8-K 1 sarm11_august04.txt UNITED STATES 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): August 25, 2004 STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the Trust Agreement, dated as of July 1, 2004 providing for the issuance of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2004-11) STRUCTURED ASSET SECURITIES CORPORATION (Exact name of registrant as specified in its charter) Delaware 333-115858-06 74-2440850 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 745 Seventh Avenue, 7th Floor New York, NY 10019 (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.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events. This current report on Form 8-K relates to the monthly distribution reported to the holders of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2004-11 pursuant to the terms of the Trust Agreement, dated as of July 1, 2004 among Structured Asset Securities Corporation, as depositor, Aurora Loan Services Inc., as master servicer, and JPMorgan Chase Bank, as trustee. On August 25, 2004 distributions were made to the Certificateholders. Specific information with respect to the distributions is filed as Exhibit 99.1. Item 9.01 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 August 25, 2004 is filed as Exhibit 99.1 hereto. Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2004-11 ----------------------------------------------------- SIGNATURE 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: August 30, 2004 By: /s/ Diane E. Wallace -------------------------------------------- Name: Diane E. Wallace Title: Assistant Vice President EXHIBIT INDEX Exhibit Description 99.1 Monthly Certificateholder Statement on August 25, 2004 Exhibit 99.1 Monthly Certificateholder Statement on August 25, 2004 Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2004-11 Statement To Certificateholders August 25, 2004 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- Original Beginning Ending Face Principal Realized Deferred Principal Class Value Balance Principal Interest Total Losses Interest Balance ----------------------------------------------------------------------------------------------------------------------------------- A 230,660,000.00 230,660,000.00 4,771,890.85 735,128.24 5,507,019.09 0.00 0.00 225,888,109.15 B1 4,784,000.00 4,784,000.00 579.18 15,246.92 15,826.10 0.00 0.00 4,783,420.82 B2 3,558,000.00 3,558,000.00 430.75 11,339.57 11,770.32 0.00 0.00 3,557,569.25 B3 2,576,000.00 2,576,000.00 311.86 8,209.88 8,521.74 0.00 0.00 2,575,688.14 B4 1,226,000.00 1,226,000.00 148.43 3,907.34 4,055.77 0.00 0.00 1,225,851.57 B5 1,349,000.00 1,349,000.00 163.32 4,299.35 4,462.67 0.00 0.00 1,348,836.68 B6 1,229,951.00 1,229,951.00 148.90 3,919.93 4,068.83 0.00 0.00 1,229,802.10 R 100.00 100.00 100.00 0.32 100.32 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 245,383,051.00 245,383,051.00 4,773,773.29 782,051.55 5,555,824.84 0.00 0.00 240,609,277.71 ---------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- --------------------------- 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 (%) ----------------------------------------------------------------------------------------------------- ------------------------- A 86359BXR7 1,000.00000000 20.68798600 3.18706425 23.87505025 979.31201400 A 3.824477 % B1 86359BXS5 1,000.00000000 0.12106605 3.18706522 3.30813127 999.87893395 B1 3.824477 % B2 86359BXT3 1,000.00000000 0.12106521 3.18706296 3.30812816 999.87893479 B2 3.824477 % B3 86359BXU0 1,000.00000000 0.12106366 3.18706522 3.30812888 999.87893634 B3 3.824477 % B4 86359BXW6 1,000.00000000 0.12106852 3.18706362 3.30813214 999.87893148 B4 3.824477 % B5 86359BXX4 1,000.00000000 0.12106746 3.18706449 3.30813195 999.87893254 B5 3.824477 % B6 86359BXY2 1,000.00000000 0.12106173 3.18706192 3.30812366 999.87893827 B6 3.824477 % R 86359BXV8 1,000.00000000 1,000.00000000 3.20000000 1,003.20000000 0.00000000 R 3.824477 % TOTALS 1,000.00000000 19.45437254 3.18706425 22.64143680 980.54562746 ---------------------------------------------------------------------------------------------------- -------------------------- If there are any questions or comments, please contact the Relationship Manager listed below. IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: ------------------------------------------------- Ashia Miller JPMorgan Chase Bank - Structured Finance Services NY 4 NY Plaza 6th Fl., New York, New York 10004 Tel: (212) 623-4481 Fax: (212) 623-5858 Email: ashia.n.miller@jpmorgan.com ------------------------------------------------- COLLATERAL GROUP Weighted Average Coupon Rate 4.119529 % Beginning Weighted Average Net Rate (Pass Through Rate) 3.824477 % Ending Weighted Average Net Rate (Pass Through Rate) 3.817829 % Beginning Loan Count 741 Ending Loan Count 727 Beginning Scheduled Balance 245,383,051.39 Ending Scheduled Balance 240,609,278.10 Scheduled Principal 29,707.44 Unscheduled Principal 4,744,065.85 Net Liquidation Proceeds 0.00 Insurance Proceeds 0.00 Advances 0.00 Scheduled Interest 842,385.54 Servicing Fee 58,033.52 Master Servicing Fee 0.00 Trustee Fee 2,300.47 Net Interest 782,051.55 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Cumulative Loss as a Percentage of Original Collateral 0.000000 % Bankruptcy Loss 0.00 Fraud Loss 0.00 Special Hazard Loss 0.00 Prepayment Penalties 0.00 Relief Act Interest Shortfall 0.00 Prepayment Interest Shortfall 0.00 Sec. 4.03(ix) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency Group 1 Principal Category Number Balance Percentage 1 Month 0 0.00 0.00 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 0 0.00 0.00 % Group Totals Principal Category Number Balance Percentage 1 Month 0 0.00 0.00 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 0 0.00 0.00 % Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Sec. 4.03(x) Number and Aggregate Principal Amounts of REO Loans Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Fraud Loss Limit 2,453,831.00 Bankruptcy Loss Limit 150,000.00 Special Hazard Loss Limit 0.00 Sec. 4.03(xii) AGGREGATE OUTSTANDING INTEREST SHORTFALLS Class A Shortfall 0.00 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 Relief Act and Prepayment Interest Shortfalls Class A Relief Act and Prepayment Interest Shortfall 0.00 Class B1 Relief Act and Prepayment Interest Shortfall 0.00 Class B2 Relief Act and Prepayment Interest Shortfall 0.00 Class B3 Relief Act and Prepayment Interest Shortfall 0.00 Class B4 Relief Act and Prepayment Interest Shortfall 0.00 Class B5 Relief Act and Prepayment Interest Shortfall 0.00 Class B6 Relief Act and Prepayment Interest Shortfall 0.00 Class R Relief Act and Prepayment Interest Shortfall 0.00 Total Relief Act and PPIS 0.00 Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

Delaware 333-115858 74-2440850 ----------------- -------------- -------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation)

1.1 Terms Agreement, dated July 27, 2004, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as the Underwriter. 4.1 Trust Agreement, dated as of July 1, 2004, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer and JPMorgan Chase Bank, as Trustee. 99.1 Mortgage Loan Sale and Assignment Agreement, dated as of July 1, 2004, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser. 99.2 Servicing Agreement, dated as of July 1, 2004, between Lehman Brothers Holdings Inc. and Aurora Loan Services Inc. 99.3 Transfer Notice, dated as of July 1, 2004, between Colonial Savings, F.A. and Lehman Brothers Holdings Inc. 99.4 Reconstituted Servicing Agreement, dated as of July 1, 2004, between Countrywide Home Loans, Inc. and Lehman Brothers Holdings, Inc. 99.5 Reconstituted Servicing Agreement, dated as of July 1, 2004 between Greenpoint Mortgage Funding, Inc. and Lehman Brothers Holdings, Inc. 99.6 Correspondent Servicing Agreement, dated as of June 26, 2002, by and among Lehman Brothers Bank, FSB, Aurora Loan Services Inc. and Colonial Savings, F.A. 99.7 Flow Seller's Warranties and Servicing Agreement, dated as of June 1, 2004, by and between Lehman Brothers Bank, FSB and Countrywide Home Loans, Inc. 99.8 Flow Mortgage Loan Purchase Warranties and Servicing Agreement, dated as of August 1, 2003, by and between Lehman Brothers Bank, FSB and Greenpoint Mortgage Funding, Inc.

Exhibit No. Description Page No. ----------- ----------- -------- 1.1 Terms Agreement, dated July 27, 2004, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Holdings Inc., as the Underwriter. 4.1 Trust Agreement, dated as of July 1, 2004, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer and JPMorgan Chase Bank, as Trustee. 99.1 Mortgage Loan Sale and Assignment Agreement, dated as of July 1, 2004, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser. 99.2 Servicing Agreement, dated as of July 1, 2004, between Lehman Brothers Holdings Inc. and Aurora Loan Services Inc. 99.3 Transfer Notice, dated as of July 1, 2004, between Colonial Savings, F.A. and Lehman Brothers Holdings Inc. 99.4 Reconstituted Servicing Agreement, dated as of July 1, 2004, between Countrywide Home Loans, Inc. and Lehman Brothers Holdings, Inc. 99.5 Reconstituted Servicing Agreement, dated as of July 1, 2004 between Greenpoint Mortgage Funding, Inc. and Lehman Brothers Holdings, Inc. 99.6 Correspondent Servicing Agreement, dated as of June 26, 2002, by and among Lehman Brothers Bank, FSB, Aurora Loan Services Inc. and Colonial Savings, F.A. 99.7 Flow Seller's Warranties and Servicing Agreement, dated as of June 1, 2004, by and between Lehman Brothers Bank, FSB and Countrywide Home Loans, Inc. 99.8 Flow Mortgage Loan Purchase Warranties and Servicing Agreement, dated as of August 1, 2003, by and between Lehman Brothers Bank, FSB and Greenpoint Mortgage Funding, Inc.

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