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Previous: MORTGAGE PASS THROUGH CERTIFICATES SERIES 1998-C6, 8-K, 1998-08-07 |
Next: STRUCTURED ASSET SEC CORP MORT PASS THRO CERT SER 1998-1 TR, 8-K, 1998-08-07 |
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): July 27, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-2 Trust
New York (governing law of 033-99598 522082541
Pooling and Servicing Agreement) (Commission 522082542
(State or other File Number) 522082545
jurisdiction 522082548
IRS EIN
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On July 27, 1998 a distribution was made to holders of STRUCTURED ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-2
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 1998-2 Trust,
relating to the July 27, 1998 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.
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-2 Trust
By: First Union National Bank, as Trustee
By: /s/ Pablo de la Canal, Vice president
By: Pablo de la Canal, Vice president
Date: 8/3/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-2 Trust, relating to the July 27,
1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 6/30/1998
Distribution Date: 7/27/1998
SASC Series: 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
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>
A 863572SE4 SEQ 5.91625% 459,348,573.18 2,415,663.11 13,670,555.03
R-I SAC9802R1 SEQ 0.00000% 0.00 0.00 0.00
R-II SAC9802R2 SEQ 0.00000% 0.00 0.00 0.00
R-III SAC9802R3 SEQ 0.00000% 0.00 0.00 0.00
R-IV SAC9802R3 SEQ 0.00000% 0.00 0.00 0.00
M-1 863572SF1 SUB 6.25625% 47,584,000.00 264,619.91 0.00
M-2 863572SG9 SUB 6.40625% 25,442,000.00 144,878.06 0.00
B 863572SH7 SUB 6.80625% 25,322,000.00 153,198.10 0.00
OC SAC9802OC SUB 0.00000% 5,250,454.84 0.00 0.00
Totals 562,947,028.02 2,978,359.18 13,670,555.03
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A 0.00 445,678,018.15 16,086,218.14 0.00
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
R-IV 0.00 0.00 0.00 0.00
M-1 0.00 47,584,000.00 264,619.91 0.00
M-2 0.00 25,442,000.00 144,878.06 0.00
B 0.00 25,322,000.00 153,198.10 0.00
OC 0.00 5,250,454.84 0.00 0.00
Totals 0.00 549,276,472.99 16,648,914.21 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Class X Certificateholder Distribution Summary
Certificate Certificate Beginning Current Ending
Class Pass-Through Certificate Interest Principal Realized Certificate
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
X SAC98002 IO n/a 0.00 1,719,507.01 0.00 0.00 0.00
Totals 0.00 1,719,507.01 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Class X Certificateholder Distribution Summary (Cont.)
Total Cumulative
Class Distribution Realized Loss
<S> <C> <C>
X 1,719,507.01 0.00
Totals 1,719,507.01 0.00
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A 501,703,000.00 459,348,573.18 313,172.82 13,357,382.21 0.00 0.00
R-I 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
R-III 0.00 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00 0.00 0.00
M-1 47,584,000.00 47,584,000.00 0.00 0.00 0.00 0.00
M-2 25,442,000.00 25,442,000.00 0.00 0.00 0.00 0.00
B 25,322,000.00 25,322,000.00 0.00 0.00 0.00 0.00
OC 982.34 5,250,454.84 0.00 0.00 0.00 0.00
Totals 600,051,982.34 562,947,028.02 313,172.82 13,357,382.21 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)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A 13,670,555.03 445,678,018.15 0.88833038 13,670,555.03
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-IV 0.00 0.00 0.00000000 0.00
M-1 0.00 47,584,000.00 1.00000000 0.00
M-2 0.00 25,442,000.00 1.00000000 0.00
B 0.00 25,322,000.00 1.00000000 0.00
OC 0.00 5,250,454.84 5,344.84479915 0.00
Totals 13,670,555.03 549,276,472.99 0.91538148 13,670,555.03
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A 501,703,000.00 915.57868536 0.62421955 26.62408279 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 47,584,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 25,442,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 25,322,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
OC 982.34 5344844.79915304 0.00000000 0.00000000 0.00000000
<FN>
(2) Per $1000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A 0.00000000 27.24830234 888.33038302 0.88833038 27.24830234
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
OC 0.00000000 0.00000000 5,344,844.7991530 5344.84479915 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 501,703,000.00 5.91625% 459,348,573.18 2,415,663.11 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00
R-IV 0.00 0.00000% 0.00 0.00 0.00 0.00
M-1 47,584,000.00 6.25625% 47,584,000.00 264,619.91 0.00 0.00
M-2 25,442,000.00 6.40625% 25,442,000.00 144,878.06 0.00 0.00
B 25,322,000.00 6.80625% 25,322,000.00 153,198.10 0.00 0.00
OC 982.34 0.00000% 5,250,454.84 0.00 0.00 0.00
Totals 600,051,982.34 2,978,359.18 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.00 0.00 2,415,663.11 0.00 445,678,018.15
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00 0.00
M-1 0.00 0.00 264,619.91 0.00 47,584,000.00
M-2 0.00 0.00 144,878.06 0.00 25,442,000.00
B 0.00 0.00 153,198.10 0.00 25,322,000.00
OC 0.00 0.00 0.00 0.00 5,250,454.84
Totals 0.00 0.00 2,978,359.18 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 501,703,000.00 5.91625% 915.57868536 4.81492658 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
M-1 47,584,000.00 6.25625% 1000.00000000 5.56111109 0.00000000 0.00000000
M-2 25,442,000.00 6.40625% 1000.00000000 5.69444462 0.00000000 0.00000000
B 25,322,000.00 6.80625% 1000.00000000 6.05000000 0.00000000 0.00000000
OC 982.34 0.00000% 5344844.79915304 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1000 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 4.81492658 0.00000000 888.33038302
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 5.56111109 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.69444462 0.00000000 1000.00000000
B 0.00000000 0.00000000 6.05000000 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 5344844.79915304
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 18,647,346.42
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 18,647,346.42
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 278,925.20
Payment of Interest and Principal 18,368,421.22
Total Withdrawals (Pool Distribution Amount) 18,647,346.42
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 234,561.26
Trustee Fee 1,172.32
Spread 1 Fee 39,674.00
Master Servicing Fee 3,517.62
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 278,925.20
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 10,000.00 0.00 0.00 10,000.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 114 10,567,378.41 1.952389% 1.923872%
60 Days 86 8,089,897.84 1.472855% 1.472828%
90+ Days 226 20,113,912.29 3.870526% 3.661892%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 426 38,771,188.54 7.295770% 7.058593%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 350,763.16
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 10.179954%
Weighted AverageNet Coupon 9.679953%
Weighted Average Pass-Through Rate 9.669954%
Weighted Average Maturity(Stepdown Calculation ) 335
Begin Scheduled Collateral Loan Count 5,959
Number Of Loans Paid In Full 120
End Scheduled Collateral Loan Count 5,839
Begining Scheduled Collateral Balance 562,947,028.03
Ending Scheduled Collateral Balance 549,276,473.00
Ending Actual Collateral Balance at 30-Jun-1998 549,628,780.11
Monthly P &I Constant 5,088,818.32
Ending Scheduled Balance for Premium Loans 549,276,473.00
Scheduled Principal 313,172.82
Unscheduled Principal 13,670,555.03
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 0.00
Overcollateralization reduction Amount 0.00
Specified O/C Amount 0.00
Overcollateralized Amount 5,250,454.85
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
</TABLE>
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