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Previous: SOUTHERN PACIFIC SECURED ASSETS CORP SERIES 1996-4, 8-K, 1997-03-19 |
Next: SALOMON BROS MORT SEC VII INC AST BK FL RTE CER SE 1997-LB1, 8-K, 1997-03-19 |
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: February 18, 1997
(Date of earliest event reported)
Commission File No.: 033-99598-03
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)
(State or other jurisdiction of incorporation or organization)
Applied For
(IRS Employer Identification Number)
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 February 18, 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 February 18,1997, 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: March 12, 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 February 18,1997, distribution
<TABLE>
<CAPTION>
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: January 1997
Distribution Date: February 18, 1997
Contact: Patrick Benz
Phone: (410) 884-2076
InvestorDirect: (800) 605-4167
Series Structure Summary
Class Original Principal
Class Description Principal Type Interest Type Balance Pass Through Rate
<S> <C> <C> <C> <C> <C>
A Senior Sequential Pay WANR 164,573,000.00 6.76550000%
B1 Subordinate Prorata WANR 2,572,000.00 6.76550000%
B2 Subordinate Prorata WANR 1,285,000.00 6.76550000%
B3 Subordinate Prorata WANR 857,000.00 6.76550000%
B4 Subordinate Prorata WANR 1,115,000.00 6.76550000%
B5 Subordinate Prorata WANR 514,000.00 6.76550000%
B6 Subordinate Prorata WANR 514,801.69 6.76550000%
R Residual Sequential Pay WANR 100.00 6.76550000%
Totals 171,430,901.69
<CAPTION>
Series Structure Summary
Aggregate Realized Aggregate Ending
Losses Principal Aggregate Interest Undistributed Principal
Class Balance Reduction Shortfall Principal Factor
<S> <C> <C> <C> <C>
A 0.00 0.00 0.00 0.9955614870
B1 0.00 0.00 0.00 0.9998779977
B2 0.00 0.00 0.00 0.9998780000
B3 0.00 0.00 0.00 0.9998779930
B4 0.00 0.00 0.00 0.9998780000
B5 0.00 0.00 0.00 0.9998779961
B6 0.00 0.00 0.00 0.9998779919
R 0.00 0.00 0.00 1.0000000000
Totals 0.00 0.00 0.00 0.9957341642
<CAPTION>
Class Distribution Summary
Beginning
Pass Through Principal Total Interest
Class Record Date Rate Balance Distribution
<S> <C> <C> <C> <C>
A 01/31/1997 6.76550000% 164,573,000.00 927,848.87
B1 01/31/1997 6.76550000% 2,572,000.00 14,500.72
B2 01/31/1997 6.76550000% 1,285,000.00 7,244.72
B3 01/31/1997 6.76550000% 857,000.00 4,831.69
B4 01/31/1997 6.76550000% 1,115,000.00 6,286.28
B5 01/31/1997 6.76550000% 514,000.00 2,897.89
B6 01/31/1997 6.76550000% 514,801.69 2,902.41
R 01/31/1997 6.76550000% 100.00 0.56
Totals 171,430,901.69 966,513.14
<CAPTION>
Principal Ending
Total Principal Balance Principal Total
Class Distribution Reduction Balance Distribution
<S> <C> <C> <C> <C>
A 730,459.40 0.00 163,842,540.60 1,658,308.27
B1 313.79 0.00 2,571,686.21 14,814.51
B2 156.77 0.00 1,284,843.23 7,401.49
B3 104.56 0.00 856,895.44 4,936.25
B4 136.03 0.00 1,114,863.97 6,422.31
B5 62.71 0.00 513,937.29 2,960.60
B6 62.81 0.00 514,738.88 2,965.22
R 0.00 0.00 100.00 0.56
Totals 731,296.07 0.00 170,699,605.62 1,697,809.21
<CAPTION>
Class Principal Distribution
Beginning
Principal Scheduled Unscheduled Other
Class Balance Principal Principal Accretion Principal
<S> <C> <C> <C> <C> <C>
A 164,573,000.00 20,078.37 710,381.03 0.00 0.00
B1 2,572,000.00 313.79 0.00 0.00 0.00
B2 1,285,000.00 156.77 0.00 0.00 0.00
B3 857,000.00 104.56 0.00 0.00 0.00
B4 1,115,000.00 136.03 0.00 0.00 0.00
B5 514,000.00 62.71 0.00 0.00 0.00
B6 514,801.69 62.81 0.00 0.00 0.00
R 100.00 0.00 0.00 0.00 0.00
Totals 171,430,901.69 20,915.04 710,381.03 0.00 0.00
<CAPTION>
Principal Ending Current
Total Principal Balance Principal Undistributed
Class Distribution Reduction* Balance Principal
<S> <C> <C> <C> <C>
A 730,459.40 0.00 163,842,540.60 0.00
B1 313.79 0.00 2,571,686.21 0.00
B2 156.77 0.00 1,284,843.23 0.00
B3 104.56 0.00 856,895.44 0.00
B4 136.03 0.00 1,114,863.97 0.00
B5 62.71 0.00 513,937.29 0.00
B6 62.81 0.00 514,738.88 0.00
R 0.00 0.00 100.00 0.00
Totals 731,296.07 0.00 170,699,605.62 0.00
<CAPTION>
*Principal Balance Reduction
<S> <C>
Realized Losses Principal Balance Reduction 0.00
Negative Amortization Principal Balance Reduction 0.00
Other 0.00
<CAPTION>
Class Interest Distribution
Beginning
Principal/ Interest
Notional Interest Shortfall/
Class Pass-Through Rate Balance Accrual (Recovery) Accretion
<S> <C> <C> <C> <C> <C>
A 6.76550000% 164,573,000.00 927,848.86 0.00 0.00
B1 6.76550000% 2,572,000.00 14,500.72 0.00 0.00
B2 6.76550000% 1,285,000.00 7,244.72 0.00 0.00
B3 6.76550000% 857,000.00 4,831.69 0.00 0.00
B4 6.76550000% 1,115,000.00 6,286.28 0.00 0.00
B5 6.76550000% 514,000.00 2,897.89 0.00 0.00
B6 6.76550000% 514,801.69 2,902.41 0.00 0.00
R 6.76550000% 100.00 0.56 0.00 0.00
Totals 966,513.13 0.00 0.00
<CAPTION>
Negative Ending
Amortization Principal/
Other Interest Total Interest Notional
Class Interest Reduction Distribution Balance
<S> <C> <C> <C> <C>
A 0.01 0.00 927,848.87 163,842,540.60
B1 0.00 0.00 14,500.72 2,571,686.21
B2 0.00 0.00 7,244.72 1,284,843.23
B3 0.00 0.00 4,831.69 856,895.44
B4 0.00 0.00 6,286.28 1,114,863.97
B5 0.00 0.00 2,897.89 513,937.29
B6 0.00 0.00 2,902.41 514,738.88
R 0.00 0.00 0.56 100.00
Totals 0.01 0.00 966,513.14
<CAPTION>
Fund Account Summary
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 969,013.17
Scheduled Principal 20,915.04
Other Principal 710,381.03
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 1,700,309.24
WITHDRAWALS:
Interest Payments 966,513.14
Scheduled Principal Payment 20,915.04
Other Principal Payments 710,381.03
Reserve Fund 1 0.00
Fees and Expenses 2,500.03
Other Withdrawals 0.00
Total Withdrawals 1,700,309.24
Ending Balance 0.00
<CAPTION>
Loss/Delinquency Detail
Current Current Current Current Total Aggregate
Fraud Bankruptcy Special Hazard Credit Current Fraud
Pool # Losses Losses Losses Losses Losses Losses
<S> <C> <C> <C> <C> <C> <C>
X 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
<CAPTION>
Aggregate Aggregate Aggregate Total
Bankruptcy Special Hazard Credit Aggregate
Pool # Losses Losses Losses Losses
<S> <C> <C> <C> <C> <C>
X 0.00 0.00 0.00 0.00
Totals 0.00 0.00 0.00 0.00
<CAPTION>
Pool Initial Loss Current Loss Current Loss
# Loss Type Limit Amount Limit Amount Limit Percent
<S> <C> <C> <C> <C>
X Bankruptcy Losses 200,000.00 200,000.00 0.11716489%
X Fraud Losses 1,714,309.00 1,714,309.00 1.00428410%
X Special Hazard Losses 3,500,000.00 3,500,000.00 2.05038552%
<CAPTION>
Collateral Summary
Total| Pool X
<S> <C> <C>
Monthly P&I Constant 994,830.84| 994,830.84
|
Positive Amortization 20,915.04| 20,915.04
Negative Amortization 0.00| 0.00
Regular Curtailments 379,772.31| 379,772.31
Regular Curtailment Interest 0.00| 0.00
Prepaid Curtailments 27,441.81| 27,441.81
Prepaid Curtailment Interest 0.00| 0.00
Liquidations 320,000.00| 320,000.00
Principal Adjustments (16,833.09)| (16,833.09)
Total Principal Trust Distribution 731,296.07| 731,296.07
|
Scheduled Interest 973,915.80| 973,915.80
Servicing Fee 4,902.63| 4,902.63
Master Servicing Fee 2,500.03| 2,500.03
Spread 0.00| 0.00
Total Pass-Through Interest 966,513.14| 966,513.14
|
Beginning Balance 171,430,901.69| 171,430,901.69
Ending Balance 170,699,605.62| 170,699,605.62
Gross P&I Distribution 1,700,309.24| 1,700,309.24
Realized Losses/(Gains) 0.00| 0.00
Net P&I Trust Distribution 1,700,309.24| 1,700,309.24
|
Beginning Loan Count 297| 297
Number of Loan Payoffs 1| 1
Ending Loan Count 296| 296
|
Weighted Average Maturity 0.0000000000| 0.0000000000
Weighted Average Gross Rate 6.817317920%| 6.817317924%
Weighted Average Net Rate 6.783000000%| 6.783000000%
Weighted Average Pass-Through Rate 6.765500000%| 6.765500000%
Weighted Average Margin 0.000000000%| 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00
Current Period Interest 0.00| 0.00
|
|
<CAPTION>
Credit Enhancement Summary
Initial Current Current
Coverage Period Period Cumulative
Type/Purpose Amount Losses Additions Losses
<S> <C> <C> <C> <C>
Subordination 6,857,801.69 0.00 0.00 0.00
<CAPTION>
Current Current Current
Coverage Coverage Pool
Type/Purpose Percentage Amount Balance
<S> <C> <C> <C>
Subordination 4.01697766% 6,856,965.02 170,699,605.62
<CAPTION>
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
<S> <C> <C> <C>
X Senior 95.99967006% 100.00000000%
X Subordinate 4.00032994% 0.00000000%
</TABLE>
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