UNITED STATES
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): September 25, 1997
Southern Pacific Secured Assets Corporation,
Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-04 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling
and Servicing Agreement) 333-15473-01 52-2011594
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
ITEM 5. Other Events
On September 25, 1997, a distribution was made to holders of Southern Pacific
Secured Assets Corporation, Mortgage Loan Asset-Backed Pass-Through
Certificates, Series 1996-04 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
EX-99.1 -- Monthly report distributed to holders of
Mortgage Loan Asset-Backed Pass-Through
Certificates, Series 1996-04 Trust, relating to
the September 25, 1997, distribution
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.
Southern Pacific Secured Assets Corporation,
Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-04 Trust
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Trustee
By: /s/Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice president
Date: October 1, 1997
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 - Monthly report distributed to holders of Mortgage Loan
Asset-Backed Pass-Through Certificates, Series 1996-04 Trust,
relating to the September 25, 1997, distribution
Southern Pacific Secured Assets Corporation, Series 1996-04
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: August 1997
Distribution Date: September 25, 1997
Contact: Ty Wilkins
Phone: (410) 884-2120
InvestorDirect: (800) 605-4167
Cover Page
Report Name Report Number
- --------------------------------------------------------------------------------
Series Structure Summary 1
Class Distribution Summary 2
Class Distribution Per 1,000 of Original Balance 3
Class Principal Distribution 4
Class Interest Distribution 5
Fund Account Summary 6
Collateral Summary 8
<TABLE>
<CAPTION>
Series Structure Summary
Aggregate
Realized
Losses
Original Principal Aggregate Aggregate Ending
Class Interest Principal Pass Through Balance Interest Undistributed Principal
Class Description Principal Type Type Balance Rate Reduction Shortfall Principal Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 Senior Pass Through Variable 190,000,000.00 5.84000000% 0.00 0.00 0.00 0.8237456981
A-2 Senior Pass Through Fixed 50,000,000.00 6.80000000% 0.00 0.00 0.00 0.8714832812
I S Subordinate Support Accretion 0.00 4.19858377% 0.00 0.00 0.00
II S Subordinate Support Notional 0.00 4.47765854% 22,065.99 0.00 0.00
R Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 240,000,000.00 22,065.99 0.00 0.00 0.8590481030
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Summary
Beginning Principal Ending
Pass Through Principal Total Interest Total Principal Balance Principal Total
Class Record Date Rate Balance Distribution Distribution Reduction Balance Distribution
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 08/29/1997 5.84000000% 160,599,955.75 807,639.33 4,088,273.12 0.00 156,511,682.63 4,895,912.45
A-2 08/29/1997 6.80000000% 44,982,392.74 254,900.23 1,408,228.68 0.00 43,574,164.06 1,663,128.91
I S 08/29/1997 4.19858377% 4,486,160.83 0.00 0.00 (1,668.81) 5,084,689.76 0.00
II S 08/29/1997 4.47765854% 827,986.61 0.00 0.00 (173,021.66) 1,001,008.27 0.00
R 08/29/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 210,896,495.93 1,062,539.56 5,496,501.80 (174,690.47) 206,171,544.72 6,559,041.36
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Per 1,000 of Original Balance
Total Other
Total Interest Scheduled Principal Total Principal Principal Ending
Distribution Principal Distribution Distribution Balance Principal
Class Cusip Original Balance Factor Factor Factor Factor Reduction Factor
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 843590AY6 190,000,000.00 4.25073332 0.36636884 18.00070579 21.51722695 0.00000000 0.8237456981
A-2 843590AZ3 50,000,000.00 5.09800460 0.57936540 24.12477520 28.16457360 0.00000000 0.8714832812
I S N/A 0.00 N/A N/A N/A N/A N/A N/A
II S N/A 0.00 N/A N/A N/A N/A N/A N/A
R N/A 0.00 N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 240,000,000.00 0.8590481030
</TABLE>
<TABLE>
<CAPTION>
Class Principal Distribution
Beginning Principal Ending Current
Principal Scheduled Unscheduled Other Total Principal Balance Principal Undistributed
Class Balance Principal Principal Accretion Principal Distribution Reduction* Balance Principal
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 160,599,955.75 69,610.08 3,420,134.10 598,528.94 0.00 4,088,273.12 0.00 156,511,682.63 0.00
A-2 44,982,392.74 28,968.27 1,206,238.76 173,021.65 0.00 1,408,228.68 0.00 43,574,164.06 0.00
I S 4,486,160.83 0.00 0.00 (596,860.12) 0.00 0.00 (1,668.81) 5,084,689.76 0.00
II S 827,986.61 0.00 0.00 0.00 0.00 0.00 (173,021.66) 1,001,008.27 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 210,896,495.93 98,578.35 4,626,372.86 174,690.47 0.00 5,496,501.80 (174,690.47) 206,171,544.72 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction (174,690.47)
Negative Amortization Principal Balance Reduction 0.00
Other 0.00
</FN>
</TABLE>
<TABLE>
<CAPTION>
Class Interest Distribution
Beginning Negative Ending
Principal/ Interest Amortization Principal/
Pass Through Notional Interest Shortfall/ Other Interest Total Interest Notional
Class Rate Balance Accrual (Recovery) Accretion Interest Reduction Distribution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 5.84000000% 160,599,955.75 807,639.33 0.00 0.00 0.00 0.00 807,639.33 156,511,682.63
A-2 6.80000000% 44,982,392.74 254,900.23 0.00 0.00 0.00 0.00 254,900.23 43,574,164.06
I S 4.19858377% 165,086,116.58 596,860.12 0.00 596,860.12 0.00 0.00 0.00 161,596,372.40
II S 4.47765854% 45,857,392.74 171,111.45 171,111.45 0.00 0.00 0.00 0.00 44,622,185.71
R 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 1,830,511.13 171,111.45 596,860.12 0.00 0.00 1,062,539.56
<FN>
Notes:
The current Accrual Period for Class A-1 Certificates is 28 days.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 1,861,106.34
Scheduled Principal 98,578.35
Other Principal 4,626,372.86
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 6,586,057.55
WITHDRAWALS:
Interest Payments 1,062,539.56
Scheduled Principal Payment 98,578.35
Other Principal Payments 5,397,923.45
Reserve Fund 1 0.00
Fees and Expenses 27,016.19
Other Withdrawals 0.00
Total Withdrawals 6,586,057.55
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool 1 Pool 2
-------------------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 2,044,265.21| 1,564,002.20 480,263.01
|
Positive Amortization 98,578.35| 69,610.08 28,968.27
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 26,767.75| 23,170.22 3,597.53
Regular Curtailment Interest 0.00| 0.00 0.00
Prepaid Curtailments 0.00| 0.00 0.00
Prepaid Curtailment Interest 0.00| 0.00 0.00
Liquidations 4,599,482.48| 3,396,846.63 1,202,635.85
Principal Adjustments 122.63| 117.25 5.38
Total Principal Trust Distribution 4,724,951.21| 3,489,744.18 1,235,207.03
|
Scheduled Interest 1,945,686.86| 1,494,392.12 451,294.74
Servicing Fee 87,893.12| 68,785.88 19,107.24
Master Servicing Fee 1,318.40| 1,031.79 286.61
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 1,830,777.55| 1,404,499.46 426,278.09
|
Beginning Balance 210,943,509.32| 165,086,116.58 45,857,392.74
Ending Balance 206,218,558.11| 161,596,372.40 44,622,185.71
Gross P&I Distribution 6,582,744.95| 4,915,350.42 1,667,394.53
Realized Losses/(Gains) 0.00| 0.00 0.00
Net P&I Trust Distribution 6,582,744.95| 4,915,350.42 1,667,394.53
|
Beginning Loan Count 2062| 1405 657
Number of Loan Payoffs 41| 29 12
Ending Loan Count 2021| 1376 645
|
Weighted Average Maturity 295.8500000000| 293.4300000000 304.6400000000
Weighted Average Gross Rate 11.069741040%| 10.862636910% 11.809517620%
Weighted Average Net Rate 10.569684160%| 10.362636920% 11.309517810%
Weighted Average Pass-Through Rate 10.415978950%| 10.209213140% 11.154879880%
Weighted Average Margin 0.000000000%| 0.000000000% 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00 0.00
Current Period Interest 0.00| 0.00 0.00
<FN>
Notes:
Total Pass-Through Interest = Scheduled Interest less Servicing Fee, Trustee
Fee, & MBIA Premium.
</FN>
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY SUMMARY
$MM $MM $MM $MM $MM $MM $MM
POOL 30 - 59 DAYS 60 - 89 DAYS 90 + DAYS BANKRUPTCY REO FORECLOSURE TOTAL
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Unpaid Principal Balance 1 5.472070 5.531796 0.863519 1.896526 0.247086 11.321090 25.332087
Percentage 1 3.39% 3.42% 0.53% 1.17% 0.15% 7.01% 15.68%
Number of Loans 1 60 31 9 16 4 65 185
Percentage 1 4.36% 2.25% 0.65% 1.16% 0.29% 4.72% 13.44%
Unpaid Principal Balance 2 1.562069 0.499540 0.208213 0.634445 0.280341 1.290739 4.475347
Percentage 2 3.50% 1.12% 0.47% 1.42% 0.63% 2.89% 10.03%
Number of Loans 2 24 6 4 8 4 14 60
Percentage 2 3.72% 0.93% 0.62% 1.24% 0.62% 2.17% 9.30%
Unpaid Principal Balance Total 7.034139 6.031336 1.071732 2.530971 0.527427 12.611829 29.807434
Percentage Total 3.41% 2.92% 0.52% 1.23% 0.26% 6.12% 14.45%
Number of Loans Total 84 37 13 24 8 79 245
Percentage Total 4.16% 1.83% 0.64% 1.19% 0.40% 3.91% 12.12%
Realized Losses 1 0.000000
Realized Losses 2 0.022066
<FN>
***30-39 day, 60-89 day, and 90+ day delinquencies DO NOT include Bankruptcies,
REOs, or Foreclosures***
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
ORIGINAL AGENCY RATINGS
S&P / DCR MOODY'S CLASSES
- -------------------------------------------------------------------------------
<S> <C>
AAA Aaa A-1,A-2
Not Rated Not Rated I-S, II-S, R
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION
CURRENT CURRENT CURRENT
PERIOD PERIOD POOL
INITIAL COVERAGE ADDITIONS LOSSES BALANCE CURRENT COVERAGE
-------------------- ----------------
TYPE POOL CARRIER/HOLDER % ($MM) ($MM) ($MM) ($MM) % ($MM) NOTES
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Group I Sub. Amt. 1 N/A 0.00% 0.0000 0.598529 0.000000 161.596372 3.15% 5.084690 N/A
Group II Sub. Amt. 2 N/A 0.00% 0.0000 0.173022 0.000000 44.622186 2.35% 1.048022 N/A
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL SUBORDINATED AMOUNT INFORMATION
<S> <C>
Group I Required Subordination Amount 9,706,310.28
Group I Subordinated Amount (beginning) 4,486,160.83
Group I Subordination Increase Amount 598,528.93
GROUP I SUBORDINATED AMOUNT (ending) 5,084,689.76
Group II Required Subordination Amount 1,097,036.30
Group II Subordinated Amount (beginning) 875,000.00
Group II Subordination Increase Amount 173,021.65
GROUP II SUBORDINATED AMOUNT (ending) 1,048,021.65
ADDITIONAL CREDIT INFORMATION
Group I Net Monthly Excess Cashflow 596,860.12
Group II Net Monthly Excess Cashflow 171,111.45
Group I Four Largest Loan Balances 2,819,133.36
Group II Four Largest Loan Balances 1,578,628.14
Group I Overcollateralization Amount 0.00
Group II Overcollateralization Amount 47,013.39
Insured Payments 0.00
Substitution Amount 0.00
Loan Purchase Price 0.00
Group I Pre-Funding Account Balance 0.00
Group II Pre-Funding Account Balance 0.00
Group I Interest Coverage Account Balance 0.00
Group II Interest Coverage Account Balance 0.00
Group I Interest Coverage Addition 0.00
Group II Interest Coverage Addition 0.00
Group I Class A Available Funds Cap Carry-Forward Amount 0.00
Group I Subsequent Mortgage Loans Added 0 0.00
Group II Subsequent Mortgage Loans Added 0 0.00
Group I Servicer Non Advance Amount (1,668.81)
Group II Servicer Non Advance Amount (1,643.79)
Group I Cumulative Non Advance Amt 0.00
Group II Cumulative Non Advance Amt 489.48
<FN>
PLEASE SEE THE PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR DETAILED DESCRIPTIONS
OF THE CREDIT ENHANCEMENTS.
</FN>
</TABLE>
