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) : July 26, 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
July 26, 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 July 26, 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 30, 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
July 26, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on July 26, 1999
<PAGE>
<TABLE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
STATEMENT TO CERTIFICATEHOLDERS
JULY 26, 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 58,660,850.51 601,843.68 317,746.27 919,589.95 0.00 0.00 58,059,006.83
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 48,802,507.36 410,414.37 264,346.91 674,761.28 0.00 0.00 48,392,092.99
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 66,919,358.80 68,609.45 362,479.86 431,089.31 0.00 0.00 66,850,749.35
PO 1,904,951.79 1,845,743.93 19,388.07 0.00 19,388.07 0.00 0.00 1,826,355.86
B1 4,466,000.00 4,449,998.18 4,064.98 24,104.16 28,169.14 0.00 0.00 4,445,933.20
B2 2,010,000.00 2,002,798.16 1,829.51 10,848.49 12,678.00 0.00 0.00 2,000,968.65
B3 781,000.00 778,201.58 710.89 4,215.26 4,926.15 0.00 0.00 777,490.69
B4 782,000.00 779,198.15 711.76 4,220.66 4,932.42 0.00 0.00 778,486.39
B5 335,000.00 333,799.71 304.92 1,808.08 2,113.00 0.00 0.00 333,494.79
B6PO 558,364.57 556,496.58 533.47 0.00 533.47 0.00 0.00 555,963.11
RII 200.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 223,305,364.36 219,418,952.96 1,108,411.10 1,175,507.19 2,283,918.29 0.00 0.00 218,310,541.86
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IO 223,305,364.36 219,418,952.96 0.00 61,188.18 61,188.18 0.00 0.00 218,310,541.86
B6IO 558,364.57 556,496.58 0.00 3,014.36 3,014.36 0.00 0.00 555,963.11
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B1_1 3,009,032.45 2,998,731.24 2,634.75 16,243.13 18,877.88 0.00 0.00 2,996,096.49
B1_2 1,456,967.55 1,451,266.94 1,430.23 7,861.03 9,291.26 0.00 0.00 1,449,836.71
B2_1 1,354,364.60 1,349,728.03 1,185.90 7,311.03 8,496.93 0.00 0.00 1,348,542.13
B2_2 655,635.40 653,070.13 643.61 3,537.46 4,181.07 0.00 0.00 652,426.52
B3_1 526,030.68 524,229.86 460.60 2,839.58 3,300.18 0.00 0.00 523,769.26
B3_2 254,969.32 253,971.72 250.29 1,375.68 1,625.97 0.00 0.00 253,721.43
B4_1 527,030.68 525,226.43 461.47 2,844.98 3,306.45 0.00 0.00 524,764.96
B4_2 254,969.32 253,971.72 250.29 1,375.68 1,625.97 0.00 0.00 253,721.43
B5_1 225,727.44 224,954.69 197.65 1,218.50 1,416.15 0.00 0.00 224,757.04
B5_2 109,272.56 108,845.02 107.27 589.58 696.85 0.00 0.00 108,737.75
B6PO_1 376,243.63 375,086.87 354.91 0.00 354.91 0.00 0.00 374,731.96
B6PO_2 182,120.94 181,409.71 178.56 0.00 178.56 0.00 0.00 181,231.15
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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
JULY 26, 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 975.67091097 10.01010668 5.28488404 15.29499072 965.66080429 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 979.97002731 8.24125241 5.30817088 13.54942329 971.72877490 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 980.44244428 1.00520415 5.31072990 6.31593405 979.43724013 A2 6.500000 %
PO 968.91897196 10.17772214 0.00000000 10.17772214 958.74124982 PO 0.000000 %
B1 79548KH84 996.41696820 0.91020600 5.39725929 6.30746529 995.50676220 B1 6.500000 %
B2 79548KH92 996.41699502 0.91020398 5.39725871 6.30746269 995.50679104 B2 6.500000 %
B3 79548KJ25 996.41687580 0.91023047 5.39725992 6.30749040 995.50664533 B3 6.500000 %
B4 79548KJ33 996.41707161 0.91017903 5.39726343 6.30744246 995.50689258 B4 6.500000 %
B5 79548KJ41 996.41704478 0.91020896 5.39725373 6.30746269 995.50683582 B5 6.500000 %
B6PO 79548KJ58 996.65453344 0.95541520 0.00000000 0.95541520 995.69911823 B6PO 6.500000 %
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 982.59597833 4.96365640 5.26412428 10.22778067 977.63232194 B2_2 6.500000 %
- ------------------------------------------------------------------------------------------- B3_1 6.500000 %
B3_2 6.500000 %
- ------------------------------------------------------------------------------------------- B4_1 6.500000 %
IO 982.59597833 0.00000000 0.27401124 0.27401124 977.63232194 B4_2 6.500000 %
B6IO 996.65453344 0.00000000 5.39855170 5.39855170 995.69911823 B5_1 6.500000 %
- ------------------------------------------------------------------------------------------- B5_2 6.500000 %
B6PO_1 0.000000 %
- ------------------------------------------------------------------------------------------- B6PO_2 0.000000 %
B1_1 996.57657065 0.87561369 5.39812391 6.27373759 995.70095696 RII 6.500000 %
B1_2 996.08734594 0.98164849 5.39547363 6.37712213 995.10569745 -----------------------------------
B2_1 996.57657177 0.87561355 5.39812544 6.27373899 995.70095822 IO 0.334637 %
B2_2 996.08735282 0.98165840 5.39546827 6.37712668 995.10569441 B6IO 6.500000 %
B3_1 996.57658751 0.87561433 5.39812621 6.27374054 995.70097318 -----------------------------------
B3_2 996.08737239 0.98164752 5.39547268 6.37712020 995.10572488
B4_1 996.57657501 0.87560367 5.39812976 6.27373344 995.70097134
B4_2 996.08737239 0.98164752 5.39547268 6.37712020 995.10572488
B5_1 996.57662356 0.87561353 5.39810313 6.27371666 995.70101003
B5_2 996.08739834 0.98167372 5.39549911 6.37717282 995.10572462
B6PO_1 996.92550277 0.94329836 0.00000000 0.94329836 995.98220440
B6PO_2 996.09473793 0.98044739 0.00000000 0.98044739 995.11429054
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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>
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<TABLE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
JULY 26, 1999
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PAGE # 3
<S> <C> <C>
Sec. 4.02(iii) Aggregate Amount of Servicing Compensation 38,910.42
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 1 146,940,186.60
Sec. 4.02(v) Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties for Sub-Pool 2 71,370,355.26
Sec. 4.02(vi) Sub-Pool 1
Number of Mortgage Loans as of the related Due Period 473
Aggregate Principal Balance of Mortgage Loans as of the related Due Period 146,940,186.60
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 13.39
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 71,370,355.26
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
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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 %
--------------------------------------------------------------------
--------------------------------------------------------------------
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
JULY 26, 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
JULY 26, 1999
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PAGE # 5
<S> <C> <C>
Sec. 4.02(x) Aggregate Principal Prepayment made during the related Prepayment Period 914,179.95
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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