SALOMON BROTHERS MOR SEC VII INC MOR PA THR CER SER 1999 NC1
8-K, 1999-06-03
ASSET-BACKED SECURITIES
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                       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): May 25, 1999


                 SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.

            (AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
            DATED AS OF MARCH 1, 1999, PROVIDING FOR THE ISSUANCE OF
                       MORTGAGE PASS-THROUGH CERTIFICATES,
                                SERIES 1999-NC1)


                 Salomon Brothers Mortgage Securities VII, Inc.
                 ----------------------------------------------
             (Exact name of registrant as specified in its charter)


           Delaware                  333-72647                13-3439681
           --------                  ---------                ----------
(State or Other Jurisdiction        (Commission           (I.R.S. Employer
of Incorporation)                   File Number)          Identification Number)

390 Greenwich Street, Fourth Floor
New York, New York                                               10013
- - ------------------                                               -----
(Address of Principal Executive Offices)                       (Zip Code)


Registrant's telephone number, including area code:  (212) 723-6391
                                                     --------------



==============================================================================
Item 5.  Other Events
         ------------------------------------

	On May 25, 1999 a scheduled distribution was made from the
	trust to holders of the certificates.  The Trustee has caused
	to be filed with the commission, the Monthly Report dated
	May 25, 1999.  The Monthly Report is filed pursuant to and
	in accordance with (1) numerous no-action letters (2) current
	Commission policy in the area.

		A. 	Monthly Report Information:
			See Exhibit No.1


		B.	Have any deficiencies occurred?   NO.
				Date:
				Amount:

		C.	Item 1: Legal Proceedings:	NONE

		D.	Item 2: Changes in Securities:	NONE

		E.	Item 4: Submission of Matters to a Vote of Certificateholders:  NONE

            F. Item 5: Other Information - Form 10-Q, Part II -
            	Items 1,2,4,5 if applicable:  NOT APPLICABLE



Item 7. Monthly Statements and Exhibits

	 Exhibit No.

1. Monthly Distribution Report dated May 25, 1999.

SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY ASSET-BACKED FLOATING RATE CERTIFICATES
SERIES 1999-NC1

STATEMENT TO CERTIFICATEHOLDERS

Distribution Date:               05/25/99


              Beginning                                        Ending
              Certificate                                      Certificate
ClassCusip    Balance(1)    Principal     Interest    Losses   Balance
A-1 79548KL71 209,701,220.70 2,357,048.49  895,730.03     0.00 207,344,172.21
A-2 79548KL89 54,433,000.00          0.00  313,398.00     0.00 54,433,000.00
M-1 79548KL97 19,368,000.00          0.00  108,945.00     0.00 19,368,000.00
M-2 79548KM21 14,288,000.00          0.00   80,370.00     0.00 14,288,000.00
M-3 79548KM39  8,732,000.00          0.00   49,117.50     0.00  8,732,000.00
CE      N/A    9,525,824.99          0.00 1,115,570.51    0.00  9,525,824.99
P       N/A          100.00          0.00   32,650.80     0.00        100.00
R-III   N/A            0.00          0.00        0.00     0.00          0.00
Total         316,048,145.69 2,357,048.49 2,595,781.84    0.00 313,691,097.20




           AMOUNTS PER $1,000 UNIT

                                          Ending               Current
                                          Certificate          Pass-Through
ClassPrincipalInterest      Total         Balance     Losses   Interest Rate
A-1  11.161959     4.241789     15.403747  981.892011 0.000000       5.30250%
A-2  0.000000      5.757500      5.757500 1000.000000 0.000000       6.90900%
M-1  0.000000      5.625000      5.625000 1000.000000 0.000000       6.75000%
M-2  0.000000      5.625000      5.625000 1000.000000 0.000000       6.75000%
M-3  0.000000      5.625000      5.625000 1000.000000 0.000000       6.75000%
CE   0.000000    117.110120    117.110120 1000.000000 0.000000       4.23570%
P    0.000000 326508.000000 326508.000000 1000.000000 0.000000      N/A


Section 4.02 (iii.)
MASTER SERVICER COMPENSATION                                      131,686.71
ADMINISTRATION  FEES                                                2,238.67

Section 4.02 (iv.)
P&I ADVANCES                Total Advances                        102,558.06
*Note:  P&I Advances are made on Mortgage Loans
     Delinquent as of the Determiniation Date.

Section 4.02 (v.)
BALANCES AS OF        May-99
Stated Principal Balance of Mortgage Loans                     313,691,097.20
Stated Principal Balance of REO Properties                              0.00

Section 4.02 (vi.)
MORTGAGE LOAN
  CHARACTERISTICS
                                           Beginning               Ending
Number of Loans                                 4,224                  4,204
Aggregate Prin Bal as of the Due Date     316,048,145.69      313,691,097.20

Weighted Average Remaining Term to Maturity                              326
Beginning Weighted Average Mortgage Rate                            10.24043%
Number of Subsequent Loans                                              0.00
Balance of Subsequent Loans                                             0.00

Section 4.02 (vii.)
DELINQUENCY INFORMATION                   Unpaid Prin           Stated Prin
                            Number          Balance               Balance
30-59 days delinquent                  37 2,242,867.63          2,241,153.82
60-89 days delinquent                   7  510,119.14             509,318.64
90 or more days delinquent              2  125,543.83             125,148.33
Foreclosures                           12 1,000,214.66            999,587.75
Bankruptcies                            9  641,306.47             640,903.69
*Note:  In accordance with the Master Servicer, the Delinquency
     Information relates to the Prepayment Period.

Section 4.02 (viii.)
REO INFORMATION
Loans that became REO properties in the preceding calendar month:
                            Unpaid Principal          Stated Principal
     Loan Number               Balance                 Balance



Section 4.02 (ix.)
REO BOOK VALUES
Total Book Value of REO Properties:                                     0.00

Section 4.02 (x.)
PRINCIPAL PREPAYMENTS
Aggregate Amount of Principal Prepayments - Curtailments           42,617.58
                              Payments in Full                  2,070,311.05
                                                                2,112,928.63

Prepayment Charges                                                 32,650.80
REO Principal Amortization                                              0.00



Section 4.02 (xi.)
REALIZED LOSSES
Realized Losses that were incurred during the related Prepayment Period
Total Realized Losses                                                   0.00
Which Include:
Bankruptcy Losses                                                       0.00

Cumulative Realized Losses                                              0.00

(1) As of reporting period, the servicer has not yet
     determined the loss classification.


Section 4.02 (xii.)
EXTRAORDINARY TRUST FUND EXPENSES
Extraordinary Trust Fund Expenses withdrawn from the Collection
Account or Distribution Account that caused a reduction of the          0.00
Available Distribution Amount:

Section 4.02 (xiv.)
CERTIFICATE FACTOR                        Certificate
                                             Factor
              Class A-1                    0.98189201
              Class A-2                    1.00000000
              Class M-1                    1.00000000
              Class M-2                    1.00000000
              Class M-3                    1.00000000
              Class CE                     0.98795701

Section 4.02 (xv.)
INTEREST DISTRIBUTION AMOUNTS
                                          Reduction from the Allocation of:
                 Interest     Interest                 Prepay    Relief Act
               Distribution Carry Forward   Realized  Interest    Interest
                  Amount        Amount       Losses   Shortfall  Shortfalls
     A-1         895,730.03          0.00        0.00     0.00          0.00
     A-2         313,398.00          0.00        0.00     0.00          0.00
     M-1         108,945.00          0.00        0.00     0.00          0.00
     M-2          80,370.00          0.00        0.00     0.00          0.00
     M-3          49,117.50          0.00        0.00     0.00          0.00
     CE        1,115,570.51      N/A             0.00     0.00          0.00
     TOTAL     2,563,131.04          0.00        0.00     0.00          0.00

Section 4.02 (xvi.)
AGGREGATE  UNPAID ALLOCATED  REALIZED  LOSS  AMOUNT
                                                      Aggregate
                                                      Unpaid Amounts
                            Class M-1                    $0.00
                            Class M-2                    $0.00
                            Class M-3                    $0.00

Section 4.02 (xvii.)
PREPAYMENT INTEREST
  SHORTFALLS
Prepayment Interest Shortfalls not covered by the Servicer:             0.00

Section 4.02 (xviii.)
Relief Act Interest Shortfall                                           0.00

Section 4.02 (xix.)
Required Overcollateralized Amount                              9,525,824.99
Credit Enhancement Percentage                                       16.54935%

Section 4.02 (xx.)
Overcollateralization Increase Amount                                   0.00

Section 4.02 (xxi.)
Overcollateralization Reduction Amount                                  0.00

PERFORMANCE MEASURES
Net Monthly Excess Cash Flow                                    1,115,570.51

Delinquency Percentage                                               .72522%

Stepdown Date Occurrence                                       NO
Trigger Event Occurrence                                       NO





	SIGNATURES

	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 thereunto duly authorized.

				SALOMON BROTHERS MORTGAGE
				SECURITIES VII, INC.


				By: /s/ Eve Kaplan
				Name:  Eve Kaplan
				Title:	Vice President
				U.S. Bank National Association


Dated: 	May 31, 1999



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