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) : October 25, 1999
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., (as depositor under the Pooling
and Servicing Agreement, dated February 1, 1999, which forms the Trust, which
will issue the Salomon Brothers Mortgage Securities VII, Inc., Mortgage
Pass-Through Certificates, Series 1999-2).
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-62737-03 13-3439681
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
Seven World Trade Center, 29th Floor
New York, New York 10048
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 783-5659
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 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, with respect to the Registrant's
Salomon Brothers Mortgage Securities VII, Inc., Mortgage Pass-Through
Certificates, Series 1999-2 (the "Certificates"). The Certificates were issued,
and this report and exhibit is being filed, pursuant to the terms of the Pooling
and Servicing Agreement, dated as of February 1, 1999 ( the "Agreement"), among
Salomon Brothers Mortgage Securities VII, Inc., as depositor, Cendant Mortgage
Corporation, as master servicer, and The Chase Manhattan Bank, as trustee. On
October 25, 1999 distribution was made to the Certificateholders. Specific
information with respect to this distribution is filed as Exhibit 99.1. 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 October 25, 1999,
as Exhibit 99.1.
<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: October 28, 1999 By: /s/ Cynthia Kerpen
Cynthia Kerpen
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
October 25, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on October 25, 1999
<PAGE>
<TABLE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
STATEMENT TO CERTIFICATEHOLDERS
OCTOBER 25, 1999
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<S> <C> <C>
PAGE # 1
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DISTRIBUTION IN DOLLARS
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ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A1_1 60,123,603.00 56,715,292.47 441,658.09 307,207.83 748,865.92 0.00 0.00 56,273,634.38
A1_2 9,545,000.00 9,545,000.00 0.00 49,713.54 49,713.54 0.00 0.00 9,545,000.00
A1_3 9,545,000.00 9,545,000.00 0.00 53,690.63 53,690.63 0.00 0.00 9,545,000.00
A1_4 15,000,000.00 15,000,000.00 0.00 81,250.00 81,250.00 0.00 0.00 15,000,000.00
A1_5 49,800,000.00 47,475,775.83 301,179.25 257,160.45 558,339.70 0.00 0.00 47,174,596.58
A1_6 200,000.00 200,000.00 0.00 1,083.33 1,083.33 0.00 0.00 200,000.00
A2 68,254,245.00 65,633,476.43 622,026.40 355,514.66 977,541.06 0.00 0.00 65,011,450.03
PO 1,904,951.79 1,799,913.26 20,070.35 0.00 20,070.35 0.00 0.00 1,779,842.91
B1 4,466,000.00 4,405,226.82 4,128.40 23,861.65 27,990.05 0.00 0.00 4,401,098.42
B2 2,010,000.00 1,982,648.04 1,858.05 10,739.34 12,597.39 0.00 0.00 1,980,789.99
B3 781,000.00 770,372.08 721.98 4,172.85 4,894.83 0.00 0.00 769,650.10
B4 782,000.00 771,358.66 722.87 4,178.19 4,901.06 0.00 0.00 770,635.79
B5 335,000.00 330,441.36 309.67 1,789.89 2,099.56 0.00 0.00 330,131.69
B6PO 558,364.57 550,872.80 379.75 0.00 379.75 0.00 0.00 550,493.05
RII 200.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 223,305,364.36 214,725,377.75 1,393,054.81 1,150,362.36 2,543,417.17 0.00 0.00 213,332,322.94
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IO 223,305,364.36 214,725,377.75 0.00 59,455.66 59,455.66 0.00 0.00 213,332,322.94
B6IO 558,364.57 550,872.80 0.00 2,983.89 2,983.89 0.00 0.00 550,493.05
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B1_1 3,009,032.45 2,968,664.62 2,681.55 16,080.27 18,761.82 0.00 0.00 2,965,983.07
B1_2 1,456,967.55 1,436,562.20 1,446.85 7,781.38 9,228.23 0.00 0.00 1,435,115.35
B2_1 1,354,364.60 1,336,195.05 1,206.97 7,237.72 8,444.69 0.00 0.00 1,334,988.08
B2_2 655,635.40 646,452.99 651.08 3,501.62 4,152.70 0.00 0.00 645,801.91
B3_1 526,030.68 518,973.70 468.78 2,811.11 3,279.89 0.00 0.00 518,504.92
B3_2 254,969.32 251,398.38 253.20 1,361.74 1,614.94 0.00 0.00 251,145.18
B4_1 527,030.68 519,960.28 469.67 2,816.45 3,286.12 0.00 0.00 519,490.61
B4_2 254,969.32 251,398.38 253.20 1,361.74 1,614.94 0.00 0.00 251,145.18
B5_1 225,727.44 222,699.19 201.16 1,206.29 1,407.45 0.00 0.00 222,498.03
B5_2 109,272.56 107,742.17 108.51 583.60 692.11 0.00 0.00 107,633.66
B6PO_1 376,243.63 371,300.97 198.89 0.00 198.89 0.00 0.00 371,102.08
B6PO_2 182,120.94 179,571.83 180.86 0.00 180.86 0.00 0.00 179,390.97
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
STATEMENT TO CERTIFICATEHOLDERS
OCTOBER 25, 1999
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<S> <C> <C>
PAGE # 2
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FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL PASS-THRU
CLASS CUSIP FACTOR PRINCIPAL INTEREST TOTAL FACTOR CLASS RATE
- ------------------------------------------------------------------------------------------- ------------------------------------
A1_1 79548KG85 943.31160543 7.34583538 5.10960446 12.45543984 935.96577005 A1_1 6.500000 %
A1_2 79548KG93 1,000.00000000 0.00000000 5.20833316 5.20833316 1,000.00000000 A1_2 6.250000 %
A1_3 79548KH27 1,000.00000000 0.00000000 5.62500052 5.62500052 1,000.00000000 A1_3 6.750000 %
A1_4 79548KH35 1,000.00000000 0.00000000 5.41666667 5.41666667 1,000.00000000 A1_4 6.500000 %
A1_5 79548KH43 953.32883193 6.04777610 5.16386446 11.21164056 947.28105582 A1_5 6.500000 %
A1_6 79548KJ66 1,000.00000000 0.00000000 5.41665000 5.41665000 1,000.00000000 A1_6 6.500000 %
A2 79548KH76 961.60284873 9.11337309 5.20868204 14.32205513 952.48947564 A2 6.500000 %
PO 944.86026862 10.53588343 0.00000000 10.53588343 934.32438519 PO 0.000000 %
B1 79548KH84 986.39203314 0.92440663 5.34295790 6.26736453 985.46762651 B1 6.500000 %
B2 79548KH92 986.39205970 0.92440299 5.34295522 6.26735821 985.46765672 B2 6.500000 %
B3 79548KJ25 986.39190781 0.92443022 5.34295775 6.26738796 985.46747759 B3 6.500000 %
B4 79548KJ33 986.39214834 0.92438619 5.34295396 6.26734015 985.46776215 B4 6.500000 %
B5 79548KJ41 986.39211940 0.92438806 5.34295522 6.26734328 985.46773134 B5 6.500000 %
B6PO 79548KJ58 986.58265513 0.68011120 0.00000000 0.68011120 985.90254392 B6PO 0.000000 %
RII 79548KH68 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B1_1 6.500000 %
B1_2 6.500000 %
- ------------------------------------------------------------------------------------------- B2_1 6.500000 %
TOTALS 961.57733768 6.23834010 5.15152139 11.38986149 955.33899757 B2_2 6.500000 %
- ------------------------------------------------------------------------------------------- B3_1 6.500000 %
B3_2 6.500000 %
- ------------------------------------------------------------------------------------------- B4_1 6.500000 %
IO 961.57733768 0.00000000 0.26625272 0.26625272 955.33899757 B4_2 6.500000 %
B6IO 986.58265513 0.00000000 5.34398162 5.34398162 985.90254392 B5_1 6.500000 %
- ------------------------------------------------------------------------------------------- B5_2 6.500000 %
B6PO_1 0.000000 %
- ------------------------------------------------------------------------------------------- B6PO_2 0.000000 %
B1_1 986.58444843 0.89116686 5.34400020 6.23516706 985.69328157 RII 6.500000 %
B1_2 985.99464346 0.99305575 5.34080529 6.33386104 985.00158772-----------------------------------
B2_1 986.58444705 0.89117066 5.34399673 6.23516740 985.69327639 IO 0.332270 %
B2_2 985.99463970 0.99305193 5.34080375 6.33385568 985.00158777 B6IO 6.500000 %
B3_1 986.58447070 0.89116475 5.34400389 6.23516864 985.69330595-----------------------------------
B3_2 985.99462869 0.99306066 5.34079943 6.33386009 985.00156803
B4_1 986.58446222 0.89116254 5.34399629 6.23515883 985.69329968
B4_2 985.99462869 0.99306066 5.34079943 6.33386009 985.00156803
B5_1 986.58448437 0.89116325 5.34401134 6.23517460 985.69332111
B5_2 985.99474562 0.99302149 5.34077357 6.33379505 985.00172413
B6PO_1 986.86313972 0.52862025 0.00000000 0.52862025 986.33451947
B6PO_2 986.00320205 0.99307636 0.00000000 0.99307636 985.01012569
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If there are any questions or problems with this statement, please contact
the Administrator listed below:
---------------------------------------
MICHAEL A. SMITH
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
TEL: 212/946-8552
Email: [email protected]
---------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
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<TABLE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
OCTOBER 25, 1999
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PAGE # 3
<S> <C> <C>
Sec. 4.02(iii) Aggregate Amount of Servicing Compensation 38,120.99
Sec. 4.02(iv) Aggregate Amount of P&I Advances for each Sub-Pool 1 0.00
Sec. 4.02(iv) Aggregate Amount of P&I Advances for each Sub-Pool 2 0.00
Sec. 4.02(v) Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties for Sub-Pool 1 143,874,880.74
Sec. 4.02(v) Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties for Sub-Pool 2 69,457,442.20
Sec. 4.02(vi) Sub-Pool 1
Number of Mortgage Loans as of the related Due Period 464
Aggregate Principal Balance of Mortgage Loans as of the related Due Period 143,874,880.74
Weighted average remaining term to maturity as of the related Due Period 347.00
Weighted average Mortgage Rate of the Mortgage Loans as of the related Due Period 7.13847%
Sec. 4.02(vi) Sub-Pool 2
Number of Mortgage Loans as of the related Due Period 214
Aggregate Principal Balance of Mortgage Loans as of the related Due Period 69,457,442.20
Weighted average remaining term to maturity as of the related Due Period 344.00
Weighted average Mortgage Rate of the Mortgage Loans as of the related Due Period 6.68572%
Sec. 4.02(vii) DELINQUENCIES
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Group 1
--------------------------------------------------------------------
Category Number Principal Balance Percentage
--------------------------------------------------------------------
0-30 days 0 0.00 0.00 %
31-60 days 0 0.00 0.00 %
61-90 days 0 0.00 0.00 %
91-120 days 0 0.00 0.00 %
121+ days 0 0.00 0.00 %
Total 0 0.00 0.00 %
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Group 2
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Category Number Principal Balance Percentage
--------------------------------------------------------------------
0-30 days 0 0.00 0.00 %
31-60 days 0 0.00 0.00 %
61-90 days 0 0.00 0.00 %
91-120 days 0 0.00 0.00 %
121+ days 0 0.00 0.00 %
Total 0 0.00 0.00 %
--------------------------------------------------------------------
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Group Totals
--------------------------------------------------------------------
Category Number Principal Balance Percentage
--------------------------------------------------------------------
0-30 days 0 0.00 0.00 %
31-60 days 0 0.00 0.00 %
61-90 days 0 0.00 0.00 %
91-120 days 0 0.00 0.00 %
121+ days 0 0.00 0.00 %
Total 0 0.00 0.00 %
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
OCTOBER 25, 1999
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PAGE # 4
<S> <C> <C>
Sec. 4.02(vii) FORECLOSURE (Included in Delinquencies above)
--------------------------------------------------
Group 1
--------------------------------------------------
Number Principal Balance Percentage
--------------------------------------------------
0 0.00 0.00 %
--------------------------------------------------
--------------------------------------------------
Group 2
--------------------------------------------------
Number Principal Balance Percentage
--------------------------------------------------
0 0.00 0.00 %
--------------------------------------------------
Sec. 4.02(vii) LOANS IN BANKRUPTCY (Included in Delinquencies above)
--------------------------------------------------
Group 1
--------------------------------------------------
Number Principal Balance Percentage
--------------------------------------------------
0 0.00 0.00 %
--------------------------------------------------
--------------------------------------------------
Group 2
--------------------------------------------------
Number Principal Balance Percentage
--------------------------------------------------
0 0.00 0.00 %
--------------------------------------------------
Sec. 4.02(viii) REO Properties (Not Included in Delinquencies above)
--------------------------------------------------
Group 1
--------------------------------------------------
Number Principal Balance Percentage
--------------------------------------------------
0 0.00 0.00 %
--------------------------------------------------
--------------------------------------------------
Group 2
--------------------------------------------------
Number Principal Balance Percentage
--------------------------------------------------
0 0.00 0.00 %
--------------------------------------------------
Sec. 4.02(ix) Aggregate Book Value of REO Loans 0.00
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
OCTOBER 25, 1999
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PAGE # 5
<S> <C> <C>
Sec. 4.02(x) Aggregate Principal Prepayment made during the related Prepayment Period 1,168,119.00
Sec. 4.02(xi) Aggregate Realized Losses made during the related Prepayment Period
Sub-Pool 1 0.00
Sub-Pool 2 0.00
Sec. 4.02(xii) Aggregate Extraordinary Trust Fund Expenses withdrawn from the Collection Account
or the Distribution Account 0.00
Sec. 4.02(xvi) Aggregate Prepayment Interest Shortfalls, to the extent not covered by the Master Servicer 0.00
Sec. 4.02(xvii) Aggregate amount of Relief Act Interest Shortfall 0.00
Sec. 4.02(xviii) Applicable Bankruptcy Amount 100,000.00
Applicable Fraud Loss Amount 2,233,054.00
Applicable Special Hazard Amount 3,604,579.00
Sec. 4.02(xx) Mortgage Loans as to which foreclosure proceeeding have been concluded 0.00
Sec. 4.02(xxi) Mortgage Loans as to which a Final Liquidation has occurred
Number of loans 0.00
Unpaid principal balance 0.00
Liquidated Proceeds 0.00
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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