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 1995-
4 (Exact name of registrant as specified in its
charter)
Delaware 33-48771 N/A
(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 Corporation, Series 1995-4
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-
4 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 1995-4
(Registrant)
By: Lehman Brothers
Name: Prue Larocca
Title: Vice-President
INDEX OF EXHIBITS
Page of
Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated
6-
14
as of June 25, 1996.
EXHIBIT 21.1 PAGE 6
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim
Knight
Securities Administration Services
Reporting Month: May 1996
Phone: (410)
884-
2098
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800)
605-
4167
Columbia, MD 21044-7800
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim
Knight
Securities Administration Services
Reporting Month: May 1996
Phone: (410)
884-
2098
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
________________________________________________________
__ __
________________________________________________________
__ __ _______________________________________________
A Senior Shift Interest WANR
195,223,841.00 7.05120429%
0.00
0.00 0.00 0.9070729034
B1 Subordinate Prorata WANR
3,568,062.00 7.05120429%
0.00
0.00 0.00 0.9994926826
B2 Subordinate Prorata WANR
1,529,169.00 7.05120429%
0.00
0.00 0.00 0.9994926852
B3 Subordinate Prorata WANR
1,019,446.00 7.05120429%
0.00
0.00 0.00 0.9994926852
B4 Subordinate Prorata WANR
1,835,003.00 7.05120429%
0.00
0.00 0.00 0.9994926820
B5 Subordinate Prorata WANR
713,612.73 7.05120429%
0.00
0.00 0.00 0.9994926800
R Residual Shift Interest
WANR
100.00 7.05120429%
0.00
0.00 0.00 1.0000000000
________________________________________________________
__ __
________________________________________________________
__ __ _______________________________________________
Totals
203,889,233.73 0.00
0.00 0.00 0.9110007898
Report 1
06/19/96 -- 6:20pm
Page 1 of 1
EXHIBIT 21.1 PAGE 7
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: May 1996
Phone:
(410) 884-2098
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
________________________________________________________
__ __
________________________________________________________
__ __ ____________________________________
A 05/31/1996 7.05120429%
180,682,526.77 1,061,691.16
3,600,270.50
0.00 177,082,256.27 4,661,961.66
B1 05/31/1996
7.05120429%
3,566,542.59 20,957.02
290.73
0.00 3,566,251.86
21,247.75
B2 05/31/1996
7.05120429%
1,528,517.83 8,981.58
124.60
0.00 1,528,393.23
9,106.18
B3 05/31/1996
7.05120429%
1,019,011.89 5,987.72
83.07
0.00 1,018,928.82
6,070.79
B4 05/31/1996
7.05120429%
1,834,221.59 10,777.89
149.52
0.00 1,834,072.07
10,927.41
B5 05/31/1996
7.05120429%
713,308.85 4,191.41
58.15
0.00 713,250.70
4,249.56
R 05/31/1996
7.05120429%
100.00 0.59
0.00
0.00 100.00 0.59
________________________________________________________
__ __
________________________________________________________
__ __ ____________________________________
Totals
189,344,229.52 1,112,587.37 3,600,976.57
0.00 185,743,252.95 4,713,563.94
Report 2
06/19/96 -- 6:20pm
Page 1 of 1
EXHIBIT 21.1 PAGE 8
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting
Month: May 1996 Phone:
(410) 884-2098
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
________________________________________________________
__ __
________________________________________________________
__ __ _____________________________
A 863572HG1 195,223,841.00
5.43832738 0.07544509 18.36631121
18.44175630
0.00000000 0.9070729034
B1 863572HJ5 3,568,062.00
5.87350220 0.08148121 0.00000000
0.08148121
0.00000000 0.9994926826
B2 863572HK2 1,529,169.00
5.87350384 0.08148216 0.00000000
0.08148216
0.00000000 0.9994926852
B3 863572HL0 1,019,446.00
5.87350384 0.08148543 0.00000000
0.08148543
0.00000000 0.9994926852
B4 N/A 1,835,003.00
5.87349993 0.08148216 0.00000000
0.08148216
0.00000000 0.9994926820
B5 N/A 713,612.73
5.87350789 0.08148678 0.00000000
0.08148678
0.00000000 0.9994926800
R 863572HH9 100.00
5.90000000 0.00000000 0.00000000
0.00000000
0.00000000 1.0000000000
________________________________________________________
__ __
________________________________________________________
__ __ _____________________________
Totals 203,889,233.73
0.9110007898
Report 3
06/19/96 -- 6:20pm
Page 1 of 1
EXHIBIT 21.1 PAGE 9
Structured Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: May 1996
Phone: (410)
884-
2098
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
________________________________________________________
__ __
________________________________________________________
__ __ ____________________________________________
A 180,682,526.77 14,728.68
3,585,541.82 0.00
0.00
3,600,270.50 0.00
177,082,256.27
0.00
B1 3,566,542.59
290.73
0.00 0.00 0.00 290.73
0.00 3,566,251.86 0.00
B2 1,528,517.83 124.60
0.00 0.00 0.00 124.60
0.00 1,528,393.23 0.00
B3 1,019,011.89 83.07
0.00 0.00 0.00 83.07
0.00 1,018,928.82 0.00
B4 1,834,221.59 149.52
0.00 0.00 0.00 149.52
0.00 1,834,072.07 0.00
B5 713,308.85 58.15
0.00 0.00 0.00 58.15
0.00 713,250.70 0.00
R 100.00 0.00
0.00 0.00 0.00 0.00
0.00 100.00 0.00
________________________________________________________
__ __
________________________________________________________
__ __ ____________________________________________
Totals 189,344,229.52 15,434.75
3,585,541.82 0.00 0.00
3,600,976.57 0.00 185,743,252.95
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance
Reduction 0.00
Other
0.00
Report 4
06/19/96 -- 6:20pm
Page 1 of 1
EXHIBIT 21.1 PAGE 10
Structured Asset Securities Corporation Series 1995-
04 Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2098
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
________________________________________________________
__ __
________________________________________________________
__ __ _____________________________________________
A 7.05120429% 180,682,526.77
1,061,691.17 0.00 0.00
(0.01) 0.00 1,061,691.16
177,082,256.27
B1 7.05120429% 3,566,542.59
20,957.02 0.00 0.00
0.00
0.00 20,957.02 3,566,251.86
B2 7.05120429% 1,528,517.83
8,981.58 0.00 0.00
0.00
0.00 8,981.58 1,528,393.23
B3 7.05120429% 1,019,011.89
5,987.72 0.00 0.00
0.00
0.00 5,987.72 1,018,928.82
B4 7.05120429% 1,834,221.59
10,777.89 0.00 0.00
0.00
0.00 10,777.89 1,834,072.07
B5 7.05120429% 713,308.85
4,191.41 0.00 0.00
0.00 0.00 4,191.41 713,250.70
R 7.05120429% 100.00
0.59 0.00 0.00 0.00
0.00 0.59 100.00
________________________________________________________
__ __
________________________________________________________
__ __ _____________________________________________
Totals
1,112,587.38 0.00 0.00
(0.01) 0.00
1,112,587.37
Report 5
06/19/96 -- 6:20pm
Page 1 of 1
EXHIBIT 21.1 PAGE 11
Structured Asset Securities Corporation Series
199504 Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: May 1996
Phone: (410)
8842098 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
1,112,587.37 Interest Payments
1,112,587.37
Scheduled Principal
15,434.75
Scheduled Principal Payment
15,434.75 Other Principal
3,585,541.82
Other Principal Payments
3,585,541.82 Negative Amortization
0.00
Reserve Fund 1
0.00
Deposits from Reserve Fund
0.00
Fees and Expenses
0.00
Gain/Loss Adjustment
0.00
Other Withdrawals
0.00
Other Deposits
0.00
Total Deposit
4,713,563.94 Total Withdrawals
4,713,563.94
Ending Balance
0.00
________________________________________________________
__ __
________________________________________________________
__ __
______________________________________________________
Report 6
06/19/96 -- 6:20pm
Page 1 of 1
EXHIBIT 21.1 PAGE 12
Structured Asset Securities Corporation Series 1995-
04 Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: May 1996
Phone: (410)
884-
2098
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
________________________________________________________
__ __
________________________________________________________
__ __ _________________________________________________
X 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
Pool
Initial Loss Current Loss Current Loss
# Loss Type
Limit Amount Limit Amount Limit Percent
________________________________________________________
__ __
______________________________________________________ X
Special Hazard Losses
4,858,898.00 4,849,590.81 2.61091089%
X Bankruptcy Losses
100,000.00 100,000.00 0.05383776%
X Fraud Losses
2,038,892.34 2,038,892.33 1.09769389%
________________________________________________________
__ __
________________________________________________________
__ __ ________________________________________
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
X 1 374,998.00 0
0.00
0 0.00 0 0.00 0
0.00 1 374,998.00
1 374,998.00 0
0.00
0 0.00 0 0.00 0
0.00 1 374,998.00
________________________________________________________
__ __
________________________________________________________
__ __ ________________________________________
Totals 2 749,996.00 0
0.00
0 0.00 0 0.00 0
0.00 2 749,996.00
Report 7
06/19/96 -- 6:20pm
Page 1 of 1
EXHIBIT 21.1 PAGE
13
Structured Asset
Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim
Knight
Securities Administration Services
Reporting
Month: May 1996 Phone:
(410) 884-2098
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800)
605-
4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
________________________________________________________
__ __ _____________________________________________
Monthly P&I Constant
1,187,082.78| 1,187,082.78
|
Positive Amortization
15,434.75| 15,434.75
Negative Amortization
0.00| 0.00
Regular Curtailments
109,395.05| 109,395.05
Regular Curtailment Interest
0.00| 0.00
Prepaid Curtailments
0.00| 0.00
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
3,480,054.16| 3,480,054.16
Principal Adjustments
(3,907.39)| (3,907.39)
Total Principal Trust Distribution
3,600,976.57| 3,600,976.57
|
Scheduled Interest
1,171,648.03| 1,171,648.03
Servicing Fee
59,060.66| 59,060.66
Master Servicing Fee
0.00| 0.00
Spread
0.00| 0.00
Total Pass-Through Interest
1,112,587.37| 1,112,587.37
|
Beginning Balance
189,344,229.52| 189,344,229.52
Ending Balance
185,743,252.95| 185,743,252.95
Gross P&I Distribution
4,713,563.94| 4,713,563.94
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
4,713,563.94| 4,713,563.94
|
Beginning Loan Count
346| 346
Number of Loan Payoffs
6| 6
Ending Loan Count
340| 340
|
Weighted Average Maturity
0.0000000000| 0.0000000000
Weighted Average Gross Rate
0.000000000%| 7.425510870%
Weighted Average Net Rate
0.000000000%| 7.051204290%
Weighted Average Pass-Through Rate
0.000000000%| 7.051204290%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00
Current Period Interest
2,265.61| 2,265.61
|
|
Report 8
06/19/96 -- 6:20pm
Page 1 of 1
EXHIBIT 21.1 PAGE
14
Structured Asset Securities Corporation Series 1995-
04 Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: May 1996
Phone: (410)
8842098
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
8,665,292.73 0.00 0.00
0.00
4.66283245% 8,660,896.68 185,743,252.95
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
________________________________________________________
__ __ _______________________________________
X Senior
95.42547308% 100.00000000%
X Subordinate
4.57452692% 0.00000000%
Report 9
06/19/96 -- 6:20pm
Page 1 of 1
