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) : November 25, 1998
STRUCTURED ASSET SECURITIES CORPORATION (as depositor under the
Trust Agreement, dated as of October 1, 1998, providing for the
issuance of Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1998-ALS1)
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-47499-05 74-2440850
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
200 Vesey Street, 20th floor
New York, NY 10285
(Address of principal executive offices)
Registrant's telephone number, including area code : (212) 526-5494
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 10 consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibit is being filed with respect to
the Registrant's Structured Asset Securities Corporation Mortgage Pass-
through Certificates, Series 1998-ALS1 (the "Certificates") pursuant to
"no-action" positions taken by the Securities and Exchange Commission
with respect to alternative means of satisfying the Registrant's
reporting obligations under the Securities Exchange Act of 1934,
as amended. The Certificates were issued, and this report and exhibits
are being filed, pursuant to the terms of the Trust Agreement, dated as
of October 1, 1998 among Structured Asset Securities Corporation, as
depositor, Aurora Loan Services Inc., as master servicer, and
The Chase Manhattan Bank, as trustee. On November 25, 1998 and
December 28, 1998 distributions were made to the Certificateholders.
Specific information with respect to the distributions are filed as
Exhibits 99.1 and 99.2. No other reportable transactions or matters have
occurred during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on November 25, 1998 is filed
as Exhibit 99.1 hereto.
Statement to Certificateholders on December 28, 1998 is filed
as Exhibit 99.2 hereto.
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<PAGE>
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.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: January 13, 1999 By: /s/ Kim Costa
Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
November 25, 1998 5
99.2 Monthly Certificateholder Statement on
December 28, 1998 8
-4-
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on November 25, 1998
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<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-ALS1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-NOV-98 PAGE # 1
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Ending
Certificate Certificate Principal Principal Interest Total Realized Certificate
Class Cusip # Balance Balance Distribution Distribution Distribution Distribution Loss Balance
- -----------------------------------------------------------------------------------------------------------------------------------
1-A 863572VS9 55,999,000.00 55,999,000.00 44,338.14 3,539.20 321,994.25 369,871.59 0.00 55,951,122.66
1-AP 863572TV7 419,252.00 419,252.00 379.26 78.86 0.00 458.12 0.00 418,793.88
2-A 863572VV2 79,029,000.00 79,029,000.00 67,457.86 535,966.99 454,416.75 1,057,841.60 0.00 78,425,575.15
2-AP 863572VW0 566,559.00 566,559.00 650.22 4.44 0.00 654.66 0.00 565,904.34
B1 863572VZ3 6,764,000.00 6,764,000.00 5,600.19 0.00 38,893.00 44,493.19 0.00 6,758,399.81
B2 863572WA7 3,005,000.00 3,005,000.00 2,487.96 0.00 17,278.75 19,766.71 0.00 3,002,512.04
B3 863572WB5 1,504,000.00 1,504,000.00 1,245.22 0.00 8,648.00 9,893.22 0.00 1,502,754.78
B4 863572WC3 751,000.00 751,000.00 621.78 0.00 4,318.25 4,940.03 0.00 750,378.22
B5 863572WD1 751,000.00 751,000.00 621.78 0.00 4,318.25 4,940.03 0.00 750,378.22
B6 863572WE9 1,504,349.96 1,504,349.96 1,245.51 0.00 8,650.01 9,895.52 0.00 1,503,104.45
R 863572VY6 100.00 100.00 0.00 0.00 0.58 0.58 0.00 100.00
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL 150,293,260.96 150,293,260.96 124,647.94 539,589.49 858,517.84 1,522,755.27 0.00 149,629,023.53
- ----------------------------------------------------------------------------------------------------------------------------------
Original Beginning
Notional Notional Interest Total
Class Cusip # Amount Amount Distribution Distribution
- -------------------------------------------------------------------------------
1-AX 863572VU4 3,605,557.48 3,605,557.48 20,731.96 20,731.96
2-AX 863572VX8 4,720,635.17 4,720,635.17 27,143.65 27,143.65
- -------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
1-A 0.85496777 5.75000000 999.14503223 6.90000000%
1-AP 1.09270797 0.00000000 998.90729203 0.00000000%
2-A 7.63548634 5.75000000 992.36451366 6.90000000%
2-AP 1.15550190 0.00000000 998.84449810 0.00000000%
1-AX N/A 5.75000125 6.90000000%
2-AX N/A 5.74999952 6.90000000%
B1 0.82794105 5.75000000 999.17205895 6.90000000%
B2 0.82794105 5.75000000 999.17205895 6.90000000%
B3 0.82794105 5.75000000 999.17205895 6.90000000%
B4 0.82794105 5.75000000 999.17205895 6.90000000%
B5 0.82794105 5.75000000 999.17205895 6.90000000%
B6 0.82794105 5.74999849 999.17205895 6.90000000%
R 0.00000000 5.80000000 1000.00000000 6.90000000%
---------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Kim Costa
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3247
---------------------------------------
Aurora Loan Services, Inc
MASTER SERVICER
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
-6-
<PAGE>
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-ALS1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-NOV-98 PAGE # 2
SECTION 4.03 (iv) AGGREGATE AMOUNT OF ADVANCES NEEDED TO BE MADE 780,104.74
AGGREGATE AMOUNT OF ADVANCES ACTUALLY MADE 780,104.74
GROUP 1 GROUP 2 TOTAL
SECTION 4.03 (v) BEGINNING POOL STATED PRINCIPAL BALANCE 62,341,382.11 87,951,880.57 150,293,262.68
ENDING POOL STATED PRINCIPAL BALANCE 62,288,356.91 87,340,668.34 149,629,025.25
SECTION 4.03 (viii) MASTER SERVICING FEES 1,039.02 1,465.88 2,504.90
SERVICING FEES 15,585.35 21,987.97 37,573.32
TRUSTEE FEES 649.39 916.17 1,565.55
SECTION 4.03 (iv) CLASS UNPAID INTEREST SHORTFALL
CURRENT SHORTFALL OUTSTANDING SHORTFALL
----------------------------------------------------
CLASS 1-A 0.00 0.00
CLASS 1-AP 0.00 0.00
CLASS 1-AX 0.00 0.00
CLASS 2-A 0.00 0.00
CLASS 2-AP 0.00 0.00
CLASS 2-AX 0.00 0.00
CLASS R 0.00 0.00
CLASS B-1 0.00 0.00
CLASS B-2 0.00 0.00
CLASS B-3 0.00 0.00
CLASS B-4 0.00 0.00
CLASS B-5 0.00 0.00
CLASS B-6 0.00 0.00
-----------------------------------------------------
SECTION 4.03 (xiii) CLASS PREPAYMENT INTEREST SHORTFALL
CURRENT SHORTFALL OUTSTANDING SHORTFALL
-------------------------------------------------------
CLASS 1-A 0.00 0.00
CLASS 1-AP 0.00 0.00
CLASS 1-AX 0.00 0.00
CLASS 2-A 0.00 0.00
CLASS 2-AP 0.00 0.00
CLASS 2-AX 0.00 0.00
CLASS R 0.00 0.00
CLASS B-1 0.00 0.00
CLASS B-2 0.00 0.00
CLASS B-3 0.00 0.00
CLASS B-4 0.00 0.00
CLASS B-5 0.00 0.00
CLASS B-6 0.00 0.00
-----------------------------------------------------
Aurora Loan Services, Inc
MASTER SERVICER C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on December 28, 1998
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<PAGE>
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-ALS1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 28-DEC-98 PAGE # 1
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Ending
Certificate Certificate Principal Principal Interest Total Realized Certificate
Class Cusip # Balance Balance Distribution Distribution Distribution Distribution Loss Balance
- -----------------------------------------------------------------------------------------------------------------------------------
1-A 863572VS9 55,999,000.00 55,951,122.66 44,636.20 536,625.19 321,718.96 902,980.35 0.00 55,369,861.27
1-AP 863572TV7 419,252.00 418,793.88 381.92 46.72 0.00 428.64 0.00 418,365.24
2-A 863572VV2 79,029,000.00 78,425,575.15 67,538.32 221,758.67 450,947.06 740,244.05 0.00 78,136,278.16
2-AP 863572VW0 566,559.00 565,904.34 653.92 4.44 0.00 658.36 0.00 565,245.98
B1 863572VZ3 6,764,000.00 6,758,399.81 5,642.42 0.00 38,860.80 44,503.22 0.00 6,752,757.39
B2 863572WA7 3,005,000.00 3,002,512.04 2,506.72 0.00 17,264.44 19,771.16 0.00 3,000,005.32
B3 863572WB5 1,504,000.00 1,502,754.78 1,254.61 0.00 8,640.84 9,895.45 0.00 1,501,500.16
B4 863572WC3 751,000.00 750,378.22 626.47 0.00 4,314.67 4,941.14 0.00 749,751.74
B5 863572WD1 751,000.00 750,378.22 626.47 0.00 4,314.67 4,941.14 0.00 749,751.74
B6 863572WE9 1,504,349.96 1,503,104.45 1,254.90 0.00 8,642.85 9,897.75 0.00 1,501,849.54
R 863572VY6 100.00 100.00 0.00 0.00 0.58 0.58 0.00 100.00
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL 150,293,260.96 149,629,023.53 125,121.96 758,435.02 854,704.87 1,738,261.85 0.00 148,745,466.55
- ----------------------------------------------------------------------------------------------------------------------------------
Original Beginning
Notional Notional Interest Total
Class Cusip # Amount Amount Distribution Distribution
- -------------------------------------------------------------------------------
1-AX 863572VU4 3,605,557.48 3,602,851.36 20,716.40 20,716.40
2-AX 863572VX8 4,720,635.17 4,690,263.15 26,969.01 26,969.01
- -----------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
1-A 10.37985303 5.74508402 988.76517920 6.90000000%
1-AP 1.02239226 0.00000000 997.88489977 0.00000000%
2-A 3.66064343 5.70609599 988.70387022 6.90000000%
2-AP 1.16203255 0.00000000 997.68246555 0.00000000%
1-AX N/A 5.74568569 6.90000000%
2-AX N/A 5.71300450 6.90000000%
B1 0.83418363 5.74523950 998.33787532 6.90000000%
B2 0.83418363 5.74523794 998.33787532 6.90000000%
B3 0.83418363 5.74523936 998.33787532 6.90000000%
B4 0.83418363 5.74523302 998.33787532 6.90000000%
B5 0.83418363 5.74523302 998.33787532 6.90000000%
B6 0.83418363 5.74523896 998.33787532 6.90000000%
R 0.00000000 5.80000000 1000.00000000 6.90000000%
-----------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Kim Costa
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3247
---------------------------------------
Aurora Loan Services, Inc
MASTER SERVICER
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
-9-
<PAGE>
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-ALS1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-NOV-98 PAGE # 2
SECTION 4.03 (iv) AGGREGATE AMOUNT OF ADVANCES NEEDED TO BE MADE 859,004.22
AGGREGATE AMOUNT OF ADVANCES ACTUALLY MADE 859,004.22
GROUP 1 GROUP 2 TOTAL
SECTION 4.03 (v) BEGINNING POOL STATED PRINCIPAL BALANCE 62,288,356.91 87,340,668.34 149,629,025.25
ENDING POOL STATED PRINCIPAL BALANCE 61,701,945.32 87,043,522.95 148,745,468.27
SECTION 4.03 (viii) MASTER SERVICING FEES 1,038.09 1,455.72 2,493.81
SERVICING FEES 15,572.09 21,835.17 37,407.26
TRUSTEE FEES 648.84 909.80 1,558.64
SECTION 4.03 (iv) CLASS UNPAID INTEREST SHORTFALL
CURRENT SHORTFALL OUTSTANDING SHORTFALL
---------------------------------------------------------
CLASS 1-A 0.00 0.00
CLASS 1-AP 0.00 0.00
CLASS 1-AX 0.00 0.00
CLASS 2-A 0.00 0.00
CLASS 2-AP 0.00 0.00
CLASS 2-AX 0.00 0.00
CLASS R 0.00 0.00
CLASS B-1 0.00 0.00
CLASS B-2 0.00 0.00
CLASS B-3 0.00 0.00
CLASS B-4 0.00 0.00
CLASS B-5 0.00 0.00
CLASS B-6 0.00 0.00
------------------------------------------------------------
SECTION 4.03 (xiii) CLASS PREPAYMENT INTEREST SHORTFALL
CURRENT SHORTFALL OUTSTANDING SHORTFALL
---------------------------------------------------------
CLASS 1-A 0.00 0.00
CLASS 1-AP 0.00 0.00
CLASS 1-AX 0.00 0.00
CLASS 2-A 0.00 0.00
CLASS 2-AP 0.00 0.00
CLASS 2-AX 0.00 0.00
CLASS R 0.00 0.00
CLASS B-1 0.00 0.00
CLASS B-2 0.00 0.00
CLASS B-3 0.00 0.00
CLASS B-4 0.00 0.00
CLASS B-5 0.00 0.00
CLASS B-6 0.00 0.00
---------------------------------------------------------
Aurora Loan Services, Inc
MASTER SERVICER C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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