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
Saxon Asset Securities Trust 1997-2
Mortgage Loan Asset Backed Certificates, Series 1997-2
(Exact name of registrant as specified in its charter)
Virginia 333-04127-04 52-1785164
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 7 consecutively numbered pages.
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Item 5. Other Events.
On December 26, 1997 distributions were made to the
Certificateholders. Specific information with respect to the
distributions is filed as Exhibit 99.1. No other reportable
transactions or matters have occurred during the current reporting
period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on December 26, 1997 filed
as Exhibit 99.1 hereto.
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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.
SAXON ASSET SECURITIES TRUST 1997-2,
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-2
Date:January 8, 1998 By: /s/ Bradley D. Adams
---------------
Bradley D. Adams
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
December 26, 1997. 6
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Exhibit 99.1
Monthly Certificateholder Statement on December 26, 1997
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<S> <C> <C> <C> <C> <C> <C>
SAXON ASSET SECURITIES TRUST 1997-2
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-2
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-DEC-97 PAGE # 1
RECORD DATE: 28-NOV-97
- ------------------------------------------------------------------------------------------------------------------------------------
Interest Certifi- Applied
Original Beginning Carry cates Realized Ending
Certificate Certificate Principal Interest Forward Carryover Loss Total Certificate
Class Cusip # Balance Balance Distribution Distribution Amount Amount Amount Distribution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
AF-1 805559AX9 15,000,000.00 7,500,660.27 2,358,439.61 43,441.32 - N/A N/A 2,401,880.93 5,142,220.66
AF-2 805559AY7 10,000,000.00 10,000,000.00 - 54,750.00 - N/A N/A 54,750.00 10,000,000.00
AF-3 805559AZ4 31,000,000.00 31,000,000.00 - 171,275.00 - N/A N/A 171,275.00 31,000,000.00
AF-4 805559BA8 9,000,000.00 9,000,000.00 - 51,000.00 - N/A N/A 51,000.00 9,000,000.00
AF-5 805559BB6 16,000,000.00 16,000,000.00 - 94,200.00 - N/A N/A 94,200.00 16,000,000.00
AF-6 805559BL4 10,000,000.00 10,000,000.00 - 60,708.33 - N/A N/A 60,708.33 10,000,000.00
AF-7 805559BK6 15,552,000.00 15,552,000.00 - 90,720.00 - N/A N/A 90,720.00 15,552,000.00
MF-1 805559BC4 2,090,000.00 2,090,000.00 - 12,548.71 - N/A - 12,548.71 2,090,000.00
MF-2 805559BD2 7,167,000.00 7,167,000.00 - 44,375.68 - N/A - 44,375.68 7,167,000.00
BF 805559BE0 3,643,000.00 3,643,000.00 - 23,360.74 - N/A - 23,360.74 3,643,000.00
AV-1 805559BF7 293,561,000.00 253,944,092.02 13,239,845.81 1,289,630.38 - - N/A 14,529,476.19 240,704,246.21
MV-1 805559BG5 13,896,000.00 13,896,000.00 - 67,233.96 - - - 67,233.96 13,896,000.00
MV-2 805559BH3 26,924,000.00 26,924,000.00 - 134,822.86 - - - 134,541.02 26,924,000.00
BV 805559BJ9 13,028,000.00 13,028,000.00 - 69,541.02 - - - 69,541.02 13,028,000.00
C N/A N/A N/A N/A - N/A N/A N/A - N/A
R N/A N/A N/A N/A - N/A N/A N/A - N/A
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TOTALS 466,861,000.00 419,744,752.29 15,598,285.42 2,250,592.87 - - - 17,848,878.29 404,146,466.87
- ------------------------------------------------------------------------------------------------------------------------------------
GRP I 119,452,000.00 111,952,660.27 109,594,220.66
GRP II 347,409,000.00 307,792,092.02 294,552,246.21
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LIBOR RATE 5.68750%
- -------------------------------
Factor Information Per $1,000 of the Original Balance Pass Through Rate
- -----------------------------------------------------------------------------------------------------------
Principal Interest Interest Certificates End Prin Current
Class Cusip # Distribution Distribution Carry Forward Carryover Balance Pass Through Rate
- -----------------------------------------------------------------------------------------------------------
AF-1 805559AX9 157.22930733 2.89608800 0.0000000 N/A 342.8147103 6.9500%
AF-2 805559AY7 - 5.47500000 0.0000000 N/A 1000.0000000 6.5700%
AF-3 805559AZ4 - 5.52500000 0.0000000 N/A 1000.0000000 6.6300%
AF-4 805559BA8 - 5.66666667 0.0000000 N/A 1000.0000000 6.8000%
AF-5 805559BB6 - 5.88750000 0.0000000 N/A 1000.0000000 7.0650%
AF-6 805559BL4 - 6.07083300 0.0000000 N/A 1000.0000000 7.2850%
AF-7 805559BK6 - 5.83333333 0.0000000 N/A 1000.0000000 7.0000%
MF-1 805559BC4 - 6.00416746 0.0000000 N/A 1000.0000000 7.2050%
MF-2 805559BD2 - 6.19166736 0.0000000 N/A 1000.0000000 7.4300%
BF 805559BE0 - 6.41250069 0.0000000 N/A 1000.0000000 7.6950%
AV-1 805559BF7 45.10083359 4.39305759 0.0000000 0.0000000 819.9462674 5.8975%
MV-1 805559BG5 - 4.83836788 0.0000000 0.0000000 1000.0000000 6.0063%
MV-2 805559BH3 - 5.00753454 0.0000000 0.0000000 1000.0000000 6.2163%
BV 805559BJ9 - 5.33781240 0.0000000 0.0000000 1000.0000000 6.6263%
If there are any questions or comments, please contact the Relationship Manager listed below
---------------------------------------
Mary Jo Davis
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-4756
---------------------------------------
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
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SAXON ASSET SECURITIES TRUST 1997-2
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-2
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-DEC-97 PAGE # 2
RECORD DATE: 28-NOV-97
Group I Group II
---------------------------------
Sec.3.04(a)(i)(c) Aggregate Scheduled Principal Balance 111,208,397.57 300,110,790.22
Prepayment Amount 2,002,043.61 12,151,619.94
Substitution Shortfalls Amount - -
Repurchase Amounts - -
Other Recoveries - -
Extra Principal Distribution Amount 265,765.83 914,291.28
Applied Realized Loss Amount - -
Unpaid Realized Loss Amount - -
---------------------------------
Sec.3.04(a)(ii) Group I Net Rate
Group II Net Rate 9.66100%
9.54014%
Sec.3.04(a)(iii) The Largest Mortgage Loan Balance Outstanding in Group I 878,651.14
The Largest Mortgage Loan Balance Outstanding in Group II 1,514,778.48
Group I Group II
----------------------------------
Sec.3.04(a)(iv) Servicing Fees 48,450.09 130,179.94
Master Servicing Fees 2,832.53 7,810.78
----------------------------------
Sec. 3.04 (b) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans in each Group
(i)-(ii) as of the Close of Business as of the end of the Related Prepayment Period
Group I Group II
----------------------------------------------------------------------------------------------------
Category Number Percentage Principal Balance Number Percentage Principal Balance
---------------------------------------------------------------------------------------------------
30-59 Days 21 1.90715% 2,120,907.34 144 4.52857% 13,590,716.23
60-89 Days 5 0.29388% 326,817.50 31 0.89048% 2,672,412.86
90+ Days 3 0.25441% 282,921.27 79 2.89539% 8,689,381.01
----------------------------------------------------------------------------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b) Number of Mortgage Loans in Foreclosure Proceedings 13 61
(iii) Scheduled Principal Balance of all Mortgage Loans in Foreclosure
Proceedings 791,170.63 6,822,910.66
Number of Mortgage Loans in Foreclosure in Prior Month 12 52
Scheduled Principal Balance of all Mortgage Loans in Foreclosure in
Prior Month 654,090.07 6,284,390.97
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(iv) Number of Mortgagors in Bankruptcy Proceedings 7 10
Scheduled Principal Balances of Mortgage Loans in Bankruptcy Proceedings 350,186.87 1,591,517.55
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(v) Number of REO Preperties in the Prepayment Period 4 1
Aggregate book value of REO Preperties - -
-----------------------------------
Servicer Group I Group II
---------------------------------------------------
Sec. 3.04 (b)(vi) Number of 60+ Day Delinquent Loans Meritech 30 25
Long Beach N/A 157
---------------------------------------------------
Amount by Principal Balance of 60+ Day Delinquent Loans Meritech 1,833,653.10 4,000,241.78
Long Beach N/A 15,791,603.49
---------------------------------------------------
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
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