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Previous: ND HOLDINGS INC, 4, 1999-01-08 |
Next: SOUTHERN PACIFIC SECURED ASSETS CORP, 8-K, 1999-01-08 |
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 28, 1998
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Mortgage Pass-Through Certificates, Series 1998-2 Trust
New York (governing law of 333-91756 52-2112421
Pooling and Servicing Agreement) (Commission 52-2112424
(State or other File Number) IRS EIN
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 December 28, 1998 a distribution was made to holders of SOUTHERN PACIFIC
SECURED ASSETS CORPORATION, Mortgage 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
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-2 Trust, relating to the December 28,
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 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: 01/06/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-2 Trust, relating to the December 28,
1998 distribution.
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
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 5.21234% 295,884,907.51 1,413,731.68 7,656,209.42
A-2 843590DD9 SEQ 6.28000% 162,000,000.00 847,800.00 0.00
A-3 843590DE7 SEQ 6.52000% 39,581,985.25 215,062.12 2,199,989.35
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 1.51456% 0.00 634,096.23 0.00
R-I SPS9802R1 R 0.00000% 0.00 0.00 0.00
R-II SPS9802R2 R 0.00000% 0.00 0.00 0.00
Totals 615,068,892.76 3,736,814.20 9,856,198.77
</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 0.00 288,228,698.09 9,069,941.10 0.00
A-2 0.00 162,000,000.00 847,800.00 0.00
A-3 0.00 37,381,995.90 2,415,051.47 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 0.00 634,096.23 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
Totals 0.00 605,212,693.99 13,593,012.97 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-1 324,000,000.00 295,884,907.51 212,693.18 7,443,516.24 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 39,581,985.25 117,781.06 2,082,208.29 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 650,000,000.00 615,068,892.76 330,474.24 9,525,724.53 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 7,656,209.42 288,228,698.09 0.88959475 7,656,209.42
A-2 0.00 162,000,000.00 1.00000000 0.00
A-3 2,199,989.35 37,381,995.90 0.80568119 2,199,989.35
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 9,856,198.77 605,212,693.99 0.93109645 9,856,198.77
</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-1 324,000,000.00 913.22502318 0.65646043 22.97381556 0.00000000
A-2 162,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 46,398,000.00 853.09679835 2.53849433 44.87711302 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 23.63027599 889.59474719 0.88959475 23.63027599
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 47.41560735 805.68119100 0.80568119 47.41560735
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 5.21234% 295,884,907.51 1,413,731.68 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% 39,581,985.25 215,062.12 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 1.51456% 502,400,000.00 634,096.23 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 3,736,814.20 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 1,413,731.68 0.00 288,228,698.09
A-2 0.00 0.00 847,800.00 0.00 162,000,000.00
A-3 0.00 0.00 215,062.12 0.00 37,381,995.90
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 0.00 634,096.23 0.00 502,400,000.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 3,736,814.20 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 5.21234% 913.22502318 4.36336938 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% 853.09679835 4.63515927 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 1.51456% 1000.00000000 1.26213422 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 4.36336938 0.00000000 889.59474719
A-2 0.00000000 0.00000000 5.23333333 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 4.63515927 0.00000000 805.68119100
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 1.26213422 0.00000000 1000.00000000
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>
(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
Rate Balance Balance Balance Balance Percentage
Class
<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 9.84850% 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 13,933,560.27
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 13,933,560.27
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 340,547.30
Payment of Interest and Principal 13,593,012.97
Total Withdrawals (Pool Distribution Amount) 13,933,560.27
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 258,416.77
Trustee Fee 3,876.94
MBIA GROUP 1 PREMIUM 53,419.82
MBIA GROUP 2 PREMIUM 18,338.13
Extra Ordinary Expenses 6,495.64
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 340,547.30
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.01 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 288 26,098,886.10 4.254062% 4.267529%
60 Days 176 14,341,966.97 2.599705% 2.345110%
90+ Days 74 7,406,673.57 1.093058% 1.211094%
Foreclosure 308 26,161,725.99 4.549483% 4.277804%
REO 4 314,171.56 0.059084% 0.051371%
Totals 850 74,323,424.19 12.555391% 12.152907%
</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 10.257944%
Weighted Average Net Coupon 9.686690%
Weighted Average Pass-Through Rate 9.679127%
Weighted Average Maturity(Stepdown Calculation ) 353
Begin Scheduled Collateral Loan Count 6,851
Number Of Loans Paid In Full 81
End Scheduled Collateral Loan Count 6,770
Begining Scheduled Collateral Balance 620,200,989.44
Ending Scheduled Collateral Balance 611,569,084.95
Ending Actual Collateral Balance at 30-Nov-1998 611,313,684.60
Monthly P &I Constant 5,632,130.09
Ending Scheduled Balance for Premium Loans 611,569,084.95
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL DISTRIBUTION
<S> <C>
Class A Principal Distribution $10,111,599.12
Master Servicer Remittance Shortfall as Noted in the Event of Default (257,797.66)
Class A Net Principal Distribution Amount 9,853,801.46
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 10.168163 10.519406
Weighted Average Net Rate 9.652222 9.987316
Weighted Average Maturity 353.00 353.00
Beginning Loan Count 4,592 2,259
Loans Paid In Full 58 23
Ending Loan Count 4,534 2,236
Beginning Scheduled Balance 461,671,366.42 158,529,623.02
Ending scheduled Balance 454,914,167.34 156,654,917.61
Record Date 11/30/1998 11/30/1998
Principal And Interest Constant 4,124,651.09 1,507,479.00
Scheduled Principal 212,693.18 117,781.06
Unscheduled Principal 6,544,505.90 1,756,924.35
Scheduled Interest 3,911,957.91 1,389,697.94
Servicing Fees 192,362.73 66,054.04
Master Servicing Fees 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 6,133.27 4,239.31
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 3,713,461.91 1,319,404.59
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 899,010.33 325,283.93
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 21,389,487.07 6,473,057.17
Overcollateralization Amount 4,685,469.24 1,670,921.70
Overcollateralization Deficiency Amount 16,704,017.83 4,802,135.46
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 899,010.33 325,283.93
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy
1 Principal Balance 20,245,824.13 11,539,799.09 5,961,286.08 21,838,619.95 273,296.56 2,588,298.26
Percentage Of Balanc 4.450% 2.537% 1.310% 4.801% 0.060% 0.569%
Loan Count 200 125 52 230 3 31
Percentage Of Loans 4.411% 2.757% 1.147% 5.073% 0.066% 0.684%
2 Principal Balance 5,853,061.97 2,802,167.88 1,445,387.49 4,323,106.04 40,875.00 1,666,153.60
Percentage Of Balanc 3.736% 1.789% 0.923% 2.760% 0.026% 1.064%
Loan Count 88 51 22 78 1 26
Percentage Of Loans 3.936% 2.281% 0.984% 3.488% 0.045% 1.163%
</TABLE>
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