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): 6/25/99
STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the
Trust Agreement, dated as of February 1, 1999, providing for the issuance of
First Nationwide Trust 1999-1, Structured Asset Securities Corporation
Mortgage Pass-Through Certificates, Series 1999-1)
Structured Asset Securities Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-68513-02 74-2440850
(State or Other (Commission (I.R.S. Employer
Jurisdiction File Number) Identification No.)
of Incorporation)
200 Vesey Street
New York, New York 10285
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area co(212) 526-5594
Item 5.Other Events.
On Behalf of Structured Assets Securities Corporation, First Nationwide
Trust Series 1999-1, Mortgage Pass-Through Certificates, a Trust created
pursuant to the Pooling and Servicing Agreement, dated February 1, 1999
by U.S. Bank National Association, as trustee for the Trust, the Trustee
has caused to be filed with the Commission, the Monthly Report dated
June 25, 1999. The Monthly Report is filed pursuant to and in accordance
with (1) numerous no-action letters (2) current Commission policy in the
area. The filing of the Monthly distribution to the holders of the
Certificates, Due
A. Monthly Report Information:
See Exhibit No. 1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certifi-
catholders: NONE
F. Item 5: Other Information - Form 10-Q, Part II -
Items 1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statementsand Exhibits
Information and Exhibits.
Exhibit No. 1
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates, Series 1999-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION SUMMARY
Distribution
Date 6/25/99
Class Realized Loss
Beginning Accrued of Principal
Class Balance Principal Interest Allocated
1-A1 99963353.19 684079.40 520642.46 0
AP 1651216.46 8011.40 NA 0
AX (1) 4143662.84 NA 22057.04 0
2-A1 247216714.87 1376690.97 1339090.54 0
2-A2 (3 2286382.78 184865.35 0.00 0
2-A3 21457000.00 0.00 116225.42 0
2-A4 132100.00 0.00 NA 0
2-A5 (3 20656057.17 0.00 0.00 0
2-A6 118921624.50 442573.04 644158.80 0
2-A7 116000600.00 0.00 628336.58 0
2-A8 167803573.74 851496.79 908936.02 0
1-B1 721651.10 2486.25 3758.60 0
2-B1 13100608.15 11280.49 70961.63 0
1-B2 361320.51 1244.83 1881.88 0
2-B2 6551301.54 5641.10 35486.22 0
1-B3 258368.91 890.14 1345.67 0
2-B3 2911578.74 2507.06 15771.05 0
1-B4 205903.19 709.38 1072.41 0
2-B4 2911578.74 2507.06 15771.05 0
1-B5 154427.39 532.04 804.31 0
2-B5 1091218.62 939.61 5910.77 0
1-B6 207248.74 714.01 1079.42 0
2-B6 1820231.86 1567.34 9859.59 0
R 100.00 0.00 0.95 0
TOTAL: 826,384,160 3,578,736 4,343,150 0
Net Prepmt Current Outstanding
Interest Interest Interest Remaining
Class Shortfall Amt Shortfall (2)Shortfall Balance
1-A1 0 0 0 99279273.79
AP 0 0 0 1643205.06
AX (1) 0 0 0 4112306.37
2-A1 0 0 0 245840023.90
2-A2 (3 0 0 0 2113902.00
2-A3 0 0 0 21457000.00
2-A4 0 0 0 132100.00
2-A5 (3 0 0 0 20767944.15
2-A6 0 0 0 118479051.46
2-A7 0 0 0 116000600.00
2-A8 0 0 0 166952076.95
1-B1 0 0 0 719164.85
2-B1 0 0 0 13089327.66
1-B2 0 0 0 360075.68
2-B2 0 0 0 6545660.44
1-B3 0 0 0 257478.77
2-B3 0 0 0 2909071.68
1-B4 0 0 0 205193.81
2-B4 0 0 0 2909071.68
1-B5 0 0 0 153895.35
2-B5 0 0 0 1090279.01
1-B6 0 0 0 206534.73
2-B6 0 0 0 1818664.52
R 0 0 0 100.00
TOTAL: 0 0 0 822929695.49
(1) Class AX is an Interest-only Class and the Balances reflected
for these Certificates are Notional Balances
(2) Negative reflects repayment of Interest Shortfalls in prior periods
(3) Classes 2-A2 and 2-A5 are Accrual Certificates
Accrual
Class Amount
2-A2 12,384.57
2-A5 111,846.98
AMOUNTS PER $1,000 UNIT
Beginning Principal Interest
Class Balance Distribution Distribution
1-A1 978.842909 6.698517 5.098140
AP 996.011067 4.832463 NA
AX 970.880783 NA 5.168074
2-A1 988.866859 5.506764 5.356362
2-A2 952.659492 77.027229 0.000000
2-A3 1000.000000 0.000000 5.416667
2-A4 1000.000000 0.000000 0.000000
2-A5 1016.338180 0.000000 0.000000
2-A6 991.013538 3.688109 5.367990
2-A7 1000.000000 0.000000 5.416667
2-A8 990.261497 5.024950 5.363916
1-B1 989.919204 3.410494 5.155830
2-B1 997.457602 0.858877 5.402896
1-B2 989.919205 3.410493 5.155836
2-B2 997.457604 0.858876 5.402896
1-B3 989.919195 3.410498 5.155824
2-B3 997.457602 0.858876 5.402895
1-B4 989.919183 3.410481 5.155817
2-B4 997.457602 0.858876 5.402895
1-B5 989.919167 3.410513 5.155833
2-B5 997.457605 0.858876 5.402898
1-B6 989.919288 3.410454 5.155827
2-B6 997.457607 0.858877 5.402896
R 1000.000000 0.000000 9.500000
AMOUNTS PER $1,000 UNIT
Realized Loss Current Period
of Principal Remaining Pass-Through
Class Allocated Balance Rate
1-A1 0.00000 972.14439 6.250%
AP 0.00000 991.17860 NA
AX 0.00000 963.53381 6.388%
2-A1 0.00000 983.36010 6.500%
2-A2 0.00000 880.79250 6.500%
2-A3 0.00000 1000.00000 6.500%
2-A4 0.00000 1000.00000 NA
2-A5 0.00000 1021.84335 6.500%
2-A6 0.00000 987.32543 6.500%
2-A7 0.00000 1000.00000 6.500%
2-A8 0.00000 985.23655 6.500%
1-B1 0.00000 986.50871 6.250%
2-B1 0.00000 996.59873 6.500%
1-B2 0.00000 986.50871 6.250%
2-B2 0.00000 996.59873 6.500%
1-B3 0.00000 986.50870 6.250%
2-B3 0.00000 996.59873 6.500%
1-B4 0.00000 986.50870 6.250%
2-B4 0.00000 996.59873 6.500%
1-B5 0.00000 986.50865 6.250%
2-B5 0.00000 996.59873 6.500%
1-B6 0.00000 986.50883 6.250%
2-B6 0.00000 996.59873 6.500%
R 0.00000 1000.00000 6.500%
Reports to Certificateholders
Trust Agreement Dated February 1, 1999
(Pursuant to Section 4.03)
Group 1 Group 2 Total
i) Beg Aggregate Scheduled Prin Ba 102043673.91 724340486.28 826384160.19
Scheduled Principal 351590.86 623814.91 975405.77
Curtailment and Paid in Full 53425.67 119187.58 172613.25
Paid in Full 286271.32 2020174.37 2306445.69
Liquidation Proceeds 0.00 0.00 0.00
Insurance Proceeds 0.00 0.00 0.00
Realized Loss 0.00 0.00 0.00
End Aggregate Scheduled Prin Bal 101352386.06 721577309.42 822929695.48
ii) Aggregate Advances Group 1 Group 2 Total
Principal Advances 114048.37 196163.87 310212.24
Interest Advances 189073.05 1335590.31 1524663.36
iii) Realized Losses
Realized Losses Group 1 Group 2 Total
Current 0.00 0.00 0.00
Since Cutoff 0.00 0.00 0.00
Special Hazard Loss Amount
Current 0.00 0.00 0.00
Since Cutoff 0.00 0.00 0.00
Fraud Loss Amount
Current 0.00 0.00 0.00
Since Cutoff 0.00 0.00 0.00
Bankruptcy Loss Amount
Current 0.00 0.00 0.00
Since Cutoff 0.00 0.00 0.00
Group 1 Group 2 Total
iv) Servicing Fee 21259.10 150904.27 172163.37
v) Mortgage Loans Outstanding and Delinquency Information
Outstanding Loans Group 1 Group 2 Total
Count 310 2,171 2,481
Balance 101352386.06 721577309.42 822929695.48
31-60 Days Delinquent
Count 0 4 4
Balance 0.00 1,102,005.25 1,102,005.25
61-90 Days Delinquent
Count 0 0 0
Balance 0.00 0.00 0.00
91 Days or More Delinquent
Count 0 0 0
Balance 0.00 0.00 0.00
vi) Delinquency Information for Mortgage Loans in Foreclosure Proceedings
31-60 Days DelinquentGroup 1 Group 2 Total
Count 0 0 0
Balance 0.00 0.00 0.00
61-90 Days Delinquent
Count 0 0 0
Balance 0.00 0.00 0.00
91 Days or More Delinquent
Count 0 0 0
Balance 0.00 0.00 0.00
vii) Mortgage Loans becoming REO Property during the preceding calendar month
Deemed
Loan Principal Principal
Group Number Balance Balance
0 0 0 0.00
viii) Deleted and Qualifying Sustitute Mortgage Loans
Loan Principal
Group Number Balance
0 0 0.00
Group 1 Group 2 Total
ix) Accrued & Unpd Pr 0.00 0.00 0.00
Accrued & Unpd Intere 0.00 0.00 0.00
Loan Principal
Group Number Balance
x) Purchased 0 0 0.00
Mortgage Loans
xi) Class 2-A3 Guaranteed Distributions paid 0.00
xii) Class 2-A3 Certificate Insurance Premium 715.00
SIGNATURES
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
By: /s/ Eve Kaplan
Name: Eve Kaplan
Title: Vice President
Dated: June 30, 1999
