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) : November 27, 2000
STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under
the Trust Agreement, dated as of October 1, 2000 providing for
the issuance of Aurora Loan Services Mortgage Pass-Through
Certificates, Series 2000-5)
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-35026 74-2440858
(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>
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
2000-5 (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
exhibit is being filed, pursuant to the terms of the Trust Agreement, dated as
of October 1, 2000 among Structured Asset Securities Corporation, as depositor,
Aurora Loan Services Inc., as master servicer, and The Chase Manhattan Bank, as
trustee. On November 27, 2000 distributions were made to the Certificateholders.
Specific information with respect to the distributions is filed as
Exhibit 99.1. 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 exhibit is filed as part of this report:
Statement to Certificateholders on November 27, 2000 is filed
as Exhibit 99.1 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: December 5, 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
November 27, 2000
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Exhibit 99.1
Monthly Certificateholder Statement on November 27, 2000
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<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-5
STATEMENT TO CERTIFICATEHOLDERS
November 27, 2000
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
-----------------------------------------------------------------------------------------------------------------------------------
IA1 75,950,000.00 75,950,000.00 551,089.84 458,864.58 1,009,954.42 0.00 0.00 75,398,910.16
IA2 1,000,000.00 1,000,000.00 7,255.96 6,041.67 13,297.63 0.00 0.00 992,744.04
IIA1 71,657,000.00 71,657,000.00 809,541.19 431,136.28 1,240,677.47 0.00 0.00 70,847,458.81
IIA2 1,000,000.00 1,000,000.00 11,297.45 6,016.67 17,314.12 0.00 0.00 988,702.55
IIAP 4,196,187.00 4,196,187.00 38,003.75 0.00 38,003.75 0.00 0.00 4,158,183.25
IIIA1 112,481,000.00 112,481,000.00 1,269,369.00 656,139.17 1,925,508.17 0.00 0.00 111,211,631.00
IIIAP 4,673.00 4,673.00 372.88 0.00 372.88 0.00 0.00 4,300.12
B1 8,577,000.00 8,577,000.00 4,545.16 61,905.03 66,450.19 0.00 0.00 8,572,454.84
B2 3,805,000.00 3,805,000.00 1,942.38 27,691.87 29,634.25 0.00 0.00 3,803,057.62
B3 1,939,000.00 1,939,000.00 972.80 14,164.26 15,137.06 0.00 0.00 1,938,027.20
B4 1,396,000.00 1,396,000.00 717.68 10,144.11 10,861.79 0.00 0.00 1,395,282.32
B5 1,303,000.00 1,303,000.00 643.09 9,551.22 10,194.31 0.00 0.00 1,302,356.91
B6 1,349,976.00 1,349,976.48 680.93 9,833.35 10,514.28 0.00 0.00 1,349,295.55
R 100.00 100.00 100.00 0.60 100.60 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS 284,658,936.00 284,658,936.48 2,696,532.11 1,691,488.81 4,388,020.92 0.00 0.00 281,962,404.37
-----------------------------------------------------------------------------------------------------------------------------------
IAX 76,950,100.00 76,950,100.00 0.00 93,609.80 93,609.80 0.00 0.00 76,391,754.21
IIA3 72,657,000.00 72,657,000.00 0.00 107,774.55 107,774.55 0.00 0.00 71,836,161.36
IIAX 72,657,000.00 72,657,000.00 0.00 3,572.30 3,572.30 0.00 0.00 71,836,161.36
IIIAX 112,481,000.00 112,481,000.00 0.00 115,495.41 115,495.41 0.00 0.00 111,211,631.00
-----------------------------------------------------------------------------------------------------------------------------------
B1I_II 5,641,000.00 5,641,000.00 2,650.36 41,763.58 44,413.94 0.00 0.00 5,638,349.64
B1III 2,936,000.00 2,936,000.00 1,894.80 20,141.45 22,036.25 0.00 0.00 2,934,105.20
B2I_II 2,924,000.00 2,924,000.00 1,373.81 21,648.06 23,021.87 0.00 0.00 2,922,626.19
B2III 881,000.00 881,000.00 568.57 6,043.81 6,612.38 0.00 0.00 880,431.43
B3I_II 1,587,000.00 1,587,000.00 745.63 11,749.48 12,495.11 0.00 0.00 1,586,254.37
B3III 352,000.00 352,000.00 227.17 2,414.78 2,641.95 0.00 0.00 351,772.83
B4I_II 1,044,000.00 1,044,000.00 490.51 7,729.33 8,219.84 0.00 0.00 1,043,509.49
B4III 352,000.00 352,000.00 227.17 2,414.78 2,641.95 0.00 0.00 351,772.83
B5I_II 1,127,000.00 1,127,000.00 529.51 8,343.83 8,873.34 0.00 0.00 1,126,470.49
B5III 176,000.00 176,000.00 113.58 1,207.39 1,320.97 0.00 0.00 175,886.42
B6I_II 1,053,130.95 1,053,130.95 489.36 7,796.94 8,286.30 0.00 0.00 1,052,641.59
B6III 296,845.53 296,845.53 191.57 2,036.41 2,227.98 0.00 0.00 296,653.96
-----------------------------------------------------------------------------------------------------------------------------------
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<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-5
STATEMENT TO CERTIFICATEHOLDERS
November 27, 2000
Factor Information Per $1,000 of Original Face Pass-through Rates
----------------------------------------------------------------------------------------------------------- --------------------
Current
Beginning Ending Class Pass-thru
Class cusip Principal Principal Interest Total Principal Rate (%)
------------------------------------------------------------------------------------------------------------- -------------------
IA1 863572Y80 1,000.00000000 7.25595576 6.04166662 13.29762238 992.74404424 IA1 7.250000
IA2 1,000.00000000 7.25596000 6.04167000 13.29763000 992.74404000 IA2 7.250000
IIA1 863572Z22 1,000.00000000 11.29744742 6.01666662 17.31411404 988.70255258 IIA1 7.220000
IIA2 1,000.00000000 11.29745000 6.01667000 17.31412000 988.70255000 IIA2 7.220000
IIAP 863572Z55 1,000.00000000 9.05673413 0.00000000 9.05673413 990.94326587 IIAP 0.000000
IIIA1 863572Z63 1,000.00000000 11.28518594 5.83333336 17.11851931 988.71481406 IIIA1 7.000000
IIIAP 863572Z89 1,000.00000000 79.79456452 0.00000000 79.79456452 920.20543548 IIIAP 0.000000
B1 863572Z97 1,000.00000000 0.52992422 7.21756208 7.74748630 999.47007578 B1 8.661075
B2 8635722A0 1,000.00000000 0.51048095 7.27775821 7.78823916 999.48951905 B2 8.733309
B3 8635722B8 1,000.00000000 0.50170191 7.30493038 7.80663228 999.49829809 B3 8.765914
B4 1,000.00000000 0.51409742 7.26655444 7.78065186 999.48590258 B4 8.719868
B5 1,000.00000000 0.49354566 7.33017652 7.82372218 999.50645434 B5 8.796213
B6 1,000.00035556 0.50440156 7.28409246 7.78849402 999.49595400 B6 8.740908
R 8635722C6 1,000.00000000 1,000.00000000 6.00000000 1,006.00000000 0.00000000 R 7.250000
-------------------------------------------------------------------------------------------------------------
TOTALS 1,000.00000169 9.47285249 5.94215953 15.41501202 990.52714920 B1I_II 8.884293
-------------------------------------------------------------------------------------------------------------
IAX 863572498 1,000.00000000 0.00000000 1.21650004 1.21650004 992.74405374 B1III 8.232200
IIA3 863572Z30 1,000.00000000 0.00000000 1.48333333 1.48333333 988.70255254 B2I_II 8.884293
IIAX 863572Z48 1,000.00000000 0.00000000 0.04916663 0.04916663 988.70255254 B2III 8.232200
IIIAX 863572Z71 1,000.00000000 0.00000000 1.02679928 1.02679928 988.71481406 B3I_II 8.884293
-------------------------------------------------------------------------------------------------------------
B1I_II 1,000.00000000 0.46983868 7.40357738 7.87341606 999.53016132 B3III 8.232200
B1III 1,000.00000000 0.64536785 6.86016689 7.50553474 999.35463215 B4I_II 8.884293
B2I_II 1,000.00000000 0.46983926 7.40357729 7.87341655 999.53016074 B4III 8.232200
B2III 1,000.00000000 0.64536890 6.86017026 7.50553916 999.35463110 B5I_II 8.884293
B3I_II 1,000.00000000 0.46983617 7.40357908 7.87341525 999.53016383 B5III 8.232200
B3III 1,000.00000000 0.64536932 6.86017045 7.50553977 999.35463068 B6I_II 8.884293
B4I_II 1,000.00000000 0.46983716 7.40357280 7.87340996 999.53016284 B6III 8.232200
B4III 1,000.00000000 0.64536932 6.86017045 7.50553977 999.35463068 IAX 1.459800
B5I_II 1,000.00000000 0.46984028 7.40357587 7.87341615 999.53015972 IIA3 1.780000
B5III 1,000.00000000 0.64534091 6.86017045 7.50551136 999.35465909 IIAX 0.059000
B6I_II 1,000.00000000 0.46467156 7.40358072 7.86825228 999.53532844 IIIAX 1.232200
B6III 1,000.00000000 0.64535248 6.86016731 7.50551979 999.35464752 ------------------
-------------------------------------------------------------------------------------------------------------
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<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-5
STATEMENT TO CERTIFICATEHOLDERS
November 27, 2000
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
-----------------------------------------------------------------------------------------------------------------------------------
LTIA1 75,950,000.00 75,950,000.00 551,089.84 458,864.58 1,009,954.42 0.00 0.00 75,398,910.16
LTIA2 1,000,000.00 1,000,000.00 7,255.96 6,041.67 13,297.63 0.00 0.00 992,744.04
LTIIA1 71,657,000.00 71,657,000.00 809,541.19 431,136.28 1,240,677.47 0.00 0.00 70,847,458.81
LTIIA2 1,000,000.00 1,000,000.00 11,297.45 6,016.67 17,314.12 0.00 0.00 988,702.55
LTIIAP 4,196,187.00 4,196,187.00 38,003.75 0.00 38,003.75 0.00 0.00 4,158,183.25
LTIIA3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LTIIIA1 112,481,000.00 112,481,000.00 1,269,369.00 656,139.17 1,925,508.17 0.00 0.00 111,211,631.00
LTIIIAP 4,673.00 4,673.00 372.88 0.00 372.88 0.00 0.00 4,300.12
LTB1I_II 5,641,000.00 5,641,000.00 2,650.36 41,763.58 44,413.94 0.00 0.00 5,638,349.64
LTB2I_II 2,924,000.00 2,924,000.00 1,373.81 21,648.06 23,021.87 0.00 0.00 2,922,626.19
LTB3I_II 1,587,000.00 1,587,000.00 745.63 11,749.48 12,495.11 0.00 0.00 1,586,254.37
LTB4I_II 1,044,000.00 1,044,000.00 490.51 7,729.33 8,219.84 0.00 0.00 1,043,509.49
LTB5I_II 1,127,000.00 1,127,000.00 529.51 8,343.83 8,873.34 0.00 0.00 1,126,470.49
LTB6I_II 1,052,130.95 1,052,130.95 489.36 7,789.53 8,278.89 0.00 0.00 1,051,641.59
LTB1III 2,936,000.00 2,936,000.00 1,894.80 20,141.45 22,036.25 0.00 0.00 2,934,105.20
LTB2III 881,000.00 881,000.00 568.57 6,043.81 6,612.38 0.00 0.00 880,431.43
LTB3III 352,000.00 352,000.00 227.17 2,414.78 2,641.95 0.00 0.00 351,772.83
LTB4III 352,000.00 352,000.00 227.17 2,414.78 2,641.95 0.00 0.00 351,772.83
LTB5III 176,000.00 176,000.00 113.58 1,207.39 1,320.97 0.00 0.00 175,886.42
LTB6III 296,845.55 296,845.55 191.57 2,036.41 2,227.98 0.00 0.00 296,653.98
LTIR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LTIQ 100.00 100.00 100.00 0.60 100.60 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS 284,657,936.50 284,657,936.50 2,696,532.11 1,691,481.40 4,388,013.51 0.00 0.00 281,961,404.39
-----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 of Original Face Pass-through Rates
----------------------------------------------------------------------------------------------------------- --------------------
Current
Beginning Ending Class Pass-thru
Class cusip Principal Principal Interest Total Principal Rate (%)
------------------------------------------------------------------------------------------------------------- -------------------
LTIA1 1000.00000000 7.25595576 6.04166662 13.29762238 992.74404424 LTIA1 0.000000%
LTIA2 1000.00000000 7.25596000 6.04167000 13.29763000 992.74404000 LTIA2 0.000000%
LTIIA1 1000.00000000 11.29744742 6.01666662 17.31411404 988.70255258 LTIIA1 0.000000%
LTIIA2 1000.00000000 11.29745000 6.01667000 17.31412000 988.70255000 LTIIA2 0.000000%
LTIIAP 1000.00000000 9.05673413 0.00000000 9.05673413 990.94326587 LTIIAP 0.000000%
LTIIIA1 1000.00000000 11.28518594 5.83333336 17.11851931 988.71481406 LTIIIA1 0.000000%
LTIIIAP 1000.00000000 79.79456452 0.00000000 79.79456452 920.20543548 LTIIIAP 0.000000%
LTB1I_II 1000.00000000 0.46983868 7.40357738 7.87341606 999.53016132 LTB1I_II 0.000000%
LTB2I_II 1000.00000000 0.46983926 7.40357729 7.87341655 999.53016074 LTB2I_II 0.000000%
LTB3I_II 1000.00000000 0.46983617 7.40357908 7.87341525 999.53016383 LTB3I_II 0.000000%
LTB4I_II 1000.00000000 0.46983716 7.40357280 7.87340996 999.53016284 LTB4I_II 0.000000%
LTB5I_II 1000.00000000 0.46984028 7.40357587 7.87341615 999.53015972 LTB5I_II 0.000000%
LTB6I_II 1000.00000000 0.46511321 7.40357462 7.86868783 999.53488679 LTB6I_II 0.000000%
LTB1III 1000.00000000 0.64536785 6.86016689 7.50553474 999.35463215 LTB1III 0.000000%
LTB2III 1000.00000000 0.64536890 6.86017026 7.50553916 999.35463110 LTB2III 0.000000%
LTB3III 1000.00000000 0.64536932 6.86017045 7.50553977 999.35463068 LTB3III 0.000000%
LTB4III 1000.00000000 0.64536932 6.86017045 7.50553977 999.35463068 LTB4III 0.000000%
LTB5III 1000.00000000 0.64534091 6.86017045 7.50551136 999.35465909 LTB5III 0.000000%
LTB6III 1000.00000000 0.64535244 6.86016684 7.50551928 999.35464756 LTB6III 0.000000%
LTIQ 1000.00000000 1000.00000000 6.00000000 1006.00000000 0.00000000 LTIQ 0.000000%
------------------------------------------------------------------------------------------------------------- -------------------
TOTALS 1000.00000000 9.47288575 5.94215437 15.41504011 990.52711425
------------------------------------------------------------------------------------------------------------- -------------------
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<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-5
November 27, 2000
Sec. 4.03(i) Unscheduled Principal Amounts 2,541,704.53
Group 1 Unscheduled Principal 2,541,704.53
Group 2 Unscheduled Principal 823,195.09
Group 3 Unscheduled Principal 1,196,777.48
Sec. 4.03(iv) Aggregate Advances 0.00
Group 1 Advances 0.00
Group 2 Advances 0.00
Group 3 Advances 0.00
Sec. 4.03(v) Ending Principal Balance 281,962,404.38
Group 1 Principal Balance 83,080,619.10
Group 2 Principal Balance 82,675,231.49
Group 3 Principal Balance 116,206,553.79
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
Group 3 Current Period Realized Losses 0.00
Bankruptcy Losses 0.00
Fraud Losses 0.00
Special Hazard Losses 0.00
Bankruptcy Loss Amount 300,000.00
Fraud Loss Amount 5,693,178.73
Special Hazard Loss Amount 8,745,739.47
Servicing Fees (includes Retaind Interest) 59,303.94
Sub-Servicing Fees 7,003.36
Trustee Fees 1,542.20
Sec. 4.03(ix) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 month 5 888,572.10 1.07%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 5 888,572.10 1.07%
Group 2
Category Number Principal Balance Percentage
1 month 4 2,686,746.74 3.25%
2 Months 1 68,009.38 0.08%
3+ Months 0 0.00 0.00%
Total 5 2,754,756.12 3.33%
Group 3
Category Number Principal Balance Percentage
1 month 0 0.00 0.00%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 0 0.00 0.00%
Group Totals
Category Number Principal Balance Percentage
1 Month 9 3,575,318.84 1.27%
2 Months 1 68,009.38 0.02%
3+ Months 0 0.00 0.00%
Total 10 3,643,328.22 1.29%
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 3
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 2000-5
November 27, 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 3
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 shortfall 0.00
Class iiax shortfall 0.00
Class iia3 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 shortfall 0.00
Class iiax shortfall 0.00
Class iia3 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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