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Previous: VERSATEL TELECOM INTERNATIONAL N V, F-4, 1999-01-12 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998- 15 TRUST, 8-K, 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
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-8 Trust
New York (governing law of 333-47499-04 52-2119315
Pooling and Servicing Agreement) (Commission 52-2119317
(State or other File Number) 52-2119319
jurisdiction 52-2119321
IRS EIN
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 STRUCTURED ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-8
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
1998-8 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.
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-8 Trust
By: The Chase Manhattan Bank, as Trustee
By: /s/ Kimberly Costa, Asistant Vice President
By: Kimberly Costa, Asistant 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 1998-8 Trust, relating to the December 28,
1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date 11/30/1998
Distribution Date: 12/28/1998
SASC Series: 1998-8
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 863572US0 SEQ 5.19234% 385,254,956.46 1,833,676.83 21,104,869.80
A-2 863572UT8 SEQ 5.29234% 92,000,000.00 446,320.67 0.00
A-3 863572UX9 SEQ 5.30234% 292,000,000.00 1,419,259.67 0.00
M-1 863572UU5 SUB 5.51234% 74,076,000.00 374,304.42 0.00
M-2 863572UV3 SUB 5.64234% 44,248,000.00 228,857.07 0.00
B 863572UW1 SUB 6.34234% 29,215,000.00 169,850.51 0.00
X-1 SAC98O8X1 EXCESS 0.00000% 0.00 0.00 0.00
X-2 SAC9808X2 EXCESS 0.00000% 0.00 0.00 0.00
X-3 SAC9808X3 EXCESS 0.00000% 0.00 0.00 0.00
X-4 SAC9808X4 EXCESS 0.00000% 0.00 0.00 0.00
Y-1 SAC98O8Y1 SEQ 0.00000% 0.00 0.00 0.00
Y-2 SAC9808Y2 SEQ 0.00000% 0.00 0.00 0.00
Y-3 SAC9808Y3 SEQ 0.00000% 0.00 0.00 0.00
Y-4 SAC9808Y4 SEQ 0.00000% 0.00 0.00 0.00
PR SAC9808PR RES 0.00000% 0.00 0.00 0.00
R-I SAC9808R1 RES 0.00000% 0.00 0.00 0.00
R-II SAC9808R2 RES 0.00000% 0.00 0.00 0.00
R-III SAC9808R3 RES 0.00000% 0.00 0.00 0.00
R-IV SAC9808R4 RES 0.00000% 0.00 0.00 0.00
Totals 916,793,956.46 4,472,269.17 21,104,869.80
</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 0.00 364,150,086.66 22,938,546.63 0.00
A-2 0.00 92,000,000.00 446,320.67 0.00
A-3 0.00 292,000,000.00 1,419,259.67 0.00
M-1 0.00 74,076,000.00 374,304.42 0.00
M-2 0.00 44,248,000.00 228,857.07 0.00
B 0.00 29,215,000.00 169,850.51 0.00
X-1 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00
X-3 0.00 0.00 0.00 0.00
X-4 0.00 0.00 0.00 0.00
Y-1 0.00 0.00 0.00 0.00
Y-2 0.00 0.00 0.00 0.00
Y-3 0.00 0.00 0.00 0.00
Y-4 0.00 0.00 0.00 0.00
PR 0.00 0.00 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
Totals 0.00 895,689,086.66 25,577,138.97 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-1 451,000,000.00 385,254,956.46 574,059.54 20,530,810.26 0.00 0.00
A-2 92,000,000.00 92,000,000.00 0.00 0.00 0.00 0.00
A-3 292,000,000.00 292,000,000.00 0.00 0.00 0.00 0.00
M-1 74,076,000.00 74,076,000.00 0.00 0.00 0.00 0.00
M-2 44,248,000.00 44,248,000.00 0.00 0.00 0.00 0.00
B 29,215,000.00 29,215,000.00 0.00 0.00 0.00 0.00
X-1 0.00 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00 0.00
X-3 0.00 0.00 0.00 0.00 0.00 0.00
X-4 0.00 0.00 0.00 0.00 0.00 0.00
Y-1 0.00 0.00 0.00 0.00 0.00 0.00
Y-2 0.00 0.00 0.00 0.00 0.00 0.00
Y-3 0.00 0.00 0.00 0.00 0.00 0.00
Y-4 0.00 0.00 0.00 0.00 0.00 0.00
PR 0.00 0.00 0.00 0.00 0.00 0.00
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
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 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 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 0.00 0.00 0.00 0.00 0.00
Totals 982,539,000.00 916,793,956.46 574,059.54 20,530,810.26 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 21,104,869.80 364,150,086.66 0.80742813 21,104,869.80
A-2 0.00 92,000,000.00 1.00000000 0.00
A-3 0.00 292,000,000.00 1.00000000 0.00
M-1 0.00 74,076,000.00 1.00000000 0.00
M-2 0.00 44,248,000.00 1.00000000 0.00
B 0.00 29,215,000.00 1.00000000 0.00
X-1 0.00 0.00 0.00000000 0.00
X-2 0.00 0.00 0.00000000 0.00
X-3 0.00 0.00 0.00000000 0.00
X-4 0.00 0.00 0.00000000 0.00
Y-1 0.00 0.00 0.00000000 0.00
Y-2 0.00 0.00 0.00000000 0.00
Y-3 0.00 0.00 0.00000000 0.00
Y-4 0.00 0.00 0.00000000 0.00
PR 0.00 0.00 0.00000000 0.00
PR 0.00 0.00 0.00000000 0.00
R-I 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
R-II 0.00 0.00 0.00000000 0.00
R-III 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
R-IV 0.00 0.00 0.00000000 0.00
Totals 21,104,869.80 895,689,086.66 0.91160665 21,104,869.80
</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-1 451,000,000.00 854.22385024 1.27285929 45.52286089 0.00000000
A-2 92,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 292,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 74,076,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 44,248,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 29,215,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000
Y-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
Y-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
Y-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
Y-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000
PR 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
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are Per $1000 Denominations.
</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 46.79572018 807.42813007 0.80742813 46.79572018
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
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
X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
PR 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
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 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-1 451,000,000.00 5.19234% 385,254,956.46 1,833,676.83 0.00 0.00
A-2 92,000,000.00 5.29234% 92,000,000.00 446,320.67 0.00 0.00
A-3 292,000,000.00 5.30234% 292,000,000.00 1,419,259.67 0.00 0.00
M-1 74,076,000.00 5.51234% 74,076,000.00 374,304.42 0.00 0.00
M-2 44,248,000.00 5.64234% 44,248,000.00 228,857.07 0.00 0.00
B 29,215,000.00 6.34234% 29,215,000.00 169,850.51 0.00 0.00
X-1 0.00 0.00000% 0.00 0.00 0.00 0.00
X-2 0.00 0.00000% 0.00 0.00 0.00 0.00
X-3 0.00 0.00000% 0.00 0.00 0.00 0.00
X-4 0.00 0.00000% 0.00 0.00 0.00 0.00
Y-1 0.00 0.00000% 0.00 0.00 0.00 0.00
Y-2 0.00 0.00000% 0.00 0.00 0.00 0.00
Y-3 0.00 0.00000% 0.00 0.00 0.00 0.00
Y-4 0.00 0.00000% 0.00 0.00 0.00 0.00
PR 0.00 0.00000% 0.00 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
Totals 982,539,000.00 4,472,269.17 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 1,833,676.83 0.00 364,150,086.66
A-2 0.00 0.00 446,320.67 0.00 92,000,000.00
A-3 0.00 0.00 1,419,259.67 0.00 292,000,000.00
M-1 0.00 0.00 374,304.42 0.00 74,076,000.00
M-2 0.00 0.00 228,857.07 0.00 44,248,000.00
B 0.00 0.00 169,850.51 0.00 29,215,000.00
X-1 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00
X-3 0.00 0.00 0.00 0.00 0.00
X-4 0.00 0.00 0.00 0.00 0.00
Y-1 0.00 0.00 0.00 0.00 0.00
Y-2 0.00 0.00 0.00 0.00 0.00
Y-3 0.00 0.00 0.00 0.00 0.00
Y-4 0.00 0.00 0.00 0.00 0.00
PR 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 4,472,269.17 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-1 451,000,000.00 5.19234% 854.22385024 4.06580228 0.00000000 0.00000000
A-2 92,000,000.00 5.29234% 1000.00000000 4.85131163 0.00000000 0.00000000
A-3 292,000,000.00 5.30234% 1000.00000000 4.86047832 0.00000000 0.00000000
M-1 74,076,000.00 5.51234% 1000.00000000 5.05297829 0.00000000 0.00000000
M-2 44,248,000.00 5.64234% 1000.00000000 5.17214496 0.00000000 0.00000000
B 29,215,000.00 6.34234% 1000.00000000 5.81381174 0.00000000 0.00000000
X-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
X-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
X-4 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
Y-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
Y-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
Y-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
Y-4 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
PR 0.00 0.00000% 0.00000000 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
<FN>
(5) All Classes are Per $1000 Denominations.
</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 4.06580228 0.00000000 807.42813007
A-2 0.00000000 0.00000000 4.85131163 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 4.86047832 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 5.05297829 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.17214496 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.81381174 0.00000000 1000.00000000
X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
PR 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
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 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-1 1 5.19234% 0.00 0.00 96,099,001.92 90,738,692.89 81.21089579%
A-1 2 5.19234% 0.00 0.00 95,922,903.97 91,120,948.71 79.78338364%
A-1 3 5.19234% 0.00 0.00 98,875,099.92 93,103,511.19 81.79076039%
A-1 4 5.19234% 0.00 0.00 94,357,950.65 89,186,933.86 80.18527910%
A-2 1 5.29234% 0.00 0.00 22,792,371.00 22,792,371.00 100.00000000%
A-2 2 5.29234% 0.00 0.00 23,297,916.00 23,297,916.00 100.00000000%
A-2 3 5.29234% 0.00 0.00 23,220,582.00 23,220,582.00 100.00000000%
A-2 4 5.29234% 0.00 0.00 22,689,131.00 22,689,131.00 100.00000000%
A-3 1 5.30234% 0.00 0.00 72,341,003.00 72,341,003.00 100.00000000%
A-3 2 5.30234% 0.00 0.00 73,945,558.00 73,945,558.00 100.00000000%
A-3 3 5.30234% 0.00 0.00 73,700,108.00 73,700,108.00 100.00000000%
A-3 4 5.30234% 0.00 0.00 72,013,331.00 72,013,331.00 100.00000000%
M-1 1 5.51234% 0.00 0.00 18,351,822.00 18,351,822.00 100.00000000%
M-1 2 5.51234% 0.00 0.00 18,758,874.00 18,758,874.00 100.00000000%
M-1 3 5.51234% 0.00 0.00 18,696,607.00 18,696,607.00 100.00000000%
M-1 4 5.51234% 0.00 0.00 18,268,697.00 18,268,697.00 100.00000000%
M-2 1 5.64234% 0.00 0.00 10,962,140.00 10,962,140.00 100.00000000%
M-2 2 5.64234% 0.00 0.00 11,205,284.00 11,205,284.00 100.00000000%
M-2 3 5.64234% 0.00 0.00 11,168,090.00 11,168,090.00 100.00000000%
M-2 4 5.64234% 0.00 0.00 10,912,486.00 10,912,486.00 100.00000000%
B 1 6.34234% 0.00 0.00 7,237,816.00 7,237,816.00 100.00000000%
B 2 6.34234% 0.00 0.00 7,398,355.00 7,398,355.00 100.00000000%
B 3 6.34234% 0.00 0.00 7,373,797.00 7,373,797.00 100.00000000%
B 4 6.34234% 0.00 0.00 7,205,032.00 7,205,032.00 100.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 26,058,670.65
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 26,058,670.65
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 481,531.68
Payment of Interest and Principal 25,577,138.97
Total Withdrawals (Pool Distribution Amount) 26,058,670.65
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 382,637.81
Trustee Fee 2,295.87
Spread 1 Fee 96,598.00
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 481,531.68
</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
Reserve Fund 1,000.00 0.00 0.00 1,000.00
Reserve Fund 1,000.00 0.00 0.00 1,000.00
Reserve Fund 1,000.00 0.00 0.00 1,000.00
Reserve Fund 0.00 0.00 0.00 0.00
Reserve Fund 0.00 0.00 0.00 0.00
Reserve Fund 0.00 0.00 0.00 0.00
Reserve Fund 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 325 31,068,774.31 3.524946% 3.451912%
60 Days 160 12,649,543.33 1.735358% 1.405434%
90+ Days 346 28,873,731.13 3.752711% 3.208031%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 831 72,592,048.77 9.013015% 8.065377%
</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>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class 0.00 147,539,000.0 15.17 147,539,000.0 83.123604%
Class M-1 83.12 73,463,000.00 7.55 73,463,000.00 816.214481% 0.082303%
Class M-2 0.08 29,215,000.00 3.00 29,215,000.00 324.594777% 0.049162%
Class B 0.05 0.00000000% 0.00 0.00000000% 0.000000% 0.032459%
Class X-1 0.03 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class X-2 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class X-3 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class X-4 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class Y-1 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class Y-2 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class Y-3 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class Y-4 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class PR 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%
Class R-III 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-IV 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
Weighted Average Gross Coupon 10.157305%
Weighted Average Net Coupon 9.528079%
Weighted Average Pass-Through Rate 9.278830%
Weighted Average Maturity(Stepdown Calculation ) 342
Begin Scheduled Collateral Loan Count 9,382
Number Of Loans Paid In Full 162
End Scheduled Collateral Loan Count 9,220
Begining Scheduled Collateral Balance 918,330,822.79
Ending Scheduled Collateral Balance 900,045,290.64
Ending Actual Collateral Balance at 30-Nov-1998 900,716,358.59
Monthly P &I Constant 8,347,198.04
Ending Scheduled Balance for Premium Loans 900,045,290.64
Scheduled Principal 574,059.54
Unscheduled Principal 20,530,810.26
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Group one prepayment penalty: $ 81,470.75
Group two prepayment penalty: $ 75,443.69
Group three prepayment penalty: $ 41,024.02
Group four prepayment penalty: $ 54,764.95
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2 3 4
Collateral Description Mixed ARM Mixed ARM Mixed ARM Mixed ARM
Weighted Average Coupon Rate 10.210345 10.222331 10.059345 10.138483
Weighted Average Net Rate 9.585982 9.600292 9.416468 9.511104
Weighted Average Maturity 341.00 342.00 341.00 340.00
Beginning Loan Count 2,348 2,340 2,360 2,334
Loans Paid In Full 42 35 43 42
Ending Loan Count 2,306 2,305 2,317 2,292
Beginning Scheduled Balance 228,148,468.65 230,929,552.69 233,433,240.95 225,819,560.50
Ending scheduled Balance 223,499,591.93 226,850,338.68 228,356,831.22 221,338,528.81
Record Date 11/30/1998 11/30/1998 11/30/1998 11/30/1998
Principal And Interest Constant 2,086,030.10 2,107,572.52 2,102,616.83 2,050,978.59
Scheduled Principal 144,801.22 140,373.92 145,795.56 143,088.84
Unscheduled Principal 4,504,075.50 3,938,840.09 4,930,614.17 4,337,942.85
Scheduled Interest 1,941,228.88 1,967,198.60 1,956,821.27 1,907,889.75
Servicing Fees 95,061.86 96,220.65 97,263.84 94,091.46
Master Servicing Fees 0.00 0.00 0.00 0.00
Trustee Fee 570.38 577.31 583.61 564.57
FRY Amount 0.00 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00 0.00
Other Fee 0.00 0.00 0.00 0.00
Pool Insurance Fee 0.00 0.00 0.00 0.00
Spread Fee 1 23,074.00 22,908.00 27,210.00 23,406.00
Spread Fee 2 0.00 0.00 0.00 0.00
Spread Fee 3 0.00 0.00 0.00 0.00
Net Interest 1,822,522.64 1,847,492.64 1,831,763.82 1,789,827.72
Realized Loss Amount 0.00 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00 0.00
Group ID 1 2 3 4
Required Overcollateralization Amount 0.00 0.00 0.00 0.00
Overcollateralization Increase Amount 0.00 0.00 0.00 0.00
Overcollateralization Reduction Amount 0.00 0.00 0.00 0.00
Specified Overcollateralization Amount 3,710,652.31 3,792,956.20 3,780,366.08 3,693,844.69
Overcollateralization Amount 1,074,750.80 1,121,742.15 1,092,475.49 1,064,256.57
Overcollateralization Deficiency Amount 2,635,901.51 2,671,214.05 2,687,890.59 2,629,588.12
Base Overcollateralization Amount 0.00 0.00 0.00 0.00
Extra Principal Distribution Amount 711,432.31 722,741.25 695,179.00 689,985.10
Excess Cash Amount 711,432.31 722,741.25 695,179.00 689,985.10
</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 7,484,809.46 2,927,880.75 6,902,934.37 0.00 0.00 0.00
Percentage Of Balanc 3.349% 1.310% 3.089% 0.000% 0.000% 0.000%
Loan Count 74 39 88 0 0 0
Percentage Of Loans 3.209% 1.691% 3.816% 0.000% 0.000% 0.000%
2 Principal Balance 7,489,430.69 3,569,461.02 7,401,322.92 0.00 0.00 0.00
Percentage Of Balanc 3.301% 1.573% 3.263% 0.000% 0.000% 0.000%
Loan Count 71 42 79 0 0 0
Percentage Of Loans 3.080% 1.822% 3.427% 0.000% 0.000% 0.000%
3 Principal Balance 9,035,536.21 2,661,616.28 7,635,932.85 0.00 0.00 0.00
Percentage Of Balanc 3.957% 1.166% 3.344% 0.000% 0.000% 0.000%
Loan Count 92 37 97 0 0 0
Percentage Of Loans 3.971% 1.597% 4.186% 0.000% 0.000% 0.000%
4 Principal Balance 7,058,997.95 3,490,585.28 6,933,540.99 0.00 0.00 0.00
Percentage Of Balanc 3.189% 1.577% 3.133% 0.000% 0.000% 0.000%
Loan Count 88 42 82 0 0 0
Percentage Of Loans 3.839% 1.832% 3.578% 0.000% 0.000% 0.000%
</TABLE>
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