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): 12/27/1999
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 code (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
March 31, 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 12/27/1999
Class Realized Loss
Beginning Accrued of Principal
Class Balance Principal Interest Allocated
1-A1 95344950.59 752511.03 496588.28 0
AP 1617302.49 2834.10 NA 0
AX (1) 3936506.04 NA 20964.73 0
2-A1 238152528.76 1040605.49 1289992.86 0
2-A2 (3) 1478467.28 0.00 0.00 0
2-A3 21457000.00 0.00 116225.42 0
2-A4 132100.00 0.00 NA 0
2-A5 (3) 21336535.77 0.00 0.00 0
2-A6 115652677.96 457836.83 626452.01 0
2-A7 116000600.00 0.00 628336.58 0
2-A8 162159458.00 622754.43 878363.73 0
1-B1 706478.44 2595.15 3679.58 0
2-B1 13031622.17 11858.02 70587.95 0
1-B2 353723.76 1299.35 1842.31 0
2-B2 6516803.30 5929.91 35299.35 0
1-B3 252936.73 929.13 1317.38 0
2-B3 2896246.77 2635.42 15688.00 0
1-B4 201574.09 740.45 1049.87 0
2-B4 2896246.77 2635.42 15688.00 0
1-B5 151180.56 555.34 787.40 0
2-B5 1085472.42 987.72 5879.64 0
1-B6 202891.39 745.29 1056.73 0
2-B6 1810646.78 1647.58 9807.67 0
R 100.00 0.00 0.88 0
TOTAL: 803437544.03 2909100.66 4219608.37 0
Net Prepmt Current Outstanding
Interest Interest Interest Remaining
Class Shortfall Amt Shortfall (2) Shortfall Balance
1-A1 0 0 0 94592439.56
AP 0 0 0 1614468.39
AX (1) 0 0 0 3926422.14
2-A1 0 0 0 237111923.27
2-A2 (3) 0 0 0 1486475.64
2-A3 0 0 0 21457000.00
2-A4 0 0 0 132100.00
2-A5 (3) 0 0 0 21452108.67
2-A6 0 0 0 115194841.13
2-A7 0 0 0 116000600.00
2-A8 0 0 0 161536703.57
1-B1 0 0 0 703883.29
2-B1 0 0 0 13019764.15
1-B2 0 0 0 352424.41
2-B2 0 0 0 6510873.39
1-B3 0 0 0 252007.60
2-B3 0 0 0 2893611.35
1-B4 0 0 0 200833.64
2-B4 0 0 0 2893611.35
1-B5 0 0 0 150625.22
2-B5 0 0 0 1084484.70
1-B6 0 0 0 202146.10
2-B6 0 0 0 1808999.20
R 0 0 0 100.00
TOTAL: 0 0 0 800652024.63
(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 8,008.36
2-A5 115,572.90
AMOUNTS PER $1,000 UNIT
Beginning Principal Interest
Class Balance Distribution Distribution
1-A1 933.619429 7.368601 4.862601
AP 975.554216 1.709524 NA
AX 922.342916 NA 4.912140
2-A1 952.610115 4.162422 5.159971
2-A2 616.028033 0.000000 0.000000
2-A3 1000.000000 0.000000 5.416667
2-A4 1000.000000 0.000000 0.000000
2-A5 1049.819709 0.000000 0.000000
2-A6 963.772316 3.815307 5.220433
2-A7 1000.000000 0.000000 5.416667
2-A8 956.953801 3.675069 5.183500
1-B1 969.106228 3.559877 5.047435
2-B1 992.205129 0.902849 5.374444
1-B2 969.106192 3.559863 5.047425
2-B2 992.205131 0.902849 5.374444
1-B3 969.106245 3.559885 5.047433
2-B3 992.205128 0.902850 5.374443
1-B4 969.106202 3.559856 5.047452
2-B4 992.205128 0.902850 5.374443
1-B5 969.106154 3.559872 5.047436
2-B5 992.205137 0.902852 5.374442
1-B6 969.106497 3.559862 5.047449
2-B6 992.205138 0.902847 5.374444
R 1000.000000 0.000000 8.800000
AMOUNTS PER $1,000 UNIT
Realized Loss Current Period
of Principal Remaining Pass-Through
Class Allocated Balance Rate
1-A1 0.00000 926.25083 6.250%
AP 0.00000 973.84469 NA
AX 0.00000 919.98021 6.391%
2-A1 0.00000 948.44769 6.500%
2-A2 0.00000 619.36485 6.500%
2-A3 0.00000 1000.00000 6.500%
2-A4 0.00000 1000.00000 NA
2-A5 0.00000 1055.50623 6.500%
2-A6 0.00000 959.95701 6.500%
2-A7 0.00000 1000.00000 6.500%
2-A8 0.00000 953.27873 6.500%
1-B1 0.00000 965.54635 6.250%
2-B1 0.00000 991.30228 6.500%
1-B2 0.00000 965.54633 6.250%
2-B2 0.00000 991.30228 6.500%
1-B3 0.00000 965.54636 6.250%
2-B3 0.00000 991.30228 6.500%
1-B4 0.00000 965.54635 6.250%
2-B4 0.00000 991.30228 6.500%
1-B5 0.00000 965.54628 6.250%
2-B5 0.00000 991.30229 6.500%
1-B6 0.00000 965.54663 6.250%
2-B6 0.00000 991.30229 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 Bal 97377523.13 706060020.88 803437544.01
Scheduled Principal 357714.26 642581.31 1000295.57
Curtailment and Paid in Full 115839.94 192361.87 308201.81
Paid in Full 286444.94 1190577.08 1477022.02
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 96617523.99 704034500.62 800652024.61
ii) Aggregate Advances Group 1 Group 2 Total
Principal Advances 127031.41 210708.28 337739.69
Interest Advances 197295.29 1340948.99 1538244.28
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 20286.98 147095.84 167382.82
v) Mortgage Loans Outstanding and Delinquency Information
Outstanding Loans Group 1 Group 2 Total
Count 2,436
Balance 96617523.99 704034500.62 800652024.61
31-60 Days Delinquent
Count 0 1 1
Balance 0.00 170,883.67 170,883.67
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 Delinquent Group 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) Unpd Prin 0.00 0.00 0.00
Unpd Int 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: 31-Dec-99
