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 re 27-Sep-99
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
FLOATING RATE MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1999-NC2)
Salomon Brothers Mortgage Securities VII, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-72647 13-3439681
(State or Other(Commission (I.R.S. Employer
Jurisdiction ofFile Number) Identification
Incorporation) Number)
390 Greenwich Street, Fourth Floor
New York, New York 10013
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (212) 723-6391
Item 5. Other Events
On 27-Sep-99 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
27-Sep-99 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 ProceedingNONE
D. Item 2: Changes in SecurNONE
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 Repor 27-Sep-99
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-NC2
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 09/27/99
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) Principal Interest Losses Balance
A 79548KM47 190,862,720.284,933,785.71 993,539.87 0.00 185,928,934.57
M-1 79548KM54 19,063,000.00 0.00 106,921.59 0.00 19,063,000.00
M-2 79548KM62 11,022,000.00 0.00 66,973.58 0.00 11,022,000.00
M-3 79548KM70 9,726,000.00 0.00 73,141.25 0.00 9,726,000.00
CE N/A 12,320,076.66 0.00 586,781.09 0.00 12,320,076.66
P N/A 100.00 0.00 60,442.57 0.00 100.00
R-III N/A 0.00 0.00 0.00 0.00 0.00
Total 242,993,896.944,933,785.71 1,887,799.95 0.00 238,060,111.23
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
ClassPrincipal Interest Total Balance Losses Interest Rate
A 23.809064 4.794544 28.60361 897.240821 0.000000 5.67875%
M-1 0.000000 5.608854 5.60885 1000.000000 0.000000 6.11875%
M-2 0.000000 6.076355 6.07635 1000.000000 0.000000 6.62875%
M-3 0.000000 7.520178 7.52018 1000.000000 0.000000 8.20383%
CE 0.000000 47.628039 47.62804 1000.000000 0.000000 2.89775%
P 0.000000 604425.700000 604425.70000 1000.000000 0.000000 NA
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 101,247.50
ADMINISTRATION FEES 2,531.19
Section 4.02 (iv.)
P&I ADVANCES Total Advances 428,476.23
*Note: P&I Advances are made on Mortgage Loans Delinquent
as of the Determiniation Date.
Section 4.02 (v.)
BALANCES AS OF: 27-Sep-99
Stated Principal Balance of Mortgage Loan237,553,149.29
Stated Principal Balance of REO Propertie 506,961.94
Section 4.02 (vi.)
MORTGAGE LOAN
CHARACTERISTICS Beginning Ending
Number of Loans 2,127 2,085
Aggregate Prin Bal as of the Due Date 242,993,896.94 238,060,111.23
Weighted Average Remaining Term to Maturity 351
Beginning Weighted Average Mortgage Rate 9.53671%
Number of Subsequent Loans 0.00
Balance of Subsequent Loans 0.00
Section 4.02 (vii.) Unpaid Prin Stated Prin
DELINQUENCY INFORMATION Number Balance Balance
30-59 days delinquent 39 3,575,430.15 3,570,858.62
60-89 days delinquent 18 1,995,111.13 1,991,469.77
90 or more days delinquent 10 664,386.75 662,917.44
Foreclosures 61 5,814,874.60 5,801,252.85
Bankruptcies 20 2,528,612.70 2,524,542.45
*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 Prin Stated Prin
Loan Number Balance Balance
223088 82,183.12 82,422.69
223720 54,427.43 54,557.26
223792 160,736.99 161,174.86
231503 159,512.98 159,932.18
Section 4.02 (ix.)
REO BOOK VALUES
Total Book Value of REO Properties: 539,003.69
Section 4.02 (x.)
PRINCIPAL PREPAYMENTS
Aggregate Amount of Principal
Prepayments - Curtailments 35,786.25
Payments in Full 4,765,934.46
4,801,720.71
Prepayment Charges 60,442.57
REO Principal Amortization 240.28
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 29,941.52
(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 0.00
Available Distribution Amount:
Section 4.02 (xiv.)
CERTIFICATE FACTOR
Certificate
Factor
Class A 0.89724082
Class M-1 1.00000000
Class M-2 1.00000000
Class M-3 1.00000000
Class CE 0.91789578
Section 4.02 (xv.)
INTEREST DISTRIBUTION AMOUNTS
Reduction from the Allocation of:
Interest
Interest Carry Prepay Relief Act
Distribution Forward Realized Interest Interest
Amount Amount Losses Shortfalls Shortfalls
A 993,539.87 0.00 0.00 0.00 0.00
M-1 106,921.59 0.00 0.00 0.00 0.00
M-2 66,973.58 0.00 0.00 0.00 0.00
M-3 73,141.25 0.00 0.00 0.00 0.00
CE 586,781.09 NA 0.00 0.00 0.00
TOTAL 1,827,357.38 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 Servi 0.00
Section 4.02 (xviii.)
Relief Act Interest Shortfall 0.00
Section 4.02 (xix.)
Required Overcollateralized Amount 12,320,076.66
Credit Enhancement Percentage 21.89828%
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 586,781.09
Delinquency Percentage 4.82531%
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 9/30/99
