-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Wnpe4Mjbvlvs9UrGl8rqSfkio3F/VS11H4S4lHXQNcaIKKvo0uaqC9avRYcusuv7 HN2xN0GimGgOLGrgscaQCQ== 0001056404-99-000013.txt : 19990111 0001056404-99-000013.hdr.sgml : 19990111 ACCESSION NUMBER: 0001056404-99-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981228 ITEM INFORMATION: FILED AS OF DATE: 19990108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN PACIFIC SECURED ASSETS CORP CENTRAL INDEX KEY: 0000944743 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330659688 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-91756 FILM NUMBER: 99502775 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA NA STREET 2: 1100 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 4108842000 MAIL ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA NA STREET 2: 1100 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 8-K 1 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. EX-99.1 2
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 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
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 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 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.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 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 (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.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 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
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 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 All denominations are per $1000
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 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 (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.
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 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
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 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 (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.
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 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 All denominations are per $1000
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 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 (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.
Certificateholder Component Statement Component Beginning Ending Beginning Ending Ending Pass-Through Notional Notional Component Component Component Rate Balance Balance Balance Balance Percentage Class 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%
CERTIFICATE ACCOUNT 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
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES 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
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.01 0.00 0.00 Financial Guaranty 0.00 0.00 0.00 0.00
DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Number Principal Number Unpaid Of Loans Balance Of Loans Balance 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%
OTHER INFORMATION 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 Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
COLLATERAL STATEMENT 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
PRINCIPAL DISTRIBUTION 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
Group Level Collateral Statement 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
Delinquency Status By Groups 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%
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