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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): March 28, 1996
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT, DATED
AS OF MARCH 1, 1996, PROVIDING FOR THE ISSUANCE OF ASSET-BACKED
FLOATING RATE CERTIFICATES, SERIES 1996-AFF1)
Salomon Brothers Mortgage Securities VII, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE 33-84924 13-3439681
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
Seven World Trade Center
NEW YORK, NEW YORK 10048
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (212) 783-5635
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Item 5. OTHER EVENTS
Description of the Certificates and the Mortgage Pools
As of the date hereof Salomon Brothers Mortgage Securities VII, Inc.
(the "Depositor") has caused to be filed with the Securities and Exchange
Commission (the "Commission") pursuant to the Commission's Rule 424 a Prospectus
Supplement to its Prospectus dated January 25, 1996 in connection with the
Depositor's issuance of a single series of certificates, entitled Salomon
Brothers Mortgage Securities VII, Inc., Asset-Backed Floating Rate Certificates,
Series 1996-AFF1 (the "Certificates"), to be issued pursuant to a pooling and
servicing agreement, dated as of March 1, 1996, among the Depositor, as
depositor (the "Depositor"), First Nationwide Mortgage Corporation, Securitized
Asset Services Corporation and Norwest Bank Minnesota, N.A., as master
servicers, The Chase Manhattan Bank, N.A., as trustee and MBIA Insurance
Corporation, as Insurer. The Certificates will represent in the aggregate the
entire beneficial ownership in a trust fund ("Trust Fund") consisting primarily
of a segregated pool ("Mortgage Pool") of conventional, one- to four-family,
adjustable rate, first lien mortgage loans having original terms to maturity
ranging from 10 to 30 years (the "Mortgage Loans"). The Mortgage Pool will
consist of Mortgage Loans having an aggregate principal balance as of March 1,
1996 (the "Cut-off Date") of $229,670,665.54.
Computational Materials
Salomon Brothers Inc (the "Underwriter") has provided certain
prospective purchasers of Certificates with certain materials, herein referred
to as "Computational Materials", in written form, which Computational Materials
are in the nature of data tables and term sheet information relating to the
Mortgage Loans or other assets of the Trust Fund, the structure of the
Certificates and terms of certain classes of Certificates, and the hypothetical
characteristics and hypothetical performance of certain classes of Certificates
under certain assumptions and scenarios.
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Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
<S> <C>
20 Computational Materials (as defined in Item 5) that have
been provided by Salomon Brothers Inc to certain
prospective purchasers of Salomon Brothers Mortgage
Securities VII, Inc., Asset-Backed Floating Rate
Certificates, Series 1996-AFF1
</TABLE>
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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.
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INC.
By: /S/ SUSAN WOODBURY
Susan Woodbury
Vice President
Dated: March 28, 1996
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INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION FORMAT
<S> <C> <C>
20 Computational Materials (as defined in Item 5) P
that have been provided by Salomon Brothers
Inc to certain prospective purchasers of
Salomon Brothers Mortgage Securities VII,
Inc., Asset-Backed Floating Rate Certificates,
Series 1996-AFF1
</TABLE>
