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): December 26, 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 December 26, 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 December 26,
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: January 2, 1998
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 December 26,
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: November 1997
Distribution Date: December 26, 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 0.7463001636
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 7.60220738% 0.00 0.00 0.00 1.0000000000
B2 Subordinate Sequential Pay WANR 3,232,000.00 7.60220738% 0.00 0.00 0.00 1.0000000000
B3 Subordinate Sequential Pay WANR 1,660,000.00 7.60220738% 0.00 0.00 0.00 1.0000000000
B4 Subordinate Sequential Pay WANR 1,660,585.61 7.60220738% 150,003.03 0.00 0.00 0.9118768348
R1 Residual Sequential Pay Reduced PT 100.00 7.45220738% 0.00 0.00 0.00 1.0000000000
R2 Residual Sequential Pay Reduced PT 100.00 7.45220738% 0.00 0.00 0.00 1.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 174,732,785.61 150,003.03 0.00 0.00 0.7568803478
</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 11/28/1997 6.43750000% 128,484,613.49 689,266.42 3,950,251.49 0.00 124,534,362.00 4,639,517.91
A2 11/28/1997 0.00000000% 0.00 108,645.26 0.00 0.00 0.00 108,645.26
B1 11/28/1997 7.60220738% 1,311,000.00 8,305.41 0.00 0.00 1,311,000.00 8,305.41
B2 11/28/1997 7.60220738% 3,232,000.00 20,475.28 0.00 0.00 3,232,000.00 20,475.28
B3 11/28/1997 7.60220738% 1,660,000.00 10,516.39 0.00 0.00 1,660,000.00 10,516.39
B4 11/28/1997 7.60220738% 1,514,181.95 9,525.00 0.00 0.00 1,514,249.55 9,525.00
R1 11/28/1997 7.45220738% 100.00 0.62 0.00 0.00 100.00 0.62
R2 11/28/1997 7.45220738% 100.00 0.62 0.00 0.00 100.00 0.62
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 136,201,995.44 846,735.00 3,950,251.49 0.00 132,251,811.55 4,796,986.49
</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 4.13058399 1.48344372 22.18932648 23.67277020 0.00000000 0.7463001636
A2 863572NL3 0.00 N/A N/A N/A N/A N/A N/A
B1 NA 1,311,000.00 6.33517162 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
B2 N/A 3,232,000.00 6.33517327 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
B3 N/A 1,660,000.00 6.33517470 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
B4 N/A 1,660,585.61 5.73592830 0.00000000 0.00000000 0.00000000 (0.04070853) 0.9118768348
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 0.7568803478
</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 128,484,613.49 247,540.77 3,702,710.72 0.00 0.00 3,950,251.49 0.00 124,534,362.00 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 1,514,181.95 0.00 0.00 0.00 0.00 0.00 (67.60) 1,514,249.55 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 136,201,995.44 247,540.77 3,702,710.72 0.00 0.00 3,950,251.49 (67.60) 132,251,811.55 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 0.00
Negative Amortization Principal Balance Reduction (67.60)
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% 128,484,613.49 689,266.42 0.00 0.00 0.00 0.00 689,266.42 124,534,362.00
A2 0.00000000% 0.00 108,645.26 0.00 0.00 0.00 0.00 108,645.26 0.00
B1 7.60220738% 1,311,000.00 8,305.41 0.00 0.00 0.00 0.00 8,305.41 1,311,000.00
B2 7.60220738% 3,232,000.00 20,475.28 0.00 0.00 0.00 0.00 20,475.28 3,232,000.00
B3 7.60220738% 1,660,000.00 10,516.39 0.00 0.00 0.00 0.00 10,516.39 1,660,000.00
B4 7.60220738% 1,514,181.95 9,592.60 0.00 0.00 0.00 67.60 9,525.00 1,514,249.55
R1 7.45220738% 100.00 0.62 0.00 0.00 0.00 0.00 0.62 100.00
R2 7.45220738% 100.00 0.62 0.00 0.00 0.00 0.00 0.62 100.00
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 846,802.60 0.00 0.00 0.00 67.60 846,735.00
<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 866,835.59
Scheduled Principal 247,540.77
Other Principal 3,702,710.72
Negative Amortization (67.60)
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 4,817,019.48
WITHDRAWALS:
Interest Payments 846,735.00
Scheduled Principal Payment 247,540.77
Other Principal Payments 3,702,710.72
Reserve Fund 1 0.00
Fees and Expenses 20,032.99
Other Withdrawals 0.00
Total Withdrawals 4,817,019.48
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 0.00 150,003.03 150,003.03
- -----------------------------------------------------------------------------------------------------------------------------------
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 0.07561333%
X Fraud Losses 5,241,984.00 5,241,984.00 3.96363871%
X Special Hazard Losses 2,007,404.00 1,973,183.70 1.49198992%
</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 96 9,232,808.50 35 2,599,009.38 14 1,199,351.70 13 1,413,387.04
- ---------------------------------------------------------------------------------------------------------------
Totals 96 9,232,808.50 35 2,599,009.38 14 1,199,351.70 13 1,413,387.04
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
X 3 558,805.24 161 15,003,361.86
- -------------------------------------------------------------
Totals 3 558,805.24 161 15,003,361.86
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool X
--------------------------------------------------
<S> <C> <C>
Monthly P&I Constant 1,157,482.35| 1,157,482.35
|
Positive Amortization 247,540.77| 247,540.77
Negative Amortization (67.60)| (67.60)
Regular Curtailments 59,045.01| 59,045.01
Regular Curtailment Interest 390.27| 390.27
Prepaid Curtailments 12,482.75| 12,482.75
Prepaid Curtailment Interest (15.09)| (15.09)
Liquidations 3,630,725.86| 3,630,725.86
Principal Adjustments 81.92| 81.92
Total Principal Trust Distribution 3,950,183.89| 3,950,183.89
|
Scheduled Interest 910,009.18| 910,009.18
Servicing Fee 43,173.59| 43,173.59
Master Servicing Fee 3,972.41| 3,972.41
Spread 0.00| 0.00
Total Pass-Through Interest 862,863.18| 862,863.18
|
Beginning Balance 136,201,995.44| 136,201,995.44
Ending Balance 132,251,811.55| 132,251,811.55
Gross P&I Distribution 4,817,019.48| 4,817,019.48
Realized Losses/(Gains) 0.00| 0.00
Net P&I Trust Distribution 4,817,019.48| 4,817,019.48
|
Beginning Loan Count 1497| 1497
Number of Loan Payoffs 24| 24
Ending Loan Count 1473| 1473
|
Weighted Average Maturity 252.7869360000| 252.7869360000
Weighted Average Gross Rate 8.017584560%| 8.017584560%
Weighted Average Net Rate 7.637206080%| 7.637206080%
Weighted Average Pass-Through Rate 7.602207380%| 7.602207380%
Weighted Average Margin 2.298200000%| 2.298200000%
|
Advances on Delinquencies |
Current Period Principal 24,566.14| 24,566.14
Current Period Interest 100,139.69| 100,139.69
</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 5.83526945% 7,717,249.55 132,251,811.55
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 3,950,251.49 100.00000000% 100.00000000% 100.00000000%
Subordinate 0.00 0.00000000% 0.00000000% 0.00000000%
</TABLE>
