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) June 25,
1996
Structured Asset Securities Corporation, Series 19952
(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 June 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 June 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
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 June 25, 1996.
Structured
Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: May 1996
Phone: (410)
884-
2114
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800)
605-
4167
Columbia, MD 21044-7800
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: May 1996
Phone: (410)
884-
2114
11000 Broken Land Parkway
Distribution Date: June 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 7.05948631% 0.00
0.00 0.00 0.9375640191
I-B1 Subordinate Prorata WANR
12,606,143.00 7.05948631%
0.00
0.00 0.00 0.9995126598
I-B2 Subordinate Prorata WANR
8,554,169.00 7.05948631%
0.00
0.00 0.00 0.9995126610
I-B3 Subordinate Prorata WANR
4,051,975.00 7.05948631%
0.00
0.00 0.00 0.9995126599
I-B4 Subordinate Prorata WANR
1,890,921.00 7.05948631%
0.00
0.00 0.00 0.9995126555
I-B5 Subordinate Prorata WANR
3,961,930.12 7.05948631%
135,242.98
0.00 0.00 0.9653770269
II-A Senior Shift Interest
Reduced
PT
74,075,139.00 7.43618223%
0.00
0.00 0.00 0.7625326268
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 7.61618223%
0.00
0.00 0.00 0.9905165257
II-B2 Subordinate Prorata
Reduced
PT
850,994.00 7.61618223%
0.00
0.00 0.00 0.9905165371
II-B3 Subordinate Prorata
Reduced PT
386,815.00 7.61618223%
0.00
0.00 0.00 0.9905165518
II-B4 Subordinate Prorata
Reduced PT
1,237,809.35 7.61618223%
0.00
0.00 0.00 0.9905165121
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
257,450,828.47 135,242.98
0.00 0.00 0.8948286187
Report 1
06/20/96 -- 12:31am
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: May 1996
Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution Date: June 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 05/31/1996 7.05948631%
141,371,308.89 802,183.78
1,682,645.41
0.00 139,718,153.72 2,484,829.19
I-B1 05/31/1996
7.05948631%
12,603,407.89 71,515.56
6,037.46
0.00 12,599,999.52
77,553.02
I-B2 05/31/1996
7.05948631%
8,552,313.05 48,528.43
4,096.85
0.00 8,550,000.22
52,625.28
I-B3 05/31/1996
7.05948631%
4,051,095.86 22,987.15
1,940.61
0.00 4,050,000.31
24,927.76
I-B4 05/31/1996
7.05948631%
1,890,510.73 10,727.34
905.62
0.00 1,889,999.47
11,632.96
I-B5 05/31/1996
7.05948631%
3,961,070.51 22,476.32
1,897.49
135,242.98 3,824,756.32
24,373.81
II-A 05/31/1996 7.43618223%
58,487,400.02 362,435.80
2,002,689.70
0.00 56,484,710.32 2,365,125.50
II-
AX 05/31/1996
0.08000000%
0.00 4,116.49
0.00
0.00 0.00
4,116.49
II-B1 05/31/1996 7.61618223%
805,394.77 5,111.69
786.31
0.00 804,608.46 5,898.00
II-B2 05/31/1996 7.61618223%
843,747.39 5,355.11
823.76
0.00 842,923.63 6,178.87
II-B3 05/31/1996 7.61618223%
383,521.09 2,434.14
374.43
0.00 383,146.66 2,808.57
II-B4 05/31/1996 7.61618223%
1,227,268.79 7,789.25
1,198.19
0.00 1,226,070.60 8,987.44
R 05/31/1996
0.00000000%
0.00 0.00
0.00
0.00 0.00
0.00
R-1 05/31/1996
0.00000000%
0.00 0.00
0.00
0.00 0.00
0.00
R-2 05/31/1996
0.00000000%
0.00 0.00
0.00
0.00 0.00
0.00
______________________________________________________
__ __ __
______________________________________________________
__ __ __ ____________________________________
Totals
234,177,038.99 1,365,661.06 3,703,395.83
135,242.98 230,374,369.23 5,069,056.89
Report 2
06/20/96 -- 12:31am
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: May 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution
Date: June 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
5.38297014 0.45443930 10.83677627
11.29121557
(0.19789116) 0.9375640191
I-B1 863572GB3 12,606,143.00
5.67307225 0.47892999 0.00000000
0.47892999
(0.20855626) 0.9995126598
I-B2 863572GC1 8,554,169.00
5.67307356 0.47893022 0.00000000
0.47893022
(0.20855562) 0.9995126610
I-B3 863572GD9 4,051,975.00
5.67307301 0.47892941 0.00000000
0.47892941
(0.20855509) 0.9995126599
I-B4 863572GH0 1,890,921.00
5.67307677 0.47893064 0.00000000
0.47893064
(0.20855446) 0.9995126555
I-B5 863572GJ6 3,961,930.12
5.67307330 0.47893071 0.00000000
0.47893071
33.92707492 0.9653770269
II-A 863572GE7 74,075,139.00
4.89281296 0.77086173 26.26506054
27.03592227
0.00000000 0.7625326268
II-AX 863572GG2 0.00
N/A N/A N/A N/A
N/A N/A
II-B1 863572GK3
812,312.00
6.29276682 0.96799013 0.00000000
0.96799013
0.00000000 0.9905165257
II-B2 863572GL1
850,994.00
6.29277057 0.96799742 0.00000000
0.96799742
0.00000000 0.9905165371
II-B3 863572GM9
386,815.00
6.29277562 0.96798211 0.00000000
0.96798211
0.00000000 0.9905165518
II-B4 863572GN7
1,237,809.35
6.29277037 0.96799236 0.00000000
0.96799236
0.00000000 0.9905165121
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
0.8948286187
Report 3
06/20/96 -- 12:31am
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: May 1996
Phone: (410)
884-
2114
11000 Broken Land Parkway
Distribution Date: June 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 141,371,308.89
67,721.69 1,614,923.72 0.00
0.00
1,682,645.41 (29,490.24)
139,718,153.72
0.00
I-B1 12,603,407.89
6,037.46 0.00 0.00 0.00
6,037.46
(2,629.09) 12,599,999.52
0.00 I-B2 8,552,313.05
4,096.85 0.00 0.00 0.00
4,096.85
(1,784.02) 8,550,000.22
0.00 I-B3 4,051,095.86
1,940.61 0.00 0.00 0.00
1,940.61
(845.06) 4,050,000.31 0.00
I-B4 1,890,510.73
905.62 0.00 0.00 0.00
905.62
(394.36) 1,889,999.47 0.00
I-B5 3,961,070.51
1,897.49 0.00 0.00 0.00
1,897.49
134,416.70 3,824,756.32
0.00 II-A 58,487,400.02
57,101.69
1,945,588.01 0.00
0.00
2,002,689.70 0.00
56,484,710.32
0.00
II-AX 0.00
0.00
0.00 0.00 0.00
0.00
0.00 0.00 0.00
II-B1 805,394.77 786.31
0.00 0.00 0.00
786.31
0.00 804,608.46 0.00
II-B2 843,747.39 823.76
0.00 0.00 0.00
823.76
0.00 842,923.63 0.00
II-B3 383,521.09 374.43
0.00 0.00 0.00
374.43
0.00 383,146.66 0.00
II-B4 1,227,268.79 1,198.19
0.00 0.00 0.00
1,198.19
0.00 1,226,070.60 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 234,177,038.99 142,884.10
3,560,511.73 0.00 0.00
3,703,395.83 99,273.93 230,374,369.23
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
135,242.98
Negative Amortization Principal Balance
Reduction (35,969.05)
Other
0.00
Report 4
06/20/96 -- 12:32am
Page 1 of 1
EXHIBIT 21.1 PAGE 10
Structured Asset Securities Corporation Series
199502 Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2114
11000 Broken Land Parkway
Distribution Date: June 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 7.05948631% 141,371,308.89
831,674.02 0.00 0.00
0.00 29,490.24 802,183.78
139,718,153.72 IB1 7.05948631% 12,603,407.89
74,144.65 0.00 0.00
0.00
2,629.09 71,515.56 12,599,999.52
I-B2 7.05948631%
8,552,313.05 50,312.45 0.00
0.00
0.00
1,784.02 48,528.43 8,550,000.22
I-B3 7.05948631%
4,051,095.86
23,832.21 0.00 0.00
0.00
845.06 22,987.15 4,050,000.31
I-B4 7.05948631%
1,890,510.73
11,121.70 0.00 0.00
0.00
394.36 10,727.34 1,889,999.47
I-B5 7.05948631%
3,961,070.51
23,302.60 0.00 0.00
0.00
826.28 22,476.32 3,824,756.32
II-A 7.43618223%
58,487,400.02
362,435.80 0.00 0.00
0.00 0.00 362,435.80
56,484,710.32
II-AX 0.08000000%
61,747,332.07
4,116.49 0.00 0.00
0.00
0.00 4,116.49 59,741,459.67
II-B1 7.61618223%
805,394.77
5,111.69 0.00 0.00
0.00
0.00 5,111.69 804,608.46
II-B2 7.61618223%
843,747.39
5,355.11 0.00 0.00
0.00
0.00 5,355.11 842,923.63
II-B3 7.61618223%
383,521.09
2,434.14 0.00 0.00
0.00
0.00 2,434.14 383,146.66
II-B4 7.61618223%
1,227,268.79
7,789.25 0.00 0.00
0.00
0.00 7,789.25 1,226,070.60
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
1,401,630.11 0.00 0.00
0.00 35,969.05 1,365,661.06
Report 5
06/20/96 -- 12:32am
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: May 1996
Phone: (410)
8842114 11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800)
6054167 Columbia, MD 21044-7800
Fund Account Summary
______________________________________________________
__ __ __
______________________________________________________
__ __ __
______________________________________________________
Proceeds Account
Beginning Balance
(0.00)
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee
1,422,411.02 Interest Payments
1,365,661.06
Scheduled Principal
142,884.10
Scheduled Principal Payment
142,884.10 Other Principal
3,695,754.72
Other Principal Payments
3,560,511.73 Negative Amortization
(35,969.06)
Reserve Fund 1
0.00
Deposits from Reserve Fund
0.00
Fees and Expenses
20,780.91 Gain/Loss Adjustment
(135,242.98)
Other Withdrawals
0.00
Other Deposits
0.00
Total Deposit
5,089,837.80 Total Withdrawals
5,089,837.80
Ending Balance
0.00
______________________________________________________
__ __ __
______________________________________________________
__ __ __
______________________________________________________
Report 6
06/20/96 -- 12:31am
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: May 1996
Phone: (410)
884-
2114
11000 Broken Land Parkway
Distribution Date: June 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
135,242.98 135,242.98 0.00
0.00 0.00 135,242.98
135,242.98
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
135,242.98 135,242.98 0.00
0.00
0.00 135,242.98 135,242.98
______________________________________________________
__ __ __
______________________________________________________
__ __ __ ________________________________________
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 53 11,556,949.12 7
1,770,985.13
8 2,709,197.41 21 5,463,363.44 6
1,459,170.19 95 22,959,665.29
2 14 1,892,068.93 3
422,799.30
4 768,488.32 7 762,562.29 6
374,514.89 34 4,220,433.73
______________________________________________________
__ __ __
______________________________________________________
__ __ __ ________________________________________
Totals 67 13,449,018.05 10
2,193,784.43
12 3,477,685.73 28 6,225,925.73 12
1,833,685.08 129 27,180,099.02
Report 7
06/20/96 -- 12:32am
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: May 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800)
605-
4167 Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1
Pool
2
______________________________________________________
__ __ __ _____________________________________________
Monthly P&I Constant
1,613,376.88| 1,115,621.09 497,755.79
|
Positive Amortization
142,884.10| 82,599.72 60,284.38
Negative Amortization
(35,969.06)| (35,969.06) 0.00
Regular Curtailments
241,882.22| 238,341.12 3,541.10
Regular Curtailment Interest
1,468.62| 1,443.70 24.92
Prepaid Curtailments
121,538.77| 851.26 120,687.51
Prepaid Curtailment Interest
1.98| 0.00 1.98
Liquidations
3,328,536.02| 1,508,057.70
1,820,478.32
Principal Adjustments
2,327.11| 1,472.92 854.19
Total Principal Trust Distribution
3,802,669.76| 1,796,797.36
2,005,872.40
|
Scheduled Interest
1,506,461.84| 1,068,990.43
437,471.41
Servicing Fee
73,180.41| 53,884.31 19,296.10
Master Servicing Fee
3,234.68| 718.49 2,516.19
Spread
19,643.52| 0.00 19,643.52
Total Pass-Through Interest
1,410,403.23| 1,014,387.63
396,015.60
|
Beginning Balance
234,177,038.99| 172,429,706.92
61,747,332.07
Ending Balance
230,374,369.23| 170,632,909.56
59,741,459.67
Gross P&I Distribution
5,235,951.19| 2,811,903.48
2,424,047.71
Realized Losses/(Gains)
135,242.98| 135,242.98 0.00
Net P&I Trust Distribution
5,100,708.21| 2,676,660.50
2,424,047.71
|
Beginning Loan Count
1150| 659 491
Number of Loan Payoffs
14| 4 10
Ending Loan Count
1136| 655 481
|
Weighted Average Maturity
361.7552547600| 378.2516354000
315.6890364600
Weighted Average Gross Rate
7.719604850%| 7.439486720%
8.501836020%
Weighted Average Net Rate
7.344604420%| 7.064486540%
8.126834870%
Weighted Average Pass-Through Rate
7.227369010%| 7.059486310%
7.696182230%
Weighted Average Margin
2.588000000%| 2.398800000%
2.841900000%
|
Advances on Delinquencies
|
Current Period Principal
10,769.40| 6,830.47 3,938.93
Current Period Interest
163,614.98| 134,751.50 28,863.48
|
|
Report 8
06/20/96 -- 12:32am
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: May 1996
Phone: (410)
884-
2114 11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800)
6054167 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
34,353,068.47 135,242.98 0.00
135,242.98 14.83303256%
34,171,505.19 230,374,369.23
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
______________________________________________________
__ __ __ _______________________________________
1 Senior
81.98779167% 100.00000000%
1 Subordinate
18.01220833% 0.00000000%
2 Senior
94.72052971% 100.00000000%
2 Subordinate
5.27947029% 0.00000000%
Report 9
06/20/96 -- 12:32am
Page 1 of 1
