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) :
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-68513-03 74-2440850
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
200 Vesey Street
New York, NY 10285
(Address of principal executive offices)
Registrant's telephone number, including area code : (212) 526-5594
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 with respect to the
Registrant's Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 1999-ALS1 (the "Certificates") 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. The Certificates were issued, and
this report and exhibits are being filed, pursuant to the terms of the Trust
Agreement, dated as of February 1, 1999 among Structured Asset Securities
Corporation, as depositor, Aurora Loan Services Inc., as master servicer, and
The Chase Manhattan Bank, as trustee. On March 25, 1998 and April 26, 1999
distributions were made to the Certificateholders.
Specific information with respect to the distributions are filed as
Exhibits 99.1 and 99.2. 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 March 25, 198 is filed
as Exhibit 99.1 hereto.
Statement to Certificateholders on April 26, 1999 is filed
as Exhibit 99.2 hereto.
-2-
<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: May 3, 1999 By: /s/ Kim Costa
Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
March 25, 1999 5
99.2 Monthly Certificateholder Statement on
April 26, 1999 8
-4-
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on March 25, 1999
-5-
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-ALS1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-MAR-98 PAGE # 1
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Certificate Certificate Principal Interest Total Realized Certificate
Class Balance Balance Distribution Distribution Distribution Loss Balance
- -----------------------------------------------------------------------------------------------------------------------------------
1-A 152,951,000.00 152,951,000.00 675,614.84 879,468.25 1,555,083.09 0.00 152,275,385.16
1-AP 933,405.00 933,405.00 706.37 0.00 706.37 0.00 932,698.63
2-A 76,965,000.00 76,965,000.00 835,663.27 432,928.13 1,268,591.40 0.00 76,129,336.73
2-AP 784,915.00 784,915.00 815.79 0.00 815.79 0.00 784,099.21
3-A 33,914,000.00 33,914,000.00 154,237.09 185,113.92 339,351.01 0.00 33,759,762.91
3-AP 844,678.00 844,678.00 2,703.22 0.00 2,703.22 0.00 841,974.78
B1 8,662,000.00 8,662,000.00 8,552.36 49,806.50 58,358.86 0.00 8,653,447.64
B2 6,351,000.00 6,351,000.00 6,270.61 36,518.25 42,788.86 0.00 6,344,729.39
B3 2,741,000.00 2,741,000.00 2,706.31 15,760.75 18,467.06 0.00 2,738,293.69
B4 1,443,000.00 1,443,000.00 1,424.74 8,297.25 9,721.99 0.00 1,441,575.26
B5 865,000.00 865,000.00 854.05 4,973.75 5,827.80 0.00 864,145.95
B6 2,318,513.06 2,318,513.06 2,289.17 13,331.45 15,620.62 0.00 2,316,223.89
R 100.00 100.00 0.00 0.58 0.58 0.00 100.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL 288,773,611.06 288,773,611.06 1,691,837.81 1,626,198.83 3,318,036.64 0.00 287,081,773.25
- ---------------------------------------------------------------------------------------------------------------------------------
Original Beginning
Notional Notional Interest Total
Class Amount Amount Distribution Distribution
- -------------------------------------------------------------------------------
2-AX 76,965,000.00 76,965,000.00 9,620.63 9,620.63
3-AX 33,914,000.00 33,914,000.00 9,891.58 9,891.58
- -------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
1-A 4.41719793 5.75000000 995.58280207 6.90000000%
1-AP 0.75676689 0.00000000 999.24323311 0.00000000%
2-A 10.85770506 5.62500006 989.14229494 6.75000000%
2-AP 1.03933547 0.00000000 998.96066453 0.00000000%
3-A 4.54788848 5.45833343 995.45211152 6.55000000%
3-AP 3.20029644 0.00000000 996.79970356 0.00000000%
2-AX N/A 0.12500006 0.15000000%
3-AX N/A 0.29166657 0.35000000%
B1 0.98734242 5.75000000 999.01265758 6.90000000%
B2 0.98734242 5.75000000 999.01265758 6.90000000%
B3 0.98734242 5.75000000 999.01265758 6.90000000%
B4 0.98734242 5.75000000 999.01265758 6.90000000%
B5 0.98734242 5.75000000 999.01265758 6.90000000%
B6 0.98734242 5.74999996 999.01265758 6.90000000%
R 0.00000000 5.84905000 1000.00000000 6.90000000%
- ------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Kim Costa
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3247
---------------------------------------
Aurora Loan Services, Inc
MASTER SERVICER
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
-6-
<PAGE>
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-ALS1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-MAR-98 PAGE # 2
SECTION 4.03 (iv) AGGREGATE AMOUNT OF ADVANCES NEEDED TO BE MADE 1,711,264.89
AGGREGATE AMOUNT OF ADVANCES ACTUALLY MADE 1,711,264.89
GROUP 1 GROUP 2 GROUP 3 TOTAL
SECTION 4.03 (v) BEGINNING POOL STATED PRINCIPAL BALANCE 166,812,740.23 84,282,034.75 78,486,408.66 288,773,612.87
ENDING POOL STATED PRINCIPAL BALANCE 166,127,288.09 83,440,378.56 77,617,072.63 287,081,775.06
SECTION 4.03 (viii) MASTER SERVICING FEES 71,639.95 35,875.15 6,974.69 114,489.79
SERVICING FEES 41,703.19 21,070.51 9,419.71 72,193.41
TRUSTEE FEES 1,112.08 561.88 251.19 1,925.16
SECTION 4.03 (iv) CLASS UNPAID INTEREST SHORTFALL
CURRENT SHORTFALL OUTSTANDING SHORTFALL
--------------------------------------------------------
CLASS 1-A 0.00 0.00
CLASS 1-AP 0.00 0.00
CLASS 2-A 0.00 0.00
CLASS 2-AP 0.00 0.00
CLASS 2-AX 0.00 0.00
CLASS 3-A 0.00 0.00
CLASS 3-AP 0.00 0.00
CLASS 3-AX 0.00 0.00
CLASS R 0.00 0.00
CLASS B-1 0.00 0.00
CLASS B-2 0.00 0.00
CLASS B-3 0.00 0.00
CLASS B-4 0.00 0.00
CLASS B-5 0.00 0.00
CLASS B-6 0.00 0.00
---------------------------------------------------------
SECTION 4.03 (xiii) CLASS PREPAYMENT INTEREST SHORTFALL
CURRENT SHORTFALL OUTSTANDING SHORTFALL
-------------------------------------------------------
CLASS 1-A 0.00 0.00
CLASS 1-AP 0.00 0.00
CLASS 1-AX 0.00 0.00
CLASS 2-A 0.00 0.00
CLASS 2-AP 0.00 0.00
CLASS 2-AX 0.00 0.00
CLASS R 0.00 0.00
CLASS B-1 0.00 0.00
CLASS B-2 0.00 0.00
CLASS B-3 0.00 0.00
CLASS B-4 0.00 0.00
CLASS B-5 0.00 0.00
CLASS B-6 0.00 0.00
-----------------------------------------------------
Aurora Loan Services, Inc
MASTER SERVICER C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
-7-
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on April 26, 1999
-8-
<PAGE>
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-ALS1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-April-98 PAGE # 1
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Certificate Certificate Principal Interest Total Realized Certificate
Class Balance Balance Distribution Distribution Distribution Loss Balance
- -----------------------------------------------------------------------------------------------------------------------------------
1-A 152,951,000.00 152,275,385.16 1,655,709.30 875,583.46 2,531,292.76 0.00 150,619,675.86
1-AP 933,405.00 932,698.63 770.42 0.00 770.42 0.00 931,928.21
2-A 76,965,000.00 76,129,336.73 1,152,051.44 428,227.52 1,580,278.96 0.00 74,977,285.29
2-AP 784,915.00 784,099.21 14,178.96 0.00 14,178.96 0.00 769,920.25
3-A 33,914,000.00 33,759,762.91 121,555.58 184,272.04 305,827.62 0.00 33,638,207.33
3-AP 844,678.00 841,974.78 2,984.09 0.00 2,984.09 0.00 838,990.69
B1 8,662,000.00 8,653,447.64 8,607.31 49,757.32 58,364.63 0.00 8,644,840.33
B2 6,351,000.00 6,344,729.39 6,310.90 36,482.19 42,793.09 0.00 6,338,418.49
B3 2,741,000.00 2,738,293.69 2,723.69 15,745.19 18,468.88 0.00 2,735,570.00
B4 1,443,000.00 1,441,575.26 1,433.89 8,289.06 9,722.95 0.00 1,440,141.38
B5 865,000.00 864,145.95 859.54 4,968.84 5,828.38 0.00 863,286.41
B6 2,318,513.06 2,316,223.89 2,303.87 13,318.29 15,622.16 0.00 2,313,920.02
R 100.00 100.00 0.00 0.58 0.58 0.00 100.00
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL 288,773,611.06 287,081,773.25 2,969,488.99 1,616,644.49 4,586,133.48 0.00 284,112,284.26
- ---------------------------------------------------------------------------------------------------------------------------------
Original Beginning
Notional Notional Interest Total
Class Amount Amount Distribution Distribution
- -------------------------------------------------------------------------------
2-AX 76,965,000.00 76,129,336.73 9,516.17 9,516.17
3-AX 33,914,000.00 33,759,762.91 9,846.60 9,846.60
- -------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
1-A 10.82509627 5.72460108 984.75770580 6.90000000%
1-AP 0.82538662 0.00000000 998.41784649 0.00000000%
2-A 14.96851088 5.56392542 974.17378406 6.75000000%
2-AP 18.06432544 0.00000000 980.89633909 0.00000000%
3-A 3.58423011 5.43350947 991.86788141 6.55000000%
3-AP 3.53281369 0.00000000 993.26688987 0.00000000%
2-AX N/A 0.12364282 0.15000000%
3-AX N/A 0.29034027 0.35000000%
B1 0.99368589 5.74432233 998.01897169 6.90000000%
B2 0.99368589 5.74432215 998.01897169 6.90000000%
B3 0.99368589 5.74432324 998.01897169 6.90000000%
B4 0.99368589 5.74432432 998.01897169 6.90000000%
B5 0.99368589 5.74432370 998.01897169 6.90000000%
B6 0.99368433 5.74432391 998.01897325 6.90000000%
R 0.00000000 5.80000000 1000.00000000 6.90000000%
------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Kim Costa
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3247
---------------------------------------
Aurora Loan Services, Inc
MASTER SERVICER
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
<PAGE>
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-ALS1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-APR-98 PAGE # 2
SECTION 4.03 (iv) AGGREGATE AMOUNT OF ADVANCES NEEDED TO BE MADE 1,554,629.19
AGGREGATE AMOUNT OF ADVANCES ACTUALLY MADE 1,554,629.19
GROUP 1 GROUP 2 GROUP 3 TOTAL
SECTION 4.03 (v) BEGINNING POOL STATED PRINCIPAL BALANCE 166,127,288.09 83,440,378.56 37,514,108.41 287,081,775.06
ENDING POOL STATED PRINCIPAL BALANCE 164,461,613.48 82,268,941.89 37,381,730.70 284,112,286.07
SECTION 4.03 (viii) MASTER SERVICING FEES 71,433.07 35,576.67 6,933.12 113,942.86
SERVICING FEES 41,531.82 20,860.09 9,378.53 71,770.44
TRUSTEE FEES 1,107.52 556.27 250.09 1,913.88
SECTION 4.03 (iv) CLASS UNPAID INTEREST SHORTFALL
CURRENT SHORTFALL OUTSTANDING SHORTFALL
--------------------------------------------------------
CLASS 1-A 0.00 0.00
CLASS 1-AP 0.00 0.00
CLASS 2-A 0.00 0.00
CLASS 2-AP 0.00 0.00
CLASS 2-AX 0.00 0.00
CLASS 3-A 0.00 0.00
CLASS 3-AP 0.00 0.00
CLASS 3-AX 0.00 0.00
CLASS R 0.00 0.00
CLASS B-1 0.00 0.00
CLASS B-2 0.00 0.00
CLASS B-3 0.00 0.00
CLASS B-4 0.00 0.00
CLASS B-5 0.00 0.00
CLASS B-6 0.00 0.00
---------------------------------------------------------
SECTION 4.03 (xiii) CLASS PREPAYMENT INTEREST SHORTFALL
CURRENT SHORTFALL OUTSTANDING SHORTFALL
-------------------------------------------------------
CLASS 1-A 0.00 0.00
CLASS 1-AP 0.00 0.00
CLASS 1-AX 0.00 0.00
CLASS 2-A 0.00 0.00
CLASS 2-AP 0.00 0.00
CLASS 2-AX 0.00 0.00
CLASS R 0.00 0.00
CLASS B-1 0.00 0.00
CLASS B-2 0.00 0.00
CLASS B-3 0.00 0.00
CLASS B-4 0.00 0.00
CLASS B-5 0.00 0.00
CLASS B-6 0.00 0.00
-----------------------------------------------------
Aurora Loan Services, Inc
MASTER SERVICER C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
</TABLE>
