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): March 17, 1997
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1997-01 Trust
(Exact name of registrant as specified in its charter)
New York (governing law
of Pooling and
Servicing Agreement) 033-99598-03 Applied For
(State or other jurisdiction (Commission (I.R.S. Employer
of 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 March 17, 1997, a distribution was made to holders of Structured Asset
Securities Corporation, Mortgage Pass-Through Certificates, Series 1997-01
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 1997-01 Trust, relating to the March
17, 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 1997-01 Trust
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Trustee
By: /s/Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice president
Date: April 7, 1997
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1997-01 Trust, relating to the March
17, 1997, distribution
Structured Asset Securities Corporation, Series 1997-1
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: February 1997
Distribution Date: March 17, 1997
Contact: Patrick Benz
Phone: (410) 884-2076
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
Original Aggregate Realized Aggregate Aggregate Ending
Class Principal Pass Losses Principal Interest Undistrib. Principal
Class Description Principal Type Interest Type Balance Through Rate Balance Reduction Shortfall Principal Factor
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A Senior Sequential Pay WANR 164,573,000.00 6.76349998% 0.00 0.00 0.00 0.9880187370
B1 Subordinate Prorata WANR 2,572,000.00 6.76349998% 0.00 0.00 0.00 0.9997266407
B2 Subordinate Prorata WANR 1,285,000.00 6.76349998% 0.00 0.00 0.00 0.9997266459
B3 Subordinate Prorata WANR 857,000.00 6.76349998% 0.00 0.00 0.00 0.9997266394
B4 Subordinate Prorata WANR 1,115,000.00 6.76349998% 0.00 0.00 0.00 0.9997266457
B5 Subordinate Prorata WANR 514,000.00 6.76349998% 0.00 0.00 0.00 0.9997266342
B6 Subordinate Prorata WANR 514,801.69 6.76349998% 0.00 0.00 0.00 0.9997266326
R Residual Sequential Pay WANR 100.00 6.76349998% 0.00 0.00 0.00 1.0000000000
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 171,430,901.69 0.00 0.00 0.00 0.9884870988
</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 02/28/1997 6.76349998% 163,842,540.60 923,457.51 1,241,333.00 0.00 162,601,207.60 2,164,790.51
B1 02/28/1997 6.76349998% 2,571,686.21 14,494.67 389.29 0.00 2,571,296.92 14,883.96
B2 02/28/1997 6.76349998% 1,284,843.23 7,241.70 194.49 0.00 1,284,648.74 7,436.19
B3 02/28/1997 6.76349998% 856,895.44 4,829.68 129.71 0.00 856,765.73 4,959.39
B4 02/28/1997 6.76349998% 1,114,863.97 6,283.65 168.76 0.00 1,114,695.21 6,452.41
B5 02/28/1997 6.76349998% 513,937.29 2,896.68 77.80 0.00 513,859.49 2,974.48
B6 02/28/1997 6.76349998% 514,738.88 2,901.20 77.92 0.00 514,660.96 2,979.12
R 02/28/1997 6.76349998% 100.00 0.56 0.00 0.00 100.00 0.56
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 170,699,605.62 962,105.65 1,242,370.97 0.00 169,457,234.65 2,204,476.62
</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 863572NX7 164,573,000.00 5.61123337 0.15070376 7.39204627 7.54275003 0.00000000 0.9880187370
B1 863572NT6 2,572,000.00 5.63556376 0.15135692 0.00000000 0.15135692 0.00000000 0.9997266407
B2 863572NU3 1,285,000.00 5.63556420 0.15135409 0.00000000 0.15135409 0.00000000 0.9997266459
B3 863572NV1 857,000.00 5.63556593 0.15135356 0.00000000 0.15135356 0.00000000 0.9997266394
B4 N/A 1,115,000.00 5.63556054 0.15135426 0.00000000 0.15135426 0.00000000 0.9997266457
B5 N/A 514,000.00 5.63556420 0.15136187 0.00000000 0.15136187 0.00000000 0.9997266342
B6 N/A 514,801.69 5.63556813 0.15135925 0.00000000 0.15135925 0.00000000 0.9997266326
R 863572NW9 100.00 5.60000000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
- ------------------------------------------------------------------------------------------------------------------------------
Totals 171,430,901.69 0.9884870988
</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>
A 163,842,540.60 24,801.77 1,216,531.23 0.00 0.00 1,241,333.00 0.00 162,601,207.60 0.00
B1 2,571,686.21 389.29 0.00 0.00 0.00 389.29 0.00 2,571,296.92 0.00
B2 1,284,843.23 194.49 0.00 0.00 0.00 194.49 0.00 1,284,648.74 0.00
B3 856,895.44 129.71 0.00 0.00 0.00 129.71 0.00 856,765.73 0.00
B4 1,114,863.97 168.76 0.00 0.00 0.00 168.76 0.00 1,114,695.21 0.00
B5 513,937.29 77.80 0.00 0.00 0.00 77.80 0.00 513,859.49 0.00
B6 514,738.88 77.92 0.00 0.00 0.00 77.92 0.00 514,660.96 0.00
R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 170,699,605.62 25,839.74 1,216,531.23 0.00 0.00 1,242,370.97 0.00 169,457,234.65 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 0.00
Negative Amortization Principal Balance Reduction 0.00
Other 0.00
</FN>
</TABLE>
<TABLE>
<CAPTION>
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
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A 6.76349998%163,842,540.60 923,457.52 0.00 0.00 (0.01) 0.00 923,457.51 162,601,207.60
B1 6.76349998% 2,571,686.21 14,494.67 0.00 0.00 0.00 0.00 14,494.67 2,571,296.92
B2 6.76349998% 1,284,843.23 7,241.70 0.00 0.00 0.00 0.00 7,241.70 1,284,648.74
B3 6.76349998% 856,895.44 4,829.68 0.00 0.00 0.00 0.00 4,829.68 856,765.73
B4 6.76349998% 1,114,863.97 6,283.65 0.00 0.00 0.00 0.00 6,283.65 1,114,695.21
B5 6.76349998% 513,937.29 2,896.68 0.00 0.00 0.00 0.00 2,896.68 513,859.49
B6 6.76349998% 514,738.88 2,901.20 0.00 0.00 0.00 0.00 2,901.20 514,660.96
R 6.76349998% 100.00 0.56 0.00 0.00 0.00 0.00 0.56 100.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 962,105.66 0.00 0.00 (0.01) 0.00 962,105.65
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
- ------------------------------------------------------------------------------------------------------------------------------------
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 964,595.02
Scheduled Principal 25,839.74
Other Principal 1,216,531.23
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 2,206,965.99
WITHDRAWALS:
Interest Payments 962,105.65
Scheduled Principal Payment 25,839.74
Other Principal Payments 1,216,531.23
Reserve Fund 1 0.00
Fees and Expenses 2,489.37
Other Withdrawals 0.00
Total Withdrawals 2,206,965.99
Ending Balance 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</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 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
</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 200,000.00 200,000.00 0.11802388%
X Fraud Losses 1,714,309.00 1,714,309.00 1.01164698%
X Special Hazard Losses 3,500,000.00 3,500,000.00 2.06541787%
- ------------------------------------------------------------------------------------------------------------------------------------
Totals
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool X
------------------------------------------------------------------------------------
<S> <C> <C>
Monthly P&I Constant 1,022,605.50| 1,022,605.50
|
Positive Amortization 25,839.74| 25,839.74
Negative Amortization 0.00| 0.00
Regular Curtailments 411,972.83| 411,972.83
Regular Curtailment Interest 0.00| 0.00
Prepaid Curtailments 0.00| 0.00
Prepaid Curtailment Interest 20,247.96| 20,247.96
Liquidations 767,262.91| 767,262.91
Principal Adjustments 17,047.53| 17,047.53
Total Principal Trust Distribution 1,242,370.97| 1,242,370.97
|
Scheduled Interest 996,765.76| 996,765.76
Servicing Fee 32,170.74| 32,170.74
Master Servicing Fee 2,489.37| 2,489.37
Spread 0.00| 0.00
Total Pass-Through Interest 962,105.65| 962,105.65
|
Beginning Balance 170,699,605.62| 170,699,605.62
Ending Balance 169,457,234.65| 169,457,234.65
Gross P&I Distribution 2,206,965.99| 2,206,965.99
Realized Losses/(Gains) 0.00| 0.00
Net P&I Trust Distribution 2,206,965.99| 2,206,965.99
|
Beginning Loan Count 296| 296
Number of Loan Payoffs 2| 2
Ending Loan Count 294| 294
|
Weighted Average Maturity 0.0000000000| 0.0000000000
Weighted Average Gross Rate 7.007156850%| 7.007156850%
Weighted Average Net Rate 6.780999980%| 6.780999980%
Weighted Average Pass-Through Rate 6.763499980%| 6.763499980%
Weighted Average Margin 0.000000000%| 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00
Current Period Interest 0.00| 0.00
|
|
<FN>
Notes:
WAM information is not available
</FN>
</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>
Subordination 6,857,801.69 0.00 0.00 0.00 4.04581549% 6,855,927.05 169,457,234.65
</TABLE>
<TABLE>
<CAPTION>
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
- ----------------------------------------------------
<S> <C> <C>
X Senior 95.98302234% 100.00000000%
X Subordinate 4.01697766% 0.00000000%
</TABLE>
