8-K 1 ffm04ffa_aug.txt AUGUST 8-K 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): August 25, 2004 FIRST FRANKLIN MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2004-FFA Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-106925-27 Pooling and Servicing Agreement) (Commission 54-2147308 (State or other File Number) 54-2147309 jurisdiction 54-2147310 of Incorporation) IRS EIN c/o Wells Fargo Bank, 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) 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 (see General Instruction A.2. below): [ ] 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 On August 25, 2004 a distribution was made to holders of FIRST FRANKLIN MORTGAGE LOAN TRUST, Mortgage Pass-Through Certificates, Series 2004-FFA Trust . ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-FFA Trust, relating to the August 25, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report 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. FIRST FRANKLIN MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2004-FFA Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 8/30/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-FFA Trust, relating to the August 25, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report EX-99.1

First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 27/2931/~~2004~~04 Distribution Date: 38/25/~~2004~~04 FFM Series: 2004-FFA Contact: Customer Service - CTSLink Wells Fargo Bank, 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-SIO 32027NFP1 SEN 0.~~46000~~10000% 0.00 ~~165~~35,~~267~~236.7875 0.00 A-1 32027NFM8 SEN 1.~~29000~~65000% ~~398~~352,~~929~~762,~~000~~169.0065 ~~414~~485,~~553~~047.7299 221,~~519~~762,~~630~~853.7267 A-2 32027NFN6 SEN 4.60000% 47,032,000.00 180,289.3334 0.00 M1A 32027NFQ9 SEN 1.~~63000~~99000% 17,984,000.00 2329,~~613~~823.9947 0.00 M1-F 32027NFR7 SEN 4.43800% 17,984,000.00 66,510.83 0.00 M2-A 32027NFS5 SEN 2.~~14000~~55000% 16,158,000.00 2734,~~854~~335.6075 0.00 M2-F 32027NFT3 SEN 4.61700% 16,158,000.00 62,167.9091 0.00 M3-A 32027NFU0 SEN 23.~~64000~~00000% 9,835,000.00 2024,~~915~~587.7750 0.00 M3-F 32027NFV8 SEN 4.88800% 9,835,000.00 40,061.23 0.00 M4 32027NFW6 SEN 23.~~79000~~15000% 7,025,000.00 1518,~~788~~440.6963 0.00 M5 32027NFX4 SEN 5.00000% 8,430,000.00 35,125.00 0.00 M6 32027NFY2 SEN 5.00000% 10,397,000.00 43,320.83 0.00 R1 FFM4FFAR1 SEN 0.00000% 0.00 0.00 0.00 R2 FFM4FFAR2 SEN 0.00000% 0.00 0.00 0.00 X FFM04FFAX SEN 0.00000% 2,251,111.09 21,~~116~~845,~~597~~397.2223 0.00 P FFM04FFAP SEN 0.00000% 100.00 50698,~~666~~998.8727 0.00 Totals ~~562~~515,~~018~~851,~~211~~380.0974 3,~~262~~599,~~733~~342.7673 221,~~519~~762,~~630~~853.7267

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-SIO 0.00 0.00 ~~165~~35,~~267~~236.7875 0.00 A-1 0.00 ~~396~~330,~~409~~999,~~369~~315.2898 222,~~934~~247,~~184~~901.4466 0.00 A-2 0.00 47,032,000.00 180,289.3334 0.00 M1A 0.00 17,984,000.00 2329,~~613~~823.9947 0.00 M1-F 0.00 17,984,000.00 66,510.83 0.00 M2-A 0.00 16,158,000.00 2734,~~854~~335.6075 0.00 M2-F 0.00 16,158,000.00 62,167.9091 0.00 M3-A 0.00 9,835,000.00 2024,~~915~~587.7750 0.00 M3-F 0.00 9,835,000.00 40,061.23 0.00 M4 0.00 7,025,000.00 1518,~~788~~440.6963 0.00 M5 0.00 8,430,000.00 35,125.00 0.00 M6 0.00 10,397,000.00 43,320.83 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 X 0.00 2,251,111.09 21,~~116~~845,~~597~~397.2223 0.00 P 0.00 100.00 50698,~~666~~998.8727 0.00 Totals 0.00 ~~559~~494,~~498~~088,~~580~~527.3707 525,~~782~~362,~~364~~196.4840 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-SIO 0.00 0.00 0.00 0.00 0.00 0.00 A-1 398,929,000.00 ~~398~~352,~~929~~762,~~000~~169.0065 0.00 221,~~519~~762,~~630~~853.7267 0.00 0.00 A-2 47,032,000.00 47,032,000.00 0.00 0.00 0.00 0.00 M1A 17,984,000.00 17,984,000.00 0.00 0.00 0.00 0.00 M1-F 17,984,000.00 17,984,000.00 0.00 0.00 0.00 0.00 M2-A 16,158,000.00 16,158,000.00 0.00 0.00 0.00 0.00 M2-F 16,158,000.00 16,158,000.00 0.00 0.00 0.00 0.00 M3-A 9,835,000.00 9,835,000.00 0.00 0.00 0.00 0.00 M3-F 9,835,000.00 9,835,000.00 0.00 0.00 0.00 0.00 M4 7,025,000.00 7,025,000.00 0.00 0.00 0.00 0.00 M5 8,430,000.00 8,430,000.00 0.00 0.00 0.00 0.00 M6 10,397,000.00 10,397,000.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 X 2,251,111.09 2,251,111.09 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 562,018,211.09 ~~562~~515,~~018~~851,~~211~~380.0974 0.00 221,~~519~~762,~~630~~853.7267 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.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-SIO 0.00 0.00 0.00000000 0.00 A-1 221,~~519~~762,~~630~~853.7267 ~~396~~330,~~409~~999,~~369~~315.2898 0.~~99368401~~82971986 221,~~519~~762,~~630~~853.7267 A-2 0.00 47,032,000.00 1.00000000 0.00 M1A 0.00 17,984,000.00 1.00000000 0.00 M1-F 0.00 17,984,000.00 1.00000000 0.00 M2-A 0.00 16,158,000.00 1.00000000 0.00 M2-F 0.00 16,158,000.00 1.00000000 0.00 M3-A 0.00 9,835,000.00 1.00000000 0.00 M3-F 0.00 9,835,000.00 1.00000000 0.00 M4 0.00 7,025,000.00 1.00000000 0.00 M5 0.00 8,430,000.00 1.00000000 0.00 M6 0.00 10,397,000.00 1.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 X 0.00 2,251,111.09 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 221,~~519~~762,~~630~~853.7267 ~~559~~494,~~498~~088,~~580~~527.3707 0.~~99551682~~87913259 221,~~519~~762,~~630~~853.7267

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-SIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-1 398,929,000.00 ~~1000~~884.~~00000000~~27306526 0.00000000 654.~~31598786~~55320037 0.00000000 A-2 47,032,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1A 17,984,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1-F 17,984,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2-A 16,158,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2-F 16,158,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3-A 9,835,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3-F 9,835,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 7,025,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 8,430,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 10,397,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X 2,251,111.09 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 100.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination except Class P which is per $100.00 denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-SIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-1 0.00000000 654.~~31598786~~55320037 ~~993~~829.~~68401214~~71986489 0.~~99368401~~82971986 654.~~31598786~~55320037 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M1A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M1-F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2-A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2-F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3-A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3-F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 100.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-SIO 0.00 0.~~46000~~10000% ~~446~~422,~~000~~841,000.00 ~~165~~35,~~267~~236.7875 0.00 0.00 A-1 398,929,000.00 1.~~29000~~65000% ~~398~~352,~~929~~762,~~000~~169.0065 ~~414~~485,~~553~~047.7298 0.00 0.00 A-2 47,032,000.00 4.60000% 47,032,000.00 180,289.33 0.00 0.00 M1A 17,984,000.00 1.~~63000~~99000% 17,984,000.00 2329,~~613~~823.9947 0.00 0.00 M1-F 17,984,000.00 4.43800% 17,984,000.00 66,510.83 0.00 0.00 M2-A 16,158,000.00 2.~~14000~~55000% 16,158,000.00 2734,~~854~~335.6075 0.00 0.00 M2-F 16,158,000.00 4.61700% 16,158,000.00 62,167.91 0.00 0.00 M3-A 9,835,000.00 23.~~64000~~00000% 9,835,000.00 2024,~~915~~587.7750 0.00 0.00 M3-F 9,835,000.00 4.88800% 9,835,000.00 40,061.23 0.00 0.00 M4 7,025,000.00 23.~~79000~~15000% 7,025,000.00 1518,~~788~~440.6963 0.00 0.00 M5 8,430,000.00 5.00000% 8,430,000.00 35,125.00 0.00 0.00 M6 10,397,000.00 5.00000% 10,397,000.00 43,320.83 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 X 2,251,111.09 0.00000% 2,251,111.09 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 562,018,211.09 1,~~095~~054,~~469~~947.6821 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-SIO 0.00 0.00 ~~165~~35,~~267~~236.7875 0.00 ~~446~~422,~~000~~841,000.00 A-1 (0.0001) 0.00 ~~414~~485,~~553~~047.7299 0.00 ~~396~~330,~~409~~999,~~369~~315.2898 A-2 0.00 0.00 180,289.3334 0.00 47,032,000.00 M1A 0.00 0.00 2329,~~613~~823.9947 0.00 17,984,000.00 M1-F 0.00 0.00 66,510.83 0.00 17,984,000.00 M2-A 0.00 0.00 2734,~~854~~335.6075 0.00 16,158,000.00 M2-F 0.00 0.00 62,167.9091 0.00 16,158,000.00 M3-A 0.00 0.00 2024,~~915~~587.7750 0.00 9,835,000.00 M3-F 0.00 0.00 40,061.23 0.00 9,835,000.00 M4 0.00 0.00 1518,~~788~~440.6963 0.00 7,025,000.00 M5 0.00 0.00 35,125.00 0.00 8,430,000.00 M6 0.00 0.00 43,320.83 0.00 10,397,000.00 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 X 0.00 0.00 21,~~116~~845,~~597~~397.2223 0.00 2,251,111.09 P 0.00 0.00 50698,~~666~~998.8727 0.00 100.00 Totals (0.0001) 0.00 3,~~262~~599,~~733~~342.7673 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-SIO 0.00 0.~~46000~~10000% ~~1000~~948.~~00000000~~07399103 0.~~37055556~~07900617 0.00000000 0.00000000 A-1 398,929,000.00 1.~~29000~~65000% ~~1000~~884.~~00000000~~27306526 1.~~03916667~~21587546 0.00000000 0.00000000 A-2 47,032,000.00 4.60000% 1000.00000000 3.83333326 0.00000000 0.00000000 M1A 17,984,000.00 1.~~63000~~99000% 1000.00000000 1.~~31305549~~65833352 0.00000000 0.00000000 M1-F 17,984,000.00 4.43800% 1000.00000000 3.69833352 0.00000000 0.00000000 M2-A 16,158,000.00 2.~~14000~~55000% 1000.00000000 12.~~72388910~~12500000 0.00000000 0.00000000 M2-F 16,158,000.00 4.61700% 1000.00000000 3.84750031 0.00000000 0.00000000 M3-A 9,835,000.00 23.~~64000~~00000% 1000.00000000 2.~~12666701~~50000000 0.00000000 0.00000000 M3-F 9,835,000.00 4.88800% 1000.00000000 4.07333299 0.00000000 0.00000000 M4 7,025,000.00 23.~~79000~~15000% 1000.00000000 2.~~24750036~~62500071 0.00000000 0.00000000 M5 8,430,000.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 M6 10,397,000.00 5.00000% 1000.00000000 4.16666635 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 X 2,251,111.09 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 100.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination except Class P which is per $100.00 denomination

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-SIO 0.00000000 0.00000000 0.~~37055556~~07900617 0.00000000 ~~1000~~948.~~00000000~~07399103 A-1 (0.~~00000000~~00000003) 0.00000000 1.~~03916667~~21587548 0.00000000 ~~993~~829.~~68401214~~71986489 A-2 0.00000000 0.00000000 3.~~83333326~~83333348 0.00000000 1000.00000000 M1A 0.00000000 0.00000000 1.~~31305549~~65833352 0.00000000 1000.00000000 M1-F 0.00000000 0.00000000 3.69833352 0.00000000 1000.00000000 M2-A 0.00000000 0.00000000 12.~~72388910~~12500000 0.00000000 1000.00000000 M2-F 0.00000000 0.00000000 3.~~84749969~~84750031 0.00000000 1000.00000000 M3-A 0.00000000 0.00000000 2.~~12666701~~50000000 0.00000000 1000.00000000 M3-F 0.00000000 0.00000000 4.07333299 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.~~24750036~~62500071 0.00000000 1000.00000000 M5 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 M6 0.00000000 0.00000000 4.16666635 0.00000000 1000.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00000000 0.00000000 ~~940~~819.~~24556558~~77172881 0.00000000 1000.00000000 P 0.00000000 0.00000000 ~~50666~~698998.~~87000000~~27000000 0.00000000 100.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,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 726,~~070~~591,~~961~~050.5995 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(42,173.0095) Prepayment Penalties 0.00 Total Deposits 726,~~070~~548,~~961~~877.5900 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 1,~~288~~186,~~597~~680.1161 Payment of Interest and Principal 525,~~782~~362,~~364~~196.4840 Total Withdrawals (Pool Distribution Amount) 726,~~070~~548,~~961~~877.5901 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~234~~214,~~174~~938.6307 Credit Risk Manager's Fee 76,~~025~~448.2314 Pool Insurance Fee 1962,~~043,885~~070.31 Securities Administrator Fee 3,~~511~~224.9409 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 1,~~288~~186,~~597~~680.1161

LOAN STATUS 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 14 0 0 614 6523,293.49 0.00 0.00 ~~311~~523,~~331~~293.8649 ~~311,331.86~~ 30 Days 891 01 0 0 892 ~~227~~3,~~514~~619,707.5287 021,944.0084 0.00 0.00 ~~227~~3,~~514~~641,652.5271 60 Days 146 0 0 0 146 401,~~254~~898,081.2698 0.00 0.00 0.00 401,~~254~~898,081.2698 90 Days 24 2 0 0 026 ~~2 22~~1,~~444~~173,132.2058 055,027.0007 0.00 0.00 221,~~444~~228,159.2065 120 Days 045 01 0 0 046 02,681,062.0006 039,945.0020 0.00 0.00 02,721,007.0026 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 06 0 0 0 06 0306,685.0088 0.00 0.00 0.00 0306,685.0088 Totals 11212 18 0 0 6230 179,678,670.37 ~~290~~640,~~212~~210.9860 0.00 0.00 ~~311~~10,~~331.86 601~~318,~~544~~880.8497 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.~~000000~~136359% 0.000000% 0.~~052780~~000000% 0.~~052780~~136359% 0.~~000000~~105864% 0.000000% 0.~~055622~~000000% 0.~~055622~~105864% 30 Days 0.~~070373~~886335% 0.~~000000~~009740% 0.000000% 0.000000% 0.~~070373~~896075% 0.~~040647~~732279% 0.~~000000~~004440% 0.000000% 0.000000% 0.~~040647~~736718% 60 Days 0.~~008797~~448037% 0.000000% 0.000000% 0.000000% 0.~~008797~~448037% 0.~~007192~~383988% 0.000000% 0.000000% 0.000000% 0.~~007192~~383988% 90 Days 0.~~017593~~233759% 0.~~000000~~019480% 0.000000% 0.000000% 0.~~017593~~253239% 0.~~004010~~237329% 0.~~000000~~011132% 0.000000% 0.000000% 0.~~004010~~248461% 120 Days 0.~~000000~~438297% 0.~~000000~~009740% 0.000000% 0.000000% 0.~~000000~~448037% 0.~~000000~~542388% 0.~~000000~~008081% 0.000000% 0.000000% 0.~~000000~~550469% 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~~058440% 0.000000% 0.000000% 0.000000% 0.~~000000~~058440% 0.~~000000~~062044% 0.000000% 0.000000% 0.000000% 0.~~000000~~062044% Totals 02.~~096763~~064868% 0.~~000000~~175319% 0.000000% 0.~~052780~~000000% 02.~~149543~~240187% 01.~~051849~~958027% 0.~~000000~~129517% 0.000000% 0.~~055622~~000000% 02.~~107471~~087544%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00 Class M-1A 98,073,211.09 17.45018385% 98,073,211.09 1719.~~52876853~~84931965% 3.~~214307~~639834% 0.000000% Class M-1F 80,089,211.09 14.25028754% 80,089,211.09 1416.~~31446189~~20948609% 3.~~214307~~639834% 0.000000% Class M-2A 63,931,211.09 11.37529173% 63,931,211.09 1112.~~42651891~~93922194% 23.~~887943~~270264% 0.000000% Class M-2F 47,773,211.09 8.50029592% 47,773,211.09 89.~~53857593~~66895778% 23.~~887943~~270264% 0.000000% Class M-4 21,078,211.09 3.75044984% 21,078,211.09 34.~~76733951~~26607985% 1.~~255589~~421810% 0.000000% Class R-I 2,251,211.09 0.40055839% 2,251,211.09 0.~~40236225~~45562910% 0.000000% 0.000000% Class R-II 2,251,211.09 0.40055839% 2,251,211.09 0.~~40236225~~45562910% 0.000000% 0.000000% Class X 100.00 0.00001779% 100.00 0.~~00001787~~00002024% 0.~~402344~~455609% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.~~000018~~000020% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 9.~~609648~~602455% Weighted Average Net Coupon 9.~~109648~~102455% Weighted Average Pass-Through Rate 6.~~873284~~856938% Weighted Average Maturity(Stepdown Calculation ) ~~226~~221 Beginning Scheduled Collateral Loan Count 1110,~~412~~630 Number Of Loans Paid In Full 44363 Ending Scheduled Collateral Loan Count 1110,~~368~~267 Beginning Scheduled Collateral Balance ~~562~~515,~~018~~851,~~211~~380.0974 Ending Scheduled Collateral Balance ~~559~~494,~~498~~088,~~580~~527.3707 Ending Actual Collateral Balance at 2931-~~Feb~~Jul-2004 ~~559~~494,~~729~~307,~~976~~222.3788 Monthly P &I Constant 4,~~806~~426,~~765~~282.0845 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 042,173.0095 Cumulative Realized Loss 066,003.0029 Ending Scheduled Balance for Premium Loans ~~559~~494,~~498~~088,~~580~~527.3707 Scheduled Principal ~~306~~298,~~100~~415.9892 Unscheduled Principal 221,~~213~~464,~~529~~437.7475

Pool Insurance claim payment received $ 0.00

Miscellaneous Reporting Targeted Overcollateralization Amount 2,251,111.09 Overcollateralization Deficiency Amount 042,173.0095 Overcollateralization Amount 2,251,111.09 Payments made by the Cap Provider 0.00

EX-99.2

Filing Compare · STRUCTURED ASSET SEC CORP MORT PASS THR CERTS SER 2004-FFA