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) : June 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
June 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 June 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: July 15, 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
June 25, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on June 25, 1999
<PAGE>
<TABLE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 06/25/99 PAGE # 1
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A1_1 60,123,603.00 58,923,605.65 319,169.53 262,755.14 581,924.67 0.00 0.00 58,660,850.51
A1_2 9,545,000.00 9,545,000.00 49,713.54 0.00 49,713.54 0.00 0.00 9,545,000.00
A1_3 9,545,000.00 9,545,000.00 53,690.63 0.00 53,690.63 0.00 0.00 9,545,000.00
A1_4 15,000,000.00 15,000,000.00 81,250.00 0.00 81,250.00 0.00 0.00 15,000,000.00
A1_5 49,800,000.00 48,981,687.58 265,317.47 179,180.22 444,497.69 0.00 0.00 48,802,507.36
A1_6 200,000.00 200,000.00 1,083.33 0.00 1,083.33 0.00 0.00 200,000.00
A2 68,254,245.00 66,988,458.74 362,854.15 69,099.94 431,954.09 0.00 0.00 66,919,358.80
PO 1,904,951.79 1,848,278.24 0.00 2,534.31 2,534.31 0.00 0.00 1,845,743.93
B1 4,466,000.00 4,454,037.40 24,126.04 4,039.22 28,165.26 0.00 0.00 4,449,998.18
B2 2,010,000.00 2,004,616.06 10,858.34 1,817.90 12,676.24 0.00 0.00 2,002,798.16
B3 781,000.00 778,907.96 4,219.08 706.38 4,925.46 0.00 0.00 778,201.58
B4 782,000.00 779,905.40 4,224.49 707.25 4,931.74 0.00 0.00 779,198.15
B5 335,000.00 334,102.69 1,809.72 302.98 2,112.70 0.00 0.00 333,799.71
B6PO 558,364.57 556,870.30 0.00 373.72 373.72 0.00 0.00 556,496.58
RII 200.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 223,305,364.36 219,940,470.02 1,178,316.32 521,517.06 1,699,833.38 0.00 0.00 219,418,952.96
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
IO 223,305,364.36 219,940,470.02 61,473.63 0.00 61,473.63 0.00 0.00 219,418,952.96
B6IO 558,364.57 556,870.30 3,016.38 0.00 3,016.38 0.00 0.00 556,496.58
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
B1_1 3,009,032.45 3,001,348.56 16,257.30 2,617.32 18,874.62 0.00 0.00 2,998,731.24
B1_2 1,456,967.55 1,452,688.84 7,868.73 1,421.90 9,290.63 0.00 0.00 1,451,266.94
B2_1 1,354,364.60 1,350,906.08 7,317.41 1,178.05 8,495.46 0.00 0.00 1,349,728.03
B2_2 655,635.40 653,709.98 3,540.93 639.85 4,180.78 0.00 0.00 653,070.13
B3_1 526,030.68 524,687.41 2,842.06 457.55 3,299.61 0.00 0.00 524,229.86
B3_2 254,969.32 254,220.55 1,377.03 248.83 1,625.86 0.00 0.00 253,971.72
B4_1 527,030.68 525,684.85 2,847.46 458.42 3,305.88 0.00 0.00 525,226.43
B4_2 254,969.32 254,220.55 1,377.03 248.83 1,625.86 0.00 0.00 253,971.72
B5_1 225,727.44 225,151.03 1,219.57 196.34 1,415.91 0.00 0.00 224,954.69
B5_2 109,272.56 108,951.66 590.15 106.64 696.79 0.00 0.00 108,845.02
B6PO_1 376,243.63 375,282.85 0.00 195.98 195.98 0.00 0.00 375,086.87
B6PO_2 182,120.94 181,587.45 0.00 177.74 177.74 0.00 0.00 181,409.71
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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
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 06/25/99 PAGE # 2
- ----------------------------------------------------------------------------------------- -------------------------------------
FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL PASS-THRU
CLASS CUSIP FACTOR INTEREST PRINCIPAL TOTAL FACTOR CLASS RATE
- ------------------------------------------------------------------------------------------- ------------------------------------
A1_1 79548KG85 980.0411604 5.308556 4.370249 9.678806 975.6709110 A1_1 6.500000 %
A1_2 79548KG93 1,000.0000000 5.208333 0.000000 5.208333 1,000.0000000 A1_2 6.250000 %
A1_3 79548KH27 1,000.0000000 5.625001 0.000000 5.625001 1,000.0000000 A1_3 6.750000 %
A1_4 79548KH35 1,000.0000000 5.416667 0.000000 5.416667 1,000.0000000 A1_4 6.500000 %
A1_5 79548KH43 983.5680237 5.327660 3.597996 8.925656 979.9700273 A1_5 6.500000 %
A1_6 79548KJ66 1,000.0000000 5.416650 0.000000 5.416650 1,000.0000000 A1_6 6.500000 %
A2 79548KH76 981.4548346 5.316214 1.012390 6.328604 980.4424443 A2 6.500000 %
PO 970.2493521 0.000000 1.330380 1.330380 968.9189720 PO 0.000000 %
B1 79548KH84 997.3214062 5.402159 0.904438 6.306597 996.4169682 B1 6.500000 %
B2 79548KH92 997.3214229 5.402159 0.904428 6.306587 996.4169950 B2 6.500000 %
B3 79548KJ25 997.3213316 5.402151 0.904456 6.306607 996.4168758 B3 6.500000 %
B4 79548KJ33 997.3214834 5.402161 0.904412 6.306573 996.4170716 B4 6.500000 %
B5 79548KJ41 997.3214627 5.402149 0.904418 6.306567 996.4170448 B5 6.500000 %
B6PO 79548KJ58 997.3238452 0.000000 0.669312 0.669312 996.6545334 B6PO 6.500000 %
RII 79548KH68 0.0000000 0.000000 0.000000 0.000000 0.0000000 B1_1 6.500000 %
B1_2 6.500000 %
- ------------------------------------------------------------------------------------------- B2_1 6.500000 %
TOTALS 984.9314218 5.276704 2.335443 7.612148 982.5959783 B2_2 6.500000 %
- ------------------------------------------------------------------------------------------- B3_1 6.500000 %
B3_2 6.500000 %
- ------------------------------------------------------------------------------------------- B4_1 6.500000 %
IO 984.93 0.275290 0.000000 0.275290 982.60 B4_2 6.500000 %
B6IO 997.32 5.402169 0.000000 5.402169 996.65 B5_1 6.500000 %
- ------------------------------------------------------------------------------------------- B5_2 6.500000 %
B6PO_1 0.000000 %
- ------------------------------------------------------------------------------------------- B6PO_2 0.000000 %
B1_1 997.45 5.402833 0.869821 6.272654 996.58 RII 6.500000 %
B1_2 997.06 5.400759 0.975931 6.376690 996.09 -----------------------------------
B2_1 997.45 5.402836 0.869817 6.272654 996.58 IO 0.336255 %
B2_2 997.06 5.400761 0.975924 6.376684 996.09 B6IO 6.500000 %
B3_1 997.45 5.402841 0.869816 6.272657 996.58 -----------------------------------
B3_2 997.06 5.400767 0.975921 6.376689 996.09
B4_1 997.45 5.402835 0.869817 6.272652 996.58
B4_2 997.06 5.400767 0.975921 6.376689 996.09
B5_1 997.45 5.402843 0.869810 6.272653 996.58
B5_2 997.06 5.400715 0.975908 6.376624 996.09
B6PO_1 997.45 0.000000 0.520886 0.520886 996.93
B6PO_2 997.07 0.000000 0.975945 0.975945 996.09
- ------------------------------------------------------------------------------------------- -----------------------------------
If there are any questions or problems with this statement, please contact
the Administrator listed below:
---------------------------------------
CYNTHIA KERPEN
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
TEL: 212/946-3233
Email: [email protected]
---------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
<PAGE>
<TABLE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 06/25/99 PAGE # 3
<S> <C> <C>
Sec. 4.02(iii) Aggregate Amount of Servicing Compensation 38,999.32
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 1 147,974,957.24
Sec. 4.02(v) Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties for Sub-Pool 2 71,443,995.72
Sec. 4.02(vi) Sub-Pool 1
Number of Mortgage Loans as of the related Due Period 476
Aggregate Principal Balance of Mortgage Loans as of the related Due Period 147,974,957.24
Weighted average remaining term to maturity as of the related Due Period 354.00
Weighted average Mortgage Rate of the Mortgage Loans as of the related Due Period 7.15
Sec. 4.02(vi) Sub-Pool 2
Number of Mortgage Loans as of the related Due Period 219
Aggregate Principal Balance of Mortgage Loans as of the related Due Period 71,443,995.72
Weighted average remaining term to maturity as of the related Due Period 349.00
Weighted average Mortgage Rate of the Mortgage Loans as of the related Due Period 6.68
Sec. 4.02(vii) DELINQUENCIES
--------------------------------------------------------------------
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 %
--------------------------------------------------------------------
--------------------------------------------------------------------
Group 2
--------------------------------------------------------------------
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 %
--------------------------------------------------------------------
--------------------------------------------------------------------
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 %
--------------------------------------------------------------------
(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
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 06/25/99 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
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 06/25/99 PAGE # 5
<S> <C> <C>
Sec. 4.02(x) Aggregate Principal Prepayment made during the related Prepayment Period 306,549.46
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
</TABLE>
