June 11, 1996
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington D.C. 20549
Re: Structured Asset Securities
Corporation, Series 1996-1
(File #33-48771/33-99598)
Dear Sirs:
Enclosed herewith for filing on behalf of the trust
fund ( the "Trust") created pursuant to a Trust Agreement
date as of April 25, 1996 (the "Trust Agreement") among
Structured Asset Securities Corporation, as issuer (the
"Issuer"), Norwest Mortgage, as servicer (the "Servicer")
and Chase (duties assigned to Norwest Bank Minnesota, N.A.),
as trustee ( the "Trustee"), are exhibits, of a current
Report on Form 8-K (the "Report").
The Trust consisting primarily of fixed-rate, fully
amortizing, conventional, first lien residential mortgage
loans representing ten classes of beneficial interests
therein. The certificates relating to ten of such classes
as registered under the Securities Act of 1933, as amended,
by a Registration Statement on form S-11 (File No.33-48771/
33-99598). As a result, the Trust is subject to the filing
requirements in a manner substantially in accordance with
the procedures outlined in numerous no-action letters
already inssued by the staff with respect to substantially
similar trusts (see, for example, Nissan Motor Acceptance
Corp. (August 29,1986) and Security Pacific National Bank
(July 1,1987)), for the same reasons as discussed in such
letters. In particular:
1. The Trust has already filed, within 15 days of its
formation, a Current Report on Form 8-K containing detailed
information about its mortgage pool.
2. The Trust will file, promptly after each
Distribution Date (as defined in the Trust Agreement), a
Current Report on Form 8-K in substantially the form
enclosed herewith ,including as exhibits thereto the
applicable Distribution Date reports. Each such Current
Report will also disclose under Item 5 any matter occurring
during the relevant reporting period which would be
reportable under Item 1, 2, 4 , or 5 of Part II of Form 10
Q.
3. The Trust will file a Current Report on Form 8-K
within 15 days after the occurrence of any event described
under Item 2,3,4 of 5 thereof, responding to the
requirements of the applicable Item.
4. Within 90 days after the end of each fiscal year,
the Trust will file an annual report on Form 10-K which
responds to Items 2, 3, and 4 of Part I, Items 5 and 9 of
Part II, Items 12 and 13 of Part III and Item 14 of
Part IV thereof, and include as exhibits thereto certain
information form the Distribution Date reports aggregated
for such year and a copy of the independent accountants'
annual compliance statement required the Trust Agreement,
in the manner described in the applicable no-action
letters.
The Trust will follow the above procedures
except for any fiscal year as to which its reporting
obligations under Section 15(d) of the Exchange Act have
been suspended pursuant to such Section. In such event,
the Trust will file a Form 15 as required under rule 15d
6.
We have been advised by representatives of the
Office of the Chief Counsel of the Division of Corporation
Finance that following the above procedures would be
acceptable. We assume that the Staff will promptly
inform us if our understanding is incorrect. Please direct
any
questions or comments concerning the foregoing to Ed
Gainor, of Brown & Wood, counsel to the Depositor at
(202) 9730626 or , in his absence, Barry Schwartz of
Norwest Bank Minnesota, N.A. at (410) 884-2115.
Very truly yours,
Patrick G. Benz
Tax Accountant
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May
28, 1996
Structured Asset Securities Corporation, Series 1996-1
(Exact name of registrant as specified in its charter)
Delaware 33-48771/33-99598
N/A
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization)
Number)
200 Vesey Street
New York, New York
10285-
0800
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code (212) 526
5594
Structured Asset Securities Corporation, Series 1996-1
Form 8-K
INDEX
Page Number
Item 5. Other Events
3
Item 7. Financial Statements and Exhibits
3
SIGNATURES 4
INDEX OF EXHIBITS 5
ITEM 5. OTHER EVENTS
The Structured Asset Securities Corporation, Series 1996-1
makes monthly remittances to security holders. The latest
remittance was made May 28, 1996. We have furnished a
monthly remittance statement delivered to the trustee with
security holder payment instructions.
Monthly Remittance
Statement..................................................
. ......Exhibit 21.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
21.1 Monthly Remittance Statement dated as of May 28,
1996.
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
thereunto duly authorized.
Structured Asset Securities
Corporation,
Series 1996-1
(Registrant)
By: Lehman Brothers
Name: Prue Larocca
Title: Vice-
President
INDEX OF EXHIBITS
Page of
Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-
14 as of May 28, 1996.
EXHIBIT 21.1 PAGE 6
Structured Asset Securities
Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting
Month: April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution
Date: May 28, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Series Structure Summary
Aggregate Realized Aggregate Ending
Class Original
Principal
Losses Principal Aggregate Interest Undistributed
Principal
Class Description Principal Type Interest Type
Balance Pass Through Rate Balance Reduction
Shortfall Principal Factor
__________________________________________________________
__
__________________________________________________________
__ _______________________________________________ A1
Senior Sequential Pay Fixed 107,145,900.00
7.25000000% 0.00 0.00 0.00
0.9958195098
A2 Senior Sequential Pay Fixed
14,174,000.00 7.25000000% 0.00
0.00
0.00 1.0000000000
A3 Senior Priority Pay Fixed
28,693,000.00 7.50000000% 0.00
0.00
0.00 1.0000000000
A4 Senior Principal Only Principal
Only
1,307,000.00 0.00000000% 0.00 0.00
0.00 1.0000000000
A5 Senior Sequential Pay Fixed
20,000,000.00 7.25000000% 0.00 0.00
0.00 0.9992521725
AP Senior Principal Only Principal Only
853,198.07 0.00000000% 0.00 0.00
0.00 0.9987267435
AX Senior Interest Only Interest Only
0.00 0.48721538% 0.00 0.00
0.00
0.0000000000
M Subordinate Prorata Fixed
4,591,000.00 7.25000000% 0.00 0.00
0.00 0.9992521738
B1 Subordinate Prorata Fixed
3,214,000.00 7.25000000% 0.00
0.00
0.00 0.9992521717
B2 Subordinate Prorata Fixed
1,653,000.00 7.25000000% 0.00
0.00
0.00 0.9992521718
B3 Subordinate Prorata Fixed
826,000.00 7.25000000% 0.00
0.00
0.00 0.9992521671
B4 Subordinate Prorata Fixed
368,000.00 7.25000000% 0.00
0.00
0.00 0.9992521739
B5 Subordinate Prorata Fixed
826,993.88 7.25000000% 0.00
0.00
0.00 0.9992521710
R Senior Sequential Pay Fixed
100.00 7.25000000% 0.00 0.00 0.00
1.0000000000
__________________________________________________________
__
__________________________________________________________
__ _______________________________________________ Totals
183,652,191.95 0.00 0.00 0.00
0.9974269319
Report 1 05/24/96 -- 12:39am
Page 1 of 1
EXHIBIT 21.1 PAGE 7
Structured Asset Securities
Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting
Month: April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: May 28, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class
Distribution Summary
Beginning
Principal Ending
Pass Through Principal
Total Interest Total Principal Balance
Principal Total
Class Record Date Rate
Balance Distribution Distribution
Reduction Balance Distribution
__________________________________________________________
__
__________________________________________________________
__
____________________________________ A1 04/30/1996
7.25000000% 107,145,900.00 647,339.82
447,922.39 0.00 106,697,977.61
1,095,262.21
A2 04/30/1996 7.25000000%
14,174,000.00
85,634.58 0.00 0.00 14,174,000.00
85,634.58
A3 04/30/1996 7.50000000%
28,693,000.00
179,331.25 0.00 0.00 28,693,000.00
179,331.25
A4 04/30/1996 0.00000000%
1,307,000.00 0.00 0.00 0.00 1,307,000.00
0.00
A5 04/30/1996 7.25000000%
20,000,000.00
120,833.33 14,956.55 0.00 19,985,043.45
135,789.88
AP 04/30/1996 0.00000000%
853,198.07 0.00 1,086.34 0.00
852,111.73
1,086.34
AX 04/30/1996 0.48721538%
0.00 52,807.69 0.00 0.00 0.00
52,807.69
M 04/30/1996 7.25000000%
4,591,000.00 27,737.29 3,433.27 0.00
4,587,566.73
31,170.56
B1 04/30/1996 7.25000000%
3,214,000.00 19,417.92 2,403.52 0.00
3,211,596.48
21,821.44
B2 04/30/1996 7.25000000%
1,653,000.00 9,986.88 1,236.16 0.00
1,651,763.84
11,223.04
B3 04/30/1996 7.25000000%
826,000.00 4,990.42 617.71
0.00
825,382.29 5,608.13
B4 04/30/1996 7.25000000%
368,000.00 2,223.33 275.20
0.00
367,724.80 2,498.53
B5 04/30/1996 7.25000000%
826,993.88 4,996.42 618.45
0.00
826,375.43 5,614.87
R 04/30/1996 7.25000000%
100.00 0.60 0.00 0.00 100.00
0.60
__________________________________________________________
__
__________________________________________________________
__ ____________________________________ Totals
183,652,191.95 1,155,299.53 472,549.59
0.00
183,179,642.36 1,627,849.12
Report 2 05/24/96 -- 12:39am
Page 1 of 1
EXHIBIT 21.1 PAGE 8
Structured Asset Securities Corporation,
Series 1996-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: April 1996
Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution
Date:
May 28, 1996 InvestorDirect: (800)
605-4167
Columbia, MD 21044-7800
Class Distribution Per 1,000 of
Original Balance
Total
Other
Total Interest Scheduled
Principal Total Principal Principal Ending
Distribution
Principal
Distribution Distribution Balance Principal
Class Cusip Original Balance
Factor Factor Factor Factor Reduction
Factor
__________________________________________________________
__
__________________________________________________________
__ _____________________________ A1
863572JC8
107,145,900.00 6.04166674 1.05614130
3.12434895 4.18049025 0.00000000 0.9958195098
A2 863572JD6 14,174,000.00 6.04166643
0.00000000 0.00000000 0.00000000
0.00000000
1.0000000000
A3 863572JE4 28,693,000.00 6.25000000
0.00000000 0.00000000 0.00000000
0.00000000
1.0000000000
A4 863572JF1 1,307,000.00 0.00000000
0.00000000 0.00000000 0.00000000
0.00000000
1.0000000000
A5 863572JG9 20,000,000.00 6.04166650
0.74782750 0.00000000 0.74782750
0.00000000
0.9992521725
AP 863572JH7 853,198.07
0.00000000
0.90198282 0.37127369 1.27325651
0.00000000
0.9987267435
AX 863572JJ3 0.00 N/A
N/A N/A N/A N/A N/A
M 863572JK0 4,591,000.00 6.04166630
0.74782618 0.00000000 0.74782618
0.00000000
0.9992521738
B1 863572JL8 3,214,000.00 6.04166770
0.74782825 0.00000000 0.74782825
0.00000000
0.9992521717
B2 863572JM6 1,653,000.00 6.04166969
0.74782819 0.00000000 0.74782819
0.00000000
0.9992521718
B3 N/A 826,000.00 6.04167070
0.74783293 0.00000000 0.74783293
0.00000000
0.9992521671
B4 N/A 368,000.00 6.04165761
0.74782609 0.00000000 0.74782609
0.00000000
0.9992521739
B5 N/A 826,993.88 6.04166502
0.74782899 0.00000000 0.74782899
0.00000000
0.9992521710
R 863572JN4 100.00
6.00000000
0.00000000 0.00000000 0.00000000
0.00000000
1.0000000000
__________________________________________________________
__
__________________________________________________________
__ _____________________________ Totals
183,652,191.95 0.9974269319
Report 3 05/24/96 -- 12:39am
Page 1 of 1
EXHIBIT 21.1 PAGE 9
Structured Asset
Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting
Month: April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution
Date: May 28, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Principal
Distribution
Beginning
Principal Ending Current
Principal Scheduled Unscheduled
Other Total Principal Balance Principal
Undistributed
Class Balance Principal Principal
Accretion Principal Distribution
Reduction*
Balance Principal
__________________________________________________________
__
__________________________________________________________
__ ____________________________________________ A1
107,145,900.00 113,161.21 334,761.18 0.00
0.00
447,922.39 0.00 106,697,977.61 0.00
A2 14,174,000.00 0.00 0.00 0.00 0.00
0.00
0.00 14,174,000.00 0.00
A3 28,693,000.00 0.00 0.00 0.00 0.00
0.00
0.00 28,693,000.00 0.00
A4 1,307,000.00 0.00 0.00 0.00 0.00
0.00
0.00 1,307,000.00 0.00
A5 20,000,000.00 14,956.55
0.00
0.00 0.00 14,956.55 0.00 19,985,043.45
0.00
AP 853,198.07 769.57 316.77
0.00
0.00 1,086.34 0.00 852,111.73
0.00
AX 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00
M 4,591,000.00 3,433.27
0.00
0.00 0.00 3,433.27 0.00 4,587,566.73
0.00
B1 3,214,000.00 2,403.52
0.00
0.00 0.00 2,403.52 0.00 3,211,596.48
0.00
B2 1,653,000.00 1,236.16
0.00
0.00 0.00 1,236.16 0.00 1,651,763.84
0.00
B3 826,000.00 617.71 0.00 0.00
0.00
617.71 0.00 825,382.29 0.00
B4 368,000.00 275.20 0.00 0.00
0.00
275.20 0.00 367,724.80 0.00
B5 826,993.88 618.45 0.00 0.00
0.00
618.45 0.00 826,375.43 0.00
R 100.00 0.00 0.00 0.00 0.00 0.00
0.00
100.00 0.00
__________________________________________________________
__
__________________________________________________________
__ ____________________________________________ Totals
183,652,191.95 137,471.64 335,077.95 0.00
0.00
472,549.59 0.00 183,179,642.36 0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other 0.00
Report 4 05/24/96 -- 12:40am
Page 1 of 1
EXHIBIT 21.1 PAGE 10
Structured
Asset Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: April 1996
Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: May 28, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class
Interest Distribution
Beginning
Negative Ending
Principal/
Interest Amortization
Principal/
Notional Interest
Shortfall/ Other Interest
Total
Interest Notional
Class Pass-Through Rate Balance
Accrual (Recovery) Accretion Interest
Reduction Distribution Balance
__________________________________________________________
__
__________________________________________________________
__ _____________________________________________ A1
7.25000000% 107,145,900.00 647,339.81 0.00
0.00
0.01 0.00 647,339.82 106,697,977.61
A2 7.25000000% 14,174,000.00 85,634.58
0.00 0.00 0.00 0.00 85,634.58 14,174,000.00
A3 7.50000000% 28,693,000.00
179,331.25
0.00 0.00 0.00 0.00 179,331.25 28,693,000.00
A4 0.00000000% 1,307,000.00 0.00
0.00
0.00 0.00 0.00 0.00 1,307,000.00
A5 7.25000000% 20,000,000.00 120,833.33
0.00 0.00 0.00 0.00 120,833.33 19,985,043.45
AP 0.00000000% 853,198.07 0.00
0.00
0.00 0.00 0.00 0.00 852,111.73
AX 0.48721538% 130,064,099.99 52,807.69
0.00 0.00 0.00 0.00 52,807.69 129,644,854.34
M 7.25000000% 4,591,000.00
27,737.29
0.00 0.00 0.00 0.00 27,737.29 4,587,566.73
B1 7.25000000% 3,214,000.00
19,417.92
0.00 0.00 0.00 0.00 19,417.92 3,211,596.48
B2 7.25000000% 1,653,000.00 9,986.88
0.00
0.00 0.00 0.00 9,986.88 1,651,763.84
B3 7.25000000% 826,000.00 4,990.42
0.00
0.00 0.00 0.00 4,990.42 825,382.29
B4 7.25000000% 368,000.00 2,223.33
0.00
0.00 0.00 0.00 2,223.33 367,724.80
B5 7.25000000% 826,993.88 4,996.42
0.00
0.00 0.00 0.00 4,996.42 826,375.43
R 7.25000000% 100.00
0.60 0.00 0.00 0.00 0.00 0.60 100.00
__________________________________________________________
__
__________________________________________________________
__ _____________________________________________ Totals
1,155,299.52 0.00 0.00 0.01 0.00 1,155,299.53
Report 5 05/24/96 -- 12:40am
Page 1 of 1
EXHIBIT 21.1 PAGE 11
Structured Asset Securities
Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact: Lisa
Wehrmeyer
Securities Administration Services
Reporting Month: April 1996
Phone: (410) 884-
2120
11000 Broken Land Parkway
Distribution Date: May 28, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Fund Account Summary
__________________________________________________________
__
__________________________________________________________
__ ______________________________________________________
Proceeds Account
Beginning Balance 0.00
DEPOSITS: WITHDRAWALS:
Interest Net of Servicing Fee
1,157,595.02 Interest Payments
1,155,299.53
Scheduled Principal 137,471.64
Scheduled Principal Payment
137,471.64
Other Principal 335,077.95
Other Principal Payments
335,077.95
Negative Amortization 0.00
Reserve Fund 1
0.00
Deposits from Reserve Fund
0.00
Fees and Expenses
2,295.49
Gain/Loss Adjustment 0.00
Other Withdrawals
0.00
Other Deposits 0.00
Total Deposit 1,630,144.61
Total Withdrawals
1,630,144.61
Ending Balance
0.00
__________________________________________________________
__
__________________________________________________________
__ ______________________________________________________
Initial Balance Requirement Beginning Balance
Deposits Earnings Withdrawals Ending
Balance
__________________________________________________________
__
__________________________________________________________
__ _____________
Class A3 Reserve Fund 2,000.00 0.00
2,000.00 0.00 0.00
0.00 2,000.00
Class A3 Rounding Account
999.99
0.00 999.99 0.00 0.00
0.00 999.99
__________________________________________________________
__
__________________________________________________________
__ ______________________________________________________
Report 6
05/24/96 -- 12:39am
Page 1 of 1
EXHIBIT 21.1 PAGE 12
Structured Asset
Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A. Contact:
Lisa Wehrmeyer
Securities Administration Services Reporting
Month: April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution Date:
May 28, 1996 InvestorDirect: (800)
605-4167
Columbia, MD 21044-7800
Loss/Delinquency
Detail
Current Current Current
Current Total Aggregate Aggregate
Aggregate Aggregate Total
Fraud Bankruptcy
Special
Hazard Credit Current Fraud
Bankruptcy Special Hazard Credit Aggregate
Pool # Losses Losses Losses
Losses Losses Losses Losses
Losses Losses Losses
__________________________________________________________
__
__________________________________________________________
__ _________________________________________________
1 0.00 0.00
0.00 0.00 0.00 0.00
0.00
0.00 0.00 0.00
2 0.00 0.00
0.00 0.00 0.00 0.00
0.00
0.00 0.00 0.00
__________________________________________________________
__
__________________________________________________________
__ _________________________________________________
Totals 0.00 0.00 0.00
0.00 0.00
0.00 0.00 0.00 0.00 0.00
Pool Initial Loss
Current Loss Current Loss
# Loss Type Limit Amount
Limit Amount Limit Percent
__________________________________________________________
__ ______________________________________________________
Bankruptcy Losses 100,000.00
100,000.00
0.05459122%
Fraud Losses 3,682,997.00
3,682,997.00 2.01059296%
Special Hazard Losses
2,539,768.00
2,538,251.74 1.38566257%
__________________________________________________________
__
__________________________________________________________
__ ________________________________________ 30 Days
Delinquent 60 Days Delinquent 90 Days Delinquent
Foreclosures REO's Totals
Number Balance Number
Balance Number Balance Number
Balance
Number Balance Number Balance
2 1 492,567.90 0
0.00 0 0.00 0 0.00 0
0.00 1 492,567.90
__________________________________________________________
__
__________________________________________________________
__ ________________________________________ Totals
1 492,567.90 0 0.00 0
0.00 0 0.00 0 0.00 1
492,567.90
Report 7 05/24/96 -- 12:40am
Page 1 of 1
EXHIBIT 21.1 PAGE 13
Structured Asset Securities
Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting
Month: April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution Date:
May 28, 1996 InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Collateral Summary
Total|
Pool
1 Pool 2
__________________________________________________________
__ _____________________________________________ Monthly
P&I Constant 1,334,122.87|
372,841.08
961,281.79
|
Positive Amortization 137,471.64|
42,994.50 94,477.14
Negative Amortization 0.00|
0.00
0.00
Regular Curtailments 14,824.11|
4,320.73 10,503.38
Regular Curtailment Interest 96.99|
25.58
71.41
Prepaid Curtailments 11,464.94|
5,956.88 5,508.06
Prepaid Curtailment Interest 0.00|
0.00 0.00
Liquidations 308,668.19| 0.00
308,668.19
Principal Adjustments 23.72| 6.25
17.47
Total Principal Trust Distribution
472,549.59| 53,303.94 419,245.65
|
Scheduled Interest 1,196,651.23|
329,846.58 866,804.65
Servicing Fee 39,056.21|
11,239.87
27,816.34
Master Servicing Fee 382.62|
111.64 270.98
Spread 0.00| 0.00 0.00
Total Pass-Through Interest
1,157,212.40| 318,495.07 838,717.33
|
Beginning Balance 183,652,191.95|
53,588,091.96 130,064,099.99
Ending Balance 183,179,642.36|
53,534,788.02 129,644,854.34
Gross P&I Distribution 1,630,144.61|
371,910.65 1,258,233.96
Realized Losses/(Gains) 0.00|
0.00
0.00
Net P&I Trust Distribution 1,630,144.61|
371,910.65 1,258,233.96
|
Beginning Loan Count 610| 176
434
Number of Loan Payoffs 1| 0
1
Ending Loan Count 609| 176
433 |
Weighted Average Maturity 351.9404919600|
353.6326510600 351.2433005100
Weighted Average Gross Rate 7.819027150%|
7.386265890% 7.997330390%
Weighted Average Net Rate 7.563830350%|
7.134571090% 7.740690720%
Weighted Average Pass-Through Rate
7.538829870%| 7.132071090% 7.715689690%
Weighted Average Margin 0.000000000%|
0.000000000% 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 358.96|
0.00 358.96
Current Period Interest 3,107.09|
0.00 3,107.09
|
|
Report 8
05/24/96 -- 12:40am
Page 1 of 1
EXHIBIT 21.1 PAGE 14
Structured Asset Securities Corporation,
Series 1996-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting
Month: April 1996
Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution
Date:
May 28, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Credit Enhancement
Summary Initial Current Current
Current Current Current Coverage
Period Period Cumulative Coverage
Coverage Pool
Type/Purpose Amount Losses
Additions Losses Percentage
Amount
Balance
__________________________________________________________
__
__________________________________________________________
__ ___________________________________________ Class A3
Reserve Fund 2,000.00 0.00 0.00
0.00
0.00000000% 2,000.00 0.00
Class A3 Rounding Account 999.99 0.00
0.00
0.00 0.00000000% 999.99 0.00
Subordination 11,478,993.88 0.00 0.00
0.00 6.26183643% 11,470,409.57 183,179,642.36
Scheduled
Unscheduled
Principal
Principal Percentage
Percentage
Pool #
__________________________________________________________
__ _______________________________________ 1
Senior 93.72042830% 100.00000000%
1 Senior 88.32593976%
100.00000000%
1 Senior 11.67406024%
0.00000000%
1 Subordinate 6.27957170%
0.00000000%
2 Senior 93.72042830%
100.00000000%
2 Senior 88.32593976%
100.00000000%
2 Senior 11.67406024%
0.00000000%
2 Subordinate 6.27957170%
0.00000000%
Report 9 05/24/96 -- 12:40am
Page 1 of 1
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