8-K 1 ffm04ff7_sep.txt SEPTEMBER 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): September 27, 2004 FIRST FRANKLIN MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2004-FF7 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-115858-11 Pooling and Servicing Agreement) (Commission 54-6636533 (State or other File Number) 54-6636534 jurisdiction IRS EIN of Incorporation) 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 September 27, 2004 a distribution was made to holders of FIRST FRANKLIN MORTGAGE LOAN TRUST, Mortgage Pass-Through Certificates, Series 2004-FF7 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-FF7 Trust, relating to the September 27, 2004 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. FIRST FRANKLIN MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2004-FF7 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trust Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 9/29/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-FF7 Trust, relating to the September 27, 2004 distribution. EX-99.1

~~UNITED~~First ~~STATES~~Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 8/31/2004 Distribution Date: 9/27/2004 FFM Series: 2004-FF7 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 A1 32027NKV2 SEN 1.93500% 804,107,000.00 1,426,284.79 3,257,274.87 A2 32027NKW0 SEN 1.84500% 184,625,000.00 312,247.03 1,599,751.98 A3 32027NKX8 SEN 1.76500% 189,661,000.00 306,855.69 2,360,822.33 A4 32027NKY6 SEN 1.91500% 82,798,000.00 145,344.99 0.00 A5 32027NKZ3 SEN 2.11500% 102,642,000.00 198,997.18 0.00 M1 32027NLA7 MEZ 2.19500% 74,249,000.00 149,395.18 0.00 M2 32027NLB5 MEZ 2.40500% 35,170,000.00 77,535.20 0.00 M3 32027NLC3 MEZ 2.66500% 15,631,000.00 38,185.23 0.00 M4 32027NLD1 MEZ 2.81500% 15,631,000.00 40,334.49 0.00 M5 32027NLE9 MEZ 3.06500% 11,723,000.00 32,936.75 0.00 M6 32027NLF6 MEZ 3.21500% 7,816,000.00 23,034.40 0.00 M7 32027NLG4 MEZ 3.61500% 6,253,000.00 20,720.88 0.00 M8 32027NLH2 MEZ 4.11500% 9,379,000.00 35,378.37 0.00 M9 32027NLJ8 MEZ 4.11500% 7,816,000.00 29,482.60 0.00 B 32027NLK5 SUB 5.00000% 11,723,000.00 48,845.83 0.00 X FFM04FF7C SEN 0.00000% 3,908,227.06 4,314,601.36 0.00 P FFM04FF7P SEN 0.00000% 100.00 59,611.48 0.00 R FFM4FF7R2 RES 0.00000% 0.00 0.00 0.00 Totals 1,563,132,327.06 7,259,791.45 7,217,849.18

~~SECURITIES~~Certificateholder ~~AND~~Distribution ~~EXCHANGE~~Summary ~~COMMISSION~~(continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 800,849,725.13 4,683,559.66 0.00 A2 0.00 183,025,248.02 1,911,999.01 0.00 A3 0.00 187,300,177.67 2,667,678.02 0.00 A4 0.00 82,798,000.00 145,344.99 0.00 A5 0.00 102,642,000.00 198,997.18 0.00 M1 0.00 74,249,000.00 149,395.18 0.00 M2 0.00 35,170,000.00 77,535.20 0.00 M3 0.00 15,631,000.00 38,185.23 0.00 M4 0.00 15,631,000.00 40,334.49 0.00 M5 0.00 11,723,000.00 32,936.75 0.00 M6 0.00 7,816,000.00 23,034.40 0.00 M7 0.00 6,253,000.00 20,720.88 0.00 M8 0.00 9,379,000.00 35,378.37 0.00 M9 0.00 7,816,000.00 29,482.60 0.00 B 0.00 11,723,000.00 48,845.83 0.00 X 0.00 3,908,227.06 4,314,601.36 0.00 P 0.00 100.00 59,611.48 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 1,555,914,477.88 14,477,640.63 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~Washington~~Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A1 804,107,000.00 D804,107,000.C00 270,386. ~~20549~~53 2,986,888.34 0.00 0.00 A2 184,625,000.00 184,625,000.00 132,795.48 1,466,956.50 0.00 0.00 A3 189,661,000.00 189,661,000.00 195,971.96 2,164,850.37 0.00 0.00 A4 82,798,000.00 82,798,000.00 0.00 0.00 0.00 0.00 A5 102,642,000.00 102,642,000.00 0.00 0.00 0.00 0.00 M1 74,249,000.00 74,249,000.00 0.00 0.00 0.00 0.00 M2 35,170,000.00 35,170,000.00 0.00 0.00 0.00 0.00 M3 15,631,000.00 15,631,000.00 0.00 0.00 0.00 0.00 M4 15,631,000.00 15,631,000.00 0.00 0.00 0.00 0.00 M5 11,723,000.00 11,723,000.00 0.00 0.00 0.00 0.00 M6 7,816,000.00 7,816,000.00 0.00 0.00 0.00 0.00 M7 6,253,000.00 6,253,000.00 0.00 0.00 0.00 0.00 M8 9,379,000.00 9,379,000.00 0.00 0.00 0.00 0.00 M9 7,816,000.00 7,816,000.00 0.00 0.00 0.00 0.00 B 11,723,000.00 11,723,000.00 0.00 0.00 0.00 0.00 X 3,908,227.06 3,908,227.06 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,563,132,327.06 1,563,132,327.06 599,153.97 6,618,695.21 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.

~~FORM~~Principal ~~8-K~~Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A1 3,257,274.87 800,849,725.13 0.99594920 3,257,274.87 A2 1,599,751.98 183,025,248.02 0.99133513 1,599,751.98 A3 2,360,822.33 187,300,177.67 0.98755241 2,360,822.33 A4 0.00 82,798,000.00 1.00000000 0.00 A5 0.00 102,642,000.00 1.00000000 0.00 M1 0.00 74,249,000.00 1.00000000 0.00 M2 0.00 35,170,000.00 1.00000000 0.00 M3 0.00 15,631,000.00 1.00000000 0.00 M4 0.00 15,631,000.00 1.00000000 0.00 M5 0.00 11,723,000.00 1.00000000 0.00 M6 0.00 7,816,000.00 1.00000000 0.00 M7 0.00 6,253,000.00 1.00000000 0.00 M8 0.00 9,379,000.00 1.00000000 0.00 M9 0.00 7,816,000.00 1.00000000 0.00 B 0.00 11,723,000.00 1.00000000 0.00 X 0.00 3,908,227.06 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 7,217,849.18 1,555,914,477.88 0.99538245 7,217,849.18

~~CURRENT~~Principal ~~REPORT~~Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 804,107,000.00 1000.00000000 0.33625690 3.71454090 0.00000000 A2 184,625,000.00 1000.00000000 0.71927139 7.94560054 0.00000000 A3 189,661,000.00 1000.00000000 1.03327495 11.41431486 0.00000000 A4 82,798,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A5 102,642,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 74,249,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 35,170,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 15,631,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 15,631,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 11,723,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 7,816,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 6,253,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 9,379,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 7,816,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 11,723,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 3,908,227.06 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1,000 denomination.

~~PURSUANT~~Principal TODistribution ~~SECTION~~Factors 13Statement OR(continued) 15Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (d3) OFReduction ~~THE~~Balance Percentage Distribution A1 0.00000000 4.05079780 995.94920220 0.99594920 4.05079780 A2 0.00000000 8.66487193 991.33512807 0.99133513 8.66487193 A3 0.00000000 12.44758980 987.55241020 0.98755241 12.44758980 A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 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 M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 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 1,000.00000000 1.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 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.

~~SECURITIES~~Interest ~~EXCHANGE~~Distribution ~~ACT~~Statement OFBeginning ~~1934~~Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A1 804,107,000.00 1.93500% 804,107,000.00 1,426,284.79 0.00 0.00 A2 184,625,000.00 1.84500% 184,625,000.00 312,247.03 0.00 0.00 A3 189,661,000.00 1.76500% 189,661,000.00 306,855.69 0.00 0.00 A4 82,798,000.00 1.91500% 82,798,000.00 145,344.99 0.00 0.00 A5 102,642,000.00 2.11500% 102,642,000.00 198,997.18 0.00 0.00 M1 74,249,000.00 2.19500% 74,249,000.00 149,395.18 0.00 0.00 M2 35,170,000.00 2.40500% 35,170,000.00 77,535.20 0.00 0.00 M3 15,631,000.00 2.66500% 15,631,000.00 38,185.23 0.00 0.00 M4 15,631,000.00 2.81500% 15,631,000.00 40,334.49 0.00 0.00 M5 11,723,000.00 3.06500% 11,723,000.00 32,936.75 0.00 0.00 M6 7,816,000.00 3.21500% 7,816,000.00 23,034.40 0.00 0.00 M7 6,253,000.00 3.61500% 6,253,000.00 20,720.88 0.00 0.00 M8 9,379,000.00 4.11500% 9,379,000.00 35,378.37 0.00 0.00 M9 7,816,000.00 4.11500% 7,816,000.00 29,482.60 0.00 0.00 B 11,723,000.00 5.00000% 11,723,000.00 48,845.83 0.00 0.00 X 3,908,227.06 0.00000% 3,908,227.06 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,563,132,327.06 2,885,578.61 0.00 0.00

~~Date~~Interest ofDistribution ~~Report~~Statement (~~Date~~continued) ofRemaining ~~earliest~~Ending ~~event~~Non-Supported ~~reported~~Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A1 0.00 0.00 1,426,284.79 0.00 800,849,725.13 A2 0.00 0.00 312,247.03 0.00 183,025,248.02 A3 0.00 0.00 306,855.69 0.00 187,300,177.67 A4 0.00 0.00 145,344.99 0.00 82,798,000.00 A5 0.00 0.00 198,997.18 0.00 102,642,000.00 M1 0.00 0.00 149,395.18 0.00 74,249,000.00 M2 0.00 0.00 77,535.20 0.00 35,170,000.00 M3 0.00 0.00 38,185.23 0.00 15,631,000.00 M4 0.00 0.00 40,334.49 0.00 15,631,000.00 M5 0.00 0.00 32,936.75 0.00 11,723,000.00 M6 0.00 0.00 23,034.40 0.00 7,816,000.00 M7 0.00 0.00 20,720.88 0.00 6,253,000.00 M8 0.00 0.00 35,378.37 0.00 9,379,000.00 M9 0.00 0.00 29,482.60 0.00 7,816,000.00 B 0.00 0.00 48,845.83 0.00 11,723,000.00 X 0.00 0.00 4,314,601.36 0.00 3,908,227.06 P 0.00 0.00 59,611.48 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 7,259,791.45 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.

~~August~~Interest 27Distribution 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 A1 804,107,000.00 ~~2004~~1.93500% 1000.00000000 1.77375000 0.00000000 0.00000000 A2 184,625,000.00 1.84500% 1000.00000000 1.69124999 0.00000000 0.00000000 A3 189,661,000.00 1.76500% 1000.00000000 1.61791665 0.00000000 0.00000000 A4 82,798,000.00 1.91500% 1000.00000000 1.75541668 0.00000000 0.00000000 A5 102,642,000.00 2.11500% 1000.00000000 1.93875002 0.00000000 0.00000000 M1 74,249,000.00 2.19500% 1000.00000000 2.01208340 0.00000000 0.00000000 M2 35,170,000.00 2.40500% 1000.00000000 2.20458345 0.00000000 0.00000000 M3 15,631,000.00 2.66500% 1000.00000000 2.44291664 0.00000000 0.00000000 M4 15,631,000.00 2.81500% 1000.00000000 2.58041648 0.00000000 0.00000000 M5 11,723,000.00 3.06500% 1000.00000000 2.80958372 0.00000000 0.00000000 M6 7,816,000.00 3.21500% 1000.00000000 2.94708291 0.00000000 0.00000000 M7 6,253,000.00 3.61500% 1000.00000000 3.31375020 0.00000000 0.00000000 M8 9,379,000.00 4.11500% 1000.00000000 3.77208338 0.00000000 0.00000000 M9 7,816,000.00 4.11500% 1000.00000000 3.77208291 0.00000000 0.00000000 B 11,723,000.00 5.00000% 1000.00000000 4.16666638 0.00000000 0.00000000 X 3,908,227.06 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1,000 denomination.

~~STRUCTURED~~Interest ~~ASSET~~Distribution ~~SECURITIES~~Factors ~~CORPORATION~~Statement (ascontinued) ~~Depositor~~Remaining ~~under~~Ending ~~the~~Non-Supported ~~Trust~~Total ~~Agreement~~Unpaid ~~dated~~Certificate/ asInterest ofRealized ~~August~~Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A1 0.00000000 0.00000000 1.77375000 0.00000000 995.94920220 A2 0.00000000 0.00000000 1.69124999 0.00000000 991.33512807 A3 0.00000000 0.00000000 1.61791665 0.00000000 987.55241020 A4 0.00000000 0.00000000 1.75541668 0.00000000 1000.00000000 A5 0.00000000 0.00000000 1.93875002 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.01208340 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.20458345 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.44291664 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.58041648 0.00000000 1000.00000000 M5 0.00000000 0.00000000 2.80958372 0.00000000 1000.00000000 M6 0.00000000 0.00000000 2.94708291 0.00000000 1000.00000000 M7 0.00000000 0.00000000 3.31375020 0.00000000 1000.00000000 M8 0.00000000 0.00000000 3.77208338 0.00000000 1000.00000000 M9 0.00000000 0.00000000 3.77208291 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.16666638 0.00000000 1000.00000000 X 0.00000000 0.00000000 1103.97919409 0.00000000 1000.00000000 P 0.00000000 0.00000000 596114.80000000 0.00000000 1000.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, ~~2004~~Bankruptcy,or ~~providing~~Fraud ~~for~~Losses ~~the~~Unless ~~issuance~~Otherwise ofDisclosed. ~~First~~Please ~~Franklin~~Refer ~~Mortgage~~to ~~Loan~~the ~~Trust~~Prospectus ~~Mortgage~~Supplement ~~Pass-Through~~for ~~Certificates,~~a ~~Series~~Full ~~2004-FF7)~~Description.

~~Structured~~CERTIFICATEHOLDER ~~Asset~~ACCOUNT ~~Securities~~STATEMENT ~~Corporation~~ CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 15,606,285.66 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) 0.00 Prepayment Penalties 0.00 Total Deposits 15,606,285.66 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 1,128,645.03 Payment of Interest and Principal 14,477,640.63 Total Withdrawals (Pool Distribution Amount) 15,606,285.66 Ending Balance 0.00

~~(Exact~~PREPAYMENT/CURTAILMENT ~~Name~~INTEREST ofSHORTFALL ~~Registrant~~Total asPrepayment/Curtailment ~~Specified~~Interest inShortfall ~~its~~0.00 ~~Charter)~~Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

Delaware	333-115858	74-2440850
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

745 Seventh Avenue, 7th Floor New York, New York		10019
(Address of Principal Executive Offices)		(Zip Code)

~~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 0 0 0 0.00 0.00 0.00 0.00 30 Days 190 0 0 0 190 31,745,433.83 ~~including~~0.00 ~~area~~0.00 ~~code: (212)~~0.00 ~~526~~31,745,433.83 60 Days 13 0 0 0 13 1,732,399.68 0.00 0.00 0.00 1,732,399.68 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 203 0 0 0 203 33,477,833.51 0.00 0.00 0.00 33,477,833.51 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.645503% 0.000000% 0.000000% 0.000000% 2.645503% 2.039678% 0.000000% 0.000000% 0.000000% 2.039678% 60 Days 0.181008% 0.000000% 0.000000% 0.000000% 0.181008% 0.111309% 0.000000% 0.000000% 0.000000% 0.111309% 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 2.826511% 0.000000% 0.000000% 0.000000% 2.826511% 2.150987% 0.000000% 0.000000% 0.000000% 2.150987%

~~None~~ Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1(A) 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 11 0 0 0 11 1,306,815.84 0.00 0.00 0.00 1,306,815.84 60 Days 1 0 0 0 1 119,200.00 0.00 0.00 0.00 119,200.00 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 12 0 0 0 12 1,426,015.84 0.00 0.00 0.00 1,426,015.84 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.622419% 0.000000% 0.000000% 0.000000% 1.622419% 1.415342% 0.000000% 0.000000% 0.000000% 1.415342% 60 Days 0.147493% 0.000000% 0.000000% 0.000000% 0.147493% 0.129099% 0.000000% 0.000000% 0.000000% 0.129099% 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 1.769912% 0.000000% 0.000000% 0.000000% 1.769912% 1.544441% 0.000000% 0.000000% 0.000000% 1.544441% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1(B) 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 137 0 0 0 137 20,751,199.10 0.00 0.00 0.00 20,751,199.10 60 Days 6 0 0 0 6 688,050.00 0.00 0.00 0.00 688,050.00 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 143 0 0 0 143 21,439,249.10 0.00 0.00 0.00 21,439,249.10 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.931736% 0.000000% 0.000000% 0.000000% 2.931736% 2.511216% 0.000000% 0.000000% 0.000000% 2.511216% 60 Days 0.128397% 0.000000% 0.000000% 0.000000% 0.128397% 0.083265% 0.000000% 0.000000% 0.000000% 0.083265% 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 3.060133% 0.000000% 0.000000% 0.000000% 3.060133% 2.594480% 0.000000% 0.000000% 0.000000% 2.594480% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2(A) 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 13 0 0 0 13 1,341,103.02 0.00 0.00 0.00 1,341,103.02 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 13 0 0 0 13 1,341,103.02 0.00 0.00 0.00 1,341,103.02 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 3.561644% 0.000000% 0.000000% 0.000000% 3.561644% 1.624694% 0.000000% 0.000000% 0.000000% 1.624694% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 3.561644% 0.000000% 0.000000% 0.000000% 3.561644% 1.624694% 0.000000% 0.000000% 0.000000% 1.624694% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2(B) 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 29 0 0 0 29 8,346,315.87 0.00 0.00 0.00 8,346,315.87 60 Days 6 0 0 0 6 925,149.68 0.00 0.00 0.00 925,149.68 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 35 0 0 0 35 9,271,465.55 0.00 0.00 0.00 9,271,465.55 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.978172% 0.000000% 0.000000% 0.000000% 1.978172% 1.503363% 0.000000% 0.000000% 0.000000% 1.503363% 60 Days 0.409277% 0.000000% 0.000000% 0.000000% 0.409277% 0.166641% 0.000000% 0.000000% 0.000000% 0.166641% 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 2.387449% 0.000000% 0.000000% 0.000000% 2.387449% 1.670004% 0.000000% 0.000000% 0.000000% 1.670004%

~~(Former~~OTHER ~~Name~~INFORMATION orCurrent ~~Former~~Period ~~Address,~~Class ifA ~~Changed~~Insufficient ~~Since~~Funds ~~Last~~0.00 ~~Report)~~Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00

~~Check~~COLLATERAL ~~the~~STATEMENT ~~appropriate~~Collateral ~~box~~Description ~~below~~Fixed if& ~~the~~Mixed ~~Form~~ARM 8Weighted Average Gross Coupon 6.393950% Weighted Average Net Coupon 5.893950% Weighted Average Pass-KThrough ~~filing~~Rate is5.542501% ~~intended~~Weighted toAverage ~~simultaneously~~Maturity(Stepdown ~~satisfy~~Calculation ~~the~~) ~~filing~~357 ~~obligation~~Beginning ofScheduled ~~the~~Collateral ~~registrant~~Loan ~~under~~Count ~~any~~7,205 ofNumber ~~the~~Of ~~following~~Loans ~~provisions:~~Paid In Full 23 Ending Scheduled Collateral Loan Count 7,182 Beginning Scheduled Collateral Balance 1,563,132,327.06 Ending Scheduled Collateral Balance 1,555,914,477.88 Ending Actual Collateral Balance at 31-Aug-2004 1,556,394,215.79 Monthly P &I Constant 8,927,978.48 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 599,153.97 Unscheduled Principal 6,618,695.21

~~[ ]~~Miscellaneous ~~Written~~Reporting ~~communications~~Monthly ~~pursuant~~Excess toCashflow ~~Rule~~4,314,601.36 ~~425~~Overcollateralization ~~under~~Amount ~~the~~3,908,327.06 ~~Securities~~Overcollateralization ~~Act~~Deficiency ~~(17~~0.00 ~~CFR~~Overcollateralization ~~230~~Increase 0.~~425)~~00 Overcollateralization Reduction 0.00 Targeted Overcollateralization Amount 3,908,327.06 Stepdown Date NO Trigger Event NO Cap Payment 0

~~[ ]~~Group ~~Soliciting~~Level ~~material~~Collateral ~~pursuant~~Statement toGroup ~~Rule~~1(A) ~~14a-12~~1(B) ~~under~~2(A) ~~the~~Collateral ~~Exchange~~Description ~~Act~~Mixed ~~(17~~Fixed ~~CFR~~Mixed ~~240~~ARM Mixed Fixed Weighted Average Coupon Rate 7.~~14a~~017099 6.425789 7.013942 Weighted Average Net Rate 6.517099 5.925898 6.513942 Weighted Average Maturity 356 356 357 Beginning Loan Count 678 4,688 365 Loans Paid In Full 0 15 0 Ending Loan Count 678 4,673 365 Beginning Scheduled Balance 92,365,812.58 829,426,509.97 82,568,503.71 Ending scheduled Balance 92,264,677.44 826,090,370.24 82,494,522.96 Record Date 08/31/2004 08/31/2004 08/31/2004 Principal And Interest Constant 627,261.62 4,744,445.35 552,717.69 Scheduled Principal 87,144.94 303,975.81 70,108.80 Unscheduled Principal 13,990.20 2,852,163.92 3,871.95 Scheduled Interest 540,116.68 4,440,469.54 482,608.89 Servicing Fees 38,485.76 345,519.38 34,403.54 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 76.97 691.04 68.81 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 37,627.02 266,000.62 18,668.29 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 463,926.93 3,828,258.50 429,468.25 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-~~12)~~Through Rate 6.027255 5.539861 6.241628

~~[ ]~~Group ~~Pre-commencement~~Level ~~communications~~Collateral ~~pursuant~~Statement toGroup ~~Rule 14d-~~2(bB) ~~under~~Total ~~the~~Collateral ~~Exchange~~Description ~~Act~~Mixed ~~(17~~ARM ~~CFR~~Fixed ~~240~~& Mixed ARM Weighted Average Coupon Rate 6.~~14d-~~152153 6.393950 Weighted Average Net Rate 5.652153 5.893950 Weighted Average Maturity 357 357 Beginning Loan Count 1,474 7,205 Loans Paid In Full 8 23 Ending Loan Count 1,466 7,182 Beginning Scheduled Balance 558,951,500.80 1,563,312,327.06 Ending scheduled Balance 555,064,907.24 1,555,914,477.88 Record Date 08/31/2004 08/31/2004 Principal And Interest Constant 3,003,553.82 8,927,978.48 Scheduled Principal 137,924.42 599,153.97 Unscheduled Principal 3,748,669.14 6,618,695.21 Scheduled Interest 2~~(b))~~,865,629.40 8,328,824.51 Servicing Fees 232,896.46 651,305.14 Master Servicing Fees 0.00 0.00 Trustee Fee 465.79 1,302.61 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 134,202.20 456,498.13 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 2,498,064.95 7,219,718.63 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 5.363038 5.542501

[ ] 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 its First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-FF7 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. 333-115858) (the “Registration Statement”). Pursuant to the Registration Statement, the Registrant issued $1,559,224,000 aggregate principal amount of Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B Certificates of its First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-FF7 on August 27, 2004. This Current Report on Form 8-K is being filed to satisfy an undertaking, contained in the definitive Prospectus dated June 25, 2004, as supplemented by the Prospectus Supplement dated August 24, 2004 (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 August 1, 2004, among Structured Asset Securities Corporation, as depositor, Aurora Loan Services Inc., as Master Servicer, The Murrayhill Company, as Credit Risk Manager, and Wells Fargo Bank, N.A., as Trustee. The “Certificates” consist of the following classes: Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class B, 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 two pools of certain conventional, first lien, adjustable and fixed rate, fully amortizing and balloon, residential mortgage loans (the “Mortgage Loans”) with an aggregate outstanding principal balance of approximately $1,563,132,327 as of August 1, 2004, 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; Pro Forma Financial Information and Exhibits

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

4.1

Trust Agreement dated as of August 1, 2004, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer, The Murrayhill Company, as Credit Risk Manager, and Wells Fargo Bank, N.A. , as Trustee.

99.1

Mortgage Loan Sale and Assignment Agreement dated as of August 1, 2004, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Securitization Servicing Agreement dated as of August 1, 2004, by and among Lehman Brothers Holdings Inc., as Seller, Aurora Loan Services Inc., as Master Servicer, and Chase Manhattan Mortgage Corporation, as Servicer.

99.3

The MGIC Mortgage Guaranty Master Policy (No. 22-400-4-2999), including (i) Terms and Conditions No. 71-70035 (10/96) with 71-7135 (8/94) and (ii) Endorsements No. 71-7139 (8/94), 71-70165 (2/01) and 71-70178 (7/03), as modified by the Terms Letter for MGIC Mortgage Insurance Coverage or Additional Coverage dated August 25, 2004 among Lehman Brothers Inc., MGIC and Wells Fargo Bank, N.A., as Trustee and the MGIC Commitment Certificates covering approximately $396,853,990 aggregate principal balance of insurable Mortgage Loans.

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:

Ellen V. Kiernan

Name: Ellen V. Kiernan

Title: Senior Vice President

Dated: August 27, 2004

EXHIBIT INDEX

Exhibit No.

Description

4.1

99.1

Mortgage Loan Sale and Assignment Agreement dated as of August 1, 2004, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

99.3

Filing Compare · First Franklin Mortgage Loan Trust 2004-FF7