8-K 1 sarm10_june05.txt 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 (Date of earliest event reported): June 27, 2005 STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the Trust Agreement, dated as of April 1, 2005 providing for the issuance of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2005-10) STRUCTURED ASSET SECURITIES CORPORATION (Exact name of registrant as specified in its charter) Delaware 333-115858-36 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 2005-10 pursuant to the terms of the Trust Agreement, dated as of May 1, 2005 among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services LLC., as Master Servicer, and JPMorgan Chase Bank, N.A., as Trustee. On June 27, 2005 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 June 27, 2005 is filed as Exhibit 99.1 hereto. 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. Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2005-10 JPMORGAN CHASE BANK, N.A., not in its individual capacity but solely as Trustee under the Agreement referred to herein By: /s/ Diane E. Wallace -------------------------------------------- Name: Diane E. Wallace Title: Vice President Date: June 29, 2005 EXHIBIT INDEX Exhibit Description 99.1 Monthly Certificateholder Statement on June 27, 2005 Exhibit 99.1 Monthly Certificateholder Statement on June 27, 2005 Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2005-10 Statement To Certificateholders June 27, 2005 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- Original Beginning Ending Face Principal Realized Deferred Principal Class Value Balance Principal Interest Total Losses Interest Balance ----------------------------------------------------------------------------------------------------------------------------------- A1 816,894,000.00 816,894,000.00 37,908,232.68 2,015,685.95 39,923,918.63 0.00 0.00 778,985,767.32 A2 90,766,000.00 90,766,000.00 4,212,025.85 226,688.09 4,438,713.94 0.00 0.00 86,553,974.15 M1 40,450,000.00 40,450,000.00 0.00 107,394.75 107,394.75 0.00 0.00 40,450,000.00 M2 6,150,000.00 6,150,000.00 0.00 16,328.25 16,328.25 0.00 0.00 6,150,000.00 M3 13,139,000.00 13,139,000.00 0.00 36,854.90 36,854.90 0.00 0.00 13,139,000.00 M4 6,161,000.00 6,161,000.00 0.00 17,281.61 17,281.61 0.00 0.00 6,161,000.00 M5 8,181,000.00 8,181,000.00 0.00 26,629.16 26,629.16 0.00 0.00 8,181,000.00 M6 2,619,000.00 2,619,000.00 0.00 8,524.85 8,524.85 0.00 0.00 2,619,000.00 M7 4,800,000.00 4,800,000.00 0.00 15,624.00 15,624.00 0.00 0.00 4,800,000.00 CX 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 89,289.36 89,289.36 0.00 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 989,160,100.00 989,160,100.00 42,120,258.53 2,560,300.92 44,680,559.45 0.00 0.00 947,039,841.47 ---------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Original Beginning Ending Face Notional Realized Deferred Notional Class Value Balance Principal Interest Total Losses Interest Balance ----------------------------------------------------------------------------------------------------------------------------------- AIO 989,160,279.00 989,160,279.00 0.00 1,335,366.38 1,335,366.38 0.00 0.00 947,976,525.44 X 989,160,279.00 989,160,279.00 0.00 0.00 0.00 0.00 0.00 947,976,525.44 --------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- --------------------------- 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 (%) ----------------------------------------------------------------------------------------------------- ------------------------- A1 863579SJ8 1,000.00000000 46.40532637 2.46750001 48.87282638 953.59467363 A1 3.290000 % A2 863579SK5 1,000.00000000 46.40532633 2.49750006 48.90282639 953.59467367 A2 3.330000 % M1 863579SM1 1,000.00000000 0.00000000 2.65500000 2.65500000 1,000.00000000 M1 3.540000 % M2 863579SN9 1,000.00000000 0.00000000 2.65500000 2.65500000 1,000.00000000 M2 3.540000 % M3 863579SP4 1,000.00000000 0.00000000 2.80500038 2.80500038 1,000.00000000 M3 3.740000 % M4 863579UG1 1,000.00000000 0.00000000 2.80500081 2.80500081 1,000.00000000 M4 3.740000 % M5 863579UH9 1,000.00000000 0.00000000 3.25500061 3.25500061 1,000.00000000 M5 4.340000 % M6 863579UJ5 1,000.00000000 0.00000000 3.25500191 3.25500191 1,000.00000000 M6 4.340000 % M7 863579UK2 1,000.00000000 0.00000000 3.25500000 3.25500000 1,000.00000000 M7 4.340000 % P 1,000.00000000 0.00000000 ##### ######## 1,000.00000000 P 0.000000 % TOTALS 1,000.00000000 42.58184143 2.58835847 45.17019990 957.41815857 ----------------------------------------------------------------------------------------------------- ------------------------- Current Beginning Ending Class Pass-thru Class Cusip Notional Principal Interest Total Notional Rate (%) ----------------------------------------------------------------------------------------------------- ------------------------- AIO 863579SL3 1,000.00000000 0.00000000 1.35000000 1.35000000 958.36493394 AIO 1.620000 % X N/A 1,000.00000000 0.00000000 0.00000000 0.00000000 958.36493394 X 0.000000 % ---------------------------------------------------------------------------------------------------- -------------------------- IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Ashia Miller JPMorgan Chase Bank, N.A. - 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 Principal Funds: Principal Remittance Amount 41,183,753.56 Scheduled Principal Payments 92,495.62 Principal Prepayments 40,461,700.22 Curtailments 629,503.51 Cutailment Interest Adjustments 54.21 Repurchase Principal 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Other Principal Adjustments 0.00 Interest Funds: Gross Interest 4,949,080.92 Servicing Fees 206,198.04 Trustee Fees 0.00 Prepayment Penalties: Number of Loans Prepaid with Respect to which Prepayment Penalties were Collected 23 Balance of Loans Prepaid with Respect to which Prepayment Penalties were Collected 3,532,124.72 Amount of Prepayment Penalties Collected 89,289.36 Pool Detail: Beginning Number of Loans Outstanding 4,034 Ending Number of Loans Outstanding 3,876 Beginning Aggregate Loan Balance 989,160,279.14 Ending Aggregate Loan Balance 947,976,525.58 Current Advances 0.00 Aggregate Advances 0.00 Weighted Average Net Mortgage Rate 5.75383 % Delinquent Mortgage Loans 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 % * Delinquent Bankruptcies and Foreclosures are not included in the table above. Bankruptcies Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Bankruptcy Reporting: Number of Bankruptcy Loans that are Current 0 Principal Balance of Bankruptcy Loans that are Current 0.00 Number of Bankruptcy Loans that are 1 Month Delinquent 0 Principal Balance of Bankruptcy Loans that are 1 Month Delinquent 0.00 Number of Bankruptcy Loans that are 2 Months Delinquent 0 Principal Balance of Bankruptcy Loans that are 2 Months Delinquent 0.00 Number of Bankruptcy Loans that are 3+ Months Delinquent 0 Principal Balance of Bankruptcy Loans that are 3+ Months Delinquent 0.00 Total Number of Bankruptcy Loans 0 Total Principal Balance of Bankruptcy Loans 0.00 Foreclosures Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Foreclosure Reporting: Number of Foreclosure Loans that are Current 0 Principal Balance of Foreclosure Loans that are Current 0.00 Number of Foreclosure Loans that are 1 Month Delinquent 0 Principal Balance of Foreclosure Loans that are 1 Month Delinquent 0.00 Number of Foreclosure Loans that are 2 Months Delinquent 0 Principal Balance of Foreclosure Loans that are 2 Months Delinquent 0.00 Number of Foreclosure Loans that are 3+ Months Delinquent 0 Principal Balance of Foreclosure Loans that are 3+ Months Delinquent 0.00 Total Number of Foreclosure Loans 0 Total Principal Balance of Foreclosure Loans 0.00 REO Properties Group 1 Principal Number Balance Percentage 0 0.00 0.00 % REO Reporting: Number of REO Loans that are Current 0 Principal Balance of REO Loans that are Current 0.00 Number of REO Loans that are 1 Month Delinquent 0 Principal Balance of REO Loans that are 1 Month Delinquent 0.00 Number of REO Loans that are 2 Months Delinquent 0 Principal Balance of REO Loans that are 2 Months Delinquent 0.00 Number of REO Loans that are 3+ Months Delinquent 0 Principal Balance of REO Loans that are 3+ Months Delinquent 0.00 Total Number of REO Loans 0 Total Principal Balance of REO Loans 0.00 Loss Detail: Current Realized Losses 0.00 Cumulative Realized Losses - Reduced by Recoveries 0.00 Current Applied Losses 0.00 Cumulative Applied Losses 0.00 Trigger Event NO TEST I - Trigger Event Occurrence NO (Is Rolling 3 Month Delinquency Rate > 40% of of Senior Enhancement Percetage ?) Rolling 3 Month Delinquency Rate 0.00000 % 40% of of Senior Enhancement Percetage 3.43892 % OR TEST II - Trigger Event Occurrence NO (Are Cumulative Realized Losses as % of Original Loan Bal > Required Cumulative Loss % ?) Cumulative Realized Losses as % of Original Loan Bal 0.00000 % Required Cumulative Loss % 0.00000 % O/C Reporting Targeted Overcollateralization Amount 3,462,060.97 Ending Overcollateralization Amount 936,784.11 Ending Overcollateralization Deficiency 2,525,276.86 Overcollateralization Release Amount 0.00 Monthly Excess Interest 936,504.97 Payment to Class X 0.00 Certificate Interest Shortfall Detail: Interest Carry Forward: Interest Carryforward Balance with respect to such Distribution Date Class A-1 0.00 Class A-2 0.00 Class A-IO 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Interest Carryforward Amount Paid This Period 0.00 Class A-1 0.00 Class A-2 0.00 Class A-IO 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Interest Carryforward Amount Occured This Period 0.00 Class A-1 0.00 Class A-2 0.00 Class A-IO 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Remaining Interest Carryforward Amount Class A-1 0.00 Class A-2 0.00 Class A-IO 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Basis Risk Reserve Fund Account: Beginning Balance 1,000.00 Additions to the Basis Risk Reserve Fund 0.00 Withdrawals from the Basis Risk Reserve Fund 0.00 Ending Balance 1,000.00 Basis Risk Reserve Carryover: Interest Carryover Balance with respect to such Distribution Date Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Interest Carryover Amount Occured This Period Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Interest Carryover Amount Paid This Period Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Remaining Interest Carryover Amount Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Non-Supported Interest Shortfall: Non-Supported Interest Shortfall Allocated to Class A-1 0.00 Non-Supported Interest Shortfall Allocated to Class A-2 0.00 Non-Supported Interest Shortfall Allocated to Class A-IO 0.00 Non-Supported Interest Shortfall Allocated to Class M-1 0.00 Non-Supported Interest Shortfall Allocated to Class M-2 0.00 Non-Supported Interest Shortfall Allocated to Class M-3 0.00 Non-Supported Interest Shortfall Allocated to Class M-4 0.00 Non-Supported Interest Shortfall Allocated to Class M-5 0.00 Non-Supported Interest Shortfall Allocated to Class M-6 0.00 Non-Supported Interest Shortfall Allocated to Class M-7 0.00 Total Non-Supported Interest Shortfall 0.00 One-Month LIBOR 3.090000 LIBOR Certificates, the Uncapped Pass-Through Rate for Such Distribution Date Class A-1 3.290000 Class A-2 3.330000 Class M-1 3.540000 Class M-2 3.540000 Class M-3 3.740000 Class M-4 3.740000 Class M-5 4.340000 Class M-6 4.340000 Class M-7 4.340000 Deferred Amounts Detail: Reduction of Certificate Principal Amounts due to Applied Loss Amounts Deferred Amount with respect to such Distribution Date Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Deferred Amount Paid This Period 0.00 Class M-2 0.00 Class M-3 0.00 Class M-5 0.00 Class M-7 0.00 Class M-6 0.00 Class M-4 0.00 Class M-1 0.00 Deferred Amount Occured This Period 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Remaining Deferred Amount Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

UNITED STATES

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 (Date of earliest event reported)

May 31, 2005

STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the Trust Agreement dated as of May 1, 2005, providing for the issuance of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2005-10)

Structured Asset Securities Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware	333-120575	74-2440850
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

745 7th 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

No Change

(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 under the Exchange Act (17 CFR 240.14a-12)

[ ] 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

The Registrant registered issuances of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2005-10 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. 333-120575) (the “Registration Statement”). Pursuant to the Registration Statement, the Registrant issued approximately $989,160,279.14 aggregate principal amount of Class A1, Class A2, Class A-IO, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2005-10 on May 31, 2005. This Current Report on Form 8-K is being filed to satisfy an undertaking, contained in the definitive Prospectus dated January 25, 2005, as supplemented by the Prospectus Supplement dated March 23, 2005 (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 Offered Certificates (as defined herein) and the Other Certificates (as defined herein) were issued pursuant to a Trust Agreement (the “Trust Agreement”), attached hereto as Exhibit 4.1, dated as of May 1, 2005, among Structured Asset Securities Corporation, as depositor, JPMorgan Chase Bank, National Association, as trustee and Aurora Loan Services LLC, as master servicer. The “Offered Certificates” consist of the following classes: Class A1, Class A2, Class A-IO, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7. The Certificates and the “Other Certificates” (consisting of the Class P, Class X, Class CX and Class R Certificates), evidence all of the beneficial ownership interest in a trust fund (the “Trust Fund”) the assets of which will primarily consist of one pool of conventional, first lien, adjustable rate, fully amortizing residential mortgage loans (the “Mortgage Loans”) with an aggregate outstanding principal balance of approximately $989,160,279.14 as of May 1, 2005, 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 9.01. Financial Statements and Exhibits

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

4.1

Trust Agreement dated as of May 1, 2005, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer, and JPMorgan Chase Bank, National Association, as Trustee.

99.1

Mortgage Loan Sale and Assignment Agreement dated as of May 1, 2005, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Servicing Agreement dated as of May 1, 2005, by and among Lehman Brothers Holdings Inc., as Seller, and Aurora Loan Services LLC, in the dual capacities of Servicer and Master 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/Mary Stone

Name: Mary Stone

Title: Vice President

Dated: May 31, 2005

EXHIBIT INDEX

Exhibit No.

Description

4.1

99.1

Mortgage Loan Sale and Assignment Agreement dated as of May 1, 2005, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Servicing Agreement dated as of May 1, 2005, by and among Lehman Brothers Holdings Inc., as Seller, and Aurora Loan Services LLC, in the dual capacities of Servicer and Master Servicer.

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