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) : December 26, 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 333-35026-04 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 December 26, 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 December 26, 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: January 2, 2001 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
December 26, 2000
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Exhibit 99.1
Monthly Certificateholder Statement on December 26, 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
December 26, 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 75,398,910.16 1,226,730.70 455,535.08 1,682,265.78 0.00 0.00 74,172,179.46
IA2 1,000,000.00 992,744.04 16,151.82 5,997.83 22,149.65 0.00 0.00 976,592.22
IIA1 71,657,000.00 70,847,458.81 1,222,628.76 426,117.94 1,648,746.70 0.00 0.00 69,624,830.05
IIA2 1,000,000.00 988,702.55 17,062.24 5,946.63 23,008.87 0.00 0.00 971,640.31
IIAP 4,196,187.00 4,158,183.25 65,791.81 0.00 65,791.81 0.00 0.00 4,092,391.44
IIIA1 112,481,000.00 111,211,631.00 947,314.21 648,734.51 1,596,048.72 0.00 0.00 110,264,316.79
IIIAP 4,673.00 4,300.12 35.18 0.00 35.18 0.00 0.00 4,264.94
B1 8,577,000.00 8,572,454.84 4,593.87 61,865.21 66,459.08 0.00 0.00 8,567,860.97
B2 3,805,000.00 3,803,057.62 1,961.78 27,672.04 29,633.82 0.00 0.00 3,801,095.84
B3 1,939,000.00 1,938,027.20 982.18 14,153.66 15,135.84 0.00 0.00 1,937,045.02
B4 1,396,000.00 1,395,282.32 724.95 10,136.99 10,861.94 0.00 0.00 1,394,557.37
B5 1,303,000.00 1,302,356.91 649.08 9,543.79 10,192.87 0.00 0.00 1,301,707.83
B6 1,349,976.00 1,349,295.55 194.28 9,768.60 9,962.88 0.00 0.00 1,349,101.27
R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS 284,658,936.00 281,962,404.37 3,504,820.86 1,675,472.28 5,180,293.14 0.00 0.00 278,457,583.51
-----------------------------------------------------------------------------------------------------------------------------------
IAX 76,950,100.00 76,391,754.21 0.00 92,071.16 92,071.16 0.00 0.00 75,148,871.69
IIA3 72,657,000.00 71,836,161.36 0.00 106,706.63 106,706.63 0.00 0.00 70,596,470.36
IIAX 72,657,000.00 71,836,161.36 0.00 3,921.06 3,921.06 0.00 0.00 70,596,470.36
IIIAX 112,481,000.00 111,211,631.00 0.00 114,547.05 114,547.05 0.00 0.00 110,264,316.79
-----------------------------------------------------------------------------------------------------------------------------------
B1I_II 5,641,000.00 5,638,349.64 2,672.27 41,727.49 44,399.76 0.00 0.00 5,635,677.37
B1III 2,936,000.00 2,934,105.20 1,921.60 20,137.72 22,059.32 0.00 0.00 2,932,183.60
B2I_II 2,924,000.00 2,922,626.19 1,385.17 21,629.35 23,014.52 0.00 0.00 2,921,241.02
B2III 881,000.00 880,431.43 576.61 6,042.69 6,619.30 0.00 0.00 879,854.82
B3I_II 1,587,000.00 1,586,254.37 751.80 11,739.32 12,491.12 0.00 0.00 1,585,502.57
B3III 352,000.00 351,772.83 230.38 2,414.33 2,644.71 0.00 0.00 351,542.45
B4I_II 1,044,000.00 1,043,509.49 494.57 7,722.66 8,217.23 0.00 0.00 1,043,014.92
B4III 352,000.00 351,772.83 230.38 2,414.33 2,644.71 0.00 0.00 351,542.45
B5I_II 1,127,000.00 1,126,470.49 533.89 8,336.62 8,870.51 0.00 0.00 1,125,936.60
B5III 176,000.00 175,886.42 115.19 1,207.17 1,322.36 0.00 0.00 175,771.23
B6I_II 1,053,130.95 1,052,641.59 0.00 7,732.57 7,732.57 0.00 0.00 1,052,641.59
B6III 296,845.53 296,653.96 194.28 2,036.03 2,230.31 0.00 0.00 296,459.68
-----------------------------------------------------------------------------------------------------------------------------------
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<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-5
STATEMENT TO CERTIFICATEHOLDERS
December 26, 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 992.74404424 16.15181962 5.99782857 22.14964819 976.59222462 IA1 7.250000
IA2 992.74404000 16.15182000 5.99783000 22.14965000 976.59222000 IA2 7.250000
IIA1 863572Z22 988.70255258 17.06223760 5.94663383 23.00887143 971.64031497 IIA1 7.217500
IIA2 988.70255000 17.06224000 5.94663000 23.00887000 971.64031000 IIA2 7.217500
IIAP 863572Z55 990.94326587 15.67895091 0.00000000 15.67895091 975.26431496 IIAP 0.000000
IIIA1 863572Z63 988.71481406 8.42199314 5.76750304 14.18949618 980.29282092 IIIA1 7.000000
IIIAP 863572Z89 920.20543548 7.52835438 0.00000000 7.52835438 912.67708110 IIIAP 0.000000
B1 863572Z97 999.47007578 0.53560336 7.21291944 7.74852279 998.93447243 B1 8.660092
B2 8635722A0 999.48951905 0.51557950 7.27254665 7.78812615 998.97393955 B2 8.731514
B3 8635722B8 999.49829809 0.50653945 7.29946364 7.80600309 998.99175864 B3 8.763751
B4 999.48590258 0.51930516 7.26145415 7.78075931 998.96659742 B4 8.718225
B5 999.50645434 0.49814275 7.32447429 7.82261704 999.00831159 B5 8.793707
B6 999.49595400 0.14391367 7.23612864 7.38004231 999.35204033 B6 8.687733
R 8635722C6 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 7.250000
TOTALS 990.52714920 12.31235144 5.88589385 18.19824529 978.21479776 B1I_II 8.880788
IAX 863572498 992.74405374 0.00000000 1.19650475 1.19650475 976.59225511 B1III 8.235990
IIA3 863572Z30 988.70255254 0.00000000 1.46863523 1.46863523 971.64031490 B2I_II 8.880788
IIAX 863572Z48 988.70255254 0.00000000 0.05396672 0.05396672 971.64031490 B2III 8.235990
IIIAX 863572Z71 988.71481406 0.00000000 1.01836799 1.01836799 980.29282092 B3I_II 8.880788
B1I_II 999.53016132 0.47372274 7.39717958 7.87090232 999.05643857 B3III 8.235990
B1III 999.35463215 0.65449591 6.85889646 7.51339237 998.70013624 B4I_II 8.880788
B2I_II 999.53016074 0.47372435 7.39717852 7.87090287 999.05643639 B4III 8.235990
B2III 999.35463110 0.65449489 6.85889898 7.51339387 998.70013621 B5I_II 8.880788
B3I_II 999.53016383 0.47372401 7.39717706 7.87090107 999.05643982 B5III 8.235990
B3III 999.35463068 0.65448864 6.85889205 7.51338068 998.70014205 B6I_II 8.880788
B4I_II 999.53016284 0.47372605 7.39718391 7.87090996 999.05643678 B6III 8.235990
B4III 999.35463068 0.65448864 6.85889205 7.51338068 998.70014205 IAX 1.446300
B5I_II 999.53015972 0.47372671 7.39717835 7.87090506 999.05643301 IIA3 1.782500
B5III 999.35465909 0.65448864 6.85892045 7.51340909 998.70017045 IIAX 0.065500
B6I_II 999.53532844 0.00000000 7.34245822 7.34245822 999.53532844 IIIAX 1.235990
B6III 999.35464752 0.65448181 6.85888718 7.51336899 998.70016571 ------------------
-----------------------------------------------------------------------------------------------------------
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<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-5
STATEMENT TO CERTIFICATEHOLDERS
December 26, 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 75,398,910.16 1,226,730.70 455,535.08 1,682,265.78 0.00 0.00 74,172,179.46
LTIA2 1,000,000.00 992,744.04 16,151.82 5,997.83 22,149.65 0.00 0.00 976,592.22
LTIIA1 71,657,000.00 70,847,458.81 1,222,628.76 426,117.94 1,648,746.70 0.00 0.00 69,624,830.05
LTIIA2 1,000,000.00 988,702.55 17,062.24 5,946.63 23,008.87 0.00 0.00 971,640.31
LTIIAP 4,196,187.00 4,158,183.25 65,791.81 0.00 65,791.81 0.00 0.00 4,092,391.44
LTIIA3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LTIIIA1 112,481,000.00 111,211,631.00 947,314.21 648,734.51 1,596,048.72 0.00 0.00 110,264,316.79
LTIIIAP 4,673.00 4,300.12 35.18 0.00 35.18 0.00 0.00 4,264.94
LTB1I_II 5,641,000.00 5,638,349.64 2,672.27 41,727.49 44,399.76 0.00 0.00 5,635,677.37
LTB2I_II 2,924,000.00 2,922,626.19 1,385.17 21,629.35 23,014.52 0.00 0.00 2,921,241.02
LTB3I_II 1,587,000.00 1,586,254.37 751.80 11,739.32 12,491.12 0.00 0.00 1,585,502.57
LTB4I_II 1,044,000.00 1,043,509.49 494.57 7,722.66 8,217.23 0.00 0.00 1,043,014.92
LTB5I_II 1,127,000.00 1,126,470.49 533.89 8,336.62 8,870.51 0.00 0.00 1,125,936.60
LTB6I_II 1,052,130.95 1,051,641.59 0.00 7,725.22 7,725.22 0.00 0.00 1,051,641.59
LTB1III 2,936,000.00 2,934,105.20 1,921.60 20,137.72 22,059.32 0.00 0.00 2,932,183.60
LTB2III 881,000.00 880,431.43 576.61 6,042.69 6,619.30 0.00 0.00 879,854.82
LTB3III 352,000.00 351,772.83 230.38 2,414.33 2,644.71 0.00 0.00 351,542.45
LTB4III 352,000.00 351,772.83 230.38 2,414.33 2,644.71 0.00 0.00 351,542.45
LTB5III 176,000.00 175,886.42 115.19 1,207.17 1,322.36 0.00 0.00 175,771.23
LTB6III 296,845.55 296,653.98 194.28 2,036.03 2,230.31 0.00 0.00 296,459.70
LTIR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LTIQ 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS 284,657,936.50 281,961,404.39 3,504,820.86 1,675,464.92 5,180,285.78 0.00 0.00 278,456,583.53
-----------------------------------------------------------------------------------------------------------------------------------
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 992.74404424 16.15181962 5.99782857 22.14964819 976.59222462 LTIA1 0.000000
LTIA2 992.74404000 16.15182000 5.99783000 22.14965000 976.59222000 LTIA2 0.000000
LTIIA1 988.70255258 17.06223760 5.94663383 23.00887143 971.64031497 LTIIA1 0.000000
LTIIA2 988.70255000 17.06224000 5.94663000 23.00887000 971.64031000 LTIIA2 0.000000
LTIIAP 990.94326587 15.67895091 0.00000000 15.67895091 975.26431496 LTIIAP 0.000000
LTIIIA1 988.71481406 8.42199314 5.76750304 14.18949618 980.29282092 LTIIIA1 0.000000
LTIIIAP 920.20543548 7.52835438 0.00000000 7.52835438 912.67708110 LTIIIAP 0.000000
LTB1I_II 999.53016132 0.47372274 7.39717958 7.87090232 999.05643857 LTB1I_II 0.000000
LTB2I_II 999.53016074 0.47372435 7.39717852 7.87090287 999.05643639 LTB2I_II 0.000000
LTB3I_II 999.53016383 0.47372401 7.39717706 7.87090107 999.05643982 LTB3I_II 0.000000
LTB4I_II 999.53016284 0.47372605 7.39718391 7.87090996 999.05643678 LTB4I_II 0.000000
LTB5I_II 999.53015972 0.47372671 7.39717835 7.87090506 999.05643301 LTB5I_II 0.000000
LTB6I_II 999.53488679 0.00000000 7.34245105 7.34245105 999.53488679 LTB6I_II 0.000000
LTB1III 999.35463215 0.65449591 6.85889646 7.51339237 998.70013624 LTB1III 0.000000
LTB2III 999.35463110 0.65449489 6.85889898 7.51339387 998.70013621 LTB2III 0.000000
LTB3III 999.35463068 0.65448864 6.85889205 7.51338068 998.70014205 LTB3III 0.000000
LTB4III 999.35463068 0.65448864 6.85889205 7.51338068 998.70014205 LTB4III 0.000000
LTB5III 999.35465909 0.65448864 6.85892045 7.51340909 998.70017045 LTB5III 0.000000
LTB6III 999.35464756 0.65448177 6.85888672 7.51336848 998.70016579 LTB6III 0.000000
LTIQ 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 LTIQ 0.000000
TOTALS 990.52711425 12.31239467 5.88588866 18.19828333 978.21471958 -------------------
-------------------------------------------------------------------------------------------------------------
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<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 2000-5
December 26, 2000
Sec. 4.03(i) Unscheduled Principal Amounts 3,350,652.53
Group 1 Unscheduled Principal 1,206,119.23
Group 2 Unscheduled Principal 1,270,021.14
Group 3 Unscheduled Principal 874,512.16
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 278,457,583.52
Group 1 Principal Balance 81,834,524.15
Group 2 Principal Balance 81,367,123.49
Group 3 Principal Balance 115,255,935.88
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 5,993,372.42
Servicing Fees (includes Retaind Interest) 63,133.45
Sub-Servicing Fees 2,591.55
Trustee Fees 1,527.29
Sec. 4.03(ix) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 month 5 709,975.81 0.87%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 5 709,975.81 0.87%
Group 2
Category Number Principal Balance Percentage
1 month 16 3,106,511.60 3.82%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 16 3,106,511.60 3.82%
Group 3
Category Number Principal Balance Percentage
1 month 4 304,721.05 0.26%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 4 304,721.05 0.26%
Group Totals
Category Number Principal Balance Percentage
1 Month 25 4,121,208.46 1.48%
2 Months 0 0.00 0.00%
3+ Months 0 0.00 0.00%
Total 25 4,121,208.46 1.48%
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
December 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 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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