SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 2
(Mark One)
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] *
For the fiscal year ended December 31, 1995
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission File No.: 33-76072-07
Securitized Asset Sales, Inc. Mortgage Pass-Through Certificates,
Series PHM/1995-7 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of pooling and servicing agreement)
State or other jurisdiction of incorporation or organization)
52-1955007, 52-1955009
(I.R.S. Employer Identification No.)
c/o First Bank National Association
180 East Fifth
St. Paul, MN 55101
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (612)-244-6000
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes X No
* Previously paid with the Original Form 10-K.
This Amendment No. 2 on Form 10-K/A amends Item 14 of the original
Annual Report on Form 10-K (the "Original Form 10-K") filed on March 29,
1996, by Securitized Asset Services Corporation (the "Reporting Person"),
on behalf of Securitized Asset Sales, Inc., Mortgage Pass-Through
Certificates, Series PHM/1995-7 Trust (the "Trust"), established pursuant
to a Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") among Securitized Asset Sales, Inc. (the "Company"), as
depositor, a trustee and a master servicer (or, if applicable, a servicer)
and in some instances, a certificate administrator, pursuant to which the
Securitized Asset Sales, Inc., Mortgage Pass-Through Certificates, Series
PHM/1995-7 registered under the Securities Act of 1933 (the "Certificates")
were issued. Item 14 of the Original Form 10-K is amended to read in its
entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
In accordance with the no action letter from the Office of Chief
Counsel of the Division of Corporate Finance, Securities and
Exchange Commission dated May 11, 1994 (the "No Action Letter"),
the following exhibits are or will be provided:
99.1 Annual Report of Independent Public Accountants as to
master servicing activities or servicing activities, as
applicable, of:
(a) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F2>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F2>
(e) Countrywide Funding Corporation, as Servicer<F2>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
99.2 Report of Management as to Compliance with Minimum
Servicing Standards
(a) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F2>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F2>
(e) Countrywide Funding Corporation, as Servicer<F1>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
99.3 Annual Statement of Compliance with obligations under the
Pooling and Servicing Agreement or servicing agreement, as
applicable, of:
(a) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F3>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F3>
(e) Countrywide Funding Corporation, as Servicer<F2>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(b) No reports on Form 8-K have been filed during the last quarter of
the period covered by this report.
(c) Omitted pursuant to the No Action Letter.
(d) Omitted pursuant to the No Action Letter.
<F1> Pursuant to the No Action Letter, such document (i) is not filed
herewith since such document was not received by the Reporting Person at
least three business days prior to the due date of the Original Form 10-K;
and (ii) will be included in a further amendment to the Original Form 10-K
to be filed within 30 days of the Reporting Person's receipt of such
document.
<F2> Previously filed
<F3> Filed herewith.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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:
SECURITIZED ASSET SALES, INC. MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES PHM/1995-7 TRUST
By: NORWEST BANK MINNESOTA, N.A.,
as Master Servicer
By: /s/Sherri J. Sharps, as attorney-in-fact
By: Sherri J. Sharps, as attorney-in-fact
Title: Vice President -- Securities Administration Services
Dated: October 18, 1996
EXHIBIT INDEX
Exhibit No.
99.1 Annual Report of Independent Public Accountants as to master
servicing activities or servicing activities, as applicable.
(a) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F2>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F2>
(e) Countrywide Funding Corporation, as Servicer<F2>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
99.2 Report of Management as to Compliance with Minimum Servicing
Standards
(a) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F2>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F2>
(e) Countrywide Funding Corporation, as Servicer<F1>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
99.3 Annual Statement of Compliance with obligations under the Pooling and
Servicing Agreement or servicing agreement, as applicable.
(a) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F3>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F3>
(e) Countrywide Funding Corporation, as Servicer<F2>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
<F1> Pursuant to the No Action Letter, such document (i) is not filed
herewith since such document was not received by the Reporting Person at
least three business days prior to the due date of the Original Form 10-K;
and (ii) will be included in a further amendment to the Original Form 10-K
to be filed within 30 days of the Reporting Person's receipt of such
document.
<F2> Previously filed
<F3> Filed herewith.
(logo)BANCBOSTON MORTGAGE CORPORATION
A Bank of Boston Company
February 22, 1996
Ms. Francis Hartley
Securitized Asset Services Corporation
5325 Spectrum Drive
Frederick, MD 21701
Re: Annual Compliance Certification
Year Ending December 31, 1995
Dear Ms. Hartley:
BancBoston Mortgage Corporation (BBMC) has reviewed its servicing
activities on the residential mortgage loans BBMC services on
behalf of the Securitized Asset Services Corporation. This review
was conducted for the purpose of determining if the servicer has
met all servicing obligations under the agreement covering these
mortgage loans.
BBMC, upon my investigation and to the best of my knowledge, has
conducted its servicing activities in compliance with the agreement
and is not in default in the fulfillment of any obligations of the
agreement. Further, all real estate taxes and hazard insurance
premiums have been paid as and when due.
Should you have any questions please contact Lynda M. Pohwat at
(904)281-3526.
Sincerely,
/s/ Megan E. Fannin
Megan E. Fannin
First Vice President
lp
7301 Bay Meadows Way, Jacksonville, Florida 32256 - Post Office Box 44090
Jacksonville, Florida 32231-4090
BARNETT BANK (logo)
March 27, 1996
ATTN: JEFF COOPER, SASCOR
PRUDENTIAL HOME MTG CO., INC.
S325 SPECTRUM DRIVE
FREDERICK, MD 21701
RE: Annual Certifications
Dear Investor:
We hereby certify that:
1. We hold as required fire, extended, and other types of coverage
customary in the locality where the property is located and that such
policies remain in full force and effect on all mortgages serviced by
us for you.
2. We will maintain fidelity bond coverage and errors and omissions
coverage against losses as a direct result of failure on our part to
properly service all policies held by us in connection with such
mortgages.
3. All outstanding property taxes, assessments and other special charges
which encumber your interest and which are reasonably ascertainable by
BancPLUS Mortgage Corp. will be promptly disbursed.
4. We comply with the Tax Reform Act of 1986, Section 605H, ("the Act") as
amended of the Internal Revenue Code and mail a letter annually to
mortgagors in which our records do not reflect a Tax Identification
Number
5. We report to each mortgagor by January 31 of each year interest
received by year-end and, if applicable, the points paid directly by
mortgagors on the purchase of a principal residence using IRS Form
1098.
If there are any questions or concerns which you would like to discuss
regarding your portfolio, please contact me at (210) 525-7510 or by fax at
(210) 525-7511. A current BancPLUS contact list is enclosed for your
files.
I would like to express our appreciation for your continued support as one
of our valued investors and to thank you for the confidence you have placed
in our team at BancPLUS.
Sincerely,
/s/Dennis Kirkpatrick
Dennis Kirkpatrick
Sr. Vice President
Enclosure
