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) : August 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 August 25, 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 August 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: August 30, 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
August 25, 1999 5
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Exhibit 99.1
Monthly Certificateholder Statement on August 25, 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
August 25, 1999
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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
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A1 152,951,000.00 146,474,153.28 342,576.96 842,226.38 1,184,803.34 0 0 146,131,576.32
AP1 933,405.00 929,640.72 775.81 0 775.81 0 0 928,864.91
A2 76,965,000.00 70,467,292.36 1,989,412.12 396,378.52 2,385,790.64 0 0 68,477,880.24
AP2 784,915.00 753,569.10 821.45 0 821.45 0 0 752,747.65
A3 33,914,000.00 32,748,678.34 111,229.05 178,753.20 289,982.25 0 0 32,637,449.29
AP3 844,678.00 830,589.41 3,426.00 0 3,426.00 0 0 827,163.41
B1 8,662,000.00 8,618,625.23 8,872.77 49,557.10 58,429.87 0 0 8,609,752.46
B2 6,351,000.00 6,319,197.51 6,505.54 36,335.39 42,840.93 0 0 6,312,691.97
B3 2,741,000.00 2,727,274.50 2,807.70 15,681.83 18,489.53 0 0 2,724,466.80
B4 1,443,000.00 1,435,774.21 1,478.11 8,255.70 9,733.81 0 0 1,434,296.10
B5 865,000.00 860,668.53 886.05 4,948.84 5,834.89 0 0 859,782.48
B6 2,318,513.06 2,306,903.17 2,374.93 13,264.69 15,639.62 0 0 2,304,528.24
R 100 100 0 0.58 0.58 0 0 100
TOTALS 288,773,611.06 274,472,466.36 2,471,166.49 1,545,402.23 4,016,568.72 0 0 272,001,299.87
AX2 76,965,000.00 70,467,292.36 0 8,808.41 8,808.41 0 0 68,477,880.24
AX3 33,914,000.00 32,748,678.34 0 9,551.70 9,551.70 0 0 32,637,449.29
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 Principal Interest Total Factor Rate
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A1 863572zj5 957.65410674 2.23978241 5.50651110 7.74629352 955.41432433 A1 6.900000%
AP1 863572zk2 995.96715252 0.83116118 0.00000000 0.83116118 995.13599134 AP1 0.000000%
A2 863572zl0 915.57581186 25.84827025 5.15011395 30.99838420 889.72754161 A2 6.750000%
AP2 863572zm8 960.06459298 1.04654644 0.00000000 1.04654644 959.01804654 AP2 0.000000%
A3 863572zt3 965.63892021 3.27973846 5.27077903 8.55051749 962.35918175 A3 6.550000%
AP3 863572zu0 983.32075655 4.05598346 0.00000000 4.05598346 979.26477309 AP3 0.000000%
B1 863572zp1 994.99252251 1.02433272 5.72120757 6.74554029 993.96818979 B1 6.900000%
B2 863572zq9 994.99252244 1.02433318 5.72120768 6.74554086 993.96818926 B2 6.900000%
B3 863572zr7 994.99252098 1.02433418 5.72120759 6.74554177 993.96818679 B3 6.900000%
B4 863572zw6 994.99252252 1.02433125 5.72120582 6.74553708 993.96819127 B4 6.900000%
B5 863572zx4 994.99252023 1.02433526 5.72120231 6.74553757 993.96818497 B5 6.900000%
B6 863572zy2 994.99252767 1.02433324 5.72120564 6.74553888 993.96819443 B6 6.900000%
R 863572zs5 1000.00000000 0.00000000 5.80000000 5.80000000 1000.00000000 R 6.900000%
TOTALS 950.47627570 8.55745260 5.35160475 13.90905736 941.91882309
AX2 863572zn6 915.57581186 0.00000000 0.11444696 0.11444696 889.72754161 AX2 0.150000%
AX3 863572zv8 965.63892021 0.00000000 0.28164475 0.28164475 962.35918175 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
August 25, 1999
Sec. 4.03(i) Unscheduled Principal Amounts 2,186,274.69
Group 1 Unscheduled Principal 234,873.71
Group 2 Unscheduled Principal 1,930,946.99
Group 3 Unscheduled Principal 20,453.99
Sec. 4.03(iv) Aggregate Advances 1,592,180.80
Group 1 Advances 872,308.47
Group 2 Advances 466,655.90
Group 3 Advances 253,216.43
256,106.40
Sec. 4.03(v) Ending Principal Balance 272,001,301.69
Group 1 Principal Balance 159,932,950.25
Group 2 Principal Balance 75,731,111.16
Group 3 Principal Balance 36,337,240.28
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 5,698,837.14
Servicing Fees (includes Retained Interest) 106,771.55
Sub-Servicing Fees 68,618.13
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 7 1,197,674.79 0.75%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 7 1,197,674.79 0.75%
Group 2
Category Number Principal Balance Percentage
1 Month 6 1,700,114.95 2.24%
2 Months 1 44,814.73 0.06%
3+ Months 0 0.00 0.00%
Total 7 1,744,929.68 2.30%
Group 3
Category Number Principal Balance Percentage
1 Month 4 1,097,697.93 3.02%
2 Months 0 0.00 0.00%
3+ Months 1 127,833.21 0.05%
Total 5 1,225,531.14 3.37%
Group Totals
Category Number Principal Balance Percentage
1 Month 17 3,995,487.67 1.47%
2 Months 1 44,814.73 0.02%
3+ Months 1 127,833.21 0.05%
Total 19 4,168,135.61 1.54%
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
August 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
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