
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.
Structured Asset Securities Corporation,
Series 1995-2
(Registrant)
By: Lehman Brothers
Name: Michael J. O'Hanlon
Title: Managing Director
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-14
as of August 26, 1996.
EXHIBIT 21.1 PAGE 6
Structured
Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: July 1996
Phone: (410) 884-2114
11000 Broken Land Parkway
Distribution Date: August 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Series Structure Summary
Aggregate Realized Aggregate
Ending
Class
Original Principal Losses Principal
Aggregate Interest Undistributed Principal
Class Description Principal Type Interest Type
Balance Pass Through Rate Balance Reduction
Shortfall Principal Factor
____________________________________________________________
____________________________________________________________
_______________________________________________
I-A Senior Shift Interest WANR
149,022,521.00 6.91285238% 0.00
0.00 0.00 0.9207306812
I-B1 Subordinate Prorata WANR
12,606,143.00 6.91285238% 0.00
0.00 0.00 0.9986978936
I-B2 Subordinate Prorata WANR
8,554,169.00 6.91285238% 0.00
0.00 0.00 0.9986978957
I-B3 Subordinate Prorata WANR
4,051,975.00 6.91285238% 0.00
0.00 0.00 0.9986978942
I-B4 Subordinate Prorata WANR
1,890,921.00 6.91285238% 0.00
0.00 0.00 0.9986978885
I-B5 Subordinate Prorata WANR
3,961,930.12 6.91285238% 271,073.53
0.00 0.00 0.9303061534
II-A Senior Shift Interest Reduced PT
74,075,139.00 7.40453982% 0.00
0.01 0.00 0.7305174277
II-AX Senior Interest Only Notional IO
0.00 0.08000000% 0.00 0.00
0.00 0.0000000000
II-B1 Subordinate Prorata Reduced PT
812,312.00 7.58453982% 0.00
0.00 0.00 0.9885544471
II-B2 Subordinate Prorata Reduced PT
850,994.00 7.58453982% 0.00
0.00 0.00 0.9885544669
II-B3 Subordinate Prorata Reduced PT
386,815.00 7.58453982% 0.00
0.00 0.00 0.9885544769
II-B4 Subordinate Prorata Reduced PT
1,237,809.35 7.58453982% 0.00
0.00 0.00 0.9885544410
R Residual Priority Pay WANR
100.00 0.00000000% 0.00
0.00 0.00 0.0000000000
R-1 Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
R-2 Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
257,450,828.47 271,073.53
0.01 0.00 0.8752227038
Report 1
08/22/96 -- 10:17am
Page 1 of 1
EXHIBIT 21.1 PAGE 7
Structured Asset
Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: July 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution Date: August 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Distribution Summary
Beginning
Principal Ending
Pass Through
Principal Total Interest Total Principal
Balance Principal Total
Class Record Date Rate
Balance Distribution Distribution
Reduction Balance Distribution
____________________________________________________________
____________________________________________________________
____________________________________
I-A 07/31/1996 6.91285238%
138,774,155.50 775,602.10 1,588,383.84
0.00 137,209,607.27 2,363,985.94
I-B1 07/31/1996 6.91285238%
12,595,464.26 70,395.45 7,899.17
0.00 12,589,728.46 78,294.62
I-B2 07/31/1996 6.91285238%
8,546,922.73 47,768.35 5,360.15
0.00 8,543,030.58 53,128.50
I-B3 07/31/1996 6.91285238%
4,048,542.55 22,627.11 2,539.02
0.00 4,046,698.90 25,166.13
I-B4 07/31/1996 6.91285238%
1,889,319.18 10,559.31 1,184.88
0.00 1,888,458.81 11,744.19
I-B5 07/31/1996 6.91285238%
3,823,379.63 21,368.68 2,397.81
135,830.55 3,685,807.97 23,766.49
II-A 07/31/1996 7.40453982%
55,363,226.55 341,616.01 1,250,046.55
0.00 54,113,180.00 1,591,662.56
II-AX 07/31/1996 0.08000000%
0.00 3,907.78 0.00
0.00 0.00 3,907.78
II-B1 07/31/1996 7.58453982%
803,806.36 5,080.42 791.72
0.00 803,014.64 5,872.14
II-B2 07/31/1996 7.58453982%
842,083.34 5,322.35 829.42
0.00 841,253.92 6,151.77
II-B3 07/31/1996 7.58453982%
382,764.71 2,419.25 377.01
0.00 382,387.70 2,796.26
II-B4 07/31/1996 7.58453982%
1,224,848.36 7,741.59 1,206.43
0.00 1,223,641.93 8,948.02
R 07/31/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
R-1 07/31/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
R-2 07/31/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________
Totals
228,294,513.17 1,314,408.40 2,861,016.00
135,830.55 225,326,810.18 4,175,424.40
Report 2
08/22/96 -- 10:17am
Page 1 of 1
EXHIBIT 21.1 PAGE 8
Structured Asset
Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services Reporting
Month: July 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway Distribution
Date: August 26, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Distribution
Per 1,000 of Original Balance
Total Other
Total
Interest Scheduled Principal Total Principal
Principal Ending
Distribution Principal Distribution Distribution
Balance Principal
Class Cusip Original Balance
Factor Factor Factor Factor
Reduction Factor
____________________________________________________________
____________________________________________________________
_____________________________
I-A 863572FZ1 149,022,521.00
5.20459656 0.58401495 10.07466824 10.65868319
(0.15994636) 0.9207306812
I-B1 863572GB3 12,606,143.00
5.58421795 0.62661276 0.00000000 0.62661276
(0.17161236) 0.9986978936
I-B2 863572GC1 8,554,169.00
5.58421864 0.62661259 0.00000000 0.62661259
(0.17161223) 0.9986978957
I-B3 863572GD9 4,051,975.00
5.58421757 0.62661295 0.00000000 0.62661295
(0.17161261) 0.9986978942
I-B4 863572GH0 1,890,921.00
5.58421531 0.62661528 0.00000000 0.62661528
(0.17161478) 0.9986978885
I-B5 863572GJ6 3,961,930.12
5.39350250 0.60521259 0.00000000 0.60521259
34.11818127 0.9303061534
II-A 863572GE7 74,075,139.00
4.61174983 0.73615144 16.13923438 16.87538582
0.00000000 0.7305174277
II-AX 863572GG2 0.00
N/A N/A N/A N/A
N/A N/A
II-B1 863572GK3 812,312.00
6.25427176 0.97465013 0.00000000 0.97465013
0.00000000 0.9885544471
II-B2 863572GL1 850,994.00
6.25427441 0.97464847 0.00000000 0.97464847
0.00000000 0.9885544669
II-B3 863572GM9 386,815.00
6.25428176 0.97465197 0.00000000 0.97465197
0.00000000 0.9885544769
II-B4 863572GN7 1,237,809.35
6.25426686 0.97464929 0.00000000 0.97464929
0.00000000 0.9885544410
R 863572GA5 100.00
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.0000000000
R-1 N/A 0.00
N/A N/A N/A N/A
N/A N/A
R-2 N/A 0.00
N/A N/A N/A N/A
N/A N/A
____________________________________________________________
____________________________________________________________
_____________________________
Totals 257,450,828.47
0.8752227038
Report 3
08/22/96 -- 10:17am
Page 1 of 1
EXHIBIT 21.1 PAGE 9
Structured
Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: July 1996
Phone: (410) 884-2114
11000 Broken Land Parkway
Distribution Date: August 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Principal Distribution
Beginning
Principal Ending Current
Principal Scheduled
Unscheduled Other Total
Principal Balance Principal Undistributed
Class Balance Principal
Principal Accretion Principal Distribution
Reduction* Balance Principal
____________________________________________________________
____________________________________________________________
____________________________________________
I-A 138,774,155.50 87,031.38
1,501,352.46 0.00 0.00
1,588,383.84 (23,835.61) 137,209,607.27
0.00
I-B1 12,595,464.26 7,899.17
0.00 0.00 0.00 7,899.17
(2,163.37) 12,589,728.46 0.00
I-B2 8,546,922.73 5,360.15
0.00 0.00 0.00 5,360.15
(1,468.00) 8,543,030.58 0.00
I-B3 4,048,542.55 2,539.02
0.00 0.00 0.00 2,539.02
(695.37) 4,046,698.90 0.00
I-B4 1,889,319.18 1,184.88
0.00 0.00 0.00 1,184.88
(324.51) 1,888,458.81 0.00
I-B5 3,823,379.63 2,397.81
0.00 0.00 0.00 2,397.81
135,173.85 3,685,807.97 0.00
II-A 55,363,226.55 54,530.52
1,195,516.03 0.00 0.00
1,250,046.55 0.00 54,113,180.00
0.00
II-AX 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
II-B1 803,806.36 791.72
0.00 0.00 0.00 791.72
0.00 803,014.64 0.00
II-B2 842,083.34 829.42
0.00 0.00 0.00 829.42
0.00 841,253.92 0.00
II-B3 382,764.71 377.01
0.00 0.00 0.00 377.01
0.00 382,387.70 0.00
II-B4 1,224,848.36 1,206.43
0.00 0.00 0.00 1,206.43
0.00 1,223,641.93 0.00
R 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
R-1 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
R-2 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals 228,294,513.17 164,147.51
2,696,868.49 0.00 0.00
2,861,016.00 106,686.99 225,326,810.18
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
135,830.55
Negative Amortization Principal Balance Reduction
(29,143.56)
Other
0.00
Report 4
08/22/96 -- 10:18am
Page 1 of 1
EXHIBIT 21.1 PAGE 10
Structured
Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: July 1996
Phone: (410) 884-2114
11000 Broken Land Parkway
Distribution Date: August 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Interest Distribution
Beginning
Negative Ending
Principal/
Interest Amortization
Principal/
Notional
Interest Shortfall/ Other
Interest Total Interest Notional
Class Pass-Through Rate Balance
Accrual (Recovery) Accretion Interest
Reduction Distribution Balance
____________________________________________________________
____________________________________________________________
_____________________________________________
I-A 6.91285238% 138,774,155.50
799,437.71 0.00 0.00
0.00 23,835.61 775,602.10 137,209,607.27
I-B1 6.91285238% 12,595,464.26
72,558.82 0.00 0.00 0.00
2,163.37 70,395.45 12,589,728.46
I-B2 6.91285238% 8,546,922.73
49,236.35 0.00 0.00 0.00
1,468.00 47,768.35 8,543,030.58
I-B3 6.91285238% 4,048,542.55
23,322.48 0.00 0.00 0.00
695.37 22,627.11 4,046,698.90
I-B4 6.91285238% 1,889,319.18
10,883.82 0.00 0.00 0.00
324.51 10,559.31 1,888,458.81
I-B5 6.91285238% 3,823,379.63
22,025.38 0.00 0.00 0.00
656.70 21,368.68 3,685,807.97
II-A 7.40453982% 55,363,226.55
341,616.01 0.00 0.00
0.00 0.00 341,616.01 54,113,180.00
II-AX 0.08000000% 58,616,729.32
3,907.78 0.00 0.00 0.00
0.00 3,907.78 57,363,478.20
II-B1 7.58453982% 803,806.36
5,080.42 0.00 0.00 0.00
0.00 5,080.42 803,014.64
II-B2 7.58453982% 842,083.34
5,322.35 0.00 0.00 0.00
0.00 5,322.35 841,253.92
II-B3 7.58453982% 382,764.71
2,419.25 0.00 0.00 0.00
0.00 2,419.25 382,387.70
II-B4 7.58453982% 1,224,848.36
7,741.59 0.00 0.00 0.00
0.00 7,741.59 1,223,641.93
R 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
R-1 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
R-2 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
1,343,551.96 0.00 0.00
0.00 29,143.56 1,314,408.40
Report 5
08/22/96 -- 10:18am
Page 1 of 1
EXHIBIT 21.1 PAGE 11
Structured Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: July 1996
Phone: (410) 884-2114
11000 Broken Land Parkway
Distribution Date: August 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Fund Account Summary
____________________________________________________________
____________________________________________________________
______________________________________________________
Proceeds Account
Beginning Balance
0.00
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee 1,354,926.11
Interest Payments 1,314,408.40
Scheduled Principal 164,147.51
Scheduled Principal Payment 164,147.51
Other Principal 2,832,699.04
Other Principal Payments 2,696,868.49
Negative Amortization (29,143.56)
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 11,374.15
Gain/Loss Adjustment (135,830.55)
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
4,186,798.55 Total Withdrawals
4,186,798.55
Ending Balance
0.00
____________________________________________________________
____________________________________________________________
______________________________________________________
Report 6
08/22/96 -- 10:17am
Page 1 of 1
EXHIBIT 21.1 PAGE 12
Structured
Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: July 1996
Phone: (410) 884-2114
11000 Broken Land Parkway
Distribution Date: August 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Loss/Delinquency Detail
Current Current Current
Current Total Aggregate Aggregate
Aggregate Aggregate Total
Fraud Bankruptcy Special Hazard
Credit Current Fraud Bankruptcy
Special Hazard Credit Aggregate
Pool # Losses Losses Losses
Losses Losses Losses Losses
Losses Losses Losses
____________________________________________________________
____________________________________________________________
_________________________________________________
1 0.00 0.00 0.00
135,830.55 135,830.55 0.00 0.00
0.00 271,073.53 271,073.53
2 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
_________________________________________________
Totals 0.00 0.00 0.00
135,830.55 135,830.55 0.00 0.00
0.00 271,073.53 271,073.53
____________________________________________________________
____________________________________________________________
________________________________________
30 Days Delinquent 60 Days Delinquent
90 Days Delinquent Foreclosures
REO's Totals
Number Balance Number Balance
Number Balance Number Balance Number
Balance Number Balance
1 52 10,400,927.95 6 1,442,631.21
13 3,935,156.05 19 5,523,157.39 5
1,228,223.75 95 22,530,096.35
2 16 1,652,601.93 1 42,849.74
4 836,410.04 2 354,563.39 10
653,004.09 33 3,539,429.19
____________________________________________________________
____________________________________________________________
________________________________________
Totals 68 12,053,529.88 7 1,485,480.95
17 4,771,566.09 21 5,877,720.78 15
1,881,227.84 128 26,069,525.54
Report 7
08/22/96 -- 10:18am
Page 1 of 1
EXHIBIT 21.1 PAGE 13
Structured Asset
Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services Reporting
Month: July 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution Date: August 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1 Pool 2
____________________________________________________________
_____________________________________________
Monthly P&I Constant
1,579,693.75| 1,108,464.64 471,229.11
|
Positive Amortization
164,147.51| 106,412.42 57,735.09
Negative Amortization
(29,143.56)| (29,143.56) 0.00
Regular Curtailments
27,928.24| 18,678.60 9,249.64
Regular Curtailment Interest
179.92| 114.10 65.82
Prepaid Curtailments
3,463.90| 1,859.22 1,604.68
Prepaid Curtailment Interest
(0.75)| (0.40) (0.35)
Liquidations
2,798,306.86| 1,617,113.65 1,181,193.21
Principal Adjustments
2,820.87| (582.16) 3,403.03
Total Principal Trust Distribution
2,967,702.99| 1,714,451.87 1,253,251.12
|
Scheduled Interest
1,444,689.80| 1,031,195.78 413,494.02
Servicing Fee
71,341.96| 53,024.28 18,317.68
Master Servicing Fee
3,069.67| 706.94 2,362.73
Spread
18,421.73| 0.00 18,421.73
Total Pass-Through Interest
1,351,856.44| 977,464.56 374,391.88
|
Beginning Balance
228,294,513.17| 169,677,783.85 58,616,729.32
Ending Balance
225,326,810.18| 167,963,331.98 57,363,478.20
Gross P&I Distribution
4,341,050.83| 2,692,623.37 1,648,427.46
Realized Losses/(Gains)
135,830.55| 135,830.55 0.00
Net P&I Trust Distribution
4,205,220.28| 2,556,792.82 1,648,427.46
|
Beginning Loan Count
1124| 652 472
Number of Loan Payoffs
12| 7 5
Ending Loan Count
1112| 645 467
|
Weighted Average Maturity
359.7135571200| 375.8506412500 313.0015569100
Weighted Average Gross Rate
7.593821400%| 7.292851820% 8.465037700%
Weighted Average Net Rate
7.218821790%| 6.917852020% 8.090038680%
Weighted Average Pass-Through Rate
7.105855080%| 6.912852380% 7.664539820%
Weighted Average Margin
2.580200000%| 2.399100000% 2.830200000%
|
Advances on Delinquencies
|
Current Period Principal
12,801.28| 9,197.32 3,603.96
Current Period Interest
151,579.78| 127,651.00 23,928.78
|
|
Report 8
08/22/96 -- 10:18am
Page 1 of 1
EXHIBIT 21.1 PAGE 14
Structured
Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: July 1996
Phone: (410) 884-2114
11000 Broken Land Parkway
Distribution Date: August 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Credit Enhancement Summary
Initial Current Current
Current Current Current
Coverage Period Period Cumulative
Coverage Coverage Pool
Type/Purpose
Amount Losses Additions Losses
Percentage Amount Balance
____________________________________________________________
____________________________________________________________
___________________________________________
Subordination
34,353,068.47 135,830.55 0.00
271,073.53 15.09097958% 34,004,022.91
225,326,810.18
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
____________________________________________________________
_______________________________________
1 Senior
81.78687413% 100.00000000%
1 Subordinate
18.21312587% 0.00000000%
2 Senior
94.44953206% 100.00000000%
2 Subordinate
5.55046794% 0.00000000%
Report 9
08/22/96 -- 10:22am
Page 1 of 1
