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) : December 27, 1999
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-68513-05 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-ALS2 (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 May 1, 1999 among Structured Asset Securities
Corporation, as depositor, Aurora Loan Services Inc., as master servicer, and
The Chase Manhattan Bank, as trustee. On December 27, 1999 distributions were
made to the Certificateholders.
Specific information with respect to the distrbutions is 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 December 27, 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: December 28, 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
December 27, 1999 5
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Exhibit 99.1
Monthly Certificateholder Statement on December 27, 1999
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STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
STATEMENT TO CERTIFICATEHOLDERS
December 27, 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 59,060,000.00 54,011,000.00 841,500.00 303,811.88 1,145,311.88 0.00 0.00 53,169,500.00
A2 228,800,000.00 214,357,445.79 1,843,544.19 1,205,760.63 3,049,304.82 0.00 0.00 212,513,901.60
A3 23,000,000.00 23,000,000.00 0.00 127,458.33 127,458.33 0.00 0.00 23,000,000.00
A4 15,000,000.00 15,000,000.00 0.00 84,375.00 84,375.00 0.00 0.00 15,000,000.00
AP 245,747.46 243,569.97 363.96 0.00 363.96 0.00 0.00 243,206.01
B1 20,404,000.00 20,321,285.45 14,267.74 114,307.23 128,574.97 0.00 0.00 20,307,017.71
B2 7,651,000.00 7,619,984.07 5,350.05 42,862.41 48,212.46 0.00 0.00 7,614,634.02
B3 3,643,000.00 3,628,231.86 2,547.41 20,408.80 22,956.21 0.00 0.00 3,625,684.45
B4 2,186,000.00 2,177,138.30 1,528.59 12,246.40 13,774.99 0.00 0.00 2,175,609.71
B5 1,457,000.00 1,451,093.56 1,018.82 8,162.40 9,181.22 0.00 0.00 1,450,074.74
B6 2,918,168.70 2,906,338.90 2,040.56 16,348.16 18,388.72 0.00 0.00 2,904,298.34
R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 364,365,016.16 344,716,087.90 2,712,161.32 1,935,741.24 4,647,902.56 0.00 0.00 342,003,926.58
A5 171,851.85 171,851.85 0.00 966.67 966.67 0.00 0.00 171,851.85
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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 863572C27 914.51066712 14.24822215 5.14412259 19.39234473 900.26244497 A1 6.750000%
A2 863572C35 936.87694838 8.05744838 5.26993282 13.32738121 928.81950000 A2 6.750000%
A3 863572C43 1,000.00000000 0.00000000 5.54166652 5.54166652 1,000.00000000 A3 6.750000%
A4 863572C50 1,000.00000000 0.00000000 5.62500000 5.62500000 1,000.00000000 A4 6.750000%
AP 863572C68 991.13931839 1.48103260 0.00000000 1.48103260 989.65828579 AP 0.000000%
B1 863572C76 995.94616007 0.69926191 5.60219712 6.30145903 995.24689816 B1 6.750000%
B2 863572C84 995.94615998 0.69926153 5.60219710 6.30145863 995.24689844 B2 6.750000%
B3 863572C92 995.94615976 0.69926160 5.60219599 6.30145759 995.24689816 B3 6.750000%
B4 863572D42 995.94615737 0.69926349 5.60219579 6.30145929 995.24689387 B4 6.750000%
B5 863572D59 995.94616335 0.69925875 5.60219629 6.30145504 995.24690460 B5 6.750000%
B6 863572D67 995.94615623 0.69926046 5.60219839 6.30145886 995.24689577 B6 6.750000%
R 863572D26 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 6.750000%
TOTALS 946.07350490 7.44352833 5.31264297 12.75617129 938.62997657
A5 863572D34 1,000.00000000 0.00000000 5.62501946 5.62501946 1,000.00000000 A5 6.750000%
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If there are any questions or comments, please contact the Relationship Manager listed below.
---------------------------------------
Karen Dobres
THE CHASE MANHATTAN BANK - Structured Finance Services
450 WEST 33RD STREET, 14th Floor
NEW YORK, NEW YORK 10001
(212) 946-3232
email: [email protected]
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STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
December 27, 1999
Sec. 4.03(i) Scheduled Principal Amounts 242,170.87
Group 1 Scheduled Principal 156,654.37
Group 2 Scheduled Principal 85,516.50
Sec. 4.03(i) Unscheduled Principal Amounts 2,469,990.45
Group 1 Unscheduled Principal 1,758,472.35
Group 2 Unscheduled Principal 711,518.10
Sec. 4.03(iv) Aggregate Advances 2,350,222.18
Group 1 Advances 1,673,092.58
Group 2 Advances 677,129.60
Sec. 4.03(v) Ending Principal Balance 342,003,926.58
Group 1 Principal Balance 236,846,354.99
Group 2 Principal Balance 105,157,571.59
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
Bankruptcy Losses 0.00
Fraud Losses 0.00
Special Hazard Losses 0.00
Bankruptcy Loss Amount 100,000.00
Fraud Loss Amount 10,930,951.00
Special Hazard Loss Amount 10,415,410.23
Servicing Fees 5,745.27
Sub-Servicing Fees (includes Retained Interest) 302,978.55
Trustee Fees 2,010.84
A3 Insurance Premium 575.00
A4 Insurance Premium 375.00
A3 Insured Payment 0.00
A4 Insured Payment 0.00
A3 Reimbursement Amounts 0.00
A4 Reimbursement Amounts 0.00
Sec. 4.03(ix) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 Month 25 7,130,448.09 3.01%
2 Months 5 1,383,716.15 0.58%
3+ Months 4 3,256,950.17 1.38%
Total 34 11,771,114.41 4.97%
Group 2
Category Number Principal Balance Percentage
1 Month 6 1,632,013.13 1.55%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 6 1,632,013.13 1.55%
Group Totals
Category Number Principal Balance Percentage
1 Month 31 8,762,461.22 2.56%
2 Months 5 1,383,716.15 0.4%
3+ Months 4 3,256,950.17 0.95%
Total 40 13,403,127.54 3.91%
Number and Aggregate 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%
0 0.00 0.00%
Group Totals
Number Principal Balance Percentage
0 0.00 0.00%
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STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
December 27, 1999
Sec. 4.03(x) Number and Aggregate 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 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 a3 shortfall 0.00
Class a4 shortfall 0.00
Class a5 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 a3 shortfall 0.00
Class a4 shortfall 0.00
Class a5 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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