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): March 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 March 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 March
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: First Bank, N.A.
as Trustee
By: /s/Eve D. Kaplan
Name: Eve D. Kaplan
Title: Vice president
Date: April 7, 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 March
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: February 1997
Distribution Date: March 25, 1997
Contact: Sandro Bonacci
Phone: (410) 884-2080
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
Original Aggregate Realized Aggregate Aggregate Ending
Class Principal Pass Losses Principal Interest Undistributed Principal
Class Description Principal Type Interest Type Balance Through Rate Balance Reduction Shortfall Principal Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A1 Senior Sequential Pay Floater 166,869,000.00 6.12500000% 0.00 0.00 0.00 0.9475483278
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 7.38197032% 0.00 0.00 0.00 1.0000000000
B2 Subordinate Sequential Pay WANR 3,232,000.00 7.38197032% 0.00 0.00 0.00 1.0000000000
B3 Subordinate Sequential Pay WANR 1,660,000.00 7.38197032% 0.00 0.00 0.00 1.0000000000
B4 Subordinate Sequential Pay WANR 1,660,585.61 7.38197032% 0.00 0.00 0.00 1.0001609071
R1 Residual Sequential Pay Reduced PT 100.00 7.23197032% 0.00 0.00 0.00 1.0000000000
R2 Residual Sequential Pay Reduced PT 100.00 7.23197032% 0.00 0.00 0.00 1.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 174,732,785.61 0.00 0.00 0.00 0.9499104255
</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 DistributionReduction Balance Distribution
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 02/28/1997 6.12500000% 160,842,415.09 820,966.49 2,725,973.18 0.00 158,116,441.91 3,546,939.67
A2 02/28/1997 0.00000000% 0.00 148,373.18 0.00 0.00 0.00 148,373.18
B1 02/28/1997 7.38197032% 1,311,000.00 8,064.80 0.00 0.00 1,311,000.00 8,064.80
B2 02/28/1997 7.38197032% 3,232,000.00 19,882.11 0.00 0.00 3,232,000.00 19,882.11
B3 02/28/1997 7.38197032% 1,660,000.00 10,211.73 0.00 0.00 1,660,000.00 10,211.73
B4 02/28/1997 7.38197032% 1,660,585.61 9,948.13 0.00 0.00 1,660,852.81 9,948.13
R1 02/28/1997 7.23197032% 100.00 0.60 0.00 0.00 100.00 0.60
R2 02/28/1997 7.23197032% 100.00 0.60 0.00 0.00 100.00 0.60
- -----------------------------------------------------------------------------------------------------------------
Totals 168,706,200.70 1,017,447.64 2,725,973.18 0.00 165,980,494.72 3,743,420.82
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Per 1,000 of Original Balance
Total Other
Total Interest Scheduled Principal Total Principal Principal Ending
Distribution PrincipalDistribution 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 4.91982627 1.72666703 14.60934014 16.33600717 0.00000000 0.9475483278
A2 863572NL3 0.00 N/A N/A N/A N/A N/A N/A
B1 NA 1,311,000.00 6.15163997 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
B2 N/A 3,232,000.00 6.15164295 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
B3 N/A 1,660,000.00 6.15164458 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
B4 N/A 1,660,585.61 5.99073600 0.00000000 0.00000000 0.00000000 (0.16090709) 1.0001609071
R1 863572NM1 100.00 6.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
R2 863572NN9 100.00 6.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
- ------------------------------------------------------------------------------------------------------------------------
Totals 174,732,785.61 0.9499104255
</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 160,842,415.09 288,127.20 2,437,845.98 0.00 0.00 2,725,973.18 0.00 158,116,441.91 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 1,660,585.61 0.00 0.00 0.00 0.00 0.00 (267.20) 1,660,852.81 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 168,706,200.70 288,127.20 2,437,845.98 0.00 0.00 2,725,973.18 (267.20) 165,980,494.72 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 0.00
Negative Amortization Principal Balance Reduction (267.20)
Other 0.00
</FN>
</TABLE>
<TABLE>
<CAPTION>
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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 6.12500000% 160,842,415.09 820,966.49 0.00 0.00 0.00 0.00 820,966.49 158,116,441.91
A2 0.00000000% 0.00 148,373.18 0.00 0.00 0.00 0.00 148,373.18 0.00
B1 7.38197032% 1,311,000.00 8,064.80 0.00 0.00 0.00 0.00 8,064.80 1,311,000.00
B2 7.38197032% 3,232,000.00 19,882.11 0.00 0.00 0.00 0.00 19,882.11 3,232,000.00
B3 7.38197032% 1,660,000.00 10,211.73 0.00 0.00 0.00 0.00 10,211.73 1,660,000.00
B4 7.38197032% 1,660,585.61 10,215.33 0.00 0.00 0.00 267.20 9,948.13 1,660,852.81
R1 7.23197032% 100.00 0.60 0.00 0.00 0.00 0.00 0.60 100.00
R2 7.23197032% 100.00 0.60 0.00 0.00 0.00 0.00 0.60 100.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 1,017,714.84 0.00 0.00 0.00 267.20 1,017,447.64
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
- --------------------------------------------------------------------------------
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 1,042,740.68
Scheduled Principal 288,127.20
Other Principal 2,437,845.98
Negative Amortization (267.20)
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 3,768,446.66
WITHDRAWALS:
Interest Payments 1,017,447.64
Scheduled Principal Payment 288,127.20
Other Principal Payments 2,437,845.98
Reserve Fund 1 0.00
Fees and Expenses 25,025.84
Other Withdrawals 0.00
Total Withdrawals 3,768,446.66
Ending Balance 0.00
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
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 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
</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 0.06024804%
X Fraud Losses 5,241,984.00 5,241,984.00 3.15819278%
X Special Hazard Losses 2,007,404.00 1,999,222.64 1.20449252%
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
30 Days Delinquent 60 Days Delinquent 90 DaysDelinquent Foreclosures REO's Totals
Number Balance Number Balance Number BalanceNumber Balance Number BalanceNumber Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
X 100 9,364,799.74 38 4,367,736.91 10 880,123.82 2 543,692.86 0 0.00 150 15,156,353.33
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 100 9,364,799.74 38 4,367,736.91 10 880,123.82 2 543,692.86 0 0.00 150 15,156,353.33
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool X
------------------------------------------------------------------------------------
<S> <C> <C>
Monthly P&I Constant 1,384,024.69| 1,384,024.69
|
Positive Amortization 288,127.20| 288,127.20
Negative Amortization (267.20)| (267.20)
Regular Curtailments 273,581.97| 273,581.97
Regular Curtailment Interest 1,626.75| 1,626.75
Prepaid Curtailments 12,073.95| 12,073.95
Prepaid Curtailment Interest (3.18)| (3.18)
Liquidations 2,150,735.45| 2,150,735.45
Principal Adjustments (168.96)| (168.96)
Total Principal Trust Distribution 2,725,705.98| 2,725,705.98
|
Scheduled Interest 1,096,164.69| 1,096,164.69
Servicing Fee 53,424.01| 53,424.01
Master Servicing Fee 4,920.54| 4,920.54
Spread 0.00| 0.00
Total Pass-Through Interest 1,037,820.14| 1,037,820.14
|
Beginning Balance 168,706,200.70| 168,706,200.70
Ending Balance 165,980,494.72| 165,980,494.72
Gross P&I Distribution 3,768,446.66| 3,768,446.66
Realized Losses/(Gains) 0.00| 0.00
Net P&I Trust Distribution 3,768,446.66| 3,768,446.66
|
Beginning Loan Count 1688| 1688
Number of Loan Payoffs 16| 16
Ending Loan Count 1672| 1672
|
Weighted Average Maturity 267.5802892100| 267.5802892100
Weighted Average Gross Rate 7.796972620%| 7.796972620%
Weighted Average Net Rate 7.416969920%| 7.416969920%
Weighted Average Pass-Through Rate 7.381970320%| 7.381970320%
Weighted Average Margin 2.347400000%| 2.347400000%
|
Advances on Delinquencies |
Current Period Principal 27,343.56| 27,343.56
Current Period Interest 100,446.29| 100,446.29
|
</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 0.00 4.73781743% 7,863,852.81 165,980,494.72
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 2,725,973.18 100.00000000% 100.00000000% 100.00000000%
Subordinate 0.00 0.00000000% 0.00000000% 0.00000000%
</TABLE>
