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) : November 26, 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 November 26, 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 November 26, 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 2, 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
November 26, 1999 5
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Exhibit 99.1
Monthly Certificateholder Statement on November 26, 1999
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STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
STATEMENT TO CERTIFICATEHOLDERS
November 26, 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 54,852,500.00 841,500.00 308,545.31 1,150,045.31 0.00 0.00 54,011,000.00
A2 228,800,000.00 216,789,329.54 2,431,883.75 1,219,439.98 3,651,323.73 0.00 0.00 214,357,445.79
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 245,747.46 243,935.04 365.07 0.00 365.07 0.00 0.00 243,569.97
B1 20,404,000.00 20,335,382.49 14,097.04 114,386.53 128,483.57 0.00 0.00 20,321,285.45
B2 7,651,000.00 7,625,270.11 5,286.04 42,892.14 48,178.18 0.00 0.00 7,619,984.07
B3 3,643,000.00 3,630,748.79 2,516.93 20,422.96 22,939.89 0.00 0.00 3,628,231.86
B4 2,186,000.00 2,178,648.60 1,510.30 12,254.90 13,765.20 0.00 0.00 2,177,138.30
B5 1,457,000.00 1,452,100.20 1,006.64 8,168.06 9,174.70 0.00 0.00 1,451,093.56
B6 2,918,168.70 2,908,355.04 2,016.14 16,359.50 18,375.64 0.00 0.00 2,906,338.90
R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 364,365,016.16 348,016,269.81 3,300,181.91 1,954,302.71 5,254,484.62 0.00 0.00 344,716,087.90
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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 928.75888927 14.24822215 5.22426871 19.47249086 914.51066712 A1 6.750000%
A2 863572C35 947.50581093 10.62886254 5.32972019 15.95858274 936.87694838 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 992.62486782 1.48554943 0.00000000 1.48554943 991.13931839 AP 0.000000%
B1 863572C76 996.63705597 0.69089590 5.60608361 6.29697951 995.94616007 B1 6.750000%
B2 863572C84 996.63705529 0.69089531 5.60608286 6.29697817 995.94615998 B2 6.750000%
B3 863572C92 996.63705463 0.69089487 5.60608290 6.29697777 995.94615976 B3 6.750000%
B4 863572D42 996.63705398 0.69089661 5.60608417 6.29698079 995.94615737 B4 6.750000%
B5 863572D59 996.63706246 0.69089911 5.60608099 6.29698010 995.94616335 B5 6.750000%
B6 863572D67 996.63704843 0.69089220 5.60608439 6.29697659 995.94615623 B6 6.750000%
R 863572D26 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 6.750000%
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TOTALS 955.1308561 9.05735118 5.36358493 14.42093611 946.07350490
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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.
---------------------------------------
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
November 26, 1999
Sec. 4.03(i) Scheduled Principal Amounts 241,397.16
Group 1 Scheduled Principal 156,407.43
Group 2 Scheduled Principal 84,989.73
Sec. 4.03(i) Unscheduled Principal Amounts 3,058,784.76
Group 1 Unscheduled Principal 2,440,299.25
Group 2 Unscheduled Principal 618,485.51
Sec. 4.03(iv) Aggregate Advances 2,209,839.88
Group 1 Advances 1,564,430.50
Group 2 Advances 645,409.38
Sec. 4.03(v) Ending Principal Balance 344,716,087.90
Group 1 Principal Balance 238,761,481.71
Group 2 Principal Balance 105,954,606.19
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 10,421,746.19
Servicing Fees 5,800.27
Sub-Servicing Fees (includes Retained Interest) 307,097.59
Trustee Fees 2,030.09
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 16 3,978,695.25 1.67%
2 Months 5 3,446,776.00 1.44%
3+ Months 3 519,125.12 0.22%
Total 24 7,944,596.37 3.33%
Group 2
Category Number Principal Balance Percentage
1 Month 5 1,253,801.69 1.18%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 5 1,253,801.69 1.18%
Group Totals
Category Number Principal Balance Percentage
1 Month 21 5,232,496.94 1.52%
2 Months 5 3,446,776.00 1.00%
3+ Months 3 519,1254.12 0.05%
Total 29 9,198,398.06 2.67%
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
November 26, 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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