|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: JPS PACKAGING CO, SC 13G/A, 1998-08-07 |
Next: STRUCTURED ASSET SEC CORP MORT PASS THRO CERT SERIES 1998-5, 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 1998-4 Trust
New York (governing law of 333-47499-01 52-2101512
Pooling and Servicing Agreement) (Commission 52-2101513
(State or other File Number) 52-2101514
jurisdiction 52-2101515
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 1998-4
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 1998-4 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 1998-4 Trust
By: Nowest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 8/4/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-4 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: 1998-4
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 863572TE3 SEQ 5.80666% 293,640,560.83 1,515,620.40 12,936,096.13
A-2 863572TF0 SEQ 5.89625% 313,331,000.00 1,642,202.59 0.00
M-1 863572TG8 SEQ 6.08625% 62,173,000.00 336,355.93 0.00
M-2 863572TH6 SEQ 6.40625% 29,454,000.00 167,724.17 0.00
B 863572TJ2 SEQ 6.80625% 25,810,000.00 153,856.28 0.00
OC SAC9804OC OC 0.00000% 15,033,765.84 0.00 0.00
R-I SAC9804R1 RES 0.00000% 0.00 0.00 0.00
R-II SAC9804R2 RES 0.00000% 0.00 0.00 0.00
R-III SAC9804R3 RES 0.00000% 0.00 0.00 0.00
R-IV SAC9804R3 RES 0.00000% 0.00 0.00 0.00
X SAC98004X Excess 0.00000% 0.00 1,872,999.42 0.00
Totals 739,442,326.67 5,688,758.79 12,936,096.13
</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 0.00 280,704,464.70 14,451,716.53 0.00
A-2 0.00 313,331,000.00 1,642,202.59 0.00
M-1 0.00 62,173,000.00 336,355.93 0.00
M-2 0.00 29,454,000.00 167,724.17 0.00
B 0.00 25,810,000.00 153,856.28 0.00
OC 0.00 15,033,765.84 0.00 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
X 0.00 0.00 1,872,999.42 0.00
Totals 0.00 726,506,230.54 18,624,854.92 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-1 313,331,000.00 293,640,560.83 399,834.60 12,536,261.53 0.00 0.00
A-2 313,331,000.00 313,331,000.00 0.00 0.00 0.00 0.00
M-1 62,173,000.00 62,173,000.00 0.00 0.00 0.00 0.00
M-2 29,454,000.00 29,454,000.00 0.00 0.00 0.00 0.00
B 25,810,000.00 25,810,000.00 0.00 0.00 0.00 0.00
OC 15,033,765.84 15,033,765.84 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
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
X 0.00 0.00 0.00 0.00 0.00 0.00
Totals 759,132,765.84 739,442,326.67 399,834.60 12,536,261.53 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 12,936,096.13 280,704,464.70 0.89587198 12,936,096.13
A-2 0.00 313,331,000.00 1.00000000 0.00
M-1 0.00 62,173,000.00 1.00000000 0.00
M-2 0.00 29,454,000.00 1.00000000 0.00
B 0.00 25,810,000.00 1.00000000 0.00
OC 0.00 15,033,765.84 1.00000000 0.00
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
X 0.00 0.00 0.00000000 0.00
Totals 12,936,096.13 726,506,230.54 0.95702131 12,936,096.13
</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-1 313,331,000.00 937.15770489 1.27607738 40.00964325 0.00000000
A-2 313,331,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 62,173,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 29,454,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 25,810,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
OC 15,033,765.84 1000.00000000 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
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All denominations are per $1000.
</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 41.28572063 895.87198426 0.89587198 41.28572063
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 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 1,000.00000000 1.00000000 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
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X 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-1 313,331,000.00 5.80666% 293,640,560.83 1,515,620.40 0.00 0.00
A-2 313,331,000.00 5.89625% 313,331,000.00 1,642,202.59 0.00 0.00
M-1 62,173,000.00 6.08625% 62,173,000.00 336,355.93 0.00 0.00
M-2 29,454,000.00 6.40625% 29,454,000.00 167,724.17 0.00 0.00
B 25,810,000.00 6.80625% 25,810,000.00 153,856.28 0.00 0.00
OC 15,033,765.84 0.00000% 15,033,765.84 0.00 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
X 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 759,132,765.84 3,815,759.37 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-1 0.00 0.00 1,515,620.40 0.00 280,704,464.70
A-2 0.00 0.00 1,642,202.59 0.00 313,331,000.00
M-1 0.00 0.00 336,355.93 0.00 62,173,000.00
M-2 0.00 0.00 167,724.17 0.00 29,454,000.00
B 0.00 0.00 153,856.28 0.00 25,810,000.00
OC 0.00 0.00 0.00 0.00 15,033,765.84
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
X 0.00 0.00 1,872,999.42 0.00 0.00
Totals 0.00 0.00 5,688,758.79 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-1 313,331,000.00 5.80666% 937.15770489 4.83712240 0.00000000 0.00000000
A-2 313,331,000.00 5.89625% 1000.00000000 5.24111113 0.00000000 0.00000000
M-1 62,173,000.00 6.08625% 1000.00000000 5.41000000 0.00000000 0.00000000
M-2 29,454,000.00 6.40625% 1000.00000000 5.69444456 0.00000000 0.00000000
B 25,810,000.00 6.80625% 1000.00000000 5.96111120 0.00000000 0.00000000
OC 15,033,765.84 0.00000% 1000.00000000 0.00000000 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
X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Denominations are per $1000.
</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 4.83712240 0.00000000 895.87198426
A-2 0.00000000 0.00000000 5.24111113 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 5.41000000 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.69444456 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.96111120 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 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
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00000000 0.00000000 1872999420000.00 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>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 17,384,204.11
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 17,384,204.11
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 321,227.31
Payment of Interest and Principal 17,062,976.80
Total Withdrawals (Pool Distribution Amount) 17,384,204.11
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 312,951.21
Trustee Fee 1,095.10
Spread 1 Fee 2,490.00
Master Servicing Fee 4,691.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 321,227.31
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
</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 160 18,034,249.88 2.445361% 2.482326%
60 Days 99 10,188,786.42 1.513067% 1.402436%
90+ Days 60 5,686,980.44 0.917011% 0.782785%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 319 33,910,016.74 4.875439% 4.667547%
</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 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 9.668935%
Weighted AverageNet Coupon 9.168735%
Weighted Average Pass-Through Rate 9.159487%
Weighted Average Maturity(Stepdown Calculation ) 349
Begin Scheduled Collateral Loan Count 6,649
Number Of Loans Paid In Full 106
End Scheduled Collateral Loan Count 6,543
Begining Scheduled Collateral Balance 739,849,675.70
Ending Scheduled Collateral Balance 726,506,230.54
Ending Actual Collateral Balance at 30-Jun-1998 726,506,230.54
Monthly P &I Constant 0.00
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 0.00
Overcollateralization reduction Amount 187.03
Specified O/C Amount 0.00
Overcollateralized Amount 15,033,952.87
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra_principal_distribution_Amount 0.00
Excess Cash Amount 1,806,353.16
</TABLE>
|
|