SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the period from October 30, 1998 (Commencement
of Operations) to December 31, 1998
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number 333-47499-05
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 74-2440850
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.)
200 Vesey Street, 20th floor
New York, NY 10285
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 449-1000
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes[X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K/A or any
amendment to this Form 10-K/A. [X]
Documents incorporated by reference: None
Page 1 of 4
This report consists of 10 consecutively numbered pages.
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Structured Asset Securities Corporation Mortgage Pass-through Certificates,
Series 1998-ALS1
AMENDMENT NUMBER 1 OF 1
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(2) Financial Statement Schedules:
Omitted.
(3) Exhibits:
Annual Statement of Compliance, filed as Exhibit 99.1 hereto.
Annual Servicing Reports, filed as Exhibit 99.2 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were
filed by the Registrant during 1998.
Current Reports on Form 8-K, dated January 13, 1999 (distribution on
November 25, 1998 and December 28, 1998) was filed for the purpose of
filing the Monthly Statement sent to the Holders of the Offered
Certificates for payments made on the same dates. The items reported
in such Current Report were Item 5 (Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: June 9, 1999 By: /s/Kim Costa
-----------------------------
Kim Costa
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Annual Statement of Compliance 6
99.2 Annual Servicing Reports 8
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EXHIBIT 99.1
ANNUAL STATEMENT OF COMPLIANCE
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Aurora Loan Services Inc
Corporate Headquarters
2530 S. Parker Rd., Suite 601
Aurora, CO 80014
Phone 303-632-3000
April 20, 1999
Structured Finance Services
The Chase Manhattan Bank
450 West 33rd Street
New York, NY 10001-2697
RE: Section 9.25 SASCO Series 1998-ALS1
Annual Officer's Certificate as to Compliance
Dear Structured Finance Services Manager:
The undersigned Officer certifies the following for the period ending on
December 31,1998:
1. I have reviewed the activities and performance of the Master Servicer
during the preceding calendar year under the terms of the Trust Agreement and to
the best of this Officer's knowledge, the Master Servicer has fulfilled all of
its duties, responsibilities or obligations under this Agreement;
2. Based on said review and to the best of this Officer's knowledge, the
Master Servicer is not in default of its obligations under the terms of the
Trust Agreement in any material respect, or, if there is a default in the
fulfillment of its obligations, a description of each default or failure and the
nature and status thereof has been reported to this Officer;
3. To the best of this Officer's knowledge, nothing has arose to lead this
Officer to believe that its Servicer has failed to perform any of its duties
responsibilities and obligations under its Servicing Agreement during the
preceding calendar year;
4. To the best of this Officer's knowledge, the Servicer is not in default
of its obligations under the terms of its Servicing Agreement in any material
respect, or, if there is a default in the fulfillment of its obligations, a
description of each default or failure and the nature and status thereof has
been reported to this Officer;
5. The Master Servicer has received from its Servicer such Servicer's
annual certificate of compliance and a copy of such Servicer's annual audit
report, in each case to the extent required under the applicable Servicing
Agreement.
Certified By:
By: /s/ E. Todd Whittemore
Sr Vice President, Master Servicing
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EXHIBIT 99.2
ANNUAL SERVICING REPORTS
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Aurora Loan Services Inc
National Servicing Center
601 Fifth Avenue, P.O. Box 1706
Scottsbluff, NE 69363-1706
Fax 308-630-6700
Via Airborne
April 12, 1999
Chase Manhattan flank
Attn: Dan Avitable
450 West 33rd Street, 15 Floor
New York, NY 10001
Re: Officer's certificate
Dear Mr. Avitable:
The undersigned officer certifies the following for the 1998 fiscal year:
1. I have reviewed the activities and performance of the Servicer during
the preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to
the best of this Officer's knowledge, the Servicer has fulfilled all of its
duties, responsibilities or obligations under these Agreements throughout such
year, or if there has been a default or failure of the servicer to perform any
of such duties, responsibilities or obligations, a description of each default
or failure arid the nature and status thereof has been reported to the Master
Servicer, Aurora Loan Services Inc.;
2. I have confirmed that the Servicer is currently an approved FNMA or
FHLMC servicer in good standing;
3. I have confirmed that the Fidelity Bond, the Errors and Omissions
Insurance Policy and any other bonds required under the terms of the Servicing
Agreement, Trust Agreement, Pooling and Servicing Agreement and/or
Seller/servicer Guide are in full force and effect;
4. All premiums for each Hazard Insurance Policy, Flood Insurance Policy
(if applicable) and Primary Mortgage Insurance Policy (if applicable), with
respect to each Mortgaged Property, have been paid and that all such insurance
policies are in full force and effect;
5. All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property. the reason for the non-payment
has been reported to the Master Servicer, Aurora Loan Services Inc.;
6. All Custodial Accounts have been reconciled and are properly funded; and
7. All annual reports of Foreclosure and Abandonment of Mortgaged Property
required per section 6050J and 6050P of the Internal Revenue Code, respectively,
have been prepared and filed.
Certified by:
/s/ Regina Lashley
Vice President
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Ernest & Young LLP phone: 303 534 -4300
Suite 400 fax: 303 354-6750
370 17th Street
Denver, Colorado 80202-5663
Report of Independent Auditors
Board of Directors
Aurora Loan Services Inc.
We have audited the accompanying balance sheet of Aurora Loan Services
Inc. (the "Company") as of November 30, 1998, and the related statements of
operations, stockholder's equity, and cash flows for the year then ended.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of the Company as
of November 30,1997 and for the period from inception (May 15, 1997) trough
November 30, 1997 were audited by other auditors whose report dated
February 26, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of the Company at
November 30, 1998, and the results of its operations. and its cash flows
for the year then ended, in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on the
financial statements taken as a whole. The Schedule of GNMA Adjusted Net
Worth and GNMA Required Net Worth, Schedule of GNMA Required Fidelity Bond
and Errors and Omissions Coverage and Computation of Adjusted Net Worth to
Detemine Compliance with HUD Net Worth Requirements as of November 30, 1998
are presented for purposes of additional analysis and are not a required
part of the financial statements. Such information has been subjected to
the auditing procedures applied in our audit of the financial statements
and, an our opinion, is fairly stated in all material respects in relation
to the financial statements taken as a whole.
In accordance with Government Auditing Standards, we have issued a
report dated February 12,1999 on our consideration of the Company's
internal control over financial reporting and our tests of its compliance
with certain laws and regulations.
By: s/s Ernest & Young LLP
February 12, 1999
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