8-K 1 aames031dec03.txt AAMES 031, 8K, 1203 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: 26-Dec-03 STRUCTURED ASSET SECURITIES CORPORATION (AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT, DATED AS OF Oct 1, 2003, PROVIDING FOR THE ISSUANCE OF AAMES MORTGAGE TRUST PASS-THROUGH CERTIFICATES SERIES 2003-1) STRUCTURED ASSET SECURITIES CORPORATION (Exact name of registrant as specified in its charter) Delaware 333-106925-11 (State or Other (Commission Jurisdiction of File Number) Incorporation) 74-2440850 (I.R.S. Employer Identification Number) 745 Seventh Avenue, 7th Floor New York, NY 10019 (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number: (212) 526-7000 Item 5. Other Events On 26-Dec-03 a scheduled distribution was made from the trust to holders of the certificates. The Trustee has caused to be filed with the commission, the Monthly Report dated 26-Dec-03 The Monthly Report is filed pursuant to and in accordance with (1) numerous no-action letters (2) current Commission policy in the area. A. Monthly Report Information: See Exhibit No.1 B. Have any deficiencies occurred? NO. Date: Amount: C. Item 1: Legal Proceedings: NONE D. Item 2: Changes in Securities: NONE E.Item 4: Submission of Matters to a Vote of Certificateholders: NONE F. Item 5: Other Information - Form 10-Q, Part II - Items 1,2,4,5 if applicable: NOT APPLICABLE Item 7. Monthly Statements and Exhibits Exhibit No. 1. Monthly Distrib Rep dated: 26-Dec-03 AAMES MORTGAGE LOAN TRUST MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2003-1 STATEMENT TO CERTIFICATEHOLDERS Distribution Date: 12/26/03 Beginning Certificate Class Cusip Bal(1) Prin 1-A1 86359A6H1 239,771,286 3,826,889 1-A2 86359A6J7 102,230,000 0 2-A 86359A6K4 58,638,615 1,376,164 A-IO* 86359A6L2 122,072,000 0 M-1 86359A6M0 34,333,000 0 M-2 86359A6N8 29,247,000 0 M-3 86359A6P3 8,901,000 0 M-4 86359A6Q1 6,358,000 0 M-5 86359A6R9 4,578,000 0 M-6 86359A6S8 7,630,000 0 B 00253CJB4 6,867,000 0 X* NA 6,356,361 0 P NA 100 0 R NA 0 0 Total 498,553,901 5,203,053 * Notional Balance Total Class Int Distribution Losses 1-A1 270,217 4,097,106 0 1-A2 146,902 146,902 0 2-A 75,173 1,451,337 0 A-IO* 610,360 610,360 0 M-1 53,179 53,179 0 M-2 72,249 72,249 0 M-3 23,521 23,521 0 M-4 22,550 22,550 0 M-5 16,237 16,237 0 M-6 27,061 27,061 0 B 18,442 18,442 0 X* 1,709,321 1,709,321 0 P 59,683 59,683 0 R 0 0 0 Total 3,104,897 8,307,950 0 * Notional Balance Ending Current Next Certificate Pass-Through Pass-Through Class Bal Int Rate Int Rate 1-A1 235,944,397 1.30875% 0.00000% 1-A2 102,230,000 1.66875% 0.00000% 2-A 57,262,451 1.48875% 0.00000% A-IO* 122,072,000 6.00000% 0.00000% M-1 34,333,000 1.79875% 0.00000% M-2 29,247,000 2.86875% 0.00000% M-3 8,901,000 3.06875% 0.00000% M-4 6,358,000 4.11875% 0.00000% M-5 4,578,000 4.11875% 0.00000% M-6 7,630,000 4.11875% 0.00000% B 6,867,000 3.11875% 0.00000% X* 6,356,361 0.00000% P 100 R 0 Total 493,350,848 * Notional Balance AMOUNTS PER $1,000 UNIT Class Prin Int Total 1-A1 15.722634 1.110178 16.83281 1-A2 0.000000 1.436979 1.43698 2-A 23.430048 1.279875 24.70992 A-IO* 0.000000 5.000000 5.00000 M-1 0.000000 1.548923 1.54892 M-2 0.000000 2.470313 2.47031 M-3 0.000000 2.642535 2.64253 M-4 0.000000 3.546702 3.54670 M-5 0.000000 3.546702 3.54670 M-6 0.000000 3.546701 3.54670 B 0.000000 2.685591 2.68559 * Notional Balance Ending Certificate Class Losses Bal 1-A1 0.000000 969.368928 1-A2 0.000000 1000.000000 2-A 0.000000 974.928941 A-IO* 0.000000 1000.000000 M-1 0.000000 1000.000000 M-2 0.000000 1000.000000 M-3 0.000000 1000.000000 M-4 0.000000 1000.000000 M-5 0.000000 1000.000000 M-6 0.000000 1000.000000 B 0.000000 1000.000000 * Notional Balance Section 4.02 (ii),(xv),(xvi),(xvii),(xiii) INTEREST Interest Carryforward Distribution Interest Basis Risk Class Amount Amount Shortfall 1-A1 270,217 0 0 1-A2 146,902 0 0 2-A 75,173 0 0 A-IO 610,360 0 0 M-1 53,179 0 0 M-2 72,249 0 0 M-3 23,521 0 0 M-4 22,550 0 0 M-5 16,237 0 0 M-6 27,061 0 0 B 18,442 0 0 TOTAL 1,335,893 0 0 Net Prepayment Interest Basis Risk Remittance Class Shortfalls Shortfalls Amount 1-A1 0 0 270,217 1-A2 0 0 146,902 2-A 0 0 75,173 A-IO 0 0 610,360 M-1 0 0 53,179 M-2 0 0 72,249 M-3 0 0 23,521 M-4 0 0 22,550 M-5 0 0 16,237 M-6 0 0 27,061 B 0 0 18,442 TOTAL 0 0 1,335,893 Section 4.03 (xvii) Overcollateralization Deficiency 0 Section 4.03 (i),(v),(ix),(xv),(viii) POOL Pool 1 Pool 2 Beg Sched Bal 431,137,245 73,773,017 Sched Prin 393,401 66,622 Prin Prepmnts (incl curtlmnts) 3,433,488 1,309,542 Liq Proceeds 0 0 Insurance Proceeds 0 0 Substitute Loan Balance 0 0 Deleted Loan Balance 0 0 Principal Remittance 3,826,889 1,376,164 Scheduled Prin Bal of Mrtge Loans 427,310,356 72,396,853 Number of Mortgage Loans 3,964 307 Total Beg Sched Bal 504,910,262 Sched Prin 460,023 Prin Prepmnts (incl curtlmnts) 4,743,030 Liq Proceeds 0 Insurance Proceeds 0 Substitute Loan Balance 0 Deleted Loan Balance 0 Principal Remittance 5,203,053 Scheduled Prin Bal of Mrtge Loans 499,707,209 Number of Mortgage Loans 4,271 Pool 1 Pool 2 Total Curr Realized Loss 0 0 0 Agg Realized Losses 0 13,573 13,573 Pool 1 Pool 2 Total Gross Interest 2,803,797 453,442 3,257,239 Servicing Fee 181,323 30,739 212,061 Int Remit Amt 2,622,474 422,704 3,045,178 Trustee Fee 2,156 369 2,525 Credit Risk Manager 5,389 922 6,311 Net Interest Availab 2,614,929 421,413 3,036,342 Section 4.03 (iv) P&I ADVANCES Aggregate Advances required for the Collection Period 393,355 Aggregate Advances made for the Collection Period 393,355 Aggregate Advances not made for the Collection Period 0 Section 4.03 (x) DELINQUENCIES Unpaid Principal Stated Principal Number Balance Balance 30-59 days delq* 131 14,253,112 14,220,483 60-89 days delq* 29 3,631,630 3,621,575 90 or more days delq 13 577,179 574,688 Foreclosures 0 0 0 Bankruptcies 1 29,972 29,840 REO 0 0 0 * Includes all Foreclosure, Bankruptcy, and REO loans Section 4.03 (xix) Payments made by Cap Provider Basis Risk Cap Payment 8,829 Class X Cap Payment 44 Section 4.03 (vii) PREPAYMENT PREMIUM Prepayment Premium 59,683 SIGNATURES 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 thereunto duly authorized. By: /s/ Charles F. Pedersen Name: Charles F. Pedersen Title: Vice President U.S. Bank National Association as Trustee Dated: 12/26/2003

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES AND EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)

October 29, 2003

STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the Trust Agreement dated as of October 1, 2003, providing for the issuance of Aames Mortgage Trust Mortgage Pass-Through Certificates, Series 2003-1)

Structured Asset Securities Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware	333-106925	74-2440850
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

745 Seventh Avenue, 7th Floor New York, New York		10019
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 526-7000

None

(Former Name or Former Address, if Changed Since Last Report)

Item 5. Other Events

The Registrant registered issuances of its Aames Mortgage Trust Mortgage Pass-Through Certificates, Series 2003-1 on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Act”), by a Registration Statement on Form S-3 (Registration File No. 333-106925) (the “Registration Statement”). Pursuant to the Registration Statement, the Registrant issued $495,412,000 aggregate principal amount of Class 1-A1, Class 1-A2, Class 2-A, Class A-IO, Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates of its Aames Mortgage Trust Mortgage Pass-Through Certificates, Series 2003-1 on October 30, 2003. This Current Report on Form 8-K is being filed to satisfy an undertaking, contained in the definitive Prospectus dated August 26, 2003, as supplemented by the Prospectus Supplement dated October 28, 2003 (the “Prospectus Supplement”), to file a copy of the Trust Agreement (as defined below) and other operative agreements executed in connection with the issuance of the Certificates, a form of which was filed as an exhibit to the Registration Statement.

The Certificates were issued pursuant to a Trust Agreement (the “Trust Agreement”), attached hereto as Exhibit 4.1, dated as of October 1, 2003, among Structured Asset Securities Corporation, as depositor, Aurora Loan Services Inc., as Master Servicer, The Murrayhill Company, as Credit Risk Manager, and U.S. Bank National Association, as Trustee. The “Certificates” consist of the following classes: Class 1-A1, Class 1-A2, Class 2-A, Class A-IO, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class B, Class P, Class X and Class R. The Certificates evidence all of the beneficial ownership interest in a trust fund (the “Trust Fund”) that consists primarily of three pools of certain conventional, first and second lien, fixed and adjustable rate, fully amortizing and balloon, residential mortgage loans (the “Mortgage Loans”) with an aggregate outstanding principal balance of approximately $508,635,360.73 as of October 1, 2003, together with certain other assets. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Trust Agreement.

Item 7. Financial Statements; Pro Forma Financial Information and Exhibits

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

4.1

Trust Agreement dated as of October 1, 2003, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer, The Murrayhill Company, as Credit Risk Manager, and U.S. Bank National Association, as Trustee.

99.1

Mortgage Loan Sale and Assignment Agreement dated as of October 1, 2003, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Securitization Servicing Agreement dated as of October 1, 2003, by and between Lehman Brothers Holdings Inc., as Seller, Aurora Loan Services Inc., as Master Servicer, and Wilshire Credit Corporation, as Servicer.

SIGNATURES

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.

STRUCTURED ASSET SECURITIES

CORPORATION

By: /s/ Ellen V. Kiernan

Name: Ellen V. Kiernan

Title: Senior Vice President

Dated: October 30, 2003

EXHIBIT INDEX

Exhibit No.

Description

Page No.

4.1

99.1

Mortgage Loan Sale and Assignment Agreement dated as of October 1, 2003, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Filing Compare · AAMES MORTGAGE TR MORT PAS THRU CERT SERS 2003-1