STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2004-GEL1

REPORTS TO NOTEHOLDERS
Section 4.03 of the Trust Agreement, dated February 1, 2004

Distribution Date:

25-Aug-04

Please contact the Bondholder Relations Department of U.S. Bank National Association at
(800) 934-6802 with any questions regarding this statement or your distribution.
U.S. BANK NATIONAL ASSOCIATION

Page 1

STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2004-GEL1

REPORTS TO NOTEHOLDERS
Section 4.03 of the Trust Agreement, dated February 1, 2004

Distribution Date:

25-Aug-04

(i),(xv),(xviii)	Principal Distributions & Pool Balance:
	Beginning Balance	101,742,929.91
	Scheduled Principal	124,674.74
	Prepayments (Includes Curtailments)	2,651,589.38
	Net Liquidation Proceeds	0.00
	Repurchases	0.00
	LPMI Insurance Proceeds	0.00
	Total Principal Remittance	2,776,264.12
	Net Realized Losses	0.00
	Ending Balance	98,966,665.79
	Count	677

(ii)

Aggregate Pool Balance (includes Prefund Amount)

98,966,665.79

(xii)	Balance of Deleted Mortgage Loans					0.00
	Balance of Substituted Mortgage Loans					0.00

(xvii)	Ending Overcollateralization Amount	2,478,795.22
	Target Overcollateralization Amount	2,983,441.16
	Overcollateralization Deficiency Amount	504,645.94

(xv),(ix)	Interest Distributions & Fees:
	Scheduled Interest	603,906.17
	Less: Servicing Fee	34,070.22
	Less: LPMI Fee	5,450.35
	Less: Trustee Fee	2,119.64
	Less: Credit Risk Manager Fee	1,271.79
	Net Interest Available	560,994.17

(iv)	Amount of Advances required to be made by servicer	155,763.98
	Amount of Advances actually made by servicer	155,763.98
	Amount of Advance shortfall	0.00

(v),(x)

Delinquency Information & Mortgage Pool characteristics

*Note: The above statistics do not include loans in foreclosure or bankruptcy proceedings or REO properties.

	Current Delinquency Rate (60+days)					5.46009%
	Rolling Three Month Delinquency Rate (60+days)					5.41891%

	Weighted Average Term to Maturity of Mortgage Loans					323
	Weighted Average Gross Coupon of Mortgage Loans					7.12273%
	Weighted Average Net Coupon of Mortgage Loans					6.63161%

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STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2004-GEL1

REPORTS TO NOTEHOLDERS
Section 4.03 of the Trust Agreement, dated February 1, 2004

Distribution Date:

25-Aug-04

(xi)

Balance of Loans which became REO in the prior calendar month

147,745.71

(viii)	Realized Losses incurred during the related Prepayment Period					0.00
	Cumulative Realized Losses since Cut-Off Date					22,116.83

(vii)

Prepayment Premiums paid to Class P Certificate

58,736.54

(xi)

Interest Shortfall

(xii)

Payments made under Cap Agreement

0.00

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STRUCTURED ASSET SEC CORP MORT PASS-THR CERTS SER 2004-GEL1 8-K