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 1995-4
(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, 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, Series 1995-4 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
1995-4
(Registrant)
By: Lehman Brothers
Name: Prue Larocca
Title: Vice-President
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-13
as of April 25, 1996.
Structured Asset
Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2098
11000 Broken Land Parkway
Distribution Date: April 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Cover Page
Report Name
Report Number
______________________________________________________________
________________
Series Structure Summary
1
Class Distribution Summary
2
Class Distribution Per 1,000 of
Original Balance 3
Class Principal Distribution
4
Class Interest Distribution
5
Fund Account Summary
6
Loss/Delinquency Detail
7
Collateral Summary
8
Credit Enhancement Summary
9
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2098
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
______________________________________________________________
______________________________________________________________
___________________________________________
A Senior Shift Interest WANR
195,223,841.00 7.05953388% 0.00
0.00 0.00 0.9443819320
B1 Subordinate Prorata WANR
3,568,062.00 7.05953388% 0.00
0.00 0.00 0.9996623461
B2 Subordinate Prorata WANR
1,529,169.00 7.05953388% 0.00
0.00 0.00 0.9996623460
B3 Subordinate Prorata WANR
1,019,446.00 7.05953388% 0.00
0.00 0.00 0.9996623558
B4 Subordinate Prorata WANR
1,835,003.00 7.05953388% 0.00
0.00 0.00 0.9996623439
B5 Subordinate Prorata WANR
713,612.73 7.05953388% 0.00
0.00 0.00 0.9996623519
R Residual Shift Interest WANR
100.00 7.05953388% 0.00 0.00
0.00 1.0000000000
______________________________________________________________
______________________________________________________________
___________________________________________
Totals
203,889,233.73 0.00
0.00 0.00 0.9467313770
Report 1
04/18/96 -- 8:20pm
Page 1 of 1
Structured Asset
Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2098
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
______________________________________________________________
______________________________________________________________
________________________________
A 03/29/1996 7.05953388% 189,210,404.02
1,113,114.38 4,844,535.89 0.00
184,365,868.13 5,957,650.27
B1 03/29/1996 7.05953388% 3,567,177.24
20,985.51 320.01 0.00
3,566,857.23 21,305.52
B2 03/29/1996 7.05953388% 1,528,789.82
8,993.79 137.15 0.00
1,528,652.67 9,130.94
B3 03/29/1996 7.05953388% 1,019,193.22
5,995.86 91.43 0.00
1,019,101.79 6,087.29
B4 03/29/1996 7.05953388% 1,834,547.98
10,792.54 164.58 0.00
1,834,383.40 10,957.12
B5 03/29/1996 7.05953388% 713,435.78
4,197.10 64.00 0.00
713,371.78 4,261.10
R 03/29/1996 7.05953388% 100.00
0.59 0.00 0.00 100.00
0.59
______________________________________________________________
______________________________________________________________
________________________________
Totals 197,873,648.06
1,164,079.77 4,845,313.06 0.00
193,028,335.00 6,009,392.83
Report 2
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Page 1 of 1
Structured Asset
Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2098
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
______________________________________________________________
______________________________________________________________
_________________________
A 863572HG1 195,223,841.00
5.70173384 0.08694604 24.72834222 24.81528826
0.00000000 0.9443819320
B1 863572HJ5 3,568,062.00
5.88148692 0.08968734 0.00000000 0.08968734
0.00000000 0.9996623461
B2 863572HK2 1,529,169.00
5.88148857 0.08968924 0.00000000 0.08968924
0.00000000 0.9996623460
B3 863572HL0 1,019,446.00
5.88148857 0.08968597 0.00000000 0.08968597
0.00000000 0.9996623558
B4 N/A 1,835,003.00
5.88148357 0.08968923 0.00000000 0.08968923
0.00000000 0.9996623439
B5 N/A 713,612.73
5.88148140 0.08968450 0.00000000 0.08968450
0.00000000 0.9996623519
R 863572HH9 100.00
5.90000000 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
______________________________________________________________
______________________________________________________________
_________________________
Totals 203,889,233.73
0.9467313770
Report 3
04/18/96 -- 8:20pm
Page 1 of 1
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2098
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
______________________________________________________________
______________________________________________________________
________________________________________
A 189,210,404.02 16,973.94 4,827,561.95
0.00 0.00 4,844,535.89 0.00
184,365,868.13 0.00
B1 3,567,177.24 320.01 0.00
0.00 0.00 320.01 0.00
3,566,857.23 0.00
B2 1,528,789.82 137.15 0.00
0.00 0.00 137.15 0.00
1,528,652.67 0.00
B3 1,019,193.22 91.43 0.00
0.00 0.00 91.43 0.00
1,019,101.79 0.00
B4 1,834,547.98 164.58 0.00
0.00 0.00 164.58 0.00
1,834,383.40 0.00
B5 713,435.78 64.00 0.00
0.00 0.00 64.00 0.00
713,371.78 0.00
R 100.00 0.00 0.00
0.00 0.00 0.00 0.00
100.00 0.00
______________________________________________________________
______________________________________________________________
________________________________________
Totals 197,873,648.06 17,751.11 4,827,561.95
0.00 0.00 4,845,313.06 0.00
193,028,335.00 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
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2098
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
______________________________________________________________
______________________________________________________________
_________________________________________
A 7.05953388% 189,210,404.02
1,113,114.38 0.00 0.00
0.00 0.00 1,113,114.38 184,365,868.13
B1 7.05953388% 3,567,177.24
20,985.51 0.00 0.00 0.00
0.00 20,985.51 3,566,857.23
B2 7.05953388% 1,528,789.82
8,993.79 0.00 0.00 0.00
0.00 8,993.79 1,528,652.67
B3 7.05953388% 1,019,193.22
5,995.86 0.00 0.00 0.00
0.00 5,995.86 1,019,101.79
B4 7.05953388% 1,834,547.98
10,792.54 0.00 0.00 0.00
0.00 10,792.54 1,834,383.40
B5 7.05953388% 713,435.78
4,197.10 0.00 0.00 0.00
0.00 4,197.10 713,371.78
R 7.05953388% 100.00
0.59 0.00 0.00 0.00
0.00 0.59 100.00
______________________________________________________________
______________________________________________________________
_________________________________________
Totals
1,164,079.77 0.00 0.00
0.00 0.00 1,164,079.77
Report 5
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Page 1 of 1
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2098
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 1,164,079.77
Interest Payments 1,164,079.77
Scheduled Principal 17,751.11
Scheduled Principal Payment 17,751.11
Other Principal 4,827,561.95
Other Principal Payments 4,827,561.95
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
6,009,392.83 Total Withdrawals
6,009,392.83
Ending Balance
0.00
______________________________________________________________
______________________________________________________________
__________________________________________________
Report 6
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Page 1 of 1
Structured
Asset Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2098
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
______________________________________________________________
______________________________________________________________
_____________________________________________
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 4,851,565.50 2.51339551%
X Bankruptcy Losses
100,000.00 100,000.00 0.05180587%
X Fraud Losses
2,038,892.34 2,038,892.33 1.05626583%
______________________________________________________________
______________________________________________________________
____________________________________
Totals
Report 7
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Page 1 of 1
Structured Asset
Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2098
11000 Broken Land Parkway Distribution
Date: April 25, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
______________________________________________________________
___________________________________________
Monthly P&I Constant
1,247,899.20| 1,247,899.20
|
Positive Amortization
17,751.11| 17,751.11
Negative Amortization
0.00| 0.00
Regular Curtailments
481,320.72| 481,320.72
Regular Curtailment Interest
0.00| 0.00
Prepaid Curtailments
0.00| 0.00
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
4,350,942.28| 4,350,942.28
Principal Adjustments
(4,701.05)| (4,701.05)
Total Principal Trust Distribution
4,845,313.06| 4,845,313.06
|
Scheduled Interest
1,230,148.09| 1,230,148.09
Servicing Fee
66,068.32| 66,068.32
Master Servicing Fee
0.00| 0.00
Spread
0.00| 0.00
Total Pass-Through Interest
1,164,079.77| 1,164,079.77
|
Beginning Balance
197,873,648.06| 197,873,648.06
Ending Balance
193,028,335.00| 193,028,335.00
Gross P&I Distribution
6,009,392.83| 6,009,392.83
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
6,009,392.83| 6,009,392.83
|
Beginning Loan Count
358| 358
Number of Loan Payoffs
7| 7
Ending Loan Count
351| 351
|
Weighted Average Maturity
0.0000000000| 0.0000000000
Weighted Average Gross Rate
0.000000000%| 7.460203630%
Weighted Average Net Rate
0.000000000%| 7.059533880%
Weighted Average Pass-Through Rate
0.000000000%| 7.059533880%
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
Structured Asset
Securities Corporation Series 1995-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2098
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 8,665,292.73
0.00 0.00 0.00 4.48761415%
8,662,366.87 193,028,335.00
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
______________________________________________________________
_____________________________________
X Senior
95.62188087% 100.00000000%
X Subordinate
4.37811913% 0.00000000%
Report 9
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