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) : September 27, 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
September 27, 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 September 27, 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 1, 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
September 27, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on September 27, 1999
<PAGE>
<TABLE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
STATEMENT TO CERTIFICATEHOLDERS
SEPTEMBER 27, 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 57,466,061.13 750,768.66 311,274.50 1,062,043.16 0.00 0.00 56,715,292.47
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 47,987,746.40 511,970.57 259,933.63 771,904.20 0.00 0.00 47,475,775.83
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 66,217,581.33 584,104.90 358,678.57 942,783.47 0.00 0.00 65,633,476.43
PO 1,904,951.79 1,814,872.53 14,959.27 0.00 14,959.27 0.00 0.00 1,799,913.26
B1 4,466,000.00 4,441,858.51 36,631.69 24,060.07 60,691.76 0.00 0.00 4,405,226.82
B2 2,010,000.00 1,999,134.76 16,486.72 10,828.65 27,315.37 0.00 0.00 1,982,648.04
B3 781,000.00 776,778.12 6,406.04 4,207.55 10,613.59 0.00 0.00 770,372.08
B4 782,000.00 777,772.90 6,414.24 4,212.94 10,627.18 0.00 0.00 771,358.66
B5 335,000.00 333,189.14 2,747.78 1,804.77 4,552.55 0.00 0.00 330,441.36
B6PO 558,364.57 555,453.59 4,580.79 0.00 4,580.79 0.00 0.00 550,872.80
RII 200.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 223,305,364.36 216,660,448.41 1,935,070.66 1,160,738.18 3,095,808.84 0.00 0.00 214,725,377.75
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IO 223,305,364.36 216,660,448.41 0.00 60,089.38 60,089.38 0.00 0.00 214,725,377.75
B6IO 558,364.57 555,453.59 0.00 3,008.71 3,008.71 0.00 0.00 550,872.80
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B1_1 3,009,032.45 2,993,350.57 24,685.95 16,213.98 40,899.93 0.00 0.00 2,968,664.62
B1_2 1,456,967.55 1,448,507.94 11,945.74 7,846.08 19,791.82 0.00 0.00 1,436,562.20
B2_1 1,354,364.60 1,347,306.19 11,111.14 7,297.91 18,409.05 0.00 0.00 1,336,195.05
B2_2 655,635.40 651,828.57 5,375.58 3,530.74 8,906.32 0.00 0.00 646,452.99
B3_1 526,030.68 523,289.23 4,315.53 2,834.48 7,150.01 0.00 0.00 518,973.70
B3_2 254,969.32 253,488.89 2,090.51 1,373.06 3,463.57 0.00 0.00 251,398.38
B4_1 527,030.68 524,284.01 4,323.73 2,839.87 7,163.60 0.00 0.00 519,960.28
B4_2 254,969.32 253,488.89 2,090.51 1,373.06 3,463.57 0.00 0.00 251,398.38
B5_1 225,727.44 224,551.05 1,851.86 1,216.32 3,068.18 0.00 0.00 222,699.19
B5_2 109,272.56 108,638.09 895.92 588.46 1,484.38 0.00 0.00 107,742.17
B6PO_1 376,243.63 374,388.53 3,087.56 0.00 3,087.56 0.00 0.00 371,300.97
B6PO_2 182,120.94 181,065.06 1,493.23 0.00 1,493.23 0.00 0.00 179,571.83
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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
SEPTEMBER 27, 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 955.79869240 12.48708698 5.17724295 17.66432993 943.31160543 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 963.60936546 10.28053353 5.21955080 15.50008434 953.32883193 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 970.16063001 8.55778128 5.25503681 13.81281809 961.60284873 A2 6.500000 %
PO 952.71310252 7.85283390 0.00000000 7.85283390 944.86026862 PO 0.000000 %
B1 79548KH84 994.59438200 8.20234886 5.38738692 13.58973578 986.39203314 B1 6.500000 %
B2 79548KH92 994.59440796 8.20234826 5.38738806 13.58973632 986.39205970 B2 6.500000 %
B3 79548KJ25 994.59426376 8.20235595 5.38738796 13.58974392 986.39190781 B3 6.500000 %
B4 79548KJ33 994.59450128 8.20235294 5.38739130 13.58974425 986.39214834 B4 6.500000 %
B5 79548KJ41 994.59444776 8.20232836 5.38737313 13.58970149 986.39211940 B5 6.500000 %
B6PO 79548KJ58 994.78659615 8.20394102 0.00000000 8.20394102 986.58265513 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 970.24291840 8.66558072 5.19798610 13.86356682 961.57733768 B2_2 6.500000 %
- ------------------------------------------------------------------------------------------- B3_1 6.500000 %
B3_2 6.500000 %
- ------------------------------------------------------------------------------------------- B4_1 6.500000 %
IO 970.24291840 0.00000000 0.26909062 0.26909062 961.57733768 B4_2 6.500000 %
B6IO 994.78659615 0.00000000 5.38843287 5.38843287 986.58265513 B5_1 6.500000 %
- ------------------------------------------------------------------------------------------- B5_2 6.500000 %
B6PO_1 0.000000 %
- ------------------------------------------------------------------------------------------- B6PO_2 0.000000 %
B1_1 994.78839785 8.20394941 5.38843641 13.59238582 986.58444843 RII 6.500000 %
B1_2 994.19368674 8.19904328 5.38521259 13.58425587 985.99464346 -----------------------------------
B2_1 994.78839745 8.20395040 5.38843824 13.59238864 986.58444705 IO 0.332812 %
B2_2 994.19367838 8.19903867 5.38521867 13.58425735 985.99463970 B6IO 6.500000 %
B3_1 994.78842185 8.20395115 5.38843096 13.59238210 986.58447070-----------------------------------
B3_2 994.19369358 8.19906489 5.38519693 13.58426182 985.99462869
B4_1 994.78840587 8.20394365 5.38843393 13.59237758 986.58446222
B4_2 994.19369358 8.19906489 5.38519693 13.58426182 985.99462869
B5_1 994.78844929 8.20396492 5.38844546 13.59241039 986.58448437
B5_2 994.19369327 8.19894766 5.38524951 13.58419717 985.99474562
B6PO_1 995.06941819 8.20627847 0.00000000 8.20627847 986.86313972
B6PO_2 994.20231413 8.19911208 0.00000000 8.19911208 986.00320205
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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>
<PAGE>
<TABLE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
SEPTEMBER 27, 1999
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PAGE # 3
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Sec. 4.02(iii) Aggregate Amount of Servicing Compensation 38,445.81
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 1 144,623,265.16
Sec. 4.02(v) Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties for Sub-Pool 2 70,102,112.59
Sec. 4.02(vi) Sub-Pool 1
Number of Mortgage Loans as of the related Due Period 466
Aggregate Principal Balance of Mortgage Loans as of the related Due Period 144,623,265.16
Weighted average remaining term to maturity as of the related Due Period 348.00
Weighted average Mortgage Rate of the Mortgage Loans as of the related Due Period 7.13948%
Sec. 4.02(vi) Sub-Pool 2
Number of Mortgage Loans as of the related Due Period 215
Aggregate Principal Balance of Mortgage Loans as of the related Due Period 70,102,112.59
Weighted average remaining term to maturity as of the related Due Period 345.00
Weighted average Mortgage Rate of the Mortgage Loans as of the related Due Period 6.68414%
Sec. 4.02(vii) DELINQUENCIES
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Group 1
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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 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 %
--------------------------------------------------------------------
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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
SEPTEMBER 27, 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
SEPTEMBER 27, 1999
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PAGE # 5
<S> <C> <C>
Sec. 4.02(x) Aggregate Principal Prepayment made during the related Prepayment Period 1,657,043.00
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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