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): May 27, 1997
Southern Pacific Secured Assets Corporation,
Mortgage Loan Asset-Backed 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) 333-15473-02 52-2030350, 52-2030351
(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 May 27, 1997, a distribution was made to holders of Southern Pacific
Secured Assets Corporation, Mortgage Loan Asset-Backed 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 Loan Asset-Backed Pass-Through
Certificates, Series 1997-01 Trust, relating to
the May 27, 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 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: May 29, 1997
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 -- Monthly report distributed to holders of Mortgage Loan
Asset-Backed Pass-Through Certificates, Series 1997-01 Trust,
relating to the May 27, 1997, distribution
Southern Pacific Secured Assets Corporation, Series 1997-1
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: April 1997
Distribution Date: May 27, 1997
Contact: Tim Knight
Phone: (410) 884-2098
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
Original Pass Aggregate Realized Aggregate Aggregate Ending
Class Principal Interest Principal Through Losses Principal Interest Undistrib. Principal
Class Description Type Type Balance Rate Balance Reduction Shortfall Principal Factor
____________________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
A-1 Senior Pass Through Variable 211,250,000.00 5.88750000% 0.00 0.00 0.00 0.9788840352
A-2 Senior Sequential Pay Fixed 46,000,000.00 6.60000000% 0.00 0.00 0.00 0.9301537207
A-3 Senior Sequential Pay Fixed 29,000,000.00 6.85000000% 0.00 0.00 0.00 1.0000000000
A-4 Senior Sequential Pay Fixed 11,000,000.00 7.20000000% 0.00 0.00 0.00 1.0000000000
A-5 Senior Sequential Pay Fixed 16,000,000.00 7.50000000% 0.00 0.00 0.00 1.0000000000
A-6 Senior Priority Pay Fixed 11,750,000.00 7.15000000% 0.00 0.00 0.00 1.0000000000
A-7 Senior Interest Only Interest Only 0.00 5.00000000% 0.00 0.00 0.00 0.0000000000
II-S Subordinate Support Accretion 0.00 4.58519510% 0.00 0.00 0.00
R-I Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
R-II Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
____________________________________________________________________________________________________________________________________
Totals 325,000,000.00 0.00 0.00 0.00 0.9784908851
</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 04/30/1997 5.88750000% 209,578,885.97 1,096,796.17 2,789,633.53 0.00 206,789,252.44 3,886,429.70
A-2 04/30/1997 6.60000000% 45,003,177.33 247,517.48 2,216,106.18 0.00 42,787,071.15 2,463,623.66
A-3 04/30/1997 6.85000000% 29,000,000.00 165,541.67 0.00 0.00 29,000,000.00 165,541.67
A-4 04/30/1997 7.20000000% 11,000,000.00 66,000.00 0.00 0.00 11,000,000.00 66,000.00
A-5 04/30/1997 7.50000000% 16,000,000.00 100,000.00 0.00 0.00 16,000,000.00 100,000.00
A-6 04/30/1997 7.15000000% 11,750,000.00 70,010.42 0.00 0.00 11,750,000.00 70,010.42
A-7 04/30/1997 5.00000000% 0.00 136,979.17 0.00 0.00 0.00 136,979.17
II-S 04/30/1997 4.58519510% 358,417.29 0.00 0.00 0.00 683,214.08 0.00
R-I 04/30/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
R-II 04/30/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
________________________________________________________________________________________________________________________________
Totals 322,690,480.59 1,882,844.91 5,005,739.71 0.00 318,009,537.67 6,888,584.62
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Per 1,000 of Original Balance
Total Other Total
Total Interest Scheduled Principal 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 843590BA7 211,250,000.00 5.19193453 0.46112615 10.63601335 13.20536582 0.00000000 0.9788840352
A-2 843590BB5 46,000,000.00 5.38081478 1.48741283 39.62800870 48.17622130 0.00000000 0.9301537207
A-3 843590BC3 29,000,000.00 5.70833345 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-4 843590BD1 11,000,000.00 6.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-5 843590BE9 16,000,000.00 6.25000000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-6 843590BF6 11,750,000.00 5.95833362 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-7 843590BG4 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-I N/A 0.00 N/A N/A N/A N/A N/A N/A
R-II N/A 0.00 N/A N/A N/A N/A N/A N/A
______________________________________________________________________________________________________________________________
Totals 325,000,000.00 0.9784908851
</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-1 209,578,885.97 97,412.90 2,246,857.82 445,362.81 0.00 2,789,633.53 0.00 206,789,252.44 0.00
A-2 45,003,177.33 68,420.99 1,822,888.40 324,796.79 0.00 2,216,106.18 0.00 42,787,071.15 0.00
A-3 29,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 29,000,000.00 0.00
A-4 11,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 11,000,000.00 0.00
A-5 16,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 16,000,000.00 0.00
A-6 11,750,000.00 0.00 0.00 0.00 0.00 0.00 0.00 11,750,000.00 0.00
A-7 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
II-S 358,417.29 0.00 0.00 (324,796.79) 0.00 0.00 0.00 683,214.08 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
____________________________________________________________________________________________________________________________________
Totals 322,690,480.59 165,833.89 4,069,746.22 445,362.81 0.00 5,005,739.71 0.00 318,009,537.67 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 Total Principal/
Pass-Through Notional Interest Shortfall/ Other Interest Interest Notional
Class Rate Balance Accrual (Recovery) Accretion Interest Reduction Distribution Balance
____________________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 5.88750000% 209,578,885.97 1,096,796.17 0.00 0.00 0.00 0.00 1,096,796.17 206,789,252.44
A-2 6.60000000% 45,003,177.33 247,517.48 0.00 0.00 0.00 0.00 247,517.48 42,787,071.15
A-3 6.85000000% 29,000,000.00 165,541.67 0.00 0.00 0.00 0.00 165,541.67 29,000,000.00
A-4 7.20000000% 11,000,000.00 66,000.00 0.00 0.00 0.00 0.00 66,000.00 11,000,000.00
A-5 7.50000000% 16,000,000.00 100,000.00 0.00 0.00 0.00 0.00 100,000.00 16,000,000.00
A-6 7.15000000% 11,750,000.00 70,010.42 0.00 0.00 0.00 0.00 70,010.42 11,750,000.00
A-7 5.00000000% 32,875,000.00 136,979.17 0.00 0.00 0.00 0.00 136,979.17 32,875,000.00
II-S 4.58519510% 85,003,177.33 324,796.79 0.00 324,796.79 0.00 0.00 0.00 82,787,071.15
R-I 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
____________________________________________________________________________________________________________________________________
Totals 2,207,641.70 0.00 324,796.79 0.00 0.00 1,882,844.91
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
Proceeds Account
<S> <C>
Beginning Balance (0.00)
DEPOSITS:
Interest Net of Servicing Fee 2,695,318.45
Scheduled Principal 165,833.89
Other Principal 4,069,746.22
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 6,930,898.56
WITHDRAWALS:
Interest Payments 1,882,844.91
Scheduled Principal Payment 165,833.89
Other Principal Payments 4,839,905.82
Reserve Fund 1 0.00
Fees and Expenses 42,313.94
Other Withdrawals 0.00
Total Withdrawals 6,930,898.56
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool 1 Pool 2
______________________________________________________________________________________
<S> <C> <C> <C>
Monthly P&I Constant 2,994,511.87| 1,841,426.14 1,153,085.73
|
Positive Amortization 165,833.89| 97,412.90 68,420.99
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 24,499.84| 12,586.25 11,913.59
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 4,037,923.27| 2,230,916.56 1,807,006.71
Principal Adjustments 7,323.11| 3,355.01 3,968.10
Total Principal Trust Distribution 4,235,580.11| 2,344,270.72 1,891,309.39
|
Scheduled Interest 2,828,677.98| 1,744,013.24 1,084,664.74
Servicing Fee 133,359.53| 86,320.57 47,038.96
Master Servicing Fee 2,022.43| 1,315.48 706.95
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 2,653,004.51| 1,630,179.83 1,022,824.68
|
Beginning Balance 323,588,806.24| 210,477,211.19 113,111,595.05
Ending Balance 319,353,226.13| 208,132,940.47 111,220,285.66
Gross P&I Distribution 6,930,898.56| 4,001,963.39 2,928,935.17
Realized Losses/(Gains) 0.00| 0.00 0.00
Net P&I Trust Distribution 6,930,898.56| 4,001,963.39 2,928,935.17
|
Beginning Loan Count 2382| 1381 1001
Number of Loan Payoffs (802)| (212) (590)
Ending Loan Count 3184| 1593 1591
|
Weighted Average Maturity 0.0000000000| 0.0000000000 0.0000000000
Weighted Average Gross Rate 10.489898004%| 9.943194680% 11.507199480%
Weighted Average Net Rate 9.995346180%| 9.451052640% 11.008163530%
Weighted Average Pass-Through Rate 9.838428732%| 9.294192870% 10.851138780%
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
|
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY SUMMARY
$MM $MM $MM $MM $MM $MM $MM
Pool 30-59 days 60 - 89 days 90 + days Bankruptcy REO Foreclosure Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Unpaid Principal Balance 1 2.882731 1.356714 0.000000 0.456803 0.000000 0.246097 4.942345
Percentage 1 1.39% 0.65% 0.00% 0.22% 0.00% 0.12% 2.38%
Number of Loans 1 23 7 0 5 0 1 36
Percentage 1 1.43% 0.43% 0.00% 0.31% 0.00% 0.06% 2.23%
Unpaid Principal Balance 2 2.031707 0.202583 0.483200 0.254181 0.000000 0.182250 3.153921
Percentage 2 0.98% 0.10% 0.23% 0.12% 0.00% 0.09% 1.52%
Number of Loans 2 20 3 2 2 0 1 28
Percentage 2 1.24% 0.19% 0.12% 0.12% 0.00% 0.06% 1.73%
Unpaid Principal Balance Total 4.914438 1.559297 0.483200 0.710984 0.000000 0.428347 8.096266
Percentage Total 1.54% 0.49% 0.15% 0.22% 0.00% 0.132.54%
Number of Loans Total 43 10 2 7 0 2 64
Percentage Total 1.49% 0.31% 0.06% 0.22% 0.00% 0.06% 1.98%
Realized Losses 1 0.000000
Realized Losses 2 0.000000
<FN>
***Delinquency numbers and percentages are based on Actual UPB at Month-End***
***30-59 day, 60-89 day, and 90+ day delinquencies do not include Bankruptcies, REOs, or Foreclosures***
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
Original Agency Ratings
S&P / DCR Moody's Classes
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
AAA Aaa A-1,A-2,A-3,A-4,A-5,A-6,A-7 (except S&P)
AAAr Aaa A-1,A-2,A-3,A-4,A-5,A-6,A-7 (except DCR)
Not Rated Not Rated II-S, R
</TABLE>
<TABLE>
<CAPTION>
Subordination
Current Current Current
Period Period Pool
Initial Coverage Additions Losses Balance Current Coverage
Carrier ------------------- --------------------
Type Pool /Holder % ($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 0.445363 0.00 210.477211 0.64% 1.343688 N/A
Group II Sub. Amt. 2 N/A 0.00% 0.0000 0.324797 0.00 113.111595 0.60% 0.683215 N/A
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Additional Subordinated Amount Information
Group I Required Subordination Amount 7,816,250.00
Group I Subordinated Amount(beginning) 898,325.22
Group I Subordination Increase Amount 445,362.81
Group I Subordinated Amount(ending) 1,343,688.03
Group II Required Subordination Amount 3,241,875.00
Group II Subordinated Amount(beginning) 358,417.72
Group II Subordination Increase Amount 324,796.79
Group II Subordinated Amount(ending) 683,214.51
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Additional Credit Information
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 Balance 0.00
Group II Interest Coverage Account Balance 0.00
Group I Interest Coverage Addition 0.00
Group II Interest Coverage Addition 0.00
Group I Class A Available Funds Cap Carry-Forward Amount 0.00
Group I Subsequent Mortgage Loans Added 108 28,383,882.50
Group II Subsequent Mortgage Loans Added 100 7,804,961.31
0.00
<FN>
Please see the Prospectus and Prospectus Supplement for detailed descriptions of
the credit enhancements.
</FN>
</TABLE>
