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)
August 31, 2000
STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the Trust
Agreement, dated as of August 1, 2000, providing for the issuance of
Amortizing Residential Collateral Trust Mortgage Pass-Through
Certificates, Series 2000-BC3)
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 (Zip Code)
Executive 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
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The Registrant registered issuances of Amortizing Residential Collateral
Trust Mortgage Pass-Through Certificates, Series 2000-BC3 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 $740,121,000 in aggregate
principal amount of Class A2, Class M1, Class M2 and Class B Certificates of
its Amortizing Residential Collateral Trust Mortgage Pass-Through
Certificates, Series 2000-BC3 on August 31, 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 August 31, 2000 (the "Prospectus Supplement"), to file a copy of the
Trust Agreement (as defined below) and other operative agreements 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 August 1, 2000, among
Structured Asset Securities Corporation, as depositor, Lehman Brothers
Holdings Inc., as seller, Wells Fargo Bank Minnesota, National Association, as
master servicer, The Murrayhill Company, as loss mitigation advisor, First
Union National Bank, as trustee and Federal Home Loan Mortgage 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 of 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 $2,115,212,854 as of August 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
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
1.1 Terms Agreement, dated August 31, 2000, between Structured Asset
Securities Corporation, as Depositor, and Lehman Brothers Inc., as
the Underwriter.
4.1 Trust Agreement, dated as of August 1, 2000, between Structured
Asset Securities Corporation, as Depositor, Lehman Brothers
Holdings Inc., as Seller, Wells Fargo Bank Minnesota, National
Association, as Master Servicer, The Murrayhill Company, as Loss
Mitigation Advisor, First Union National Bank, as Trustee and
Federal Home Loan Mortgage Corporation, as Guarantor.
99.1 Mortgage Loan Sale and Assignment Agreement, dated as of August 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 August 1, 2000, by
and between Lehman Capital, a Division of Lehman Brothers Holdings
Inc., and Aurora Loan Services Inc., as Servicer.
99.3 Reconstituted Servicing Agreement dated as of August 1, 2000, by
and between Lehman Capital, a Division of Lehman Brothers Holdings
Inc., and Ameriquest Mortgage Company, as Servicer.
99.4 Reconstituted Servicing Agreement dated as of August 1, 2000, by
and between Lehman Capital, a Division of Lehman Brothers Holdings
Inc., and HomeSide Lending Inc., as Servicer.
99.5 Reconstituted Servicing Agreement dated as of August 1, 2000, by
and between Lehman Capital, a Division of Lehman Brothers Holdings
Inc., and Life Bank, as Servicer.
99.6 Reconstituted Servicing Agreement dated as of August 1, 2000, by
and between Lehman Capital, a Division of Lehman Brothers Holdings
Inc., and Long Beach Mortgage Corporation, as Servicer.
99.7 Reconstituted Servicing Agreement dated as of August 1, 2000, by
and between Lehman Capital, a Division of Lehman Brothers Holdings
Inc., and Ocwen Federal Bank FSB, as Servicer.
99.8 Reconstituted Servicing Agreement dated as of August 1, 2000, by
and between Lehman Capital, a Division of Lehman Brothers Holdings
Inc., and Option One Mortgage Corporation, as Servicer.
99.9 Reconstituted Servicing Agreement dated as of August 1, 2000, by
and between Lehman Capital, a Division of Lehman Brothers Holdings
Inc., and Wells Fargo Home Mortgage, Inc., 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: September 22, 2000
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EXHIBIT INDEX
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Exhibit No. Description Page No.
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1.1 Terms Agreement, dated August 31, 2000, between
Structured Asset Securities Corporation, as
Depositor, and Lehman Brothers Inc., as the
Underwriter.
4.1 Trust Agreement, dated as of August 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 August 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
August 1, 2000, by and between Lehman Capital, a
Division of Lehman Brothers Holdings Inc.,
Aurora Loan Services Inc., as Servicer.
99.3 Reconstituted Servicing Agreement dated as of
August 1, 2000, by and between Lehman Capital, a
Division of Lehman Brothers Holdings Inc., and
Ameriquest Mortgage Company, as Servicer.
99.4 Reconstituted Servicing Agreement dated as of
August 1, 2000, by and between Lehman Capital, a
Division of Lehman Brothers Holdings Inc., and
HomeSide Lending Inc., as Servicer.
99.5 Reconstituted Servicing Agreement dated as of
August 1, 2000, by and between Lehman Capital, a
Division of Lehman Brothers Holdings Inc., Life
Bank, as Servicer.
99.6 Reconstituted Servicing Agreement dated as of
August 1, 2000, by and between Lehman Capital, a
Division of Lehman Brothers Holdings Inc., and
Long Beach Mortgage Corporation, as Servicer.
99.7 Reconstituted Servicing Agreement dated as of
August 1, 2000, by and between Lehman Capital, a
Division of Lehman Brothers Holdings Inc., and
Ocwen Federal Bank FSB, as Servicer.
99.8 Reconstituted Servicing Agreement dated as of
August 1, 2000, by and between Lehman Capital, a
Division of Lehman Brothers Holdings Inc., and
Option One Mortgage Corporation, as Servicer.
99.9 Reconstituted Servicing Agreement dated as of
August 1, 2000, by and between Lehman Capital, a
Division of Lehman Brothers Holdings Inc., and
Wells Fargo Home Mortgage, Inc., as Servicer.
