ITEM 1.	Business.
	The trust fund relating to Southern Pacific Secured Assets Corp. Mortgage Pass-Through Certificates, Series 1996-2 (the "Certificates"), was established pursuant to a Pooling and Servicing Agreement dated as of May 8, 1996 among Southern Pacific Secured Assets Corp., as company, (the "Company"), Advanta Mortgage Corp. USA, as master servicer, (the "Master Servicer"), and Bankers Trust Company of California, N.A., as trustee (the "Trustee"). (The Pooling and Servicing Agreement is hereby incorporated herein by reference as Exhibit 4 of the Registrant's Current Report on Form 8-K filed with Securities and Exchange Commission on May 31, 1996.)
	The Series 1996-2 will represent in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund"). The Trust Fund will consist primarily of a segregated pool (a "Mortgage Pool") of one- to four-family and/or multifamily residential first and/or junior mortgage loans or manufactured housing conditional sales contracts and installment loan agreements (collectively, the "Mortgage Loans") or interests therein (which may include Mortgage Securities as defined herein), acquired by the Company from one or more affiliated or unaffiliated institutions (the "Sellers"). The Mortgage Loans and other assets in the Trust Fund will be held in trust for the benefit of the holders of the related series of Certificates (the "Certificateholders").
	Information with respect to the business of the Trust would not be meaningful because the only "business" of the Trust is the collection on the Mortgage Loans and distribution of payments on the Certificates to Certificateholders. This information is accurately summarized in the Monthly Reports to Certificateholders, which are filed on Form 8-K. There is no additional relevant information to report in response to Item 101 of Regulation S-K.
ITEM 2.
ITEM 2.	Properties.
	The Sponsor owns no property. The Series 1996-2 Certificates, in the aggregate, represent the beneficial ownership in a Trust consisting primarily of the Mortgage Loans. The Trust will acquire title to real estate only upon default of the mortgagors under the Mortgage Loan. Therefore, this item is inapplicable.
ITEM 3.
ITEM 3.	Legal Proceedings.
	None.
ITEM 4.
ITEM 4.	Submission of Matters to a Vote of 		Security Holders.
	No matters were submitted to a vote of Certificateholders during the fiscal year covered by this report.
PART II
ITEM 5.
ITEM 5.	Market for Registrant's Common Equity 		and Related Stockholder Matters.
	The Series 1996-2 Certificates represent, in the aggregate, the beneficial ownership in a trust fund consisting primarily of the Mortgage Loans. The Certificates are owned by Certificateholders as trust beneficiaries. Strictly speaking, Registrant has no "common equity," but for purposes of this Item only, Registrant's Mortgage Pass-Through Certificates are treated as "common equity."
(a)	Market Information. There is no established public trading market for Registrant's Certificates. Registrant believes the Certificates are traded primarily in intra-dealer markets and non-centralized inter-dealer markets.
(b)	Holders. The number of registered holders of all classes of Certificates on December 31, 1996 was 21.
(c)	Dividends. Not applicable. The information regarding dividends required by sub-paragraph (c) of Item 201 of Regulation S-K is inapplicable because the Trust does not pay dividends. However, information as to distribution to Certificateholders is provided in the Monthly Reports to Certificateholders for each month of the fiscal year in which a distribution to Certificateholders was made.
ITEM 6.
ITEM 6.	Selected Financial Data.
	Not Applicable. Because of the limited activities of the Trust, the Selected Financial Data required by Item 301 of Regulation S-K does not add relevant information to that provided by the Monthly Reports to Certificateholders, which are filed on a monthly basis on Form 8-K.
ITEM 7.
ITEM 7.	Management's Discussion and Analysis of 		Financial Condition and Results of 		Operations.
	Not Applicable. The information required by Item 303 of Regulation S-K is inapplicable because the Trust does not have management per se, but rather the Trust has a Trustee who causes the preparation of the Monthly Reports to Certificateholders. The information provided by the Monthly Reports to Certificateholders, which are filed on a monthly basis on Form 8-K, does provide the relevant financial information regarding the financial status of the Trust.
ITEM 8.
ITEM 8.	Financial Statements and Supplementary 		Data.
Monthly Report to Certificateholders as to distributions made on June 25, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
Monthly Report to Certificateholders as to distributions made on July 25, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
Monthly Report to Certificateholders as to distributions made on August 26, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
Monthly Report to Certificateholders as to distributions made on September 25, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
Monthly Report to Certificateholders as to distributions made on October 25, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
Monthly Report to Certificateholders as to distributions made on November 25, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
Monthly Report to Certificateholders as to distributions made on December 26, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
Monthly Report to Certificateholders as to distributions made on January 27, 1997 (to be filed on Form 8-K with the Securities and Exchange Commission).
Monthly Report to Certificateholders as to distributions made on February 25, 1997 (to be filed on Form 8-K with the Securities and Exchange Commission).
Annual Statement of Compliance by the Master Servicer is not currently available and will be subsequently filed on Form 8.
Independent Accountant's Report on Servicer's servicing activities is not currently available and will be subsequently filed on Form 8.
ITEM 9.
ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
	None.
PART III
ITEM 10.
ITEM 10.	Directors and Executive Officers of 		Registrant.
	Not Applicable. The Trust does not have officers or directors. Therefore, the information required by items 401 and 405 of Regulation S-K are inapplicable.
ITEM 11.
ITEM 11.	Executive Compensation. 	 	Not Applicable. The Trust does not have officers or directors to whom compensation needs to be paid. Therefore, the information required by item 402 of regulation S-K is inapplicable.
ITEM 12.
ITEM 12.	Security Ownership of Certain 		Beneficial Owners and Management.
	(a)	Security ownership of certain beneficial owners. Under the Pooling and Servicing Agreement governing the Trust, the holders of the Certificates generally do not have the right to vote and are prohibited from taking part in management of the Trust. For purposes of this Item and Item 13
ITEM 13.	Certain Relationships and Related 		Transactions.
	(a)	Transactions with management and others. Registrant knows of no transaction or series of transactions during the fiscal year ended December 31, 1996, or any currently proposed transaction or series of transactions, in an amount exceeding $60,000 involving the Registrant in which the Certificateholders identified in Item 12(a) had or will have a direct or indirect material interest. There are no persons of the types described in Item 404(a)(1),(2) and (4) of Regulation S-K, however, the information required by Item 404(a)(3) of Regulation S-K is hereby incorporated by reference in Item 12 herein.
	(b)	Certain business relationships. None.
	(c)	Indebtedness of management. Not Applicable. The Trust does not have management consisting of any officers or directors. Therefore, the information required by item 404 of Regulation S-K is inapplicable.
	(d)	Transactions with promoters. Not Applicable. The Trust does not use promoters. Therefore, the information required by item 404 of Regulation S-K is inapplicable.
PART IV
ITEM 14.
ITEM 14.	Exhibits, Financial Statement Schedules, 		and Reports on Form 8-K.
	(a)	The following is a list of documents filed as part of this report:
	EXHIBITS
	Monthly Report to Certificateholders as to distributions made on June 25, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
	Monthly Report to Certificateholders as to distributions made on July 25, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
	Monthly Report to Certificateholders as to distributions made on August 26, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
	Monthly Report to Certificateholders as to distributions made on September 25, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
	Monthly Report to Certificateholders as to distributions made on October 25, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
	Monthly Report to Certificateholders as to distributions made on November 25, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
	Monthly Report to Certificateholders as to distributions made on December 26, 1996 (to be filed on Form 8-K with the Securities and Exchange Commission).
	Monthly Report to Certificateholders as to distributions made on January 27, 1997 (to be filed on Form 8-K with the Securities and Exchange Commission).
	Monthly Report to Certificateholders as to distributions made on February 25, 1997 (to be filed on Form 8-K with the Securities and Exchange Commission).
	Annual Statement of Compliance by the Master Servicer is not currently available and will be subsequently filed on Form 8.
	Independent Accountant's Report on Servicer's servicing activities is not currently available and will be subsequently filed on Form 8.
	(b)	The following Reports on Form 8-K were filed during the last quarter of the period covered by this Report:
	None
	(c)	The exhibits required to be filed by Registrant pursuant to Item 601 of Regulation S-K are listed above and in the Exhibit Index that immediately follows the signature page hereof.
	(d)	Not Applicable. The Trust does not have any subsidiaries or affiliates. Therefore, no financial statements are filed with respect to subsidiaries or affiliates.
Supplemental information to be furnished with reports filed pursuant to Section 15(d) by registrants which have not registered securities pursuant to Section 12 of the Act.
	No annual report, proxy statement, form of proxy or other soliciting material has been sent to Certificateholders, and the Registrant does not contemplate sending any such materials subsequent to the filing of this report.
	SIGNATURE
	Pursuant to the requirements of Section 13 or 15(d) 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.
			By:	Bankers Trust Company of 				California, N.A. 				not in its individual 				capacity but solely as a 				duly authorized agent of the 				Registrant pursuant to the 				Pooling and Servicing 				Agreement, dated as of 				May 8, 1996.
			By:	/s/Judy L. Gomez 				Judy L. Gomez 				Assistant Vice President
Date: March 26, 1997
EXHIBIT INDEX
Exhibit	Document
1.1		Monthly Report to Certificateholders as 		to distributions made on June 25, 		1996 (to be filed on Form 8-K with the 		Securities and Exchange Commission).
1.2		Monthly Report to Certificateholders as 		to distributions made on July 25, 		1996 (to be filed on Form 8-K with the 		Securities and Exchange Commission).
1.3		Monthly Report to Certificateholders as 		to distributions made on August 26, 		1996 (to be filed on Form 8-K with the 		Securities and Exchange Commission).
1.4		Monthly Report to Certificateholders as 		to distributions made on September 25, 		1996 (to be filed on Form 8-K with the 		Securities and Exchange Commission).
1.5		Monthly Report to Certificateholders as 		to distributions made on October 25, 		1996 (to be filed on Form 8-K with the 		Securities and Exchange Commission).
1.6		Monthly Report to Certificateholders as 		to distributions made on November 25, 		1996 (to be filed on Form 8-K with the 		Securities and Exchange Commission).
1.7		Monthly Report to Certificateholders as 		to distributions made on December 26, 		1996 (to be filed on Form 8-K with the 		Securities and Exchange Commission).
1.8		Monthly Report to Certificateholders as 		to distributions made on January 27, 		1997 (to be filed on Form 8-K with the 		Securities and Exchange Commission).
1.9		Monthly Report to Certificateholders as 		to distributions made on February 25, 		1997 (to be filed on Form 8-K with the 		Securities and Exchange Commission).
2.0		Pooling and Servicing Agreement of 		Registrant dated as of May 8, 1996 		(hereby incorporated herein by reference 		as Exhibit 4 of Registrant's Current 		Report on Form 8-K filed with Securities 		and Exchange Commission on May 31, 		1996).