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) : August 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
August 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 August 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: September 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
August 25, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on August 25, 1999
<PAGE>
<TABLE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
STATEMENT TO CERTIFICATEHOLDERS
AUGUST 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 58,059,006.83 592,945.70 314,486.29 907,431.99 0.00 0.00 57,466,061.13
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 48,392,092.99 404,346.59 262,123.84 666,470.43 0.00 0.00 47,987,746.40
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 66,850,749.35 633,168.02 362,108.23 995,276.25 0.00 0.00 66,217,581.33
PO 1,904,951.79 1,826,355.86 11,483.33 0.00 11,483.33 0.00 0.00 1,814,872.53
B1 4,466,000.00 4,445,933.20 4,074.69 24,082.14 28,156.83 0.00 0.00 4,441,858.51
B2 2,010,000.00 2,000,968.65 1,833.89 10,838.58 12,672.47 0.00 0.00 1,999,134.76
B3 781,000.00 777,490.69 712.57 4,211.40 4,923.97 0.00 0.00 776,778.12
B4 782,000.00 778,486.39 713.49 4,216.80 4,930.29 0.00 0.00 777,772.90
B5 335,000.00 333,494.79 305.65 1,806.43 2,112.08 0.00 0.00 333,189.14
B6PO 558,364.57 555,963.11 509.52 0.00 509.52 0.00 0.00 555,453.59
RII 200.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 223,305,364.36 218,310,541.86 1,650,093.45 1,169,611.21 2,819,704.66 0.00 0.00 216,660,448.41
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IO 223,305,364.36 218,310,541.86 0.00 60,794.23 60,794.23 0.00 0.00 216,660,448.41
B6IO 558,364.57 555,963.11 0.00 3,011.47 3,011.47 0.00 0.00 555,453.59
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B1_1 3,009,032.45 2,996,096.49 2,745.92 16,228.86 18,974.78 0.00 0.00 2,993,350.57
B1_2 1,456,967.55 1,449,836.71 1,328.77 7,853.28 9,182.05 0.00 0.00 1,448,507.94
B2_1 1,354,364.60 1,348,542.13 1,235.94 7,304.60 8,540.54 0.00 0.00 1,347,306.19
B2_2 655,635.40 652,426.52 597.95 3,533.98 4,131.93 0.00 0.00 651,828.57
B3_1 526,030.68 523,769.26 480.03 2,837.08 3,317.11 0.00 0.00 523,289.23
B3_2 254,969.32 253,721.43 232.54 1,374.32 1,606.86 0.00 0.00 253,488.89
B4_1 527,030.68 524,764.96 480.95 2,842.48 3,323.43 0.00 0.00 524,284.01
B4_2 254,969.32 253,721.43 232.54 1,374.32 1,606.86 0.00 0.00 253,488.89
B5_1 225,727.44 224,757.04 205.99 1,217.43 1,423.42 0.00 0.00 224,551.05
B5_2 109,272.56 108,737.75 99.66 589.00 688.66 0.00 0.00 108,638.09
B6PO_1 376,243.63 374,731.96 343.43 0.00 343.43 0.00 0.00 374,388.53
B6PO_2 182,120.94 181,231.15 166.09 0.00 166.09 0.00 0.00 181,065.06
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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
AUGUST 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 965.66080429 9.86211189 5.23066274 15.09277463 955.79869240 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 971.72877490 8.11940944 5.26353092 13.38294036 963.60936546 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 979.43724013 9.27661012 5.30528511 14.58189524 970.16063001 A2 6.500000 %
PO 958.74124982 6.02814731 0.00000000 6.02814731 952.71310252 PO 0.000000 %
B1 79548KH84 995.50676220 0.91238021 5.39232871 6.30470891 994.59438200 B1 6.500000 %
B2 79548KH92 995.50679104 0.91238308 5.39232836 6.30471144 994.59440796 B2 6.500000 %
B3 79548KJ25 995.50664533 0.91238156 5.39231754 6.30469910 994.59426376 B3 6.499988 %
B4 79548KJ33 995.50689258 0.91239130 5.39232737 6.30471867 994.59450128 B4 6.499998 %
B5 79548KJ41 995.50683582 0.91238806 5.39232836 6.30471642 994.59444776 B5 6.500000 %
B6PO 79548KJ58 995.69911823 0.91252208 0.00000000 0.91252208 994.78659615 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 977.63232194 7.38940354 5.23772106 12.62712460 970.24291840 B2_2 6.500000 %
- ------------------------------------------------------------------------------------------- B3_1 6.500000 %
B3_2 6.500000 %
- ------------------------------------------------------------------------------------------- B4_1 6.500000 %
IO 977.63232194 0.00000000 0.27224706 0.27224706 970.24291840 B4_2 6.500000 %
B6IO 995.69911823 0.00000000 5.39337587 5.39337587 994.78659615 B5_1 6.500000 %
- ------------------------------------------------------------------------------------------- B5_2 6.500000 %
B6PO_1 0.000000 %
- ------------------------------------------------------------------------------------------- B6PO_2 0.000000 %
B1_1 995.70095696 0.91255912 5.39338152 6.30594064 994.78839785 RII 6.500000 %
B1_2 995.10569745 0.91201070 5.39015437 6.30216507 994.19368674 -----------------------------------
B2_1 995.70095822 0.91256077 5.39337782 6.30593859 994.78839745 IO 0.334171 %
B2_2 995.10569441 0.91201604 5.39016045 6.30217648 994.19367838 B6IO 6.500000 %
B3_1 995.70097318 0.91255134 5.39337363 6.30592497 994.78842185 -----------------------------------
B3_2 995.10572488 0.91203130 5.39013870 6.30217000 994.19369358
B4_1 995.70097134 0.91256547 5.39338621 6.30595168 994.78840587
B4_2 995.10572488 0.91203130 5.39013870 6.30217000 994.19369358
B5_1 995.70101003 0.91256074 5.39336290 6.30592364 994.78844929
B5_2 995.10572462 0.91203135 5.39019128 6.30222263 994.19369327
B6PO_1 995.98220440 0.91278622 0.00000000 0.91278622 995.06941819
B6PO_2 995.11429054 0.91197640 0.00000000 0.91197640 994.20231413
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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
AUGUST 25, 1999
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PAGE # 3
<S> <C> <C>
Sec. 4.02(iii) Aggregate Amount of Servicing Compensation 38,723.40
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 1 145,937,034.29
Sec. 4.02(v) Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties for Sub-Pool 2 70,723,414.12
Sec. 4.02(vi) Sub-Pool 1
Number of Mortgage Loans as of the related Due Period 470
Aggregate Principal Balance of Mortgage Loans as of the related Due Period 145,937,034.29
Weighted average remaining term to maturity as of the related Due Period 0.00
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 217
Aggregate Principal Balance of Mortgage Loans as of the related Due Period 70,723,414.12
Weighted average remaining term to maturity as of the related Due Period 0.00
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 %
--------------------------------------------------------------------
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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
AUGUST 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
AUGUST 25, 1999
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PAGE # 5
<S> <C> <C>
Sec. 4.02(x) Aggregate Principal Prepayment made during the related Prepayment Period 1,400,172.78
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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