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 28, 1998
STRUCTURED ASSET SECURITIES CORPORATION
(as Depositor under the Trust Agreement, dated as of November 1,
1998, providing for the issuance of Structured Asset Securities
Corporation Mortgage Pass-Through Certificates, Series 1998-10)
Structured Asset Securities Corporation
------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-47499 74-2440850
- - --------------------------- ------------ -------------------
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 (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (212) 526-5594
No Change
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
------------
A. The Registrant registered issuances of Structured Asset Securities
Corporation Mortgage Pass-Through Certificates on a delayed or continuous
basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the
"Act"), by a Registration Statement on Form S-3 (Registration File No.
333-47499) (the "Registration Statement"). Pursuant to the Registration
Statement, the Registrant issued $241,452,178 in aggregate principal amount of
Class A, Class AP, Class AX, Class B-1, Class B-2, Class B-3 and Class R
Certificates of its Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1998-10 on November 20, 1998.
The Certificates were issued pursuant to a Trust Agreement (the "Trust
Agreement"), dated as of November 1, 1998, between Structured Asset
Securities Corporation, as depositor (the
"Depositor") and U.S. Bank National Association, as trustee (the "Trustee").
The "Certificates" consist of the following classes: Class A, Class AP, Class
AX, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6 and Class
R. The Certificates evidence all the beneficial ownership interest in a trust
fund (the "Trust Fund") that consists primarily of a pool of fixed rate, fully
amortizing, conventional, first lien residential mortgage loans (the "Mortgage
Loans") with an aggregate outstanding principal balance of $243,400,122 as of
November 1, 1998, together with certain other assets. Capitalized terms used
herein and not otherwise defined shall have the meanings assigned to them in
the Trust Agreement.
A. Monthly Report Information:
See Exhibit No. 1
B. Reserved
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Reserved
E. Reserved
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated December 28, 1998.
STRUCTURED ASSET SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-10
REPORTS TO CERTIFICATEHOLDERS
Distribution Date: 12/28/98
Original Beginning Class Accrued Realized Loss
Certificate Certificate Principal Interest of Principal
Class Face Value (1) Balance Distribution Distributed Allocated
A 232,448,000.00 232,448,000.00 760,711.87 1,288,149.33 0.00
AP 1,213,078.69 1,213,078.69 -911.20 0.00 0.00
AX 13,818,005.12 13,818,005.12 0.00 76,574.78 0.00
B1 4,382,000.00 4,382,000.00 3,579.72 24,283.58 0.00
B2 2,435,000.00 2,435,000.00 1,989.19 13,493.96 0.00
B3 974,000.00 974,000.00 795.67 5,397.58 0.00
B4 852,000.00 852,000.00 696.01 4,721.50 0.00
B5 487,000.00 487,000.00 397.84 2,698.79 0.00
B6 608,943.30 608,943.30 497.45 3,374.56 0.00
R 100.00 100.00 0.00 0.55 0.00
Total 243,400,121.99 243,400,121.99 767,756.55 1,418,694.63 0.00
Current Outstanding Ending
Net Prepayment Interest Interest Certificate
Class Interest Short Shortfall (2) Shortfall Balance
A 0.00 0.00 0.00 231,687,288.13
AP 0.00 0.00 0.00 1,213,989.89
AX 0.00 0.00 0.00 13,735,869.72
B1 0.00 0.00 0.00 4,378,420.28
B2 0.00 0.00 0.00 2,433,010.81
B3 0.00 0.00 0.00 973,204.33
B4 0.00 0.00 0.00 851,303.99
B5 0.00 0.00 0.00 486,602.16
B6 0.00 0.00 0.00 608,445.85
R 0.00 0.00 0.00 100.00
Total 0.00 0.00 0.00 242,632,365.44
(1) Class AX is an Interest-only Class, the Balance reflected for this
Certificate is Notional Balance.
(2) Negative reflects repayment of Interest Shortfalls in prior periods
AMOUNTS PER $1,000 UNIT
Realized Loss
Beginning Principal Interest of Principal
Class Cusip Balance Distribution Distribution Allocated
A 863572WJ8 1000.00000000 3.27261095 5.54166665 0.00000000
AP 863572WK5 1000.00000000 -0.75114665 0.00000000 0.00000000
AX 863572WL3 1000.00000000 0.00000000 5.54166678 0.00000000
B1 863572WM1 1000.00000000 0.81691465 5.54166591 0.00000000
B2 863572WN9 1000.00000000 0.81691581 5.54166735 0.00000000
B3 863572WP4 1000.00000000 0.81690965 5.54166324 0.00000000
B4 863572WR0 1000.00000000 0.81691315 5.54166667 0.00000000
B5 863572WS8 1000.00000000 0.81691992 5.54166324 0.00000000
B6 863572WT6 1000.00000000 0.81690693 5.54166537 0.00000000
R 863572WQ2 1000.00000000 0.00000000 5.50000000 0.00000000
Current Period
Remaining Pass-Through
Class Balance Rate
A 996.72738905 6.650%
AP 1000.75114665NA
AX 994.05591478 6.650%
B1 999.18308535 6.650%
B2 999.18308419 6.650%
B3 999.18309035 6.650%
B4 999.18308685 6.650%
B5 999.18308008 6.650%
B6 999.18309307 6.650%
R 1000.00000000 6.650%
Please contact the Bondholder Relations Department of U.S. Bank National
Association at
(800) 934-6802 with any questions regarding this statement or your distribution.
U.S. BANK NATIONAL ASSOCIATION
Reports to Certificateholders
Trust Agreement Dated November 1, 1998
(Pursuant to Section 4.03)
i) Beginning Aggregate Scheduled Principal Balance 243,400,121.99
Scheduled Principal 198,996.45
Curtailment and Paid in Full -60,569.18
Paid in Full 629,329.28
Liquidation Proceeds .00
Insurance Proceeds .00
Realized Loss .00
Ending Aggregate Scheduled Principal Balance 242,632,365.44
ii) Aggregate Advances
Principal Advances 8,552.31
Interest Advances 71,374.09
iii) Realized Losses
Current Since Cutoff
Realized Losses 0 .00
Special Hazard 0 .00
Fraud Losses 0 .00
Bankruptcy Loss 0 .00
Special Hazard Loss Amount 2,434,001.22
Fraud Loss Amount 4,868,002.44
Bankruptcy Loss Amount 100,000.00
iv) Servicing Fee 42,092.21
v) Mortgage Loans Outstanding and Delinquency Information
Count Balance
Outstanding Loans 755 242,632,365.44
31-60 Days Delinquent 0 .00
61-90 Days Delinquent 2 556,546.06
91 Days or More Delinquent 0 .00
vi) Delinquency Information for Mortgage Loans in Foreclosure Proceedings
Count Balance
31-60 Days Delinquent 0 .00
61-90 Days Delinquent 0 .00
91 Days or More Delinquent 0 .00
vii) Mortgage Loans becoming REO Property during the preceding calendar month
Loan Number Principal BalanDeemed Principal Balance
viii) Deleted and Qualifying Sustitute Mortgage Loans
Deleted Deleted Substitute Substitute
Loan Number Principal BalanLoan Number Principal Balance
ix) Accrued and Unpaid Principal .00
Accrued and Unpaid Interest .00
x) Purchased Mortgage Loans
Loan Number Principal Balance
xi) Net Prepayment Interest Shortfall .00
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
STRUCTURED ASSET SECURITIES
CORPORTATION
By: /s/ Tammy Schultz-Fugh
--------------------------
Name: Tammy Schultz-Fugh
Title: Vice President
Dated: December 31, 1998