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): December 26, 1997
STRUCTURED ASSET SECURITIES CORPORATION
(as depositor under the Trust Agreement, dated as of
November 1, 1997, providing for the issuance of
Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1997-4
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 33-99598 742440850
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
200 Vesey Street
New York, New York 10285
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 526-5594
Item 5. Other Events
On December 26, 1997 a scheduled distribution was made from the Trust
to holders of the Certificates. The Trustee has caused to be filed
with the Commission, the Monthly Report dated December 26, 1997.
The Monthly Report is filed pursuant to and in accordance with
(1) numerous no-action letters (2) current Commission policy in the area.
A. Monthly Report Information
See Exhibit No.1
B. Have and deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5
if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
_________1. Monthly Distribution Report dated December 26, 1997.
STRUCTURED ASSET SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-4
REPORTS TO CERTIFICATEHOLDERS
Distribution Date: 26-Dec-97
Class Realized
Original Beginning Accrued Loss of
Certificate Certificate Principal Interest Principal
ClassFace Value (1) Balance Distribution Distributed Allocated
1-A1 56,794,000.00 56,794,000.00 846,027.03 319,466.25 0.00
1-A2 18,000,000.00 18,000,000.00 0.00 101,250.00 0.00
1-AP 61,214.91 61,214.91 246.32 0.00 0.00
1-AX 1,913,636.51 1,913,636.51 0.00 10,764.21 0.00
2-A1 5,000,000.00 5,000,000.00 83,902.46 29,166.67 0.00
2-A2 100,000,000.00 100,000,000.00 0.00 583,333.33 0.00
2-A3 98,155,000.00 98,155,000.00 197,153.99 552,121.88 0.00
2-A4 10,000,000.00 10,000,000.00 0.00 55,000.00 0.00
2-A5 10,000,000.00 10,000,000.00 0.00 2,750.00 0.00
2-A6 12,268,000.00 12,268,000.00 24,633.76 92,010.00 0.00
2-A7 33,850,000.00 33,850,000.00 0.00 197,458.33 0.00
2-A8 19,180,000.00 19,180,000.00 0.00 111,883.33 0.00
2-A9 71,500,000.00 71,500,000.00 0.00 417,083.33 0.00
2-AP 27,852.58 27,852.58 33.58 0.00 0.00
2-AX 13,670,003.20 13,670,003.20 0.00 79,741.69 0.00
1-B1 768,000.00 768,000.00 2,399.37 4,320.00 0.00
2-B1 6,413,000.00 6,413,000.00 4,650.97 37,409.17 0.00
B2 4,521,000.00 4,521,000.00 4,015.28 26,308.55 0.00
B3 2,796,000.00 2,796,000.00 2,579.53 16,262.08 0.00
B4 1,330,000.00 1,330,000.00 1,518.72 7,710.21 0.00
B5 1,330,000.00 1,330,000.00 1,516.32 7,710.42 0.00
B6 1,253,629.00 1,253,629.00 1,279.05 7,280.72 0.00
R-1 100.00 100.00 0.00 0.58 0.00
R-2 100.00 100.00 0.00 3.01 0.00
443,247,896.49 443,247,896.49 1,169,956.38 2,659,033.76 0.00
(1) Classes 1-AX, 2-A5, and 2-AX are all Interest-only Classes, and the
Balances reflected for these Certificates are Notional Balances
(2) Negative reflects repayment of Interest Shortfalls in prior periods
Net
Prepayment Current Outstanding Ending
Interest Interest Interest Certificate
Class Shortfall Shortfall (2) Shortfall Balance
1-A1 0.00 0.00 0.00 55,947,972.97
1-A2 0.00 0.00 0.00 18,000,000.00
1-AP 0.00 0.00 0.00 60,968.59
1-AX 0.00 0.00 0.00 1,874,290.49
2-A1 0.00 0.00 0.00 4,916,097.54
2-A2 0.00 0.00 0.00 100,000,000.00
2-A3 0.00 0.00 0.00 97,957,846.01
2-A4 0.00 0.00 0.00 10,000,000.00
2-A5 0.00 0.00 0.00 10,000,000.00
2-A6 0.00 0.00 0.00 12,243,366.24
2-A7 0.00 0.00 0.00 33,850,000.00
2-A8 0.00 0.00 0.00 19,180,000.00
2-A9 0.00 0.00 0.00 71,500,000.00
2-AP 0.00 0.00 0.00 27,819.00
2-AX 0.00 0.00 0.00 13,658,523.86
1-B1 0.00 0.00 0.00 765,600.63
2-B1 0.00 0.00 0.00 6,408,349.03
B2 0.00 0.00 0.00 4,516,984.72
B3 0.00 0.00 0.00 2,793,420.47
B4 0.00 0.00 0.00 1,328,481.28
B5 0.00 0.00 0.00 1,328,483.68
B6 0.00 0.00 0.00 1,252,349.95
R-1 0.00 0.00 0.00 100.00
R-2 0.00 0.00 0.00 100.00
0.00 0.00 0.00 442,077,940.11
Original Beginning Class Accrued Realized Loss
Certificate Certificate Principal Interest of Principal
Class Face Value Balance Distribution Distributed Allocated
B2(1) 307,000.00 307,000.00 959.12 1726.88 0.00
B2(2) 4,214,000.00 4,214,000.00 3056.16 24581.67 0.00
B3(1) 230,000.00 230,000.00 718.56 1293.75 0.00
B3(2) 2,566,000.00 2,566,000.00 1860.97 14968.33 0.00
B4(1) 231,000.00 231,000.00 721.68 1299.38 0.00
B4(2) 1,099,000.00 1,099,000.00 797.04 6410.83 0.00
B5(1) 230,000.00 230,000.00 718.56 1293.75 0.00
B5(2) 1,100,000.00 1,100,000.00 797.76 6416.67 0.00
B6(1) 154,183.00 154,183.00 481.69 867.28 0.00
B6(2) 1,099,446.00 1,099,446.00 797.36 6413.44 0.00
Net Prepayment Current Outstanding Ending
Interest Interest Interest Certificate
Class Shortfall Shortfall Shortfall Balance
B2(1) 0.00 0.00 0.00 306,040.88
B2(2) 0.00 0.00 0.00 4,210,943.84
B3(1) 0.00 0.00 0.00 229,281.44
B3(2) 0.00 0.00 0.00 2,564,139.03
B4(1) 0.00 0.00 0.00 230,278.32
B4(2) 0.00 0.00 0.00 1,098,202.96
B5(1) 0.00 0.00 0.00 229,281.44
B5(2) 0.00 0.00 0.00 1,099,202.24
B6(1) 0.00 0.00 0.00 153,701.31
B6(2) 0.00 0.00 0.00 1,098,648.64
AMOUNTS PER $1,000 UNIT
Beginning Principal Interest
Class Cusip Balance Distribution Distribution
1-A1 863572QX4 1000.00000000 14.89641564 5.62500000
1-A2 863572QY4 1000.00000000 0.00000000 5.62500000
1-AP 863572QZ9 1000.00000000 4.02385628 0.00000000
1-AX 863572RE5 1000.00000000 0.00000000 5.62500242
2-A1 863572RA3 1000.00000000 16.78049200 5.83333400
2-A2 863572RB1 1000.00000000 0.00000000 5.83333330
2-A3 863572RC9 1000.00000000 2.00859854 5.62500005
2-A4 863572RD7 1000.00000000 0.00000000 5.50000000
2-A5 863572RF2 1000.00000000 0.00000000 0.27500000
2-A6 863572RG0 1000.00000000 2.00796870 7.50000000
2-A7 863572RH8 1000.00000000 0.00000000 5.83333323
2-A8 863572RJ4 1000.00000000 0.00000000 5.83333316
2-A9 863572RK1 1000.00000000 0.00000000 5.83333329
2-AP 863572RL9 1000.00000000 1.20563337 0.00000000
2-AX 863572RM7 1000.00000000 0.00000000 5.83333367
1-B1 863572RN5 1000.00000000 3.12417969 5.62500000
2-B1 863572RP0 1000.00000000 0.72524092 5.83333385
B2 863572RQ8 1000.00000000 0.88813979 5.81918823
B3 863572RR6 1000.00000000 0.92257868 5.81619456
B4 863572RU9 1000.00000000 1.14189474 5.79715038
B5 863572RV7 1000.00000000 1.14009023 5.79730827
B6 863572RW5 1000.00000000 1.02027793 5.80771504
R-1 863572RS4 1000.00000000 0.00000000 5.80000000
R-2 863572RT2 1000.00000000 0.00000000 30.10000000
Realized Loss Current Period
of Principal Remaining Pass-Through
Class Allocated Balance Rate
1-A1 0.00000000 985.10358436 6.75000%
1-A2 0.00000000 1000.00000000 6.75000%
1-AP 0.00000000 995.97614372 NA
1-AX 0.00000000 979.43913601 6.75000%
2-A1 0.00000000 983.21950800 7.00000%
2-A2 0.00000000 1000.00000000 7.00000%
2-A3 0.00000000 997.99140146 6.75000%
2-A4 0.00000000 1000.00000000 6.60000%
2-A5 0.00000000 1000.00000000 0.33000%
2-A6 0.00000000 997.99203130 9.00000%
2-A7 0.00000000 1000.00000000 7.00000%
2-A8 0.00000000 1000.00000000 7.00000%
2-A9 0.00000000 1000.00000000 7.00000%
2-AP 0.00000000 998.79436663 NA
2-AX 0.00000000 999.16025331 7.00000%
1-B1 0.00000000 996.87582031 6.75000%
2-B1 0.00000000 999.27475908 7.00000%
B2 0.00000000 999.11186021 6.98303%
B3 0.00000000 999.07742132 6.97943%
B4 0.00000000 998.85810526 6.95658%
B5 0.00000000 998.85990977 6.95677%
B6 0.00000000 998.97972207 6.96926%
R-1 0.00000000 1000.00000000 7.00000%
R-2 0.00000000 1000.00000000 7.00000%
Group 1 Group 2 Total
i) Beginning Aggregate Scheduled
Principal Balance 76,775,398.13 366,472,498.98 443,247,897.11
Scheduled Principal 239,872.73 265,783.36 505,656.09
Curtailment and Paid in Full 33,143.48 51,900.69 85,044.17
Paid in Full 579,256.13 0.00 579,256.13
Liquidation Proceeds 0.00 0.00 0.00
Insurance Proceed 0.00 0.00 0.00
Realized Loss 0.00 0.00 0.00
Ending Aggregate Scheduled
Principal Balance 75,923,125.79 366,154,814.93 442,077,940.72
ii) Aggregate Advances Group 1 Group 2 Total
Principal Advances 2,720.83 2,551.05 5,271.88
Interest Advances 4,912.47 22,500.68 27,413.15
iii) Realized Losses
Realized Losses Special Hazard Loss Amount
Current Since Cutoff Current Since Cutoff
Group 1 0.00 0.00 0.00 0.00
Group 2 0.00 0.00 0.00 0.00
Total 0.00 0.00 0.00 0.00
Fraud Loss Amount Bankruptcy Loss Amount
Current Since Cutoff Current Since Cutoff
Group 1 0.00 0.00 0.00 0.00
Group 2 0.00 0.00 0.00 0.00
Total 0.00 0.00 0.00 0.00
Group 1 Group 2 Total
iv) Servicing Fee 28,723.39 149,756.89 178,480.28
v) Mortgage Loans Outstanding and Delinquency Information
Outstanding Loans 31-60 Days Delinquent
Count Balance Count Balance
Group 1 231 75,923,125.79 0 0.00
Group 2 1110 366,154,814.93 0 0.00
Total 1341 442,077,940.72 0 0.00
61-90 Days Delinquent 91 Days or More Delinquent
Count Balance Count Balance
Group 1 0 0.00 0 0.00
Group 2 0 0.00 0 0.00
Total 0 0.00 0 0.00
vi) Delinquency Information for Mortgage Loans in Foreclosure Proceedings
31-60 Days Delinquent 61-90 Days Delinquent
Count Balance Count Balance
Group 1 0 0.00 0 0.00
Group 2 0 0.00 0 0.00
Total 0 0.00 0 0.00
91 Days or More Delinquent
Count Balance
Group 1 0 0.00
Group 2 0 0.00
Total 0 0.00
vii) Mortgage Loans becoming REO Property during the preceding calendar month
Principal Deemed Principal
Group Loan Number Balance Balance
viii) Deleted and Qualifying Sustitute Mortgage Loans
Group Loan Number Principal Balance
Group 1 Group 2 Total
ix) Accrued and Unpaid Principal 0.00 (0.00) (0.00)
Accrued and Unpaid Interest 0.00 0.00 0
Principal
x) Purchased Mortgage Loans Group Loan Number Balance
0 0 0.00
0 0 0.00
0 0 0.00
xi) Class 2-A4 Guaranteed Distributions paid 0.00
xii) Class 2-A4 Certificate Insurance Premium 583.33
SIGNATURES
Pursuant to the requirements of the Securities Excha
the registrant has duly caused this report to be signed on i
undersigned thereunto duly authorized.
STRUCTURED ASSETS SECURITIES CORPORTATION
MORTGAGE PASS THROUGH CERTIFICATES, SERIES 1997-4
By: /s/ Mark Lemay
Name: Mark Lemay
Title: Vice President
US Bank National Association
Dated: December 31, 1997
