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Previous: MITCHELL HUTCHINS INSTITUTIONAL SERIES, N-30D, 1999-01-12 |
Next: AMERICAN FIDELITY DUAL STRATEGY FUND INC, 497, 1999-01-12 |
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 28, 1998
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of 333-39039 52-2095951
Pooling and Servicing Agreement) (Commission 52-2095952
(State or other File Number) IRS EIN
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, 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 December 28, 1998 a distribution was made to holders of SOUTHERN PACIFIC
SECURED ASSETS CORPORATION, Mortgage Pass-Through Certificates, Series 1998-
1 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-1 Trust, relating to the December 28,
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.
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 12/29/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-1 Trust, relating to the December 28,
1998 distribution.
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
SPSAC Series: 1998-1
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-1 843590CK4 SEQ 5.24234% 245,862,256.57 1,181,485.75 8,529,795.70
A-2 843590CL2 SEQ 6.27000% 113,000,000.00 590,425.00 0.00
A-3 843590CM0 SEQ 6.52000% 29,000,000.00 157,566.67 0.00
A-4 843590CN8 SEQ 6.50000% 33,895,310.31 183,599.60 1,036,188.58
A-5 843590CP3 SEQ 6.46000% 40,000,000.00 215,333.33 0.00
A-6 843590CQ1 SEQ 7.08000% 18,100,000.00 106,790.00 0.00
A-7 843590CR9 SEQ 6.51000% 11,300,000.00 61,302.50 0.00
A-8 843590CS7 IO 2.23325% 0.00 577,166.67 0.00
R-I SPS9801R1 R 0.00000% 0.00 0.00 0.00
R-II SPS9801R2 R 0.00000% 0.00 0.00 0.00
Totals 491,157,566.88 3,073,669.52 9,565,984.28
</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-1 0.00 237,332,460.88 9,711,281.45 0.00
A-2 0.00 113,000,000.00 590,425.00 0.00
A-3 0.00 29,000,000.00 157,566.67 0.00
A-4 0.00 32,859,121.73 1,219,788.18 0.00
A-5 0.00 40,000,000.00 215,333.33 0.00
A-6 0.00 18,100,000.00 106,790.00 0.00
A-7 0.00 11,300,000.00 61,302.50 0.00
A-8 0.00 0.00 577,166.67 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
Totals 0.00 481,591,582.61 12,639,653.80 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-1 300,000,000.00 245,862,256.57 176,528.84 8,353,266.86 0.00 0.00
A-2 113,000,000.00 113,000,000.00 0.00 0.00 0.00 0.00
A-3 29,000,000.00 29,000,000.00 0.00 0.00 0.00 0.00
A-4 43,600,000.00 33,895,310.31 77,580.68 958,607.90 0.00 0.00
A-5 40,000,000.00 40,000,000.00 0.00 0.00 0.00 0.00
A-6 18,100,000.00 18,100,000.00 0.00 0.00 0.00 0.00
A-7 11,300,000.00 11,300,000.00 0.00 0.00 0.00 0.00
A-8 0.00 0.00 0.00 0.00 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
Totals 555,000,000.00 491,157,566.88 254,109.52 9,311,874.76 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-1 8,529,795.70 237,332,460.88 0.79110820 8,529,795.70
A-2 0.00 113,000,000.00 1.00000000 0.00
A-3 0.00 29,000,000.00 1.00000000 0.00
A-4 1,036,188.58 32,859,121.73 0.75364958 1,036,188.58
A-5 0.00 40,000,000.00 1.00000000 0.00
A-6 0.00 18,100,000.00 1.00000000 0.00
A-7 0.00 11,300,000.00 1.00000000 0.00
A-8 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 9,565,984.28 481,591,582.61 0.86773258 9,565,984.28
</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-1 300,000,000.00 819.54085523 0.58842947 27.84422287 0.00000000
A-2 113,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 29,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 43,600,000.00 777.41537408 1.77937339 21.98641972 0.00000000
A-5 40,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 18,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-7 11,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-8 0.00 0.00000000 0.00000000 0.00000000 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
<FN>
(2) All Classes are 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-1 0.00000000 28.43265233 791.10820293 0.79110820 28.43265233
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 23.76579312 753.64958096 0.75364958 23.76579312
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-8 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 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-1 300,000,000.00 5.24234% 245,862,256.57 1,181,485.75 0.00 0.00
A-2 113,000,000.00 6.27000% 113,000,000.00 590,425.00 0.00 0.00
A-3 29,000,000.00 6.52000% 29,000,000.00 157,566.67 0.00 0.00
A-4 43,600,000.00 6.50000% 33,895,310.31 183,599.60 0.00 0.00
A-5 40,000,000.00 6.46000% 40,000,000.00 215,333.33 0.00 0.00
A-6 18,100,000.00 7.08000% 18,100,000.00 106,790.00 0.00 0.00
A-7 11,300,000.00 6.51000% 11,300,000.00 61,302.50 0.00 0.00
A-8 0.00 2.23325% 437,300,000.00 577,166.67 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
Totals 555,000,000.00 3,073,669.52 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-1 0.00 0.00 1,181,485.75 0.00 237,332,460.88
A-2 0.00 0.00 590,425.00 0.00 113,000,000.00
A-3 0.00 0.00 157,566.67 0.00 29,000,000.00
A-4 0.00 0.00 183,599.60 0.00 32,859,121.73
A-5 0.00 0.00 215,333.33 0.00 40,000,000.00
A-6 0.00 0.00 106,790.00 0.00 18,100,000.00
A-7 0.00 0.00 61,302.50 0.00 11,300,000.00
A-8 0.00 0.00 577,166.67 0.00 437,300,000.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 3,073,669.52 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-1 300,000,000.00 5.24234% 819.54085523 3.93828583 0.00000000 0.00000000
A-2 113,000,000.00 6.27000% 1000.00000000 5.22500000 0.00000000 0.00000000
A-3 29,000,000.00 6.52000% 1000.00000000 5.43333345 0.00000000 0.00000000
A-4 43,600,000.00 6.50000% 777.41537408 4.21100000 0.00000000 0.00000000
A-5 40,000,000.00 6.46000% 1000.00000000 5.38333325 0.00000000 0.00000000
A-6 18,100,000.00 7.08000% 1000.00000000 5.90000000 0.00000000 0.00000000
A-7 11,300,000.00 6.51000% 1000.00000000 5.42500000 0.00000000 0.00000000
A-8 0.00 2.23325% 1000.00000000 1.31984146 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
<FN>
(5) All Classes are 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-1 0.00000000 0.00000000 3.93828583 0.00000000 791.10820293
A-2 0.00000000 0.00000000 5.22500000 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.43333345 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 4.21100000 0.00000000 753.64958096
A-5 0.00000000 0.00000000 5.38333325 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.90000000 0.00000000 1000.00000000
A-7 0.00000000 0.00000000 5.42500000 0.00000000 1000.00000000
A-8 0.00000000 0.00000000 1.31984146 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<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>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
Class
<S> <C> <C> <C> <C> <C> <C>
A-8 IO 3.40000% 142,000,000.00 142,000,000.00 0.00 0.00 100.00000000%
A-8 IO 1.00000% 142,000,000.00 142,000,000.00 0.00 0.00 100.00000000%
A-8 IO 2.00000% 142,000,000.00 142,000,000.00 0.00 0.00 100.00000000%
A-8 IO 6.00000% 11,300,000.00 11,300,000.00 0.00 0.00 100.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 12,950,562.75
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (36,596.47)
Total Deposits 12,913,966.28
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 274,312.48
Payment of Interest and Principal 12,639,653.80
Total Withdrawals (Pool Distribution Amount) 12,913,966.28
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 207,404.06
Trustee Fee 3,111.06
Group 1 Premium Amount 45,250.60
Group 2 Premium Amount 12,051.12
Extraodinary Trust Expense 6,495.64
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 274,312.48
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
</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 295 26,745,959.97 5.442804% 5.467224%
60 Days 138 11,892,301.20 2.546125% 2.430942%
90+ Days 64 7,549,798.12 1.180812% 1.543277%
Foreclosure 425 39,934,182.29 7.841328% 8.163068%
REO 38 3,985,307.86 0.701107% 0.814649%
Totals 960 90,107,549.44 17.712177% 18.419160%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 66,790.67
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 10.574372%
Weighted Average Net Coupon 10.074372%
Weighted Average Pass-Through Rate 9.913073%
Weighted Average Maturity(Stepdown Calculation ) 342
Begin Scheduled Collateral Loan Count 5,517
Number Of Loans Paid In Full 97
End Scheduled Collateral Loan Count 5,420
Begining Scheduled Collateral Balance 497,769,751.58
Ending Scheduled Collateral Balance 489,205,530.65
Ending Actual Collateral Balance at 30-Nov-1998 488,492,162.56
Monthly P &I Constant 4,640,445.08
Ending Scheduled Balance for Premium Loans 489,205,530.65
Scheduled Principal 254,109.52
Unscheduled Principal 8,310,111.41
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description 6 Month LIBOR ARM Mixed Fixed
Weighted Average Coupon Rate 10.439036 11.077606
Weighted Average Net Rate 9.921600 10.533163
Weighted Average Maturity 350.00 309.00
Beginning Loan Count 3,901 1,616
Loans Paid In Full 84 13
Ending Loan Count 3,817 1,603
Beginning Scheduled Balance 392,273,985.42 105,495,766.16
Ending scheduled Balance 384,455,525.71 104,750,004.94
Record Date 11/30/1998 11/30/1998
Principal And Interest Constant 3,588,997.25 1,051,447.83
Scheduled Principal 176,528.84 77,580.68
Unscheduled Principal 7,641,930.87 668,180.54
Scheduled Interest 3,412,468.41 973,867.15
Servicing Fees 163,447.49 43,956.57
Master Servicing Fees 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 5,699.53 3,907.17
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 3,243,321.39 926,003.41
Realized Loss Amount 36,596.47 0.00
Cumulative Realized Loss 36,596.47 30,194.20
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 711,335.99 290,427.36
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 19,897,353.73 3,788,955.07
Overcollateralization Amount 5,123,064.84 2,490,883.21
Overcollateralization Deficiency Amount 14,774,288.89 1,298,071.86
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 747,932.46 290,427.37
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptc
1 Principal Balance 20,639,727.27 9,678,929.33 6,157,700.09 33,164,762.06 3,795,175.05 3,734,237.06
Percentage Of Balanc 5.369% 2.518% 1.602% 8.626% 0.987% 0.971%
Loan Count 215 100 45 325 33 53
Percentage Of Loans 5.633% 2.620% 1.179% 8.515% 0.865% 1.389%
2 Principal Balance 6,106,232.70 2,213,371.87 1,392,098.03 6,769,420.23 190,132.81 1,272,319.89
Percentage Of Balanc 5.829% 2.113% 1.329% 6.462% 0.182% 1.215%
Loan Count 80 38 19 100 5 16
Percentage Of Loans 4.991% 2.371% 1.185% 6.238% 0.312% 0.998%
</TABLE>
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