Registration No. 333-31252
Rule 424(b)(3)
Supplement to Prospectus Supplement Dated October 28, 1997
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1997-2
Norwest Bank Minnesota, National Association,
Master Servicer
On October 31, 1997, Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1997-2, Class 1-A, 2-A1, 2-A2, 2-A3, 2-A4,
2-AP, 2-AX, B1, B2, B3 and R (the "Offered Certificates") were issued in an
approximate original aggregate principal amount of $145,571,500. The Offered
Certificates represented beneficial interests in a trust fund consisting
primarily of two pools of 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 First
Union National Bank, 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 May 21, 1996 (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
The table set forth under the heading "The Servicers" on page S-42 of
the Prospectus Supplement is hereby updated, in its entirety, as follows:
<TABLE>
<CAPTION>
Delinquencies and Foreclosures
(Dollars in Millions)
<S> <C>
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
----------------
Total percentage of mortgage loans
delinquent(1)(2)................................................ 5.52%
In foreclosure (excluding Bankruptcies)........................... 1.11
In bankruptcy..................................................... 1.15
----------------
Total(2).......................................................... 7.78%
----------
(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.
</TABLE>
The information contained in the tables entitled "Mortgage Rates -
Pool 1," "Cut-off Date Scheduled Principal Balances - Pool 1," "Mortgage Rates
- - Pool 2" and "Cut-off Date Scheduled Principal Balances - Pool 2" under the
heading "Description of the Mortgage Pools" on pages S-30, S-34, S-36 and
S-40, respectively, of the Prospectus Supplement is hereby updated to
indicate, as of December 31, 1999, the Mortgage Loan Rates and Mortgage Loan
Balances of only those Mortgage Loans serviced by Aurora Loan Services Inc.:
<TABLE>
<CAPTION>
Mortgage Rates - Pool 1
<S> <C> <C> <C>
Percentage of
Aggregate Mortgage Loans
Scheduled by Aggregate
Range of Number of Principal Scheduled
Mortgage Rates (%) Mortgage Loans Balance Principal Balance
- ------------------------------------------- -------------- ------------ -----------------
<=7.000 ............... 28 $4,369,572.63 60.52%
7.001 to 7.500............... 9 $1,594,115.46 22.08%
7.501 to 8.000............... 5 $386,762.44 5.36%
8.001 to 8.500............... 3 $780,793.10 10.81%
8.501 to 9.000............... 1 $65,474.33 0.91%
9.001 to 9.500............... 1 $22,501.37 0.31%
9.501 to 10.000............... 1 $558.27 0.01%
-------------- ----------------- ----------------
Total.................... 48 $7,219,777.61 100.00%
============== ================= ================
The weighted average Mortgage Rate is approximately 7.03% per annum.
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date Scheduled Principal Balances - Pool 1
<S> <C> <C> <C>
Percentage of
Mortgage Loans
Aggregate by Aggregate
Range of Number of Scheduled Scheduled
Scheduled Principal Balances ($) Mortgage Loans Principal Balance Principal Balance
- ------------------------------------------- -------------- ----------------- -----------------
0.01 to 50,000.00............... 7 $129,459.38 1.79%
50,000.01 to 100,000.00............... 11 $837,595.91 11.60%
100,000.01 to 150,000.00............... 11 $1,328,432.23 18.40%
150,000.01 to 200,000.00............... 6 $1,027,143.95 14.23%
200,000.01 to 250,000.00............... 5 $1,117,008.98 15.47%
250,000.01 to 300,000.00............... 4 $1,082,929.43 15.00%
300,000.01 to 350,000.00............... 1 $321,881.84 4.46%
400,000.01 to 450,000.00............... 2 $888,177.81 12.30%
450,000.01 to 500,000.00............... 1 $487,148.08 6.75%
-------------- ------------------- ----------------
Total.................... 48 $7,219,777.61 100.00%
============== =================== ================
The average Cut-off Date Scheduled Principal Balance is approximately $150,412.03
</TABLE>
<TABLE>
<CAPTION>
Mortgage Rates - Pool 2
<S> <C> <C> <C>
Aggregate Percent of Mortgage
Scheduled Loans by Aggregate
Range of Principal Scheduled Principal
Mortgage Rates (%) Number of Mortgage Loans Balance Balance
- ------------------------------------------- ------------------------ ------------- --------------------
<=7.000 ......................... 34 $6,469,329.99 26.07%
7.001 to 7.500 ....................... 26 $3,363,399.63 13.56%
7.501 to 8.000 ....................... 34 $4,386,811.82 17.68%
8.001 to 8.500 ....................... 82 $5,695,065.59 22.95%
8.501 to 9.000 ....................... 40 $1,869,149.76 7.53%
9.001 to 9.500 ....................... 39 $1,692,705.20 6.82%
9.501 to 10.000 20 $1,231,799.12 4.96%
10.000 to 11.000 1 $104,380.24 0.42%
------------------------ -------------- ----------------------
Total.................... 276 $24,812,641.37 100.00%
======================== ============== ======================
The weighted average Mortgage Rate is approximately 7.92% per annum.
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date Scheduled Principal Balances - Pool 2
<S> <C> <C> <C>
Aggregate Percentage of Mortage
Scheduled Loans by Aggregate
Range of Number of Principal Scheduled Principal
Scheduled Principal Balances ($) Mortgage Loans Balance Balance
- ------------------------------------------ -------------- ------------- ---------------------
0.01 to 50,000.00 130 $3,489,561.53 14.06%
50,000.01 to 100,000.00............... 62 $4,308,984.34 17.37%
100,000.01 to 150,000.00............... 32 $3,781,604.99 15.24%
150,000.01 to 200,000.00............... 16 $2,903,636.77 11.70%
200,000.01 to 250,000.00............... 18 $4,015,613.34 16.18%
250,000.01 to 300,000.00............... 8 $2,182,271.31 8.79%
300,000.01 to 350,000.00............... 1 $313,371.80 1.26%
350,000.01 to 400,000.00............... 4 $1,539,012.52 6.20%
400,000.01 to 450,000.00............... 3 $1,315,479.28 5.30%
450,000.01 to 500,000.00............... 2 $963,105.49 3.88%
-------------- -------------- ---------------------
Total............... 276 $24,812,641.37 100.00%
============== ============== =====================
The average Cut-off Date Scheduled Principal Balance is approximately $118,278.35.
</TABLE>
