8-K 1 sac04s02_nov.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 26, 2004 STRUCTURED ASSET SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2004-S2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-106925-37 54-2154100 Pooling and Servicing Agreement) (Commission 54-2154101 (State or other File Number) 54-2154102 jurisdiction 54-2154103 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 November 26, 2004 a distribution was made to holders of STRUCTURED ASSET SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 2004-S2 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-S2 Trust, relating to the November 26, 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. STRUCTURED ASSET SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2004-S2 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: 11/30/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-S2 Trust, relating to the November 26, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report EX-99.1

Structured Asset Securities Corporation Mortgage Pass-Through Certificates Record Date: 810/31/042004 Distribution Date: 911/2726/042004 SASC Series: 2004-S2 Contact: CTSLink Customer Service Wells Fargo Bank, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Telephone: (301) 815-6600 Fax: (301) 815-6600 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A1 86359BSL6 SEN 12.~~73500~~05250% ~~176~~136,~~882~~700,~~650~~820.5597 ~~281~~249,~~317~~403.1205 1825,~~648~~582,~~321~~071.4256 A2 86359BSM4 SEN 12.~~84500~~16250% 137,031,000.00 ~~231~~263,~~753~~404.6803 0.00 A3 86359BSN2 SEN 2.~~08500~~40250% 30,015,000.00 5764,~~366~~098.1770 0.00 AIO 86359BSQ5 SEN 6.00000% 0.00 947,435.00 0.00 ASIO 86359BSR3 SEN 0.00000% 0.00 0.00 0.00 M1 86359BSS1 MEZ 2.~~16500~~48250% 47,101,000.00 93103,~~475~~936.8621 0.00 M2 86359BST9 MEZ 2.~~21500~~53250% 14,888,000.00 3033,~~228~~514.8454 0.00 M3 86359BSU6 MEZ 23.~~71500~~03250% 25,716,000.00 6469,~~000~~318.7091 0.00 M4 86359BSV4 MEZ 23.~~96500~~28250% 9,474,000.00 2527,~~749~~643.5403 0.00 M5 86359BSW2 MEZ 3.~~41500~~73250% 9,474,000.00 2931,~~657~~432.5763 0.00 M6 86359BSX0 MEZ 34.~~76500~~08250% 12,181,000.00 4244,~~039~~203.6850 0.00 M7 86359BSY8 MEZ 4.~~61500~~93250% 9,474,000.00 4041,~~078~~538.9723 0.00 B 86359BSZ5 SEN 6.00000% 20,573,000.00 102,865.00 0.00 X SAC04S02X SEN 0.00000% 5,955,206.98 1,~~840~~303,~~064~~505.0769 0.00 P SAC04S02P SEN 0.00000% 100.00 ~~120~~200,~~033~~237.5898 0.00 R SAC04S2R1 SEN 0.00000% 0.00 0.00 0.00 Totals ~~498~~458,~~764~~583,~~957~~127.5395 3,~~906~~482,~~065~~536.7850 1825,~~648~~582,~~321~~071.4256

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 ~~158~~111,~~234~~118,~~329~~749.1341 1825,~~929~~831,~~638~~474.5461 0.00 A2 0.00 137,031,000.00 ~~231~~263,~~753~~404.6803 0.00 A3 0.00 30,015,000.00 5764,~~366~~098.1770 0.00 AIO 0.00 0.00 947,435.00 0.00 ASIO 0.00 0.00 0.00 0.00 M1 0.00 47,101,000.00 93103,~~475~~936.8621 0.00 M2 0.00 14,888,000.00 3033,~~228~~514.8454 0.00 M3 0.00 25,716,000.00 6469,~~000~~318.7091 0.00 M4 0.00 9,474,000.00 2527,~~749~~643.5403 0.00 M5 0.00 9,474,000.00 2931,~~657~~432.5763 0.00 M6 0.00 12,181,000.00 4244,~~039~~203.6850 0.00 M7 0.00 9,474,000.00 4041,~~078~~538.9723 0.00 B 0.00 20,573,000.00 102,865.00 0.00 X 0.00 5,955,206.98 1,~~840~~303,~~064~~505.0769 0.00 P 0.00 100.00 ~~120~~200,~~033~~237.5898 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~480~~433,~~116~~001,~~636~~056.1139 2229,~~554~~064,~~387~~608.2006 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) A1 219,508,000.00 ~~176~~136,~~882~~700,~~650~~820.5597 0.00 1825,~~648~~582,~~321~~071.4256 0.00 0.00 A2 137,031,000.00 137,031,000.00 0.00 0.00 0.00 0.00 A3 30,015,000.00 30,015,000.00 0.00 0.00 0.00 0.00 AIO 0.00 0.00 0.00 0.00 0.00 0.00 ASIO 0.00 0.00 0.00 0.00 0.00 0.00 M1 47,101,000.00 47,101,000.00 0.00 0.00 0.00 0.00 M2 14,888,000.00 14,888,000.00 0.00 0.00 0.00 0.00 M3 25,716,000.00 25,716,000.00 0.00 0.00 0.00 0.00 M4 9,474,000.00 9,474,000.00 0.00 0.00 0.00 0.00 M5 9,474,000.00 9,474,000.00 0.00 0.00 0.00 0.00 M6 12,181,000.00 12,181,000.00 0.00 0.00 0.00 0.00 M7 9,474,000.00 9,474,000.00 0.00 0.00 0.00 0.00 B 20,573,000.00 20,573,000.00 0.00 0.00 0.00 0.00 X 5,956,443.56 5,955,206.98 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 541,391,543.56 ~~498~~458,~~764~~583,~~957~~127.5395 0.00 1825,~~648~~582,~~321~~071.4256 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 A1 1825,~~648~~582,~~321~~071.4256 ~~158~~111,~~234~~118,~~329~~749.1341 0.~~72085905~~50621731 1825,~~648~~582,~~321~~071.4256 A2 0.00 137,031,000.00 1.00000000 0.00 A3 0.00 30,015,000.00 1.00000000 0.00 AIO 0.00 0.00 0.00000000 0.00 ASIO 0.00 0.00 0.00000000 0.00 M1 0.00 47,101,000.00 1.00000000 0.00 M2 0.00 14,888,000.00 1.00000000 0.00 M3 0.00 25,716,000.00 1.00000000 0.00 M4 0.00 9,474,000.00 1.00000000 0.00 M5 0.00 9,474,000.00 1.00000000 0.00 M6 0.00 12,181,000.00 1.00000000 0.00 M7 0.00 9,474,000.00 1.00000000 0.00 B 0.00 20,573,000.00 1.00000000 0.00 X 0.00 5,955,206.98 0.99979240 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 1825,~~648~~582,~~321~~071.4256 ~~480~~433,~~116~~001,~~636~~056.1139 0.~~88681961~~79979280 1825,~~648~~582,~~321~~071.4256

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 219,508,000.00 ~~805~~622.~~81414140~~76008606 0.00000000 84116.~~95508783~~54277548 0.00000000 A2 137,031,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A3 30,015,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 AIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 ASIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 47,101,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 14,888,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 25,716,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 9,474,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 9,474,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 12,181,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 9,474,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 20,573,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 5,956,443.56 999.79239625 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

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1 0.00000000 84116.~~95508783~~54277548 ~~720~~506.~~85905357~~21731058 0.~~72085905~~50621731 84116.~~95508783~~54277548 A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 AIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 ASIO 0.00000000 0.00000000 0.00000000 0.00000000 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 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 999.79239625 0.99979240 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.

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 A1 219,508,000.00 12.~~73500~~05250% ~~176~~136,~~882~~700,~~650~~820.5597 ~~281~~249,~~317~~403.1205 0.00 0.00 A2 137,031,000.00 12.~~84500~~16250% 137,031,000.00 ~~231~~263,~~753~~404.6803 0.00 0.00 A3 30,015,000.00 2.~~08500~~40250% 30,015,000.00 5764,~~366~~098.1770 0.00 0.00 AIO 0.00 6.00000% 189,487,000.00 947,435.00 0.00 0.00 ASIO 0.00 0.00000% ~~498~~458,~~764~~583,~~957~~127.5395 0.00 0.00 0.00 M1 47,101,000.00 2.~~16500~~48250% 47,101,000.00 93103,~~475~~936.8621 0.00 0.00 M2 14,888,000.00 2.~~21500~~53250% 14,888,000.00 3033,~~228~~514.8454 0.00 0.00 M3 25,716,000.00 23.~~71500~~03250% 25,716,000.00 6469,~~000~~318.7091 0.00 0.00 M4 9,474,000.00 23.~~96500~~28250% 9,474,000.00 2527,~~749~~643.5403 0.00 0.00 M5 9,474,000.00 3.~~41500~~73250% 9,474,000.00 2931,~~657~~432.5763 0.00 0.00 M6 12,181,000.00 34.~~76500~~08250% 12,181,000.00 4244,~~039~~203.6850 0.00 0.00 M7 9,474,000.00 4.~~61500~~93250% 9,474,000.00 4041,~~078~~538.9723 0.00 0.00 B 20,573,000.00 6.00000% 20,573,000.00 102,865.00 0.00 0.00 X 5,956,443.56 0.00000% 5,955,206.98 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 541,391,543.56 1,~~945~~978,~~968~~792.1383 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 A1 0.00 0.00 ~~281~~249,~~317~~403.1205 0.00 ~~158~~111,~~234~~118,~~329~~749.1341 A2 0.00 0.00 ~~231~~263,~~753~~404.6803 0.00 137,031,000.00 A3 0.00 0.00 5764,~~366~~098.1770 0.00 30,015,000.00 AIO 0.00 0.00 947,435.00 0.00 ~~189~~135,~~487~~348,000.00 ASIO 0.00 0.00 0.00 0.00 ~~480~~433,~~116~~001,~~636~~056.1139 M1 0.00 0.00 93103,~~475~~936.8621 0.00 47,101,000.00 M2 0.00 0.00 3033,~~228~~514.8454 0.00 14,888,000.00 M3 0.00 0.00 6469,~~000~~318.7091 0.00 25,716,000.00 M4 0.00 0.00 2527,~~749~~643.5403 0.00 9,474,000.00 M5 0.00 0.00 2931,~~657~~432.5763 0.00 9,474,000.00 M6 0.00 0.00 4244,~~039~~203.6850 0.00 12,181,000.00 M7 0.00 0.00 4041,~~078~~538.9723 0.00 9,474,000.00 B 0.00 0.00 102,865.00 0.00 20,573,000.00 X 0.00 0.00 1,~~840~~303,~~064~~505.0769 0.00 5,955,206.98 P 0.00 0.00 ~~120~~200,~~033~~237.5898 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 3,~~906~~482,~~065~~536.7850 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 A1 219,508,000.00 12.~~73500~~05250% ~~805~~622.~~81414140~~76008606 1.~~28158026~~13619116 0.00000000 0.00000000 A2 137,031,000.00 12.~~84500~~16250% 1000.00000000 1.~~69125001~~92222220 0.00000000 0.00000000 A3 30,015,000.00 2.~~08500~~40250% 1000.00000000 12.~~91125004~~13555556 0.00000000 0.00000000 AIO 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 ASIO 0.00 0.00000% ~~921~~847.~~26477309~~04523631 0.00000000 0.00000000 0.00000000 M1 47,101,000.00 2.~~16500~~48250% 1000.00000000 12.~~98458334~~20666674 0.00000000 0.00000000 M2 14,888,000.00 2.~~21500~~53250% 1000.00000000 2.~~03041644~~25111096 0.00000000 0.00000000 M3 25,716,000.00 23.~~71500~~03250% 1000.00000000 2.~~48875019~~69555569 0.00000000 0.00000000 M4 9,474,000.00 23.~~96500~~28250% 1000.00000000 2.~~71791640~~91777813 0.00000000 0.00000000 M5 9,474,000.00 3.~~41500~~73250% 1000.00000000 3.~~13041693~~31777813 0.00000000 0.00000000 M6 12,181,000.00 34.~~76500~~08250% 1000.00000000 3.~~45125031~~62888925 0.00000000 0.00000000 M7 9,474,000.00 4.~~61500~~93250% 1000.00000000 4.~~23041693~~38444480 0.00000000 0.00000000 B 20,573,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 X 5,956,443.56 0.00000% 999.79239625 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

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A1 0.00000000 0.00000000 1.~~28158026~~13619116 0.00000000 ~~720~~506.~~85905357~~21731058 A2 0.00000000 0.00000000 1.~~69125001~~92222220 0.00000000 1000.00000000 A3 0.00000000 0.00000000 12.~~91125004~~13555556 0.00000000 1000.00000000 AIO 0.00000000 0.00000000 5.00000000 0.00000000 ~~1000~~714.~~00000000~~28646820 ASIO 0.00000000 0.00000000 0.00000000 0.00000000 ~~886~~799.~~81960740~~79279607 M1 0.00000000 0.00000000 12.~~98458334~~20666674 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~03041644~~25111096 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~48875019~~69555569 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.~~71791640~~91777813 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.~~13041693~~31777813 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.~~45125031~~62888925 0.00000000 1000.00000000 M7 0.00000000 0.00000000 4.~~23041693~~38444480 0.00000000 1000.00000000 B 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~308~~218.~~91992033~~83959394 0.00000000 999.79239625 P 0.00000000 0.00000000 ~~1200335~~2002379.80000000 0.00000000 1000.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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 2229,~~772~~463,~~596~~391.8499 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(198,153.0074) Prepayment Penalties 0.00 Total Deposits 2229,~~772~~265,~~596~~238.8425 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~218~~200,~~209~~630.6419 Payment of Interest and Principal 2229,~~554~~064,~~387~~608.2006 Total Withdrawals (Pool Distribution Amount) 2229,~~772~~265,~~596~~238.8425 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~207~~191,~~818~~076.6632 Credit Risk Management Fee 65,~~234~~732.5629 ~~Securities~~Wells ~~Administration~~Fargo ~~Fee~~Bank, 4NA 3,~~156~~821.4258 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~218~~200,~~209~~630.6419

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 181,~~000~~878.0073 0.00 5111,~~879~~544.8014 6193,~~879~~422.8087

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 2340 0 01 2341 1,~~007~~702,~~689~~510.5845 0.00 023,583.0033 1,~~007~~726,~~689~~093.5878 30 Days ~~110~~133 01 0 01 ~~110~~135 45,~~551~~696,~~229~~360.6213 023,778.0084 0.00 052,806.0089 45,~~551~~772,~~229~~945.6286 60 Days 9156 3 6 4 0 ~~101~~65 42,~~000~~199,~~247~~036.7888 ~~160~~166,~~091~~173.5755 ~~113~~159,~~598~~321.2485 0.00 42,~~273~~524,~~937~~532.5928 90 Days 2230 02 03 02 2237 ~~903~~1,~~886~~380,292.3877 071,128.0047 0109,339.0001 076,089.0011 ~~903~~1,~~886~~636,849.3836 120 Days 953 28 29 21 1571 ~~355~~2,~~505~~388,844.0946 35185,~~977~~552.9633 65299,~~723~~073.9463 5545,~~350~~565.1318 ~~512~~2,~~557~~919,035.1260 150 Days 411 02 0 2 64 ~~114~~19 507,~~664~~298.2680 042,493.0079 033,555.0061 76148,~~175~~026.4450 ~~190~~731,~~839~~374.70 180+ Days 08 02 02 0 012 0280,393.0013 028,526.0084 059,111.0080 0.00 0368,031.0077 Totals ~~236~~291 3158 622 49 ~~277~~380 912,~~925~~452,~~533~~226.1317 12,~~203~~220,~~759~~164.1127 ~~179~~660,~~322~~401.1890 ~~131~~346,~~525~~071.5701 1115,~~440~~678,~~139~~863.9935 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.~~202287~~383619% 0.000000% 0.~~000000~~009590% 0.~~202287~~393210% 0.~~209734~~392873% 0.000000% 0.~~000000~~005442% 0.~~209734~~398315% 30 Days 01.~~967458~~275535% 0.~~000000~~009590% 0.000000% 0.~~000000~~009590% 01.~~967458~~294716% 01.~~947265~~314496% 0.~~000000~~005487% 0.000000% 0.~~000000~~012186% 01.~~947265~~332169% 60 Days 0.~~800352~~537067% 0.~~052770~~028771% 0.~~035180~~057543% 0.000000% 0.~~888303~~623382% 0.~~832587~~507451% 0.~~033320~~038346% 0.~~023644~~036765% 0.000000% 0.~~889552~~582563% 90 Days 0.~~193492~~287715% 0.~~000000~~019181% 0.~~000000~~028771% 0.~~000000~~019181% 0.~~193492~~354848% 0.~~188129~~318517% 0.~~000000~~016414% 0.~~000000~~025231% 0.~~000000~~017558% 0.~~188129~~377721% 120 Days 0.~~079156~~508296% 0.~~017590~~076724% 0.~~017590~~086314% 0.~~017590~~009590% 0.~~131926~~680925% 0.~~073993~~551252% 0.~~007488~~042818% 0.~~013679~~069014% 0.~~011520~~010515% 0.~~106681~~673599% 150 Days 0.~~035180~~105495% 0.~~000000~~019181% 0.~~000000~~019181% 0.~~017590~~038362% 0.~~052770~~182219% 0.~~023866~~117065% 0.~~000000~~009806% 0.~~000000~~007743% 0.~~015855~~034159% 0.~~039720~~168773% 180+ Days 0.~~000000~~076724% 0.~~000000~~019181% 0.~~000000~~019181% 0.000000% 0.~~000000~~115086% 0.~~000000~~064704% 0.~~000000~~006583% 0.~~000000~~013641% 0.000000% 0.~~000000~~084927% Totals 2.~~075638~~790831% 0.~~272647~~556248% 0.~~052770~~210991% 0.~~035180~~086314% 23.~~436236~~644385% 2.~~065841~~873485% 0.~~250543~~512327% 0.~~037323~~152395% 0.~~027375~~079860% 23.~~381082~~618066%

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 10.~~059678~~053096% Weighted Average Net Coupon 9.~~559678~~553096% Weighted Average Pass-Through Rate 9.~~124300~~123643% Weighted Average Maturity(Stepdown Calculation ) 2927 Beginning Scheduled Collateral Loan Count 1110,~~720~~946 Number Of Loans Paid In Full ~~350~~519 Ending Scheduled Collateral Loan Count 1110,~~370~~427 Beginning Scheduled Collateral Balance ~~498~~458,~~764~~583,~~957~~127.5395 Ending Scheduled Collateral Balance ~~480~~433,~~116~~001,~~636~~056.1139 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~480~~433,~~459~~349,~~790~~267.2591 Monthly P &I Constant 4,~~609~~246,~~244~~689.8503 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0198,153.0074 Cumulative Realized Loss 0226,976.0053 Ending Scheduled Balance for Premium Loans ~~480~~433,~~116~~001,~~636~~056.1139 Scheduled Principal ~~428~~404,~~065~~872.7426 Unscheduled Principal 1825,~~220~~177,~~255~~199.6830

Miscellaneous Reporting Overcollateralization Amount 5,955,306.98 Overcollateralization Deficiency 0139,370.0086 Targeted Overcollateralization Amount 5,955,306.98

EX-99.2

theMurrayhillcompany SASCO 2004-S2 Credit Risk Manager Report August 2004 The information contained in this Report is based upon a specific point in time and reflects performance solely through that point in time. It does not forecast the performance of the portfolio in the future. The information in this Report is not investment advice concerning a particular portfolio or security, and no mention of a particular security in this Report constitutes a recommendation to buy, sell, or hold that or any other security. The Report is based upon information provided to The Murrayhill Company by third parties and therefore The Murrayhill Company cannot, and does not, warrant that the information contained in this Report is accurate or complete. Table of Contents Section One Transaction Summary Section Two Prepayment Premium Analysis Section Three Analytics Section One Transaction Summary theMurrayhillcompany SASCO 2004-S2 Executive Summary August 2004 Transaction Summary Closing Date: 05/28/2004 Depositor: Structured Asset Securities Corporation Trustee(s): U. S. Bank Securities Administrator: Wells Fargo Master Servicer: Aurora Loan Services Master Servicing Servicer(s): Aurora Loan Services, Countrywide, Option One Mortgage, Wells Fargo Mortgage Insurer(s): Old Republic Insurance Corp., United Guaranty Residential Insurance Company Delinquency Reporting Method: OTS1 Collateral Summary 2 Closing Date 7/31/2004 7/31/2004 as a Percentage of Closing Date Collateral Balance $544,453,487 $499,773,551 91.79% Loan Count 12,547 11,728 93.47% 1 OTS Method: A current loan becomes 30 days delinquent if the scheduled payment is not made by the close of business on the corresponding day of the following month. Similarly for 60 days delinquent and the second immediately succeeding month and 90 days delinquent and the third immediately succeeding month. 2 These figures are based upon information provided to Murrayhill by the servicers on a monthly basis. Hurricane Update This month, Murrayhill identified all active loans within this portfolio which are secured by properties located in Florida disaster relief areas affected by Hurricanes Charley and Frances. We are working with the servicers to obtain information regarding their hurricane disaster relief policies, and will be monitoring each loan to ensure the appropriate actions are taken by each servicer. As of mortgage data through 7/31/04, 828 loans have been identified in SASCO 2004-S2. (c) 2004 The Murrayhill Company. All Rights Reserved. Section Two Prepayment Premium Analysis Reconciliation of Prepayment Premiums for SASCO 2004-S2 Mortgage Data Through: July 31, 2004 Section 1: Prepayment premiums collected by the servicers and remitted to the trustee. This information is reported to Murrayhill by the servicers each month. Distribution Date Servicers 25-Aug-04 25-Jul-04 25-Jun-04 TOTAL $127,961 $62,964 $20,132 Section 2: Prepayment premiums remitted with interest by the trustee. This information is taken from the statement to certificateholders prepared by the trustee. Distribution Date Class 25-Aug-04 25-Jul-04 25-Jun-04 P class $138,574 $43,245 $20,132 Section 3: Reconciliation of the amounts remitted by the servicers to the trustee, and the amount remitted with interest by the trustee. Amount remitted by Servicers: $127,961 Amount Distributed to P class: $138,574 Difference*: -$10,613 *Murrayhill recovered $19,719 that one servicer did not pass through in the 7/25/04 distribution. The master servicer is also delaying the remittance of a second servicer s prepayment penalties for one month. This servicer remitted $29,485 in the 8/25/04 distribution and $20,379 in the 7/25/04 distribution. This month, the master servicer remitted the $20,379, creating a shortfall of $9,106. This month s discrepancy of $10,613 is the difference of the $19,719 recovery and the $9,106 shortfall. Murrayhill has contacted the master servicer about the delay in remitting the second servicer's prepayment penalites. Aggregate Paid-Off Loans Report for SASCO 2004-S2 Mortgage Data Through: July 31, 2004 Distribution Date 25-Aug-04 25-Jul-04 25-Jun-04 Loans with Active Prepayment Flags that Remitted Premiums ( A ) 48 19 6 Loans without Prepayment Flags that Remitted Premiums 10 5 4 Total Loans that Remitted Premiums ( B ) 58 24 10 Loans with Active Prepayment Flags ( C ) 51 20 14 Loans without Prepayment Flags that Remitted Premiums 10 5 4 Subtotal ( D ) 61 25 18 Premiums Remitted with Active Prepayment Flags (A/C) 94.1% 95.0% 42.9% Total Loans that Remitted Premiums to the Subtotal (B/D ) 95.1% 96.0% 55.6% Total Paid-Off Loans ( E ) 401 202 165 Total Loans that Remitted Premiums to the Total Paid-Off Loans ( B/E ) 14.5% 11.9% 6.1% Paid-Off Loans Exception Report for SASCO 2004-S2 Mortgage Data Through: July 31, 2004 TOTAL Total Paid-Off Loans with Flags 51 Less Exceptions: Loans with Expired Prepayment Clauses (as stated in the Note)* 0 Loans that Contained a Clause Allowing Prepayment Premiums to be Waived 0 at the Time of Liquidation* Loans that Liquidated from REO* 0 Loans with Discrepancies between the Data File and the Note 0 Defaulted Liquidated Loans that Could Not Have Collected Premiums 0 Loans that Liquidated Through Loss Mitigation Efforts* 0 Total Paid-Off Loans with Active Prepayment Flags (C) 51 Other Exceptions: 0 Paid-Off Loans that Did Not Collect Premiums because of State Statutes Paid-Off Loans with Active Prepayment Flags that Have Not Remitted 3 Premiums * These categories are mutually exclusive. Paid-Off Loans With Prepayment Flags for SASCO 2004-S2 Mortgage Data Through: July 31, 2004 Murrayhill Delinquency Origination PPP Exp. Date Payoff ID Number String Date Flag Balance 4928901 360 2/5/04 1 2/5/05 $77,651 4935449 CC0 11/4/03 1 11/4/04 $34,703 4935031 CC0 5/30/03 1 5/30/04 $74,365 4932905 CC0 10/16/03 0 10/16/03 $30,604 4934509 CC0 12/3/03 0 12/3/03 $39,888 4933091 CC0 11/10/03 0 11/10/03 $44,652 4935519 CC0 9/16/03 0 9/16/03 $50,357 4932824 CC0 11/20/02 0 11/20/02 $46,599 4935277 CC0 10/15/03 0 10/15/03 $57,895 4933392 CC0 9/30/03 0 9/30/03 $62,379 4933413 CC0 10/9/03 0 10/9/03 $62,906 4935339 CC0 8/26/03 0 8/26/03 $69,678 4935618 CC0 11/20/03 0 11/20/03 $71,759 4931202 0 7/17/03 1 7/17/04 $49,526 4929571 CC0 12/31/03 2 12/31/05 $18,340 4928509 CC0 1/20/04 2 1/20/06 $27,830 4929323 CC0 2/11/04 2 2/11/06 $29,002 4927111 CC0 12/17/03 2 12/17/05 $30,887 4925383 CC0 11/19/03 2 11/19/05 $36,882 4926499 C0 12/3/03 2 12/3/05 $37,035 4926641 CC0 12/8/03 2 12/8/05 $42,664 4929529 CC0 12/10/03 2 12/10/05 $41,918 4929257 CC0 2/5/04 2 2/5/06 $45,747 4927987 CC0 12/30/03 2 12/30/05 $53,044 4926677 CC0 12/9/03 2 12/9/05 $56,510 4926710 CC0 12/8/03 2 12/8/05 $55,628 4926197 CC0 9/5/03 2 9/5/05 $59,767 4927147 CC0 12/19/03 2 12/19/05 $59,560 4928790 CC0 2/6/04 2 2/6/06 $74,076 4927176 CC0 12/22/03 2 12/22/05 $67,517 4927088 CC0 12/16/03 2 12/16/05 $67,854 4929408 CC0 12/9/03 2 12/9/05 $65,403 4927269 CC0 12/4/03 2 12/4/05 $85,649 4931186 0 9/24/03 2 9/24/05 $52,823 4931119 0 9/24/03 2 9/24/05 $43,642 4931153 0 9/23/03 2 9/23/05 $39,273 4931885 0 11/26/03 2 11/26/05 $51,000 4931163 0 9/22/03 2 9/22/05 $48,845 4931857 0 11/17/03 2 11/17/05 $48,211 4930527 0 10/31/03 2 10/31/05 $37,483 4926853 CC0 12/18/03 3 12/18/06 $44,290 4928778 CC0 1/30/04 3 1/30/07 $31,818 4930035 CC0 12/23/03 3 12/23/06 $40,381 4926765 CC0 12/11/03 3 12/11/06 $51,624 4926457 CC0 11/28/03 3 11/28/06 $46,666 4926344 CC0 11/26/03 3 11/26/06 $50,628 4926806 CC0 12/10/03 3 12/10/06 $65,576 4927185 CC0 12/30/03 3 12/30/06 $68,198 4928727 CC0 1/13/04 3 1/13/07 $67,499 4926408 CC0 11/13/03 3 11/13/06 $61,484 4929159 CC0 12/4/03 3 12/4/06 $59,295 4926752 CC0 12/5/03 3 12/5/06 $68,709 4926726 CC0 12/5/03 3 12/5/06 $64,582 4926264 CC0 10/2/03 3 10/2/06 $73,293 4926430 CC0 12/5/03 3 12/5/06 $97,131 4931822 0 11/6/03 3 11/6/06 $72,210 4931328 0 10/20/03 3 10/20/06 $33,886 4932486 0 12/16/03 3 12/16/06 $39,797 4931196 0 9/8/03 3 9/8/06 $42,818 4932324 0 12/22/03 5 12/22/08 $28,434 4930799 0 11/6/03 5 11/6/08 $48,084 Paid-Off Loans With Prepayment Flags for SASCO 2004-S2 Mortgage Data Through: July 31, 2004 (Cont.) Murrayhill PPP Remitted % of PPP No PPP PPP Comments ID Number to Collected, Collected, Payoff w/Flag No Flag Balance 4928901 $0 - 4928901 Awaiting response from servicer 4935449 $0 - 4935449 Awaiting response from servicer 4935031 $0 - 4935031 Awaiting response from servicer 4932905 $424 1% 4932905 4934509 $1,567 4% 4934509 4933091 $1,815 4% 4933091 4935519 $1,861 4% 4935519 4932824 $1,969 4% 4932824 4935277 $2,315 4% 4935277 4933392 $2,680 4% 4933392 4933413 $2,705 4% 4933413 4935339 $2,781 4% 4935339 4935618 $2,796 4% 4935618 4931202 $2,327 5% 4929571 $367 2% 4928509 $1,194 4% 4929323 $1,278 4% 4927111 $1,324 4% 4925383 $1,473 4% 4926499 $1,630 4% 4926641 $1,749 4% 4929529 $1,927 5% 4929257 $1,966 4% 4927987 $2,047 4% 4926677 $2,147 4% 4926710 $2,555 5% 4926197 $2,556 4% 4927147 $2,560 4% 4928790 $2,811 4% 4927176 $2,967 4% 4927088 $3,132 5% 4929408 $3,138 5% 4927269 $4,109 5% 4931186 $2,320 4% 4931119 $1,854 4% 4931153 $1,766 4% 4931885 $2,341 5% 4931163 $2,196 4% 4931857 $1,735 4% 4930527 $1,798 5% 4926853 $887 2% 4928778 $1,207 4% 4930035 $1,351 3% 4926765 $2,233 4% 4926457 $2,279 5% 4926344 $2,427 5% 4926806 $2,431 4% 4927185 $2,432 4% 4928727 $2,493 4% 4926408 $2,697 4% 4929159 $2,845 5% 4926752 $3,020 4% 4926726 $3,035 5% 4926264 $3,219 4% 4926430 $4,077 4% 4931822 $2,578 4% 4931328 $1,407 4% 4932486 $3,741 9% 4931196 $1,692 4% 4932324 $1,355 5% 4930799 $2,374 5% (c) 2004 The Murrayhill Company. All Rights Reserved. Section Three Analytics SASCO 2004-S2 FICO Distribution by Status Mortgage Data Through: July 31, 2004 FICO Delinquency Percentage 570 Current0 580 Current0.007 580 Delinquent 0.028 580 Paid Off 0.003 590 Current0.015 590 Delinquent 0.06 590 Paid Off 0.014 600 Current0.024 600 Delinquent 0.088 600 Paid Off 0.008 610 Current0.033 610 Delinquent 0.083 610 Paid Off 0.024 620 Current0.045 620 Delinquent 0.074 620 Paid Off 0.034 630 Current0.051 630 Delinquent 0.092 630 Paid Off 0.038 640 Current0.055 640 Delinquent 0.055 640 Paid Off 0.037 650 Current0.066 650 Delinquent 0.078 650 Paid Off 0.074 660 Current0.074 660 Delinquent 0.083 660 Paid Off 0.054 670 Current0.075 670 Delinquent 0.083 670 Paid Off 0.064 680 Current0.084 680 Delinquent 0.037 680 Paid Off 0.101 690 Current0.087 690 Delinquent 0.101 690 Paid Off 0.113 700 Current0.072 700 Delinquent 0.028 700 Paid Off 0.091 710 Current0.063 710 Delinquent 0.014 710 Paid Off 0.05 720 Current0.05 720 Delinquent 0.028 720 Paid Off 0.054 730 Current0.046 730 Delinquent 0.018 730 Paid Off 0.058 740 Current0.036 740 Delinquent 0.014 740 Paid Off 0.046 750 Current0.035 750 Delinquent 0.005 750 Paid Off 0.037 760 Current0.028 760 Delinquent 0.009 760 Paid Off 0.03 770 Current0.02 770 Delinquent 0.009 770 Paid Off 0.028 780 Current0.017 780 Delinquent 0.005 780 Paid Off 0.024 790 Current0.009 790 Delinquent 0.005 790 Paid Off 0.009 800 Current0.005 800 Paid Off 0.011 810 Current0.002 820 Current0 820 Delinquent 0.005 850 Current0 Status # of Loans Average Std. Deviation Current 11,511 682 47.797 Delinquent 217 650 46.201 Paid Off 761 690 46.194 Total: 12,489 SASCO 2004-S2 Balance Distribution by Status Mortgage Data Through: July 31, 2004 Balance Delinquency Percentage 0 Current 0 10000 Delinquent 0.018 10000 Current 0.022 20000 Delinquent 0.24 20000 Current 0.191 30000 Current 0.239 30000 Delinquent 0.203 40000 Delinquent 0.171 40000 Current 0.18 50000 Current 0.129 50000 Delinquent 0.106 60000 Delinquent 0.078 60000 Current 0.097 70000 Current 0.069 70000 Delinquent 0.069 80000 Current 0.026 80000 Delinquent 0.037 90000 Current 0.018 90000 Delinquent 0.032 100000 Delinquent 0.037 100000 Current 0.013 110000 Current 0.006 120000 Current 0.003 120000 Delinquent 0.005 130000 Current 0.003 140000 Delinquent 0.005 140000 Current 0.001 150000 Current 0.002 160000 Current 0 170000 Current 0 180000 Current 0 200000 Current 0 280000 Current 0 Status # of Loans Average Std. Deviation Current 11,511 42,582.38 21,854.57 Delinquent 217 43,351.03 24,009.50 Total: 11,728 SASCO 2004-S2 Loan-to-Value Distribution by Status Mortgage Data Through: July 31, 2004 LTV Delinquency Percentage 0 Current 0.004 0 Paid Off 0.007 0.1 Paid Off 0.26 0.1 Current 0.156 0.1 Delinquent 0.069 0.2 Current 0.825 0.2 Paid Off 0.712 0.2 Delinquent 0.926 0.3 Paid Off 0.017 0.3 Delinquent 0.005 0.3 Current 0.015 0.4 Current 0.001 0.4 Paid Off 0.003 0.5 Current 0 0.5 Paid Off 0.001 Status # of Loans Average Std. Deviation Current 11,511 0.183 0.037 Delinquent 217 0.191 0.025 Paid Off 761 0.173 0.045 Total: 12,489 SASCO 2004-S2 Mortgage Purpose Distribution Mortgage Data through: July 31, 2004 Origination Statistics Current Loans Delinquent Loans Paid Off Loans Number of Loans: 12,547 Number of Loans: 11,511 Number of Loans: 217 Number of Loans: 761 PurposeNumber Percentage PurposeNumber Percentage PurposeNumber Percentage PurposeNumber Percentage Cash-out refinance 1,387 11.1% Cash-out refinance 1,258 10.9% Cash-out refinance 20 9.2% Cash-out refinance 104 13.7% Purchase 10,266 81.8% Purchase 9,445 82.1% Purchase 182 83.9% Purchase 588 77.3% Rate/term 886 7.1% Rate/term 800 6.9% Rate/term 15 6.9% Rate/term 69 9.1% Home 2 0.0% Home 2 0.0% Home 0 0.0% Home 0 0.0% Other 6 0.0% Other 6 0.1% Other 0 0.0% Other 0 0.0% Total 12,547 100% Total 11,511 100% Total 217 100% Total 761 100% mortgage type SASCO 2004-S2 Mortgage Type Distribution by Status Mortgage Data Through: July 31, 2004 Mortgage Type Delinquency Percentage Investment HomeCurrent0.048 Investment HomeDelinquent 0.023 Investment HomePaid Off 0.081 Primary Home Current0.943 Primary Home Delinquent 0.972 Primary Home Paid Off 0.903 Second Home Current0.009 Second Home Delinquent 0.005 Second Home Paid Off 0.016 Mortgage Type Loan Count Total Balance Avg. Balance Std. Deviation Balloon 5,787 245,561,893.76 42,433.37 25,294.78 Fixed 6,702 254,211,657.41 37,930.72 21,697.62 Total: 12,489 499,773,551.17 SASCO 2004-S2 Mortgage Term Distribution by Status Mortgage Data Through: July 31, 2004 Mortgage Term Delinquency Percentage 120 Current0.001 120 Paid Off 0.001 180 Current0.535 180 Paid Off 0.627 180 Delinquent 0.369 240 Current0.258 240 Delinquent 0.484 240 Paid Off 0.21 300 Current0 360 Delinquent 0.147 360 Current0.206 360 Paid Off 0.162 # of Loans Other 120 180 240 300 360 12,489 0 11 6,713 3,230 3 2,532 SASCO 2004-S2 Ownership Distribution by Status Mortgage Data Through: July 31, 2004 Ownership Type Delinquency Percentage Investment HomeCurrent0.048 Investment HomeDelinquent 0.023 Investment HomePaid Off 0.081 Primary Home Current0.943 Primary Home Delinquent 0.972 Primary Home Paid Off 0.903 Second Home Current0.009 Second Home Delinquent 0.005 Second Home Paid Off 0.016 Title # of Loans Investment Home 618 Primary Home 11,755 Second Home 116 Total: 12,489 SASCO 2004-S2 Conditional Prepayment Rates Mortgage Data Through: July 31, 2004 Date Distribution Date CPR 3-Month MA 6-Month MA 12-Month MA 31-Jul-04 25-Aug-04 34.79% 30-Jun-04 25-Jul-04 28.26% SASCO 2004-S2 Delinquent Balance Over Time "Mortgage Data Through: July 30, 2004" Total Balance in Status As Of Date 30 Days 60 Days 90 Days Foreclosure REO 7/30/2004 " $5,094,031 " " $1,449,753 " " $2,363,729 " " $82,906 " $- 6/30/2004 " $3,157,094 " " $1,761,575 " " $697,426 " $- $- 5/31/2004 " $1,076,438 " " $156,043 " $- $- $- SASCO 2004-S2 Delinquent Count Over Time "Mortgage Data Through: July 30, 2004" Total Count in Status As Of Date 30 Days 60 Days 90 Days Foreclosure REO 7/30/2004 112 45 57 3 0 6/30/2004 72 43 14 0 0 5/31/2004 26 4 0 0 0 Copyright 2004, The Murrayhill Company. All rights reserved.

Filing Compare · Structured Asset Securities Corp Mortgage Pass-through Certificates 2004-S2