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) January
25, 1997
Structured Asset Securities Corporation, Series 1996-5
(Exact name of registrant as specified in its charter)
Delaware 33-99598 Applied For
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization) Number)
200 Vesey Street
New York, New York 10285-
0800
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code (212) 526-
5594
Structured Asset Securities Corporation, Series 1996-5
Form 8-K
INDEX
Page Number
Item 5. Other Events 3
Item 7. Financial Statements and Exhibits 3
SIGNATURES 4
INDEX OF EXHIBITS 5
ITEM 5. OTHER EVENTS
The Structured Asset Securities Corporation, Series 1996-5
makes monthly remittances to security holders. The latest
remittance was made January 25, 1997. We have furnished a
monthly remittance statement delivered to the trustee with
security holder payment instructions.
Monthly Remittance
Statement...................................................
......Exhibit 21.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
21.1 Monthly Remittance Statement dated as of January
25, 1997.
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,
Series 1996-5
(Registrant)
By: Lehman Brothers
Name: Prue Larocca
Title: Vice-President
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-14
as of January 25, 1997.
Exhibit 21.1 Page 6
Structured
Asset Securities Corporation, Series 1996-5
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: December 1996
Phone: (410) 884-2080
11000 Broken Land Parkway
Distribution Date: January 27, 1997
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Series Structure Summary
Aggregate Realized Aggregate
Ending
Class
Original Principal Losses Principal
Aggregate Interest Undistributed Principal
Class Description Principal Type Interest Type
Balance Pass Through Rate Balance Reduction
Shortfall Principal Factor
____________________________________________________________
____________________________________________________________
_______________________________________________
A1 Senior Sequential Pay Floater
166,869,000.00 6.39000000% 0.00
0.00 0.00 0.9809997509
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 7.36243781% 0.00
0.00 0.00 1.0000000000
B2 Subordinate Sequential Pay WANR
3,232,000.00 7.36243781% 0.00
0.00 0.00 1.0000000000
B3 Subordinate Sequential Pay WANR
1,660,000.00 7.36243781% 0.00
0.00 0.00 1.0000000000
B4 Subordinate Sequential Pay WANR
1,660,585.61 7.36243781% 0.00
0.00 0.00 1.0000000000
R1 Residual Sequential Pay Reduced PT
100.00 7.21243781% 0.00
0.00 0.00 1.0000000000
R2 Residual Sequential Pay Reduced PT
100.00 7.21243781% 0.00
0.00 0.00 1.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
174,732,785.61 0.00
0.00 0.00 0.9818548503
Exhibit 21.1 Page 7
Structured Asset
Securities Corporation, Series 1996-5
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: December 1996 Phone:
(410) 884-2080
11000 Broken Land Parkway
Distribution Date: January 27, 1997
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
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
____________________________________________________________
____________________________________________________________
____________________________________
A1 12/31/1996 6.39000000%
166,869,000.00 888,577.43 3,170,552.56
0.00 163,698,447.44 4,059,129.99
A2 12/31/1996 0.00000000%
0.00 114,366.16 0.00
0.00 0.00 114,366.16
B1 12/31/1996 7.36243781%
1,311,000.00 8,043.46 0.00
0.00 1,311,000.00 8,043.46
B2 12/31/1996 7.36243781%
3,232,000.00 19,829.50 0.00
0.00 3,232,000.00 19,829.50
B3 12/31/1996 7.36243781%
1,660,000.00 10,184.71 0.00
0.00 1,660,000.00 10,184.71
B4 12/31/1996 7.36243781%
1,660,585.61 10,188.30 0.00
0.00 1,660,585.61 10,188.30
R1 12/31/1996 7.21243781%
100.00 0.60 0.00
0.00 100.00 0.60
R2 12/31/1996 7.21243781%
100.00 0.60 0.00
0.00 100.00 0.60
____________________________________________________________
____________________________________________________________
____________________________________
Totals
174,732,785.61 1,051,190.76 3,170,552.56
0.00 171,562,233.05 4,221,743.32
Exhibit 21.1 Page 8
Structured Asset
Securities Corporation, Series 1996-5
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services Reporting
Month: December 1996 Phone:
(410) 884-2080
11000 Broken Land Parkway Distribution
Date: January 27, 1997 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
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
____________________________________________________________
____________________________________________________________
_____________________________
A1 863572NK5 166,869,000.00
5.32500003 1.74203501 17.25821405 19.00024906
0.00000000 0.9809997509
A2 863572NL3 0.00
N/A N/A N/A N/A
N/A N/A
B1 NA 1,311,000.00
6.13536232 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
B2 N/A 3,232,000.00
6.13536510 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
B3 N/A 1,660,000.00
6.13536747 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
B4 N/A 1,660,585.61
6.13536570 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
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
0.9818548503
Exhibit 21.1 Page 9
Structured
Asset Securities Corporation, Series 1996-5
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: December 1996
Phone: (410) 884-2080
11000 Broken Land Parkway
Distribution Date: January 27, 1997
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
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
____________________________________________________________
____________________________________________________________
____________________________________________
A1 166,869,000.00 290,691.64
2,879,860.92 0.00 0.00
3,170,552.56 0.00 163,698,447.44
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
0.00 1,660,585.61 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 174,732,785.61 290,691.64
2,879,860.92 0.00 0.00
3,170,552.56 0.00 171,562,233.05
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
Exhibit 21.1 Page 10
Structured
Asset Securities Corporation, Series 1996-5
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: December 1996
Phone: (410) 884-2080
11000 Broken Land Parkway
Distribution Date: January 27, 1997
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
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
____________________________________________________________
____________________________________________________________
_____________________________________________
A1 6.39000000% 166,869,000.00
888,577.43 0.00 0.00
0.00 0.00 888,577.43 163,698,447.44
A2 0.00000000% 166,869,000.00
114,366.17 0.00 0.00
(0.01) 0.00 114,366.16 0.00
B1 7.36243781% 1,311,000.00
8,043.46 0.00 0.00 0.00
0.00 8,043.46 1,311,000.00
B2 7.36243781% 3,232,000.00
19,829.50 0.00 0.00 0.00
0.00 19,829.50 3,232,000.00
B3 7.36243781% 1,660,000.00
10,184.71 0.00 0.00 0.00
0.00 10,184.71 1,660,000.00
B4 7.36243781% 1,660,585.61
10,188.30 0.00 0.00 0.00
0.00 10,188.30 1,660,585.61
R1 7.21243781% 100.00
0.60 0.00 0.00 0.00
0.00 0.60 100.00
R2 7.21243781% 100.00
0.60 0.00 0.00 0.00
0.00 0.60 100.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
1,051,190.77 0.00 0.00
(0.01) 0.00 1,051,190.76
Exhibit 21.1 Page 11
Structured Asset Securities Corporation, Series 1996-5
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: December 1996
Phone: (410) 884-2080
11000 Broken Land Parkway
Distribution Date: January 27, 1997
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Fund Account Summary
____________________________________________________________
____________________________________________________________
______________________________________________________
Proceeds Account
Beginning Balance
0.00
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee 1,077,146.04
Interest Payments 1,051,190.76
Scheduled Principal 290,691.64
Scheduled Principal Payment 290,691.64
Other Principal 2,879,860.92
Other Principal Payments 2,879,860.92
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 25,955.28
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
4,247,698.60 Total Withdrawals
4,247,698.60
Ending Balance
0.00
Beginning Current Other Current
Other
Initial Balance
Requirement Balance Deposit Deposit
Withdrawal Withdrawal Ending Balance
____________________________________________________________
____________________________________________________________
________
Reserve Fund - Interest Reserve Fun 50,000.00
0.00 50,000.00 0.00 0.00
0.00 0.00 50,000.00
Exhibit 21.1 Page 12
Structured
Asset Securities Corporation, Series 1996-5
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: December 1996
Phone: (410) 884-2080
11000 Broken Land Parkway
Distribution Date: January 27, 1997
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
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
____________________________________________________________
____________________________________________________________
_________________________________________________
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
Pool
Initial Loss Current Loss Current Loss
# Loss Type
Limit Amount Limit Amount Limit Percent
____________________________________________________________
______________________________________________________
X Bankruptcy Losses
100,000.00 100,000.00 0.05828789%
X Fraud Losses
5,241,984.00 5,241,984.00 3.05544169%
X Special Hazard Losses
2,007,404.00 2,004,743.56 1.16852265%
____________________________________________________________
____________________________________________________________
________________________________________
30 Days Delinquent 60 Days Delinquent
90 Days Delinquent Foreclosures
REO's Totals
Number Balance Number Balance
Number Balance Number Balance Number
Balance Number Balance
X 51 4,035,288.78 14 1,155,888.02
1 175,002.27 0 0.00 0
0.00 66 5,366,179.07
____________________________________________________________
____________________________________________________________
________________________________________
Totals 51 4,035,288.78 14 1,155,888.02
1 175,002.27 0 0.00 0
0.00 66 5,366,179.07
Exhibit 21.1 Page 13
Structured Asset
Securities Corporation, Series 1996-5
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services Reporting
Month: December 1996 Phone:
(410) 884-2080
11000 Broken Land Parkway
Distribution Date: January 27, 1997
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
Monthly P&I Constant
1,423,140.90| 1,423,140.90
|
Positive Amortization
290,691.64| 290,691.64
Negative Amortization
0.00| 0.00
Regular Curtailments
33,980.19| 33,980.19
Regular Curtailment Interest
211.54| 211.54
Prepaid Curtailments
52,570.90| 52,570.90
Prepaid Curtailment Interest
(1.27)| (1.27)
Liquidations
2,794,478.05| 2,794,478.05
Principal Adjustments
(1,378.49)| (1,378.49)
Total Principal Trust Distribution
3,170,552.56| 3,170,552.56
|
Scheduled Interest
1,132,449.26| 1,132,449.26
Servicing Fee
55,303.22| 55,303.22
Master Servicing Fee
5,096.65| 5,096.65
Spread
0.00| 0.00
Total Pass-Through Interest
1,072,049.39| 1,072,049.39
|
Beginning Balance
174,732,785.61| 174,732,785.61
Ending Balance
171,562,233.05| 171,562,233.05
Gross P&I Distribution
4,247,698.60| 4,247,698.60
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
4,247,698.60| 4,247,698.60
|
Beginning Loan Count
1730| 1730
Number of Loan Payoffs
22| 22
Ending Loan Count
1708| 1708
|
Weighted Average Maturity
270.7100165900| 270.7100165900
Weighted Average Gross Rate
7.777241730%| 7.777241730%
Weighted Average Net Rate
7.397439710%| 7.397439710%
Weighted Average Pass-Through Rate
7.362437810%| 7.362437810%
Weighted Average Margin
2.351500000%| 2.351500000%
|
Advances on Delinquencies
|
Current Period Principal
9,890.03| 9,890.03
Current Period Interest
34,575.36| 34,575.36
Exhibit 21.1 Page 14
Structured
Asset Securities Corporation, Series 1996-5
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: December 1996
Phone: (410) 884-2080
11000 Broken Land Parkway
Distribution Date: January 27, 1997
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
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
____________________________________________________________
____________________________________________________________
___________________________________________
Reserve Fund - Interest Reserve Fun
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
4.58351787% 7,863,585.61 171,562,233.05
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
___________________________________________________________
Senior 3,170,552.56 100.00000000%
100.00000000% 100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
