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 reported) : October 25, 1999
STRUCTURED ASSET SECURITIES CORPORATION (as depositor under the
Trust Agreement, dated as of June 1, 1999, providing for the
issuance of Ocwen Home Equity Loan Trust 1999-OFS1, Home Equity
Loan Asset-Backed Certificates, Series 1999-OFS1)
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-68513-7 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 exhibits are being filed with respect to the
Registrant's Ocwen Home Equity Loan Trust 1999-OFS1, Home Equity Loan
Asset-Backed Certificates, Series 1999-OFS1 (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 June 1, 1999, among Structured
Asset Securities Corporation, as Depositor, Ocwen Financial Services Inc., as
Master Servicer, Ocwen Federal Bank FSB, as Special Servicer and The Chase
Manhattan Bank, as trustee.
On October 25, 1999 distributions were made to the Certificateholders.
Specific information with respect to the distributions 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 October 25, 1999 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: October 26, 1999 By: /s/Cynthia Kerpen
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Statement to Certificateholders on
October 25, 1999. 5
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Exhibit 99.1
Statement to Certificateholders on October 25, 1999
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<S> <C> <C> <C> <C> <C> <C>
OCWEN HOME EQUITY LOAN TRUST SERIES 1999-OFS1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
STATEMENT TO CERTIFICATEHOLDERS
October 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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A_F 92,537,000.00 90,227,731.64 749,324.11 547,381.57 1,296,705.68 0.00 0.00 89,478,407.53
A_V 52,420,000.00 50,240,576.22 425,951.05 221,560.94 647,511.99 0.00 0.00 49,814,625.17
FX 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
VX 0.00 0.00 0.00 4.24 4.24 0.00 0.00 0.00
R3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 144,957,000.00 140,468,307.86 1,175,275.16 768,946.75 1,944,221.91 0.00 0.00 139,293,032.70
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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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A_F 67574LAD0 975.04491868 8.09756216 5.91527249 14.01283465 966.94735652 A_F 7.28000%
A_V 67574LAC2 958.42381190 8.12573541 4.22664899 12.35238440 950.29807650 A_V 5.67000%
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TOTALS 969.0343196 8.10775030 5.30465414 13.41240444 960.92656926
If there are any questions or comments, please contact the Relationship Manager listed below.
---------------------------------------
Cynthia Kerpen
THE CHASE MANHATTAN BANK - Structured Finance Services
450 WEST 33RD STREET, 14th Floor
NEW YORK, NEW YORK 10001
(212) 946-3233
email: [email protected]
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OCWEN HOME EQUITY LOAN TRUST SERIES 1999-OFS1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
October 25, 1999
Sec. 4.03(a)(i) Group F Scheduled Principal 64,493.72
Group F Unscheduled Principal 541,817.27
Sec. 4.03(a)(iv) Group F Advances Required 306,604.14
Group F Advances Made 306,604.14
Sec. 4.03(a)(v) Group F Beginning Pool Balance 93,186,709.33
Sec. 4.03(a)(v) Group F Ending Pool Balance 92,580,398.34
Sec. 4.03(a)(viii) Group F Current Realized Losses 0.00
Group F Cumultative Realized Losses 0.00
Sec. 4.03(a)ix Group F Servicing Fees 38,827.80
Group F Special Servicing Fees 3,984.00
Group F Trustee Fees 873.63
Group F Insurance Premium Amount 11,278.47
Sec. 4.03(a)(xiv) Group F Net Prepayment Interest Shortfall 0.00
Group F Unpaid Interest Shortfall 0.00
Sec. 4.03(a)(xviii) Group F Deficiency Amount 0.00
Group F Rolling Deliquency Percentage 0.059003%
Group F Targeted Overcollateralization Amount 6,008,805.66
Group F Actual Overcollateralization Amount 3,101,990.81
Group F Available Funds Cap Rate 9.235015%
Sec. 4.03(a)(i) Group V Scheduled Principal 22,956.50
Group V Unscsheduled Principal 204,048.46
Sec. 4.03(a)iv Group V Advances Required 233,806.41
Group V Advances Made 233,806.41
Sec. 4.03(a)(v) Group V Beginning Pool Balance 51,932,880.59
Group V Ending Pool Balance 51,705,875.63
Sec. 4.03(a)(viii) Group V Current Realized Losses 0.00
Group V Cumultative Realized Losses 0.00
Sec. 4.03(a)(ix) Group V Servicing Fees 21,638.70
Group V Special Servicing Fees 2,324.00
Group V Trustee Fees 486.87
Group V Insurance Premium Amount 6,280.07
Sec. 4.03(a)(xiv) Group V Net Prepayment Interest Shortfall 0.00
Group V Unpaid Interest Shortfall 0.00
Sec. 4.03(a)(xviii) Group V Deficiency Amount 0.00
Group V Rolling Deliquency Percentage 0.072732%
Group V Targeted Overcollateralization Amount 4,232,204.18
Group V Actual Overcollateralization Amount 1,891,250.46
Group V Available Funds Cap Rate 10.820734 %
Sec. 4.03(a)(xiv) Basis Risk Shortfalls 0.00
Basis Risk Shortfalls Deposits to the Basis
Risk Reserve Fund 0.00
Sec. 4.03(a)(v) Beginning Aggregate Loan Balance 145,119,589.92
Ending Aggregate Loan Balance 144,286,273.97
Sec. 4.03)(a)(v) Aggregate Targeted Overcollateralization Amt 10,241,009.84
Aggregate Actual Overcollateralization Amt 4,993,241.27
Aggregate Current Realized Losses 0.00
Aggregate Cumulative Realized Losses 0.00
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OCWEN HOME EQUITY LOAN TRUST SERIES 1999-OFS1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
October 25, 1999
Sec 4.03(a)(x) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 Month 15 1,550,119.80 1.67%
2 Months 12 1,217,894.35 1.32%
3+Months 2 187,642.66 0.20%
Total 29 2,955,656.81 3.19%
Group 2
Category Number Principal Balance Percentage
1 Month 18 2,119,040.46 4.10%
2 Months 18 2,181,404.82 4.22%
3+Months 3 197,357.62 0.38%
Total 39 4,497,802.90 8.70%
Number and Aggregage Principal Amounts of Mortgage Loans in Foreclosure
Group Totals
Number Principal Balance Percentage
58 5,964,158.55 4.13 %
Number and Aggregage Principal Amounts of Bankruptcy Loans
Group Totals
Number Principal Balance Percentage
12 1,836,306.64 1.27 %
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%
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