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) April 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)
5265594
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 April 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 April 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 April 25, 1996.
EXHIBIT 21.1 PAGE 6
Notes:
**Contact InvestorDirect (SM) at (800) 605-4167 to obtain
additional collateral and security information.
Structured Asset Securities Corporation Series
1995-02
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2114
11000 Broken Land Parkway
Distribution Date: April 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 7.14136677% 0.00
0.00 0.00 0.9548327191
I-B1 Subordinate Prorata WANR
12,606,143.00 7.14136677% 0.00
0.00 0.00 0.9999909417
I-B2 Subordinate Prorata WANR
8,554,169.00 7.14136677% 0.00
0.00 0.00 0.9999909436
I-B3 Subordinate Prorata WANR
4,051,975.00 7.14136677% 0.00
0.00 0.00 0.9999909402
I-B4 Subordinate Prorata WANR
1,890,921.00 7.14136677% 0.00
0.00 0.00 0.9999909409
I-B5 Subordinate Prorata WANR
3,961,930.12 7.14136677% 0.00
0.00 0.00 0.9999909413
II-A Senior Shift Interest Reduced PT
74,075,139.00 7.40125720% 0.00
0.00 0.00 0.8131671569
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 7.58125720% 0.00
0.00 0.00 0.9924482465
II-B2 Subordinate Prorata Reduced PT
850,994.00 7.58125720% 0.00
0.00 0.00 0.9924482664
II-B3 Subordinate Prorata Reduced PT
386,815.00 7.58125720% 0.00
0.00 0.00 0.9924482763
II-B4 Subordinate Prorata Reduced PT
1,237,809.35 7.58125720% 0.00
0.00 0.00 0.9924482393
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 0.9200009492
Report 1
04/23/96 -- 2:49pm
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: March 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution Date: April 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 03/29/1996 7.14136677% 142,628,613.09
812,218.33 373,618.55 (0.02)
142,291,578.93 1,185,836.88
I-B1 03/29/1996 7.14136677% 12,607,690.61
71,796.24 4,895.68 0.00
12,606,028.81 76,691.92
I-B2 03/29/1996 7.14136677% 8,555,219.18
48,718.88 3,322.07 0.00
8,554,091.53 52,040.95
I-B3 03/29/1996 7.14136677% 4,052,472.44
23,077.37 1,573.61 0.00
4,051,938.29 24,650.98
I-B4 03/29/1996 7.14136677% 1,891,153.14
10,769.44 734.35 0.00
1,890,903.87 11,503.79
I-B5 03/29/1996 7.14136677% 3,962,416.51
22,564.53 1,538.64 0.00
3,961,894.23 24,103.17
II-A 03/29/1996 7.40125720% 60,827,944.78
375,169.39 592,474.60 0.00
60,235,470.18 967,643.99
II-AX 03/29/1996 0.08000000% 0.00
4,272.95 0.00 0.00
0.00 4,272.95
II-B1 03/29/1996 7.58125720% 806,959.56
5,098.14 781.94 0.00
806,177.62 5,880.08
II-B2 03/29/1996 7.58125720% 845,386.70
5,340.91 819.18 0.00
844,567.52 6,160.09
II-B3 03/29/1996 7.58125720% 384,266.23
2,427.68 372.35 0.00
383,893.88 2,800.03
II-B4 03/29/1996 7.58125720% 1,229,653.24
7,768.60 1,191.53 0.00
1,228,461.71 8,960.13
R 03/29/1996 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00
R-1 03/29/1996 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00
R-2 03/29/1996 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00
____________________________________________________________
__
____________________________________________________________
__ ________________________________
Totals 237,791,775.48
1,389,222.46 981,322.50 (0.02)
236,855,006.57 2,370,544.96
Report 2
04/23/96 -- 2:49pm
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: March 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway Distribution
Date: April 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
5.45030593 0.37164839 2.13547971 2.50712810
(0.24549571) 0.9548327191
I-B1 863572GB3 12,606,143.00
5.69533758 0.38835669 0.00000000 0.38835669
(0.25653207) 0.9999909417
I-B2 863572GC1 8,554,169.00
5.69533756 0.38835684 0.00000000 0.38835684
(0.25653222) 0.9999909436
I-B3 863572GD9 4,051,975.00
5.69533869 0.38835630 0.00000000 0.38835630
(0.25653169) 0.9999909402
I-B4 863572GH0 1,890,921.00
5.69534105 0.38835573 0.00000000 0.38835573
(0.25653108) 0.9999909409
I-B5 863572GJ6 3,961,930.12
5.69533771 0.38835617 0.00000000 0.38835617
(0.25653153) 0.9999909413
II-A 863572GE7 74,075,139.00
5.06471395 0.79570826 7.20258385 7.99829211
0.00000000 0.8131671569
II-AX 863572GG2 0.00
N/A N/A N/A N/A
N/A N/A
II-B1 863572GK3 812,312.00
6.27608604 0.96261043 0.00000000
0.96261043
0.00000000 0.9924482465
II-B2 863572GL1 850,994.00
6.27608420 0.96261548 0.00000000
0.96261548
0.00000000 0.9924482664
II-B3 863572GM9 386,815.00
6.27607513 0.96260486 0.00000000
0.96260486
0.00000000 0.9924482763
II-B4 863572GN7 1,237,809.35
6.27608767 0.96261189 0.00000000
0.96261189
0.00000000 0.9924482393
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
0.9200009492
Report 3
04/23/96 -- 2:49pm
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: March 1996
Phone: (410) 884-2114
11000 Broken Land Parkway
Distribution Date: April 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 142,628,613.09 55,383.98 318,234.57
0.00 0.00 373,618.55 (36,584.39)
142,291,578.93 0.00
I-B1 12,607,690.61 4,895.68 0.00
0.00 0.00 4,895.68 (3,233.88)
12,606,028.81 0.00
I-B2 8,555,219.18 3,322.07 0.00
0.00 0.00 3,322.07 (2,194.42)
8,554,091.53 0.00
I-B3 4,052,472.44 1,573.61 0.00
0.00 0.00 1,573.61 (1,039.46)
4,051,938.29 0.00
I-B4 1,891,153.14 734.35 0.00
0.00 0.00 734.35 (485.08)
1,890,903.87 0.00
I-B5 3,962,416.51 1,538.64 0.00
0.00 0.00 1,538.64 (1,016.36)
3,961,894.23 0.00
II-A 60,827,944.78 58,942.20 533,532.40
0.00 0.00 592,474.60 0.00
60,235,470.18 0.00
II-AX 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00
II-B1 806,959.56 781.94 0.00
0.00 0.00 781.94 0.00
806,177.62 0.00
II-B2 845,386.70 819.18 0.00
0.00 0.00 819.18 0.00
844,567.52 0.00
II-B3 384,266.23 372.35 0.00
0.00 0.00 372.35 0.00
383,893.88 0.00
II-B4 1,229,653.24 1,191.53 0.00
0.00 0.00 1,191.53 0.00
1,228,461.71 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 237,791,775.48 129,555.53 851,766.97
0.00 0.00 981,322.50 (44,553.59)
236,855,006.57 0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
(0.02)
Negative Amortization Principal Balance Reduction
(44,553.57)
Other
0.00
Report 4
04/23/96 -- 2:49pm
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: March 1996
Phone: (410) 884-2114 11000 Broken
Land Parkway
Distribution Date: April 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 7.14136677% 142,628,613.09
848,802.70 0.00 0.00
0.00
36,584.37 812,218.33 142,291,578.93
I-B1 7.14136677% 12,607,690.61
75,030.12 0.00 0.00 0.00
3,233.88 71,796.24 12,606,028.81
I-B2 7.14136677% 8,555,219.18
50,913.30 0.00 0.00 0.00
2,194.42 48,718.88 8,554,091.53
I-B3 7.14136677% 4,052,472.44
24,116.83 0.00 0.00 0.00
1,039.46 23,077.37 4,051,938.29
I-B4 7.14136677% 1,891,153.14
11,254.52 0.00 0.00 0.00
485.08 10,769.44 1,890,903.87
I-B5 7.14136677% 3,962,416.51
23,580.89 0.00 0.00 0.00
1,016.36 22,564.53 3,961,894.23
II-A 7.40125720% 60,827,944.78
375,169.39 0.00 0.00
0.00
0.00 375,169.39 60,235,470.18
II-AX 0.08000000% 64,094,210.52
4,272.95 0.00 0.00 0.00
0.00 4,272.95 63,498,570.92
II-B1 7.58125720% 806,959.56
5,098.14 0.00 0.00 0.00
0.00 5,098.14 806,177.62
II-B2 7.58125720% 845,386.70
5,340.91 0.00 0.00 0.00
0.00 5,340.91 844,567.52
II-B3 7.58125720% 384,266.23
2,427.68 0.00 0.00 0.00
0.00 2,427.68 383,893.88
II-B4 7.58125720% 1,229,653.24
7,768.60 0.00 0.00 0.00
0.00 7,768.60 1,228,461.71
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
1,433,776.03 0.00 0.00
0.00 44,553.57 1,389,222.46
Report 5
04/23/96 -- 2:49pm
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: March 1996
Phone: (410) 884-2114 11000 Broken
Land Parkway
Distribution Date: April 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
1,446,241.36 Interest Payments
1,389,222.46
Scheduled Principal 129,555.53
Scheduled Principal Payment 129,555.53
Other Principal 851,766.97
Other Principal Payments 851,766.97
Negative Amortization (44,553.59)
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 12,465.31
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
2,383,010.27 Total Withdrawals
2,383,010.27
Ending Balance
(0.00)
____________________________________________________________
__
____________________________________________________________
__ __________________________________________________
Report 6
04/23/96 -- 2:49pm
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: March 1996
Phone: (410) 884-2114
11000 Broken Land Parkway
Distribution Date: April 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 51 10,339,315.73 10
2,400,551.80
8 2,580,498.50 17 4,878,994.53 3
754,547.53 89 20,953,908.09
2 12 1,411,494.36 6
1,036,346.69
2 108,956.62 12 1,098,088.65 1
25,924.08 33 3,680,810.40
____________________________________________________________
__
____________________________________________________________
__ ____________________________________
Totals 63 11,750,810.09 16
3,436,898.49
10 2,689,455.12 29 5,977,083.18 4
780,471.61 122 24,634,718.49
Report 7
04/23/96 -- 2:49pm
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: March 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway Distribution
Date: April 25, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1 Pool 2
____________________________________________________________
__ ___________________________________________
Monthly P&I Constant
1,625,989.73| 1,111,597.33 514,392.40
|
Positive Amortization
129,555.53| 67,448.33 62,107.20
Negative Amortization
(44,553.59)| (44,553.59) 0.00
Regular Curtailments
33,247.91| 30,122.21 3,125.70
Regular Curtailment Interest
209.98| 188.67 21.31
Prepaid Curtailments
5,893.42| 200.00 5,693.42
Prepaid Curtailment Interest
33.49| 0.00 33.49
Liquidations
811,941.40| 287,387.25 524,554.15
Principal Adjustments
440.77| 336.44 104.33
Total Principal Trust Distribution
936,768.91| 341,129.31 595,639.60
|
Scheduled Interest
1,540,987.79| 1,088,702.59 452,285.20
Servicing Fee
74,309.96| 54,280.52 20,029.44
Master Servicing Fee
3,341.12| 723.72 2,617.40
Spread
20,436.50| 0.00 20,436.50
Total Pass-Through Interest
1,442,900.21| 1,033,698.35 409,201.86
|
Beginning Balance
237,791,775.48| 173,697,564.96 64,094,210.52
Ending Balance
236,855,006.57| 173,356,435.65 63,498,570.92
Gross P&I Distribution
2,403,446.74| 1,375,551.38 1,027,895.36
Realized Losses/(Gains)
0.00| 0.00 0.00
Net P&I Trust Distribution
2,403,446.74| 1,375,551.38 1,027,895.36
|
Beginning Loan Count
1164| 661 503
Number of Loan Payoffs
4| 1 3
Ending Loan Count
1160| 660 500
|
Weighted Average Maturity
363.8179742500| 380.6500694100 318.2024043300
Weighted Average Gross Rate
7.776489930%| 7.521366850% 8.467882440%
Weighted Average Net Rate
7.401489780%| 7.146366640% 8.092882450%
Weighted Average Pass-Through Rate
7.281497640%| 7.141366770% 7.661257200%
Weighted Average Margin
2.593100000%| 2.398900000% 2.848400000%
|
Advances on Delinquencies
|
Current Period Principal
6,746.63| 3,203.92 3,542.71
Current Period Interest
149,807.54| 124,663.56 25,143.98
|
|
Report 8
04/23/96 -- 2:49pm
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: March 1996
Phone: (410) 884-2114 11000 Broken
Land Parkway
Distribution Date: April 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 14.49323700%
34,327,957.46 236,855,006.57
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
____________________________________________________________
__ _____________________________________
1 Senior
82.11319089% 100.00000000%
1 Subordinate
17.88680911% 0.00000000%
2 Senior
94.90396135% 100.00000000%
2 Subordinate
5.09603865% 0.00000000%
Report 9
04/23/96 -- 2:50pm
Page 1 of 1
