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
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 12/27/1999
STRUCTURED ASSET SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-ALS3
REPORTS TO CERTIFICATEHOLDERS
Distribution Date: 27-Dec-99
Realized Class
Beginning Loss of Accrued Ending
Certificate Principal Principal Interest Certificate
Class Balance Distributio Allocated Distributed Balance
1-CB 80,663,289.37 982,541.37 0.00 487,340.71 79,680,748.00
1-PO 340,267.10 285.61 0.00 0.00 339,981.49
2-NC 140,120,994.822,254,551.2 0.00 846,564.34 137,866,443.57
2-PO 930,477.31 7,148.59 0.00 0.00 923,328.72
B1 9,777,124.20 6,035.82 0.00 59,070.13 9,771,088.38
B2 4,511,751.04 2,785.29 0.00 27,258.50 4,508,965.75
B3 2,882,729.43 1,779.63 0.00 17,416.49 2,880,949.80
B4 1,378,479.68 850.99 0.00 8,328.31 1,377,628.69
B5 1,002,167.70 618.68 0.00 6,054.76 1,001,549.02
B6 1,759,645.97 1,086.30 0.00 10,631.19 1,758,559.67
R 100.00 0.00 0.00 0.86 100.00
Totals 243,367,026.623,257,683.5 0.00 1,462,665.29240,109,343.09
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 963.81122891 11.739967620.00000000 5.82302622 952.07126129
1-PO 980.43295357 0.82294602 0.00000000 0.00000000 979.61000755
2-NC 967.40582718 15.565590440.00000000 5.84474351 951.84023674
2-PO 993.43103467 7.63224539 0.00000000 0.00000000 985.79878928
B1 998.17500766 0.61621440 0.00000000 6.03064114 997.55879326
B2 998.17500885 0.61621460 0.00000000 6.03064159 997.55879425
B3 998.17501039 0.61621537 0.00000000 6.03064058 997.55879501
B4 998.17500362 0.61621289 0.00000000 6.03063722 997.55879073
B5 998.17500000 0.61621514 0.00000000 6.03063745 997.55878486
B6 998.17500868 0.61621345 0.00000000 6.03063818 997.55879523
R 1,000.000000000.00000000 0.00000000 8.60000000 1,000.0000000
Net Prepayment Current Outstanding
Interest Interest Interest Original
Shortfall Shortfall Shortfall Balance
Class
1-CB 0.00 0.00 0.0083,692,000.00
1-PO 0.00 0.00 0.00 347,058.00
2-NC 0.00 0.00 0.00144,842,000.00
2-PO 0.00 0.00 0.00 936,630.00
B1 0.00 0.00 0.009,795,000.00
B2 0.00 0.00 0.004,520,000.00
B3 0.00 0.00 0.002,888,000.00
B4 0.00 0.00 0.001,381,000.00
B5 0.00 0.00 0.001,004,000.00
B6 0.00 0.00 0.001,762,863.18
R 0.00 0.00 0.00 100.00
Group I Group II
i) Beginning Aggregate Scheduled Principal B88,796,115.2154,570,911.96
Scheduled Principal 59,846.99 90,627.87
Curtailments 17,714.63 18,958.71
Paid in Full 910,513.90 2,160,021.42
Liquidation Proceeds 0.00 0.00
Insurance Proceeds 0.00 0.00
Realized Loss 0.00 0.00
Ending Aggregate Scheduled Principal Ba87,808,039.7152,301,303.96
Non-PO Balance 88,455,845.2153,640,431.55
ii) Aggregate Advances
Principal Advances 50,1 75,254.0
Net Interest Advances 456,37 774,774.5
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 4,953,160.27
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 18,499.27 32,202.28
Master Servicing Fee 1,479.83 2,576.28
Trustee Fee 536.31 933.94
v) Mortgage Loans Outstanding and Delinquency Information
Group I Group I Group II Group II
Count Balance Count Balance
Current 660 87,808,039. 326 152,301,303.96
31-60 19 1,894,392.3 4 1,486,973.89
61-90 1 166,774.13 0 0.00
91+ 2 304,548.66 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: December 31, 1999
