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Previous: PROMUS HOTEL CORP/OLD, 10-Q, 1998-08-07 |
Next: SOUTHERN PACIFIC SECURED ASSETS CORP, 8-K, 1998-08-07 |
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): July 27, 1998
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1998-2 Trust
New York (governing law of 333-52577 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (301) 696-7900
Former name or former address, if changed since last report)
ITEM 5. Other Events
On July 27, 1998 a distribution was made to holders of SOUTHERN PACIFIC
SECURED ASSETS CORPORATION, Mortgage Loan Asset-Backed Pass-Through
Certificates, Series 1998-2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with 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
1998-2 Trust, relating to the July 27, 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
Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1998-2 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 8/6/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Loan
Asset-Backed Pass-Through Certificates, Series 1998-2 Trust,
relating to the July 27, 1998 distribution.
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Record Date: 6/30/1998
Distribution Date: 7/27/1998
SPSAC Series: 1998-2
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
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 843590DC1 SEQ 5.83797% 324,000,000.00 1,471,168.44 3,499,415.21
A-2 843590DD9 SEQ 6.28000% 162,000,000.00 847,800.00 0.00
A-3 843590DE7 SEQ 6.52000% 46,398,000.00 252,095.80 1,077,119.82
A-4 843590DF4 SEQ 6.26000% 39,685,000.00 207,023.42 0.00
A-5 843590DG2 SEQ 6.30000% 12,146,000.00 63,766.50 0.00
A-6 843590DH0 SEQ 6.45000% 37,336,000.00 200,681.00 0.00
A-7 843590DJ6 SEQ 6.74000% 12,035,000.00 67,596.58 0.00
A-8 843590DK3 SEQ 6.37000% 16,400,000.00 87,056.67 0.00
A-9 SPS9802A9 IO 1.47538% 0.00 617,692.09 0.00
R-I SPS9802R1 R 0.00000% 0.00 0.00 0.00
R-II SPS9802R2 R 0.00000% 0.00 930,176.87 0.00
Totals 650,000,000.00 4,745,057.37 4,576,535.03
</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 0.00 320,500,584.79 4,970,583.65 0.00
A-2 0.00 162,000,000.00 847,800.00 0.00
A-3 0.00 45,320,880.18 1,329,215.62 0.00
A-4 0.00 39,685,000.00 207,023.42 0.00
A-5 0.00 12,146,000.00 63,766.50 0.00
A-6 0.00 37,336,000.00 200,681.00 0.00
A-7 0.00 12,035,000.00 67,596.58 0.00
A-8 0.00 16,400,000.00 87,056.67 0.00
A-9 0.00 0.00 617,692.09 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 930,176.87 0.00
Totals 0.00 645,423,464.97 9,321,592.40 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-1 324,000,000.00 324,000,000.00 187,285.58 3,312,129.63 0.00 0.00
A-2 162,000,000.00 162,000,000.00 0.00 0.00 0.00 0.00
A-3 46,398,000.00 46,398,000.00 101,338.02 975,781.80 0.00 0.00
A-4 39,685,000.00 39,685,000.00 0.00 0.00 0.00 0.00
A-5 12,146,000.00 12,146,000.00 0.00 0.00 0.00 0.00
A-6 37,336,000.00 37,336,000.00 0.00 0.00 0.00 0.00
A-7 12,035,000.00 12,035,000.00 0.00 0.00 0.00 0.00
A-8 16,400,000.00 16,400,000.00 0.00 0.00 0.00 0.00
A-9 0.00 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-II 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 650,000,000.00 650,000,000.00 288,623.60 4,287,911.43 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 3,499,415.21 320,500,584.79 0.98919934 3,499,415.21
A-2 0.00 162,000,000.00 1.00000000 0.00
A-3 1,077,119.82 45,320,880.18 0.97678521 1,077,119.82
A-4 0.00 39,685,000.00 1.00000000 0.00
A-5 0.00 12,146,000.00 1.00000000 0.00
A-6 0.00 37,336,000.00 1.00000000 0.00
A-7 0.00 12,035,000.00 1.00000000 0.00
A-8 0.00 16,400,000.00 1.00000000 0.00
A-9 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 4,576,535.03 645,423,464.97 0.99295918 4,576,535.03
</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-1 324,000,000.00 1000.00000000 0.57804191 10.22262231 0.00000000
A-2 162,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 46,398,000.00 1000.00000000 2.18410319 21.03068667 0.00000000
A-4 39,685,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 12,146,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 37,336,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-7 12,035,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-8 16,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-9 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are per $1000
</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 10.80066423 989.19933577 0.98919934 10.80066423
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 23.21478986 976.78521014 0.97678521 23.21478986
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 1,000.00000000 1.00000000 0.00000000
A-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-9 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 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-1 324,000,000.00 5.83797% 324,000,000.00 1,471,168.44 0.00 0.00
A-2 162,000,000.00 6.28000% 162,000,000.00 847,800.00 0.00 0.00
A-3 46,398,000.00 6.52000% 46,398,000.00 252,095.80 0.00 0.00
A-4 39,685,000.00 6.26000% 39,685,000.00 207,023.42 0.00 0.00
A-5 12,146,000.00 6.30000% 12,146,000.00 63,766.50 0.00 0.00
A-6 37,336,000.00 6.45000% 37,336,000.00 200,681.00 0.00 0.00
A-7 12,035,000.00 6.74000% 12,035,000.00 67,596.58 0.00 0.00
A-8 16,400,000.00 6.37000% 16,400,000.00 87,056.67 0.00 0.00
A-9 0.00 1.47538% 502,400,000.00 617,692.09 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 650,000,000.00 3,814,880.50 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 1,471,168.44 0.00 320,500,584.79
A-2 0.00 0.00 847,800.00 0.00 162,000,000.00
A-3 0.00 0.00 252,095.80 0.00 45,320,880.18
A-4 0.00 0.00 207,023.42 0.00 39,685,000.00
A-5 0.00 0.00 63,766.50 0.00 12,146,000.00
A-6 0.00 0.00 200,681.00 0.00 37,336,000.00
A-7 0.00 0.00 67,596.58 0.00 12,035,000.00
A-8 0.00 0.00 87,056.67 0.00 16,400,000.00
A-9 0.00 0.00 617,692.09 0.00 502,400,000.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 930,176.87 0.00 0.00
Totals 0.00 0.00 4,745,057.37 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-1 324,000,000.00 5.83797% 1000.00000000 4.54064333 0.00000000 0.00000000
A-2 162,000,000.00 6.28000% 1000.00000000 5.23333333 0.00000000 0.00000000
A-3 46,398,000.00 6.52000% 1000.00000000 5.43333333 0.00000000 0.00000000
A-4 39,685,000.00 6.26000% 1000.00000000 5.21666675 0.00000000 0.00000000
A-5 12,146,000.00 6.30000% 1000.00000000 5.25000000 0.00000000 0.00000000
A-6 37,336,000.00 6.45000% 1000.00000000 5.37500000 0.00000000 0.00000000
A-7 12,035,000.00 6.74000% 1000.00000000 5.61666639 0.00000000 0.00000000
A-8 16,400,000.00 6.37000% 1000.00000000 5.30833354 0.00000000 0.00000000
A-9 0.00 1.47538% 1000.00000000 1.22948266 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are per $1000
</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 4.54064333 0.00000000 989.19933577
A-2 0.00000000 0.00000000 5.23333333 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.43333333 0.00000000 976.78521014
A-4 0.00000000 0.00000000 5.21666675 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.25000000 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.37500000 0.00000000 1000.00000000
A-7 0.00000000 0.00000000 5.61666639 0.00000000 1000.00000000
A-8 0.00000000 0.00000000 5.30833354 0.00000000 1000.00000000
A-9 0.00000000 0.00000000 1.22948266 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 232544217500.000 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>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
A-9 IO 1.70000% 162,000,000.00 162,000,000.00 0.00 0.00 100.00000000%
A-9 IO 1.00000% 162,000,000.00 162,000,000.00 0.00 0.00 100.00000000%
A-9 IO 1.00000% 162,000,000.00 162,000,000.00 0.00 0.00 100.00000000%
A-9 IO 8.64820% 16,400,000.00 16,400,000.00 0.00 0.00 100.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 9,554,836.87
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 9,554,836.87
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 233,244.47
Payment of Interest and Principal 9,321,592.40
Total Withdrawals (Pool Distribution Amount) 9,554,836.87
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 229,181.02
Trustee Fee 4,063.45
Spread 1 Fee 0.00
Spread 2 Fee 0.00
Spread 3 Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 233,244.47
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
</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 0 0.00 0.000000% 0.000000%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 0 0.00 0.000000% 0.000000%
</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
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 8.678341%
Weighted AverageNet Coupon 8.255237%
Weighted Average Pass-Through Rate 8.247735%
Weighted Average Maturity(Stepdown Calculation ) 358
Begin Scheduled Collateral Loan Count 7,124
Number Of Loans Paid In Full 36
End Scheduled Collateral Loan Count 7,088
Begining Scheduled Collateral Balance 650,000,000.00
Ending Scheduled Collateral Balance 645,548,171.21
Ending Actual Collateral Balance at 30-Jun-1998 645,548,171.21
Monthly P &I Constant 4,989,388.37
Ending Scheduled Balance for Premium Loans 645,548,171.21
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Mixed ARM Mixed Fixed
Collateral Description 9.585385 10.037156
Weighted Average Net Rate 358.00 358.00
Weighted Average Maturity 4,800.00 2,324.00
Begining Loan Count 28.00 8.00
Loans Paid In Full 4,772.00 2,316.00
Ending Loan Count 486,124,706.24 163,874,864.96
Begining Scheduled Balance 482,625,291.03 162,922,880.18
Ending Scheduled Balance 98-06-30 98-06-30
Record Date 3,476,825.60 1,283,381.75
Principal And Interest Constant 187,289.66 101,338.02
Scheduled Principal 3,312,129.63 850,646.76
Unscheduled Principal
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 0.00 0.00
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 21,389,487.07 6,473,057.17
Overcollateralization Amount 124,706.24 0.00
Overcollateralization Deficiency Amount 21,264,780.83 6,473,057.17
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 770,880.92 284,430.99
</TABLE>
<TABLE>
<CAPTION>
Delinquency Status By Groups
Groups 30 Days 60 Days 90 + Days Foreclosures REOs
Number Amount Number Amount Number Amount Number Amount Number Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
2 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
Total 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
</TABLE>
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