FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 25, 1999
Structured Asset Mortgage Investments, Inc.
Mortgage Pass-Through certificates, Series 1998-1
(Exact name of registrant as specified in its charter)
Delaware 33-44658 13-3633241
(State or other Commission File Number) (IRS Employer Identification No.)
Jurisdiction of
incorporation)
245 Park Avenue, New York, New York 10167
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 272-2000
Not Applicable
Former name or former address, if changed since last reort.
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Item 5. Other Events.
1. A distribution was made to the Certificateholders of the Structured
Asset Mortgage Investments, Inc. Mortgage Pass-Through Certificates, Series
1998-1, on May 25, 1999. The distribution was made pursuant to the
provisions of a Pooling and Servicing Agreement dated February 25, 1998,
between and among Bear Stearns Mortgage Securities Inc., as Seller, Norwest
Bank Minnesota, N.A. and as Master Servicer and Norwest Bank Minnesota, N.A.,
as Trustee.
Item 7. Financial Statements and Exhibits.
c) Exhibits.
(28.15) May 25, 1999 - Information on Distribution to
Certificateholders.
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SIGNATURE
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.
Structured Asset Mortgage Investments Inc.
(Registrant)
Date: June 12, 1999 By: S/William J. Montgoris
William J. Montgoris
Treasurer and Secretary
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Structured Asset Mortgage Investments, Inc.
FORM 8-K
CURRENT REPORT
Exhibit Index
Exhibit No. Description
(28.15) May 25, 1999 - Information on
Distribution to Certificateholders
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<TABLE>
May 25, 1999 - INFORMATION ON DISTRIBUTION EXHIBIT 28.15
TO CERTIFICATEHOLDERS
Structured Asset Mortgage Investments, Inc
Mortgage Pass-Through Certificates, Series 1998-1
<CAPTION>
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Principal Amt. Ending
Original Outstanding Principal
Certificate Principal Prior to Interest Interest Interest Principal Amount
Class Amount Distribution Rate Accrued Distribution Distribution Outstanding
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $ 49,765,000 $ 49,765,000 6.15000% $ 255,045.62$ 255,045.62 $ 0.00 $ 49,765,000.00
A-2 29,066,000 29,066,000 6.15000% 148,963.25 148,963.25 0.00 29,066,000.00
A-3 10,959,000 10,959,000 6.20000% 56,621.50 56,621.50 0.00 10,959,000.00
A-4 54,926,000 54,926,000 6.25000% 286,072.92 286,072.92 0.00 54,926,000.00
A-5 49,041,000 49,041,000 6.35000% 259,508.62 259,508.62 0.00 49,041,000.00
A-6 43,048,000 43,048,000 6.50000% 233,176.67 233,176.67 0.00 43,048,000.00
A-7 5,717,000 5,717,000 6.65000% 31,681.71 31,681.71 0.00 5,717,000.00
A-8 0 0 6.75000% 93,115.96 93,115.96 0.00 0.00
A-9 240,377,000 155,551,400 6.75000% 874,976.63 874,976.63 18,802,066.77 136,749,333.39
A-10 41,553,000 41,553,000 6.75000% 233,735.62 233,735.62 0.00 41,553,000.00
A-11 96,678,264 0 5.86875% 0.00 0.00 0.00 0.00
A-12 25,064,736 0 10.14910% 0.00 0.00 0.00 0.00
A-13 8,860,250 8,860,250 7.00000% 51,684.79 51,684.79 0.00 8,860,250.00
A-14 17,426,750 17,426,750 7.00000% 101,656.04 101,656.04 0.00 17,426,750.00
A-15 1,000,000 1,000,000 6.75000% 5,625.00 5,625.00 0.00 1,000,000.00
A-16 1,000,000 1,000,000 7.25000% 6,041.67 6,041.67 0.00 1,000,000.00
A-17 4,041,000 4,041,000 5.00000% 16,837.50 16,837.50 0.00 4,041,000.00
A-18 79,391,221 79,391,221 6.75000% 446,575.62 446,575.62 0.00 79,391,221.00
P 269,679 248,852 0.00000% 0.00 0.00 286.86 248,565.61
X 0 0 0.54633% 267,204.47 267,204.47 0.00 0.00
2-A-1 26,972,970 13,356,400 6.40000% 71,234.14 71,234.14 1,988,027.19 11,368,373.24
2-A-2 31,103,944 31,103,944 6.35000% 164,591.70 164,591.70 0.00 31,103,944.00
2-A-3 88,152,745 88,152,745 6.50000% 477,494.04 477,494.04 0.00 88,152,745.00
2-A-4 41,525,070 37,317,998 8.98248% 279,340.07 279,340.07 614,234.90 36,703,763.75
2-A-5 23,718,000 23,718,000 7.00985% 138,549.74 138,549.74 0.00 23,718,000.00
2-A-6 41,000,000 41,000,000 7.00985% 239,503.31 239,503.31 0.00 41,000,000.00
2-A-7 19,488,000 19,488,000 7.00985% 113,840.01 113,840.01 0.00 19,488,000.00
2-A-8 31,623,346 31,623,346 7.00985% 184,729.17 184,729.17 0.00 31,623,346.00
3-A 43,636,450 38,474,729 6.70351% 214,929.64 214,929.64 170,372.13 38,304,357.81
R-I 50 0.00 6.75000% 0.00 0.00 00.00 0.00
R-II 50 0.00 6.75000% 0.00 0.00 00.00 0.00
R-III 50 0.00 7.00985% 0.00 0.00 00.00 0.00
R-IV 50 0.00 6.70351% 0.00 0.00 00.00 0.00
B-1 18,656,900 18,443,105 6.75000% 103,742.47 103,742.47 16,365.99 18,426,739.50
B-2 6,748,300 6,670,969 6.75000% 37,524.20 37,524.20 5,919.67 6,665,049.72
B-3 3,572,600 3,531,660 6.75000% 19,865.59 19,865.59 3,133.92 3,528,526.69
B-4 2,778,600 2,746,759 6.75000% 15,450.52 15,450.52 2,437.41 2,744,321.85
B-5 1,984,800 1,962,055 6.75000% 11,036.56 11,036.56 1,741.08 1,960,314.55
B-6 1,984,848 1,962,103 6.75000% 11,036.83 11,036.83 1,741.13 1,960,361.96
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May 25, 1999 - INFORMATION ON DISTRIBUTION EXHIBIT 28.15
TO CERTIFICATEHOLDERS
Structured Asset Mortgage Investments, Inc.
Mortgage Pass-Through Certificates, Series 1998-1
<CAPTION>
<PAGE>
Principal Amt. Ending
Original Outstanding Principal
Certificate Principal Prior to Interest Interest Interest Principal Amount
Class Amount Distribution Rate Accrued Distribution Distribution Outstanding
<S> <C> <C> <C> <C> <C> <C> <C>
2-B-1 $ 5,850,300 $ 5,784,771 7.00985% $ 33,792.00 $ 33,792.00 $ 5,005.91 $ 5,779,766.05
2-B-2 2,688,000 2,657,892 7.00985% 15,526.19 15,526.19 2,300.03 2,655,592.21
2-B-3 1,423,000 1,407,061 7.00985% 8,219.41 8,219.41 1,217.61 1,405,843.65
2-B-4 1,106,800 1,094,402 7.00985% 6,393.00 6,393.00 947.05 1,093,455.90
2-B-5 790,600 781,744 7.00985% 4,566.60 4,566.60 676.49 781,068.16
2-B-6 790,639 781,783 7.00985% 4,566.82 4,566.82 676.52 781,107.01
3-B-1 446,400 425,266 6.70351% 2,375.65 2,375.65 1,630.27 423,636.22
3-B-2 156,250 148,852 6.70351% 831.53 831.53 570.63 148,282.17
3-B-3 89,250 85,024 6.70351% 474.97 474.97 325.94 84,698.77
3-B-4 156,250 148,852 6.70351% 831.53 831.53 570.63 148,282.17
3-B-5 66,950 63,780 6.70351% 356.29 356.29 244.50 63,535.94
3-B-6 89,323 85,094 6.70351% 475.36 475.36 326.21 84,768.05
1,154,784,435 924,610,807 $ 5,529,800.93 $ 5,529,800.93 $ 21,620,818.84 $ 902,990,000
.37
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