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Previous: LECROY CORP, S-3, 1998-01-02 |
Next: FIRST TRUST SPECIAL SITUATIONS TRUST SERIES 123, 497J, 1998-01-02 |
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): December 26, 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 December 26, 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 December
26, 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: January 2, 1998
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 December 26, 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: November 1997
Distribution Date: December 26, 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 Principal Pass Through Balance Interest Undistributed Principal
Class Description Principal Type Interest Type Balance Rate Reduction Shortfall Principal Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 Senior Pass Through Variable 190,000,000.00 5.90250000% 0.00 0.00 0.00 0.7411591683
A-2 Senior Pass Through Fixed 50,000,000.00 6.80000000% 0.00 0.00 0.00 0.8038092858
I S Subordinate Support Accretion 0.00 4.45960022% 17,416.13 0.00 0.00
II S Subordinate Support Notional 0.00 4.55072328% 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 39,482.12 0.00 0.00 0.7888167400
</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 11/28/1997 5.90250000% 145,788,360.80 740,999.72 4,968,118.83 0.00 140,820,241.97 5,709,118.55
A-2 11/28/1997 6.80000000% 41,003,011.12 232,350.40 812,546.83 0.00 40,190,464.29 1,044,897.23
I S 11/28/1997 4.45960022% 6,271,382.10 0.00 0.00 1,010.27 6,854,313.38 0.00
II S 11/28/1997 4.55072328% 1,290,410.04 (0.00) 0.00 (160,587.93) 1,450,997.97 (0.00)
R 11/28/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 194,353,164.06 973,350.12 5,780,665.66 (159,577.66) 189,316,017.61 6,754,015.78
</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 3.89999853 0.32779642 22.74682089 26.14799384 0.00000000 0.7411591683
A-2 843590AZ3 50,000,000.00 4.64700800 0.56809540 12.47108260 16.25093660 0.00000000 0.8038092858
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 0.7888167400
</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-1 145,788,360.80 62,281.32 4,321,895.97 583,941.54 0.00 4,968,118.83 0.00 140,820,241.97 0.00
A-2 41,003,011.12 28,404.77 623,554.13 160,587.93 0.00 812,546.83 0.00 40,190,464.29 0.00
I S 6,271,382.10 0.00 0.00 (583,941.55) 0.00 0.00 1,010.27 6,854,313.38 0.00
II S 1,290,410.04 0.00 0.00 0.00 0.00 0.00 (160,587.93) 1,450,997.97 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 194,353,164.06 90,686.09 4,945,450.10 160,587.92 0.00 5,780,665.66 (159,577.66) 189,316,017.61 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction (159,577.66)
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 5.90250000% 145,788,360.80 740,999.72 0.00 0.00 0.00 0.00 740,999.72 140,820,241.97
A-2 6.80000000% 41,003,011.12 232,350.40 0.00 0.00 0.00 0.00 232,350.40 40,190,464.29
I S 4.45960022% 152,059,742.91 583,941.55 0.00 583,941.55 0.00 0.00 0.00 147,674,555.35
II S 4.55072328% 42,340,434.54 160,566.33 160,566.33 0.00 0.00 0.00 (0.00) 41,688,475.65
R 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 1,717,858.00 160,566.33 583,941.55 0.00 0.00 973,350.12
<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 1,742,443.53
Scheduled Principal 90,686.09
Other Principal 4,946,460.36
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment (1,010.27)
Other Deposits 0.00
Total Deposit 6,778,579.71
WITHDRAWALS:
Interest Payments 973,350.12
Scheduled Principal Payment 90,686.09
Other Principal Payments 5,689,979.57
Reserve Fund 1 0.00
Fees and Expenses 24,563.93
Other Withdrawals 0.00
Total Withdrawals 6,778,579.71
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool 1 Pool 2
-----------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 1,914,374.50| 1,469,754.73 444,619.77
|
Positive Amortization 90,686.09| 62,281.32 28,404.77
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 231,622.06| 229,268.30 2,353.76
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 4,712,714.13| 4,091,542.83 621,171.30
Principal Adjustments 2,124.17| 2,095.11 29.06
Total Principal Trust Distribution 5,037,146.45| 4,385,187.56 651,958.89
|
Scheduled Interest 1,823,688.41| 1,407,473.41 416,215.00
Servicing Fee 81,000.08| 63,358.23 17,641.85
Master Servicing Fee 1,215.00| 950.37 264.63
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 1,718,124.40| 1,324,941.26 393,183.14
|
Beginning Balance 194,400,177.45| 152,059,742.91 42,340,434.54
Ending Balance 189,363,031.00| 147,674,555.35 41,688,475.65
Gross P&I Distribution 6,779,834.78| 5,729,302.74 1,050,532.04
Realized Losses/(Gains) 1,010.27| 1,010.27 0.00
Net P&I Trust Distribution 6,778,824.51| 5,728,292.47 1,050,532.04
|
Beginning Loan Count 1898| 1283 615
Number of Loan Payoffs 52| 40 12
Ending Loan Count 1846| 1243 603
|
Weighted Average Maturity 292.8100000000| 289.5900000000 304.2200000000
Weighted Average Gross Rate 11.260048700%| 10.748967596% 11.796241710%
Weighted Average Net Rate 10.759927700%| 10.265096601% 11.296241640%
Weighted Average Pass-Through Rate 10.608261970%| 10.118664104% 11.143479580%
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 REPORT
SO-PAC 96-4
INVESTOR 338 - NOVEMBER 1997
Deliquency Report ARM Pool- 1 & 3
Less Than 30 Day + Total Outstanding
30 Days 30-59 Days 60-89 Days 90+ Days Totals Delq Totals Actual UPB @
Excluding BK, FC, REO Month-End
<S> <C> <C> <C> <C> <C>
UPB - $ Not reported 6,058,131 1,653,269 852,069 8,563,469 147,799,370
% - $ 4.10% 1.12% 0.58% 5.79%
Loans-# Not reported 38 17 7 62 1,244
% - # 3.05% 1.37% 0.56% 4.98%
BK - $ Only 638,563 132,489 51,212 1,980,203 2,802,467
% - $ 0.43% 0.09% 0.03% 1.34% 1.90%
BK - # Only 5 1 1 13 20
%-# 0.40% 0.08% 0.08% 1.05% 1.61%
F/C - $ Only - - 245,572 14,239,553 14,485,124
% - $ 0.00% 0.00% 0.17% 9.63% 9.80%
F/C - # Only 0 0 3 78 81
% - # 0.00% 0.00% 0.24% 6.27% 6.51%
REO - $ Only - - - 1,314,434 1,314,434
% - $ 0.00% 0.00% 0.00% 0.89% 0.89%
REO - # Only 0 0 0 15 15
% - # 0.00% 0.00% 0.00% 1.21% 1.21%
</TABLE>
<TABLE>
<CAPTION>
Deliquency Report Fixed Pool - 2 & 4
Less Than 30 DAY + Total Outstanding
30 Days 30-59 Days 60-89 Days 90+ Days Totals Delq Totals Actual UPB @
Month-End
Excluding BK, FC, REO
<S> <C> <C> <C> <C> <C>
UPB - $ Not reported 1,582,051 245,073 269,266 2,096,390 41,728,200
% - $ 3.79% 0.59% 0.65% 5.02%
Loans-# Not reported 25 5 4 34 603
% - # 4.15% 0.83% 0.66% 5.64%
BK - $ Only 222,939 32,318 45,421 624,306 924,984
% - $ 0.53% 0.08% 0.11% 1.50% 2.22%
BK - # Only 5 1 1 7 14
% - # 0.83% 0.17% 0.17% 1.16% 2.32%
F/C - $ Only - - - 1,424,358 1,424,358
% - $ 0.00% 0.00% 0.00% 3.41% 3.41%
F/C - # Only 0 0 0 15 15
% - # 0.00% 0.00% 0.00% 2.49% 2.49%
REO - $ Only - - - 365,009 365,009
% - $ 0.00% 0.00% 0.00% 0.87% 0.87%
REO - # Only 0 0 0 5 5
% - # 0.00% 0.00% 0.00% 0.83% 0.83%
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
ORIGINAL AGENCY RATINGS
S&P / DCR MOODY'S CLASSES
- --------------------------------------------------------------------------------
<S> <C> <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 0.583942 0.001010 147.674555 4.65% 6.871730 N/A
Group II Sub. Amt. 2 N/A 0.00% 0.0000 0.160566 0.000000 41.688476 3.59% 1.497990 N/A
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL SUBORDINATED AMOUNT INFORMATION
<S> <C>
Group I Required Subordination Amount 14,882,609.70
Group I Subordinated Amou(beginning) 6,287,787.96
Group I Subordination Increase Amount 583,941.55
GROUP I SUBORDINATED AMOU(ending) 6,871,729.51
Group II Required Subordination Amount 1,719,541.02
Group II Subordinated Amo(beginning) 1,337,423.42
Group II Subordination Increase Amount 160,566.33
GROUP II SUBORDINATED AMO(ending) 1,497,989.75
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL CREDIT INFORMATION
<S> <C>
Group I Net Monthly Excess Cashflow 583,941.55
Group II Net Monthly Excess Cashflow 160,566.33
Group I Four Largest Loan Balances 2,815,365.96
Group II Four Largest Loan Balances 1,577,007.12
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 Mortage Loans Added 0 0.00
Group II Subsequent Mortage Loans Added 0 0.00
Group I Servicer Non Advance Amount 0.00
Group II Servicer Non Advance Amount 244.80
Group I Cumulative Non Advance Amt 0.00
Group II Cumulative Non Advance Amt 1,232.82
<FN>
PLEASE SEE THE PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR DETAILED DESCRIPTIONS
OF THE CREDIT ENHANCEMENTS.
</FN>
</TABLE>
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