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):
September 27, 1999
STRUCTURED ASSET SECURITIES CORPORATION
(as depositor under the Trust Agreement, dated as of
August 1, 1999, providing for the issuance of
Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1999-ALS3
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-68513-08 74-2440850
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
200 Vesey Street
New York, New York 10285
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 526-5594
Item 5. Other Events
A scheduled distribution was made from the Trust
to holders of the Certificates. The Trustee has caused to be filed
with the Commission, the Monthly Report.
The Monthly Report is filed pursuant to and in accordance with/
(1) numerous no-action letters (2) current Commission policy in the area.
A. Monthly Report Information
See Exhibit No.1
B. Have and deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5
if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
__1. Monthly Distribution Report dated 9/27/99
STRUCTURED ASSET SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-ALS3
REPORTS TO CERTIFICATEHOLDERS
Distribution Date: 9/27/99
Realized Class
Beginning Loss of Accrued Ending
Certificate Principal Principal Interest Certificate
Class Balance Distribution Allocated Distributed Balance
1-CB 83692000 1432687.93 0 505639.17 82259312.07
1-PO 347058 3118.41 0 0 343939.59
2-NC 144842000.00 2066809.43 0.00 875087.08 142775190.57
2-PO 936630.00 825.31 0.00 0.00 935804.69
B1 9795000.00 5896.86 0.00 59178.13 9789103.14
B2 4520000.00 2721.16 0.00 27308.33 4517278.84
B3 2888000.00 1738.65 0.00 17448.33 2886261.35
B4 1381000.00 831.40 0.00 8343.54 1380168.60
B5 1004000.00 604.44 0.00 6065.83 1003395.56
B6 1762863.18 1061.29 0.00 10650.63 1761801.89
R 100.00 0.00 0.00 0.60 100.00
Totals 251168651.18 3516294.88 0.00 1509721.64 247652356.30
PO classes are Principal Only Classes and will not receive interest payments.
Realized Class
Beginning Loss of Accrued Ending
Certificate Principal Principal Interest Certificate
Class Balance Distribution Allocated Distributed Balance
1-CB 1000.00 17.12 0.00 6.041666706 982.8814232
1-PO 1000.00 8.99 0.00 0 991.0147295
2-NC 1000.00 14.27 0.00 6.041666644 985.7305931
2-PO 1000.00 0.88 0.00 0 999.1188516
B1 1000.00 0.60 0.00 6.041667177 999.3979724
B2 1000.00 0.60 0.00 6.041665929 999.3979735
B3 1000.00 0.60 0.00 6.041665512 999.3979744
B4 1000.00 0.60 0.00 6.04166546 999.3979725
B5 1000.00 0.60 0.00 6.041663347 999.3979681
B6 1000 0.602026301 0 6.041665695 999.3979737
R 1000 0 0 6 1000
Net Prepayment Current Outstanding
Interest Interest Interest Original
Shortfall Shortfall Shortfall Balance
Class
1-CB 0.00 0.00 0.00 83692000.00
1-PO 0.00 0.00 0.00 347058.00
2-NC 0.00 0.00 0.00 144842000.00
2-PO 0.00 0.00 0.00 936630.00
B1 0.00 0.00 0.00 9795000.00
B2 0.00 0.00 0.00 4520000.00
B3 0.00 0.00 0.00 2888000.00
B4 0 0 0 1381000
B5 0 0 0 1004000
B6 0 0 0 1762863.18
R 0 0 0 100
Group I Group II
i) Beginning Aggregate Scheduled Principal Balance 91,847,049.6 159321602.1
Scheduled Principal 59785.57 91670.61
Curtailments 9386.16 14188.64
Paid in Full 1371713.59 1969550.3
Liquidation Proceeds 0 0
Insurance Proceeds 0 0.00
Realized Loss 0 0.00
Ending Aggregate Scheduled Principal Balance 90406164.35 157246192.5
Non-PO Balance 91499991.31 158384971.88
ii) Aggregate Advances
Principal Advances 45437.22 70732.92
Net Interest Advances 423014.41 750644.05
Group 1 Group 1 Group 2 Group 2
iii) Realized Losses Count Balance Count Balance
Current 0 0 0.00000000 0.00000000
Cumulative 0 0 0.00000000 0.00000000
Loss Limit NA
Special Hazard Loss Amt
Current 0 0 0.00000000 0.00000000
Cumulative 0 0 0.00000000 0.00000000
Loss Limit 7130186
Fraud Loss Amount
Current 0 0 0 0
Cumulative 0 0 0 0
Loss Limit 5023373
Bankruptcy Loss Amount
Current 0 0 0 0.00
Cumulative 0 0 0 0.00
Loss Limit 180000
Group I Group II
iv) Servicing Fee 19134.9 33192.00
Master Servicing Fee 1530.85 2655.34
Trustee Fee 554.73 962.55
v) Mortgage Loans Outstanding and Delinquency Information
Group I Group I Group II Group II
Count Balance Count Balance
Current 679 90406164.35 335 157246192.53
31-60 21 2396280.35 3 2101714.98
61-90 2 300425.8 1 305819.34
91+ 0 0 1 770000
vi) Delinquency Information for Mortgage Loans in Foreclosure Proceedings
Group I Group I Group II Group II
Count Balance Count Balance
31-60 0 0 0 0.00
61-90 0 0 0 0.00
91+ 0 0 0 0.00
Group I Group II
vii) Accrued and Unpaid Principal 0.003096552 0.00
Accrued and Unpaid Interest 0 0.00
SIGNATURES
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 thereunto duly authorized.
STRUCTURED ASSETS SECURITIES CORPORTATION
MORTGAGE PASS THROUGH CERTIFICATES, SERIES 1999-ALS3
By: /s/ Eve Kaplan
Name: Eve Kaplan
Title: Vice President
US Bank National Association
Dated: 9/30/99
