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): November 25, 1997
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1996-05 Trust
(Exact name of registrant as specified in its charter)
New York (governing law
of Pooling and
Servicing Agreement) 33-99598-02 52-2016569, 52-2016570
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation or organization)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (410) 884-2000
ITEM 5. Other Events
On November 25, 1997, a distribution was made to holders of Structured
Asset Securities Corporation, Mortgage Pass-Through Certificates, Series
1996-05 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1996-05 Trust, relating to the November
25,1997, distribution
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, Mortgage Pass-
Through Certificates, Series 1996-05 Trust
(Registrant)
By: Norwest Bank Minnesota, N.A.
as agent for the Trustee
By: /s/Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice President
Date: December 1, 1997
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1996-05 Trust, relating to the November 25,
1997, distribution
Structured Asset Securities Corporation, Series 1996-5
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: October 1997
Distribution Date: November 25, 1997
Contact: Carol Tracey
Phone: (410) 884-2117
InvestorDirect: (800) 605-4167
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
<TABLE>
<CAPTION>
Series Structure Summary
Aggregate
Realized
Losses
Original Principal Aggregate Aggregate Ending
Class Interest Principal Pass Through Balance Interest Undistributed Principal
Class Description Principal Type Type Balance Rate Reduction Shortfall Principal Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A1 Senior Sequential Pay Floater 166,869,000.00 6.43750000% 0.00 0.00 0.00 0.7699729338
A2 Senior Interest Only Notional 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
B1 Subordinate Sequential Pay WANR 1,311,000.00 7.60273354% 0.00 0.00 0.00 1.0000000000
B2 Subordinate Sequential Pay WANR 3,232,000.00 7.60273354% 0.00 0.00 0.00 1.0000000000
B3 Subordinate Sequential Pay WANR 1,660,000.00 7.60273354% 0.00 0.00 0.00 1.0000000000
B4 Subordinate Sequential Pay WANR 1,660,585.61 7.60273354% 150,003.03 0.00 0.00 0.9118361263
R1 Residual Sequential Pay Reduced PT 100.00 7.45273354% 0.00 0.00 0.00 1.0000000000
R2 Residual Sequential Pay Reduced PT 100.00 7.45273354% 0.00 0.00 0.00 1.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 174,732,785.61 150,003.03 0.00 0.00 0.7794873467
</TABLE>
<TABLE>
<CAPTION>
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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 10/31/1997 6.43750000% 131,700,034.03 706,515.81 3,215,420.54 0.00 128,484,613.49 3,921,936.35
A2 10/31/1997 0.00000000% 0.00 111,421.94 0.00 0.00 0.00 111,421.94
B1 10/31/1997 7.60273354% 1,311,000.00 8,212.27 0.00 0.00 1,311,000.00 8,212.27
B2 10/31/1997 7.60273354% 3,232,000.00 20,245.66 0.00 0.00 3,232,000.00 20,245.66
B3 10/31/1997 7.60273354% 1,660,000.00 10,398.45 0.00 0.00 1,660,000.00 10,398.45
B4 10/31/1997 7.60273354% 1,514,113.39 9,416.04 0.00 0.00 1,514,181.95 9,416.04
R1 10/31/1997 7.45273354% 100.00 0.62 0.00 0.00 100.00 0.62
R2 10/31/1997 7.45273354% 100.00 0.62 0.00 0.00 100.00 0.62
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 139,417,347.42 866,211.41 3,215,420.54 0.00 136,201,995.44 4,081,631.95
</TABLE>
<TABLE>
<CAPTION>
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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 863572NK5 166,869,000.00 4.23395484 1.49234567 17.77678484 19.26913052 0.00000000 0.7699729338
A2 863572NL3 0.00 N/A N/A N/A N/A N/A N/A
B1 NA 1,311,000.00 6.26412662 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
B2 N/A 3,232,000.00 6.26412748 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
B3 N/A 1,660,000.00 6.26412651 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
B4 N/A 1,660,585.61 5.67031290 0.00000000 0.00000000 0.00000000 (0.04128664) 0.9118361263
R1 863572NM1 100.00 6.20000000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
R2 863572NN9 100.00 6.20000000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 174,732,785.61 0.7794873467
</TABLE>
<TABLE>
<CAPTION>
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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 131,700,034.03 249,026.23 2,966,394.31 0.00 0.00 3,215,420.54 0.00 128,484,613.49 0.00
A2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B1 1,311,000.00 0.00 0.00 0.00 0.00 0.00 0.00 1,311,000.00 0.00
B2 3,232,000.00 0.00 0.00 0.00 0.00 0.00 0.00 3,232,000.00 0.00
B3 1,660,000.00 0.00 0.00 0.00 0.00 0.00 0.00 1,660,000.00 0.00
B4 1,514,113.39 0.00 0.00 0.00 0.00 0.00 (68.56) 1,514,181.95 0.00
R1 100.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00
R2 100.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 139,417,347.42 249,026.23 2,966,394.31 0.00 0.00 3,215,420.54 (68.56) 136,201,995.44 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 0.00
Negative Amortization Principal Balance Reduction (68.56)
Other 0.00
</FN>
</TABLE>
<TABLE>
<CAPTION>
Class Interest Distribution
Beginning Negative Ending
Principal/ Interest Amortization Principal/
Pass Through Notional Interest Shortfall/ Other Interest Total Interest Notional
Class Rate Balance Accrual (Recovery) Accretion Interest Reduction Distribution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 6.43750000% 131,700,034.03 706,515.81 0.00 0.00 0.00 0.00 706,515.81 128,484,613.49
A2 0.00000000% 0.00 111,421.94 0.00 0.00 0.00 0.00 111,421.94 0.00
B1 7.60273354% 1,311,000.00 8,305.99 93.72 0.00 0.00 0.00 8,212.27 1,311,000.00
B2 7.60273354% 3,232,000.00 20,476.70 231.04 0.00 0.00 0.00 20,245.66 3,232,000.00
B3 7.60273354% 1,660,000.00 10,517.11 118.66 0.00 0.00 0.00 10,398.45 1,660,000.00
B4 7.60273354% 1,514,113.39 9,592.83 108.23 0.00 0.00 68.56 9,416.04 1,514,181.95
R1 7.45273354% 100.00 0.62 0.00 0.00 0.00 0.00 0.62 100.00
R2 7.45273354% 100.00 0.62 0.00 0.00 0.00 0.00 0.62 100.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 866,831.62 551.65 0.00 0.00 68.56 866,211.41
<FN>
Notes:
The Pass-through Rate for Class A-2 is 1.009775%, based on the Class A-1
Notional Balance.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 886,809.08
Scheduled Principal 249,026.23
Other Principal 2,966,394.31
Negative Amortization (68.56)
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 4,102,161.06
WITHDRAWALS:
Interest Payments 866,211.41
Scheduled Principal Payment 249,026.23
Other Principal Payments 2,966,394.31
Reserve Fund 1 0.00
Fees and Expenses 20,529.11
Other Withdrawals 0.00
Total Withdrawals 4,102,161.06
Ending Balance 0.00
Beginning Current Other Current Other
Initial Balance Requirement Balance Deposit Deposit Withdrawal Withdrawal Ending Balance
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Reserve Fund-Interest Reserve Fund 50,000.00 0.00 50,000.00 0.00 0.00 0.00 0.00 50,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
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
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 150,003.03 150,003.03
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 150,003.03 150,003.03
</TABLE>
<TABLE>
<CAPTION>
Pool Initial Loss Current Loss Current Loss
# Loss Type Limit Amount Limit Amount Limit Percent
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
X Bankruptcy Losses 100,000.00 100,000.00 0.07342036%
X Fraud Losses 5,241,984.00 5,241,984.00 3.84868370%
X Special Hazard Losses 2,007,404.00 1,976,099.54 1.45085946%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
30 Days Delinquent 60 Days Delinquent 90 Days Delinquent Foreclosures
Number Balance Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
X 88 7,398,067.83 13 1,000,401.68 18 1,510,868.33 13 1,311,383.11
- ---------------------------------------------------------------------------------------------------------------
Totals 88 7,398,067.83 13 1,000,401.68 18 1,510,868.33 13 1,311,383.11
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
X 3 558,805.24 135 11,779,526.19
- ----------------------------------------------------------------
Totals 3 558,805.24 135 11,779,526.19
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool X
--------------------------------------------------------------------------------
<S> <C> <C>
Monthly P&I Constant 1,180,498.68| 1,180,498.68
|
Positive Amortization 249,026.23| 249,026.23
Negative Amortization (68.56)| (68.56)
Regular Curtailments 40,038.63| 40,038.63
Regular Curtailment Interest 260.73| 260.73
Prepaid Curtailments 17,979.82| 17,979.82
Prepaid Curtailment Interest (6.45)| (6.45)
Liquidations 2,908,385.05| 2,908,385.05
Principal Adjustments (263.47)| (263.47)
Total Principal Trust Distribution 3,215,351.98| 3,215,351.98
|
Scheduled Interest 931,541.01| 931,541.01
Servicing Fee 44,180.28| 44,180.28
Master Servicing Fee 4,066.61| 4,066.61
Spread 0.00| 0.00
Total Pass-Through Interest 883,294.12| 883,294.12
|
Beginning Balance 139,417,347.42| 139,417,347.42
Ending Balance 136,201,995.44| 136,201,995.44
Gross P&I Distribution 4,102,712.71| 4,102,712.71
Realized Losses/(Gains) 0.00| 0.00
Net P&I Trust Distribution 4,102,712.71| 4,102,712.71
|
Beginning Loan Count 1516| 1516
Number of Loan Payoffs 19| 19
Ending Loan Count 1497| 1497
|
Weighted Average Maturity 254.5661604700| 254.5661604700
Weighted Average Gross Rate 8.018006600%| 8.018006600%
Weighted Average Net Rate 7.637735870%| 7.637735870%
Weighted Average Pass-Through Rate 7.602733540%| 7.602733540%
Weighted Average Margin 2.317800000%| 2.317800000%
|
Advances on Delinquencies |
Current Period Principal 18,160.62| 18,160.62
Current Period Interest 77,490.40| 77,490.40
</TABLE>
<TABLE>
<CAPTION>
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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Reserve Fund-Interest Reserve Fund 50,000.00 0.00 0.00 0.00 0.00000000% 50,000.00 0.00
Subordination 7,863,585.61 0.00 0.00 150,003.03 5.66598303% 7,717,181.95 136,201,995.44
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 3,215,420.54 100.00000000% 100.00000000% 100.00000000%
Subordinate 0.00 0.00000000% 0.00000000% 0.00000000%
</TABLE>
