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) June
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 June 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 June 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 June 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: May 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Structured
Asset Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2120
11000 Broken Land Parkway
Distribution Date: June 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 0.9829092149
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 0.9984983180
AP Senior Principal Only Principal
Only
853,198.07 0.00000000% 0.00
0.00 0.00 0.9976707636
AX Senior Interest Only Interest Only
0.00 0.48760713% 0.00
0.00
0.00 0.0000000000
M Subordinate Prorata Fixed
4,591,000.00 7.25000000% 0.00
0.00 0.00 0.9984983184
B1 Subordinate Prorata Fixed
3,214,000.00 7.25000000%
0.00
0.00 0.00 0.9984983167
B2 Subordinate Prorata Fixed
1,653,000.00 7.25000000%
0.00
0.00 0.00 0.9984983182
B3 Subordinate Prorata
Fixed
826,000.00 7.25000000%
0.00
0.00 0.00 0.9984983172
B4 Subordinate Prorata
Fixed
368,000.00 7.25000000%
0.00
0.00 0.00 0.9984983152
B5 Subordinate Prorata
Fixed
826,993.88 7.25000000%
0.00
0.00 0.00 0.9984983202
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 0.9897607196
Report 1
06/21/96 -- 10:36am
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: May 1996
Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: June 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 05/31/1996 7.25000000%
106,697,977.61 644,633.62
1,383,285.16
0.00 105,314,692.45 2,027,918.78
A2 05/31/1996 7.25000000%
14,174,000.00 85,634.58
0.00
0.00 14,174,000.00 85,634.58
A3 05/31/1996 7.50000000%
28,693,000.00 179,331.25
0.00
0.00 28,693,000.00 179,331.25
A4 05/31/1996 0.00000000%
1,307,000.00 0.00
0.00
0.00 1,307,000.00 0.00
A5 05/31/1996 7.25000000%
19,985,043.45 120,742.97
15,077.09
0.00 19,969,966.36 135,820.06
AP 05/31/1996 0.00000000%
852,111.73 0.00
900.96
0.00 851,210.77 900.96
AX 05/31/1996
0.48760713%
0.00 52,679.80
0.00
0.00 0.00
52,679.80
M 05/31/1996
7.25000000%
4,587,566.73 27,716.55
3,460.95
0.00 4,584,105.78 31,177.50
B1 05/31/1996 7.25000000%
3,211,596.48 19,403.40
2,422.89
0.00 3,209,173.59
21,826.29
B2 05/31/1996
7.25000000%
1,651,763.84 9,979.41
1,246.12
0.00 1,650,517.72 11,225.53
B3 05/31/1996 7.25000000%
825,382.29 4,986.68
622.68
0.00 824,759.61 5,609.36
B4 05/31/1996 7.25000000%
367,724.80 2,221.67
277.42
0.00 367,447.38 2,499.09
B5 05/31/1996 7.25000000%
826,375.43 4,992.68
623.43
0.00 825,752.00 5,616.11
R 05/31/1996 7.25000000%
100.00 0.60
0.00
0.00 100.00 0.60
__________________________________________________________
__
__________________________________________________________
__ ____________________________________
Totals
183,179,642.36 1,152,323.21 1,407,916.70
0.00 181,771,725.66 2,560,239.91
Report 2
06/21/96 -- 10:36am
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: May 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution
Date: June 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
6.01640959 1.06229646 11.84799838 12.91029484
0.00000000 0.9829092149
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
6.03714850 0.75385450 0.00000000 0.75385450
0.00000000 0.9984983180
AP 863572JH7 853,198.07
0.00000000 0.90943713 0.14654276 1.05597989
0.00000000 0.9976707636
AX 863572JJ3 0.00
N/A N/A N/A N/A
N/A N/A
M 863572JK0 4,591,000.00
6.03714877 0.75385537 0.00000000 0.75385537
0.00000000 0.9984983184
B1 863572JL8 3,214,000.00
6.03714997 0.75385501 0.00000000 0.75385501
0.00000000 0.9984983167
B2 863572JM6 1,653,000.00
6.03715064 0.75385360 0.00000000 0.75385360
0.00000000 0.9984983182
B3 N/A 826,000.00
6.03714286 0.75384988 0.00000000 0.75384988
0.00000000 0.9984983172
B4 N/A 368,000.00
6.03714674 0.75385870 0.00000000 0.75385870
0.00000000 0.9984983152
B5 N/A 826,993.88
6.03714262 0.75385080 0.00000000 0.75385080
0.00000000 0.9984983202
R 863572JN4 100.00
6.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
__________________________________________________________
__
__________________________________________________________
__ _____________________________
Totals 183,652,191.95
0.9897607196
Report 3
06/21/96 -- 10:36am
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: May 1996
Phone: (410) 884-
2120
11000 Broken Land Parkway
Distribution Date: June 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 106,697,977.61 113,820.71
1,269,464.45 0.00
0.00
1,383,285.16 0.00
105,314,692.45
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 19,985,043.45 15,077.09
0.00 0.00 0.00 15,077.09
0.00 19,969,966.36 0.00
AP 852,111.73 775.93
125.03 0.00 0.00 900.96
0.00 851,210.77 0.00
AX 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
M 4,587,566.73 3,460.95
0.00 0.00 0.00 3,460.95
0.00 4,584,105.78 0.00
B1 3,211,596.48 2,422.89
0.00 0.00 0.00 2,422.89
0.00 3,209,173.59 0.00
B2 1,651,763.84 1,246.12
0.00 0.00 0.00 1,246.12
0.00 1,650,517.72 0.00
B3 825,382.29 622.68
0.00 0.00 0.00 622.68
0.00 824,759.61 0.00
B4 367,724.80 277.42
0.00 0.00 0.00 277.42
0.00 367,447.38 0.00
B5 826,375.43 623.43
0.00 0.00 0.00 623.43
0.00 825,752.00 0.00
R 100.00 0.00
0.00 0.00 0.00 0.00
0.00 100.00 0.00
__________________________________________________________
__
__________________________________________________________
__ ____________________________________________
Totals 183,179,642.36 138,327.22
1,269,589.48 0.00 0.00
1,407,916.70 0.00 181,771,725.66
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance
Reduction 0.00
Other
0.00
Report 4
06/21/96 -- 10:36am
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: May 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: June 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% 106,697,977.61
644,633.61 0.00 0.00
0.01 0.00 644,633.62 105,314,692.45
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% 19,985,043.45
120,742.97 0.00 0.00
0.00 0.00 120,742.97 19,969,966.36
AP 0.00000000% 852,111.73
0.00 0.00 0.00 0.00
0.00 0.00 851,210.77
AX 0.48760713% 129,644,854.34
52,679.80 0.00 0.00
0.00
0.00 52,679.80 128,289,043.11
M 7.25000000% 4,587,566.73
27,716.55 0.00 0.00
0.00
0.00 27,716.55 4,584,105.78
B1 7.25000000% 3,211,596.48
19,403.40 0.00 0.00
0.00
0.00 19,403.40 3,209,173.59
B2 7.25000000% 1,651,763.84
9,979.41 0.00 0.00
0.00
0.00 9,979.41 1,650,517.72
B3 7.25000000% 825,382.29
4,986.68 0.00 0.00
0.00
0.00 4,986.68 824,759.61
B4 7.25000000% 367,724.80
2,221.67 0.00 0.00
0.00
0.00 2,221.67 367,447.38
B5 7.25000000% 826,375.43
4,992.68 0.00 0.00
0.00
0.00 4,992.68 825,752.00
R 7.25000000% 100.00
0.60 0.00 0.00 0.00
0.00 0.60 100.00
__________________________________________________________
__
__________________________________________________________
__ _____________________________________________
Totals
1,152,323.20 0.00 0.00
0.01 0.00 1,152,323.21
Report 5
06/21/96 -- 10:36am
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: May 1996
Phone: (410) 884-
2120
11000 Broken Land Parkway
Distribution Date: June 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
1,154,506.09
Interest Payments
1,152,323.21
Scheduled Principal
138,327.22
Scheduled Principal Payment
138,327.22
Other Principal
1,269,589.48
Other Principal Payments
1,269,589.48
Negative Amortization
0.00
Reserve Fund 1
0.00
Deposits from Reserve Fund
0.00
Fees and Expenses
2,182.88
Gain/Loss Adjustment
0.00
Other Withdrawals
0.00
Other Deposits
0.00
Total Deposit
2,562,422.79 Total Withdrawals
2,562,422.79
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
06/21/96 -- 10:36am
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: May 1996
Phone: (410) 884-
2120
11000 Broken Land Parkway
Distribution Date: June 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 0.05501406%
Fraud Losses
3,682,997.00 1,817,717.25 1.00000000%
Special Hazard Losses
2,539,768.00 2,536,735.26 1.39556097%
__________________________________________________________
__
__________________________________________________________
__ ________________________________________
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 2 599,269.19 0
0.00
0 0.00 0 0.00 0
0.00 2 599,269.19
2 6 1,658,859.83 1
479,669.66
0 0.00 0 0.00 0
0.00 7 2,138,529.49
__________________________________________________________
__
__________________________________________________________
__ ________________________________________
Totals 8 2,258,129.02 1
479,669.66
0 0.00 0 0.00 0
0.00 9 2,737,798.68
Report 7
06/21/96 -- 10:36am
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: May 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1 Pool 2
__________________________________________________________
__ _____________________________________________
Monthly P&I Constant
1,331,790.18| 372,841.08 958,949.10
|
Positive Amortization
138,327.22| 43,321.18 95,006.04
Negative Amortization
0.00| 0.00 0.00
Regular Curtailments
18,280.82| 4,118.16 14,162.66
Regular Curtailment Interest
118.73| 25.43 93.30
Prepaid Curtailments
8,652.01| 4,640.70 4,011.31
Prepaid Curtailment Interest
0.00| 0.00 0.00
Liquidations
1,244,710.71| 0.00 1,244,710.71
Principal Adjustments
(2,172.79)| 0.00 (2,172.79)
Total Principal Trust Distribution
1,407,916.70| 52,105.47 1,355,811.23
|
Scheduled Interest
1,193,462.96| 329,519.90 863,943.06
Servicing Fee
38,956.87| 11,228.67 27,728.20
Master Servicing Fee
270.01| 0.00 270.01
Spread
0.00| 0.00 0.00
Total Pass-Through Interest
1,154,236.08| 318,291.23 835,944.85
|
Beginning Balance
183,179,642.36| 53,534,788.02 129,644,854.34
Ending Balance
181,771,725.66| 53,482,682.55 128,289,043.11
Gross P&I Distribution
2,562,422.79| 370,396.70 2,192,026.09
Realized Losses/(Gains)
0.00| 0.00 0.00
Net P&I Trust Distribution
2,562,422.79| 370,396.70 2,192,026.09
|
Beginning Loan Count
609| 176 433
Number of Loan Payoffs
3| 0 3
Ending Loan Count
606| 176 430
|
Weighted Average Maturity
350.9451342700| 352.6356765900
350.2470516100 Weighted Average Gross Rate
7.818311750%| 7.386297660% 7.996705130%
Weighted Average Net Rate
7.563107390%| 7.134603310% 7.740051360%
Weighted Average Pass-Through Rate
7.561338570%| 7.134603310% 7.737552130%
Weighted Average Margin
0.000000000%| 0.000000000% 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
1,988.45| 458.29 1,530.16
Current Period Interest
17,106.72| 3,586.64 13,520.08
|
|
Report 8
06/21/96 -- 10:36am
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: May 1996
Phone: (410) 884-
2120 11000 Broken Land Parkway
Distribution Date: June 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 6.30557697% 11,461,756.08 181,771,725.66
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
__________________________________________________________
__ _______________________________________
1 Senior
93.70889874% 100.00000000%
1 Senior
88.30306672% 100.00000000%
1 Senior
11.69693328% 0.00000000%
1 Subordinate
6.29110126% 0.00000000%
2 Senior
93.70889874% 100.00000000%
2 Senior
88.30306672% 100.00000000%
2 Senior
11.69693328% 0.00000000%
2 Subordinate
6.29110126% 0.00000000%
Report 9
06/21/96 -- 10:37am
Page 1 of 1
