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 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 June 25, 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 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 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: June 30, 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 June 25, 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: May 1997
Distribution Date: June 25, 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
Aggregate
Realized
Losses
Original Principal Aggrregate Aggregate Ending
Class Interest Principal Pass-Through Balance Interest Undistrib Principal
Class Description Principal Type Type Balance Rate 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 0.9643455062
A-2 Senior Sequential Pay Fixed 46,000,000.00 6.60000000% 0.00 0.00 0.00 0.8938127539
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 4.54577966% 952.61 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 325,000,000.00 952.61 0.00 0.00 0.9648592190
</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 5.88750000% 206,789,252.44 980,741.11 3,071,264.25 0.00 203,717,988.19 4,052,005.36
A-2 05/30/1997 6.60000000% 42,787,071.15 235,328.89 1,671,684.47 0.00 41,115,386.68 1,907,013.36
A-3 05/30/1997 6.85000000% 29,000,000.00 165,541.67 0.00 0.00 29,000,000.00 165,541.67
A-4 05/30/1997 7.20000000% 11,000,000.00 66,000.00 0.00 0.00 11,000,000.00 66,000.00
A-5 05/30/1997 7.50000000% 16,000,000.00 100,000.00 0.00 0.00 16,000,000.00 100,000.00
A-6 05/30/1997 7.15000000% 11,750,000.00 70,010.42 0.00 0.00 11,750,000.00 70,010.42
A-7 05/30/1997 5.00000000% 0.00 136,979.17 0.00 0.00 0.00 136,979.17
II-S 05/30/1997 4.54577966% 683,214.08 0.00 0.00 952.61 995,871.29 0.00
R-I 05/30/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
R-II 05/30/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 318,009,537.67 1,754,601.26 4,742,948.72 952.61 313,579,246.16 6,497,549.98
</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 843590BA7 211,250,000.00 4.64256147 0.45791153 11.53467773 14.53852899 0.00000000 0.9643455062
A-2 843590BB5 46,000,000.00 5.11584543 1.49084674 28.05322413 36.34096674 0.00000000 0.8938127539
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 0.9648592190
</TABLE>
<TABLE>
<CAPTION>
Class Principal Distribution
Beginning Total Principal Ending Current
Principal Scheduled Unscheduled Other Principal Balance Principal Undistrib
Class Balance Principal Principal Accretion Principal Distribution Reduction* Balance Principal
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 206,789,252.44 96,733.81 2,436,700.67 537,829.77 0.00 3,071,264.25 0.00 203,717,988.19 0.00
A-2 42,787,071.15 68,578.95 1,290,448.31 312,657.21 0.00 1,671,684.47 0.00 41,115,386.68 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 683,214.08 0.00 0.00 (313,609.82) 0.00 0.00 952.61 995,871.29 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 318,009,537.67 165,312.76 3,727,148.98 536,877.16 0.00 4,742,948.72 952.61 313,579,246.16 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 952.61
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 5.88750000% 206,789,252.44 980,741.11 0.00 0.00 0.00 0.00 980,741.11 203,717,988.19
A-2 6.60000000% 42,787,071.15 235,328.89 0.00 0.00 0.00 0.00 235,328.89 41,115,386.68
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 4.54577966% 82,787,071.15 313,609.82 0.00 313,609.82 0.00 0.00 0.00 81,115,386.68
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 2,068,211.08 0.00 313,609.82 0.00 0.00 1,754,601.26
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 2,647,702.57
Scheduled Principal 165,312.76
Other Principal 3,727,148.98
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment (952.61)
Other Deposits 0.00
Total Deposit 6,539,211.70
WITHDRAWALS:
Interest Payments 1,754,601.26
Scheduled Principal Payment 165,312.76
Other Principal Payments 4,577,635.96
Reserve Fund 1 0.00
Fees and Expenses 41,661.72
Other Withdrawals 0.00
Total Withdrawals 6,539,211.70
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool 1 Pool 2
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 2,944,116.42| 1,815,504.71 1,128,611.71
|
Positive Amortization 165,312.76| 96,733.81 68,578.95
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 50,925.51| 9,886.05 41,039.46
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 3,677,459.36| 2,428,491.58 1,248,967.78
Principal Adjustments (1,235.89)| (1,676.96) 441.07
Total Principal Trust Distribution 3,892,461.74| 2,533,434.48 1,359,027.26
|
Scheduled Interest 2,778,803.66| 1,718,770.90 1,060,032.76
Servicing Fee 131,101.09| 85,029.55 46,071.54
Master Servicing Fee 1,995.93| 1,300.97 694.96
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 2,606,040.85| 1,606,591.72 999,449.13
|
Beginning Balance 319,353,226.13| 208,132,940.47 111,220,285.66
Ending Balance 315,455,854.27| 205,621,613.38 109,834,240.89
Gross P&I Distribution 6,540,164.31| 4,167,175.83 2,372,988.48
Realized Losses/(Gains) 952.61| 0.00 952.61
Net P&I Trust Distribution 6,539,211.70| 4,167,175.83 2,372,035.87
|
Beginning Loan Count 3184| 1593 1591
Number of Loan Payoffs 34| 13 21
Ending Loan Count 3150| 1580 1570
|
Weighted Average Maturity 0.0000000000| 0.0000000000 0.0000000000
Weighted Average Gross Rate 10.441778540%| 9.908599870% 11.439895000%
Weighted Average Net Rate 9.949146200%| 9.418410170% 10.942690000%
Weighted Average Pass-Through Rate 9.792595940%| 9.261894390% 10.786075220%
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>
CREDIT ENHANCEMENT SUPPLEMENT
Original Agency Ratings
S&P / DCR Moody's Classes
----------------------------------------------------------------------------------------------------
<S> <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
-------------------- ----------------------
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 0.537830 952.61 205.621613 0.92% 1.881518 N/A
Group II Sub. Amt. 2 N/A 0.00% 0.0000 0.312657 952.61 109.834241 0.91% 0.995871 N/A
</TABLE>
<TABLE>
<CAPTION>
Additional Subordinated Amount Information
<S> <C>
Group I Required Subordination Amount 7,816,250.00
Group I Subordinated Amoun(beginning) 1,343,688.03
Group I Subordination Increase Amount 537,829.77
Group I Subordinated Amoun(ending) 1,881,517.80
Group II Required Subordination Amount 3,241,875.00
Group II Subordinated Amou(beginning) 683,214.08
Group II Subordination Increase Amount 312,657.21
Group II Subordinated Amou(ending) 995,871.29
</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 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 0 0.00
Group II Subsequent Mortgage Loans Added 0 0.00
0.00
<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 days 60 - 89 days 90 + days Bankruptcy REO Foreclosure Total
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Unpaid Principal Balance 1 5.689846 4.079050 0.380850 0.563287 0.000000 2.032658 12.745691
Percentage 1 2.77% 1.98% 0.19% 0.27% 0.00% 0.99% 6.20%
Number of Loans 1 35 22 3 6 0 11 77
Percentage 1 2.20% 1.38% 0.19% 0.38% 0.00% 0.69% 4.84%
Unpaid Principal Balance 2 4.070870 1.392461 0.812962 0.521014 0.000000 0.660141 7.457448
Percentage 2 3.70% 1.27% 0.74% 0.47% 0.00% 0.60% 6.79%
Number of Loans 2 55 18 9 9 0 7 98
Percentage 2 3.46% 1.13% 0.57% 0.57% 0.00% 0.44% 6.16%
Unpaid Principal Balance Total 9.760716 5.471511 1.193812 1.084301 0.000000 2.692799 20.203139
Percentage Total 3.09% 1.73% 0.38% 0.34% 0.00% 0.85%6.40%
Number of Loans Total 90 40 12 15 0 18 175
Percentage Total 2.83% 1.26% 0.38% 0.47% 0.00% 0.57% 5.43%
Aggregate Realized Losses 1 0.000000
Aggregate Realized Losses 2 0.000953
<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>
COMPONENT DISTRIBUTION STATEMENT
Beginning Ending
Pass-Through Notional Interest Interest Notional
Component Rate Balance Accrual Distribution Balance
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-7-A 1.50000000% 21,125,000.00 26,406.25 26,406.25 21,125,000.00
A-7-B 1.00000000% 21,125,000.00 17,604.17 17,604.17 21,125,000.00
A-7-C 1.00000000% 21,125,000.00 17,604.17 17,604.17 21,125,000.00
A-7-D 1.50000000% 21,125,000.00 26,406.25 26,406.25 21,125,000.00
A-7-E 5.00000000% 11,750,000.00 48,958.33 48,958.33 11,750,000.00
TOTALS 32,875,000.00 136,979.17 136,979.17 32,875,000.00
</TABLE>
