SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark One)
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 033-99598-01
Structured Asset Securities Corporation Mortgage Pass-Through Securities,
Series 1996-04 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of pooling and servicing agreement)
State or other jurisdiction of incorporation or organization)
52-2004736
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (410) 884-2000
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on March 26, 1997, by Norwest Bank
Minnesota, N.A. (the "Reporting Person"), on behalf of Structured Asset
Securities Corporation, Mortgage Pass-Through Certificates, Series 1996-04 Trust
(the "Trust"), established pursuant to a Trust Agreement (the "Trust Agreement")
among Structured Asset Securities Corporation, as Depositor, (the "Depositor"),
Norwest Bank Minnesota, N.A., as Master Servicer, (the "Master Servicer"),
and First Bank, N.A., as Trustee, ( the "Trustee"), pursuant to which
the Structured Asset Securities Corporation, Mortgage Pass-Through Certificates
Series 1996-04 Trust, certificates registered under the Securities Act of 1933
(the "Certificates") were issued. Item 14 of the Original Form 10-K is amended
to read in its entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Great Financial Bank, FSB, as Servicer<F1>
99.2 Management Assertion Letter:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Great Financial Bank, FSB, as Servicer<F1>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Great Financial Bank, FSB, as Servicer<F1>
(b) No reports on Form 8-K have been filed during the last quarter of the
period covered by this report.
(c) Omitted.
(d) Omitted.
<F1> Filed herewith.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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, Mortgage Pass-Through Certificates,
Series 1996-04 Trust
By: Norwest Bank Minnesota, N.A.,
as Trustee
By: /s/ Sherri J. Sharps
By: Sherri J. Sharps
Title: Vice president
Dated: June 24, 1997
EXHIBIT INDEX
Exhibit No.
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Great Financial Bank, FSB, as Servicer<F1>
99.2 Management Assertion Letter:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Great Financial Bank, FSB, as Servicer<F1>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Great Financial Bank, FSB, as Servicer<F1>
<F1> Filed herewith.
Deloitte &
Touche LLP
(logo) Suite 1200 Telephone: (714) 436-7100
695 Town Center Drive Facsimile: (714) 436-7200
Costa Mesa, California 92626-1924
INDEPENDENT ACCOUNTANTS'REPORT
To American Savings Bank, F.A.
We have examined management's assertion about American Savings Bank, F.A.'s
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (USAP) as of and for the year ended December 31, 1996 included in the
accompanying management assertion. Management is responsible for American
Savings Bank, F.A.'s compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about American Savings Bank, F.A.'s
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on American Savings Bank, F.A.'s compliance
with the minimum servicing standards.
In our opinion, management's assertion that American Savings Bank, F.A. complied
with the aforementioned minimum servicing standards as of and for the year ended
December 31, 1996 is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
February 14, 1997
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
Deloitte &
Touche LLP
(logo) Suite 2100 Telephone: (502) 562-2000
220 West Main Street Facsimile: (502) 562-2073
Louisville, Kentucky 40202-5313
INDEPENDENT ACCOUNTANTS' REPORT
To the Stockholder of
Great Financial Bank, FSB
Louisville, Kentucky
We have examined management's assertion about Great Financial Bank, FSB's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (USAP) as of and for the year ended December 31, 1996 included in the
accompanying management assertion report on compliance with minimum servicing
standards. Management is responsible for Great Financial Bank, FSB's compliance
with those minimum servicing standards. Our responsibility is to express an
opinion on management's assertion about the Bank's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about Great Financial Bank, FSB's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on Great Financial Bank, FSB's compliance
with the minimum servicing standards.
In our opinion, management's assertion that Great Financial Bank, FSB complied
with the aforementioned minimum servicing standards as of and for the year ended
December 31, 1996 is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
February 10, 1997
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
AMERICAN SAVINGS (logo) BANK
February 7, 1997
As of and for the twelve month period ended December 31, 1996, American Savings
Bank, F. A. has complied in all material respects with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's UNIFORM
SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS. As of and for this same period,
American Savings Bank had in effect an errors and omissions policy in the amount
of $22,500,000. Also, American Savings Bank had in effect a fidelity bond in the
amount of $35,000,000 from January 1, 1996 to December 19, 1996, and in the
amount of $60,000,000 for the period of December 20, 1996 to December 30, 1996.
/s/ Robert T. Barnum
Robert T. Barnum, President
/s/ Robert B. Henske
Robert B. Henske, Chief Financial Officer
We call to your attention that on 12/20/96
the Bank and certain related entities were
merged with Washington Mutual, Inc. ("WMI"),
and that on 12/31/96 Robert B.Henske ("Henske")
was terminated as Chief Financial Officer
of the Bank. Henske makes no representation
regarding any matter subsequent to 12/31/96.
17877 Van Karman Avenue 5th Floor Irvine, California 99714-6213
(logo)
GREAT
FINANCIAL
BANK Suite 1900
(logo) 329 West Main Street
Louisville, KY 40202-4240
February 7, 1997
Re: Management's Assertion Report on Compliance with Minimum Servicing Standards
To the Stockholder:
As of and for the year ended December 31, 1996, Great Financial Bank, FSB has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION
PROGRAM FOR MORTGAGE BANKERS. As of and for this same year, Great Financial
Bank, FSB had in effect a fidelity bond and errors and omissions policy in the
amount of $9,000,000.
/s/ Paul M. Baker
Paul M. Baker
Chairman and Chief Executive Officer
/s/ Richard M. Klapheke
Richard M. Klapheke
Executive Vice President
Chief Financial Officer
/s/ Arthur L. Harreld
Arthur L. Harreld
Executive Vice President
/s/ William L. Boue'
William L. Boue'
Senior Vice President - Loan Administration
AMERICAN SAVINGS (logo) BANK
Candy Knisely
Ryland Mortgage Company
11000 Broken Land Parkway
Columbia, NC 21044-3562
OFFICER'S CERTIFICATE
The undersigned Officer certifies the following for the fiscal year:
(A) That to the best of this Officer's knowledge, all premiums for each Hazard
Insurance Policy, Flood Insurance Policy (if applicable) and Primary Mortgage
Insurance Policy (if applicable), with respect to each Mortgaged Property, have
been paid and that all such insurance policies are in full force and effect;
(B) That all accrued and due real estate taxes, governmental assessments and any
other expenses, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to Ryland Mortgage Company;
(C) To the best of this Officer's knowledge, the Servicer has fulfilled all of
its duties, responsibilities or obligations under these Agreements throughout
such year, or if there has been a default or failure of the servicer to perform
any of such duties, responsibilities or obligations, a description of each
default or failure and the nature and status thereof has been reported to Ryland
Mortgage Company;
(D) That this Officer has confirmed that the Fidelity Bond, the Errors and
Omissions Insurance Policy and any other bonds required under the terms of the
Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or
Seller/Servicer Guide are in full force and effect.
Certified By:
/s/ Karen Moran
Karen Moran
Asst. Vice President
March 20, 1997
400 E. Main Street, Department 4026, Stockton, California 95290-4026
(209) 546-2065 (2O9) 546-2690 Fax
(logo)
GREAT
FINANCIAL
4801 Frederica Street
P.O. Box 20005
Owensboro, KY 42304-0005
502-685-7100
March 11, 1997
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044-3562
Attention: Tracey Waldman
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 1996 fical year:
(A) I have reviewed the activities and performance of the Servicer during
the preceding fiscal year under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer
Guide and to the best of these Officers' knowledge, the Servicer has
fulfilled all of its duties, responsibilities or obligations under these
Agreements throughout such year, or if there has been a default or
failure of the servicer to perform any such duties, responsibilities or
obligations, a description of each default or failure and the nature and
status thereof has been reported to Norwest Bank Minnesota, N.A.;
(B) I have confirmed that the Servicer is currently an approved FNMA or
FHLMC servicer in good standing;
(C) I have confirmed that the Fidelity Bond, the Errors and Omissions
Insurance Policy and any other bonds required under the terms of the
Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement
and/or Seller/Servicer Guide are in full force and effect;
(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy
(if applicable) and Primary Mortgage Insurance Policy (if applicable),
with respect to each Mortgaged Property, have been paid and that all
such insurance policies are in full force and effect;
(E) All real estate taxes governmental assessments and any other expenses
accrued and due that if not paid could result in a lien or encumbrance
on any Mortgaged Property, have been paid or if any such costs or
expenses have not been paid with respect to any Mortgaged Property, the
reason for the non-payment has been reported to Norwest Bank Minnesota,
N.A.;
(F) All Custodial Accounts have been reconciled and are properly funded; and
(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.
CERTIFIED By:
/s/ Lotus B Dixon
Officer
VICE PRESIDENT
Title
March 11, 1997
Date
