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Previous: STRUCTURED ASSET SEC CORP MORT PASS THRO CERT SER 1997-01 TR, 8-K, 1997-03-19 |
Next: GSB FINANCIAL CORP, S-1, 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 25, 1996
(Date of earliest event reported)
Commission File No.: 333-14225
Salomon Brothers Mortgage Securities VII, Inc.,
Asset-Backed Floating Rate Certificates, Series 1997-LB1 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 25, 1997, a distribution was made to holders of The Salomon
Brothers Mortgage Securities VII, Inc., Asset-Backed Floating Rate
Certificates, Series 1997-LB1 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 Asset-Backed
Floating Rate Certificates, Series 1997-LB1 Trust, relating
to the February 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.
Salomon Bros Mortgage Securities VII, Inc., Asset-Backed
Floating Rate Certificates, Series 1997-LB1 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 Asset-Backed
Floating Rate Certificates, Series 1997-LB1 Trust, relating
to the February 25,1997, distribution.
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Series 1997-LB1
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: January 1997
Distribution Date: February 25, 1997
Contact: Todd Emerick
Phone: (410) 884-2173
Investor Direct: (800) 605-4167
Class Original Principal
Class Description Principal Type Interest Type Balance Pass Through Rate
<S> <C> <C> <C> <C> <C>
A Senior Sequential Pay Floater 197,311,222.00 5.72000000%
CE Subordinate Sequential Pay Variable 5,059,267.00 144.14162228%
R-1 Residual Sequential Pay Floater 100.00 336.00494828%
R-2 Residual Residual Floater 100.00 5.72000000%
Reserve Subordinate Prorata Variable 20,000.00 7.64507706%
Totals 202,390,689.00
<CAPTION>
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 0.00 0.9948581107
CE 0.00 0.00 0.00 1.0000000000
R-1 0.00 0.00 0.00 0.0000000000
R-2 0.00 0.00 0.00 0.0000000000
Reserve 0.00 0.00 0.00 0.9949860000
Totals 0.00 0.00 0.00 0.9949856748
<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 5.72000000% 197,311,222.00 909,166.26
CE 01/31/1997 144.14162228% 5,059,267.00 607,709.13
R-1 01/31/1997 336.00494828% 100.00 27.07
R-2 01/31/1997 5.72000000% 100.00 0.46
Reserve 01/31/1997 7.64507706% 20,000.00 123.17
Totals 202,390,689.00 1,517,026.09
<CAPTION>
Class Distribution Summary
Principal Ending
Total Principal Balance Principal Total
Class Distribution Reduction Balance Distribution
<S> <C> <C> <C> <C>
A 1,014,552.46 0.00 196,296,669.54 1,923,718.72
CE 0.00 0.00 5,059,267.00 607,709.13
R-1 100.00 0.00 0.00 127.07
R-2 100.00 0.00 0.00 100.46
Reserve 100.28 0.00 19,899.72 223.45
Totals 1,014,852.74 0.00 201,375,836.26 2,531,878.83
<CAPTION>
Component Distribution Summary
Beginning
Original Pass Through Principal Total Interest Total Principal
Component Balance Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C>
LT2 9,750.00 5.72000000% 9,750.00 44.93 50.14
LT3 10,250.00 9.16037300% 10,250.00 78.24 50.14
<CAPTION>
Component Distribution Summary
Principal Ending Ending
Balance Principal Total Principal
Component Reduction Balance Distribution Factor
<S> <C> <C> <C> <C>
LT2 0.00 9,699.86 95.07 0.9948574359
LT3 0.00 10,199.86 128.38 0.9951082927
<CAPTION>
Class Principal Distribution
Beginning
Principal Scheduled Unscheduled Other
Class Balance Principal Principal Accretion Principal
<S> <C> <C> <C> <C> <C>
A 197,311,222.00 120,524.56 894,027.90 0.00 0.00
CE 5,059,267.00 0.00 0.00 0.00 0.00
R-1 100.00 100.00 0.00 0.00 0.00
R-2 100.00 100.00 0.00 0.00 0.00
Reserve 20,000.00 11.92 88.36 0.00 0.00
Totals 202,390,689.00 120,736.48 894,116.26 0.00 0.00
<CAPTION>
Class Principal Distribution
Principal Ending Current
Total Principal Balance Principal Undistributed
Class Distribution Reduction* Balance Principal
<S> <C> <C> <C> <C>
A 1,014,552.46 0.00 196,296,669.54 0.00
CE 0.00 0.00 5,059,267.00 0.00
R-1 100.00 0.00 0.00 0.00
R-2 100.00 0.00 0.00 0.00
Reserve 100.28 0.00 19,899.72 0.00
Totals 1,014,852.74 0.00 201,375,836.26 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 5.72000000% 197,311,222.00 909,166.26 0.00 0.00
CE 144.14162228% 5,059,267.00 607,709.13 0.00 0.00
R-1 336.00494828% 100.00 27.07 0.00 0.00
R-2 5.72000000% 100.00 0.46 0.00 0.00
Reserve 7.64507706% 20,000.00 123.17 0.00 0.00
Totals 1,517,026.09 0.00 0.00
<CAPTION>
Class Interest Distribution
Negative Ending
Amortization Principal/
Other Interest Total Interest Notional
Class Interest Reduction Distribution Balance
<S> <C> <C> <C> <C>
A 0.00 0.00 909,166.26 196,296,669.54
CE 0.00 0.00 607,709.13 5,059,267.00
R-1 0.00 0.00 27.07 0.00
R-2 0.00 0.00 0.46 0.00
Reserve 0.00 0.00 123.17 19,899.72
Totals 0.00 0.00 1,517,026.09
<CAPTION>
Fund Account Summary
<S> <C>
Proceeds Account
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 1,545,568.82
Scheduled Principal 120,736.48
Other Principal 894,116.26
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 2,560,421.56
Beginning Balance 0.00
WITHDRAWALS:
Interest Payments 1,516,902.92
Scheduled Principal Payment 120,724.56
Other Principal Payments 894,027.90
Reserve Fund 1 223.45
Fees and Expenses 28,542.73
Other Withdrawals 0.00
Total Withdrawals 2,560,421.56
Ending Balance 0.00
<CAPTION>
Beginning Current Other Current Other
Balance Deposit Deposit Withdrawal Withdrawal Ending Balance
<S> <C> <C> <C> <C> <C> <C> <C>
Reserve Fund - 1 0.00 223.45 0.00 0.00 0.00 223.45
<CAPTION>
Loss/Delinquency Detail Supplement
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>
Loss/Delinquency Detail Supplement
Aggregate Aggregate Aggregate Total
Bankruptcy Special Hazard Credit Aggregate
Losses Losses Losses Losses
<S> <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>
X Bankruptcy Losses 100,000.00 100,000.00 0.04965839%
X Fraud Losses 6,071,721.00 6,071,721.00 3.01511894%
X Special Hazard Losses 2,023,907.00 2,023,907.00 1.00503965%
<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>
Total 50 4,527,717.68 2 357,429.51 0 0.00 0 0.00
<CAPTION>
Bankruptcy REO's Totals
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
Total 1 277,500.85 0 0.00 53 5,162,648.04
<CAPTION>
Collateral Summary
Total| Pool X
<S> <C> <C>
Monthly P&I Constant 1,750,634.75| 1,750,634.75
|
Positive Amortization 120,736.48| 120,736.48
Negative Amortization 0.00| 0.00
Regular Curtailments 2,486.93| 2,486.93
Regular Curtailment Interest 0.00| 0.00
Prepaid Curtailments 0.00| 0.00
Prepaid Curtailment Interest 0.00| 0.00
Liquidations 889,687.72| 889,687.72
Principal Adjustments 1,941.61| 1,941.61
Total Principal Trust Distribution 1,014,852.74| 1,014,852.74
|
Scheduled Interest 1,629,898.27| 1,629,898.27
Servicing Fee 84,329.45| 84,329.45
Master Servicing Fee 590.31| 590.31
Spread 0.00| 0.00
Total Pass-Through Interest 1,544,978.51| 1,544,978.51
|
Beginning Balance 202,390,689.00| 202,390,689.00
Ending Balance 201,375,836.66| 201,375,836.66
Gross P&I Distribution 2,560,421.56| 2,560,421.56
Realized Losses/(Gains) 0.00| 0.00
Net P&I Trust Distribution 2,560,421.56| 2,560,421.56
|
Beginning Loan Count 2078| 2078
Number of Loan Payoffs 8| 8
Ending Loan Count 2070| 2070
|
Weighted Average Maturity 0.0000000000| 0.0000000000
Weighted Average Gross Rate 9.663873000%| 9.663873000%
Weighted Average Net Rate 9.163873000%| 9.163873000%
Weighted Average Pass-Through Rate 9.160373000%| 9.160373000%
Weighted Average Margin 0.000000000%| 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00
Current Period Interest 0.00| 0.00
|
|
</TABLE>
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