UNITED STATES
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): June 25, 1997
Southern Pacific Secured Assets Corporation,
Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-04 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling
and Servicing Agreement) 333-15473-01 52-2011594
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
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 June 25, 1997, a distribution was made to holders of Southern Pacific
Secured Assets Corporation, Mortgage Loan Asset-Backed Pass-Through
Certificates, Series 1996-04 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
Loan Asset-Backed Pass-Through Certificates,
Series 1996-04 Trust, relating to the June 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.
Southern Pacific Secured Assets Corporation,
Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-04 Trust
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Trustee
By: /s/Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice President
Date: June 7, 1997
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 - Monthly report distributed to holders of Mortgage Loan
Asset-Backed Pass-Through Certificates, Series 1996-04 Trust,
relating to the June 25, 1997, distribution
Southern Pacific Secured Assets Corporation, Series 1996-04
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: May 1997
Distribution Date: June 25, 1997
Contact: Ty Wilkins
Phone: (410) 884-2120
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
Collateral Summary ......................................................... 8
<TABLE>
<CAPTION>
Series Structure Summary
Aggregate
Realized
Losses
Original Principal Aggregate Aggregate Ending
Class Principal Pass-Through Balance Interest Undistributed Principal
Class Description Principal Type Interest Type Balance Rate Reduction Shortfall Principal Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 Senior Pass Through Variable 190,000,000.00 5.90250000% 0.00 0.00 0.00 0.8946447123
A-2 Senior Pass Through Fixed 50,000,000.00 6.80000000% 0.00 0.00 0.00 0.9290807702
I S Subordinate Support Accretion 0.00 4.67133534% 0.00 0.00 0.00
II S Subordinate Support Accretion 0.00 4.43137709% 22,065.99 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 22,065.99 0.00 0.00 0.9189808499
</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>
A-1 05/30/1997 5.90250000% 176,318,377.53 838,357.15 6,335,882.20 0.00 169,982,495.33 7,174,239.35
A-2 05/30/1997 6.80000000% 47,008,665.55 266,382.44 554,627.04 0.00 46,454,038.51 821,009.48
I S 05/30/1997 4.67133534% 2,570,706.91 0.00 0.00 0.00 3,243,870.14 0.00
II S 05/30/1997 4.43137709% 782,650.22 84,134.68 0.00 84,134.68 875,000.00 84,134.68
R 05/30/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 226,680,400.21 1,188,874.27 6,890,509.24 84,134.68 220,555,403.98 8,079,383.51
</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>
A-1 843590AY6 190,000,000.00 4.41240605 0.38445358 29.41933047 33.34674842 0.00000000 0.8946447123
A-2 843590AZ3 50,000,000.00 5.32764880 0.58561620 8.65992900 11.09254080 0.00000000 0.9290807702
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 0.9189808499
</TABLE>
<TABLE>
<CAPTION>
Class Principal Distribution
Beginning Total Principal Ending Current
Principal Scheduled Unscheduled Other Principal Balance Principal Undistributed
Class Balance Principal Principal Accretion Principal Distribution Reduction* Balance Principal
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 176,318,377.53 73,046.18 5,589,672.79 673,163.23 0.00 6,335,882.20 0.00 169,982,495.33 0.00
A-2 47,008,665.55 29,280.81 432,996.45 92,349.78 0.00 554,627.04 0.00 46,454,038.51 0.00
I S 2,570,706.91 0.00 0.00 (673,163.23) 0.00 0.00 0.00 3,243,870.14 0.00
II S 782,650.22 0.00 0.00 (176,484.46) 0.00 0.00 84,134.68 875,000.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 226,680,400.21 102,326.99 6,022,669.24 (84,134.68) 0.00 6,890,509.24 84,134.68 220,555,403.98 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 84,134.68
Negative Amortization Principal Balance Reduction 0.00
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>
A-1 5.90250000% 176,318,377.53 838,357.15 0.00 0.00 0.00 0.00 838,357.15 169,982,495.33
A-2 6.80000000% 47,008,665.55 266,382.44 0.00 0.00 0.00 0.00 266,382.44 46,454,038.51
I S 4.67133534% 178,889,084.44 673,163.23 0.00 673,163.23 0.00 0.00 0.00 173,226,365.47
II S 4.43137709% 47,791,315.77 176,484.46 (84,134.68) 176,484.46 0.00 0.00 84,134.68 47,329,038.51
R 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 1,954,387.28 (84,134.68) 849,647.69 0.00 0.00 1,188,874.27
<FN>
Notes:
The current Accrual Period for Class A-1 Certificates is 28 days.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 1,983,719.91
Scheduled Principal 102,326.99
Other Principal 6,022,669.24
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 8,108,716.14
WITHDRAWALS:
Interest Payments 1,188,874.27
Scheduled Principal Payment 102,326.99
Other Principal Payments 6,788,182.25
Reserve Fund 1 0.00
Fees and Expenses 29,332.63
Other Withdrawals 0.00
Total Withdrawals 8,108,716.14
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool 1 Pool 2
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 2,180,417.14| 1,682,261.54 498,155.60
|
Positive Amortization 102,326.99| 73,046.18 29,280.81
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 110,781.27| 106,462.92 4,318.35
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 5,910,957.06| 5,482,256.83 428,700.23
Principal Adjustments 930.91| 953.04 (22.13)
Total Principal Trust Distribution 6,124,996.23| 5,662,718.97 462,277.26
|
Scheduled Interest 2,078,090.15| 1,609,215.36 468,874.79
Servicing Fee 94,370.24| 74,537.12 19,833.12
Master Servicing Fee 1,416.76| 1,118.06 298.70
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 1,954,387.27| 1,511,520.38 442,866.89
|
Beginning Balance 226,680,400.21| 178,889,084.44 47,791,315.77
Ending Balance 220,555,403.98| 173,226,365.47 47,329,038.51
Gross P&I Distribution 8,108,716.14| 7,197,397.21 911,318.93
Realized Losses/(Gains) 0.00| 0.00 0.00
Net P&I Trust Distribution 8,108,716.14| 7,197,397.21 911,318.93
|
Beginning Loan Count 2184| 1503 681
Number of Loan Payoffs 42| 35 7
Ending Loan Count 2142| 1468 674
|
Weighted Average Maturity 0.0000000000| 294.7500000000 306.4800000000
Weighted Average Gross Rate 11.000987190%| 10.794724770% 11.773054140%
Weighted Average Net Rate 10.501410300%| 10.294724760% 11.275061070%
Weighted Average Pass-Through Rate 10.346129270%| 10.139380280% 11.120017500%
Weighted Average Margin 0.000000000%| 0.000000000% 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00 0.00
Current Period Interest 0.00| 0.00 0.00
<FN>
Notes:
Total Pass-Through Interest = Scheduled Interest less Servicing Fee, Trustee
Fee, & MBIA Premium.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
Original Agency Ratings
S&P / DCR Moody's Classes
-----------------------------------------------------------------------------
<S> <C>
AAA Aaa A-1,A-2
Not Rated Not Rated I-S, II-S,
R
</TABLE>
<TABLE>
<CAPTION>
Subordination
Current Current Current
Period Period Pool
Additions Losses Balance
Initial Coverage Current Coverage
---------------------- -----------------------
Type Pool Carrier/Holder % ($MM) ($MM) ($MM) ($MM) % ($MM) Notes
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Group I Sub. Amt. 1 N/A 0.00% 0.0000 0.673163 0.000000 173.226365 1.87% 3.243870 N/A
Group II Sub. Amt. 2 N/A 0.00% 0.0000 0.092350 0.000000 47.329039 1.85% 0.875000 N/A
</TABLE>
<TABLE>
<CAPTION>
Additional Subordinated Amount Information
<S> <C>
Group I Required Subordination Amount 6,935,000.00
Group I Subordinated Amount (beginning) 2,570,706.91
Group I Subordination Increase Amount 673,163.23
Group I Subordinated Amount (ending) 3,243,870.14
Group II Required Subordination Amount 875,000.00
Group II Subordinated Amount (beginning) 782,650.22
Group II Subordination Increase Amount 92,349.78
Group II Subordinated Amount (ending) 875,000.00
</TABLE>
<TABLE>
<CAPTION>
Additional Credit Information
<S> <C>
Insured Payments 0.00
Substitution Amount 0.00
Loan Purchase Price 0.00
Group I Pre-Funding Account Balance 0.00
Group II Pre-Funding Account Balance 0.00
Group I Interest Coverage Account 0.00
Balance
Group II Interest Coverage Account 0.00
Balance
Group I Interest Coverage Addition 0.00
Group II Interest Coverage Addition 0.00
Group I Class A Available Funds Cap 0.00
Carry-Forward Amount
Group I Subsequent Mortage Loans 0 0.00
Added
Group II Subsequent Mortage Loans 0 0.00
Added
<FN>
Please see the Prospectus and Prospectus Supplement for detailed descriptions of
the credit enhancements.
</FN>
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY SUMMARY
$MM $MM $MM $MM $MM $MM $MM
Pool 30 - 59 60 - 89 90 + days Bankruptcy REO Foreclosure Total
days days
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Unpaid Principal Balance 1 8.196978 3.093343 0.470814 0.820218 0.000000 5.223633 17.804986
Percentage 1 4.73% 1.79% 0.27% 0.47% 0.00% 3.02% 10.28%
Number of Loans 1 53 21 2 10 0 43 129
Percentage 1 3.61% 1.43% 0.14% 0.68% 0.00% 2.93% 8.79%
Unpaid Principal Balance 2 1.337135 0.423252 0.000000 0.377896 0.000000 1.448353 3.586636
Percentage 2 2.83% 0.89% 0.00% 0.80% 0.00% 3.06% 7.58%
Number of Loans 2 20 8 0 5 0 16 49
Percentage 2 2.97% 1.19% 0.00% 0.74% 0.00% 2.37% 7.27%
Unpaid Principal Balance Total 9.534113 3.516595 0.470814 1.198114 0.000000 6.671986 21.391622
Percentage Total 4.32% 1.59% 0.21% 0.54% 0.00% 3.03% 9.70%
Number of Loans Total 73 29 2 15 0 59 178
Percentage Total 3.41% 1.35% 0.09% 0.70% 0.00% 2.75% 8.31%
Realized Losses 1 0.000000
Realized Losses 2 0.000000
<FN>
***30-39 day, 60-89 day, and 90+ day delinquencies do not include
Bankruptcies, REOs, or Foreclosures***
</FN>
</TABLE>
