SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 26, 1996
STRUCTURED ASSET SECURITIES CORPORATION
(AS DEPOSITOR UNDER THE TRUST AGREEMENT,
DATED AS OF NOVEMBER 1, 1996, PROVIDING FOR THE ISSUANCE OF
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-6)
STRUCTURED ASSET SECURITIES CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-99598 74-2440850
- -------- --------- ----------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
200 Vesey Street
New York, New York 10285
- ------------------------------ ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (212) 526-3305
================================================================================
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
20.1 Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1996-6, Distribution
Report dated 12/26/96
<PAGE>
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.
Dated: December 30, 1996
STRUCTURED ASSET SECURITIES CORPORATION by First Trust
National Association, as Trustee for Structured Asset
Securities Corporation Mortgage Pass-Through
Certificates, Series 1996-6.
By: /s/ Eve Kaplan
----------------------------------
Name: Eve Kaplan
Title: Vice President
Company: First Trust National Association
INDEX TO EXHIBITS
-----------------
Exhibit Description
------- -----------
20.1 Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 1996-6, Distribution Report dated 12/26/96
PAGE 1
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates
SERIES 1996-6
DECEMBER DISTRIBUTION REPORT
Payment Date: 12/25/96
<TABLE>
<CAPTION>
Total Remaining
CUSIP Original Interest Interest Interest Scheduled Principal Principal
Class Number Balance Losses Payment Shortfall Principal Prepayment Repurchase
- ----- ------ ------- ------ ------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1-A1 863572MN0 74750000.00 0.00000000 6.25000000 0.00000000 1.96547880 7.94405605 0.00000000
1-A2 863572MP5 17547000.00 0.00000000 6.25000000 0.00000000 0.00000000 0.00000000 0.00000000
1-A3 863572MQ3 8500000.00 0.00000000 5.83333294 0.00000000 0.00000000 0.00000000 0.00000000
1-A4 863572MR1 8500000.00 0.00000000 0.35000000 0.00000000 --- --- ---
1-A5 863572MS9 15526000.00 0.00000000 6.25000000 0.00000000 0.00000000 0.00000000 0.00000000
1-AP 863572MJ4 1158384.35 --- --- --- 1.75797437 0.10708018 0.00000000
1-AX 863572MT7 5602378.00 0.00000000 6.26742965 0.00000000 --- --- ---
2-A 863572MV2 101084000.00 0.00000000 7.52323948 0.00000000 1.12507538 21.75523772 0.00000000
3-A1 863572MW0 32133000.00 0.00000000 6.57715122 0.00000000 6.62207513 1.15975633 0.00000000
3-A2 863572MX8 7907000.00 0.00000000 6.57715063 0.00000000 0.00000000 0.00000000 0.00000000
B-1 863572MY6 7776000.00 0.00000000 6.64412166 0.00000000 1.22032793 0.00000000 0.00000000
3-B1 863572MZ3 1443000.00 0.00000000 6.57715177 0.00000000 5.31433818 0.00000000 0.00000000
B-2 863572NA7 2600000.00 0.00000000 6.90473846 0.00000000 1.19208846 0.00000000 0.00000000
3-B2 863572NB5 126000.00 0.00000000 6.57714286 0.00000000 5.31436508 0.00000000 0.00000000
B-3 863572NC3 2206000.00 0.00000000 6.86699456 0.00000000 1.19617860 0.00000000 0.00000000
3-B3 863572ND1 41000.00 0.00000000 6.57707317 0.00000000 5.31439024 0.00000000 0.00000000
B-4 None 912000.00 0.00000000 6.86259868 0.00000000 1.38485746 0.00000000 0.00000000
B-5 None 425000.00 0.00000000 6.90727059 0.00000000 1.39376471 0.00000000 0.00000000
B-6 None 976191.20 0.00000000 6.84426371 0.00000000 1.63905391 0.00000000 0.00000000
R1 863572NE9 100.00 0.00000000 6.60000000 0.00000000 0.00000000 0.00000000 0.00000000
R2 863572NF6 100.00 0.00000000 6.60000000 0.00000000 0.00000000 0.00000000 0.00000000
Total
CUSIP Principal Ending Principal
Class Number Losses Balance Payment
- ---- ------ ------ ------- -------
<S> <C> <C> <C> <C>
1-A1 863572MN0 0.00000000 990.09364040 9.90635960
1-A2 863572MP5 0.00000000 1000.00000000 0.00000000
1-A3 863572MQ3 0.00000000 1000.00000000 0.00000000
1-A4 863572MR1 --- --- ---
1-A5 863572MS9 0.00000000 1000.00000000 0.00000000
1-AP 863572MJ4 0.00000000 998.13423757 1.86576243
1-AX 863572MT7 --- --- ---
2-A 863572MV2 0.00000000 977.13378655 22.86621345
3-A1 863572MW0 0.00000000 992.20952292 7.79047708
3-A2 863572MX8 0.00000000 1000.00000000 0.00000000
B-1 863572MY6 0.00000000 998.77967207 1.22032793
3-B1 863572MZ3 0.00000000 994.68566182 5.31433818
B-2 863572NA7 0.00000000 998.80791154 1.19208846
3-B2 863572NB5 0.00000000 994.68563492 5.31436508
B-3 863572NC3 0.00000000 998.80382140 1.19617860
3-B3 863572ND1 0.00000000 994.68560976 5.31439024
B-4 None 0.00000000 998.61514254 1.38485746
B-5 None 0.00000000 998.60623529 1.39376471
B-6 None 0.00000000 998.36094609 1.63905391
R1 863572NE9 0.00000000 1000.00000000 0.00000000
R2 863572NF6 0.00000000 1000.00000000 0.00000000
</TABLE>
$0.00 Additional payment to Class R1
All factors are per $1,000 of original Certificate Principal Amount or Notional
Amount
Class 1-A4 Original Balance is a Notional Amount
Class 1-AX Original Balance is the estimate original Notional Amount published
in the Prospectus Supplement
<PAGE>
PAGE 2
<TABLE>
<CAPTION>
Net Excess
Pass- Current Prepay Realized Realized Interest Interest
Through Interest Interest Interest Interest Interest Distribution Distribution
Class Rate Due Shortfall Loss Loss Reduct Amount Payment
- ----- ---- --- --------- ---- ---- ------ ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1-A1 7.50000% 467,187.50 0.00 0.00 0.00 0.00 467,187.50 467,187.50
1-A2 7.50000% 109,668.75 0.00 0.00 0.00 0.00 109,668.75 109,668.75
1-A3 7.00000% 49,583.33 0.00 0.00 0.00 0.00 49,583.33 49,583.33
1-A4 0.42000% 2,975.00 0.00 0.00 0.00 0.00 2,975.00 2,975.00
1-A5 7.50000% 97,037.50 0.00 0.00 0.00 0.00 97,037.50 97,037.50
1-AP PO 0 0.00 0.00 0.00 0.00 0.00 0.00
1-AX 7.50000% 35,112.51 0.00 0.00 0.00 0.00 35,112.51 35,112.51
2-A 9.02789% 760,479.14 0.00 0.00 0.00 0.00 760,479.14 760,479.14
3-A1 7.89258% 211,343.60 0.00 0.00 0.00 0.00 211,343.60 211,343.60
3-A2 7.89258% 52,005.53 0.00 0.00 0.00 0.00 52,005.53 52,005.53
B-1 7.97295% 51,664.69 0.00 0.00 0.00 0.00 51,664.69 51,664.69
3-B1 7.89258% 9,490.83 0.00 0.00 0.00 0.00 9,490.83 9,490.83
B-2 8.28569% 17,952.32 0.00 0.00 0.00 0.00 17,952.32 17,952.32
3-B2 7.89258% 828.72 0.00 0.00 0.00 0.00 828.72 828.72
B-3 8.24039% 15,148.59 0.00 0.00 0.00 0.00 15,148.59 15,148.59
3-B3 7.89258% 269.66 0.00 0.00 0.00 0.00 269.66 269.66
B-4 8.23512% 6,258.69 0.00 0.00 0.00 0.00 6,258.69 6,258.69
B-5 8.28872% 2,935.59 0.00 0.00 0.00 0.00 2,935.59 2,935.59
B-6 8.21312% 6,681.31 0.00 0.00 0.00 0.00 6,681.31 6,681.31
R1 7.89258% 0.66 0.00 0.00 0.00 0.00 0.66 0.66
R2 7.89258% 0.66 0.00 0.00 0.00 0.00 0.66 0.66
Group 1 Total 816,835.83 0.00 0.00 0.00 0.00 816,835.83 816,835.83
Group 2 Total 804,742.81 0.00 0.00 0.00 0.00 804,742.81 804,742.81
Group 3 Total 275,045.94 0.00 0.00 0.00 0.00 275,045.94 275,045.94
Grand Total 1,896,624.58 0.00 0.00 0.00 0.00 1,896,624.58 1,896,624.58
Unpaid Remaining
Pass- Unpaid Interest Unpaid Total
Through Interest Shortfall Interest Interest
Class Rate Shortfall Payment Shortfall Payment
- ----- ---- ------- -------- --------- -------
<S> <C> <C> <C> <C> <C>
1-A1 7.50000% 0.00 0.00 0.00 467,187.50
1-A2 7.50000% 0.00 0.00 0.00 109,668.75
1-A3 7.00000% 0.00 0.00 0.00 49,583.33
1-A4 0.42000% 0.00 0.00 0.00 2,975.00
1-A5 7.50000% 0.00 0.00 0.00 97,037.50
1-AP PO 0.00 0.00 0.00 0
1-AX 7.50000% 0.00 0.00 0.00 35,112.51
2-A 9.02789% 0.00 0.00 0.00 760,479.14
3-A1 7.89258% 0.00 0.00 0.00 211,343.60
3-A2 7.89258% 0.00 0.00 0.00 52,005.53
B-1 7.97295% 0.00 0.00 0.00 51,664.69
3-B1 7.89258% 0.00 0.00 0.00 9,490.83
B-2 8.28569% 0.00 0.00 0.00 17,952.32
3-B2 7.89258% 0.00 0.00 0.00 828.72
B-3 8.24039% 0.00 0.00 0.00 15,148.59
3-B3 7.89258% 0.00 0.00 0.00 269.66
B-4 8.23512% 0.00 0.00 0.00 6,258.69
B-5 8.28872% 0.00 0.00 0.00 2,935.59
B-6 8.21312% 0.00 0.00 0.00 6,681.31
R1 7.89258% 0.00 0.00 0.00 0.66
R2 7.89258% 0.00 0.00 0.00 0.66
Group 1 Total 0.00 0.00 0.00 816,835.83
Group 2 Total 0.00 0.00 0.00 804,742.81
Group 3 Total 0.00 0.00 0.00 275,045.94
Grand Total 0.00 0.00 0.00 1,896,624.58
</TABLE>
<PAGE>
PAGE 3
<TABLE>
<CAPTION>
Excess
Realized Realized
Beginning Scheduled Principal Prin Prin Prin Prin Prin
Class Balance Principal Prepayment Repurch Adjust Loss Loss Short
----- ------- --------- ---------- ------- ------ ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1-A1 74750000.00 146919.54 593818.19 0.00 -237.35 0.00 0.00 0.00
1-A2 17547000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1-A3 8500000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1-A4 8500000.00 --- --- --- --- --- --- ---
1-A5 15526000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1-AP 1158384.35 2036.41 124.04 0.00 0.82 0.00 0.00 0.00
1-AX 5618001.13 --- --- --- --- --- --- ---
2-A 101084000.00 113727.12 2199106.45 0.00 -1425.25 0.00 0.00 0.00
3-A1 32133000.00 212787.14 37266.45 0.00 277.81 0.00 0.00 0.00
3-A2 7907000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 7776000.00 9489.27 0.00 0.00 0.00 0.00 0.00 0.00
3-B1 1443000.00 7668.59 0.00 0.00 0.00 0.00 0.00 0.00
B-2 2600000.00 3099.43 0.00 0.00 0.00 0.00 0.00 0.00
3-B2 126000.00 669.61 0.00 0.00 0.00 0.00 0.00 0.00
B-3 2206000.00 2638.77 0.00 0.00 0.00 0.00 0.00 0.00
3-B3 41000.00 217.89 0.00 0.00 0.00 0.00 0.00 0.00
B-4 912000.00 1262.99 0.00 0.00 0.00 0.00 0.00 0.00
B-5 425000.00 592.35 0.00 0.00 0.00 0.00 0.00 0.00
B-6 976191.20 1600.03 0.00 0.00 0.00 0.00 0.00 0.00
R1 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R2 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Group 1 Tot 126324783.22 160125.44 593942.23 0.00 -236.53 0.00 0.00 0.00
Group 2 Tot 106967591.74 120346.60 2199106.45 0.00 -1425.25 0.00 0.00 0.00
Group 3 Tot 41818400.59 222237.10 37266.45 0.00 277.81 0.00 0.00 0.00
Grand Total 275110775.55 502709.14 2830315.13 0.00 -1383.97 0.00 0.00 0.00
Total Total
Principal Ending Deferred Principal
Class Reduction Balance Amount Payment
----- --------- ------- ------ -------
1-A1 740500.38 74009499.62 --- 740500.38
1-A2 0.00 17547000.00 --- 0.00
1-A3 0.00 8500000.00 --- 0.00
1-A4 --- 8500000.00 --- ---
1-A5 0.00 15526000.00 --- 0.00
1-AP 2161.27 1156223.08 0.00 2161.27
1-AX --- --- --- ---
2-A 2311408.32 98772591.68 --- 2311408.32
3-A1 250331.40 31882668.60 --- 250331.40
3-A2 0.00 7907000.00 --- 0.00
B-1 9489.27 7766510.73 --- 9489.27
3-B1 7668.59 1435331.41 --- 7668.59
B-2 3099.43 2596900.57 --- 3099.43
3-B2 669.61 125330.39 --- 669.61
B-3 2638.77 2203361.23 --- 2638.77
3-B3 217.89 40782.11 --- 217.89
B-4 1262.99 910737.01 --- 1262.99
B-5 592.35 424407.65 --- 592.35
B-6 1600.03 974591.17 --- 1600.03
R1 0.00 100.00 --- 0.00
R2 0.00 100.00 --- 0.00
Group 1 Tot 753831.14 125570952.08 0.00 753831.14
Group 2 Tot 2318027.80 104649563.94 --- 2318027.80
Group 3 Tot 259781.36 41558619.23 --- 259781.36
Grand Total 3331640.30 271779135.25 0.00 3331640.30
</TABLE>
<PAGE>
PAGE 4
<TABLE>
<CAPTION>
Pool 1 Pool 2 Pool 3 Total
------ ------ ------ -----
AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C> <C> <C>
Net Interest Received 817403.59 804746.93 275047.73 1897198.25
Scheduled Principal Received 160125.44 120346.60 222237.10 502709.14
Principal Prepayments 593942.23 2199106.45 37266.45 2830315.13
Principal Repurchase 0.00 0.00 0.00 0.00
Principal Adjustments -236.53 -1425.25 277.81 -1383.97
Realized Loss Recovery 0.00 0.00 0.00 0.00
Total 1571234.73 3122774.73 534829.09 5228838.55
CASH NOT RECEIVED 0.00 0.00 0.00 0.00
Interest Not Advanced 0.00 0.00 0.00 0.00
Interest Loss 0.00 0.00 0.00 0.00
Scheduled Principal Not Advanced 0.00 0.00 0.00 0.00
Principal Loss 0.00 0.00 0.00 0.00
MONTHLY ADVANCES 25583.71
Pool 1 Pool 2 Pool 3 Total
------ ------ ------ -----
PRINCIPAL REDUCTION
Beginning Balance 126324783.22 106967591.74 41818400.59 275110775.55
Ending Balance 125570952.08 104649563.94 41558619.23 271779135.25
Total Reduction 753831.14 2318027.80 259781.36 3331640.30
Beginning Loan Count 515 491 182 1188
Loan Count Reduction 2 8 1 11
Ending Loan Count 513 483 181 1177
ADMINISTRATIVE FEES
Master Servicing 0.00 0.00 0.00 0.00
Sub-Servicing 26316.58 22280.80 8710.37 57307.75
Other 0.00 0.00 0.00 0.00
FSA Premium 566.67 --- --- 566.67
</TABLE>
<TABLE>
<CAPTION>
Pool 1 Pool 2 Pool 3
------------------ ------------------- ------------------
Quantity Balance Quantity Balance Quantity Balance
DELINQUENCIES
- -------------
<S> <C> <C> <C> <C> <C> <C>
30+ Days 2 472106.57 10 2186852.23 2 366942.85
60+ Days 0 0.00 0 0.00 0 0.00
90+ Days 0 0.00 0 0.00 0 0.00
Foreclosure 0 0.00 0 0.00 0 0.00
REO 0 0.00 0 0.00 0 0.00
Total Delinquencies 2 472106.57 10 2186852.23 2 366942.85
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE RATIOS
Scheduled Prepayment
Percentage Percentage
---------- ----------
<S> <C> <C>
Pool 1
Senior 92.9347% 100.0000%
Subordinated 7.0653% 0.0000%
Pool 2
Senior 94.4997% 100.0000%
Subordinated 5.5003% 0.0000%
Pool 3
Senior 95.7478% 100.0000%
Subordinated 4.2522% 0.0000%
Class 1-A5
</TABLE>
<PAGE>
PAGE 5
CUMULATIVE LOSSES CURRENT REALIZED LOSS DETAIL
<TABLE>
<CAPTION>
SUPPORTED LOSSES
-------------------------
Prior Non-
Accum Current Current Accum Disc Disc
Loss Recovery Loss Loss Int Prin Prin Total
------------- ---- ---- --- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
POOL 1 POOL 1
Credit 0.00 0.00 0.00 0.00 Credit 0.00 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00 0.00 Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00 Fraud 0.00 0.00 0.00 0.00
Deficient Valuation 0.00 0.00 0.00 0.00 Debt-Service Reduct 0.00 0.00 0.00 0.00
Debt-Service Reduct 0.00 0.00 0.00 0.00 Deficient Valuation 0.00 0.00 0.00 0.00
POOL 2 POOL 2
Credit 0.00 0.00 0.00 0.00 Credit 0.00 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00 0.00 Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00 Fraud 0.00 0.00 0.00 0.00
Deficient Valuation 0.00 0.00 0.00 0.00 Debt-Service Reduct 0.00 0.00 0.00 0.00
Debt-Service Reduct 0.00 0.00 0.00 0.00 Deficient Valuation 0.00 0.00 0.00 0.00
POOL 3 POOL 3
Credit 0.00 0.00 0.00 0.00 Credit 0.00 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00 0.00 Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00 Fraud 0.00 0.00 0.00 0.00
Deficient Valuation 0.00 0.00 0.00 0.00 Debt-Service Reduct 0.00 0.00 0.00 0.00
Debt-Service Reduct 0.00 0.00 0.00 0.00 Deficient Valuation 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
EXCESS LOSSES
---------------------------
Non-
Disc Disc
Int Prin Prin Total
--- ---- ---- -----
<S> <C> <C> <C> <C>
POOL 1 0.00 0.00 0.00 0.00
Credit 0.00 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Debt-Service Reduct 0.00 0.00 0.00 0.00
Deficient Valuation
POOL 2 0.00 0.00 0.00 0.00
Credit 0.00 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Debt-Service Reduct 0.00 0.00 0.00 0.00
Deficient Valuation
POOL 3 0.00 0.00 0.00 0.00
Credit 0.00 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00 0.00
Fraud 0.00 0.00 0.00 0.00
Debt-Service Reduct 0.00 0.00 0.00 0.00
Deficient Valuation
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT REDUCTIONS
Credit Prior Current Current Remaining
Enhancement Amount Amount Supported Amount
Type Available Available Claims Available
---- --------- --------- ------ ---------
<S> <C> <C> <C> <C>
Servicing Fee 0.00
Pool --- --- --- ---
Special Hazard 2445541.00 2445541.00 0.00 2445541.00
Fraud 8253323.00 8253323.00 0.00 8253323.00
Deficient Valuation --- --- 0.00 ---
Debt-Service Reduct --- --- 0.00 ---
Aggregate Bankrupt 100000.00 100000.00 0.00 100000.00
</TABLE>
<TABLE>
<CAPTION>
NON-SUPPORTED INTEREST SHORTFALL
POOL 1
<S> <C>
Mortgagor Prepay Interest Shortfall 0.00
----------------------------------- ----
Net Prepayment Interest Shortfall 0.00
POOL 2
Mortgagor Prepay Interest Shortfall 0.00
Servicing Fee 0.00
Net Prepayment Interest Shortfall 0.00
POOL 3
Mortgagor Prepay Interest Shortfall 0.00
Servicing Fee 0.00
Net Prepayment Interest Shortfall 0.00
Percentage 12.4043%
Scheduled Principal Percentage 0.0000%
Prepayment Shift Percentage 0.0000%
</TABLE>
