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) July 25,
1996
Structured Asset Securities Corporation, Series 1996-1
(Exact name of registrant as specified in its charter)
Delaware 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 July 25, 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 July 25,
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 July 25, 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: June 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: July 25, 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 0.9796762433
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 0.9977380895
AP Senior Principal Only Principal Only
853,198.07 0.00000000% 0.00
0.00 0.00 0.9965824114
AX Senior Interest Only Interest Only
0.00 0.48668146% 0.00 0.00
0.00 0.0000000000
M Subordinate Prorata Fixed
4,591,000.00 7.25000000% 0.00
0.00 0.00 0.9977380897
B1 Subordinate Prorata Fixed
3,214,000.00 7.25000000% 0.00
0.00 0.00 0.9977380896
B2 Subordinate Prorata Fixed
1,653,000.00 7.25000000% 0.00
0.00 0.00 0.9977380883
B3 Subordinate Prorata Fixed
826,000.00 7.25000000% 0.00
0.00 0.00 0.9977380872
B4 Subordinate Prorata Fixed
368,000.00 7.25000000% 0.00
0.00 0.00 0.9977380978
B5 Subordinate Prorata Fixed
826,993.88 7.25000000% 0.00
0.00 0.00 0.9977380969
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 0.9877391840
Report 1
07/23/96 -- 11:48am
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: June 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: July 25, 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 06/28/1996 7.25000000%
105,314,692.45 636,276.27 346,399.65
0.00 104,968,292.80 982,675.92
A2 06/28/1996 7.25000000%
14,174,000.00 85,634.58 0.00
0.00 14,174,000.00 85,634.58
A3 06/28/1996 7.50000000%
28,693,000.00 179,331.25 0.00
0.00 28,693,000.00 179,331.25
A4 06/28/1996 0.00000000%
1,307,000.00 0.00 0.00
0.00 1,307,000.00 0.00
A5 06/28/1996 7.25000000%
19,969,966.36 120,651.88 15,204.57
0.00 19,954,761.79 135,856.45
AP 06/28/1996 0.00000000%
851,210.77 0.00 928.58
0.00 850,282.19 928.58
AX 06/28/1996 0.48668146%
0.00 52,029.92 0.00
0.00 0.00 52,029.92
M 06/28/1996 7.25000000%
4,584,105.78 27,695.64 3,490.21
0.00 4,580,615.57 31,185.85
B1 06/28/1996 7.25000000%
3,209,173.59 19,388.76 2,443.37
0.00 3,206,730.22 21,832.13
B2 06/28/1996 7.25000000%
1,650,517.72 9,971.88 1,256.66
0.00 1,649,261.06 11,228.54
B3 06/28/1996 7.25000000%
824,759.61 4,982.92 627.95
0.00 824,131.66 5,610.87
B4 06/28/1996 7.25000000%
367,447.38 2,219.99 279.76
0.00 367,167.62 2,499.75
B5 06/28/1996 7.25000000%
825,752.00 4,988.92 628.70
0.00 825,123.30 5,617.62
R 06/28/1996 7.25000000%
100.00 0.60 0.00
0.00 100.00 0.60
____________________________________________________________
____________________________________________________________
____________________________________
Totals
181,771,725.66 1,143,172.61 371,259.45
0.00 181,400,466.21 1,514,432.06
Report 2
07/23/96 -- 11:48am
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: June 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution
Date: July 25, 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
5.93840987 1.06225782 2.17071377 3.23297158
0.00000000 0.9796762433
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
6.03259400 0.76022850 0.00000000 0.76022850
0.00000000 0.9977380895
AP 863572JH7 853,198.07
0.00000000 0.91569593 0.17265627 1.08835220
0.00000000 0.9965824114
AX 863572JJ3 0.00
N/A N/A N/A N/A
N/A N/A
M 863572JK0 4,591,000.00
6.03259421 0.76022871 0.00000000 0.76022871
0.00000000 0.9977380897
B1 863572JL8 3,214,000.00
6.03259490 0.76022713 0.00000000 0.76022713
0.00000000 0.9977380896
B2 863572JM6 1,653,000.00
6.03259528 0.76022989 0.00000000 0.76022989
0.00000000 0.9977380883
B3 N/A 826,000.00
6.03259080 0.76023002 0.00000000 0.76023002
0.00000000 0.9977380872
B4 N/A 368,000.00
6.03258152 0.76021739 0.00000000 0.76021739
0.00000000 0.9977380978
B5 N/A 826,993.88
6.03259603 0.76022328 0.00000000 0.76022328
0.00000000 0.9977380969
R 863572JN4 100.00
6.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
____________________________________________________________
____________________________________________________________
_____________________________
Totals 183,652,191.95
0.9877391840
Report 3
07/23/96 -- 11:48am
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: June 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: July 25, 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 105,314,692.45 113,816.57
232,583.08 0.00 0.00
346,399.65 0.00 104,968,292.80
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 19,969,966.36 15,204.57
0.00 0.00 0.00 15,204.57
0.00 19,954,761.79 0.00
AP 851,210.77 781.27
147.31 0.00 0.00 928.58
0.00 850,282.19 0.00
AX 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
M 4,584,105.78 3,490.21
0.00 0.00 0.00 3,490.21
0.00 4,580,615.57 0.00
B1 3,209,173.59 2,443.37
0.00 0.00 0.00 2,443.37
0.00 3,206,730.22 0.00
B2 1,650,517.72 1,256.66
0.00 0.00 0.00 1,256.66
0.00 1,649,261.06 0.00
B3 824,759.61 627.95
0.00 0.00 0.00 627.95
0.00 824,131.66 0.00
B4 367,447.38 279.76
0.00 0.00 0.00 279.76
0.00 367,167.62 0.00
B5 825,752.00 628.70
0.00 0.00 0.00 628.70
0.00 825,123.30 0.00
R 100.00 0.00
0.00 0.00 0.00 0.00
0.00 100.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals 181,771,725.66 138,529.06
232,730.39 0.00 0.00
371,259.45 0.00 181,400,466.21
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
07/23/96 -- 11:48am
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: June 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: July 25, 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% 105,314,692.45
636,276.27 0.00 0.00
0.00 0.00 636,276.27 104,968,292.80
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% 19,969,966.36
120,651.88 0.00 0.00
0.00 0.00 120,651.88 19,954,761.79
AP 0.00000000% 851,210.77
0.00 0.00 0.00 0.00
0.00 0.00 850,282.19
AX 0.48668146% 128,289,043.11
52,029.92 0.00 0.00 0.00
0.00 52,029.92 127,971,359.41
M 7.25000000% 4,584,105.78
27,695.64 0.00 0.00 0.00
0.00 27,695.64 4,580,615.57
B1 7.25000000% 3,209,173.59
19,388.76 0.00 0.00 0.00
0.00 19,388.76 3,206,730.22
B2 7.25000000% 1,650,517.72
9,971.88 0.00 0.00 0.00
0.00 9,971.88 1,649,261.06
B3 7.25000000% 824,759.61
4,982.92 0.00 0.00 0.00
0.00 4,982.92 824,131.66
B4 7.25000000% 367,447.38
2,219.99 0.00 0.00 0.00
0.00 2,219.99 367,167.62
B5 7.25000000% 825,752.00
4,988.92 0.00 0.00 0.00
0.00 4,988.92 825,123.30
R 7.25000000% 100.00
0.60 0.00 0.00 0.00
0.00 0.60 100.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
1,143,172.61 0.00 0.00
0.00 0.00 1,143,172.61
Report 5
07/23/96 -- 11:48am
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: June 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: July 25, 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 1,145,352.71
Interest Payments 1,143,172.61
Scheduled Principal 138,529.06
Scheduled Principal Payment 138,529.06
Other Principal 232,730.39
Other Principal Payments 232,730.39
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 2,180.10
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
1,516,612.16 Total Withdrawals
1,516,612.16
Ending Balance
(0.00)
____________________________________________________________
____________________________________________________________
______________________________________________________
Beginning Current Other Current
Other
Initial Balance
Requirement Balance Deposit Deposit
Withdrawal Withdrawal Ending Balance
____________________________________________________________
____________________________________________________________
________
Class A3 Reserve Fund 2,000.00
0.00 2,000.00 0.00 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 0.00 999.99
____________________________________________________________
____________________________________________________________
_________________________________________________
Report 6
07/23/96 -- 11:48am
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: June 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: July 25, 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 0.05512665%
Fraud Losses
3,682,997.00 3,682,997.00 2.03031286%
Special Hazard Losses
2,539,768.00 2,535,207.58 1.39757501%
____________________________________________________________
____________________________________________________________
________________________________________
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
1 2 551,894.97 0 0.00
0 0.00 0 0.00 0
0.00 2 551,894.97
2 5 1,324,375.35 1 286,803.40
0 0.00 0 0.00 0
0.00 6 1,611,178.75
____________________________________________________________
____________________________________________________________
________________________________________
Totals 7 1,876,270.32 1 286,803.40
0 0.00 0 0.00 0
0.00 8 2,163,073.72
Report 7
07/23/96 -- 11:48am
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: June 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: July 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1 Pool 2
____________________________________________________________
_____________________________________________
Monthly P&I Constant
1,322,524.35| 372,841.08 949,683.27
|
Positive Amortization
138,529.06| 43,641.48 94,887.58
Negative Amortization
0.00| 0.00 0.00
Regular Curtailments
16,263.51| 4,939.78 11,323.73
Regular Curtailment Interest
105.21| 30.37 74.84
Prepaid Curtailments
14,799.86| 4,964.12 9,835.74
Prepaid Curtailment Interest
0.00| 0.00 0.00
Liquidations
201,593.35| 0.00 201,593.35
Principal Adjustments
(31.54)| 0.00 (31.54)
Total Principal Trust Distribution
371,259.45| 53,575.75 317,683.70
|
Scheduled Interest
1,183,995.29| 329,199.60 854,795.69
Servicing Fee
38,642.58| 11,217.75 27,424.83
Master Servicing Fee
267.23| 0.00 267.23
Spread
0.00| 0.00 0.00
Total Pass-Through Interest
1,145,085.48| 317,981.85 827,103.63
|
Beginning Balance
181,771,725.66| 53,482,682.55 128,289,043.11
Ending Balance
181,400,466.21| 53,429,106.80 127,971,359.41
Gross P&I Distribution
1,516,612.16| 371,557.60 1,145,054.56
Realized Losses/(Gains)
0.00| 0.00 0.00
Net P&I Trust Distribution
1,516,612.16| 371,557.60 1,145,054.56
|
Beginning Loan Count
606| 176 430
Number of Loan Payoffs
1| 0 1
Ending Loan Count
605| 176 429
|
Weighted Average Maturity
349.9266356900| 351.6379272600 349.2132118400
Weighted Average Gross Rate
7.816366060%| 7.386307140% 7.995654210%
Weighted Average Net Rate
7.561259850%| 7.134612580% 7.739125710%
Weighted Average Pass-Through Rate
7.559495680%| 7.134612580% 7.736626070%
Weighted Average Margin
0.000000000%| 0.000000000% 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
1,548.60| 419.93 1,128.67
Current Period Interest
13,602.26| 3,331.85 10,270.41
|
|
Report 8
07/23/96 -- 11:48am
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: June 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: July 25, 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 6.31367144% 11,453,029.43 181,400,466.21
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
____________________________________________________________
_______________________________________
1 Senior
93.66475599% 100.00000000%
1 Senior
88.21544162% 100.00000000%
1 Senior
11.78455838% 0.00000000%
1 Subordinate
6.33524401% 0.00000000%
2 Senior
93.66475599% 100.00000000%
2 Senior
88.21544162% 100.00000000%
2 Senior
11.78455838% 0.00000000%
2 Subordinate
6.33524401% 0.00000000%
Report 9
07/23/96 -- 11:50am
Page 1 of 1
