SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
(Mark One)
[ x ] Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the fiscal year ended DECEMBER 31, 1998
______________________ or
[ ] Transition Report Pursuant to Section 13 or 15d of the Securities
Exchange Act of 1934
For the transition period from _____________ to ________
Commission file Number 333-47499
Structured Asset Securities Corporation
(Exact name of registrant as specified in its charter)
Delaware 74-2440850
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
200 Vesey Street
New York, NY 10285
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212)526-5594
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 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*
*Note: Transaction Closing: [Dec 30, 1998]
PART I
Item 2. Properties
Not applicable on reliance of Relief Letters
Item 3. Legal Proceedings
There were no legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of the Security Holders.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder matters
There were thirty-one participants in the DTC system holding positions
in the Cede certificates.
The following were Noteholders and Certificateholders of record
as of the end of the reporting year.
Structured Asset Securities Corporation Mortgage
Pass-Through Certificates:
Series 1998-ALS2 1-A1 Cede & Co.
Series 1998-ALS2 1-AP Cede & Co.
Series 1998-ALS2 2-A1 Cede & Co.
Series 1998-ALS2 2-AP Cede & Co.
Series 1998-ALS2 B1 Cede & Co.
Series 1998-ALS2 B2 Cede & Co.
Series 1998-ALS2 B3 Cede & Co.
Series 1998-ALS2 B4 Cede & Co.
Series 1998-ALS2 B5 Cede & Co.
Series 1998-ALS2 B6 Cede & Co.
There is no established public trading market for the notes.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosures: Information required by Item 304 of Reg. S-K.
There were no changes in and/or disagreements with Accountants on
Accounting and Financial Disclosures.
PART IV
Item 12. Security Ownership of Certain Beneficial Owners and Management
The Notes are represented by one or more notes registered in the name of
of Cede & Co., the nominee of The Depository Trust Company. An investor
holding Notes is not entitled to receive a certificate representing such
Note, except in limited circumstances. Accordingly, Cede & Co. is the
sole holder of Notes, which it holds on behalf of brokers, dealers,
banks and other participants in the DTC system. Such participants may
hold Notes for their own accounts or for the accounts of their customers.
The address of Cede & Co. is:
Cede & Co.
c/o The Depository Trust Company
Seven Hanover Square
New York, New York 10004
Item 13. Certain Relationships and Related Transactions.
There has not been, and there is not currently proposed, any transactions
or series or transactions, to which any of the Trust, the Registrant,
the Trustee or the Servicer is a party with any Noteholder who, to the
knowledge of the Registrant and Servicer, owns of record or beneficially
more than five percent of the Notes.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not Applicable
2. Not Applicable
3. Exhibits
99.1 Annual Summary Statement
99.2 Annual Statement as to Compliance.
99.3 Annual Independent Public
Accountant's Servicing Report.
(b) Reports on Form 8-K
There have been no reports filed on Form 8-K
as of December 1998. The first distribution was on
January 25, 1999.
(c) See (a) 3 above
(d) Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange A
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Structured Asset Securities Corporation Mortgage Pass-Through Certificates
Series 1998-ALS2
/s/ Joseph J. Kelly
Vice President
Date March 10, 1999
EXHIBIT INDEX
Exhibit Number Description
99.1 Annual Summary Statement
99.2 Annual Statement of Compliance
99.3 Report of Independent Accountants
EXHIBIT 99.1 -- Summary of Aggregate Amounts or End of Year
Amounts for the period ending December 31, 1998
Structured Asset Securities Corporation Mortgage Pass-Through Certificates
Series 1998-ALS2
Summary of Aggregate Amounts or End of Year Amounts
Beginning Pool Balance 259,686,395.01
Ending Pool Balance 259,160,487.00
Principal Collections 525,908.01
Interest Collections 1,636,251.76
Servicer Fees 64,921.61
Trustee Fees 1,460.74
Master Servicer Fees 4,328.10
Count Balance
31-60 Days Delinquent 11 ,893,795.50
61-90 Days Delinquent 1 37,314.03
91 Days or More Delinq 0 0.00
Certificate Ending Balance
1-A1 $ 193,883,000.00
1-AP $ 705,935.00
2-A1 $ 41,477,000.00
2-AP $ 248,313.00
B1 $ 8,439,000.00
B2 $ 6,751,000.00
B3 $ 2,986,000.00
B4 $ 1,687,000.00
B5 $ 1,298,000.00
B6 $ 2,211,045.34
Loans in Foreclosure Proceedings: None
Loans becoming REO Property: None
There was no distribution activity as of December 31, 1998
EXHIBIT 99.2 -- Servicer's Annual Statement of Compliance
To be supplied upon receipt by the Trustee
EXHIBIT 99.3 -- Report of Independent Auditors
To be supplied upon receipt by the Trustee