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Previous: EQUITY INVESTOR FD FOCUS SER HEALTH CARE PORT 3 DEF ASSET FD, 487, 1998-04-09 |
Next: CLOVER COMMUNITY BANKSHARES INC, S-4 POS, 1998-04-09 |
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): March 25, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 033-99598 52-2082541
Pooling and Servicing Agreement) (Commission 52-2082542
(State or other File Number) 52-2082545
jurisdiction 52-2082548
(I.R.S. Employer
Identification No.)
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, Maryland 21703
(Address of principal executive offices) (Zip Code)
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 March 25, 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 March 25, 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: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 4/07/98
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 March 25,
1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 2/27/98
Distribution Date: 3/25/98
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: (410) 884-2173
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% 497,736,496.51 2,290,348.31 9,069,520.98
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% 47,584,000.00 231,542.42 0.00
M-2 863572SG9 SUB 6.40625% 25,442,000.00 126,768.30 0.00
B 863572SH7 SUB 6.80625% 25,322,000.00 134,048.34 0.00
OC SAC9802OC SUB 0.00000% 2,244,944.48 0.00 0.00
Totals 598,329,440.99 2,782,707.37 9,069,520.98
</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 $488,666,975.53 $11,359,869.29 $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 $231,542.42 $0.00
M-2 $0.00 $25,442,000.00 $126,768.30 $0.00
B $0.00 $25,322,000.00 $134,048.34 $0.00
OC $0.00 $4,309,641.16 $0.00 $0.00
Totals $0.00 $591,324,616.69 $11,852,228.35 $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>
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 501,703,000.00 497,736,496.51 413,896.04 8,655,624.94 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 2,244,944.48 0.00 0.00 0.00 0.00
Totals $600,051,982.34 $598,329,440.99 $413,896.04 $8,655,624.94 $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 $9,069,520.98 $488,666,975.53 0.97401645 $9,069,520.98
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 $4,309,641.16 4,387.11765784 $0.00
Totals $9,069,520.98 $591,324,616.69 0.98545565 $9,069,520.98
</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 501,703,000.00 992.09392112 0.82498219 17.25248791 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 2285302.92973919 0.00000000 0.00000000 0.00000000
<FN>
</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 18.07747010 974.01645103 0.97401645 18.07747010
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 1000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
OC 0.00000000 0.00000000 4387117.65783741 4387.11765784 0.00000000
<FN>
(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>
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% 497,736,496.51 2,290,348.31 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% 47,584,000.00 231,542.42 0.00 0.00
M-2 25,442,000.00 6.40625% 25,442,000.00 126,768.30 0.00 0.00
B 25,322,000.00 6.80625% 25,322,000.00 134,048.34 0.00 0.00
OC 982.34 0.00000% 2,244,944.48 0.00 0.00 0.00
Totals 600,051,982.34 2,782,707.37 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 0.01 0.00 2,290,348.31 0.00 488,666,975.53
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 0.00 231,542.42 0.00 47,584,000.00
M-2 0.00 0.00 126,768.30 0.00 25,442,000.00
B 0.00 0.00 134,048.34 0.00 25,322,000.00
OC 0.00 0.00 0.00 0.00 4,309,641.16
Totals 0.01 0.00 2,782,707.37 0.00
<FN>
(4) 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>
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% 992.09392112 4.56514773 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 4.86597218 0.00000000 0.00000000
M-2 25,442,000.00 6.40625% 1000.00000000 4.98263894 0.00000000 0.00000000
B 25,322,000.00 6.80625% 1000.00000000 5.29375010 0.00000000 0.00000000
OC 982.34 0.00000% 2285302.92973919 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 0.00000002 0.00000000 4.56514773 0.00000000 974.01645103
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 4.86597218 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.98263894 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.29375010 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 4387117.65783741
<FN>
(6) 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>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 12,128,926.53
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 12,128,926.53
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 276,698.18
Payment of Interest and Principal 11,852,228.35
Total Withdrawals (Pool Distribution Amount) 12,128,926.53
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 249,304.40
Trustee Fee 1,245.47
Spread 1 Fee 22,410.00
Master Servicing Fee 3,738.31
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 276,698.18
</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 530 47,840,727.13 8.500401% 8.090434%
60 Days 21 2,317,404.03 0.336808% 0.391900%
90+ Days 121 10,426,721.55 1.940658% 1.763282%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 672 60,584,852.71 10.777867% 10.245617%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds (171,785.14)
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Class A 98,348,982.34 16.39007707% 102,643,153.00 17.35817351%
Class M-1 50,764,982.34 8.46009743% 55,059,153.00 9.31115523%
Class M-2 25,322,982.34 4.22013144% 29,617,153.00 5.00861154%
Class B 982.34 0.00016371% 4,295,153.00 0.72636127%
Class OC 0.00 0.00000000% 0.00 0.00000000%
Limit of Subordinate's Exposure to Certain Types of Losses
Bankruptcy 0.00 0.00000000% 0.00 0.00000000%
Fraud 0.00 0.00000000% 0.00 0.00000000%
Special Hazard 0.00 0.00000000% 0.00 0.00000000%
<FN>
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM & Balloon
<S> <C>
Weighted Average Gross Coupon 10.276818%
Weighted Average Net Coupon 9.776817%
Weighted Average Pass-Through Rate 9.766822%
Weighted Average Maturity (Stepdown Calculation) 340
Beginning Scheduled Collateral Loan Count 6,298
Number of Loans Paid in Full 63
Ending Scheduled Collateral Loan Count 6,235
Beginning Scheduled Collateral Balance 598,329,441.00
Ending Scheduled Collateral Balance 591,324,616.70
Ending Actual Collateral Balance at 27-Feb-1998 0.00
Monthly P&I Constant 5,380,970.18
Unpaid Principal Balance of Outstanding Mortgage
Loans with Original LTV:
Less than or equal to 80% 0.00
Greater than 80%, less than or equal to 85% 0.00
Greater than 85%, less than or equal to 95% 0.00
Greater than 95% 0.00
</TABLE>
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