SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended December 31, 1999
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number 333-68513-03
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 74-2440850
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.)
200 Vessey Street
New York, NY 10285
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 526-5594
Structured Asset Securities Corporation Mortgage Pass-Through Certificates
Series 1999-ALS1
(Title of each class of securities covered by this Form)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of the Form 10-K/A or any amendment to
this Form 10-K/A. [X]
Documents incorporated by reference: None
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Structured Asset Securities Corporation Mortgage Pass-Through Certificates
Series 1999-ALS1
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PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements:
Omitted.
(2) Financial Statement Schedules:
Omitted.
(3) Exhibits:
Annual Servicer Statement of Compliance, filed as Exhibit 99.1 hereto.
Annual Statement of Independent Accountants Report for the Servicer,
filed as Exhibit 99.2 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were
filed by the Registrant during the last quarter of 1999.
Current Reports on Form 8-K, dated, October 27, 1999, November 26, 1999 and
December 27, 1999, were filed for the purpose of filing the Monthly
Statement sent to the Holders of the Offered Certificates for payments
made on the same dates. The items reported in such Current Report
were Item 5 (Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: December 5, 2000 By: /s/ Kimberly K Costa
-----------------------------------
Kimberly K Costa
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Annual Statement of Compliance
99.2 Annual Independent Public Accountant's Servicing Report
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EXHIBIT 99.1
ANNUAL STATEMENT OF COMPLIANCE
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Aurora Loan Services Inc
Corporate Headquarters
2530 S. Parker Rd., Suite 601
Aurora, CO 80014
Phone 303-632-3000
May 10, 2000
Capital Markets Fidiciary Services
The Chase Manhattan Bank
450 West 33rd Street, 14th Floor
New York, NY 10001-2697
RE: SASCO Series 1998-ALS1, Series 1999-ALS1, and Series 1999-ALS2
Annual Officer's Certificate as to Compliance
Dear Capital Markets Fidiciary Services Manager:
The undersigned Officer certifies the following for the period ending on
December 31, 1999:
1. I have reviewed the activities and performance of the Master Servicer
during the preceding calendar year under the terms of the Trust Agreements and
to the best of this Officer's knowledge, the Master Servicer has fulfilled all
of its duties, responsibilities or obligations under the Agreements;
2. Based on said review and to the best of this Officer's knowledge, the
Master Servicer is not in default of its obligations under the terms of the
Trust Agreements in any material respect, or, if there is a default in the
fulfillment of its obligations, a description of each default or failure and the
nature and status thereof has been reported to this Officer;
3. To the best of this Officer's knowledge, nothing has arose to lead this
Officer to believe that its Servicer has failed to perform any of its duties,
responsibilities and obligations under its Servicing Agreement during the
preceding calendar year;
4. To the best of this Officer's knowledge, the Servicer is not in default
of its obligations under the terms of its Servicing Agreement in any material
respect, or, if there is a default in the fulfillment of its obligations, a
description of each default or failure and the nature and status thereof has
been reported to this Officer;
5. The Master Servicer has received from its Servicer such Servicer's
annual certificate of compliance and a copy of such Servicer's annual audit
report, in each case to the extent required under the applicable Servicing
Agreement.
Certified By:
By: /s/ E. Todd Whittemore
Sr Vice President, Master Servicing
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EXHIBIT 99.2
Annual Independent Public Accountant's Servicing Report
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Ernest & Young LLP phone: 303 534-4300
Suite 400 fax: 303 354-6750
370 17th Street
Denver, Colorado 80202-5663
Report on Management's Assertion on Compliance
with Minimum Servicing Standards Set Forth in the
Uniform Single Attestation Program for Mortgage Bankers
Report of Independent Auditors
Board of Directors
Aurora Loan Services Inc.
by: s/s Ernest & Young LLP
We have examined management's assertion, included in the accompanying
report titled Report of Management, that Aurora Loan Services Inc. (the
"Company") complied with the minimum servicing standards set forth in the
Mortgage Bankers Association of America's Uniform single Attestation Program for
Mortgage Bankers ("USAP") during the year ended November 30, 1999. Management is
responsible for the Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertions about the
Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with specified requirements.
In our opinion, management's assertion that the Company complied with the
aforementioned requirements during the year ended November 30, 1999, is fairly
stated, in all material respects.
February 18, 2000
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