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
Southern Pacific Secured Assets Corp., Series 1996-4
(Exact name of registrant as specified in its charter)
California 33-15473
Applied For
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization) Number)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
New York, New York 10285-
0800
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code (410) 884-
2000
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 6-12
as of January 25, 1997.
Exhibit 21.1 Page 6
Southern
Pacific Secured Assets Corporation, Series 1996-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: December 1996
Phone: (410) 884-2098
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
- -1 Senior Pass Through Variable
190,000,000.00 5.81266000% 0.00
0.00 0.00 0.9891993283
A-2 Senior Pass Through Fixed
50,000,000.00 6.80000000% 0.00
0.00 0.00 0.9937157748
I S Subordinate Support Accretion
0.00 3.75880318% 0.00 0.00
0.00
II S Subordinate Support Accretion
0.00 3.06026360% 0.00 0.00
0.00
R Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
Totals
240,000,000.00 0.00
0.00 0.00 0.9913207515
Exhibit 21.1 Page 7
Southern Pacific Secured Assets Corporation, Series 1996-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: December 1996 Phone:
(410) 884-2098
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
A-1 12/31/1996 5.81266000%
190,000,000.00 1,380,506.75 2,052,127.63
0.00 187,947,872.37 3,432,634.38
A-2 12/31/1996 6.80000000%
50,000,000.00 283,333.33 314,211.26
0.00 49,685,788.74 597,544.59
I S 12/31/1996 3.75880318%
0.00 0.00 0.00
499,845.18 134,974.92 0.00
II S 12/31/1996 3.06026360%
0.00 0.00 0.00
(20,833.33) 148,344.32 0.00
R 12/31/1996 0.00000000%
0.00 0.00 0.00
20,833.34 0.00 0.00
Totals
240,000,000.00 1,663,840.08 2,366,338.89
499,845.19 237,916,980.35 4,030,178.97
Exhibit 21.1 Page 8
Southern Pacific Secured Assets Corporation, Series 1996-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services Reporting
Month: December 1996 Phone:
(410) 884-2098
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
A-1 N/A 190,000,000.00
7.26582500 0.33481284 9.75546458 10.80067174
0.00000000 0.9891993283
A-2 N/A 50,000,000.00
5.66666660 0.40464660 2.91269220 6.28422520
0.00000000 0.9937157748
I S N/A 0.00
N/A N/A N/A N/A
N/A N/A
II S N/A 0.00
N/A N/A N/A N/A
N/A N/A
R N/A 0.00
N/A N/A N/A N/A
N/A N/A
Totals 240,000,000.00
0.9913207515
Exhibit 21.1 Page 9
Southern Pacific Secured Assets Corporation, Series 1996-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: December 1996
Phone: (410) 884-2098
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
A-1 190,000,000.00 63,614.44
1,853,538.27 134,974.92 0.00
2,052,127.63 0.00 187,947,872.37
0.00
A-2 50,000,000.00 20,232.33
145,634.61 148,344.32 0.00
314,211.26 0.00 49,685,788.74
0.00
I S 0.00 0.00
0.00 (634,820.09) 0.00 0.00
499,845.18 134,974.92 0.00
II S 0.00 0.00
0.00 (127,510.98) 0.00 0.00
(20,833.33) 148,344.32 0.00
R 0.00 0.00
0.00 (20,833.33) 0.00 0.00
20,833.34 0.00 0.00
Totals 240,000,000.00 83,846.77
1,999,172.88 (499,845.16) 0.00
2,366,338.89 499,845.19 237,916,980.35
0.00
Exhibit 21.1 Page 10
Southern Pacific Secured Assets Corporation, Series 1996-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: December 1996
Phone: (410) 884-2098
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
A-1 5.81266000% 190,000,000.00
981,693.69 (398,813.06) 0.00
0.00 0.00 1,380,506.75 187,947,872.37
A-2 6.80000000% 50,000,000.00
283,333.33 0.00 0.00
0.00 0.00 283,333.33 49,685,788.74
I S 3.75880318% 190,000,000.00
634,820.09 0.00 634,820.09
0.00 0.00 0.00 188,082,847.29
II S 3.06026360% 50,000,000.00
127,510.98 0.00 127,510.98
0.00 0.00 0.00 49,834,133.06
R 0.00000000% 0.00
20,833.33 0.00 20,833.33 0.00
0.00 0.00 0.00
Totals
2,048,191.42 (398,813.06) 783,164.40
0.00 0.00 1,663,840.08
Exhibit 21.1 Page 11
Southern Pacific Secured Assets Corporation, Series 1996-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: December 1996
Phone: (410) 884-2098
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 1,948,659.32
Interest Payments 1,663,840.08
Scheduled Principal 83,846.77
Scheduled Principal Payment 83,846.77
Other Principal 1,999,172.88
Other Principal Payments 2,282,492.12
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 1,500.00
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
4,031,678.97 Total Withdrawals
4,031,678.97
Ending Balance
0.00
Exhibit 21.1 Page 12
Southern Pacific Secured Assets Corporation, Series 1996-04
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services Reporting
Month: December 1996 Phone:
(410) 884-2098
11000 Broken Land Parkway
Distribution Date: January 27, 1997
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1 Pool 2
____________________________________________________________
_____________________________________________
Monthly P&I Constant
2,107,666.10| 1,639,475.24 468,190.86
|
Positive Amortization
83,846.77| 63,614.44 20,232.33
Negative Amortization
0.00| 0.00 0.00
Regular Curtailments
10,853.01| 5,300.49 5,552.52
Regular Curtailment Interest
0.00| 0.00 0.00
Prepaid Curtailments
0.00| 0.00 0.00
Prepaid Curtailment Interest
0.00| 0.00 0.00
Liquidations
2,000,832.92| 1,865,404.09 135,428.83
Principal Adjustments
(12,513.05)| (17,166.31) 4,653.26
Total Principal Trust Distribution
2,083,019.65| 1,917,152.71 165,866.94
|
Scheduled Interest
2,023,819.33| 1,575,860.80 447,958.53
Servicing Fee
75,160.01| 59,191.63 15,968.38
Master Servicing Fee
1,500.00| 1,187.50 312.50
Spread
0.00| 0.00 0.00
Total Pass-Through Interest
1,947,159.32| 1,515,481.67 431,677.65
|
Beginning Balance
240,000,000.00| 190,000,000.00 50,000,000.00
Ending Balance
237,916,980.35| 188,082,847.29 49,834,133.06
Gross P&I Distribution
4,031,678.97| 3,433,821.88 597,857.09
Realized Losses/(Gains)
0.00| 0.00 0.00
Net P&I Trust Distribution
4,031,678.97| 3,433,821.88 597,857.09
|
Beginning Loan Count
1688| 1157 531
Number of Loan Payoffs
18| 16 2
Ending Loan Count
1670| 1141 529
|
