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) : December 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
December 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 December 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: December 31, 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
December 27, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on December 27, 1999
<PAGE>
<TABLE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
STATEMENT TO CERTIFICATEHOLDERS
December 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 55,203,858.64 565,082.26 299,020.90 864,103.16 0.00 0.00 54,638,776.38
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 46,445,085.99 385,345.71 251,577.55 636,923.26 0.00 0.00 46,059,740.28
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 64,582,422.44 330,228.75 349,821.45 680,050.20 0.00 0.00 64,252,193.69
PO 1,904,951.79 1,765,962.40 3,076.66 0.00 3,076.66 0.00 0.00 1,762,885.74
B1 4,466,000.00 4,396,941.09 4,188.34 23,816.76 28,005.10 0.00 0.00 4,392,752.75
B2 2,010,000.00 1,978,918.92 1,885.02 10,719.14 12,604.16 0.00 0.00 1,977,033.90
B3 781,000.00 768,923.06 732.46 4,165.00 4,897.46 0.00 0.00 768,190.60
B4 782,000.00 769,907.85 733.37 4,170.33 4,903.70 0.00 0.00 769,174.48
B5 335,000.00 329,819.84 314.17 1,786.52 2,100.69 0.00 0.00 329,505.67
B6PO 558,364.57 549,980.11 516.85 0.00 516.85 0.00 0.00 549,463.26
RII 200.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------
TOTALS 223,305,364.362 11,081,820.34 1,292,103.59 1,130,815.15 2,422,918.74 0.00 0.00 209,789,716.75
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
B6IO 558,364.57 549,980.11 0.00 2,979.06 2,979.06 0.00 0.00 549,463.26
B1_1 3,009,032.45 2,963,281.83 2,722.67 16,051.11 18,773.78 0.00 0.00 2,960,559.16
B1_2 1,456,967.55 1,433,659.26 1,465.67 7,765.65 9,231.32 0.00 0.00 1,432,193.59
B2_1 1,354,364.60 1,333,772.25 1,225.47 7,224.60 8,450.07 0.00 0.00 1,332,546.78
B2_2 655,635.40 645,146.67 659.55 3,494.54 4,154.09 0.00 0.00 644,487.12
B3_1 526,030.68 518,032.70 475.97 2,806.01 3,281.98 0.00 0.00 517,556.73
B3_2 254,969.32 250,890.36 256.49 1,358.99 1,615.48 0.00 0.00 250,633.87
B4_1 527,030.68 519,017.49 476.88 2,811.34 3,288.22 0.00 0.00 518,540.61
B4_2 254,969.32 250,890.36 256.49 1,358.99 1,615.48 0.00 0.00 250,633.87
B5_1 225,727.44 222,295.39 204.25 1,204.10 1,408.35 0.00 0.00 222,091.14
B5_2 109,272.56 107,524.45 109.92 582.42 692.34 0.00 0.00 107,414.53
B6PO_1 376,243.63 370,771.15 333.64 0.00 333.64 0.00 0.00 370,437.51
B6PO_2 182,120.94 179,208.96 183.21 0.00 183.21 0.00 0.00 179,025.75
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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
December 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 918.17282873 9.39867592 4.97343614 14.37211206 908.77415281 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 932.63224880 7.73786566 5.05175803 12.78962369 924.89438313 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 946.20374806 4.83821556 5.12527023 9.96348579 941.36553250 A2 6.500000 %
PO 927.03784383 1.61508549 0.00000000 1.61508549 925.42275834 PO 0.000000 %
B1 79548KH84 984.53674205 0.93782803 5.33290640 6.27073444 983.59891402 B1 6.500000 %
B2 79548KH92 984.53677612 0.93782090 5.33290547 6.27072637 983.59895522 B2 6.500000 %
B3 79548KJ25 984.53656850 0.93784891 5.33290653 6.27075544 983.59871959 B3 6.500000 %
B4 79548KJ33 984.53689258 0.93781330 5.33290281 6.27071611 983.59907928 B4 6.500000 %
B5 79548KJ41 984.53683582 0.93782090 5.33289552 6.27071642 983.59901493 B5 6.500000 %
B6PO 79548KJ58 984.98389681 0.92564971 0.00000000 0.92564971 984.05824711 B6PO 0.000000 %
- ------------------------------------------------------------------------------------------- B1_1 6.500000 %
TOTALS 945.26085813 5.78626310 5.06398560 10.85024870 939.47459503 B1_2 6.500000 %
- ------------------------------------------------------------------------------------------- B2_1 6.500000 %
B2_2 6.500000 %
- ------------------------------------------------------------------------------------------- B3_1 6.500000 %
IO 945.26085813 0.00000000 0.26164513 0.26164513 939.47459503 B3_2 6.500000 %
B6IO 984.98389681 0.00000000 5.33533136 5.33533136 984.05824711 B4_1 6.500000 %
- ------------------------------------------------------------------------------------------- B4_2 6.500000 %
B5_1 6.500000 %
- ------------------------------------------------------------------------------------------- B5_2 6.500000 %
B1_1 984.79557108 0.90483238 5.33430937 6.23914175 983.89073870 B6PO_1 0.000000 %
B1_2 984.00219003 1.00597299 5.33000889 6.33598188 982.99621704 B6PO_2 0.000000 %
B2_1 984.79556391 0.90483021 5.33430954 6.23913974 983.89073371 RII 6.500000 %
B2_2 984.00219085 1.00597070 5.33000506 6.33597576 982.99622016 ---------------------------
B3_1 984.79560166 0.90483316 5.33430864 6.23914179 983.89076850 IO 0.333738 %
B3_2 984.00215367 1.00596417 5.33001382 6.33597799 982.99618950 B6IO 6.500000 %
B4_1 984.79559103 0.90484296 5.33430046 6.23914342 983.89074807 ---------------------------
B4_2 984.00215367 1.00596417 5.33001382 6.33597799 982.99618950
B5_1 984.79560128 0.90485233 5.33430938 6.23916171 983.89074895
B5_2 984.00229664 1.00592500 5.32997488 6.33589988 982.99637164
B6PO_1 985.45495641 0.88676584 0.00000000 0.88676584 984.56819056
B6PO_2 984.01073484 1.00597987 0.00000000 1.00597987 983.00475497
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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
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<TABLE>
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SALOMON BROTHERS MORTGAGE SECURITIES VII, INC., MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1999-2
December 27, 1999
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PAGE # 3
<S> <C> <C>
Sec. 4.02(iii) Aggregate Amount of Servicing Compensation 37,393.62
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 1 141,113,787.20
Sec. 4.02(v) Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties for Sub-Pool 2 68,675,929.55
Sec. 4.02(vi) Sub-Pool 1
Number of Mortgage Loans as of the related Due Period 457
Aggregate Principal Balance of Mortgage Loans as of the related Due Period 141,113,787.20
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 7.13841%
Sec. 4.02(vi) Sub-Pool 2
Number of Mortgage Loans as of the related Due Period 212
Aggregate Principal Balance of Mortgage Loans as of the related Due Period 68,675,929.55
Weighted average remaining term to maturity as of the related Due Period 342.00
Weighted average Mortgage Rate of the Mortgage Loans as of the related Due Period 6.68281%
Sec. 4.02(vii) DELINQUENCIES
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Group 1
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Category Number Principal Balance Percentage
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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
December 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
December 27, 1999
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PAGE # 5
<S> <C> <C>
Sec. 4.02(x) Aggregate Principal Prepayment made during the related Prepayment Period 868,864.59
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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