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Previous: AMERICAN STATES WATER CO, S-4, 1998-03-10 |
Next: STRUCTURED ASSET SEC CORP MORT PASS THRO CERT SER 1998-1 TR, 8-K, 1998-03-10 |
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 : February 25, 1998
(Date of earliest event reported)
Commission File No.: 033-99598
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1998-2 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-2082541, 52-2082542, 52-2082545, 52-2082548
(I.R.S. Employer Identification No.)
7485 New Horizon Way
Frederick, MD 21703
(Address of principal executive offices) (Zip Code)
(301) 696-7900
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On February 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
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 February
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
March 05, 1998 by Norwest Bank Minnesota, N.A., as Master Servicer
/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 1998-2 Trust, relating to the February
25, 1998 distribution
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 30-Jan-1998
Distribution Date: 25-Feb-1998
SASC Series 1998-2
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 863572SE4 SEQ 5.88500% 501,703,000.00 2,132,377.11 3,966,503.49 0.00
R-I SAC9802R1 SEQ 0.00000% 0.00 0.00 0.00 0.00
R-II SAC9802R2 SEQ 0.00000% 0.00 0.00 0.00 0.00
R-III SAC9802R3 SEQ 0.00000% 0.00 0.00 0.00 0.00
R-IV SAC9802R3 SEQ 0.00000% 0.00 0.00 0.00 0.00
M-1 863572SF1 SUB 6.22500% 47,584,000.00 213,929.73 0.00 0.00
M-2 863572SG9 SUB 6.37500% 25,442,000.00 117,139.21 0.00 0.00
B 863572SH7 SUB 6.77500% 25,322,000.00 123,901.95 0.00 0.00
OC SAC9802OC SUB 0.00000% 982.34 0.00 0.00 0.00
SAC9802SR SUB 0.00000% 0.00 0.00 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 497,736,496.51 6,098,880.60 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
R-IV 0.00 0.00 0.00
M-1 47,584,000.00 213,929.73 0.00
M-2 25,442,000.00 117,139.21 0.00
B 25,322,000.00 123,901.95 0.00
OC 2,244,944.48 0.00 0.00
0.00 0.00 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator
on behalf of the Trustee.
<PAGE>
</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 501,703,000.00 501,703,000.00 734,864.51 3,231,638.98 0.00 0.00 3,966,503.49
R-I 0.00 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 0.00
R-III 0.00 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 0.00
M-1 47,584,000.00 47,584,000.00 0.00 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 0.00
B 25,322,000.00 25,322,000.00 0.00 0.00 0.00 0.00 0.00
OC 982.34 982.34 0.00 0.00 0.00 0.00 0.00
0.00 0.00 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 497,736,496.51 0.99209392 3,966,503.49
R-I 0.00 0.00000000 0.00
R-II 0.00 0.00000000 0.00
R-III 0.00 0.00000000 0.00
R-IV 0.00 0.00000000 0.00
M-1 47,584,000.00 1.00000000 0.00
M-2 25,442,000.00 1.00000000 0.00
B 25,322,000.00 1.00000000 0.00
OC 2,244,944.482,285.30292974 0.00
0.00 0.00000000 0.00
</TABLE>
<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 501,703,000.00 1000.00000000 1.46474012 6.44133876 0.00000000 0.00000000 7.90607888
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 47,584,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-2 25,442,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B 25,322,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 982.34 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00 0.00000000 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 992.09392112 0.99209392 7.90607888
R-I 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000
M-1 1,000.00000000 1.00000000 0.00000000
M-2 1,000.00000000 1.00000000 0.00000000
B 1,000.00000000 1.00000000 0.00000000
OC 2,285,302.92973919 2,285.30292974 0.00000000
0.00000000 0.00000000 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 501,703,000.00 5.88500% 501,703,000.00 2,132,377.11 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
M-1 47,584,000.00 6.22500% 47,584,000.00 213,929.73 0.00 0.00 0.00
M-2 25,442,000.00 6.37500% 25,442,000.00 117,139.21 0.00 0.00 0.00
B 25,322,000.00 6.77500% 25,322,000.00 123,901.95 0.00 0.00 0.00
OC 982.34 0.00000% 982.34 0.00 0.00 0.00 0.00
0.00 0.00000% 0.00 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 2,132,377.11 0.00 497,736,496.51
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 0.00 213,929.73 0.00 47,584,000.00
M-2 0.00 117,139.21 0.00 25,442,000.00
B 0.00 123,901.95 0.00 25,322,000.00
OC 0.00 0.00 0.00 2,244,944.48
0.00 0.00 0.00 0.00
<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 501,703,000.00 5.88500% 1000.00000000 4.25027777 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 47,584,000.00 6.22500% 1000.00000000 4.49583326 0.00000000 0.00000000 0.00000000
M-2 25,442,000.00 6.37500% 1000.00000000 4.60416673 0.00000000 0.00000000 0.00000000
B 25,322,000.00 6.77500% 1000.00000000 4.89305545 0.00000000 0.00000000 0.00000000
OC 982.34 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00 0.00000% 0.00000000 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 4.25027777 0.00000000 992.09392112
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
R-IV 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 4.49583326 0.00000000 1000.00000000
M-2 0.00000000 4.60416673 0.00000000 1000.00000000
B 0.00000000 4.89305545 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 2285302.92973919
0.00000000 0.00000000 0.00000000 0.00000000
<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 6,808,870.91
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 6,808,870.91
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 255,019.41
Payment of Interest and Principal 6,553,851.50
__________________
Total Withdrawals (Pool Distribution Amount) 6,808,870.91
Ending Balance 0.00
__________________
__________________
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 0.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 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 250,022.20
Trustee Fee 1,248.79
Master Servicing Fee 3,748.42
Supported Prepayment/Curtailment Interest Shortfall 0.00
__________________
Net Servicing Fee 255,019.41
__________________
__________________
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 114 8,690,910.79 1.81% 1.45%
60 Days 34 2,602,924.99 0.54% 0.44%
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%
Totals 148 11,293,835.78 2.35% 1.89%
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS 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 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 10.138838%
Weighted Average Net Coupon 9.638837%
Weighted Average Maturity (Stepdown Calculation) 341 Months
Beginning Scheduled Collateral Loan Count 6,309
Number of Loans Paid in Full 11
Ending Scheduled Collateral Loan Count 6,298
Beginning Scheduled Collateral Balance 600,051,982.34
Ending Scheduled Collateral Balance 598,329,441.00
Targeted overcollateralization amount 5,250,454.85
Class A excess principal amount 5,243,962.14
Monthly P&I Constant 5,388,989.25
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL
Class Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
A 98,348,982.34 16.39007707% 100,592,944.48 16.81230065%
M-1 50,764,982.34 8.46009743% 53,008,944.48 8.85949125%
M-2 25,322,982.34 4.22013144% 27,566,944.48 4.60731874%
B 982.34 0.00016371% 2,244,944.48 0.37520208%
SPEC_SE 982.34 0.00016371% 2,244,944.48 0.37520208%
OC 0.00 0.00000000% 0.00 0.00000000%
<FN>
Please refer to the Prospectus Supplement For A Full Description Of Loss Exposure.
</FN>
</TABLE>
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