SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
May 30, 2000
STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the Trust
Agreement, dated as of May 1, 2000, providing for the issuance of
Amortizing Residential Collateral Trust Mortgage Pass-Through
Certificates, Series 2000-BC2)
Structured Asset Securities Corporation
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(Exact Name of Registrant as Specified in its Charter)
Delaware 333-35026 74-2440850
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(State or Other Jurisdiction (Commission (I.R.S. Employer
Of Incorporation) File Number) Identification No.)
200 Vesey Street
New York, New York 10285
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(Address of Principal Executive (Zip Code)
Offices)
Registrant's telephone number, including area code: (212) 526-5594
No Change
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
The Registrant registered issuances of Amortizing Residential Collateral
Trust Mortgage Pass-Through Certificates on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act of 1933, as amended (the "Act"),
by a Registration Statement on Form S-3 (Registration File No. 333-35026) (the
"Registration Statement"). Pursuant to the Registration Statement, the
Registrant issued $367,466,000 in aggregate principal amount of Class M1,
Class M2 and Class B Certificates of its Amortizing Residential Collateral
Trust Mortgage Pass-Through Certificates, Series 2000-BC2 on May 30, 2000.
This Current Report on Form 8-K is being filed to satisfy an undertaking,
contained in the definitive Prospectus dated May 23, 2000, as supplemented by
the Prospectus Supplement dated May 23, 2000 (the "Prospectus Supplement"), to
file a copy of the Trust Agreement (as defined below) executed in connection
with the issuance of the Certificates, a form of which was filed as an exhibit
to the Registration Statement.
The Certificates were issued pursuant to a Trust Agreement (the "Trust
Agreement"), attached hereto as Exhibit 4.1, dated as of May 1, 2000, among
Structured Asset Securities Corporation, as depositor, Lehman Brothers
Holdings Inc., as seller, Norwest Bank Minnesota, National Association, as
master servicer, The Murrayhill Company, as loss mitigation advisor, First
Union National Bank, as trustee and Federal Home Loan Corporation, as
guarantor. The "Certificates" consist of the following classes: Class A1,
Class A2, Class M1, Class M2, Class P, Class X and Class R. The Certificates
evidence all the beneficial ownership interest in a trust fund (the "Trust
Fund") that consists primarily of two pools of certain conventional, first and
second lien, fixed and adjustable rate, fully amortizing and balloon,
residential mortgage loans (the "Mortgage Loans") with an aggregate
outstanding principal balance of $2,065,694,753 as of May 1, 2000, together
with certain other assets. Capitalized terms used herein and not otherwise
defined shall have the meanings assigned to them in the Trust Agreement.
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Item 7. Financial Statements; Pro Forma Financial Information and
Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
1.1 Terms Agreement, dated May 23, 2000, between Structured Asset
Securities Corporation, as Depositor, and Lehman Brothers Inc., as
the Underwriter.
4.1 Trust Agreement, dated as of May 1, 2000, between Structured Asset
Securities Corporation, as Depositor, Lehman Brothers Holdings Inc.,
as Seller, Norwest Bank Minnesota, National Association, as Master
Servicer, The Murrayhill Company, as Loss Mitigation Advisor, First
Union National Bank, as Trustee and Federal Home Loan Corporation,
as Guarantor.
99.1 Mortgage Loan Sale and Assignment Agreement, dated as of May 1,
2000, between Lehman Capital, A Division of Lehman Brothers Holdings
Inc., as Seller, and Structured Asset Securities Corporation, as
Purchaser.
99.2 Reconstituted Servicing Agreement dated as of May 1, 2000, by and
between Lehman Capital, a Division of Lehman Brothers Holdings Inc.,
and Ocwen Federal Bank FSB, as Servicer
99.3 Reconstituted Servicing Agreement dated as of May 1, 2000, by and
between Lehman Capital, a Division of Lehman Brothers Holdings Inc.,
and Ocwen Federal Bank FSB, as Servicer
99.4 Reconstituted Servicing Agreement dated as of May 1, 2000, by and
between Lehman Capital, a Division of Lehman Brothers Holdings Inc.,
and Wells Fargo Home Mortgage, Inc., as Servicer
99.5 Reconstituted Servicing Agreement dated as of May 1, 2000, by and
between Lehman Capital, a Division of Lehman Brothers Holdings Inc.,
and Option One Mortgage Corporation, as Servicer
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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 hereunto duly authorized.
STRUCTURED ASSET SECURITIES
CORPORATION
By: /s/ Ellen Kiernan
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Name: Ellen Kiernan
Title: Vice President
Dated: June 13, 2000
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EXHIBIT INDEX
Exhibit No. Description Page No.
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1.1 Terms Agreement, dated May 23, 2000, between
Structured Asset Securities Corporation, as
Depositor, and Lehman Brothers Inc., as the
Underwriter.
4.1 Trust Agreement, dated as of May 1, 2000, between
Structured Asset Securities Corporation, as
Depositor, Lehman Brothers Holdings Inc., as
Seller, Norwest Bank Minnesota, National
Association, as Master Servicer, The Murrayhill
Company, as Loss Mitigation Advisor, First Union
National Bank, as Trustee and Federal Home Loan
Corporation, as Guarantor.
99.1 Mortgage Loan Sale and Assignment Agreement, dated
as of May 1, 2000, between Lehman Capital, A
Division of Lehman Brothers Holdings Inc., as
Seller, and Structured Asset Securities
Corporation, as Purchaser.
99.2 Reconstituted Servicing Agreement dated as of May
1, 2000, by and between Lehman Capital, a Division
of Lehman Brothers Holdings Inc., and Ocwen
Federal Bank FSB, as Servicer
99.3 Reconstituted Servicing Agreement dated as of May
1, 2000, by and between Lehman Capital, a Division
of Lehman Brothers Holdings Inc., and Ocwen
Federal Bank FSB, as Servicer
99.4 Reconstituted Servicing Agreement dated as of May
1, 2000, by and between Lehman Capital, a Division
of Lehman Brothers Holdings Inc., and Wells Fargo
Home Mortgage, Inc., as Servicer
99.5 Reconstituted Servicing Agreement dated as of May
1, 2000, by and between Lehman Capital, a Division
of Lehman Brothers Holdings Inc., and Option One
Mortgage Corporation, as Servicer
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