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) : December 27, 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 December 27, 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 December 27, 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: December 28, 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
December 27, 1999. 5
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Exhibit 99.1
Statement to Certificateholders on December 27, 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
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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A_F 92,537,000.00 88,195,431.93 578,733.52 535,052.29 1,113,785.81 0.00 0.00 87,616,698.41
A_V 52,420,000.00 48,846,096.19 468,048.23 247,218.91 715,267.14 0.00 0.00 48,378,047.96
FX 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
VX 0.00 0.00 0.00 4.49 4.49 0.00 0.00 0.00
R3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 144,957,000.00 137,041,528.12 1,046,781.75 782,275.69 1,829,057.44 0.00 0.00 135,994,746.37
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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 953.08289581 6.25407696 5.78203627 12.03611323 946.82881885 A_F 7.2800005
A_V 67574LAC2 931.82175105 8.92881019 4.71611808 13.64492827 922.89294086 A_V 5.877500%
TOTALS 945.39434536 7.22132598 5.39660513 12.61793111 938.17301938
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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
December 27, 1999
Sec. 4.03(a)(i) Group F Scheduled Principal 64,945.45
Group F Unscheduled Principal 379,994.78
Sec. 4.03(a)(iv) Group F Advances Required 325,270.23
Group F Advances Made 325,270.23
Sec. 4.03(a)(v) Group F Beginning Pool Balance 91,438,272.99
Group F Beginning Loan Count 871
Group F Ending Pool Balance 90,993,332.76
Group F Ending Loan Count 867
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 38,099.28
Group F Special Servicing Fees 10,956.00
Group F Trustee Fees 857.23
Group F Insurance Premium Amount 11,024.43
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 0.181848%
Group F Targeted Overcollateralization Amount 18,201,691.35
Group F Actual Overcollateralization Amount 3,376,634.35
Group F Available Funds Cap Rate 9.250038%
Sec. 4.03(a)(i) Group V Scheduled Principal 22,914.22
Group V Unscsheduled Principal 280,532.16
Sec. 4.03(a)iv Group V Advances Required 267,393.62
Group V Advances Made 267,393.62
Sec. 4.03(a)(v) Group V Beginning Pool Balance 50,900,908.56
Group V Beginning Loan Count 455.00
Group V Ending Pool Balance 50,597,462.18
Group V Ending Loan Count 451.00
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 21,208.71
Group V Special Servicing Fees 3,320.00
Group V Trustee Fees 477.20
Group V Insurance Premium Amount 6,105.76
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 0.227628%
Group V Targeted Overcollateralization Amount 12,093,282.98
Group V Actual Overcollateralization Amount 2,219,414.22
Group V Available Funds Cap Rate 9.869754%
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 142,339,181.55
Ending Aggregate Loan Balance 141,590,794.94
Sec. 4.03)(a)(v) Aggregate Targeted Overcollateralization Amt 30,294,974.33
Aggregate Actual Overcollateralization Amt 5,596,048.57
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
December 27, 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 25 2,514,637.24 2.76%
2 Months 12 1,218,296.97 1.34%
3+Months 1 72,511.36 0.08%
Total 38 3,805,445.57 4.18%
Group 2
Category Number Principal Balance Percentage
1 Month 13 1,334,389.36 2.64%
2 Months 9 1,026,518.42 2.03%
3+Months 3 222,575.56 0.44%
Total 25 2,583,483.34 5.11%
Number and Aggregage Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
47 4,954,541.05 5.44%
Group 2
Number Principal Balance Percentage
35 3,487,326.42 6.89%
Group totals
Number Principal Balance Percentage
82 8,441,867.47 5.96%
Number and Aggregage Principal Amounts of Bankruptcy Loans
Group 1
Number Principal Balance Percentage
8 987,266.29 1.08%
Group 2
Number Principal Balance Percentage
7 1,363,362.19 2.69%
Group totals
Number Principal Balance Percentage
15 2,350,628.48 1.66%
Number and Aggregage Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
3 151,725.60 0.17%
Group 2
Number Principal Balance Percentage
4 135,124.08 0.27%
Group Totals
Number Principal Balance Percentage
7 286,849.68 0.2%
Note: Foreclosures, Bankruptcies, and REOs are not included in the delinquency buckets.
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