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): December 26, 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 December 26, 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 December 26, 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: January 2, 1998
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 December 26, 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: November 1997
Distribution Date: December 26, 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 Aggregate Aggregate Ending
Class Principal Pass Through Balance Interest Undistributed Principal
Class Description Principal Type Interest 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 0.8158158319
A-2 Senior Sequential Pay Fixed 46,000,000.00 6.60000000% 0.00 0.00 0.00 0.6962453367
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 4.92492059% 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 0.8460827780
</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 11/28/1997 5.88750000% 177,951,932.91 902,179.23 5,610,838.43 0.00 172,341,094.48 6,513,017.66
A-2 11/28/1997 6.60000000% 33,536,119.30 184,448.66 1,508,833.81 0.00 32,027,285.49 1,693,282.47
A-3 11/28/1997 6.85000000% 29,000,000.00 165,541.67 0.00 0.00 29,000,000.00 165,541.67
A-4 11/28/1997 7.20000000% 11,000,000.00 66,000.00 0.00 0.00 11,000,000.00 66,000.00
A-5 11/28/1997 7.50000000% 16,000,000.00 100,000.00 0.00 0.00 16,000,000.00 100,000.00
A-6 11/28/1997 7.15000000% 11,750,000.00 70,010.42 0.00 0.00 11,750,000.00 70,010.42
A-7 11/28/1997 5.00000000% 0.00 136,979.17 0.00 0.00 0.00 136,979.17
II-S 11/28/1997 4.92492059% 2,557,058.35 0.00 0.00 335.08 2,858,522.89 0.00
R-I 11/28/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
R-II 11/28/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 281,795,110.56 1,625,159.15 7,119,672.24 335.08 274,976,902.86 8,744,831.39
</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 4.27067091 0.38517378 24.61385714 26.56018192 0.00000000 0.8158158319
A-2 843590BB5 46,000,000.00 4.00975348 1.52319087 24.72396717 32.80073500 0.00000000 0.6962453367
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 0.8460827780
</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-1 177,951,932.91 81,367.96 5,199,677.32 329,793.15 0.00 5,610,838.43 0.00 172,341,094.48 0.00
A-2 33,536,119.30 70,066.78 1,137,302.49 301,464.54 0.00 1,508,833.81 0.00 32,027,285.49 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 2,557,058.35 0.00 0.00 (301,799.62) 0.00 0.00 335.08 2,858,522.89 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 281,795,110.56 151,434.74 6,336,979.81 329,458.07 0.00 7,119,672.24 335.08 274,976,902.86 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 335.08
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% 177,951,932.91 902,179.23 0.00 0.00 0.00 0.00 902,179.23 172,341,094.48
A-2 6.60000000% 33,536,119.30 184,448.66 0.00 0.00 0.00 0.00 184,448.66 32,027,285.49
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 4.92492059% 73,536,119.30 301,799.62 0.00 301,799.62 0.00 0.00 0.00 72,027,285.49
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 1,926,958.77 0.00 301,799.62 0.00 0.00 1,625,159.15
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 2,478,790.23
Scheduled Principal 151,434.74
Other Principal 6,336,979.81
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment (185,678.54)
Other Deposits 0.00
Total Deposit 8,781,526.24
WITHDRAWALS:
Interest Payments 1,625,159.15
Scheduled Principal Payment 151,434.74
Other Principal Payments 6,968,237.50
Reserve Fund 1 0.00
Fees and Expenses 36,694.85
Other Withdrawals 0.00
Total Withdrawals 8,781,526.24
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool 1 Pool 2
-------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 2,749,899.92| 1,686,498.75 1,063,401.17
|
Positive Amortization 151,434.74| 81,367.96 70,066.78
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 40,616.97| 10,978.87 29,638.10
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 6,296,340.96| 5,188,606.54 1,107,734.42
Principal Adjustments 21.88| 91.91 (70.03)
Total Principal Trust Distribution 6,488,414.55| 5,281,045.28 1,207,369.27
|
Scheduled Interest 2,598,465.18| 1,605,130.79 993,334.39
Servicing Fee 119,339.87| 76,073.93 43,265.94
Master Servicing Fee 1,790.10| 1,141.11 648.99
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 2,442,430.46| 1,505,671.76 936,758.70
|
Beginning Balance 286,415,708.69| 182,577,440.76 103,838,267.93
Ending Balance 279,927,294.14| 177,296,395.48 102,630,898.66
Gross P&I Distribution 8,967,539.86| 6,810,102.14 2,157,437.72
Realized Losses/(Gains) 185,678.54| 185,678.54 0.00
Net P&I Trust Distribution 8,781,861.32| 6,624,423.60 2,157,437.72
|
Beginning Loan Count 2918| 1428 1490
Number of Loan Payoffs 57| 38 19
Ending Loan Count 2861| 1390 1471
|
Weighted Average Maturity 276.6000000000| 283.3000000000 265.0500000000
Weighted Average Gross Rate 10.886826810%| 10.549808010% 11.479402450%
Weighted Average Net Rate 10.386826850%| 10.049808030% 10.979402510%
Weighted Average Pass-Through Rate 10.233085890%| 9.896108210% 10.825589230%
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
<FN>
Notes:
The liquidation principal amount includes $505,347.21 of loss liquidation
principal.
</FN>
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY SUMMARY
TOTAL OUTSTANDING
Less Than ACTUAL UPB @
POOL 30 DAYS 30 - 59 DAYS 60 - 89 DAYS 90 + DAYS TOTAL MONTH-END
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
UPB EXCLUDING BK, F/C, & REO ($MM) 1 Not reported 5.744270 1.373687 1.092825 8.210782 177,420,487
Percentage 1 3.24% 0.77% 0.62% 4.63% 1390
Number of Loans 1 Not reported 54 11 10 75
Percentage 1 3.88% 0.79% 0.72% 5.40%
BANKRUPTCY ONLY ($MM) 1 0.442123 0.000000 0.208494 1.576685 2.227302
Percentage 1 0.25% 0.00% 0.12% 0.89% 1.26%
Number of Loans 1 5 0 2 7 14
Percentage 1 0.36% 0.00% 0.14% 0.50% 1.01%
FORECLOSURE ONLY ($MM) 1 0.000000 0.000000 0.074630 10.388044 10.462674
Percentage 1 0.00% 0.00% 0.04% 5.86% 5.90%
Number of Loans 1 0 0 1 51 52
Percentage 1 0.00% 0.00% 0.07% 3.67% 3.74%
REO ONLY ($MM) 1 0.000000 0.000000 0.000000 1.054782 1.054782
Percentage 1 0.00% 0.00% 0.00% 0.59% 0.59%
Number of Loans 1 0 0 0 6 6
Percentage 1 0.00% 0.00% 0.00% 0.43% 0.43%
UPB EXCLUDING BK, F/C, & REO ($MM) 2 Not reported 5.062628 1.377819 0.374730 6.815177 102,715,527
Percentage 2 4.93% 1.34% 0.36% 6.64% 1471
Number of Loans 2 Not reported 70 18 8 96
Percentage 2 4.76% 1.22% 0.54% 6.53%
BANKRUPTCY ONLY ($MM) 2 0.446754 0.357022 0.244018 1.816903 2.864697
Percentage 2 0.43% 0.35% 0.24% 1.77% 2.79%
Number of Loans 2 6 5 5 21 37
Percentage 2 0.41% 0.34% 0.34% 1.43% 2.52%
FORECLOSURE ONLY ($MM) 2 0.082342 0.000000 0.000000 3.714688 3.797030
Percentage 2 0.08% 0.00% 0.00% 3.62% 3.70%
Number of Loans 2 1 0 0 43 44
Percentage 2 0.07% 0.00% 0.00% 2.92% 2.99%
REO ONLY ($MM) 2 0.000000 0.000000 0.000000 0.153459 0.153459
Percentage 2 0.00% 0.00% 0.00% 0.15% 0.15%
Number of Loans 2 0 0 0 3 3
Percentage 2 0.00% 0.00% 0.00% 0.20% 0.20%
Aggregate Realized Losses 1 0.185679
Aggregate Realized Losses 2 0.000953
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
ORIGINAL AGENCY RATINGS
S&P / DCR MOODY'S CLASSES
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
AAA Aaa A-1,A-2,A-3,A-4,A-5,A-6,A-7 (except S&P)
AAAr Aaa A-1,A-2,A-3,A-4,A-5,A-6,A-7 (except DCR)
Not Rated Not Rated II-S, R
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION
CURRENT CURRENT CURRENT
PERIOD PERIOD POOL
INITIAL COVERAGE ADDITIONS LOSSES BALANCE CURRENT COVERAGE
------------------- ------------------
TYPE POOL CARRIER/HOLDER % ($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 0.329793 0.00 177.296295 2.79% 4.955301 N/A
Group II Sub. Amt. 2 N/A 0.00% 0.0000 0.301465 0.00 102.630899 2.79% 2.858523 N/A
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL SUBORDINATED AMOUNT INFORMATION
<S> <C>
Group I Required Subordination Amount 12,133,577.10
Group I Subordinated Amount (beginning) 4,625,507.85
Group I Subordination Increase Amount 329,793.15
GROUP I SUBORDINATED AMOUNT (ending) 4,955,301.00
Group II Required Subordination Amount 4,250,992.76
Group II Subordinated Amount (beginning) 2,557,058.35
Group II Subordination Increase Amount 301,464.54
GROUP II SUBORDINATED AMOUNT (ending) 2,858,522.89
</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
<FN>
PLEASE SEE THE PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR DETAILED DESCRIPTIONS OF
THE CREDIT ENHANCEMENTS.
</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>
