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): September 25, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-6 Trust
New York (governing law of 333-47499-03 52-2114694
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
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
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 25, 1998 a distribution was made to holders of STRUCTURED ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-6
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 1998-6 Trust,
relating to the September 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 1998-6 Trust
By: First Union National Bank, as Trustee
By: /s/ Pablo de la Canal, Vice president
By: Pablo de la Canal, Vice president
Date: 9/29/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-6 Trust, relating to the September
25, 1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 8/31/98
Distribution Date: 9/25/98
SASC Series: 1998-6
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 863572UA9 SEQ 6.50000% 109,779,093.24 594,636.76 1,141,335.04
A-2 863572UB7 SEQ 6.50000% 2,024,757.94 10,967.44 -10,967.44
AX-1 863572UG6 SEQ 3.29445% 0.00 383,146.07 0.00
AX-2 863572UH4 SEQ 0.25000% 0.00 15,463.15 0.00
B-1 863572UD3 SUB 6.50000% 8,540,348.47 46,260.22 5,916.41
B-2 863572UE1 SUB 6.50000% 5,693,232.77 30,838.34 3,944.04
B-3 863572UF8 SUB 6.50000% 3,558,145.65 19,273.29 2,464.94
B-4 863572UK7 SUB 6.50000% 4,910,300.91 26,597.46 3,401.66
B-5 863572UM3 SUB 6.50000% 2,418,700.19 13,101.29 1,675.58
B-6 863572UP6 SUB 6.50000% 2,636,041.77 14,278.56 1,826.14
R SAC98006R SEQ 6.50000% 100.00 15,270.60 0.00
Totals 139,560,720.94 1,169,833.18 1,149,596.37
</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 0.00 108,637,758.20 1,735,971.80 0.00
A-2 0.00 2,035,725.37 0.00 0.00
AX-1 0.00 0.00 383,146.07 0.00
AX-2 0.00 0.00 15,463.15 0.00
B-1 0.00 8,534,432.06 52,176.63 0.00
B-2 0.00 5,689,288.73 34,782.38 0.00
B-3 0.00 3,555,680.71 21,738.23 0.00
B-4 0.00 4,906,899.26 29,999.12 0.00
B-5 0.00 2,417,024.61 14,776.87 0.00
B-6 0.00 2,634,215.63 16,104.70 0.00
R 0.00 100.00 15,270.60 0.00
Totals 0.00 138,411,124.57 2,319,429.55 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-1 112,737,000.00 109,779,093.24 78,204.71 1,063,130.33 0.00 0.00
A-2 2,003,000.00 2,024,757.94 0.00 0.00 -10,967.44 0.00
AX-1 0.00 0.00 0.00 0.00 0.00 0.00
AX-2 0.00 0.00 0.00 0.00 0.00 0.00
B-1 8,552,000.00 8,540,348.47 5,916.41 0.00 0.00 0.00
B-2 5,701,000.00 5,693,232.77 3,944.04 0.00 0.00 0.00
B-3 3,563,000.00 3,558,145.65 2,464.94 0.00 0.00 0.00
B-4 4,917,000.00 4,910,300.91 3,401.66 0.00 0.00 0.00
B-5 2,422,000.00 2,418,700.19 1,675.58 0.00 0.00 0.00
B-6 2,639,638.10 2,636,041.77 1,826.14 0.00 0.00 0.00
R 100.00 100.00 0.00 0.00 0.00 0.00
Totals 142,534,738.10 139,560,720.94 97,433.48 1,063,130.33 (10,967.44) 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 1,141,335.04 108,637,758.20 0.96363890 1,141,335.04
A-2 (10,967.44) 2,035,725.37 1.01633818 (10,967.44)
AX-1 0.00 0.00 0.00000000 0.00
AX-2 0.00 0.00 0.00000000 0.00
B-1 5,916.41 8,534,432.06 0.99794575 5,916.41
B-2 3,944.04 5,689,288.73 0.99794575 3,944.04
B-3 2,464.94 3,555,680.71 0.99794575 2,464.94
B-4 3,401.66 4,906,899.26 0.99794575 3,401.66
B-5 1,675.58 2,417,024.61 0.99794575 1,675.58
B-6 1,826.14 2,634,215.63 0.99794575 1,826.14
R 0.00 100.00 1.00000000 0.00
Totals 1,149,596.37 138,411,124.57 0.97106941 1,149,596.37
</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-1 112,737,000.00 973.76276857 0.69369160 9.43018113 0.00000000
A-2 2,003,000.00 1010.86267599 0.00000000 0.00000000 -5.47550674
AX-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
AX-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 8,552,000.00 998.63756665 0.69181595 0.00000000 0.00000000
B-2 5,701,000.00 998.63756709 0.69181547 0.00000000 0.00000000
B-3 3,563,000.00 998.63756666 0.69181589 0.00000000 0.00000000
B-4 4,917,000.00 998.63756559 0.69181615 0.00000000 0.00000000
B-5 2,422,000.00 998.63756813 0.69181668 0.00000000 0.00000000
B-6 2,639,638.10 998.63756702 0.69181453 0.00000000 0.00000000
R 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations 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 10.12387273 963.63889584 0.96363890 10.12387273
A-2 0.00000000 -5.47550674 1,016.33817773 1.01633818 -5.47550674
AX-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.69181595 997.94575070 0.99794575 0.69181595
B-2 0.00000000 0.69181547 997.94575162 0.99794575 0.69181547
B-3 0.00000000 0.69181589 997.94575077 0.99794575 0.69181589
B-4 0.00000000 0.69181615 997.94575147 0.99794575 0.69181615
B-5 0.00000000 0.69181668 997.94575145 0.99794575 0.69181668
B-6 0.00000000 0.69181453 997.94575249 0.99794575 0.69181453
R 0.00000000 0.00000000 1,000.00000000 1.00000000 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-1 112,737,000.00 6.50000% 109,779,093.24 594,636.76 0.00 0.00
A-2 2,003,000.00 6.50000% 2,024,757.94 10,967.44 0.00 0.00
AX-1 0.00 3.29445% 139,560,720.92 383,146.07 0.00 0.00
AX-2 0.00 0.25000% 139,560,720.92 29,075.15 0.00 0.00
B-1 8,552,000.00 6.50000% 8,540,348.47 46,260.22 0.00 0.00
B-2 5,701,000.00 6.50000% 5,693,232.77 30,838.34 0.00 0.00
B-3 3,563,000.00 6.50000% 3,558,145.65 19,273.29 0.00 0.00
B-4 4,917,000.00 6.50000% 4,910,300.91 26,597.46 0.00 0.00
B-5 2,422,000.00 6.50000% 2,418,700.19 13,101.29 0.00 0.00
B-6 2,639,638.10 6.50000% 2,636,041.77 14,278.56 0.00 0.00
R 100.00 6.50000% 100.00 0.54 0.00 0.00
Totals 142,534,738.10 1,168,175.12 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 0.00 594,636.76 0.00 108,637,758.20
A-2 0.00 0.00 10,967.44 0.00 2,035,725.37
AX-1 0.00 0.00 383,146.07 0.00 138,411,124.56
AX-2 0.00 0.00 15,463.15 0.00 138,411,124.56
B-1 0.00 0.00 46,260.22 0.00 8,534,432.06
B-2 0.00 0.00 30,838.34 0.00 5,689,288.73
B-3 0.00 0.00 19,273.29 0.00 3,555,680.71
B-4 0.00 0.00 26,597.46 0.00 4,906,899.26
B-5 0.00 0.00 13,101.29 0.00 2,417,024.61
B-6 0.00 0.00 14,278.56 0.00 2,634,215.63
R 0.00 0.00 15,270.60 0.00 100.00
Totals 0.00 0.00 1,169,833.18 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-1 112,737,000.00 6.50000% 973.76276857 5.27454837 0.00000000 0.00000000
A-2 2,003,000.00 6.50000% 1010.86267599 5.47550674 0.00000000 0.00000000
AX-1 0.00 3.29445% 979.13479044 2.68808906 0.00000000 0.00000000
AX-2 0.00 0.25000% 979.13479044 0.20398641 0.00000000 0.00000000
B-1 8,552,000.00 6.50000% 998.63756665 5.40928672 0.00000000 0.00000000
B-2 5,701,000.00 6.50000% 998.63756709 5.40928609 0.00000000 0.00000000
B-3 3,563,000.00 6.50000% 998.63756666 5.40928712 0.00000000 0.00000000
B-4 4,917,000.00 6.50000% 998.63756559 5.40928615 0.00000000 0.00000000
B-5 2,422,000.00 6.50000% 998.63756813 5.40928571 0.00000000 0.00000000
B-6 2,639,638.10 6.50000% 998.63756702 5.40928698 0.00000000 0.00000000
R 100.00 6.50000% 1000.00000000 5.40000000 0.00000000 0.00000000
<FN>
All denominations 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 5.27454837 0.00000000 963.63889584
A-2 0.00000000 0.00000000 5.47550674 0.00000000 1016.33817773
AX-1 0.00000000 0.00000000 2.68808906 0.00000000 971.06941371
AX-2 0.00000000 0.00000000 0.10848689 0.00000000 971.06941371
B-1 0.00000000 0.00000000 5.40928672 0.00000000 997.94575070
B-2 0.00000000 0.00000000 5.40928609 0.00000000 997.94575162
B-3 0.00000000 0.00000000 5.40928712 0.00000000 997.94575077
B-4 0.00000000 0.00000000 5.40928615 0.00000000 997.94575147
B-5 0.00000000 0.00000000 5.40928571 0.00000000 997.94575145
B-6 0.00000000 0.00000000 5.40928698 0.00000000 997.94575249
R 0.00000000 0.00000000 152706.00000000 0.00000000 1000.00000000
<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 2,393,285.12
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 2,393,285.12
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 73,855.57
Payment of Interest and Principal 2,319,429.55
Total Withdrawals (Pool Distribution Amount) 2,393,285.12
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 58,150.29
Trustee Fee 639.55
Special Servicing fee 13,612.00
Master Servicing Fee 1,453.73
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 73,855.57
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 30,000.00 13,612.00 13,612.00 30,000.00
</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 79 4,696,488.37 4.114583% 3.393144%
60 Days 37 1,983,879.30 1.927083% 1.433324%
90+ Days 43 2,692,046.67 2.239583% 1.944964%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 159 9,372,414.34 8.281250% 6.771431%
</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 92,380.67
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.07015834% 100,000.00 0.07224853%
Fraud 4,276,042.00 2.99999990% 4,276,042.00 3.08937740%
Special Hazard 1,425,347.00 0.99999973% 1,384,111.25 1.00000000%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Balloon
Weighted Average Gross Coupon 10.562446%
Weighted AverageNet Coupon 10.062446%
Weighted Average Pass-Through Rate 10.044448%
Weighted Average Maturity(Stepdown Calculation ) 315
Begin Scheduled Collateral Loan Count 1,983
Number Of Loans Paid In Full 63
End Scheduled Collateral Loan Count 1,920
Begining Scheduled Collateral Balance 139,560,720.92
Ending Scheduled Collateral Balance 138,411,124.56
Ending Actual Collateral Balance at 31-Aug-1998 138,512,147.76
Monthly P &I Constant 1,325,100.82
Ending Scheduled Balance for Premium Loans 138,411,124.56
Scheduled Principal 96,681.98
Unscheduled Principal 1,052,914.38
</TABLE>
