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) March
25, 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, Series 1995-2 makes
monthly remittances to security holders. The latest
remittance was made March 25, 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 March
25, 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,
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 March 25, 1996.
Notes:
**Contact InvestorDirect (SM) at (800) 605-4167 to
obtain additional collateral and security information.
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: February 1996
Phone: (410)
884-
2114
11000 Broken Land Parkway
Distribution Date: March 25, 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 7.14632254% 0.00
0.00 0.00 0.9570943515
I-B1 Subordinate Prorata WANR
12,606,143.00 7.14632254%
0.00
0.00 0.00 1.0001227663
I-B2 Subordinate Prorata WANR
8,554,169.00 7.14632254%
0.00
0.00 0.00 1.0001227682
I-B3 Subordinate Prorata WANR
4,051,975.00 7.14632254%
0.00
0.00 0.00 1.0001227648
I-B4 Subordinate Prorata WANR
1,890,921.00 7.14632254%
0.00
0.00 0.00 1.0001227656
I-B5 Subordinate Prorata WANR
3,961,930.12 7.14632254%
0.00
0.00 0.00 1.0001227659
II-A Senior Shift Interest Reduced
PT
74,075,139.00 7.39864763%
0.00
0.00 0.00 0.8211654490
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 7.57864763% 0.00
0.00 0.00 0.9934108569
II-B2 Subordinate Prorata
Reduced
PT
850,994.00 7.57864763%
0.00
0.00 0.00 0.9934108819
II-B3 Subordinate Prorata
Reduced
PT
386,815.00 7.57864763%
0.00
0.00 0.00 0.9934108812
II-B4 Subordinate Prorata
Reduced
PT
1,237,809.35 7.57864763%
0.00
0.00 0.00 0.9934108512
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 0.00
0.00 0.00 0.9236395816
Report 1
03/21/96 -- 1:49pm
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: February 1996
Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution Date: March 25, 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 02/29/1996 7.14632254%
144,962,191.82 824,293.88
2,372,573.67
0.00 142,628,613.09 3,196,867.55
I-B1 02/29/1996 7.14632254%
12,608,903.83 71,697.60
4,605.03
0.00 12,607,690.61 76,302.63
I-B2 02/29/1996 7.14632254%
8,556,042.44 48,651.95
3,124.84
0.00 8,555,219.18 51,776.79
I-B3 02/29/1996 7.14632254%
4,052,862.41 23,045.66
1,480.19
0.00 4,052,472.44 24,525.85
I-B4 02/29/1996 7.14632254%
1,891,335.12 10,754.64
690.75
0.00 1,891,153.14 11,445.39
I-B5 02/29/1996 7.14632254%
3,962,797.80 22,533.53
1,447.29
0.00 3,962,416.51 23,980.82
II-A 02/29/1996 7.39864763%
63,225,165.98 389,817.27
2,397,221.20
0.00 60,827,944.78 2,787,038.47
II-AX 02/29/1996
0.08000000%
0.00 4,432.97
0.00
0.00 0.00
4,432.97
II-B1 02/29/1996
7.57864763%
807,732.27 5,101.27
772.71
0.00 806,959.56 5,873.98
II-B2 02/29/1996 7.57864763%
846,196.20 5,344.19
809.50
0.00 845,386.70 6,153.69
II-B3 02/29/1996 7.57864763%
384,634.19 2,429.17
367.96
0.00 384,266.23 2,797.13
II-B4 02/29/1996 7.57864763%
1,230,830.70 7,773.36
1,177.46
0.00 1,229,653.24 8,950.82
R 02/29/1996
0.00000000%
0.00 0.00
0.00
0.00 0.00
0.00
R-1 02/29/1996
0.00000000%
0.00 0.00
0.00
0.00 0.00
0.00
R-2 02/29/1996
0.00000000%
0.00 0.00
0.00
0.00 0.00
0.00
________________________________________________________
__ __
________________________________________________________
__ __ ____________________________________
Totals
242,528,692.76 1,415,875.49 4,784,270.60
0.00 237,791,775.48 6,200,146.09
Report 2
03/21/96 -- 1:49pm
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: February 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution
Date: March 25, 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
5.53133764 0.35526939 15.56563742
15.92090681
(0.26167146) 0.9570943515
I-B1 863572GB3 12,606,143.00
5.68751283 0.36530047 0.00000000
0.36530047
(0.26906009) 1.0001227663
I-B2 863572GC1 8,554,169.00
5.68751330 0.36530024 0.00000000
0.36530024
(0.26905945) 1.0001227682
I-B3 863572GD9 4,051,975.00
5.68751288 0.36530087 0.00000000
0.36530087
(0.26905892) 1.0001227648
I-B4 863572GH0 1,890,921.00
5.68751418 0.36529818 0.00000000
0.36529818
(0.26905936) 1.0001227656
I-B5 863572GJ6 3,961,930.12
5.68751324 0.36529922 0.00000000
0.36529922
(0.26906078) 1.0001227659
II-A 863572GE7 74,075,139.00
5.26245749 0.81651592 31.54550503
32.36202095
0.00000000 0.8211654490
II-AX 863572GG2 0.00
N/A N/A N/A N/A
N/A N/A
II-B1 863572GK3
812,312.00
6.27993924 0.95124780 0.00000000
0.95124780
0.00000000 0.9934108569
II-B2 863572GL1
850,994.00
6.27993852 0.95124055 0.00000000
0.95124055
0.00000000 0.9934108819
II-B3 863572GM9
386,815.00
6.27992710 0.95125577 0.00000000
0.95125577
0.00000000 0.9934108812
II-B4 863572GN7
1,237,809.35
6.27993317 0.95124504 0.00000000
0.95124504
0.00000000 0.9934108512
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
0.9236395816
Report 3
03/21/96 -- 1:49pm
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: February 1996
Phone: (410)
884-
2114
11000 Broken Land Parkway
Distribution Date: March 25, 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 144,962,191.82 52,943.14
2,319,630.53 0.00
0.00
2,372,573.67 (38,994.94)
142,628,613.09
0.00
I-B1 12,608,903.83
4,605.03
0.00 0.00 0.00
4,605.03
(3,391.81) 12,607,690.61 0.00
I-B2 8,556,042.44
3,124.84
0.00 0.00 0.00
3,124.84
(2,301.58) 8,555,219.18
0.00
I-B3 4,052,862.41
1,480.19
0.00 0.00 0.00
1,480.19
(1,090.22) 4,052,472.44
0.00
I-B4 1,891,335.12
690.75
0.00 0.00 0.00
690.75
(508.77) 1,891,153.14 0.00
I-B5 3,962,797.80
1,447.29
0.00 0.00 0.00
1,447.29
(1,066.00) 3,962,416.51
0.00
II-A 63,225,165.98
60,483.53
2,336,737.67 0.00
0.00
2,397,221.20 0.00
60,827,944.78
0.00
II-AX 0.00
0.00
0.00 0.00 0.00
0.00
0.00 0.00 0.00
II-B1 807,732.27
772.71
0.00 0.00 0.00
772.71
0.00 806,959.56 0.00
II-B2 846,196.20
809.50
0.00 0.00 0.00
809.50
0.00 845,386.70 0.00
II-B3 384,634.19
367.96
0.00 0.00 0.00
367.96
0.00 384,266.23 0.00
II-B4 1,230,830.70
1,177.46
0.00 0.00 0.00
1,177.46
0.00 1,229,653.24 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 242,528,692.76 127,902.40
4,656,368.20 0.00 0.00
4,784,270.60 (47,353.32) 237,791,775.48
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance
Reduction (47,353.32)
Other
0.00
Report 4
03/21/96 -- 1:49pm
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: February 1996
Phone: (410)
884-
2114
11000 Broken Land Parkway
Distribution Date: March 25, 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 7.14632254% 144,962,191.82
863,288.82 0.00 0.00
0.00 38,994.94 824,293.88 142,628,613.09
IB1 7.14632254% 12,608,903.83
75,089.41 0.00 0.00
0.00
3,391.81 71,697.60 12,607,690.61
I-B2 7.14632254%
8,556,042.44
50,953.53 0.00 0.00
0.00
2,301.58 48,651.95 8,555,219.18 I-
B3 7.14632254%
4,052,862.41
24,135.88 0.00 0.00
0.00
1,090.22 23,045.66 4,052,472.44 I-
B4 7.14632254%
1,891,335.12
11,263.41 0.00 0.00
0.00
508.77 10,754.64 1,891,153.14 I-
B5 7.14632254%
3,962,797.80
23,599.53 0.00 0.00
0.00
1,066.00 22,533.53 3,962,416.51
II-A 7.39864763%
63,225,165.98
389,817.27 0.00 0.00
0.00 0.00 389,817.27
60,827,944.78 II-AX 0.08000000% 66,494,559.35
4,432.97 0.00 0.00
0.00
0.00 4,432.97 64,094,210.52
II-B1 7.57864763%
807,732.27
5,101.27 0.00 0.00
0.00
0.00 5,101.27 806,959.56
II-B2 7.57864763%
846,196.20
5,344.19 0.00 0.00
0.00
0.00 5,344.19 845,386.70
II-B3 7.57864763%
384,634.19
2,429.17 0.00 0.00
0.00
0.00 2,429.17 384,266.23
II-B4 7.57864763%
1,230,830.70
7,773.36 0.00 0.00
0.00
0.00 7,773.36 1,229,653.24
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
1,463,228.81 0.00 0.00
0.00 47,353.32 1,415,875.49
Report 5
03/21/96 -- 1:49pm
Page 1 of 1
EXHIBIT 21.1 PAGE 11
Structured Asset Securities Corporation Series
199502 Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: February 1996
Phone: (410)
884-
2114 11000 Broken Land Parkway
Distribution Date: March 25, 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
1,476,137.21 Interest Payments
1,415,875.49
Scheduled Principal
127,902.40
Scheduled Principal Payment
127,902.40 Other Principal
4,656,368.20
Other Principal Payments
4,656,368.20 Negative Amortization
(47,353.32)
Reserve Fund 1
0.00
Deposits from Reserve Fund
0.00
Fees and Expenses
12,908.40
Gain/Loss Adjustment
0.00
Other Withdrawals
0.00
Other Deposits
0.00
Total Deposit
6,213,054.49 Total Withdrawals
6,213,054.49
Ending Balance
0.00
________________________________________________________
__ __
________________________________________________________
__ __
______________________________________________________
Report 6
03/21/96 -- 1:49pm
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: February 1996
Phone: (410)
884-
2114
11000 Broken Land Parkway
Distribution Date: March 25, 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
0.00 0.00 0.00 0.00
0.00 0.00 0.00
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
0.00 0.00 0.00 0.00
0.00 0.00 0.00
________________________________________________________
__ __
________________________________________________________
__ __ ________________________________________
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 63 13,480,589.63 12
2,260,068.89
6 1,411,090.68 15 5,763,064.72 2
328,828.54 98 23,243,642.46
2 17 2,240,794.64 2
95,892.17
2 354,916.63 11 782,160.55 0
0.00 32 3,473,763.99
________________________________________________________
__ __
________________________________________________________
__ __ ________________________________________
Totals 80 15,721,384.27 14
2,355,961.06
8 1,766,007.31 26 6,545,225.27 2
328,828.54 130 26,717,406.45
Report 7
03/21/96 -- 1:50pm
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: February 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution Date: March 25, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1
Pool
2
________________________________________________________
__ __ _____________________________________________
Monthly P&I Constant
1,653,469.53| 1,121,012.59 532,456.94
|
Positive Amortization
127,902.40| 64,291.24 63,611.16
Negative Amortization
(47,353.32)| (47,353.32) 0.00
Regular Curtailments
35,751.68| 22,158.88 13,592.80
Regular Curtailment Interest
240.86| 138.92 101.94
Prepaid Curtailments
5,738.88| 200.00 5,538.88
Prepaid Curtailment Interest
29.00| 0.00 29.00
Liquidations
4,615,407.15| 2,297,887.25 2,317,519.90
Principal Adjustments
(799.37)| (754.52) (44.85)
Total Principal Trust Distribution
4,736,917.28| 2,336,568.45 2,400,348.83
|
Scheduled Interest
1,572,920.45| 1,104,074.67 468,845.78
Servicing Fee
75,790.27| 55,010.71 20,779.56
Master Servicing Fee
3,424.63| 733.38 2,691.25
Spread
20,992.97| 0.00 20,992.97
Total Pass-Through Interest
1,472,712.58| 1,048,330.58 424,382.00
|
Beginning Balance
242,528,692.76| 176,034,133.41
66,494,559.35
Ending Balance
237,791,775.48| 173,697,564.96
64,094,210.52
Gross P&I Distribution
6,234,047.46| 3,385,632.41 2,848,415.05
Realized Losses/(Gains)
0.00| 0.00 0.00
Net P&I Trust Distribution
6,234,047.46| 3,385,632.41 2,848,415.05
|
Beginning Loan Count
1183| 667 516
Number of Loan Payoffs
19| 6 13
Ending Loan Count
1164| 661
503
|
Weighted Average Maturity
364.0156951300| 380.7714320900
319.6574549300
Weighted Average Gross Rate
7.782603030%| 7.526322180%
8.461067210%
Weighted Average Net Rate
7.407602760%| 7.151321890%
8.086067020%
Weighted Average Pass-Through Rate
7.286787700%| 7.146322540%
7.658647630%
Weighted Average Margin
2.597600000%| 2.399000000%
2.854400000%
|
Advances on Delinquencies
|
Current Period Principal
4,967.23| 1,453.73 3,513.50
Current Period Interest
161,544.86| 138,162.98 23,381.88
|
|
Report 8
03/21/96 -- 1:50pm
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: February 1996
Phone: (410)
884-
2114
11000 Broken Land Parkway
Distribution Date: March 25, 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 0.00 0.00
0.00 14.43919477% 34,335,217.61
237,791,775.48
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
________________________________________________________
__ __ _______________________________________
1 Senior
82.34891098% 100.00000000%
1 Subordinate
17.65108902% 0.00000000%
2 Senior
95.08321673% 100.00000000%
2 Subordinate
4.91678327% 0.00000000%
Report 9
03/21/96 -- 1:50pm
Page 1 of 1
