8-K 1 sasco02_feb.txt 2/25/02 PAYMENT DATE STATEMENT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Sec. 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 25, 2002 STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the Trust Agreement, dated as of January 1, 2002 providing for the issuance of Structured Asset Securities Corporation Mortgage Pass-through Certificates, Series 2002-2) STRUCTURED ASSET SECURITIES CORPORATION (Exact name of registrant as specified in its charter) Delaware 333-63602-1 74-2440858 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation or organization) Identification No.) 200 Vesey Street, 20th floor New York, NY 10285 (Address of principal executive offices) Registrant's telephone number, including area code : (212) 526-7000 N/A (Former name or former address, if changed since last report.) Item 5. Other Events. This report and the attached exhibit is being filed with respect to the Registrant's Structured Asset Securities Corporation Mortgage Pass-through Certificates, Series 2002-2 (the "Certificates") pursuant to "no-action" positions taken by the Securities and Exchange Commission with respect to alternative means of satisfying the Registrant's reporting obligations under the Securities Exchange Act of 1934, as amended. The Certificates were issued, and this report and exhibit is being filed, pursuant to the terms of the Trust Agreement, dated as of January 1, 2002 among Structured Asset Securities Corporation, as depositor, Aurora Loan Services Inc., as master servicer, and JPMorgan Chase Bank, as Trustee. On February 25, 2002 distributions were made to the Certificateholders. Specific information with respect to the distributions is filed as Exhibit 99.1. No other reportable transactions or matters have occurred during the current reporting period. Item 7. Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) The following exhibit is filed as part of this report: Statement to Certificateholders on February 25, 2002 is filed as Exhibit 99.1 hereto. -2- 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. JPMORGAN CHASE BANK, not in its individual capacity but solely as Trustee under the Agreement referred to herein Date: March 4, 2002 By: /s/ Karen Schluter -------------------------------------------- Karen Schluter Assistant Vice President -3- INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Monthly Certificateholder Statement on February 25, 2002 -4- Exhibit 99.1 Monthly Certificateholder Statement on February 25, 2002 -5- STRUCTURED ASSET SECURITIES CORP. MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2002-2 STATEMENT TO CERTIFICATEHOLDERS February 25, 2002 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- Original Beginning Ending Face Principal Realized Deferred Principal Class Value Balance Principal Interest Total Losses Interest Balance ----------------------------------------------------------------------------------------------------------------------------------- IA1 200,000,000.00 200,000,000.00 653,587.84 1,091,666.67 1,745,254.51 0.00 0.00 199,346,412.16 IA2 13,049,000.00 13,049,000.00 67,737.92 71,225.79 138,963.71 0.00 0.00 12,981,262.08 IA3 12,410,000.00 12,410,000.00 0.00 0.00 0.00 0.00 67,737.92 12,477,737.92 IA4 28,500,000.00 28,500,000.00 0.00 155,562.50 155,562.50 0.00 0.00 28,500,000.00 IIA1 38,331,000.00 38,331,000.00 616,000.00 175,683.75 791,683.75 0.00 0.00 37,715,000.00 IIA3 50,000,000.00 50,000,000.00 1,426,538.14 270,833.33 1,697,371.47 0.00 0.00 48,573,461.86 IIA4 100,000,000.00 100,000,000.00 2,230,554.20 541,666.67 2,772,220.87 0.00 0.00 97,769,445.80 IIA5 12,300,000.00 12,300,000.00 0.00 66,625.00 66,625.00 0.00 0.00 12,300,000.00 AP 1,734,900.00 1,734,900.00 1,923.07 0.00 1,923.07 0.00 0.00 1,732,976.93 B1 10,044,000.00 10,044,000.00 7,867.12 54,639.29 62,506.41 0.00 0.00 10,036,132.88 B2 2,390,000.00 2,390,000.00 1,872.00 13,001.58 14,873.58 0.00 0.00 2,388,128.00 B3 3,587,000.00 3,587,000.00 2,809.57 19,513.25 22,322.82 0.00 0.00 3,584,190.43 B4 2,630,000.00 2,630,000.00 2,059.99 14,307.18 16,367.17 0.00 0.00 2,627,940.01 B5 1,673,000.00 1,673,000.00 1,310.40 9,101.11 10,411.51 0.00 0.00 1,671,689.60 B6 1,680,461.00 1,680,461.00 1,316.25 9,141.70 10,457.95 0.00 0.00 1,679,144.75 R 100.00 100.00 100.00 0.55 100.55 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ----------------------------------------------------------------------------------------------------------------------------------- TOTALS 478,329,461.00 478,329,461.00 5,013,676.50 2,492,968.37 7,506,644.87 0.00 67,737.92 473,383,522.42 ----------------------------------------------------------------------------------------------------------------------------------- IIA2 5,897,076.00 5,897,076.00 0.00 31,942.49 31,942.49 0.00 0.00 5,802,306.77 AX 7,277,400.00 7,277,400.47 0.00 39,623.15 39,623.15 0.00 0.00 7,178,316.82 PAX 7,754,619.00 7,754,619.02 0.00 42,080.42 42,080.42 0.00 0.00 7,748,804.67 IAX 70,784,938.00 70,784,938.80 0.00 38,396.71 38,396.71 0.00 0.00 69,387,956.50 AP1 1,499,512.00 1,499,512.00 1,709.45 0.00 1,709.45 0.00 0.00 1,497,802.55 AP2 235,388.00 235,388.00 213.62 0.00 213.62 0.00 0.00 235,174.38 ----------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- --------------------------- Factor Information Per $1,000 of Original Face Pass-through Rates --------------------------------------------------------------------------------------------------- --------------------------- Current Beginning Ending Class Pass-thru Class cusip Principal Principal Interest Total Principal Rate (%) --------------------------------------------------------------------------------------------------- --------------------------- IA1 86358R VC8 1,000.00000000 3.26793920 5.45833335 8.72627255 996.73206080 IA1 6.550000 % IA2 86358R VD6 1,000.00000000 5.19104299 5.45833321 10.64937620 994.80895701 IA2 6.550000 % IA3 86358R VE4 1,000.00000000 0.00000000 0.00000000 0.00000000 1,005.45833360 IA3 6.550000 % IA4 86358R VF1 1,000.00000000 0.00000000 5.45833333 5.45833333 1,000.00000000 IA4 6.550000 % IIA1 86358R VH7 1,000.00000000 16.07054342 4.58333333 20.65387676 983.92945658 IIA1 5.500000 % IIA3 86358R VK0 1,000.00000000 28.53076280 5.41666660 33.94742940 971.46923720 IIA3 6.500000 % IIA4 86358R VL8 1,000.00000000 22.30554200 5.41666670 27.72220870 977.69445800 IIA4 6.500000 % IIA5 86358R VM6 1,000.00000000 0.00000000 5.41666667 5.41666667 1,000.00000000 IIA5 6.500000 % AP 86358R VP9 1,000.00000000 1.10846158 0.00000000 1.10846158 998.89153842 AP 0.000000 % B1 86358R VR5 1,000.00000000 0.78326563 5.43999303 6.22325866 999.21673437 B1 6.527991 % B2 86358R VS3 1,000.00000000 0.78326360 5.43999163 6.22325523 999.21673640 B2 6.527991 % B3 86358R VT1 1,000.00000000 0.78326457 5.43999164 6.22325620 999.21673543 B3 6.527991 % B4 86358R VV6 1,000.00000000 0.78326616 5.43999240 6.22325856 999.21673384 B4 6.527991 % B5 86358R VW4 1,000.00000000 0.78326360 5.43999402 6.22325762 999.21673640 B5 6.527991 % B6 86358R VX2 1,000.00000000 0.78326721 5.43999533 6.22326255 999.21673279 B6 6.527991 % R 86358R VU8 1,000.00000000 1,000.00000000 5.50000000 1,005.50000000 0.00000000 R 6.550000 % TOTALS 1,000.00000000 10.48163851 5.21182276 15.69346127 989.65997501 IIA2 86358R VJ3 1,000.00000000 0.00000000 5.41666582 5.41666582 983.92945419 IIA2 6.500000 % AX 86358R VG9 1,000.00006458 0.00000000 5.44468491 5.44468491 986.38481051 AX 6.533622 % PAX 86358R VN4 1,000.00000258 0.00000000 5.42649742 5.42649742 999.25021075 PAX 6.511798 % IAX 86358R VQ7 1,000.00001130 0.00000000 0.54244181 0.54244181 980.26442433 IAX 0.650930 % ---------------------------------------------------------------------------------------------------- ---------------------------- AP1 1,000.00000000 1.14000421 0.00000000 1.14000421 998.85999579 AP1 0.000000 % AP2 1,000.00000000 0.90752290 0.00000000 0.90752290 999.09247710 AP2 0.000000 % ---------------------------------------------------------------------------------------------------- ---------------------------- If there are any questions or comments, please contact the Relationship Manager listed below. -------------------------------------- Nadezhka Thomas JPMorgan Chase Bank - Structured Finance Services 450 West 33 rd St, 14th Fl, New York, New York 10001 Tel: (212) 946-7959 Fax: (212) 946-8744 Email: Nadezhka.Thomas@chase.com --------------------------------------- -6- STRUCTURED ASSET SECURITIES CORP. MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2002-2 STATEMENT TO CERTIFICATEHOLDERS February 25, 2002 Class AX1 Beginning Balance 4,893,585.71 Class AX1 Interest Amount 26,710.82 Class AX1 Ending Balance 4,798,478.87 Class AX2 Beginning Balance 2,383,814.76 Class AX2 Interest Amount 12,912.33 Class AX2 Ending Balance 2,379,837.94 Class PAX1 Beginning Balance 1,829,732.98 Class PAX1 Interest Amount 9,987,29 Class PAX1 Ending Balance 1,828,235.42 Class PAX2 Beginning Balance 5,924,886.04 Class PAX2 Interest Amount 32,093.13 Class PAX2 Ending Balance 5,920,569.25 Class IAX1 Beginning Balance 26,376,773.49 Class IAX1 Interest Amount 12,477.97 Class IAX1 Ending Balance 26,339,982.19 Class IAX2 Beginning Balance 44,408,165.31 Class IAX2 Interest Amount 25,918.74 Class IAX2 Ending Balance 43,047,974.31 Total Scheduled Principal Amounts 374,865.55 Group 1 Scheduled Principal Amounts 216,744.53 Group 2 Scheduled Principal Amounts 158,121.02 Total Unscheduled Principal Amounts 4,571,073.04 Group 1 Unscheduled Principal Amounts 448,615.23 Group 2 Unscheduled Principal Amounts 4,122,457.81 Total Net Liquidation Proceeds 0.00 Group 1 Net Liquidation Proceeds 0.00 Group 2 Net Liquidation Proceeds 0.00 Total Insurance Proceeds 0.00 Group 1 Insurance Proceeds 0.00 Group 2 Insurance Proceeds 0.00 Aggregate Advances 0.00 Group 1 Aggregate Advances 0.00 Group 2 Aggregate Advances 0.00 Aggregate Ending Principal Balance 473,383,523.83 Group 1 Aggregate Ending Principal Balance 267,111,905.96 Group 2 Aggregate Ending Principal Balance 206,271,617.87 Aggregate Non-Po Ending Principal Balance 471,650,547.62 Group 1 Non-Po Aggregate Ending Principal Balance 265,614,103.90 Group 2 Non-Po Aggregate Ending Principal Balance 206,036,443.62 Current Period Realized Losses 0.00 Group 1 Current Period Realized Losses 0.00 Group 2 Current Period Realized Losses 0.00 Fraud Loss Limit 9,566,589.00 Bankruptcy Loss Loss Limit 120,971.00 Special Hazard Loss Loss Limit 5,986,890.00 Bankruptcy Losses 0.00 Group 1 Bankruptcy Losses 0.00 Group 2 Bankruptcy Losses 0.00 Fraud Losses 0.00 Group 1 Fraud Losses 0.00 Group 2 Fraud Losses 0.00 Special Hazard Losses 0.00 Group 1 Special Hazard Losses 0.00 Group 2 Special Hazard Losses 0.00 Servicing Fees 99,158.50 Master Servicing Fee (including Retained Interest) 8,142.60 Retained Interest Fees 74,813.15 -7- STRUCTURED ASSET SECURITIES CORP. MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2002-2 STATEMENT TO CERTIFICATEHOLDERS February 25, 2002 Sec. 4.03(ix)Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency Group 1 -------------------- Category Number Principal Balance Percentage 1 Month 2 507,322.63 0.19 % 2 Month 2 291,990.94 0.11 % 3 Month 0 0.00 0.00 % Total 4 799,313.57 0.30 % Group 2 -------------------- Category Number Principal Balance Percentage 1 Month 1 323,293.54 0.16 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 1 323,293.54 0.16 % Group Totals -------------------- Category Number Principal Balance Percentage 1 Month 3 830,616.17 0.18 % 2 Month 2 291,990.94 0.06 % 3 Month 0 0.00 0.00 % Total 5 1,122,607.11 0.24 % Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure Group 1 ------------------ Number Principal Balance Percentage 0 0.00 0.00 % Group 2 ------------------ Number Principal Balance Percentage 0 0.00 0.00 % Group Totals ------------------ Number Principal Balance Percentage 0 0.00 0.00 % Sec. 4.03(x)Number and Aggregate Principal Amounts of REO Loans Group 1 ------------------ Number Principal Balance Percentage 0 0.00 0.00 % Group 2 ------------------ Number Principal Balance Percentage 0 0.00 0.00 % Group Totals ------------------ Number Principal Balance Percentage 0 0.00 0.00 % -8- STRUCTURED ASSET SECURITIES CORP. MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2002-2 STATEMENT TO CERTIFICATEHOLDERS February 25, 2002 Aggregate Outstanding Interest Shortfalls Class ia1 shortfall 0.00 Class ia2 shortfall 0.00 Class ia3 shortfall 0.00 Class ia4 shortfall 0.00 Class iia1 shortfall 0.00 Class iia2 shortfall 0.00 Class iia3 shortfall 0.00 Class iia4 shortfall 0.00 Class iia5 shortfall Class b1 shortfall 0.00 Class b2 shortfall 0.00 Class b3 shortfall 0.00 Class b4 shortfall 0.00 Class b5 shortfall 0.00 Class b6 shortfall 0.00 Class r shortfall 0.00 Class ax shortfall 0.00 Class ax1 shortfall 0.00 Class ax2 shortfall 0.00 Class pax shortfall 0.00 Class pax1 shortfall 0.00 Class pax2 shortfall 0.00 Class iax shortfall 0.00 Class iax1 shortfall 0.00 Class iax2 shortfall 0.00

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) January 30, 2002 STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the Trust Agreement, dated as of January 1, 2002, providing for the issuance of Mortgage Pass-Through Certificates, Series 2002-2) Structured Asset Securities Corporation (Exact Name of Registrant as Specified in its Charter)

Delaware (State or Other Jurisdiction Of Incorporation)	333-63602 (Commission File Number)	74-2440850 (I.R.S. Employer Identification No.)
101 Hudson Street Jersey City, New Jersey (Address of Principal Executive Offices)		07302 (Zip Code)
Registrant's telephone number, including area code: (201) 524-2437
No Change (Former Name or Former Address, if Changed Since Last Report)

Item 5. Other Events

The Registrant registered issuances of Mortgage Pass-Through Certificates, 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. 333-63602) (the "Registration Statement"). Pursuant to the Registration Statement, the Registrant issued $472,346,000 in aggregate principal amount of Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class 2-A5, Class AP, Class AX, Class PAX, Class IAX, Class B1, Class B2, Class B3 and Class R, Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2002-2 on January 30, 2002. This Current Report on Form 8-K is being filed to satisfy an undertaking, contained in the definitive Prospectus dated November 26, 2001, as supplemented by the Prospectus Supplement dated January 25, 2002 (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 January 1, 2002, among Structured Asset Securities Corporation, as depositor, JPMorgan Chase Bank, as trustee, and Aurora Loan Services Inc. as master servicer. The "Certificates" consist of the following classes: Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class 2-A5, Class AP, Class AX, Class PAX, Class IAX, Class B1, Class B2, Class B3, Class B4, Class B5, Class B6 and Class R. The Certificates evidence all of the beneficial ownership interest in a trust fund (the "Trust Fund") that consists primarily of two pools of certain fixed rate, conventional, fully amortizing, first lien residential mortgage loans (the "Mortgage Loans") with an aggregate outstanding principal balance of $478,329,462 as of January 1, 2002, 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.

1.1	Terms Agreement, dated January 25, 2002, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as the Underwriter.
4.1	Trust Agreement, dated as of January 1, 2002, among Structured Asset Securities Corporation, as Depositor, JPMorgan Chase Bank, as Trustee and Aurora Loan Services Inc., as Master Servicer.
99.1	Mortgage Loan Sale and Assignment Agreement, dated as of January 1, 2002, between Lehman Capital, A Division of Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.
99.2	Mortgage Loan Sale and Assignment Agreement, dated as of January 1, 2002, between Lehman Brothers Bank, FSB, as Seller, and Structured Asset Securities Corporation, as Purchaser.
99.3	Servicing Agreement, dated as of January 1, 2002, among Aurora Loan Services Inc., as Master Servicer and Servicer, Lehman Capital, A Division of Lehman Brothers Holdings Inc., as a Seller and Lehman Brothers Bank, FSB, as a Seller.
99.4	Reconstituted Servicing Agreement, dated January 1, 2002, between Lehman Brothers Bank, FSB and IndyMac Bank, F.S.B., as Servicer.
99.5	Reconstituted Servicing Agreement, dated January 1, 2002, between Lehman Brothers Bank, FSB and National City Mortgage Co., 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: Vice President

Dated: January 30, 2002

EXHIBIT INDEX

Exhibit No.		Description	Page No.
1.1	Terms Agreement, dated January 25, 2002, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as the Underwriter.
4.1	Trust Agreement, dated as of January 1, 2002, among Structured Asset Securities Corporation, as Depositor, JPMorgan Chase Bank, as Trustee and Aurora Loan Services Inc., as Master Servicer.
99.1	Mortgage Loan Sale and Assignment Agreement, dated as of January 1, 2002, between Lehman Capital, A Division of Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.
99.2	Mortgage Loan Sale and Assignment Agreement, dated as of January 1, 2002, between Lehman Brothers Bank, FSB, as Seller, and Structured Asset Securities Corporation, as Purchaser.
99.3	Servicing Agreement, dated as of January 1, 2002, among Aurora Loan Services Inc., as Master Servicer and Servicer, Lehman Capital, A Division of Lehman Brothers Holdings Inc., as a Seller and Lehman Brothers Bank, FSB, as a Seller.
99.4	Reconstituted Servicing Agreement, dated January 1, 2002, between Lehman Brothers Bank, FSB and IndyMac Bank, F.S.B., as Servicer.
99.5	Reconstituted Servicing Agreement, dated January 1, 2002, between Lehman Brothers Bank, FSB and National City Mortgage Co., as Servicer.

Filing Compare · STRUCTURED ASSET SECURITIES CORP MORT PAS THR CER SE 2002-2