SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
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.
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number: 033-99598
Structured Asset Securities Corporation, Series 1996-01 Trust
(Exact name of registrant as specified in its charter)
New York 52-1982287
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of Principal (Zip Code)
Executive 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 XX No _____
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (Section 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K.
Not applicable
Aggregate market value of voting stock held by non-affiliates of the
registrant as of December 31, 1996:
Not Applicable
Number of shares of common stock outstanding as of December 31, 1996:
Not Applicable
PART I.
Item 1. Business
Omitted.
Item 2. Properties
See Item 14(a), Exhibit 99.3, for information provided in lieu of
information required by Item 102 of Regulation S-K.
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
No matters were submitted to a vote of holders of equity interest
during the period covered by this report through the solicitation
of proxies or otherwise.
PART II
Item 5. Market for the Registrant's Common Equity and Related Stockholder
Matters.
(a) The Issuer does not issue stock. There is no established
trading market for the Trust's securities.
(b) As of December 31, 1996, the number of holders of Certificates
was 23.
(c) Not applicable.
Item 6. Selected Financial Data.
Omitted.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Omitted.
Item 8. Financial Statements and Supplementary Data.
Omitted.
Item 9. Changes In and Disagreement with Accountants on Accounting and
Financial Disclosure.
None.
PART III
Item 10. Directors and Executive Officers of the Registrant.
Omitted.
Item 11. Executive Compensation.
Omitted.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
None.
Item 13. Certain Relationships and Related Transactions.
None.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8K
(a) Exhibits.
The following exhibits are or will be provided.
99.1 Annual Report of Independent Public Accountants' as to
master servicing activities or servicing activities,
as applicable.
(a) American City Mortgage Corp., as servicer <F1>
(b) America First Credit Union, as servicer <F1>
(c) Bancoklahoma, as servicer <F1>
(d) Bank of America, as servicer <F1>
(e) Chase Manhattan Mortgage, as servicer <F1>
(f) Flagship Federal Savings Bank, as servicer <F1>
(g) GMAC Mortgage Corporation, as servicer <F1>
(h) The Greater NY Savings Bank, as servicer <F1>
(i) Knutson Mortgage Corporation, as servicer <F1>
(j) Navy Federal Credit Union, as servicer <F1>
(k) Norwest Mortgage, Inc., as servicer <F1>
(l) Ryland Mortgage Company, Inc., as servicer <F1>
(m) Seattle Mortgage, as servicer <F1>
99.2 Management Assertion Letter
(a) American City Mortgage Corp., as servicer <F1>
(b) America First Credit Union, as servicer <F1>
(c) Bancoklahoma, as servicer <F1>
(d) Bank of America, as servicer <F1>
(e) Chase Manhattan Mortgage, as servicer <F1>
(f) Flagship Federal Savings Bank, as servicer <F1>
(g) GMAC Mortgage Corporation, as servicer <F1>
(h) The Greater NY Savings Bank, as servicer <F1>
(i) Knutson Mortgage Corporation, as servicer <F1>
(j) Navy Federal Credit Union, as servicer <F1>
(k) Norwest Mortgage, Inc., as servicer <F1>
(l) Ryland Mortgage Company, Inc., as servicer <F1>
(m) Seattle Mortgage, as servicer <F1>
99.3 Annual Statement of Compliance with obligations under
the Pooling and Servicing Agreement or servicing
agreement, as applicable, of:
(a) American City Mortgage Corp., as servicer <F1>
(b) America First Credit Union, as servicer <F1>
(c) Bancoklahoma, as servicer <F1>
(d) Bank of America, as servicer <F1>
(e) Chase Manhattan Mortgage, as servicer <F1>
(f) Flagship Federal Savings Bank, as servicer <F1>
(g) GMAC Mortgage Corporation, as servicer <F1>
(h) The Greater NY Savings Bank, as servicer <F1>
(i) Knutson Mortgage Corporation, as servicer <F1>
(j) Navy Federal Credit Union, as servicer <F1>
(k) Norwest Mortgage, Inc., as servicer <F1>
(l) Ryland Mortgage Company, Inc., as servicer <F1>
(m) Seattle Mortgage, as servicer <F1>
(b) On November 13, 1996, and December 13, 1996, reports on Form
8-K were filed in order to provide the statements for the
monthly distributions to holders of the Certificates. No
reports on Form 8-K have been filed during the last quarter
of the period covered by this report.
(c) Not applicable.
<F1> Such document (i) is not filed herewith since such document was not
received by the Reporting Person at least three business days prior to the
due date of this report; and (ii) will be included in an amendment to this
report on Form 10-K/A to be filed within 30 days of the Reporting Person's
receipt of such document.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
(a)(1) No annual report is provided to the Certificateholders other
than with respect to aggregate principal and interest
distributions.
(b)(1) No proxy statement, form of proxy or other proxy soliciting
material has been sent to any Certificate holder with respect
to any annual or other meeting of Certificateholders.
SIGNATURES
Pursuant to the requirements of Section 13 and 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, Series 1996-01 Trust
(Registrant)
By: Chase Manhattan Bank, N.A.
Trustee
By: Norwest Bank Minnesota, N.A.
as Agent for the Trustee
By: /s/Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice president
Date: March 21, 1997
