SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Sec. 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported) : May 25, 2000
STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under
the Trust Agreement, dated as of April 1, 2000, providing for
the issuance of Aurora Loan Services Mortgage Pass-Through
Certificates, Series 2000-2)
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-31252-01 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
<PAGE>
Item 5. Other Events.
This report and the attached exhibit is being filed with respect to the
Registrant's Aurora Loan Services Mortgage Pass-Through Certificates, Series
2000-2 (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 April 1, 2000 among Structured Asset Securities Corporation, as depositor,
Aurora Loan Services Inc., as master servicer, and The Chase Manhattan Bank, as
trustee. On May 25, 2000 and June 26, 2000 distributions were made to the
Certificateholders.
Specific information with respect to the distributions are filed as
Exhibits 99.1 and 99.2. 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 May 25, 2000 is filed
as Exhibit 99.1 hereto.
Statement to Certificateholders on June 26, 2000 is filed
as Exhibit 99.2 hereto.
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<PAGE>
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: July 28, 2000 By: /s/ Kimberly Costa
Vice President
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<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Monthly Certificateholder Statement on
May 25, 2000
99.2 Monthly Certificateholder Statement on
June 26, 2000
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Exhibit 99.1
Monthly Certificateholder Statement on May 25, 2000
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<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-ALS2
STATEMENT TO CERTIFICATEHOLDERS
May 25, 2000
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
Original Prior Current
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
-----------------------------------------------------------------------------------------------------------------------------------
IA1 48844000.00 48844000.00 2481578.66 305275.00 2786853.66 0.00 0.00 46362421.34
IA2 1000000.00 1000000.00 0806.21 6250.00 57056.21 0.00 0.00 949193.79
IAP 721738.00 721738.00 562.21 0.00 562.21 0.00 0.00 721175.79
IIA1 165599000.00 165599000.00 4050383.24 942534.31 4992917.55 0.00 0.00 161548616.76
IIA2 1000000.00 1000000.00 24458.98 5691.67 30150.65 0.00 0.00 975541.02
IIAP 18766848.00 18766848.00 309386.40 0.00 309386.40 0.00 0.00 18457461.60
B1 8402000.00 8402000.00 4604.71 61469.28 66073.99 0.00 0.00 8397395.29
B2 6463000.00 6463000.00 3542.00 47283.50 50825.50 0.00 0.00 6459458.00
B3 3101000.00 3101000.00 1699.48 22687.01 24386.49 0.00 0.00 3099300.52
B4 2068000.00 2068000.00 1133.38 15129.55 16262.93 0.00 0.00 2066866.62
B5 1033000.00 1033000.00 566.10 7557.46 8123.56 0.00 0.00 1032433.90
B6 1557932.10 1557932.10 850.78 11397.88 12248.66 0.00 0.00 1557081.32
R 100.00 100.00 100.00 0.63 100.63 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS 258556618.10 258556618.10 6929672.15 1425276.29 8354948.44 0.00 0.00 251626945.95
-----------------------------------------------------------------------------------------------------------------------------------
IAX 49844000.00 49844000.00 0.00 18089.22 18089.22 0.00 0.00 47311615.12
IIAX1 166599000.00 166599000.00 0.00 302569.44 302569.44 0.00 0.00 162524157.77
IIAX2 166599000.00 166599000.00 0.00 1305.03 1305.03 0.00 0.00 162524157.77
-----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 of Original Face Pass-through Rates
------------------------------------------------------------------------------------ ---------------------------
Prior Current Current
Principal Principal Class Pass-thru
Class cusip Factor Principal Interest Total Factor Rate
----------------------------------------------------------------------------------------------------------------------------------
IA1 863572n41 1,000.00000000 50.80621284 6.25000000 57.05621284 949.19378716 IA1 7.500000%
IA2 1,000.00000000 50.80621000 6.25000000 57.05621000 949.19379000 IA2 7.500000%
IAP 863572n66 1,000.00000000 0.77896688 0.00000000 0.77896688 999.22103312 IAP 0.000000%
IIA1 863572n74 1,000.00000000 24.45898369 5.69166668 30.15065037 975.54101631 IIA1 6.830000%
IIA2 1,000.00000000 24.45898000 5.69167000 30.15065000 975.54102000 IIA2 6.830000%
IIAP 863572p23 1,000.00000000 16.48579452 0.00000000 16.48579452 983.51420548 IIAP 0.000000%
B1 863572p31 1,000.00000000 0.54804927 7.31602952 7.86407879 999.45195073 B1 8.779235%
B2 863572p49 1,000.00000000 0.54804270 7.31602971 7.86407241 999.45195730 B2 8.779235%
B3 863572p56 1,000.00000000 0.54804257 7.31603031 7.86407288 999.45195743 B3 8.779235%
B4 1,000.00000000 0.54805609 7.31602998 7.86408607 999.45194391 B4 8.779235%
B5 1,000.00000000 0.54801549 7.31603098 7.86404647 999.45198451 B5 8.779235%
B6 1,000.00000000 0.54609569 7.31603130 7.86212698 999.45390431 B6 8.779235%
R 863572p64 1,000.00000000 1,000.00000000 6.30000000 1,006.30000000 0.00000000 R 8.500000%
------------------------------------------------------------------------------------------------
TOTALS 1,000.00000000 26.80137217 5.51243399 32.31380617 973.19862783
------------------------------------------------------------------------------------------------
IAX 863572n58 1,000.00000000 0.00000000 0.36291670 0.36291670 949.19378702 IAX 0.435500%
IIAX1 863572n82 1,000.00000000 0.00000000 1.81615400 1.81615400 975.54101627 IIAX1 2.179400%
IIAX2 863572n90 1,000.00000000 0.00000000 0.00783336 0.00783336 975.54101627 IIAX2 0.009400%
----------------------------------------------------------------------------------------------------------------------------------
-6-
<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-ALS2
May 25, 2000
Sec. 4.03(i) Unscheduled Principal Amounts 6,786,976.07
Group 1 Unscheduled Principal 2,503,066.88
Group 2 Unscheduled Principal 4,283,909.19
Sec. 4.03(iv) Aggregate Advances 0.00
Group 1 Advances 0.00
Group 2 Advances 0.00
Sec. 4.03(v) Ending Principal Balance 251,626,945.95
Group 1 Principal Balance 52,879,054.57
Group 2 Principal Balance 198,747,891.38
Sec. 4.03(vii) Current Period Realized Losses 0.00
Group 1 Current Period Realized Losses 0.00
Group 2 Current Period Realized Losses 0.00
Bankruptcy Losses 0.00
Fraud Losses 0.00
Special Hazard Losses 0.00
Bankruptcy Loss Amount 257,885.00
Fraud Loss Amount 5,171,132.00
Special Hazard Loss Amount 14,092,589.00
Servicing Fees (includes Retaind Interest) 53,865.96
Master Servicing Fees 4,309.27
Trustee Fees 1,831.44
Sec. 4.03(ix) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 month 4 1,186,484.98 2.24%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 4 1,186,484.98 2.24%
Group 2
Category Number Principal Balance Percentage
1 month 13 8,892,235.21 4.52%
2 Months 1 677,661.90 0.34%
3+ Months 1 198,630.23 0.10%
Total 15 9,858,527.34 4.96%
Group Totals
Category Number Principal Balance Percentage
1 Month 17 10,168,720.19 4.04%
2 Months 1 677,661.90 0.27%
3+ Months 1 198,630.23 0.08%
Total 19 11,045,012.32 4.39%
Number and Aggregage Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
0 0.00 0.00%
Group Totals
Number Principal Balance Percentage
0 0.00 0.00%
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<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-ALS2
May 25, 2000
Sec. 4.03(x) Number and Aggregage Principal Amounts of REO Loan
Group 1
Number Principal Balance Percentage
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
0 0.00 0.00%
Group Totals
Number Principal Balance Percentage
0 0.00 0.00%
Sec.4.03(viii) Aggregate Outstanding Interest Shortfalls
Class ia1 shortfall 0.00
Class ia2 shortfall 0.00
Class iax shortfall 0.00
Class iia1 shortfall 0.00
Class iia2 shortfal 0.00
Class iiax1 shortfall 2.11
Class iiax2 shortfall 0.00
Class b1 shortfall 0.00
Class b2 shortfall 0.00
Class b3 shortfall 0.00
Class b4 shortfall 0.00
Class b5 shortfall 0.00
Class b6 shortfall 0.00
Class r shortfall 0.00
Sec.4.03(viv) Aggregate Outstanding Prepayment Interest Shortfalls
Class ia1 shortfall 0.00
Class ia2 shortfall 0.00
Class iax shortfall 0.00
Class iia1 shortfall 0.00
Class iia2 shortfal 0.00
Class iiax1 shortfall 0.00
Class iiax2 shortfall 0.00
Class b1 shortfall 0.00
Class b2 shortfall 0.00
Class b3 shortfall 0.00
Class b4 shortfall 0.00
Class b5 shortfall 0.00
Class b6 shortfall 0.00
Class r shortfall 0.00
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Karen Dobres
THE CHASE MANHATTAN BANK - Structured Finance Services
450 WEST 33RD STREET, 14th Floor
NEW YORK, NEW YORK 10001
(212) 946-3232
email:[email protected]
---------------------------------------
-8-
Exhibit 99.2
Monthly Certificateholder Statement on June 26, 2000
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<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-ALS2
STATEMENT TO CERTIFICATEHOLDERS
June 26, 2000
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
Original Prior Current
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
-----------------------------------------------------------------------------------------------------------------------------------
IA1 48844000.00 46362421.34 1543941.25 289765.13 1833706.38 0.00 0.00 44818480.09
IA2 1000000.00 949193.79 31609.64 5932.46 37542.10 0.00 0.00 917584.15
IAP 721738.00 721175.79 42855.41 0.00 42855.41 0.00 0.00 678320.38
IIA1 165599000.00 161548616.76 2274233.64 988307.32 3262540.96 0.00 0.00 159274383.12
IIA2 1000000.00 975541.02 13733.38 5968.08 19701.46 0.00 0.00 961807.64
IIAP 18766848.00 18457461.60 9562.08 0.00 9562.08 0.00 0.00 18447899.52
B1 8402000.00 8397395.29 4927.85 61272.20 66200.05 0.00 0.00 8392467.44
B2 6463000.00 6459458.00 3790.61 47131.90 50922.51 0.00 0.00 6455667.39
B3 3101000.00 3099300.52 1818.76 22614.27 24433.03 0.00 0.00 3097481.76
B4 2068000.00 2066866.62 1212.90 15081.04 16293.94 0.00 0.00 2065653.72
B5 1033000.00 1032433.90 605.86 7533.23 8139.09 0.00 0.00 1031828.04
B6 1557932.10 1557081.32 557.99 11361.36 11919.35 0.00 0.00 1556523.33
R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS 258556618.10 251626945.95 3928849.37 1454966.99 5383816.36 0.00 0.00 247698096.58
-----------------------------------------------------------------------------------------------------------------------------------
IAX 49844000.00 47311615.12 0.00 12090.05 12090.05 0.00 0.00 45736064.23
IIAX1 166599000.00 162524157.77 0.00 228731.08 228731.08 0.00 0.00 160236190.75
IIAX2 166599000.00 162524157.77 0.00 4075.29 4075.29 0.00 0.00 160236190.75
-----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 of Original Face Pass-through Rates
------------------------------------------------------------------------------------------------ ---------------------------
Prior Current Current
Principal Principal Class Pass-thru
Class cusip Factor Principal Interest Total Factor Rate
----------------------------------------------------------------------------------------------------------------------------------
IA1 863572n41 949.19378716 31.60963987 5.93246110 37.54210097 917.58414729 IA1 7.500000%
IA2 949.19379000 31.60964000 5.93246000 37.54210000 917.58415000 IA2 7.500000%
IAP 863572n66 999.22103312 59.37807071 0.00000000 59.37807071 939.84296240 IAP 0.000000%
IIA1 863572n74 975.54101631 13.73337786 5.96807541 19.70145327 961.80763845 IIA1 7.341250%
IIA2 975.54102000 13.73338000 5.96808000 19.70146000 961.80764000 IIA2 7.341250%
IIAP 863572p23 983.51420548 0.50951977 0.00000000 0.50951977 983.00468571 IIAP 0.000000%
B1 863572p31 999.45195073 0.58650916 7.29257320 7.87908236 998.86544156 B1 8.755886%
B2 863572p49 999.45195730 0.58650936 7.29257311 7.87908247 998.86544793 B2 8.755886%
B3 863572p56 999.45195743 0.58650758 7.29257336 7.87908094 998.86544985 B3 8.755886%
B4 999.45194391 0.58650870 7.29257253 7.87908124 998.86543520 B4 8.755886%
B5 999.45198451 0.58650532 7.29257502 7.87908035 998.86547919 B5 8.755886%
B6 999.45390431 0.35816067 7.29258997 7.65075063 999.09574365 B6 8.755886%
R 863572p64 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 7.500000%
------------------------------------------------------------------------------------------------
TOTALS 973.19862783 15.19531544 5.62726648 20.82258191 958.00331239
------------------------------------------------------------------------------------------------
IAX 863572n58 949.19378702 0.00000000 0.24255778 0.24255778 917.58414714 IAX 0.306649%
IIAX1 863572n82 975.54101627 0.00000000 1.37294390 1.37294390 961.80763840 IIAX1 1.688840%
IIAX2 863572n90 975.54101627 0.00000000 0.02446167 0.02446167 961.80763840 IIAX2 0.030090%
------------------------------------------------------------------------------------------------
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<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-ALS2
June 26, 2000
Sec. 4.03(i) Unscheduled Principal Amounts 3,785,911.94
Group 1 Unscheduled Principal 1,588,274.70
Group 2 Unscheduled Principal 2,197,637.24
Sec. 4.03(iv) Aggregate Advances 0.00
Group 1 Advances 0.00
Group 2 Advances 0.00
Sec. 4.03(v) Ending Principal Balance 247,697,736.09
Group 1 Principal Balance 51,257,612.00
Group 2 Principal Balance 196,440,124.09
Sec. 4.03(vii) Current Period Realized Losses 0.00
Group 1 Current Period Realized Losses 0.00
Group 2 Current Period Realized Losses 0.00
Bankruptcy Losses 0.00
Fraud Losses 0.00
Special Hazard Losses 0.00
Bankruptcy Loss Amount 257,885.00
Fraud Loss Amount 5,171,132.00
Special Hazard Loss Amount 7,967,067.66
Servicing Fees (includes Retaind Interest) 52,422.28
Master Servicing Fees 4,193.78
Trustee Fees 1,782.36
Sec. 4.03(ix) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 month 1 242,295.81 0.47%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 1 242,295.81 0.47%
Group 2
Category Number Principal Balance Percentage
1 month 5 4,239,954.68 2.16%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 5 4,239,954.68 2.16%
Group Totals
Category Number Principal Balance Percentage
1 Month 6 4,482,250.49 1.81%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 6 4,482,250.49 1.81%
Number and Aggregage Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
0 0.00 0.00%
Group Totals
Number Principal Balance Percentage
0 0.00 0.00%
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<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-ALS2
June 26, 2000
Sec. 4.03(x) Number and Aggregage Principal Amounts of REO Loan
Group 1
Number Principal Balance Percentage
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
0 0.00 0.00%
Group Totals
Number Principal Balance Percentage
0 0.00 0.00%
Sec.4.03(viii) Aggregate Outstanding Interest Shortfalls
Class ia1 shortfall 0.00
Class ia2 shortfall 0.00
Class iax shortfall 0.00
Class iia1 shortfall 0.00
Class iia2 shortfal 0.00
Class iiax1 shortfall 2.11
Class iiax2 shortfall 0.00
Class b1 shortfall 0.00
Class b2 shortfall 0.00
Class b3 shortfall 0.00
Class b4 shortfall 0.00
Class b5 shortfall 0.00
Class b6 shortfall 0.00
Class r shortfall 0.00
Sec.4.03(viv) Aggregate Outstanding Prepayment Interest Shortfalls
Class ia1 shortfall 0.00
Class ia2 shortfall 0.00
Class iax shortfall 0.00
Class iia1 shortfall 0.00
Class iia2 shortfal 0.00
Class iiax1 shortfall 0.00
Class iiax2 shortfall 0.00
Class b1 shortfall 0.00
Class b2 shortfall 0.00
Class b3 shortfall 0.00
Class b4 shortfall 0.00
Class b5 shortfall 0.00
Class b6 shortfall 0.00
Class r shortfall 0.00
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Karen Dobres
THE CHASE MANHATTAN BANK - Structured Finance Services
450 WEST 33RD STREET, 14th Floor
NEW YORK, NEW YORK 10001
(212) 946-3232
email:[email protected]
---------------------------------------
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