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) : May 25, 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 May 25, 1999 distributions were
made to the Certificateholders.
Specific information with respect to the distributions 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 May 25, 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: June 9, 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
May 25, 1999 5
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Exhibit 99.1
Monthly Certificateholder Statement on May 25, 1999
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STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS1
STATEMENT TO CERTIFICATEHOLDERS
May 25, 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 152,951,000.00 150,619,675.86 866,063.14 418,241.91 1,284,305.05 0.00 0.00 150,201,433.95
AP1 933,405.00 931,928.21 0.00 782.77 782.77 0.00 0.00 931,145.44
A2 76,965,000.00 74,977,285.29 421,747.23 2,077,948.91 2,499,696.14 0.00 0.00 72,899,336.38
AP2 784,915.00 769,920.25 0.00 839.94 839.94 0.00 0.00 769,080.31
A3 33,914,000.00 33,638,207.33 183,608.55 102,240.86 285,849.41 0.00 0.00 33,535,966.47
AP3 844,678.00 838,990.69 0.00 2,843.43 2,843.43 0.00 0.00 836,147.26
B1 8,662,000.00 8,644,840.33 49,707.83 8,668.60 58,376.43 0.00 0.00 8,636,171.73
B2 6,351,000.00 6,338,418.49 36,445.91 6,335.84 42,801.75 0.00 0.00 6,332,062.65
B3 2,741,000.00 2,735,570.00 16,729.53 2,743.09 18,472.62 0.00 0.00 2,732,826.91
B4 1,443,000.00 1,440,141.37 8,280.81 1,444.10 9,724.91 0.00 0.00 1,438,697.27
B5 865,000.00 863,286.41 4,963.90 865.66 5,829.56 0.00 0.00 862,420.75
B6 2,318,513.06 2,313,920.03 13,305.05 2,320.28 15,625.33 0.00 0.00 2,311,599.75
R 100.00 100.00 0.58 0.00 0.58 0.00 0.00 100.00
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TOTALS 288,773,611.06 284,112,284.26 1,599,852.53 2,625,295.39 4,225,147.92 0.00 0.00 281,486,988.87
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AX2 76,965,000.00 74,977,285.29 9,372.16 0.00 9,372.16 0.00 0.00 72,899,336.38
AX3 33,914,000.00 33,638,207.33 9,811.14 0.00 9,811.14 0.00 0.00 33,535,966.47
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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 984.7577058 5.662357 2.734483 8.396840 982.0232228 A1 6.900000%
AP1 863572zk2 998.4178465 0.000000 0.838618 0.838618 997.5792287 AP1 0.000000%
A2 863572zl0 974.1737841 5.479728 26.998622 32.478349 947.1751625 A2 6.750000%
AP2 863572zm8 980.8963391 0.000000 1.070103 1.070103 979.8262360 AP2 0.000000%
A3 863572zt3 991.8678814 5.413946 3.014710 8.428655 988.8531718 A3 6.550000%
AP3 863572zu0 993.2668899 0.000000 3.366289 3.366289 989.9006012 AP3 0.000000%
B1 863572zp1 998.0189714 5.738609 1.000762 6.739371 997.0182094 B1 6.900000%
B2 863572zq9 998.0189718 5.738610 1.000762 6.739372 997.0182097 B2 6.900000%
B3 863572zr7 998.0189712 5.738610 1.000762 6.739372 997.0182087 B3 6.900000%
B4 863572zw6 998.0189674 5.738607 1.000762 6.739369 997.0182051 B4 6.900000%
B5 863572zx4 998.0189711 5.738613 1.000763 6.739376 997.0182081 B5 6.900000%
B6 863572zy2 998.0189760 5.738613 1.000762 6.739375 997.0182139 B6 6.900000%
R 863572zs5 1,000.0000000 5.800000 0.000000 5.800000 1,000.0000000 R 6.900000%
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Totals 983.8581968 5.540162 9.091189 14.631351 974.7670081
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AX2 863572zn6 974.17 0.121772 0.000000 0.121772 947.18 AX2 0.150000%
AX3 863572zv8 991.87 0.289295 0.000000 0.289295 988.85 AX3 0.350000%
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STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS1
May 25, 1999
Sec. 4.03(i) Unscheduled Principal Amounts 2,338,978.95
Group 1 Unscheduled Principal 301,157.53
Group 2 Unscheduled Principal 2,017,986.04
Group 3 Unscheduled Principal 10,835.38
Sec. 4.03(iv) Aggregate Advances 1,578,696.62
Group 1 Advances 874,267.92
Group 2 Advances 461,961.31
Group 3 Advances 242,467.39
Sec. 4.03(v) Ending Principal Balance 281,486,990.69
Group 1 Principal Balance 164,033,317.52
Group 2 Principal Balance 80,184,933.31
Group 3 Principal Balance 37,268,739.86
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 5,709,530.60
Servicing Fees 112,622.43
Master Servicing Fees 71,028.07
Trustee Fees 1,894.08
Sec. 4.03(ix) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 Month 5 1,761,315.30 1.07%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 5 1,761,315.30 1.07%
Group 2
Category Number Principal Balance Percentage
1 Month 4 1,503,491.27 1.88%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 4 1,503,491.27 1.88%
Group 3
Category Number Principal Balance Percentage
1 Month 1 641,725.09 1.72%
2 Months 1 129,132.84 0.35%
3+ Months 0 0.00 0.00%
Total 2 770,857.93 2.07%
Group Totals
Category Number Principal Balance Percentage
1 Month 10 3,906,531.66 1.39%
2 Months 1 129,132.84 0.05%
3+ Months 0 0.00 0.00%
Total 11 4,035,664.50 1.44%
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
May 25, 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
If there are any questions or comments, please contact the Relationship Manager
listed below.
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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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