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-Dec-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-Dec-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-Dec-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-Dec-99
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-NC2
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 12/27/99
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) Principal Interest Losses Balance
A 79548KM47 175,557,774.574,807,960.25 897,033.17 0.00 170,749,814.32
M-1 79548KM54 19,063,000.00 0.00 104,627.41 0.00 19,063,000.00
M-2 79548KM62 11,022,000.00 0.00 65,334.82 0.00 11,022,000.00
M-3 79548KM70 9,726,000.00 0.00 72,922.99 0.00 9,726,000.00
CE N/A 12,320,076.66 0.00 528,572.22 0.00 12,320,076.66
P N/A 100.00 0.00 68,202.38 0.00 100.00
R-III N/A 0.00 0.00 0.00 0.00 0.00
Total 227,688,951.234,807,960.25 1,736,692.99 0.00 222,880,990.98
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
ClassPrincipal Interest Total Balance Losses Interest Rate
A 23.201866 4.328830 27.53070 823.990649 0.000000 5.93375%
M-1 0.000000 5.488507 5.48851 1000.000000 0.000000 6.37375%
M-2 0.000000 5.927674 5.92767 1000.000000 0.000000 6.88375%
M-3 0.000000 7.497737 7.49774 1000.000000 0.000000 8.70705%
CE 0.000000 42.903322 42.90332 1000.000000 0.000000 2.98951%
P 0.000000 682023.800000 682023.80000 1000.000000 0.000000 NA
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 94,870.59
ADMINISTRATION FEES 2,371.76
Section 4.02 (iv.)
P&I ADVANCES Total Advances 860,892.04
*Note: P&I Advances are made on Mortgage Loans Delinquent
as of the Determiniation Date.
Section 4.02 (v.)
BALANCES AS OF: 27-Dec-99
Stated Principal Balance of Mortgage Loan221,539,032.52
Stated Principal Balance of REO Propertie 1,341,958.46
Section 4.02 (vi.)
MORTGAGE LOAN
CHARACTERISTICS Beginning Ending
Number of Loans 1,997 1,959
Aggregate Prin Bal as of the Due Date 227,688,951.23 222,880,990.98
Weighted Average Remaining Term to Maturity 348
Beginning Weighted Average Mortgage Rate 9.50978%
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 45 4,354,999.06 4,348,504.37
60-89 days delinquent 8 1,077,711.00 1,075,764.62
90 or more days delinquent 16 1,648,131.50 1,643,665.17
Foreclosures 89 8,446,341.39 8,421,881.31
Bankruptcies 28 3,225,419.24 3,216,378.23
*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
164727 114,927.23 115,481.91
Section 4.02 (ix.)
REO BOOK VALUES
Total Book Value of REO Properties: 1,530,070.55
Section 4.02 (x.)
PRINCIPAL PREPAYMENTS
Aggregate Amount of Principal
Prepayments - Curtailments 17,796.59
Payments in Full 4,623,269.67
Liquidation Proceeds 0.00
$4,641,066.26
Prepayment Charges 68,202.38
REO Principal Amortization 618.91
Section 4.02 (xi.)
REALIZED LOSSES
Realized Losses that were incurred during the related Prepayment Period
Total Realized Losses 38,660.97
Which Include:
Bankruptcy Losses 0.00
Cumulative Realized Losses 143,577.74
(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 0.82399065
Class M-1 1.00000000
Class M-2 1.00000000
Class M-3 1.00000000
Class CE 0.85936914
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 897,033.17 0.00 0.00 0.00 0.00
M-1 104,627.41 0.00 0.00 0.00 0.00
M-2 65,334.82 0.00 0.00 0.00 0.00
M-3 72,922.99 0.00 0.00 0.00 0.00
CE 528,572.22 NA 38,660.97 0.00 0.00
TOTAL 1,668,490.61 0.00 38,660.97 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 23.38965%
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 567,233.19
Delinquency Percentage 7.04396%
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 12/31/99
