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) : August 25, 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 August 25, 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 August 25, 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: August 31, 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
August 25, 1999 5
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Exhibit 99.1
Monthly Certificateholder Statement on August 25, 1999
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STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
STATEMENT TO CERTIFICATEHOLDERS
August 25, 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 57,377,000.00 841,500.00 322,745.63 1,164,245.63 0.00 0.00 56,535,500.00
A2 228,800,000.00 222,424,413.41 1,661,743.23 1,251,137.33 2,912,880.56 0.00 0.00 220,762,670.18
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 245,747.46 245,033.24 379.41 0.00 379.41 0.00 0.00 244,653.83
B1 20,404,000.00 20,376,894.98 13,735.85 114,620.03 128,355.88 0.00 0.00 20,363,159.13
B2 7,651,000.00 7,640,836.28 5,150.61 42,979.70 48,130.31 0.00 0.00 7,635,685.67
B3 3,643,000.00 3,638,160.58 2,452.45 20,464.65 22,917.10 0.00 0.00 3,635,708.13
B4 2,186,000.00 2,183,096.08 1,471.60 12,279.92 13,751.52 0.00 0.00 2,181,624.48
B5 1,457,000.00 1,455,064.50 980.84 8,184.74 9,165.58 0.00 0.00 1,454,083.66
B6 2,918,168.70 2,914,292.15 1,964.50 16,392.89 18,357.39 0.00 0.00 2,912,327.65
R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 364,365,016.16 356,254,791.22 2,529,378.49 2,000,638.22 4,530,016.71 0.00 0.00 353,725,412.73
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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 971.5035557 14.2482222 5.4647076 19.7129297 957.2553336 A1 6.750000%
A2 863572C35 972.1346740 7.2628638 5.4682576 12.7311213 964.8718102 A2 6.750000%
A3 863572C43 1,000.0000000 0.0000000 5.5416665 5.5416665 1,000.0000000 A3 6.750000%
A4 863572C50 1,000.0000000 0.0000000 5.6250000 5.6250000 1,000.0000000 A4 6.750000%
AP 863572C68 997.0936831 1.5439020 0.0000000 1.5439020 995.5497811 AP 0.000000%
B1 863572C76 998.6715830 0.6731940 5.6175275 6.2907214 997.9983890 B1 6.750000%
B2 863572C84 998.6715828 0.6731944 5.6175271 6.2907215 997.9983885 B2 6.750000%
B3 863572C92 998.6715839 0.6731952 5.6175268 6.2907219 997.9983887 B3 6.750000%
B4 863572D42 998.6715828 0.6731931 5.6175297 6.2907228 997.9983898 B4 6.750000%
B5 863572D59 998.6715855 0.6731915 5.6175292 6.2907207 997.9983940 B5 6.750000%
B6 863572D67 998.6715813 0.6731962 5.6175265 6.2907227 997.9983851 B6 6.750000%
R 863572D26 0.0000000 0.0000000 0.0000000 0.0000000 0.0000000 R 6.750000%
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Totals 977.74148291 6.94188075 5.49075277 12.43263351 970.79960216
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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.
---------------------------------------
Kimberly Costa
THE CHASE MANHATTAN BANK - Structured Finance Services
450 WEST 33RD STREET, 14th Floor
NEW YORK, NEW YORK 10001
(212) 946-3247
email: [email protected]
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STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
August 25, 1999
Sec. 4.03(i) Scheduled Principal Amounts 240,288.15
Group 1 Scheduled Principal 155,282.82
Group 2 Scheduled Principal 85,005.33
Sec. 4.03(i) Unscheduled Principal Amounts 2,289,090.34
Group 1 Unscheduled Principal 1,648,967.24
Group 2 Unscheduled Principal 640,123.10
Sec. 4.03(iv) Aggregate Advances 2,160,919.44
Group 1 Advances 1,504,348.35
Group 2 Advances 656,571.09
Sec. 4.03(v) Ending Principal Balance 353,725,412.73
Group 1 Principal Balance 245,705,083.70
Group 2 Principal Balance 108,020,329.03
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 10,440,512.96
Servicing Fees 5,937.58
Sub-Servicing Fees (includes Retained Interest) 316,854.58
Trustee Fees 2,078.15
A3 Insurance Premium 575.00
A4 Insurance Premium 375.00
A3 Insured Payment 0.00
A4 Insured Payment 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 13 5,759,699.95 2.34%
2 Months 2 368,510.67 0.15%
3+ Months 4 1,200,799.12 0.49%
Total 19 7,329,009.74 2.98%
Group 2
Category Number Principal Balance Percentage
1 Month 6 1,613,876.30 1.49%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 6 1,613,876.30 1.49%
Group Totals
Category Number Principal Balance Percentage
1 Month 19 7,373,576.25 2.08%
2 Months 2 368,510.67 0.10%
3+ Months 4 1,200,799.12 0.49%
Total 25 8,942,886.04 2.52%
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
August 25, 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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