8-K 1 sac02023.txt NOVEMBER 8K 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): November 25, 2002 STRUCTURED ASSET SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2002-23XS Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-92140-08 Pooling and Servicing Agreement) (Commission Pending (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 Former name or former address, if changed since last report) ITEM 5. Other Events On November 25, 2002 a distribution was made to holders of STRUCTURED ASSET SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 2002-23XS Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-23XS Trust, relating to the November 25, 2002 distribution. 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 Mortgage Pass-Through Certificates, Series 2002-23XS Trust By: Wells Fargo Bank Minnesota, N. A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 12/6/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-23XS Trust, relating to the November 25, 2002 distribution. EX-99.1

~~SECURITIES~~Structured ~~AND~~Asset ~~EXCHANGE~~Securities ~~COMMISSION~~Corporation Mortgage Pass-Through Certificates Record Date: 10/31/02 Distribution Date: 11/25/02 SASC Series: 2002-23 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 86359ADE0 SEN 2.75000% 156,387,000.00 358,386.88 16,162,443.11 A-2 86359ADF7 SEN 4.04000% 130,615,000.00 439,737.17 0.00 A-3 86359ADG5 SEN 4.58000% 25,698,000.00 98,080.70 0.00 A-4 86359ADH3 SEN 5.08000% 63,831,000.00 270,217.90 0.00 A-5 86359ADJ9 SEN 5.28000% 50,000,000.00 220,000.00 0.00 A-6 86359ADK6 SEN 5.69000% 25,000,000.00 118,541.67 0.00 A-7 86359ADL4 SEN 6.08000% 55,176,000.00 279,558.40 0.00 A-IO 86359ADM2 STP 5.00000% 0.00 785,280.60 0.00 M-1 86359ADN0 MEZ 5.54000% 15,885,000.00 73,335.75 0.00 M-2 86359ADP5 MEZ 5.67000% 14,539,000.00 68,696.78 0.00 X SAC02023X SEN 0.00000% 1,347,125.00 755,285.81 0.00 P SAC02023P SEN 0.00000% 0.00 29,676.43 0.00 E SAC02023E STP 0.00000% 0.00 0.00 0.00 R-1 SAC2023R1 SEN 0.00000% 0.00 0.00 0.00 R-2 SAC2023R2 SEN 0.00000% 0.00 0.00 0.00 R-3 SAC2023R3 SEN 0.00000% 0.00 0.00 0.00 Totals 538,478,125.00 3,496,798.09 16,162,443.11

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 140,224,556.89 D16,520,829.C99 0. ~~20549~~00 A-2 0.00 130,615,000.00 439,737.17 0.00 A-3 0.00 25,698,000.00 98,080.70 0.00 A-4 0.00 63,831,000.00 270,217.90 0.00 A-5 0.00 50,000,000.00 220,000.00 0.00 A-6 0.00 25,000,000.00 118,541.67 0.00 A-7 0.00 55,176,000.00 279,558.40 0.00 A-IO 0.00 0.00 785,280.60 0.00 M-1 0.00 15,885,000.00 73,335.75 0.00 M-2 0.00 14,539,000.00 68,696.78 0.00 X 0.00 1,347,125.00 755,285.81 0.00 P 0.00 0.00 29,676.43 0.00 E 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 Totals 0.00 522,315,681.89 19,659,241.20 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~FORM~~Principal 8Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-K1 156,387,000.00 156,387,000.00 0.00 16,162,443.11 0.00 0.00 A-2 130,615,000.00 130,615,000.00 0.00 0.00 0.00 0.00 A-3 25,698,000.00 25,698,000.00 0.00 0.00 0.00 0.00 A-4 63,831,000.00 63,831,000.00 0.00 0.00 0.00 0.00 A-5 50,000,000.00 50,000,000.00 0.00 0.00 0.00 0.00 A-6 25,000,000.00 25,000,000.00 0.00 0.00 0.00 0.00 A-7 55,176,000.00 55,176,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 15,885,000.00 15,885,000.00 0.00 0.00 0.00 0.00 M-2 14,539,000.00 14,539,000.00 0.00 0.00 0.00 0.00 X 1,347,125.00 1,347,125.00 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 E 0.00 0.00 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 0.00 Totals 538,478,125.00 538,478,125.00 0.00 16,162,443.11 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~CURRENT~~Principal ~~REPORT~~Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 16,162,443.11 140,224,556.89 0.89665098 16,162,443.11 A-2 0.00 130,615,000.00 1.00000000 0.00 A-3 0.00 25,698,000.00 1.00000000 0.00 A-4 0.00 63,831,000.00 1.00000000 0.00 A-5 0.00 50,000,000.00 1.00000000 0.00 A-6 0.00 25,000,000.00 1.00000000 0.00 A-7 0.00 55,176,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 15,885,000.00 1.00000000 0.00 M-2 0.00 14,539,000.00 1.00000000 0.00 X 0.00 1,347,125.00 1.00000000 0.00 P 0.00 0.00 0.00000000 0.00 E 0.00 0.00 0.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 R-3 0.00 0.00 0.00000000 0.00 Totals 16,162,443.11 522,315,681.89 0.96998496 16,162,443.11

~~PURSUANT~~Principal TODistribution ~~SECTION~~Factors 13Statement OROriginal 15Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (d2) OFAmount ~~THE~~Balance Distribution Distribution Accretion A-1 156,387,000.00 1000.00000000 0.00000000 103.34901948 0.00000000 A-2 130,615,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 25,698,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 63,831,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-5 50,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-6 25,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-7 55,176,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 15,885,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 14,539,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 1,347,125.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 E 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000

~~SECURITIES~~Principal ~~AND~~Distribution ~~EXCHANGE~~Factors ~~ACT~~Statement OF(continued) ~~1934~~Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 103.34901948 896.65098052 0.89665098 103.34901948 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 E 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~Date~~Interest ofDistribution ~~Report~~Statement ~~(Date~~Beginning Payment of ~~earliest~~Original ~~event~~Current ~~reported)~~Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 156,387,000.00 2.75000% 156,387,000.00 358,386.88 0.00 0.00 A-2 130,615,000.00 4.04000% 130,615,000.00 439,737.17 0.00 0.00 A-3 25,698,000.00 4.58000% 25,698,000.00 98,080.70 0.00 0.00 A-4 63,831,000.00 5.08000% 63,831,000.00 270,217.90 0.00 0.00 A-5 50,000,000.00 5.28000% 50,000,000.00 220,000.00 0.00 0.00 A-6 25,000,000.00 5.69000% 25,000,000.00 118,541.67 0.00 0.00 A-7 55,176,000.00 6.08000% 55,176,000.00 279,558.40 0.00 0.00 A-IO 0.00 5.00000% 188,467,343.00 785,280.60 0.00 0.00 M-1 15,885,000.00 5.54000% 15,885,000.00 73,335.75 0.00 0.00 M-2 14,539,000.00 5.67000% 14,539,000.00 68,696.78 0.00 0.00 X 1,347,125.00 0.00000% 1,347,125.00 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 E 0.00 0.00000% 0.00 0.00 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 R-3 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 538,478,125.00 2,711,835.85 0.00 0.00

~~October~~Interest 30Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 358,386.88 ~~2002~~0.00 140,224,556.89 A-2 0.00 0.00 439,737.17 0.00 130,615,000.00 A-3 0.00 0.00 98,080.70 0.00 25,698,000.00 A-4 0.00 0.00 270,217.90 0.00 63,831,000.00 A-5 0.00 0.00 220,000.00 0.00 50,000,000.00 A-6 0.00 0.00 118,541.67 0.00 25,000,000.00 A-7 0.00 0.00 279,558.40 0.00 55,176,000.00 A-IO 0.00 0.00 785,280.60 0.00 188,467,343.00 M-1 0.00 0.00 73,335.75 0.00 15,885,000.00 M-2 0.00 0.00 68,696.78 0.00 14,539,000.00 X 0.00 0.00 755,285.81 0.00 1,347,125.00 P 0.00 0.00 29,676.43 0.00 0.00 E 0.00 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 3,496,798.09 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~STRUCTURED~~Interest ~~ASSET~~Distribution ~~SECURITIES~~Factors ~~CORPORATION~~Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (as5) ~~Depositor~~Amount ~~under~~Rate ~~the~~Balance ~~Trust~~Interest ~~Agreement~~Shortfall Shortfall A-1 156,387,000.00 ~~dated~~2.75000% as1000.00000000 of2.29166670 ~~October~~0.00000000 10.00000000 A-2 130,615,000.00 ~~2002~~4.04000% 1000.00000000 3.36666669 0.00000000 0.00000000 A-3 25,698,000.00 ~~providing~~4.58000% ~~for~~1000.00000000 ~~the~~3.81666667 ~~issuance~~0.00000000 of0.00000000 ~~Structured~~A-4 ~~Asset~~63,831,000.00 ~~Securities~~5.08000% ~~Corporation~~1000.00000000 ~~Mortgage~~4.23333333 ~~Pass~~0.00000000 0.00000000 A-~~Through~~5 ~~Certificates~~50,000,000.00 ~~Series~~5.28000% ~~2002~~1000.00000000 4.40000000 0.00000000 0.00000000 A-~~23XS~~6 25,000,000.00 5.69000% 1000.00000000 4.74166680 0.00000000 0.00000000 A-7 55,176,000.00 6.08000% 1000.00000000 5.06666667 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666669 0.00000000 0.00000000 M-1 15,885,000.00 5.54000% 1000.00000000 4.61666667 0.00000000 0.00000000 M-2 14,539,000.00 5.67000% 1000.00000000 4.72500034 0.00000000 0.00000000 X 1,347,125.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 E 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

~~Structured~~Interest ~~Asset~~Distribution ~~Securities~~Factors ~~Corporation~~ Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 2.29166670 0.00000000 896.65098052 A-2 0.00000000 0.00000000 3.36666669 0.00000000 1000.00000000 A-3 0.00000000 0.00000000 3.81666667 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 4.23333333 0.00000000 1000.00000000 A-5 0.00000000 0.00000000 4.40000000 0.00000000 1000.00000000 A-6 0.00000000 0.00000000 4.74166680 0.00000000 1000.00000000 A-7 0.00000000 0.00000000 5.06666667 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 4.16666669 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 4.61666667 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 4.72500034 0.00000000 1000.00000000 X 0.00000000 0.00000000 560.66497912 0.00000000 1000.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 E 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 19,776,421.97 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (~~Exact~~Servicer ~~Name~~Advances) 16,005.99 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 19,792,427.96 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of ~~Registrant~~Service asFee ~~Specified~~133,186.76 inPayment ~~its~~of ~~Charter~~Interest and Principal 19,659,241.20 Total Withdrawals (Pool Distribution Amount) 19,792,427.96 Ending Balance 0.00

~~Delaware~~PREPAYMENT/CURTAILMENT ~~(State~~INTEREST orSHORTFALL ~~Other~~Total ~~Jurisdiction~~Prepayment/Curtailment OfInterest ~~Incorporation)~~Shortfall ~~333-92140~~0.00 ~~(Commission~~Servicing ~~File~~Fee ~~Number)~~Support 740.00 Non-~~2440850~~Supported ~~(I.R.S.~~Prepayment/Curtailment ~~Employer~~Interest ~~Identification~~Shortfall No0.)00

~~745~~SERVICING ~~7th~~FEES ~~Avenue~~Gross Servicing Fee 112,182.95 ~~7th~~PMI ~~Floor~~Insurance ~~New~~Premium ~~York~~Paid by Servicer 18,423.84 ~~New~~Securities ~~York~~Administrator ~~(Address~~Fee-Wells ofFargo ~~Principal~~Bank, ~~Executive~~N.A. ~~Offices)~~2,579.97 ~~10019~~Supported ~~(Zip~~Prepayment/Curtailment ~~Code)~~Interest Shortfall 0.00 Net Servicing Fee 133,186.76

~~Registrant’s~~LOAN ~~telephone~~STATUS ~~number~~STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 1 0 1 0.00 262,099.20 ~~including~~0.00 ~~area~~262,099.20 ~~code: (212)~~30 ~~526~~Days 7 0 0 0 7 1,274,715.16 0.00 0.00 0.00 1,274,715.16 60 Days 2 0 0 0 2 452,833.66 0.00 0.00 0.00 452,833.66 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 9 0 1 0 10 1,727,548.82 0.00 262,099.20 0.00 1,989,648.02 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-~~7000~~29 Days 0.000000% 0.045188% 0.000000% 0.045188% 0.000000% 0.050151% 0.000000% 0.050151% 30 Days 0.316313% 0.000000% 0.000000% 0.000000% 0.316313% 0.243908% 0.000000% 0.000000% 0.000000% 0.243908% 60 Days 0.090375% 0.000000% 0.000000% 0.000000% 0.090375% 0.086647% 0.000000% 0.000000% 0.000000% 0.086647% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.406688% 0.000000% 0.045188% 0.000000% 0.451875% 0.330554% 0.000000% 0.050151% 0.000000% 0.380705%

~~None~~ OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 16,005.99

COLLATERAL STATEMENT Collateral Description Fixed & Balloon Weighted Average Gross Coupon 8.023297% Weighted Average Net Coupon 7.732240% Weighted Average Pass-Through Rate 7.726490% Weighted Average Maturity(~~Former~~Stepdown ~~Name~~Calculation or) ~~Former~~1 ~~Address~~Beginning Scheduled Collateral Loan Count 2,266 ifNumber ~~Changed~~Of ~~Since~~Loans ~~Last~~Paid ~~Report)~~In Full 53 Ending Scheduled Collateral Loan Count 2,213 Beginning Scheduled Collateral Balance 538,478,125.00 Ending Scheduled Collateral Balance 522,315,682.30 Ending Actual Collateral Balance at 31-Oct-2002 522,621,891.49 Monthly P &I Constant 3,983,896.40 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 383,587.91 Unscheduled Principal 15,778,855.20 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,347,125.41 Overcollateralized Amount 1,347,125.41 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 755,285.81

Item 5. Other Events

The Registrant registered issuances of Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2002-23XS 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. 333-92140) (the “Registration Statement”). Pursuant to the Registration Statement, the Registrant issued $537,131,000 aggregate principal amount of Class A1, Class A2, Class A3, Class A4, Class A5, Class A6, Class A7, Class A-IO, Class M1 and Class M2 Certificates of its Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2002-23XS on October 30, 2002. This Current Report on Form 8-K is being filed to satisfy an undertaking, contained in the definitive Prospectus dated October 28, 2002, as supplemented by the Prospectus Supplement dated O ctober 28, 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 October 1, 2002, among Structured Asset Securities Corporation, as depositor, Aurora Loan Services Inc., as Master Servicer, Wells Fargo Bank Minnesota, National Association, as Securities Administrator and Bank One, National Association, as Trustee. The “Certificates” consist of the following classes: Class A1, Class A2, Class A3, Class A4, Class A5, Class A6, Class A7, Class A-IO, Class M1, Class M2, Class E, Class P, Class X and Class R. The Certificates evidence all of the beneficial ownership interest in a trust fund (the “Trust Fund”) that consists primarily of a pool of certain conventional, first lien, fixed rate, fully amortizing and balloon, residential mortgage loans (the “Mortgage Loans”) with an aggregat e outstanding principal balance of $538,478,125 as of October 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.

(c)

Exhibits:

1.1

Terms Agreement, dated October 28, 2002, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as Representative of the Underwriters.

4.1

Trust Agreement, dated as of October 1, 2002, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer, Wells Fargo Bank Minnesota, National Association, as Securities Administrator and Bank One, National Association, as Trustee.

99.1

Mortgage Loan Sale and Assignment Agreement, dated as of October 1, 2002, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Mortgage Loan Sale and Assignment Agreement, dated as of October 1, 2002, between Lehman Brothers Bank, FSB, as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.3

Servicing Agreement dated as of October 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 as of October 1, 2002, between Lehman Brothers Bank, FSB and Bank of America, N.A., as Servicer.

99.5

Mortgage Guaranty Master Policy Number 12-670-4-2787 and Endorsements (the “Master Policy”) related thereto to the Trustee in its capacity as Trustee of the Structured Asset Securities Corporation Series 2002-23XS issued by Mortgage Guaranty Insurance Corporation.

99.6

Mortgage Guaranty Commitment/Certificate supplementing the Master Policy listing each Mortgage Loan (by Loan Number, Current Balance, LTV and Coverage) covered by the Master Policy.

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: October 30, 2002

EXHIBIT INDEX

Exhibit No.

Description

Page No.

1.1

Filing Compare · STRUCTURED ASSET SECURITIES CORP MOR PA TH CE SE 2002 23XS