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  1. Please put me in your emailing list

  2. “Structured Asset Sec Corp Mort Pass Thr Certs Series 1998-8”

    Why is the ‘TRUST’ a NEW YORK TRUST?

    Depositor: Structured Asset Securities Corp

    Signature of 10K Signed by
    Chase Manhattan Bank as Trustee
    /s/ Karen Dobres, Trust Officer
    12/15/1999 (So I’m confused this 10K/A is for period ended a year prior 12/31/98

    The Plot thickens:
    Accountant’s Servicing Reports d 12/31/1998

    So I looked at the Management Report filed only by OCWEN ‘MANAGEMENT COMPLIANCE WITH USAP’ with respect to ‘certain loan pools’ Ocwen Federal Bank complied in all respects with our favorite group Mortgage Bankers Assoc of America.

    This is an important report for OCWEN as Servicer responsible for:
    Custodial Bank Accountsa
    Related bank clearing reconcilations
    Reconciling items resolutions
    1998 Custodial Account Reconciliations not prepared before cut-off. Finally done 4/30/1999.
    iTEMS needing to be reconciled were not completed within 90 days of identification.
    (OBSERVATION: Pattern set in 1998 and followed thereafter)
    Actiona Plan developed to resolve… What?
    Management ‘beleives’ items won’t have a material impact on status of custodial accounts. Hmmmmm.

    Each account shall be maintined at a federally insured depository institution in trsut for the applicable investor.

    USAP = Uniform Single Attestation Program for Mortgage Bankers.

    FOR YEAR ENDED: 7/14/1999 and the TRUSTEE is Norwest Bank Minnesota NA as a substitute trustee? for Ocwen Federal Bank FSB?



    (99.1) Independent Accountants Servicing Rpt
    (99.2) Management Compliance Min Servicing Stds
    (99.3) Compliance of Pooling & Servicing Agreements
    (99.4) Aggregate Statement P&I Distributions to CERTIFICATE HOLDERS (34) – Excluded

    Why are the following IRS Employer Identification No’s listed in the 10K/Amendment?

    The Registrant Above has the (Same Filing Characteristics of Norwest Asset Sec….) who has filed 25,837 transactions and is organized as a joint venture between (Lehman and Wells Fargo & Co/MN, Chase Manhattan Mortgage Corporation, GMAC-RFC Norwest Corporation, Deutsche Bank (as underwriter) and largest producer of non-conforming mortgage products born 1996).

    The actual Registrant:
    Structured Asset Securities Corporation
    IRS Number 74-24407850
    c/o Norwest Bank Minnesota NA
    1100 Broken Land Parkway
    Columbia MD 21044
    DE Incorporation
    SIC 6189 Asset-Backed Securities
    Filing Commission #333-47499-04
    Filing Agent: Norwest Asset Sec Corp
    SIC 6189 Copied Part of Financial Definition (important clear explanation) follows below.

    QUESTION: Still awaiting Robert from Legal of Wells Fargo & Co/MN & Wells Fargo Bank NA (Formerly Norwest Corporation) to get back to us regarinding who ‘Norwest Asset Sec COrp Mort Ps Thr Cert Ser 1998-12 Trust – with 25,839 SEC Filings from 3/10/98 to 5/4/11 who is registered with SEC as ‘Filer’ as Owner Agent’ as Filing Agent

    What Robert does or does not know is Norwest Asset Security Corp was only renamed inside of the FFIEC database for the Federal Reserve System relationship. When one researches the individual Business Entities which were renamed tell a different story. Business Entity Search XX in DE reveals:

    FORM 15D Filed 1/27/99

    c/o Norwest Bank Minnesota, NA, Columbia MD
    When the15D Form states ‘None’ of the Title of the Class of Securities Covered by this form:
    A1, A2, A3, B, M1, M2, PR, R1, R2, R3, R4, X1, X2, X3, X4, Y1, Y2, Y3, Y4.
    And goes on to say per15d-6 & Rule 12h-3(b)(1)(i), HOLDERS OF RECORD AS OF THE CERTIFICATION OR NOTICE DATE ’34’ AND this is the standard procedure, can someone explain are the classes left empty, never filled, filled and sold, what happens if they get filled after the certification to no longer file ever again?

    As there are only ’34’ CERTIFICATEHOLERS who are the Credit Enhancement (Procurement) (Private Money Trusts) hard money, protected classes and not listed who continue to get payments passed from their Master Servicer, an affilaite, subsidiary, wholly-owned subsidiary, joint ventures, agreement’s, competitors in agreements.

    NOTE: The real name the certificates would be issued not in the ‘filename’ above.
    What is the ‘role’ of the FileName filed with the SEC?

    Aranka R. Paul ‘Trust Officer

    Structured Asset Securities Corporation
    Mortgage Pass-Through Certificates
    Series 1998-8 Trust

    An asset-backed security is a security whose value and income payments are derived from and collateralized (or “backed”) by a specified pool of underlying assets.

    The pool of assets is typically a group of small and illiquid assets that are unable to be sold individually. Pooling the assets into financial instruments allows them to be sold to general investors, a process called securitization, and allows the risk of investing in the underlying assets to be diversified

    Often a separate institution, called a special purpose vehicle, is created to handle the securitization of asset backed securities.

    The special purpose vehicle, which creates and sells the securities, uses the proceeds of the sale to pay back the bank that created, or originated, the underlying assets.

    The special purpose vehicle is responsible for “bundling” the underlying assets into a specified pool that will fit the risk preferences and other needs of investors who might want to buy the securities, for managing credit risk—often by transferring it to an insurance company after paying a premium—and for distributing payments from the securities.

    As long as the credit risk of the underlying assets is transferred to another institution, the originating bank removes the value of the underlying assets from its balance sheet and receives cash in return as the asset backed securities are sold, a transaction which can improve its credit rating and reduce the amount of capital that it needs.

    In this case, a credit rating of the asset backed securities would be based only on the assets and liabilities of the special purpose vehicle, and this rating could be higher than if the originating bank issued the securities because the risk of the asset backed securities would no longer be associated with other risks that the originating bank might bear.

    A higher credit rating could allow the special purpose vehicle and, by extension, the originating institution to pay a lower interest rate (that is, charge a higher price) on the asset-backed securities than if the originating institution borrowed funds or issued bonds.

    Incentive for banks to create securitized assets is to remove risky assets from their balance sheet by having another institution assume the credit risk, so that they (the banks) receive cash in return. This allows banks to invest more of their capital in new loans or other assets and possibly have a lower capital requirement.

    Not until 1/18/2005 did the US SEC Regulation AB which included a final definition of Asset-Backed Securities

    One important excerpt from Regulation AB regarding how banks are selling non-performing assets:

    Delinquent and Non-performing Assets. The new rules provide that a security may be considered to be an “asset-backed security” even if the underlying asset pool has total delinquencies of up to 50% at the time of the proposed offering as long as the original asset pool does not include any “non-performing” assets. However, consistent with current practice, shelf registration on Form S-3 will be available only if delinquent assets constitute 20% or less of the original asset pool. An asset is considered to be non-performing if it satisfies the charge-off policies of the sponsor (or applicable bank regulatory agencies) or if it would be considered a charged-off asset under the terms of the applicable transaction documents.


  3. […] see case decision BANK OF NEW YORK MELLON V PATRICIA DE MEO: CV100177(2) […]

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