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) September
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 September 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 September
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 September 25, 1996.
EXHIBIT 21.1 PAGE 6
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: September 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 7.04720523% 0.00
0.00 0.00 0.8773813484
B1 Subordinate Prorata WANR
3,568,062.00 7.04720523% 0.00
0.00 0.00 0.9992006529
B2 Subordinate Prorata WANR
1,529,169.00 7.04720523% 0.00
0.00 0.00 0.9992006574
B3 Subordinate Prorata WANR
1,019,446.00 7.04720523% 0.00
0.00 0.00 0.9992006541
B4 Subordinate Prorata WANR
1,835,003.00 7.04720523% 0.00
0.00 0.00 0.9992006553
B5 Subordinate Prorata WANR
713,612.73 7.04720523% 0.00
0.00 0.00 0.9992006449
R Residual Shift Interest WANR
100.00 7.04720523% 0.00
0.00 0.00 1.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
203,889,233.73 0.00
0.00 0.00 0.8825587292
Report 1
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Page 1 of 1
EXHIBIT 21.1 PAGE 7
Structured Asset
Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: August 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: September 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 08/30/1996 7.04720523%
172,718,256.36 1,014,317.50 1,432,499.50
0.00 171,285,756.86 2,446,817.00
B1 08/30/1996 7.04720523%
3,565,516.71 20,939.11 306.83
0.00 3,565,209.88 21,245.94
B2 08/30/1996 7.04720523%
1,528,078.17 8,973.90 131.50
0.00 1,527,946.67 9,105.40
B3 08/30/1996 7.04720523%
1,018,718.78 5,982.60 87.67
0.00 1,018,631.11 6,070.27
B4 08/30/1996 7.04720523%
1,833,694.00 10,768.68 157.80
0.00 1,833,536.20 10,926.48
B5 08/30/1996 7.04720523%
713,103.67 4,187.82 61.37
0.00 713,042.30 4,249.19
R 08/30/1996 7.04720523%
100.00 0.59 0.00
0.00 100.00 0.59
____________________________________________________________
____________________________________________________________
____________________________________
Totals
181,377,467.69 1,065,170.20 1,433,244.67
0.00 179,944,223.02 2,498,414.87
Report 2
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Page 1 of 1
EXHIBIT 21.1 PAGE 8
Structured Asset
Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting
Month: August 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution
Date: September 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
5.19566409 0.07613548 7.26159281 7.33772828
0.00000000 0.8773813484
B1 863572HJ5 3,568,062.00
5.86848267 0.08599346 0.00000000 0.08599346
0.00000000 0.9992006529
B2 863572HK2 1,529,169.00
5.86848151 0.08599442 0.00000000 0.08599442
0.00000000 0.9992006574
B3 863572HL0 1,019,446.00
5.86848151 0.08599769 0.00000000 0.08599769
0.00000000 0.9992006541
B4 N/A 1,835,003.00
5.86848087 0.08599441 0.00000000 0.08599441
0.00000000 0.9992006553
B5 N/A 713,612.73
5.86847715 0.08599903 0.00000000 0.08599903
0.00000000 0.9992006449
R 863572HH9 100.00
5.90000000 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
____________________________________________________________
____________________________________________________________
_____________________________
Totals 203,889,233.73
0.8825587292
Report 3
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Page 1 of 1
EXHIBIT 21.1 PAGE 9
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: September 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 172,718,256.36 14,863.46
1,417,636.04 0.00 0.00
1,432,499.50 0.00 171,285,756.86
0.00
B1 3,565,516.71 306.83
0.00 0.00 0.00 306.83
0.00 3,565,209.88 0.00
B2 1,528,078.17 131.50
0.00 0.00 0.00 131.50
0.00 1,527,946.67 0.00
B3 1,018,718.78 87.67
0.00 0.00 0.00 87.67
0.00 1,018,631.11 0.00
B4 1,833,694.00 157.80
0.00 0.00 0.00 157.80
0.00 1,833,536.20 0.00
B5 713,103.67 61.37
0.00 0.00 0.00 61.37
0.00 713,042.30 0.00
R 100.00 0.00
0.00 0.00 0.00 0.00
0.00 100.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals 181,377,467.69 15,608.63
1,417,636.04 0.00 0.00
1,433,244.67 0.00 179,944,223.02
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
Report 4
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Page 1 of 1
EXHIBIT 21.1 PAGE 10
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: September 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 7.04720523% 172,718,256.36
1,014,317.50 0.00 0.00
0.00 0.00 1,014,317.50 171,285,756.86
B1 7.04720523% 3,565,516.71
20,939.11 0.00 0.00 0.00
0.00 20,939.11 3,565,209.88
B2 7.04720523% 1,528,078.17
8,973.90 0.00 0.00 0.00
0.00 8,973.90 1,527,946.67
B3 7.04720523% 1,018,718.78
5,982.60 0.00 0.00 0.00
0.00 5,982.60 1,018,631.11
B4 7.04720523% 1,833,694.00
10,768.68 0.00 0.00 0.00
0.00 10,768.68 1,833,536.20
B5 7.04720523% 713,103.67
4,187.82 0.00 0.00 0.00
0.00 4,187.82 713,042.30
R 7.04720523% 100.00
0.59 0.00 0.00 0.00
0.00 0.59 100.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
1,065,170.20 0.00 0.00
0.00 0.00 1,065,170.20
Report 5
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Page 1 of 1
EXHIBIT 21.1 PAGE 11
Structured Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: September 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 1,065,170.20
Interest Payments 1,065,170.20
Scheduled Principal 15,608.63
Scheduled Principal Payment 15,608.63
Other Principal 1,417,636.04
Other Principal Payments 1,417,636.04
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
2,498,414.87 Total Withdrawals
2,498,414.87
Ending Balance
0.00
____________________________________________________________
____________________________________________________________
______________________________________________________
Report 6
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Page 1 of 1
EXHIBIT 21.1 PAGE 12
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: September 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 4,654,372.71 2.58656412%
X Bankruptcy Losses
100,000.00 100,000.00 0.05557278%
X Fraud Losses
2,038,892.34 2,038,892.33 1.13306907%
____________________________________________________________
____________________________________________________________
________________________________________
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 1,260,000.00 0 0.00
0 0.00 0 0.00 0
0.00 1 1,260,000.00
____________________________________________________________
____________________________________________________________
________________________________________
Totals 1 1,260,000.00 0 0.00
0 0.00 0 0.00 0
0.00 1 1,260,000.00
Report 7
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Page 1 of 1
EXHIBIT 21.1 PAGE 13
Structured Asset
Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting
Month: August 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: September 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
____________________________________________________________
_____________________________________________
Monthly P&I Constant
1,137,084.26| 1,137,084.26
|
Positive Amortization
15,608.63| 15,608.63
Negative Amortization
0.00| 0.00
Regular Curtailments
246,666.63| 246,666.63
Regular Curtailment Interest
0.00| 0.00
Prepaid Curtailments
0.00| 0.00
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
1,176,981.50| 1,176,981.50
Principal Adjustments
(6,012.09)| (6,012.09)
Total Principal Trust Distribution
1,433,244.67| 1,433,244.67
|
Scheduled Interest
1,121,475.63| 1,121,475.63
Servicing Fee
56,305.43| 56,305.43
Master Servicing Fee
0.00| 0.00
Spread
0.00| 0.00
Total Pass-Through Interest
1,065,170.20| 1,065,170.20
|
Beginning Balance
181,377,467.69| 181,377,467.69
Ending Balance
179,944,223.02| 179,944,223.02
Gross P&I Distribution
2,498,414.87| 2,498,414.87
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
2,498,414.87| 2,498,414.87
|
Beginning Loan Count
334| 334
Number of Loan Payoffs
3| 3
Ending Loan Count
331| 331
|
Weighted Average Maturity
0.0000000000| 0.0000000000
Weighted Average Gross Rate
7.419724030%| 7.419724030%
Weighted Average Net Rate
7.047205230%| 7.047205230%
Weighted Average Pass-Through Rate
7.047205230%| 7.047205230%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00
Current Period Interest
0.00| 0.00
|
|
Report 8
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Page 1 of 1
EXHIBIT 21.1 PAGE 14
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: September 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
8,665,292.73 0.00 0.00 0.00
4.81169443% 8,658,366.16 179,944,223.02
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
____________________________________________________________
_______________________________________
X Senior
95.22591674% 100.00000000%
X Subordinate
4.77408326% 0.00000000%
Report 9
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