SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Sec. 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported) : July 26, 1999
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 8 consecutively numbered pages.
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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 July 26, 1999 distributions were
made to the Certificateholders.
Specific information with respect to the distrbutions are 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 is filed
as Exhibit 99.1 hereto.
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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: August 3, 1999 By: /s/ Kimberly Costa
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
July 26, 1999 5
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Exhibit 99.1
Monthly Certificateholder Statement on July 26, 1999
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<S> <C> <C> <C> <C> <C> <C>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS1
STATEMENT TO CERTIFICATEHOLDERS
July 26, 1999
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DISTRIBUTION IN DOLLARS
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Original Prior Current
Face Principal Realized Deferred Principal
Class Value Balance Interest Principal Total Losses Interest Balance
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A1 152951000.00 148960555.91 2486402.63 856523.20 3342925.83 0.00 0.00 146474153.28
AP1 933405.00 930396.41 755.69 0.00 755.69 0.00 0.00 929640.72
A2 76965000.00 72280990.50 1813698.14 406580.57 2220278.71 0.00 0.00 70467292.36
AP2 784915.00 768242.52 14673.42 0.00 14673.42 0.00 0.00 753569.10
A3 33914000.00 32901819.45 153141.11 179589.10 332730.21 0.00 0.00 32748678.34
AP3 844678.00 833398.28 2808.87 0.00 2808.87 0.00 0.00 830589.41
B1 8662000.00 8627434.31 8809.08 49607.75 58416.83 0.00 0.00 8618625.23
B2 6351000.00 6325656.35 6458.84 36372.52 42831.36 0.00 0.00 6319197.51
B3 2741000.00 2730062.04 2787.54 15697.86 18485.40 0.00 0.00 2727274.50
B4 1443000.00 1437241.71 1467.50 8264.14 9731.64 0.00 0.00 1435774.21
B5 865000.00 861548.22 879.69 4953.90 5833.59 0.00 0.00 860668.53
B6 2318513.06 2309261.05 2357.88 13278.25 15636.13 0.00 0.00 2306903.17
R 100.00 100.00 0.00 0.58 0.58 0.00 0.00 100.00
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TOTALS 288773611.06 278966706.75 4494240.39 1570867.87 6065108.26 0.00 0.00 274472466.36
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AX2 76965000.00 72280990.50 0.00 9035.12 9035.12 0.00 0.00 70467292.36
AX3 33914000.00 32901819.45 0.00 9596.36 9596.36 0.00 0.00 32748678.34
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Factor Information Per $1,000 of Original Face Pass-through Rates
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Prior Current Current
Principal Principal Class Pass-thru
Class cusip Factor Interest Principal Total Factor Rate
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A1 863572zj5 973.91031056 16.25620382 5.59998431 21.85618813 957.65410674 A1 6.900000%
AP1 863572zk2 996.77675821 0.80960569 0.00000000 0.80960569 995.96715252 AP1 0.000000%
A2 863572zl0 939.14104463 23.56523277 5.28266836 28.84790112 915.57581186 A2 6.750000%
AP2 863572zm8 978.75887198 18.69427900 0.00000000 18.69427900 960.06459298 AP2 0.000000%
A3 863572zt3 970.15449225 4.51557204 5.29542667 9.81099870 965.63892021 A3 6.550000%
AP3 863572zu0 986.64613024 3.32537369 0.00000000 3.32537369 983.32075655 AP3 0.000000%
B1 863572zp1 996.00950242 1.01697991 5.72705495 6.74403486 994.99252251 B1 6.900000%
B2 863572zq9 996.00950244 1.01698000 5.72705401 6.74403401 994.99252244 B2 6.900000%
B3 863572zr7 996.00950018 1.01697920 5.72705582 6.74403502 994.99252098 B3 6.900000%
B4 863572zw6 996.00950104 1.01697852 5.72705475 6.74403326 994.99252252 B4 6.900000%
B5 863572zx4 996.00950289 1.01698266 5.72705202 6.74403468 994.99252023 B5 6.900000%
B6 863572zy2 996.00950706 1.01697939 5.72705422 6.74403361 994.99252767 B6 6.900000%
R 863572zs5 1000.00000000 0.00000000 5.80000000 5.80000000 1000.00000000 R 6.900000%
TOTAL 966.03947198 15.56319628 5.43979024 21.00298652 950.47627570
AX2 863572zn6 939.14104463 0.00000000 0.11739258 0.11739258 915.57581186 AX2 0.150000%
AX3 863572zv8 970.15449225 0.00000000 0.28296161 0.28296161 965.63892021 AX3 0.350000%
If there are any questions or comments, please contact the Relationship Manager listed below.
---------------------------------------
Kimberly Costa
THE CHASE MANHATTAN BANK - Structured Finance Services
450 WEST 33RD STREET, 14th Floor
NEW YORK, NEW YORK 10001
(212) 946-3247
email: [email protected]
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STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS1
July 26, 1999
Sec. 4.03(i) Unscheduled Principal Amounts 4,208,008.50
Group 1 Unscheduled Principal 2,377,691.07
Group 2 Unscheduled Principal 1,768,091.66
Group 3 Unscheduled Principal 62,225.77
Sec. 4.03(iv) Aggregate Advances 1,608,141.02
Group 1 Advances 890,400.51
Group 2 Advances 461,634.11
Group 3 Advances 245,816.43
256,106.40
Sec. 4.03(v) Ending Principal Balance 274,472,468.18
Group 1 Principal Balance 160,285,780.73
Group 2 Principal Balance 77,726,745.84
Group 3 Principal Balance 36,459,941.61
Sec. 4.03(vii) Current Period Realized Losses 0.00
Group 1 Current Period Realized Losses 0.00
Group 2 Current Period Realized Losses 0.00
Group 3 Current Period Realized Losses 0.00
Bankruptcy Losses 0.00
Fraud Losses 0.00
Special Hazard Losses 0.00
Bankruptcy Loss Amount 100,000.00
Fraud Loss Amount 5,775,472.00
Special Hazard Loss Amount 5,702,426.82
Servicing Fees 109,128.76
Master Servicing Fees 69,741.68
Trustee Fees 1,859.78
Sec. 4.03(ix) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 Month 3 1,214,033.55 0.76%
2 Months 1 103,672.22 0.06%
3+ Months 0 0.00 0.00%
Total 4 1,317,705.77 0.82%
Group 2
Category Number Principal Balance Percentage
1 Month 6 1,302,978.77 1.68%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 6 1,302,978.77 1.68%
Group 3
Category Number Principal Balance Percentage
1 Month 2 779,753.43 2.14%
2 Months 1 637,514.88 1.75%
3+ Months 1 128,268.90 0.35%
Total 4 1,545,537.21 4.24%
Group Totals
Category Number Principal Balance Percentage
1 Month 11 3,296,765.75 1.20%
2 Months 2 741,187.10 0.27%
3+ Months 1 128,268.90 0.05%
Total 14 4,166,221.75 1.52%
Number and Aggregage Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
0 0.00 0.00%
Group 3
Number Principal Balance Percentage
0 0.00 0.00%
Group Totals
Number Principal Balance Percentage
0 0.00 0.00%
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STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS1
July 26, 1999
Sec. 4.03(x) Number and Aggregage Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
0 0.00 0.00%
Group 3
Number Principal Balance Percentage
0 0.00 0.00%
Group Totals
Number Principal Balance Percentage
0 0.00 0.00%
Sec.4.03(viii) Aggregate Outstanding Interest Shortfalls
Class a1 shortfall 0.00
Class a2 shortfall 0.00
Class ax2 shortfall 0.00
Class a3 shortfall 0.00
Class ax3 shortfall 0.00
Class b1 shortfall 0.00
Class b2 shortfall 0.00
Class b3 shortfall 0.00
Class b4 shortfall 0.00
Class b5 shortfall 0.00
Class b6 shortfall 0.00
Class r shortfall 0.00
Sec.4.03(viv) Aggregate Outstanding Prepayment Interest Shortfalls
Class a1 shortfall 0.00
Class a2 shortfall 0.00
Class ax2 shortfall 0.00
Class a3 shortfall 0.00
Class ax3 shortfall 0.00
Class b1 shortfall 0.00
Class b2 shortfall 0.00
Class b3 shortfall 0.00
Class b4 shortfall 0.00
Class b5 shortfall 0.00
Class b6 shortfall 0.00
Class r shortfall 0.00
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