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:

27-Dec-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:

27-Dec-04

(i),(xv),(xviii)	Principal Distributions & Pool Balance:
	Beginning Balance	87,728,844.36
	Scheduled Principal	115,702.45
	Prepayments (Includes Curtailments)	1,920,645.35
	Net Liquidation Proceeds	0.00
	Repurchases	0.00
	LPMI Insurance Proceeds	0.00
	Total Principal Remittance	2,036,347.80
	Net Realized Losses	0.00
	Ending Balance	85,692,496.56
	Count	607

(ii)

Aggregate Pool Balance (includes Prefund Amount)

85,692,496.56

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

(xvii)	Ending Overcollateralization Amount	3,659,908.50
	Target Overcollateralization Amount	3,401,579.06
	Overcollateralization Deficiency Amount	0.00

(xv),(ix)	Interest Distributions & Fees:
	Scheduled Interest	513,644.62
	Less: Servicing Fee	28,657.10
	Less: LPMI Fee	4,864.59
	Less: Trustee Fee	1,827.68
	Less: Credit Risk Manager Fee	1,096.61
	Net Interest Available	477,198.64

(iv)	Amount of Advances required to be made by servicer	139,546.94
	Amount of Advances actually made by servicer	139,546.94
	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)					10.96179%
	Rolling Three Month Delinquency Rate (60+days)					9.40014%

	Weighted Average Term to Maturity of Mortgage Loans					317
	Weighted Average Gross Coupon of Mortgage Loans					7.02552%
	Weighted Average Net Coupon of Mortgage Loans					6.54169%

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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:

27-Dec-04

(xi)

Balance of Loans which became REO in the prior calendar month

73,567.12

(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

19,571.29

(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