UNITED STATES
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 1, 1997
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1997-02 Trust
(Exact name of registrant as specified in its charter)
New York (governing law
of Pooling and
Servicing Agreement) 033-99598 PENDING
(State or other jurisdiction (Commission (I.R.S. Employer
of 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 1, 1997, a distribution was made to holders of Structured Asset
Securities Corporation, Mortgage Pass-Through Certificates, Series 1997-02
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 1997-02 Trust, relating to the December 1,
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.
Structured Asset Securities Corporation, Mortgage Pass-
Through Certificates, Series 1997-02 Trust
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as agent for the Trustee
By: /s/Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice President
Date: December 3, 1997
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1997-02 Trust, relating to the December
1, 1997, distribution.
Structured Asset Securities Corporation, Series 1997-2
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: October 31, 1997
Distribution Date: December 1, 1997
Administrator: Customer Service
Phone: (410) 884-2000
Page
--------
Certificateholder Distribution Summary 1
Component Distribution Summary 1a
Certificateholder Principal Distribution Statement 2
Certificateholder Principal Distribution Factors Statement 3
Certificateholder Interest Distribution Statement 4
Certificateholder Interest Distribution Factors Statement 5
Certificateholder Accounts Statement 6
Certificateholder Delinquency Summary 7
Certificateholder Collateral Summary 8
<TABLE>
<CAPTION>
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
=========================================================================================================
<S> <C> <C> <C> <C> <C> <C>
1A 863572QH9 SEQ 7.24037% 23,553,000.00 142,110.41 274,198.52
2A-1 863572QJ5 SEQ 7.25000% 79,000,000.00 477,291.67 2,547,613.01
2A-2 863572QK2 SEQ 7.25000% 7,325,000.00 44,255.21 0.00
2A-3 863572QL0 SEQ 7.25000% 4,000,000.00 24,166.67 0.00
2A-4 863572QM8 SEQ 7.25000% 13,000,000.00 78,541.67 0.00
2A-X 863572QP1 IO 8.00000% 0.00 113,472.12 0.00
2A-P 863572QN6 PO 0.00000% 1,543,400.00 0.00 7,506.24
B-1 863572QQ9 SEQ 7.24709% 11,734,000.00 70,864.43 28,662.83
B-2 863572QR7 SEQ 7.24845% 3,611,000.00 21,811.80 8,648.05
B-3 863572QS5 SEQ 7.24846% 1,805,000.00 10,902.89 4,322.85
B-4 66937NQU0 SEQ 7.24814% 1,502,000.00 9,072.26 3,613.58
B-5 66937NQV8 SEQ 7.24815% 1,127,000.00 6,807.22 2,711.19
B-6 863572QW6 SEQ 7.24759% 2,023,892.18 12,223.61 4,908.66
R 863572QT3 R 7.25000% 100.00 2,685.93 0.00
=========================================================================================================
Totals 150,224,392.18 1,014,205.89 2,882,184.93
</TABLE>
<TABLE>
<CAPTION>
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Loss
============================================================
<S> <C> <C> <C> <C>
1A 0.00 23,278,801.48 416,308.93 0.00
2A-1 0.00 76,452,386.99 3,024,904.68 0.00
2A-2 0.00 7,325,000.00 44,255.21 0.00
2A-3 0.00 4,000,000.00 24,166.67 0.00
2A-4 0.00 13,000,000.00 78,541.67 0.00
2A-X 0.00 0.00 113,472.12 0.00
2A-P 0.00 1,535,893.76 7,506.24 0.00
B-1 0.00 11,705,337.17 99,527.26 0.00
B-2 0.00 3,602,351.95 30,459.85 0.00
B-3 0.00 1,800,677.15 15,225.74 0.00
B-4 0.00 1,498,386.42 12,685.84 0.00
B-5 0.00 1,124,288.81 9,518.41 0.00
B-6 0.00 2,018,983.52 17,132.27 0.00
R 0.00 100.00 2,685.93 0.00
============================================================
Totals 0.00 147,342,207.25 3,896,390.82 0.00
</TABLE>
<TABLE>
<CAPTION>
COMPONENT DISTRIBUTION SUMMARY
====================================================================================================================================
Certificate Beginning Current Ending Cumulative
Pass-Through Certificate Interest Principal Realized Certificate Total Realized
Component Rate Balance Distribution Distribution Loss Balance Distribution Loss
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
B1#1 7.24037% 3,551,000.00 21,425.47 9,507.62 0.00 3,541,492.38 30,933.09 0.00
B1#2 7.25000% 8,183,000.00 49,438.96 19,155.21 0.00 8,163,844.79 68,594.17 0.00
B2#1 7.24037% 580,000.00 3,499.51 1,552.92 0.00 578,447.08 5,052.43 0.00
B2#2 7.25000% 3,031,000.00 18,312.29 7,095.13 0.00 3,023,904.87 25,407.42 0.00
B3#1 7.24037% 290,000.00 1,749.76 776.46 0.00 289,223.54 2,526.22 0.00
B3#2 7.25000% 1,515,000.00 9,153.13 3,546.39 0.00 1,511,453.61 12,699.52 0.00
B4#1 7.24037% 290,000.00 1,749.76 776.46 0.00 289,223.54 2,526.22 0.00
B4#2 7.25000% 1,212,000.00 7,322.50 2,837.12 0.00 1,209,162.88 10,159.62 0.00
B5#1 7.24037% 217,000.00 1,309.30 581.01 0.00 216,418.99 1,890.31 0.00
B5#2 7.25000% 910,000.00 58,497.92 2,130.18 0.00 907,869.82 60,628.10 0.00
B6#1 7.24037% 508,082.58 3,065.59 1,360.37 0.00 506,722.21 4,425.96 0.00
B6#2 7.25000% 1,515,809.60 9,158.02 3,548.29 0.00 1,512,261.31 12,706.31 0.00
====================================================================================================================================
Totals 21,802,892.18 184,682.21 52,867.16 0.00 21,750,025.02 237,549.37 0.00
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL DISTRIBUTIONS
====================================================================================================
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss
====================================================================================================
<S> <C> <C> <C> <C> <C> <C>
1A 23,553,000.00 23,553,000.00 63,061.96 211,136.56 0.00 0.00
2A-1 79,000,000.00 79,000,000.00 241,869.03 2,305,743.98 0.00 0.00
2A-2 7,325,000.00 7,325,000.00 0.00 0.00 0.00 0.00
2A-3 4,000,000.00 4,000,000.00 0.00 0.00 0.00 0.00
2A-4 13,000,000.00 13,000,000.00 0.00 0.00 0.00 0.00
2A-X 0.00 0.00 0.00 0.00 0.00 0.00
2A-P 1,543,400.00 1,543,400.00 6,077.34 1,428.90 0.00 0.00
B-1 11,734,000.00 11,734,000.00 28,662.83 0.00 0.00 0.00
B-2 3,611,000.00 3,611,000.00 8,648.05 0.00 0.00 0.00
B-3 1,805,000.00 1,805,000.00 4,322.85 0.00 0.00 0.00
B-4 1,502,000.00 1,502,000.00 3,613.58 0.00 0.00 0.00
B-5 1,127,000.00 1,127,000.00 2,711.19 0.00 0.00 0.00
B-6 2,023,892.18 2,023,892.18 4,908.66 0.00 0.00 0.00
R 100.00 100.00 0.00 0.00 0.00 0.00
====================================================================================================
Totals 150,224,392.18 150,224,392.18 363,875.49 2,518,309.44 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
===================================================================
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
===================================================================
<S> <C> <C> <C> <C>
1A 274,198.52 23,278,801.48 0.98835823 274,198.52
2A-1 0.00 76,452,386.99 0.96775173 2,547,613.01
2A-2 0.00 7,325,000.00 1.00000000 0.00
2A-3 0.00 4,000,000.00 1.00000000 0.00
2A-4 0.00 13,000,000.00 1.00000000 0.00
2A-X 0.00 0.00 0.00000000 0.00
2A-P 0.00 1,535,893.76 0.99513656 7,506.24
B-1 0.00 11,705,337.17 0.99755728 28,662.83
B-2 0.00 3,602,351.95 0.99760508 8,648.05
B-3 0.00 1,800,677.15 0.99760507 4,322.85
B-4 0.00 1,498,386.42 0.99759415 3,613.58
B-5 0.00 1,124,288.81 0.99759433 2,711.19
B-6 0.00 2,018,983.52 0.99757464 4,908.66
R 0.00 100.00 1.00000000 0.00
===================================================================
Totals 274,198.52 147,342,207.25 0.98081413 2,882,184.93
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL DISTRIBUTIONS
CERTIFICATE FACTORS
=====================================================================================================================
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss Reduction
=====================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
1A 23,553,000.00 1000.00000000 2.67744916 8.96431707 0.00000000 0.00000000 11.64176623
2A-1 79,000,000.00 1000.00000000 3.06163329 29.18663266 0.00000000 0.00000000 0.00000000
2A-2 7,325,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2A-3 4,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2A-4 13,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2A-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2A-P 1,543,400.00 1000.00000000 3.93763120 0.92581314 0.00000000 0.00000000 0.00000000
B-1 11,734,000.00 1000.00000000 2.44271604 0.00000000 0.00000000 0.00000000 0.00000000
B-2 3,611,000.00 1000.00000000 2.39491831 0.00000000 0.00000000 0.00000000 0.00000000
B-3 1,805,000.00 1000.00000000 2.39493075 0.00000000 0.00000000 0.00000000 0.00000000
B-4 1,502,000.00 1000.00000000 2.40584554 0.00000000 0.00000000 0.00000000 0.00000000
B-5 1,127,000.00 1000.00000000 2.40566992 0.00000000 0.00000000 0.00000000 0.00000000
B-6 2,023,892.18 1000.00000000 2.42535647 0.00000000 0.00000000 0.00000000 0.00000000
R 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
=====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===============================================================
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
===============================================================
<S> <C> <C> <C>
1A 988.35823377 0.98835823 11.64176623
2A-1 967.75173405 0.96775173 32.24826595
2A-2 1000.00000000 1.00000000 0.00000000
2A-3 1000.00000000 1.00000000 0.00000000
2A-4 1000.00000000 1.00000000 0.00000000
2A-X 0.00000000 0.00000000 0.00000000
2A-P 995.13655566 0.99513656 4.86344434
B-1 997.55728396 0.99755728 2.44271604
B-2 997.60508169 0.99760508 2.39491831
B-3 997.60506925 0.99760507 2.39493075
B-4 997.59415446 0.99759415 2.40584554
B-5 997.59433008 0.99759433 2.40566992
B-6 997.57464353 0.99757464 2.42535647
R 1000.00000000 1.00000000 0.00000000
===============================================================
<FN>
* Per $1 Denomination; All Other Classes Are Per $1,000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
INTEREST DISTRIBUTIONS
==============================================================================================================
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Excess
Class Amount Rate Balance Interest Shortfall Interest
==============================================================================================================
<S> <C> <C> <C> <C> <C> <C>
1A 23,553,000.00 7.24037% 23,553,000.00 142,110.41 0.00 0.00
2A-1 79,000,000.00 7.25000% 79,000,000.00 477,291.67 0.00 0.00
2A-2 7,325,000.00 7.25000% 7,325,000.00 44,255.21 0.00 0.00
2A-3 4,000,000.00 7.25000% 4,000,000.00 24,166.67 0.00 0.00
2A-4 13,000,000.00 7.25000% 13,000,000.00 78,541.67 0.00 0.00
2A-X 17,020,818.43 8.00000% 0.00 113,472.12 0.00 0.00
2A-P 1,543,400.00 0.00000% 1,543,400.00 0.00 0.00 0.00
B-1 11,734,000.00 7.24709% 11,734,000.00 70,864.43 0.00 0.00
B-2 3,611,000.00 7.24845% 3,611,000.00 21,811.80 0.00 0.00
B-3 1,805,000.00 7.24846% 1,805,000.00 10,902.89 0.00 0.00
B-4 1,502,000.00 7.24814% 1,502,000.00 9,072.26 0.00 0.00
B-5 1,127,000.00 7.24815% 1,127,000.00 6,807.22 0.00 0.00
B-6 2,023,892.18 7.24759% 2,023,892.18 12,223.61 0.00 0.00
R 100.00 7.25000% 100.00 0.60 0.00 2,685.33
==============================================================================================================
Total Class A Interest Distribution 1,011,520.56 0.00 2,685.33
</TABLE>
<TABLE>
<CAPTION>
===================================================================================================
Remaining
Cumulative Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses Distribution Shortfall Balance
===================================================================================================
<S> <C> <C> <C> <C> <C>
1A 0.00 0.00 142,110.41 0.00 23,278,801.48
2A-1 0.00 0.00 477,291.67 0.00 76,452,386.99
2A-2 0.00 0.00 44,255.21 0.00 7,325,000.00
2A-3 0.00 0.00 24,166.67 0.00 4,000,000.00
2A-4 0.00 0.00 78,541.67 0.00 13,000,000.00
2A-X 0.00 0.00 113,472.12 0.00 0.00
2A-P 0.00 0.00 0.00 0.00 1,535,893.76
B-1 0.00 0.00 70,864.43 0.00 11,705,337.17
B-2 0.00 0.00 21,811.80 0.00 3,602,351.95
B-3 0.00 0.00 10,902.89 0.00 1,800,677.15
B-4 0.00 0.00 9,072.26 0.00 1,498,386.42
B-5 0.00 0.00 6,807.22 0.00 1,124,288.81
B-6 0.00 0.00 12,223.61 0.00 2,018,983.52
R 0.00 0.00 2,685.93 0.00 100.00
===================================================================================================
Total Class A 0.00 0.00 1,014,205.89 0.00
Interest Distribution
</TABLE>
<TABLE>
<CAPTION>
INTEREST DISTRIBUTIONS
CERTIFICATE FACTORS
=============================================================================================================
Payment of
Original Beginning Previously
Face / Current Certificate/ Current Unpaid
Notional Certificate Notional Accrued Interest
Class Amount Rate Balance Interest Shortfall
=============================================================================================================
<S> <C> <C> <C> <C> <C>
1A 23,553,000.00 7.24037% 1000.00000000 6.03364370 0.00000000
2A-1 79,000,000.00 7.25000% 1000.00000000 20.26458073 0.00000000
2A-2 7,325,000.00 7.25000% 1000.00000000 1.87896276 0.00000000
2A-3 4,000,000.00 7.25000% 1000.00000000 1.02605486 0.00000000
2A-4 13,000,000.00 7.25000% 1000.00000000 3.33467796 0.00000000
2A-X 0.00 8.00000% 0.00000000 4.81773532 0.00000000
2A-P 1,543,400.00 0.00000% 1000.00000000 0.00000000 0.00000000
B-1 11,734,000.00 7.24709% 1000.00000000 3.00872203 0.00000000
B-2 3,611,000.00 7.24845% 1000.00000000 0.92607311 0.00000000
B-3 1,805,000.00 7.24846% 1000.00000000 0.46290876 0.00000000
B-4 1,502,000.00 7.24814% 1000.00000000 0.38518490 0.00000000
B-5 1,127,000.00 7.24815% 1000.00000000 0.28901711 0.00000000
B-6 2,023,892.18 7.24759% 1000.00000000 0.51898314 0.00000000
R 100.00 7.25000% 1000.00000000 0.00002547 0.00000000
=============================================================================================================
<FN>
* Per $1 Denomination; All Other Classes Are Per $1,000 Denomination, Except For R, Which Is 100% Percentage Interest.
</FN>
</TABLE>
<TABLE>
<CAPTION>
====================================================================================================================
Remaining
Cumulative Ending
Current Non-Supported Total Unpaid Certificate/
Excess Interest Realized Interest Interest Notional
Class Interest Shortfall Losses Distribution Shortfall Balance
====================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
1A 0.00000000 0.00000000 0.00000000 6.03364370 0.00000000 988.35823377
2A-1 0.00000000 0.00000000 0.00000000 6.04166671 0.00000000 967.75173405
2A-2 0.00000000 0.00000000 0.00000000 6.04166689 0.00000000 1000.00000000
2A-3 0.00000000 0.00000000 0.00000000 6.04166750 0.00000000 1000.00000000
2A-4 0.00000000 0.00000000 0.00000000 6.04166692 0.00000000 1000.00000000
2A-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2A-P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 995.13655566
B-1 0.00000000 0.00000000 0.00000000 6.03923896 0.00000000 997.55728396
B-2 0.00000000 0.00000000 0.00000000 6.04037663 0.00000000 997.60508169
B-3 0.00000000 0.00000000 0.00000000 6.04038227 0.00000000 997.60506925
B-4 0.00000000 0.00000000 0.00000000 6.04011984 0.00000000 997.59415446
B-5 0.00000000 0.00000000 0.00000000 6.04012422 0.00000000 997.59433008
B-6 0.00000000 0.00000000 0.00000000 6.03965474 0.00000000 997.57464353
R 0.11401223 0.00000000 0.00000000 26859.30000000 0.00000000 1000.00000000
===================================================================================================================
<FN>
* Per $1 Denomination; All Other Classes Are Per $1,000 Denomination, Except For R, Which Is 100% Percentage Interest.
</FN>
</TABLE>
<TABLE>
NOTE / CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal on Loans 3,897,457.66
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds From Repurchased Loans 0.00
Total Deposits 3,897,457.66
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Fees 1,066.84
Payment of Interest and Principal 3,896,390.82
Total Withdrawals (Pool Distribution Amount) 3,897,457.66
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT INTEREST SHORTFALL/SERVICING FEES
<S> <C>
Total Curtailment/Prepayment Interest Shortfall 0.00
Servicing Fee Support 0.00
-----------------
Non-Supported Curtailment/Prepayment Interest Shortfall 0.00
=================
Master Servicing Fee 627.55
Servicing Fee 34,025.24
Trustee Fee 439.29
-----------------
Net Fees 35,092.08
=================
</TABLE>
<TABLE>
<CAPTION>
GROUP I LOANS: DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
30 Days 12 682,274.80 3.17% 2.38%
60 Days 2 2,291.39 0.53% 0.01%
90+ Days 0 0.00 0.00% 0.00%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Bankruptcy 0 0.00 0.00% 0.00%
Totals 14 684,566.19 3.69% 2.39%
</TABLE>
<TABLE>
<CAPTION>
GROUP II LOANS: DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
30 Days 36 3,879,268.68 3.55% 3.26%
60 Days 11 508,918.59 1.08% 0.43%
90+ Days 1 98,376.44 0.10% 0.08%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Bankruptcy 0 0.00 0.00% 0.00%
Totals 48 4,486,563.71 4.73% 3.77%
Current Period Net Losses 0.00
Cumulative Net Losses 0.00
</TABLE>
<TABLE>
<CAPTION>
Group 1 Group 2
Collateral Description FIXED FIXED
<S> <C> <C>
Monthly P&I Constant 258,785.95 1,154,387.51
Weighted Average Gross Coupon 7.49887298% 8.56551250%
Weighted Average Note Rate 7.24887255% 8.28939119%
Weighted Average Pass-Through Rate 7.24037255% 8.28089119%
Weighted Average Maturity 43.38 251.62
Beginning Collateral Loan Count 385 1,024
Number of Loan Payoffs 6 9
Ending Collateral Loan Count 379 1,015
Beginning Scheduled Collateral Balance 28,991,422.12 121,621,977.87
Principal Remittance Amount 288,753.35 2,593,431.58
Ending Scheduled Collateral Balance 28,702,668.77 119,028,546.29
Gross Scheduled Interest 181,169.16 868,128.81
Servicing Fee 6,039.89 27,985.35
Net Scheduled Interest 175,129.27 840,143.46
Trustee Fee 84.56 354.73
Master Servicing Fee 120.80 506.75
Net Pass-Through Interest 174,923.91 839,281.98
</TABLE>
