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: February 25, 1997
(Date of earliest event reported)
Commission File No.: 33-99598-02
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)
(State or other jurisdiction of incorporation or organization)
Applied For
(IRS Employer Identification Number)
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 February 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 February 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: March 17, 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 February 25,1997, distribution
<TABLE>
<CAPTION>
Structured Asset Securities Corporation, Series 1996-5
Securities Administration Services
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: January 1997
Distribution Date: February 25, 1997
Contact: Sandro Bonacci
InvestorDirect:(800) 605-4167
Phone:(410) 884-2080
Series Structure Summary
Class Prin Interest Original Pass
Class Description Type Type Balance Through Rate
<S> <C> <C> <C> <C> <C>
A1 Senior Sequential Pay Floater 166,869,000.00 6.18750000%
A2 Senior Interest Only Notional 0.00 0.00000000%
B1 Subordinate Sequential Pay WANR 1,311,000.00 7.37195310%
B2 Subordinate Sequential Pay WANR 3,232,000.00 7.37195310%
B3 Subordinate Sequential Pay WANR 1,660,000.00 7.37195310%
B4 Subordinate Sequential Pay WANR 1,660,585.61 7.37195310%
R1 Residual Sequential Pay Reduced PT 100.00 7.22195310%
R2 Residual Sequential Pay Reduced PT 100.00 7.22195310%
Totals 174,732,785.61
<CAPTION>
Aggregate Realized Aggregate Ending
Losses Principal Aggregate Interest Undistributed Principal
Class Balance Reduction Shortfall Principal Factor
<S> <C> <C> <C> <C>
A1 0.00 0.00 0.00 0.9638843350
A2 0.00 0.00 0.00 0.0000000000
B1 0.00 0.00 0.00 1.0000000000
B2 0.00 0.00 0.00 1.0000000000
B3 0.00 0.00 0.00 1.0000000000
B4 0.00 0.00 0.00 1.0000000000
R1 0.00 0.00 0.00 1.0000000000
R2 0.00 0.00 0.00 1.0000000000
Totals 0.00 0.00 0.00 0.9655097074
<CAPTION>
Class Distribution Summary
Beginning
Pass Through Principal Total Interest
Class Record Date Rate Balance Distribution
<S> <C> <C> <C> <C>
A1 01/31/1997 6.18750000% 163,698,447.44 844,070.12
A2 01/31/1997 0.00000000% 0.00 141,115.32
B1 01/31/1997 7.37195310% 1,311,000.00 8,053.86
B2 01/31/1997 7.37195310% 3,232,000.00 19,855.13
B3 01/31/1997 7.37195310% 1,660,000.00 10,197.87
B4 01/31/1997 7.37195310% 1,660,585.61 10,201.47
R1 01/31/1997 7.22195310% 100.00 0.60
R2 01/31/1997 7.22195310% 100.00 0.60
Totals 171,562,233.05 1,033,494.97
<CAPTION>
Total Principal Principal Ending
Distribution Balance Principal Total
Class Reduction Balance Distribution
<S> <C> <C> <C> <C>
A-1 2,856,032.35 0.00 160,842,415.09 3,700,102.47
A-2 0.00 0.00 0.00 141,115.32
B-1 0.00 0.00 1,311,000.00 8,053.86
B-2 0.00 0.00 3,232,000.00 19,855.13
B-3 0.00 0.00 1,660,000.00 10,197.87
B-4 0.00 0.00 1,660,585.61 10,201.47
R-1 0.00 0.00 100.00 0.60
R-2 0.00 0.00 100.00 0.60
Totals 2,856,032.35 0.00 168,706,200.70 3,889,527.32
<CAPTION>
Class Principal Distribution
Beginning
Principal Scheduled Unscheduled
Class Balance Principal Principal Accretion
<S> <C> <C> <C> <C>
A1 163,698,447.44 290,648.84 2,565,383.51 0.00
A2 0.00 0.00 0.00 0.00
B1 1,311,000.00 0.00 0.00 0.00
B2 3,232,000.00 0.00 0.00 0.00
B3 1,660,000.00 0.00 0.00 0.00
B4 1,660,585.61 0.00 0.00 0.00
R1 100.00 0.00 0.00 0.00
R2 100.00 0.00 0.00 0.00
Totals 171,562,233.05 290,648.84 2,565,383.51 0.00
<CAPTION>
*Principal Balance Reduction
<S> <C>
Realized Losses Principal Balance Reduction 0.00
Negative Amortization Principal Balance Reduction 0.00
Other 0.00
<CAPTION>
Principal Ending Current
Other Total Principal Balance Principal Undistributed
Class Principal Distribution Reduction* Balance Principal
<S> <C> <C> <C> <C> <C>
A1 0.00 2,856,032.35 0.00 160,842,415.09 0.00
A2 0.00 0.00 0.00 0.00 0.00
B1 0.00 0.00 0.00 1,311,000.00 0.00
B2 0.00 0.00 0.00 3,232,000.00 0.00
B3 0.00 0.00 0.00 1,660,000.00 0.00
B4 0.00 0.00 0.00 1,660,585.61 0.00
R1 0.00 0.00 0.00 100.00 0.00
R2 0.00 0.00 0.00 100.00 0.00
Totals 0.00 2,856,032.35 0.00 168,706,200.70 0.00
<CAPTION>
Class Interest Distribution
Beginning
Principal/ Interest
Notional Interest Shortfall/
Class Pass-Through Rate Balance Accrual Recovery)
<S> <C> <C> <C> <C>
A1 6.18750000% 163,698,447.44 844,070.12 0.00
A2 0.00000000% 0.00 141,115.33 0.00
B1 7.37195310% 1,311,000.00 8,053.86 0.00
B2 7.37195310% 3,232,000.00 19,855.13 0.00
B3 7.37195310% 1,660,000.00 10,197.87 0.00
B4 7.37195310% 1,660,585.61 10,201.47 0.00
R1 7.22195310% 100.00 0.60 0.00
R2 7.22195310% 100.00 0.60 0.00
Totals 1,033,494.98 0.00
<CAPTION>
Negative Ending
Amortization Principal/
Other Interest Total Interest Notional
Class Accretion Interest Reduction Distribution Balance
<S> <C> <C> <C> <C> <C>
A1 0.00 0.00 0.00 844,070.12 160,842,415.09
A2 0.00 (0.01) 0.00 141,115.32 0.00
B1 0.00 0.00 0.00 8,053.86 1,311,000.00
B2 0.00 0.00 0.00 19,855.13 3,232,000.00
B3 0.00 0.00 0.00 10,197.87 1,660,000.00
B4 0.00 0.00 0.00 10,201.47 1,660,585.61
R1 0.00 0.00 0.00 0.60 100.00
R2 0.00 0.00 0.00 0.60 100.00
Totals 0.00 (0.01) 0.00 1,033,494.97
<CAPTION>
Fund Account Summary
<S> <C>
Proceeds Account
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 1,058,961.25
Scheduled Principal 290,648.84
Other Principal 2,565,383.51
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 3,914,993.60
WITHDRAWALS:
Interest Payments 1,033,494.97
Scheduled Principal Payment 290,648.84
Other Principal Payments 2,565,383.51
Reserve Fund 1 0.00
Fees and Expenses 25,466.28
Other Withdrawals 0.00
Total Withdrawals 3,914,993.60
Ending Balance 0.00
<CAPTION>
<S> <C>
Reserve Fund Ending Balance 50,000.00
<CAPTION>
Loss/Delinquency Detail
Pool Initial Loss Current Loss Current Loss
# Loss Type Limit Amount Limit Amount Limit Percent
<S> <C> <C> <C> <C>
X Bankruptcy Losses 100,000.00 100,000.00 0.05927464%
X Fraud Losses 5,241,984.00 5,241,984.00 3.10716736%
X Special Hazard Losses 2,007,404.00 2,002,064.74 1.18671675%
<CAPTION>
Pool 30 Days Delinquent 60 Days Delinquent 90 Days Delinquent
# Number Balance Number Balance Number Balance Number
<S><C> <C> <C> <C> <C> <C>
X 127 13,138,296.15 16 1,469,770.95 3 263,945.84
<CAPTION>
Foreclosures REO's Totals
Number Balance Number Balance Number Balance
<C> <C> <C> <C> <C> <C>
1 50,152.61 0 0.00 147 14,922,165.55
<CAPTION>
Collateral Summary
Total| Pool X
<S> <C> <C>
Monthly P&I Constant 1,403,946.43| 1,403,946.43
|
Positive Amortization 290,648.84| 290,648.84
Negative Amortization 0.00| 0.00
Regular Curtailments 39,179.10| 39,179.10
Regular Curtailment Interest 262.41| 262.41
Prepaid Curtailments 29,567.42| 29,567.42
Prepaid Curtailment Interest 0.00| 0.00
Liquidations 2,497,029.04| 2,497,029.04
Principal Adjustments (654.46)| (654.46)
Total Principal Trust Distribution 2,856,032.35| ,856,032.35
|
Scheduled Interest 1,113,297.59| 1,113,297.59
Servicing Fee 54,336.34| 54,336.34
Master Servicing Fee 5,003.97| 5,003.97
Spread 0.00| 0.00
Total Pass-Through Interest 1,053,957.28| 1,053,957.28
|
Beginning Balance 171,562,233.05| 171,562,233.05
Ending Balance 168,706,200.70| 168,706,200.70
Gross P&I Distribution 3,914,993.60| 3,914,993.60
Realized Losses/(Gains) 0.00| 0.00
Net P&I Trust Distribution 3,914,993.60| 3,914,993.60
|
Beginning Loan Count 1708| 1708
Number of Loan Payoffs 20| 20
Ending Loan Count 1688| 1688
|
Weighted Average Maturity 269.1702902200| 269.1702902200
Weighted Average Gross Rate 7.787011650%| 7.787011650%
Weighted Average Net Rate 7.406953600%| 7.406953600%
Weighted Average Pass-Through Rate 7.371953100%| 7.371953100%
Weighted Average Margin 2.349600000%| 2.349600000%
|
Advances on Delinquencies |
Current Period Principal 27,486.88| 27,486.88
Current Period Interest 97,786.55| 97,786.55
|
|
<CAPTION>
Credit Enhancement Summary
Type/Purpose Initial Current Current Current Current
Coverage Period Period Cum Coverage Pool
Amount Losses Additions Losses Amount Balance
<S> <C> <C> <C> <C> <C> <C>
Reserve Fund
Interest Reserve 50,000.00 0.00 0.00 0.00 50,000.00 0.00
Subordination 7,863,585.61 0.00 0.00 0.00 7,863,585.61 168,706,200.70
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
<S> <C> <C> <C> <C>
Senior 2,856,032.35 100.00000000% 100.00000000% 100.00000000%
Subordinate 0.00 0.00000000% 0.00000000% 0.00000000%
</TABLE>
