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Previous: STRUCTURED ASSET SEC CORP MORT PASS THRO CERT SERIES 1998-4, 8-K, 1998-06-05 |
Next: MORTGAGE LENDERS NETWK HM EQ LN TR AST BCK NTS SER 1998-1 TR, 8-K, 1998-06-05 |
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): May 26, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-5 Trust
New York (governing law of 333-47499-02 PENDING
Pooling and Servicing Agreement) (Commission (I.R.S. Employer
(State or other File Number) Identification No.)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, MD 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 May 26, 1998 a distribution was made to holders of STRUCTURED ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-5
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 1998-5 Trust, relating to
the May 26, 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 1998-5 Trust
By: Nowest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 6/3/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-5 Trust, relating to the May 26,
1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 4/30/1998
Distribution Date: 5/26/1998
SASC Series: 1998-5
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-1 863572TK9 SEQ 6.72622% 209,528,000.00 1,174,443.12 1,734,769.25
B-1 863572TL7 SEQ 6.72622% 2,165,000.00 12,135.22 0.00
B-2 863572TM5 SEQ 6.72622% 1,624,000.00 9,102.82 0.00
B-3 863572TN3 SEQ 6.72622% 1,082,000.00 6,064.81 0.00
B-4 SAC9805B4 SEQ 6.72622% 974,000.00 5,459.45 0.00
B-5 SAC9805B5 SEQ 6.72622% 649,000.00 3,637.76 0.00
B-6 SAC9805B6 SEQ 6.72622% 544,808.48 3,053.75 0.00
R SAC98005R SEQ 0.00000% 0.00 0.00 0.00
Totals 216,566,808.48 1,213,896.93 1,734,769.25
</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 0.00 207,793,230.75 2,909,212.37 0.00
B-1 0.00 2,165,000.00 12,135.22 0.00
B-2 0.00 1,624,000.00 9,102.82 0.00
B-3 0.00 1,082,000.00 6,064.81 0.00
B-4 0.00 974,000.00 5,459.45 0.00
B-5 0.00 649,000.00 3,637.76 0.00
B-6 0.00 544,808.48 3,053.75 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 214,832,039.23 2,948,666.18 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-1 209,528,000.00 209,528,000.00 52,683.32 1,682,085.93 0.00 0.00
B-1 2,165,000.00 2,165,000.00 0.00 0.00 0.00 0.00
B-2 1,624,000.00 1,624,000.00 0.00 0.00 0.00 0.00
B-3 1,082,000.00 1,082,000.00 0.00 0.00 0.00 0.00
B-4 974,000.00 974,000.00 0.00 0.00 0.00 0.00
B-5 649,000.00 649,000.00 0.00 0.00 0.00 0.00
B-6 544,808.48 544,808.48 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 216,566,808.48 216,566,808.48 52,683.32 1,682,085.93 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 1,734,769.25 207,793,230.75 0.99172059 1,734,769.25
B-1 0.00 2,165,000.00 1.00000000 0.00
B-2 0.00 1,624,000.00 1.00000000 0.00
B-3 0.00 1,082,000.00 1.00000000 0.00
B-4 0.00 974,000.00 1.00000000 0.00
B-5 0.00 649,000.00 1.00000000 0.00
B-6 0.00 544,808.48 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 1,734,769.25 214,832,039.23 0.99198968 1,734,769.25
</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-1 209,528,000.00 1000.00000000 0.25143809 8.02797683 0.00000000
B-1 2,165,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 1,624,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 1,082,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-4 974,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-5 649,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-6 544,808.48 1000.00000000 0.00000000 0.00000000 0.00000000
R 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 8.27941492 991.72058508 0.99172059 8.27941492
B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R 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-1 209,528,000.00 6.72622% 209,528,000.00 1,174,443.12 0.00 0.00
B-1 2,165,000.00 6.72622% 2,165,000.00 12,135.22 0.00 0.00
B-2 1,624,000.00 6.72622% 1,624,000.00 9,102.82 0.00 0.00
B-3 1,082,000.00 6.72622% 1,082,000.00 6,064.81 0.00 0.00
B-4 974,000.00 6.72622% 974,000.00 5,459.45 0.00 0.00
B-5 649,000.00 6.72622% 649,000.00 3,637.76 0.00 0.00
B-6 544,808.48 6.72622% 544,808.48 3,053.75 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 216,566,808.48 1,213,896.93 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 1,174,443.12 0.00 207,793,230.75
B-1 0.00 0.00 12,135.22 0.00 2,165,000.00
B-2 0.00 0.00 9,102.82 0.00 1,624,000.00
B-3 0.00 0.00 6,064.81 0.00 1,082,000.00
B-4 0.00 0.00 5,459.45 0.00 974,000.00
B-5 0.00 0.00 3,637.76 0.00 649,000.00
B-6 0.00 0.00 3,053.75 0.00 544,808.48
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,213,896.93 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-1 209,528,000.00 6.72622% 1000.00000000 5.60518461 0.00000000 0.00000000
B-1 2,165,000.00 6.72622% 1000.00000000 5.60518245 0.00000000 0.00000000
B-2 1,624,000.00 6.72622% 1000.00000000 5.60518473 0.00000000 0.00000000
B-3 1,082,000.00 6.72622% 1000.00000000 5.60518484 0.00000000 0.00000000
B-4 974,000.00 6.72622% 1000.00000000 5.60518480 0.00000000 0.00000000
B-5 649,000.00 6.72622% 1000.00000000 5.60517720 0.00000000 0.00000000
B-6 544,808.48 6.72622% 1000.00000000 5.60518074 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All 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 5.60518461 0.00000000 991.72058508
B-1 0.00000000 0.00000000 5.60518245 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.60518473 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 5.60518484 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 5.60518480 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 5.60517720 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 5.60518074 0.00000000 1000.00000000
R 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>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 2,993,784.28
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 2,993,784.28
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 45,118.09
Payment of Interest and Principal 2,948,666.19
Total Withdrawals (Pool Distribution Amount) 2,993,784.28
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 45,118.09
Trustee Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 45,118.09
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description 1 Year CMT. ARM
<S> <C>
Weighted Average Gross Coupon 6.976221%
Weighted AverageNet Coupon 6.726221%
Weighted Average Pass-Through Rate 6.726221%
Weighted Average Maturity(Stepdown Calculation ) 0
Begin Scheduled Collateral Loan Count 412
Number Of Loans Paid In Full 4
End Scheduled Collateral Loan Count 408
Begining Scheduled Collateral Balance 216,566,808.48
Ending Scheduled Collateral Balance 214,832,039.23
Ending Actual Collateral Balance at 30-Apr-1998 216,566,808.48
Monthly P &I Constant 1,311,698.29
Scheduled Principal 52,683.32
Unscheduled Principal 1,682,085.93
</TABLE>
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