SALOMON BROTHERS MRT SEC VII INC AST BK FL RT CRT SR 1997LB3
8-K, 1997-09-08
ASSET-BACKED SECURITIES
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                       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 :  August 25, 1997

(Date of earliest event reported)

Commission File No.:  333-22559-02


Salomon Brothers Mortgage Securities VII, Inc., 
Mortgage Pass-Through Certificates, Series 1997-3 Trust

New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)

PENDING
(I.R.S. Employer Identification No.)

c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland                                                    21044
(Address of principal executive offices)                         (Zip Code)


(410) 884-2000
Registrant's Full Telephone Number


(Former name, former address and former fiscal year,
               if changed since last report)
<PAGE>

ITEM 5.  Other Events

On August 25, 1997 a distribution was made to holders of
Salomon Brothers Mortgage Securities VII, Inc., 
Mortgage Pass-Through Certificates, Series 1997-3 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 1997-3 Trust, relating to the August
               25, 1997 distribution


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 hereunto duly authorized.                         

Salomon Brothers Mortgage Securities VII, Inc., 
Mortgage Pass-Through Certificates, Series 1997-3 Trust


August 29, 1997     by Norwest Bank Minnesota, N.A., as Trustee
                    /s/ Sherri J. Sharps, Vice President


                                 INDEX TO EXHIBITS



Exhibit Number                       Description

(EX-99.1)      Monthly report distributed to holders of Mortgage Pass-Through
               Certificates, Series 1997-3 Trust, relating to the August
               25, 1997 distribution



<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date:             31-Jul-1997
Distribution Date:       25-Aug-1997

SBMSVII Series 1997-3

     Customer Service
     Norwest Bank Minnesota, N.A.
     Securities Administration Services
     11000 Broken Land Parkway
     Columbia, MD 21044
     Telephone:(410) 884-2173
     Fax:(410) 884-2369
                                        Certificateholder Distribution Summary
                                                                                                                        
                              Certificate     Certificate      Beginning                                     Current    
                                 Class        Pass-Through    Certificate     Interest       Principal      Realized    
Class          CUSIP          Description         Rate          Balance     Distribution   Distribution       Loss      
<S>     <C>                 <C>             <C>             <C>            <C>            <C>            <C>            
A            79548KVF2            SEQ           5.92750%     408,462,854.89   2,084,890.85  15,543,540.64           0.00
R-I          79548KVK1            SEQ           5.92750%               0.00           0.00           0.00           0.00
R-II         79548KVL9            SEQ           5.92750%               0.00           0.00           0.00           0.00
R-III        79548KVM7            SEQ           5.92750%               0.00           0.00           0.00           0.00
M-1          79548KVG0            SUB           6.08750%      40,588,000.00     212,762.86           0.00           0.00
M-2          79548KVH8            SUB           6.33750%      34,716,000.00     189,455.34           0.00           0.00
M-3          79548KVJ4            SUB           6.73750%      15,316,000.00      88,859.39           0.00           0.00
CE           SAL97L3CE            SUB           0.00000%       7,657,920.00   1,487,903.91           0.00           0.00

</TABLE>
<TABLE>
<CAPTION>
                                        Certificateholder Distribution Summary (continued)

               Ending                          Cumulative   
            Certificate          Total          Realized    
Class         Balance         Distribution       Losses     
<S>     <C>                 <C>             <C>             
A             392,919,314.25   17,628,431.49            0.00
R-I                     0.00            0.00            0.00
R-II                    0.00            0.00            0.00
R-III                   0.00            0.00            0.00
M-1            40,588,000.00      212,762.86            0.00
M-2            34,716,000.00      189,455.34            0.00
M-3            15,316,000.00       88,859.39            0.00
CE              7,657,920.00    1,487,903.91            0.00

<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator
on behalf of the Trustee.
</FN>
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                                           Principal Distribution Statement

                                                                                                                        
              Original         Beginning       Scheduled      Unscheduled                                     Total     
                Face          Certificate      Principal       Principal                     Realized       Principal   
Class          Amount           Balance       Distribution   Distribution     Accretion      Loss (1)       Reduction   
<S>     <C>                 <C>             <C>             <C>            <C>            <C>            <C>            
A             412,247,000.00  408,462,854.89      281,922.67  15,261,617.97           0.00           0.00  15,543,540.64
R-I                   100.00            0.00            0.00           0.00           0.00           0.00           0.00
R-II                  100.00            0.00            0.00           0.00           0.00           0.00           0.00
R-III                 100.00            0.00            0.00           0.00           0.00           0.00           0.00
M-1            40,588,000.00   40,588,000.00            0.00           0.00           0.00           0.00           0.00
M-2            34,716,000.00   34,716,000.00            0.00           0.00           0.00           0.00           0.00
M-3            15,316,000.00   15,316,000.00            0.00           0.00           0.00           0.00           0.00
CE              7,657,919.60    7,657,920.00            0.00           0.00           0.00           0.00           0.00

<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
                                           Principal Distribution Statement (continued)

               Ending           Ending         Total      
            Certificate      Certificate     Principal    
Class         Balance         Percentage    Distribution  
<S>     <C>                 <C>           <C>             
A             392,919,314.25    0.95311625   15,543,540.64
R-I                     0.00    0.00000000            0.00
R-II                    0.00    0.00000000            0.00
R-III                   0.00    0.00000000            0.00
M-1            40,588,000.00    1.00000000            0.00
M-2            34,716,000.00    1.00000000            0.00
M-3            15,316,000.00    1.00000000            0.00
CE              7,657,920.00    1.00000005            0.00

</TABLE>
<PAGE>


<TABLE>
<CAPTION>

                                        Principal Distribution Factors Statement

                                                                                                                        
              Original         Beginning       Scheduled      Unscheduled                                     Total     
                Face          Certificate      Principal       Principal                     Realized       Principal   
Class (2)       Amount           Balance       Distribution   Distribution     Accretion      Loss (3)       Reduction   
<S>     <C>                 <C>             <C>             <C>            <C>            <C>            <C>            
A             412,247,000.00    990.82068490      0.68386834    37.02056769     0.00000000     0.00000000    37.70443603
R-I                   100.00      0.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
R-II                  100.00      0.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
R-III                 100.00      0.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
M-1            40,588,000.00   1000.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
M-2            34,716,000.00   1000.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
M-3            15,316,000.00   1000.00000000      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
CE              7,657,919.60   1000.00005223      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000

<FN>
(2) All classes are per $1,000 denomination.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>

                                        Principal Distribution Factors Statement (continued)

                                                            
               Ending            Ending          Total      
            Certificate       Certificate      Principal    
Class (4)      Balance          Percentage     Distribution  
<S>     <C>                 <C>             <C>             
A               953.11624888      0.95311625     37.70443603
R-I               0.00000000      0.00000000      0.00000000
R-II              0.00000000      0.00000000      0.00000000
R-III             0.00000000      0.00000000      0.00000000
M-1           1,000.00000000      1.00000000      0.00000000
M-2           1,000.00000000      1.00000000      0.00000000
M-3           1,000.00000000      1.00000000      0.00000000
CE            1,000.00005223      1.00000005      0.00000000

<FN>
(4) All classes are per $1,000 denomination.
</FN>
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                                            Interest Distribution Statement
                                                                                                                          
                                                                               Payment of                                 
                                                Beginning                      Previously                                 
              Original          Current        Certificate/       Current        Unpaid         Current     Non-Supported 
                Face          Certificate        Notional         Accrued       Interest       Interest       Interest    
Class          Amount             Rate           Balance         Interest       Shortfall      Shortfall      Shortfall   
<S>     <C>                 <C>             <C>               <C>            <C>            <C>            <C>            
A             412,247,000.00        5.92750%    408,462,854.89   2,084,890.85           0.00           0.00           0.00
R-I                   100.00        5.92750%              0.00           0.00           0.00           0.00           0.00
R-II                  100.00        5.92750%              0.00           0.00           0.00           0.00           0.00
R-III                 100.00        5.92750%              0.00           0.00           0.00           0.00           0.00
M-1            40,588,000.00        6.08750%     40,588,000.00     212,762.86           0.00           0.00           0.00
M-2            34,716,000.00        6.33750%     34,716,000.00     189,455.34           0.00           0.00           0.00
M-3            15,316,000.00        6.73750%     15,316,000.00      88,859.39           0.00           0.00           0.00
CE              7,657,919.60        0.00000%      7,657,920.00           0.00           0.00           0.00           0.00

</TABLE>
<TABLE>
<CAPTION>

                                            Interest Distribution Statement (continued)
                                                                              
                                               Remaining                      
                                               Cumulative         Ending      
                                 Total           Unpaid        Certificate/   
              Realized          Interest        Interest         Notional     
Class        Losses (5)       Distribution     Shortfall         Balance      
<S>     <C>                 <C>             <C>             <C>               
A                       0.00    2,084,890.85            0.00    392,919,314.25
R-I                     0.00            0.00            0.00              0.00
R-II                    0.00            0.00            0.00              0.00
R-III                   0.00            0.00            0.00              0.00
M-1                     0.00      212,762.86            0.00     40,588,000.00
M-2                     0.00      189,455.34            0.00     34,716,000.00
M-3                     0.00       88,859.39            0.00     15,316,000.00
CE                      0.00    1,487,903.91            0.00      7,657,920.00

<FN>
(5) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                                          Interest Distribution Factors Statement
                                                                                                                          
                                                                               Payment of                                 
                                               Beginning                       Previously                                 
              Original          Current       Certificate/       Current         Unpaid         Current     Non-Supported 
                Face          Certificate       Notional         Accrued        Interest       Interest       Interest    
Class (6)       Amount             Rate          Balance         Interest        Shortfall      Shortfall      Shortfall   
<S>     <C>                 <C>             <C>             <C>              <C>            <C>            <C>            
A             412,247,000.00        5.92750%    990.82068490       5.05738271     0.00000000     0.00000000     0.00000000
R-I                   100.00        5.92750%      0.00000000       0.00000000     0.00000000     0.00000000     0.00000000
R-II                  100.00        5.92750%      0.00000000       0.00000000     0.00000000     0.00000000     0.00000000
R-III                 100.00        5.92750%      0.00000000       0.00000000     0.00000000     0.00000000     0.00000000
M-1            40,588,000.00        6.08750%   1000.00000000       5.24201390     0.00000000     0.00000000     0.00000000
M-2            34,716,000.00        6.33750%   1000.00000000       5.45729174     0.00000000     0.00000000     0.00000000
M-3            15,316,000.00        6.73750%   1000.00000000       5.80173609     0.00000000     0.00000000     0.00000000
CE              7,657,919.60        0.00000%   1000.00005223       0.00000000     0.00000000     0.00000000     0.00000000

<FN>
(6) All classes are per $1000 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>

                                          Interest Distribution Factors Statement (continued)

                                                                                    
                                                     Remaining                      
                                                     Cumulative         Ending      
                                   Total               Unpaid        Certificate/   
             Realized             Interest            Interest         Notional     
Class       Losses (7)          Distribution         Shortfall         Balance      
<S>     <C>               <C>                     <C>             <C>               
A               0.00000000              5.05738271      0.00000000      953.11624888
R-I             0.00000000              0.00000000      0.00000000        0.00000000
R-II            0.00000000              0.00000000      0.00000000        0.00000000
R-III           0.00000000              0.00000000      0.00000000        0.00000000
M-1             0.00000000              5.24201390      0.00000000     1000.00000000
M-2             0.00000000              5.45729174      0.00000000     1000.00000000
M-3             0.00000000              5.80173609      0.00000000     1000.00000000
CE              0.00000000            194.29609969      0.00000000     1000.00005223

<FN>
(7) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>

<TABLE>
<CAPTION>


                              CERTIFICATE ACCOUNT

<S>                                                         <C>
Beginning Balance                                                      0.00
Deposits
     Payments of Interest and Principal                       19,206,114.88
     Liquidations, Insurance Proceeds, Reserve Funds                   0.00
     Proceeds from Repurchased Loans                                   0.00
     Other Amounts (Servicer Advances)                           608,505.25
       Realized Losses                                                 0.00
                                                            __________________

Total Deposits                                                19,814,620.13


Withdrawals
     Reimbursement for Servicer Advances                               0.00
     Payment of Service Fee                                      207,207.14
     Payment of Interest and Principal                        19,607,412.99
                                                            __________________



Total Withdrawals (Pool Distribution Amount)                  19,814,620.13



Ending Balance                                                         0.00
                                                            __________________
                                                            __________________

</TABLE>
<PAGE>


<TABLE>

<CAPTION>


                             SERVICER ADVANCES

<S>                                                         <C>

Beginning Balance                                                      0.00
Current Period Advances By Servicer                              608,505.25
Reimbursement of Advances                                              0.00
Ending Cumulative Advances                                       608,505.25

</TABLE>

<TABLE>

<CAPTION>
                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<S>                                                         <C>

Total Prepayment/Curtailment Interest Shortfall                    5,412.84
Servicing Fee Support                                              5,412.84
                                                            __________________
Non-Supported Prepayment/Curtailment Interest Shortfall                0.00
                                                            __________________
                                                            __________________

</TABLE>
<TABLE>
<CAPTION>
                               SERVICING FEES
                
<S>                                                    <C>
Gross Servicing Fee                                              205,729.15
Trustee Fee                                                        1,477.99
Supported Prepayment/Curtailment Interest Shortfall                5,412.84
                                                            __________________
Net Servicing Fee                                                207,207.14
                                                            __________________
                                                            __________________
</TABLE>
<TABLE>
<CAPTION>

                                      DELINQUENCY STATUS

                                                                             
                                                                             
                               
                                                                             Percentage       Percentage         
                                 Loan Count                Unpaid Balance   Loans Count       Unpaid Balance
<S>                            <C>                          <C>            <C>         <C>
30 Days                              261                      21,974,145.12       5.44%       4.47%
60 Days                               43                       3,454,079.18       0.90%       0.70%
90+ Days                               6                         556,604.77       0.13%       0.11%
Bankruptcy                             3                         166,053.87       0.06%       0.03% 
Foreclosure                           16                       1,553,175.80       0.33%       0.32%
REO                                    0                               0.00       0.00%       0.00%

Totals                               329                      27,704,058.74       6.85%       5.64%
</TABLE>


<TABLE>
<CAPTION>

                                        COLLATERAL STATEMENT

<S>                                                    <C>

Collateral Description                                                        6 Month LIBOR ARM

Weighted Average Gross Coupon                                                        10.127053%
Weighted Average Net Coupon                                                           9.627053%

Weighted Average Maturity (Stepdown Calculation)                                     345 Months

Beginning Scheduled Collateral Loan Count                                                 4,939
Number of Loans Paid in Full                                                                139
Ending Scheduled Collateral Loan Count                                                    4,800

Overcollateralization Amount                                                       7,657,920.00
Targeted Overcollateralization Amount                                              7,657,920.00

Monthly P&I Constant                                                               4,558,414.93
</TABLE>
<PAGE>

<TABLE>
<CAPTION>



                                        CREDIT ENHANCEMENT

Loss Description         Original $     Original %               Current $           Current %
<S>                        <C>                 <C>                 <C>                 <C>
Bankruptcy                    100,000.00         0.01958767%          100,000.00         0.02035842%
Fraud                      15,315,756.59         3.00000000%       15,315,756.59         3.11804618%
Special Hazard              5,105,252.00         0.99999996%        5,105,252.00         1.03934869%

<FN>
Limit of Subordination's Exposure for 100% of Certain Types of Losses.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                        SUBORDINATION LEVEL

Class                    Original $          Original %          Current $           Current %
<S>                       <C>                 <C>                 <C>                 <C>
A                          98,277,919.60        19.25035548%       98,277,919.60        20.00783244%
M-1                        57,689,919.60        11.30011161%       57,689,919.60        11.74475660%
M-2                        22,973,919.60         4.50005577%       22,973,919.60         4.67712723%
M-3                         7,657,919.60         1.50000809%        7,657,919.60         1.55903150%
CE                                  0.00         0.00000000%                0.00         0.00000000%

<FN>
Please refer to the Prospectus Supplement For A Full Description Of Loss Exposure.
</FN>
</TABLE>

<TABLE>
<CAPTION>
                                                           DELINQUENCY STATUS/LOSSES






CATEGORY          30-59 DAYS DELINQUENT           60-90 DAYS DELINQUENT       90 + DAYS DELINQUENT               TOTALS
               Balance    Loan #  Percent      Balance     Loan #  Percent  Balance Loan #  Percent       Balance    Loan #  Percent
<S>         <C>            <C>     <C>       <C>            <C>   <C>         <C>    <C>   <C>        <C>             <C>    <C>    
No Status   21,974,145.12  261     4.4736%   3,454,079.18   43    0.7032%   556,604.77  6 0.1133%    25,984,829.07   310    5.2901%
Foreclosure          0.00   0      0.0000%     386,374.01    7    0.0787% 1,166,801.79  9 0.2375%     1,553,175.80    16    0.3162%
Bankruptcy     110,381.19   2      0.0225%     224,767.78    1    0.0458%         0.00  0 0.0000%       335,148.97     3    0.0682%
REO                  0.00   0      0.0000%           0.00    0    0.0000%         0.00  0 0.0000%             0.00     0    0.0000%
 TOTALS     22,084,526.31  263     4.4961%   4,065,220.97   51    0.8276% 1,723,406.56 15 0.3509%    27,873,153.84   329    5.6745%
 <FN>
               All percentages are calculated by dividing the respective Delinquency Balance by the ending Collateral Balance.
</FN>

Current Period Realized Loss - Includes Interest Shortfall            0.00
Cumulative Realized Losses - Includes Interest Shortfall              0.00
</TABLE>



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