Registration No. 333-31252
Rule 424(b)(3)
Supplement to Prospectus Supplement Dated January 26, 1999
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1999-BC1
Norwest Bank Minnesota, National Association,
Master Servicer
On January 28, 1999, Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1999-BC1, Class A1, A2, AIO, M1, M2 and B
(the "Offered Certificates") were issued in an approximate original aggregate
principal amount of $1,769,743,000. The Offered Certificates represented
beneficial interests in a trust fund consisting primarily of two pools of
adjustable and fixed rate, fully amortizing and balloon, conventional, first
lien residential mortgage loans (the "Mortgage Loans"). The Mortgage Loans
were deposited by Structured Asset Securities Corporation into the trust fund
for the benefit of certificateholders pursuant to a trust agreement by and
among Structured Asset Securities Corporation, as depositor, Norwest Bank
Minnesota, National Association, as master servicer, and The First National
Bank of Chicago, as trustee. Lehman Brothers Inc., the underwriter, is an
affiliate of the depositor and of Aurora Loan Services Inc., one of the
servicers.
This supplement to the above-referenced Prospectus Supplement and the
related prospectus dated January 15, 1999 (together, the "Prospectus")
supplements and updates certain of the information set forth in the
Prospectus. Capitalized terms not defined herein have the meanings ascribed to
them in the Prospectus.
Underwriter:
LEHMAN BROTHERS
March 31, 2000
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The table set forth under the heading "The Servicers" on page S-61 of the
Prospectus Supplement is hereby updated, in its entirety, as follows:
Delinquencies and Foreclosures
(Dollars in Millions)
As of December 31,
1999(3)
------------------
Total balance of mortgage loans serviced.................... $3,870
Percentage of mortgage loans delinquent by
period of delinquency(1)(2)
30 to 59 days............................................. 4.03%
60 to 89 days............................................. 1.19
90 days or more........................................... 0.30
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Total percentage of mortgage loans
delinquent(1)(2).......................................... 5.52%
In foreclosure (excluding Bankruptcies)..................... 1.11
In bankruptcy............................................... 1.15
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Total(2).................................................... 7.78%
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(1) Delinquency information is for conventional loans only, excluding
bankruptcies.
(2) Percentages are based on the number of mortgage loans.
(3) A weighted average of the "MBS method" for conventional loans and the
"ABS method" for subprime loans is used in calculation of delinquency
percentage. Under the MBS methodology, a loan is considered delinquent
if any payment is past due one or more days. In contrast, under the ABS
methodology, a loan is considered delinquent if any payment is past due
30 days or more. The period of delinquency is based upon the number of
days that payments are contractually past due (assuming 30-day months).
Consequently, under the ABS methodology, a loan due on the first day of
a month is not 30 days delinquent until the first day of the next month.
The information contained in the tables entitled "Mortgage Rate" and
"Cut-off Date Scheduled Principal Balances" under "Description of the Mortgage
Pools" in the Prospectus Supplement is hereby updated to indicate, as of
December 31, 1999, the Mortgage Rates and Mortgage Loan Balances of the
Mortgage Loans:
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Mortgage Rate*
Percentage of
Mortgage Loans
Aggregate by Aggregate
Range of Number of Scheduled Scheduled
Mortgage Rates (%) Mortgage Loans Principal Balance Principal Balance
- ------------------------------------------- ------------------- --------------------- ---------------------
<=7.000 ............... 23 $ 3,001,797.24 0.28%
7.001 to 7.500............... 70 8,950,671.11 0.85
7.501 to 8.000............... 289 38,516,639.99 3.65
8.001 to 8.500............... 589 80,373,926.03 7.62
8.501 to 9.000............... 1,261 158,052,757.59 14.98
9.001 to 9.500............... 1,325 150,768,976.35 14.29
9.501 to 10.000............... 2,297 222,566,781.21 21.09
10.001 to 10.500............... 1,430 123,129,813.66 11.67
10.501 to 11.000............... 1,296 106,915,970.66 10.13
11.001 to 11.500............... 780 57,136,075.10 5.41
11.501 to 12.000............... 828 56,742,004.83 5.38
12.001 to 12.500............... 504 31,044,838.66 2.94
12.501 to 13.000............... 222 11,800,142.62 1.12
13.001 to 13.500............... 73 3,776,744.70 0.36
13.501 to 14.000............... 34 1,625,019.30 0.15
Greater than 14.000................... 20 792,691.60 0.08
------------------- --------------------- ---------------------
Total 11,041 $1,055,194,850.65 100.00%
=================== ===================== =====================
* Reflects current Mortgage Rates of Adjustable Rate Mortgage Loans.
The weighted average Mortgage Rate is approximately $9.90% per annum.
Cut-off Date Scheduled Principal Balances
Percentage of
Mortgage Loans
Aggregate by Aggregate
Range of Number of Scheduled Scheduled
Scheduled Principal Balances ($) Mortgage Loans Principal Balance Principal Balance
- ------------------------------------------- ------------------- --------------------- ---------------------
<S> <C> <C> <C>
1 to 50,000.00............... 2847 $ 101,841,218.46 9.65%
50,000.01 to 100,000.00............... 4438 321,235,977.18 30.44
100,000.01 to 150,000.00............... 2036 245,877,231.44 23.30
150,000.01 to 200,000.00............... 849 144,987,846.00 13.74
200,000.01 to 250,000.00............... 420 92,866,011.46 8.80
250,000.01 to 300,000.00............... 206 56,407,144.54 5.35
300,000.01 to 350,000.00............... 128 41,542,229.15 3.94
350,000.01 to 400,000.00............... 54 20,380,797.88 1.93
400,000.01 to 450,000.00............... 21 8,863,126.76 0.84
450,000.01 to 500,000.00............... 31 15,043,131.87 1.43
Greater than 500,000.00............... 11 6,150,135.90 0.58
------------------- --------------------- ---------------------
Total 11,041 $1,055,194,850.65 100.00%
=================== ===================== =====================
The average Cut-off Date Scheduled Principal Balance is approximately $95,570.59.
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