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
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 10/25/99
STRUCTURED ASSET SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-ALS3
REPORTS TO CERTIFICATEHOLDERS
Distribution Date: 10/25/99
Realized Class
Beginning Loss of Accrued Ending
Certificate Principal Principal Interest Certificate
Class Balance Distribution Allocated Distributed Balance
1-CB 82259312.07 1346093.45 0 496983.34 80913218.62
1-PO 343939.59 884.29 0 0 343055.3
2-NC 142775190.57 1806553.68 0.00 862600.11 140968636.89
2-PO 935804.69 4469.73 0.00 0.00 931334.96
B1 9789103.14 5942.25 0.00 59142.50 9783160.89
B2 4517278.84 2742.11 0.00 27291.89 4514536.73
B3 2886261.35 1752.04 0.00 17437.83 2884509.31
B4 1380168.60 837.80 0.00 8338.52 1379330.80
B5 1003395.56 609.09 0.00 6062.18 1002786.47
B6 1761801.89 1069.46 0.00 10644.22 1760732.43
R 100.00 0.00 0.00 0.64 100.00
Totals 247652356.30 3170953.90 0.00 1488501.23 244481402.40
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 982.88 16.08 0.00 5.938241887 966.7975269
1-PO 991.01 2.55 0.00 0 988.4667692
2-NC 985.73 12.47 0.00 5.955455669 973.2580114
2-PO 999.12 4.77 0.00 0 994.3467111
B1 999.40 0.61 0.00 6.038029607 998.7913109
B2 999.40 0.61 0.00 6.038028761 998.7913119
B3 999.40 0.61 0.00 6.038029778 998.7913123
B4 999.40 0.61 0.00 6.038030413 998.7913106
B5 999.40 0.61 0.00 6.038027888 998.7913048
B6 999.3979737 0.606660807 0 6.038029565 998.7913129
R 1000 0 0 6.4 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 90,406,164.3 157246192.5
Scheduled Principal 59422.55 91146.05
Curtailments 9448.3 10737.69
Paid in Full 1283231.99 1716967.3
Liquidation Proceeds 0 0
Insurance Proceeds 0 0.00
Realized Loss 0 0.00
Ending Aggregate Scheduled Principal Balance 89054061.51 155427341.5
Non-PO Balance 90062224.4 156310387.63
ii) Aggregate Advances
Principal Advances 46379.15 72232.81
Net Interest Advances 422433.71 760518.43
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 18834.6 32759.58
Master Servicing Fee 1506.81 2620.82
Trustee Fee 545.99 950.03
v) Mortgage Loans Outstanding and Delinquency Information
Group I Group I Group II Group II
Count Balance Count Balance
Current 669 89054061.51 332 155427341.49
31-60 10 1069060.59 3 1409380.61
61-90 3 379442.07 0 0.00
91+ 0 0 0 0
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 1 770000.00
Group I Group II
vii) Accrued and Unpaid Principal 0.000246237 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: 10/31/99
