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):
November 26, 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 11/26/1999
STRUCTURED ASSET SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-ALS3
REPORTS TO CERTIFICATEHOLDERS
Distribution Date: 26-Nov-99
Realized Class
Beginning Loss of Accrued Ending
Certificate Principal Principal Interest Certificate
Class Balance Distributio Allocated Distributed Balance
1-CB 80,913,218.62 249,929.25 0.00 488,850.70 80,663,289.37
1-PO 343,055.30 2,788.20 0.00 0.00 340,267.10
2-NC 140,968,636.89 847,642.07 0.00 851,685.51 140,120,994.82
2-PO 931,334.96 857.65 0.00 0.00 930,477.31
B1 9,783,160.89 6,036.69 0.00 59,106.60 9,777,124.20
B2 4,514,536.73 2,785.69 0.00 27,275.33 4,511,751.04
B3 2,884,509.31 1,779.88 0.00 17,427.24 2,882,729.43
B4 1,379,330.80 851.12 0.00 8,333.46 1,378,479.68
B5 1,002,786.47 618.77 0.00 6,058.50 1,002,167.70
B6 1,760,732.43 1,086.46 0.00 10,637.76 1,759,645.97
R 100.00 0.00 0.00 0.60 100.00
Totals 244,481,402.40 1,114,375.7 0.00 1,469,375.70 243,367,026.62
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 Distributio Allocated Distributed Balance
1-CB 966.79752688 2.98629797 0.00000000 5.84106844 963.81122891
1-PO 988.46676924 8.03381567 0.00000000 0.00000000 980.43295357
2-NC 973.25801142 5.85218424 0.00000000 5.88010045 967.40582718
2-PO 994.34671108 0.91567641 0.00000000 0.00000000 993.43103467
B1 998.79131087 0.61630322 0.00000000 6.03436447 998.17500766
B2 998.79131195 0.61630310 0.00000000 6.03436504 998.17500885
B3 998.79131233 0.61630194 0.00000000 6.03436288 998.17501039
B4 998.79131064 0.61630702 0.00000000 6.03436640 998.17500362
B5 998.79130478 0.61630478 0.00000000 6.03436255 998.17500000
B6 998.79131289 0.61630421 0.00000000 6.03436507 998.17500868
R 1,000.00000000 0.00000000 0.00000000 6.00000000 1,000.0000000
Net Prepayment Current Outstanding
Interest Interest Interest Original
Shortfall Shortfall Shortfall Balance
Class
1-CB 0.00 0.00 0.00 83,692,000.00
1-PO 0.00 0.00 0.00 347,058.00
2-NC 0.00 0.00 0.00 144,842,000.00
2-PO 0.00 0.00 0.00 936,630.00
B1 0.00 0.00 0.00 9,795,000.00
B2 0.00 0.00 0.00 4,520,000.00
B3 0.00 0.00 0.00 2,888,000.00
B4 0.00 0.00 0.00 1,381,000.00
B5 0.00 0.00 0.00 1,004,000.00
B6 0.00 0.00 0.00 1,762,863.18
R 0.00 0.00 0.00 100.00
Group I Group II
i) Beginning Aggregate Scheduled Principal Bal 89,054,061.51 155,427,341.49
Scheduled Principal 59,754.64 91,317.56
Curtailments 29,197.73 15,226.95
Paid in Full 168,993.89 749,885.02
Liquidation Proceeds 0.00 0.00
Insurance Proceeds 0.00 0.00
Realized Loss 0.00 0.00
Ending Aggregate Scheduled Principal Bala 88,796,115.25 154,570,911.96
Non-PO Balance 88,711,005.37 154,496,003.51
ii) Aggregate Advances
Principal Advances 46,521.57 72,186
Net Interest Advances 419,494.07 747,533
Group 1 Group 1 Group 2 Group 2
iii) Realized Losses Count Balance Count Balance
Current 0 0.00 0 0.00
Cumulative 0 0.00 0 0.00
Loss Limit NA
Special Hazard Loss Amt
Current 0 0.00 0 0.00
Cumulative 0 0.00 0 0.00
Loss Limit 7,130,186.00
Fraud Loss Amount
Current 0 0.00 0 0.00
Cumulative 0 0.00 0 0.00
Loss Limit 5,023,373.00
Bankruptcy Loss Amount
Current 0 0.00 0 0.00
Cumulative 0 0.00 0 0.00
Loss Limit 180,000.00
Group I Group II
iv) Servicing Fee 18,552.90 32,380.74
Master Servicing Fee 1,484.28 2,590.49
Trustee Fee 537.81 939.04
v) Mortgage Loans Outstanding and Delinquency Information
Group I Group I Group II Group II
Count Balance Count Balance
Current 667 88,796,115.2 330 154,570,911.96
31-60 11 1,317,951.47 2 563,269.51
61-90 1 99,923.90 0 0.00
91+ 1 204,750.72 0 0.00
vi) Delinquency Information for Mortgage Loans in Foreclosure Proceedings
Group I Group I Group II Group II
Count Balance Count Balance
31-60 0 0.00 0 0.00
61-90 0 0.00 0 0.00
91+ 1 91,942.81 0 0.00
Group I Group II
vii) Accrued and Unpaid Principal 0.00 0.00
Accrued and Unpaid Interest 0.00 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: November 30, 1999
