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) : June 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 12 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 June 25, 1999 and July 26, 1999
distributions were made to the Certificateholders.
Specific information with respect to the distrbutions are filed as
Exhibits 99.1 and 99.2. 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 June 25, 1999 is filed
as Exhibit 99.1 hereto.
Statement to Certificateholders on July 26, 1999 is filed
as Exhibit 99.2 hereto.
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<PAGE>
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 4, 1999 By: /s/ Kimberly Costa
Vice President
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<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
June 25, 1999 5
99.2 Monthly Certificateholder Statement on
July 26, 1999 9
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<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on June 25, 1999
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<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
STATEMENT TO CERTIFICATEHOLDERS
June 25, 1999
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
Original Prior Current
Face Principal Realized Deferred Principal
Class Value Balance Interest Principal Total Losses Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A1 59,060,000.00 59,060,000.00 841,500.00 332,212.50 1,173,712.50 0 0 58,218,500.00
A2 228,800,000.00 228,800,000.00 3,579,802.27 1,287,000.00 4,866,802.27 0 0 225,220,197.73
A3 23,000,000.00 23,000,000.00 0 127,458.33 127,458.33 0 0 23,000,000.00
A4 15,000,000.00 15,000,000.00 0 84,375.00 84,375.00 0 0 15,000,000.00
AP 245,747.46 245,747.46 326.93 0 326.93 0 0 245,420.53
B1 20,404,000.00 20,404,000.00 13,499.46 114,772.50 128,271.96 0 0 20,390,500.54
B2 7,651,000.00 7,651,000.00 5,061.97 43,036.88 48,098.85 0 0 7,645,938.03
B3 3,643,000.00 3,643,000.00 2,410.24 20,491.88 22,902.12 0 0 3,640,589.76
B4 2,186,000.00 2,186,000.00 1,446.28 12,296.25 13,742.53 0 0 2,184,553.72
B5 1,457,000.00 1,457,000.00 963.96 8,195.63 9,159.59 0 0 1,456,036.04
B6 2,918,168.70 2,918,168.70 1,930.68 16,414.70 18,345.38 0 0 2,916,238.02
R 100 100 100 0.56 100.56 0 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 364,365,016.16 364,365,016.16 4,447,041.79 2,046,254.23 6,493,296.02 0 0 359,917,974.37
- -----------------------------------------------------------------------------------------------------------------------------------
A5 171,851.85 171,851.85 0 966.67 966.67 0 0 171,851.85
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 of Original Face Pass-through Rates
- -------------------------------------------------------------------------------- ---------------------------
Prior Current Current
Principal Principal Class Pass-thru
Class Cusip Factor Principal Interest Total Factor Rate
- ----------------------------------------------------------------------------------------------------------------------------------
A1 863572C27 1000.00000000 14.24822215 5.62500000 19.87322215 985.75177785 A1 6.750000%
A2 863572C35 1000.00000000 15.64598894 5.62500000 21.27098894 984.35401106 A2 6.750000%
A3 863572C43 1000.00000000 0.00000000 5.54166652 5.54166652 1000.00000000 A3 6.750000%
A4 863572C50 1000.00000000 0.00000000 5.62500000 5.62500000 1000.00000000 A4 6.750000%
AP 863572C68 1000.00000000 1.33034946 0.00000000 1.33034946 998.66965054 AP 0.000000%
B1 863572C76 1000.00000000 0.66160851 5.62500000 6.28660851 999.33839149 B1 6.750000%
B2 863572C84 1000.00000000 0.66160894 5.62500065 6.28660959 999.33839106 B2 6.750000%
B3 863572C92 1000.00000000 0.66160856 5.62500137 6.28660994 999.33839144 B3 6.750000%
B4 863572D42 1000.00000000 0.66161025 5.62500000 6.28661025 999.33838975 B4 6.750000%
B5 863572D59 1000.00000000 0.66160604 5.62500343 6.28660947 999.33839396 B5 6.750000%
B6 863572D67 1000.00000000 0.66160671 5.62500036 6.28660708 999.33839329 B6 6.750000%
R 863572D26 1000.00000000 1000.00000000 5.60000000 1005.60000000 0.00000000 R 6.750000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 1000.00000000 12.20490879 5.61594593 17.82085473 987.79509121
- ----------------------------------------------------------------------------------------------------------------------------------
A5 863572D34 1000.00000000 0.00000000 5.62501946 5.62501946 1000.00000000 A5 6.750000%
- ----------------------------------------------------------------------------------------------------------------------------------
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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<PAGE>
STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
June 25, 1999
Sec. 4.03(i) Scheduled Principal Amounts 241,206.09
Group 1 Scheduled Principal 155,676.36
Group 2 Scheduled Principal 85,529.73
Sec. 4.03(i) Unscheduled Principal Amounts 4,205,835.70
Group 1 Unscheduled Principal 2,566,036.58
Group 2 Unscheduled Principal 1,639,799.12
Sec. 4.03(iv) Aggregate Advances 2,133,742.77
Group 1 Advances 1,467,581.83
Group 2 Advances 666,160.94
Sec. 4.03(v) Ending Principal Balance 359,917,974.37
Group 1 Principal Balance 249,940,311.46
Group 2 Principal Balance 109,977,662.91
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 10,459,911.00
Servicing Fees 6,072.74
Sub-Servicing Fees 325,660.84
Trustee Fees 2,125.46
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 26 8,316,074.75 3.33%
2 Months 1 767,447.22 0.31%
3+ Months 0 0.00 0.00%
Total 27 9,083,521.97 3.64%
Group 2
Category Number Principal Balance Percentage
1 Month 12 2,254,320.93 2.05%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 12 2,254,320.93 2.05%
Group Totals
Category Number Principal Balance Percentage
1 Month 38 10,570,395.68 2.94%
2 Months 1 767,447.22 0.21%
3+ Months 0 0.00 0.00%
Total 39 11,337,842.90 3.15%
Number and Aggregage 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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<PAGE>
STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
June 25, 1999
Sec. 4.03(x) Number and Aggregage 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
-8-
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on July 26, 1999
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<PAGE>
STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
STATEMENT TO CERTIFICATEHOLDERS
July 26, 1999
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
Original Prior Current
Face Principal Realized Deferred Principal
Class Value Balance Interest Principal Total Losses Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A1 59,060,000.00 58,218,500.00 841,500.00 327,479.06 1,168,979.06 0 0 57,377,000.00
A2 228,800,000.00 225,220,197.73 2,795,784.32 1,266,863.61 4,062,647.93 0 0 222,424,413.41
A3 23,000,000.00 23,000,000.00 0 127,458.33 127,458.33 0 0 23,000,000.00
A4 15,000,000.00 15,000,000.00 0 84,375.00 84,375.00 0 0 15,000,000.00
AP 245,747.46 245,420.53 387.29 0 387.29 0 0 245,033.24
B1 20,404,000.00 20,390,500.54 13,605.56 114,696.57 128,302.13 0 0 20,376,894.98
B2 7,651,000.00 7,645,938.03 5,101.75 43,008.40 48,110.15 0 0 7,640,836.28
B3 3,643,000.00 3,640,589.76 2,429.18 20,478.32 22,907.50 0 0 3,638,160.58
B4 2,186,000.00 2,184,553.72 1,457.64 12,288.11 13,745.75 0 0 2,183,096.08
B5 1,457,000.00 1,456,036.04 971.54 8,190.20 9,161.74 0 0 1,455,064.50
B6 2,918,168.70 2,916,238.02 1,945.87 16,403.84 18,349.71 0 0 2,914,292.15
R 100 0 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 364,365,016.16 359,917,974.37 3,663,183.15 2,021,241.44 5,684,424.59 0 0 356,254,791.22
- -----------------------------------------------------------------------------------------------------------------------------------
A5 171,851.85 171,851.85 0 966.67 966.67 0 0 171,851.85
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 of Original Face Pass-through Rates
- -------------------------------------------------------------------------------- ---------------------------
Prior Current Current
Principal Principal Class Pass-thru
Class cusip Factor Principal Interest Total Factor Rate
- ----------------------------------------------------------------------------------------------------------------------------------
A1 863572C27 985.75177785 14.24822215 5.54485371 19.79307586 971.50355571 A1 6.750000%
A2 863572C35 984.35401106 12.21933706 5.53699130 17.75632837 972.13467399 A2 6.750000%
A3 863572C43 1000.00000000 0.00000000 5.54166652 5.54166652 1000.00000000 A3 6.750000%
A4 863572C50 1000.00000000 0.00000000 5.62500000 5.62500000 1000.00000000 A4 6.750000%
AP 863572C68 998.66965054 1.57596746 0.00000000 1.57596746 997.09368308 AP 0.000000%
B1 863572C76 999.33839149 0.66680847 5.62127867 6.28808714 998.67158302 B1 6.750000%
B2 863572C84 999.33839106 0.66680826 5.62127826 6.28808652 998.67158280 B2 6.750000%
B3 863572C92 999.33839144 0.66680758 5.62127917 6.28808674 998.67158386 B3 6.750000%
B4 863572D42 999.33838975 0.66680695 5.62127630 6.28808326 998.67158280 B4 6.750000%
B5 863572D59 999.33839396 0.66680851 5.62127660 6.28808511 998.67158545 B5 6.750000%
B6 863572D67 999.33839329 0.66681203 5.62127885 6.28809088 998.67158126 B6 6.750000%
R 863572D26 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 6.750000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 987.79509121 10.05360830 5.54729831 15.60090661 977.74148291
- ----------------------------------------------------------------------------------------------------------------------------------
A5 863572D34 1000.00000000 0.00000000 5.62501946 5.62501946 1000.00000000 A5 6.750000%
- ----------------------------------------------------------------------------------------------------------------------------------
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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<PAGE>
STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
July 26, 1999
Sec. 4.03(i) Scheduled Principal Amounts 240,295.05
Group 1 Scheduled Principal 155,299.31
Group 2 Scheduled Principal 84,995.74
Sec. 4.03(i) Unscheduled Principal Amounts 3,422,888.10
Group 1 Unscheduled Principal 2,275,678.39
Group 2 Unscheduled Principal 1,147,209.71
Sec. 4.03(iv) Aggregate Advances 2,158,529.72
Group 1 Advances 1,492,087.37
Group 2 Advances 666,442.35
Sec. 4.03(v) Ending Principal Balance 356,254,791.22
Group 1 Principal Balance 247,509,333.76
Group 2 Principal Balance 108,745,457.46
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 10,434,732.83
Servicing Fees 5,998.64
Sub-Servicing Fees 320,614.91
Trustee Fees 2,099.53
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 16 4,530,657.49 1.83%
2 Months 6 1,770,558.26 0.72%
3+ Months 0 0.00 0.00%
Total 22 6,301,215.75 2.55%
Group 2
Category Number Principal Balance Percentage
1 Month 4 1,227,825.50 1.13%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 4 1,227,825.50 1.13%
Group Totals
Category Number Principal Balance Percentage
1 Month 20 5,758,482.99 1.62%
2 Months 6 1,770,558.26 0.50%
3+ Months 0 0.00 0.00%
Total 26 7,529,041.25 2.12%
Number and Aggregage 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%
Group Totals
Number Principal Balance Percentage
0 0.00 0.00%
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<PAGE>
STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS2
July 26, 1999
Sec. 4.03(x) Number and Aggregage 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
-12 -
</TABLE>
