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): November 25, 1998
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Collaterized Asset-Backed Notes, Series 1998-H01 Trust
New York (governing law of 333-91756 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On November 25, 1998 a distribution was made to holders of SOUTHERN PACIFIC
SECURED ASSETS CORPORATION, Collaterized Asset-Backed Notes, Series 1998-
H01 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Collaterized Asset-Backed Notes, Series
1998-H01 Trust, relating to the November
25, 1998 distribution.
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 hereunto duly authorized.
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Collateralized Asset-Backed Notes, Series 1998-H01 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 12/02/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Collaterized Asset-
Backed Notes, Series 1998-H01 Trust, relating to the November
25, 1998 distribution.
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Record Date: 10/30/98
Distribution Date: 11/25/98
SPSAC Series: 1998-H01
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 843590CT5 SEQ 5.30938% 21,072,360.79 93,234.31 1,895,617.50
A-2 843590CU2 SEQ 6.31000% 10,800,000.00 56,790.00 0.00
A-3 843590CV0 SEQ 6.41000% 16,000,000.00 85,466.67 0.00
A-4 843590CW8 SEQ 6.61000% 10,000,000.00 55,083.33 0.00
A-5 843590CX6 SEQ 7.13000% 5,527,000.00 32,839.59 0.00
A-6 843590CY4 IO 0.50000% 0.00 43,978.82 0.00
M-1 843590CZ1 SEQ 7.49000% 10,555,000.00 65,880.79 0.00
M-2 843590DA5 SEQ 7.63000% 7,916,000.00 50,332.57 0.00
B-1 843590DB3 SEQ 9.01000% 11,346,000.00 85,189.55 0.00
B-2 SPS98H1B2 SEQ 11.01000% 5,541,000.00 50,838.68 0.00
X SPS98H01X OC 0.00000% 0.00 0.00 0.00
Totals 98,757,360.79 619,634.31 1,895,617.50
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 19,176,743.29 1,988,851.81 0.00
A-2 0.00 10,800,000.00 56,790.00 0.00
A-3 0.00 16,000,000.00 85,466.67 0.00
A-4 0.00 10,000,000.00 55,083.33 0.00
A-5 0.00 5,527,000.00 32,839.59 0.00
A-6 0.00 0.00 43,978.82 0.00
M-1 0.00 10,555,000.00 65,880.79 0.00
M-2 0.00 7,916,000.00 50,332.57 0.00
B-1 0.00 11,346,000.00 85,189.55 0.00
B-2 0.00 5,541,000.00 50,838.68 0.00
X 0.00 0.00 0.00 0.00
Totals 0.00 96,861,743.29 2,515,251.81 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 27,600,000.00 21,072,360.79 264,946.50 1,630,671.00 0.00 0.00
A-2 10,800,000.00 10,800,000.00 0.00 0.00 0.00 0.00
A-3 16,000,000.00 16,000,000.00 0.00 0.00 0.00 0.00
A-4 10,000,000.00 10,000,000.00 0.00 0.00 0.00 0.00
A-5 5,527,000.00 5,527,000.00 0.00 0.00 0.00 0.00
A-6 0.00 0.00 0.00 0.00 0.00 0.00
M-1 10,555,000.00 10,555,000.00 0.00 0.00 0.00 0.00
M-2 7,916,000.00 7,916,000.00 0.00 0.00 0.00 0.00
B-1 11,346,000.00 11,346,000.00 0.00 0.00 0.00 0.00
B-2 5,541,000.00 5,541,000.00 0.00 0.00 0.00 0.00
X 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
Totals 105,285,000.00 98,757,360.79 264,946.50 1,630,671.00 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 1,895,617.50 19,176,743.29 0.69480954 1,895,617.50
A-2 0.00 10,800,000.00 1.00000000 0.00
A-3 0.00 16,000,000.00 1.00000000 0.00
A-4 0.00 10,000,000.00 1.00000000 0.00
A-5 0.00 5,527,000.00 1.00000000 0.00
A-6 0.00 0.00 0.00000000 0.00
M-1 0.00 10,555,000.00 1.00000000 0.00
M-2 0.00 7,916,000.00 1.00000000 0.00
B-1 0.00 11,346,000.00 1.00000000 0.00
B-2 0.00 5,541,000.00 1.00000000 0.00
X 0.00 0.00 0.00000000 0.00
X 0.00 0.00 0.00000000 0.00
Totals 1,895,617.50 96,861,743.29 0.91999566 1,895,617.50
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 27,600,000.00 763.49133297 9.59951087 59.08228261 0.00000000
A-2 10,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 16,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 10,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 5,527,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 10,555,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 7,916,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 11,346,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 5,541,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All classes are per $1000 denominations.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 68.68179348 694.80953949 0.69480954 68.68179348
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 27,600,000.00 5.30938% 21,072,360.79 93,234.23 0.00 0.00
A-2 10,800,000.00 6.31000% 10,800,000.00 56,790.00 0.00 0.00
A-3 16,000,000.00 6.41000% 16,000,000.00 85,466.67 0.00 0.00
A-4 10,000,000.00 6.61000% 10,000,000.00 55,083.33 0.00 0.00
A-5 5,527,000.00 7.13000% 5,527,000.00 32,839.59 0.00 0.00
A-6 0.00 0.50000% 105,549,157.47 43,978.82 0.00 0.00
M-1 10,555,000.00 7.49000% 10,555,000.00 65,880.79 0.00 0.00
M-2 7,916,000.00 7.63000% 7,916,000.00 50,332.57 0.00 0.00
B-1 11,346,000.00 9.01000% 11,346,000.00 85,189.55 0.00 0.00
B-2 5,541,000.00 11.01000% 5,541,000.00 50,838.67 0.00 0.00
X 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 105,285,000.00 619,634.22 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 93,234.31 0.00 19,176,743.29
A-2 0.00 0.00 56,790.00 0.00 10,800,000.00
A-3 0.00 0.00 85,466.67 0.00 16,000,000.00
A-4 0.00 0.00 55,083.33 0.00 10,000,000.00
A-5 0.00 0.00 32,839.59 0.00 5,527,000.00
A-6 0.00 0.00 43,978.82 0.00 105,549,157.47
M-1 0.00 0.00 65,880.79 0.00 10,555,000.00
M-2 0.00 0.00 50,332.57 0.00 7,916,000.00
B-1 0.00 0.00 85,189.55 0.00 11,346,000.00
B-2 0.00 0.00 50,838.68 0.00 5,541,000.00
X 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 619,634.31 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 27,600,000.00 5.30938% 763.49133297 3.37805181 0.00000000 0.00000000
A-2 10,800,000.00 6.31000% 1000.00000000 5.25833333 0.00000000 0.00000000
A-3 16,000,000.00 6.41000% 1000.00000000 5.34166687 0.00000000 0.00000000
A-4 10,000,000.00 6.61000% 1000.00000000 5.50833300 0.00000000 0.00000000
A-5 5,527,000.00 7.13000% 1000.00000000 5.94166637 0.00000000 0.00000000
A-6 0.00 0.50000% 999.99999498 0.41666671 0.00000000 0.00000000
M-1 10,555,000.00 7.49000% 1000.00000000 6.24166651 0.00000000 0.00000000
M-2 7,916,000.00 7.63000% 1000.00000000 6.35833375 0.00000000 0.00000000
B-1 11,346,000.00 9.01000% 1000.00000000 7.50833333 0.00000000 0.00000000
B-2 5,541,000.00 11.01000% 1000.00000000 9.17499910 0.00000000 0.00000000
X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All classes are per $1000 denominations.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 3.37805471 0.00000000 694.80953949
A-2 0.00000000 0.00000000 5.25833333 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.34166687 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.50833300 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.94166637 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 0.41666671 0.00000000 999.99999498
M-1 0.00000000 0.00000000 6.24166651 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 6.35833375 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 7.50833333 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 9.17500090 0.00000000 1000.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 2,578,936.70
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 2,578,936.70
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 63,684.89
Payment of Interest and Principal 2,515,251.81
Total Withdrawals (Pool Distribution Amount) 2,578,936.70
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 63,054.35
Certificate Administration Fee 0.00
Trustee Fee 630.54
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 63,684.89
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 34 1,189,153.75 1.112930% 1.195932%
60 Days 21 501,395.10 0.687398% 0.504253%
90+ Days 22 768,836.49 0.720131% 0.773219%
Foreclosure 4 108,183.79 0.130933% 0.108800%
REO 0 0.00 0.000000% 0.000000%
Totals 81 2,567,569.13 2.651391% 2.582204%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 13.730148%
Weighted Average Net Coupon 12.692001%
Weighted Average Pass-Through Rate 12.692001%
Weighted Average Maturity(Stepdown Calculation 219
Beginning Scheduled Collateral Loan Count 3,093
Number Of Loans Paid In Full 38
Ending Scheduled Collateral Loan Count 3,055
Beginning Scheduled Collateral Balance 100,887,092.91
Ending Scheduled Collateral Balance 99,433,233.09
Ending Actual Collateral Balance at 30-Oct-1998 99,433,233.09
Monthly P &I Constant 1,332,626.62
Ending Scheduled Balance for Premium Loans 99,433,233.09
Scheduled Principal 264,946.50
Unscheduled Principal 1,630,671.00
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 441,757.68
Overcollateralization reduction Amount 0.00
Specified O/C Amount 4,749,712.09
Overcollateralized Amount 2,571,489.83
Overcollateralized Deficiency Amount 2,178,222.26
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 441,757.68
Excess Cash Amount 441,757.68
</TABLE>
