8-K 1 sac04s02_dec.txt DECEMBER 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): December 27, 2004 STRUCTURED ASSET SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2004-S02 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 December 27, 2004 a distribution was made to holders of STRUCTURED ASSET SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 2004-S02 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-S02 Trust, relating to the December 27, 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-S02 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: 12/28/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-S02 Trust, relating to the December 27, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report EX-99.1

Structured Asset Securities Corporation Mortgage Pass-Through Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~SASC~~Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series: 2004-S2S02 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 2.~~05250~~30000% ~~136~~111,~~700~~118,~~820~~749.9741 ~~249~~220,~~403~~076.0586 25,~~582~~346,~~071~~964.5621 A2 86359BSM4 SEN 2.~~16250~~41000% 137,031,000.00 ~~263~~284,~~404~~377.0339 0.00 A3 86359BSN2 SEN 2.~~40250~~65000% 30,015,000.00 6468,~~098~~492.7056 0.00 AIO 86359BSQ5 SEN 6.00000% 0.00 ~~947~~676,~~435~~740.00 0.00 ASIO 86359BSR3 SEN 0.00000% 0.00 0.00 0.00 M1 86359BSS1 MEZ 2.~~48250~~73000% 47,101,000.00 ~~103~~110,~~936~~726.2160 0.00 M2 86359BST9 MEZ 2.~~53250~~78000% 14,888,000.00 3335,~~514~~640.5422 0.00 M3 86359BSU6 MEZ 3.~~03250~~28000% 25,716,000.00 6972,~~318~~633.9141 0.00 M4 86359BSV4 MEZ 3.~~28250~~53000% 9,474,000.00 2728,~~643~~798.0333 0.00 M5 86359BSW2 MEZ 3.~~73250~~98000% 9,474,000.00 3132,~~432~~469.6350 0.00 M6 86359BSX0 MEZ 4.~~08250~~33000% 12,181,000.00 4445,~~203~~418.5021 0.00 M7 86359BSY8 MEZ 45.~~93250~~18000% 9,474,000.00 4142,~~538~~259.2330 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,~~303~~405,~~505~~536.6987 0.00 P SAC04S02P SEN 0.00000% 100.00 ~~200~~196,~~237~~998.9848 0.00 R SAC04S2R1 SEN 0.00000% 0.00 0.00 0.00 Totals ~~458~~433,~~583~~001,~~127~~056.9539 3,~~482~~323,~~536~~032.5073 25,~~582~~346,~~071~~964.5621

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 ~~111~~85,~~118~~771,~~749~~785.4120 25,~~831~~567,~~474~~041.6107 0.00 A2 0.00 137,031,000.00 ~~263~~284,~~404~~377.0339 0.00 A3 0.00 30,015,000.00 6468,~~098~~492.7056 0.00 AIO 0.00 0.00 ~~947~~676,~~435~~740.00 0.00 ASIO 0.00 0.00 0.00 0.00 M1 0.00 47,101,000.00 ~~103~~110,~~936~~726.2160 0.00 M2 0.00 14,888,000.00 3335,~~514~~640.5422 0.00 M3 0.00 25,716,000.00 6972,~~318~~633.9141 0.00 M4 0.00 9,474,000.00 2728,~~643~~798.0333 0.00 M5 0.00 9,474,000.00 3132,~~432~~469.6350 0.00 M6 0.00 12,181,000.00 4445,~~203~~418.5021 0.00 M7 0.00 9,474,000.00 4142,~~538~~259.2330 0.00 B 0.00 20,573,000.00 102,865.00 0.00 X 0.00 5,955,206.98 1,~~303~~405,~~505~~536.6987 0.00 P 0.00 100.00 ~~200~~196,~~237~~998.9848 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~433~~407,~~001~~654,~~056~~092.3918 2928,~~064~~669,~~608~~996.0694 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 ~~136~~111,~~700~~118,~~820~~749.9741 0.00 25,~~582~~346,~~071~~964.5621 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 ~~458~~433,~~583~~001,~~127~~056.9539 0.00 25,~~582~~346,~~071~~964.5621 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 25,~~582~~346,~~071~~964.5621 ~~111~~85,~~118~~771,~~749~~785.4120 0.~~50621731~~39074560 25,~~582~~346,~~071~~964.5621 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 25,~~582~~346,~~071~~964.5621 ~~433~~407,~~001~~654,~~056~~092.3918 0.~~79979280~~75297462 25,~~582~~346,~~071~~964.5621

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 219,508,000.00 ~~622~~506.~~76008606~~21731058 0.00000000 ~~116~~115.~~54277548~~47171042 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 ~~116~~115.~~54277548~~47171042 ~~506~~390.~~21731058~~74560016 0.~~50621731~~39074560 ~~116~~115.~~54277548~~47171042 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 2.~~05250~~30000% ~~136~~111,~~700~~118,~~820~~749.9741 ~~249~~220,~~403~~076.0586 0.00 0.00 A2 137,031,000.00 2.~~16250~~41000% 137,031,000.00 ~~263~~284,~~404~~377.0339 0.00 0.00 A3 30,015,000.00 2.~~40250~~65000% 30,015,000.00 6468,~~098~~492.7056 0.00 0.00 AIO 0.00 6.00000% ~~189~~135,~~487~~348,000.00 ~~947~~676,~~435~~740.00 0.00 0.00 ASIO 0.00 0.00000% ~~458~~433,~~583~~001,~~127~~056.9539 0.00 0.00 0.00 M1 47,101,000.00 2.~~48250~~73000% 47,101,000.00 ~~103~~110,~~936~~726.2160 0.00 0.00 M2 14,888,000.00 2.~~53250~~78000% 14,888,000.00 3335,~~514~~640.5422 0.00 0.00 M3 25,716,000.00 3.~~03250~~28000% 25,716,000.00 6972,~~318~~633.9141 0.00 0.00 M4 9,474,000.00 3.~~28250~~53000% 9,474,000.00 2728,~~643~~798.0333 0.00 0.00 M5 9,474,000.00 3.~~73250~~98000% 9,474,000.00 3132,~~432~~469.6350 0.00 0.00 M6 12,181,000.00 4.~~08250~~33000% 12,181,000.00 4445,~~203~~418.5021 0.00 0.00 M7 9,474,000.00 45.~~93250~~18000% 9,474,000.00 4142,~~538~~259.2330 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,~~978~~720,~~792~~497.8338 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 ~~249~~220,~~403~~076.0586 0.00 ~~111~~85,~~118~~771,~~749~~785.4120 A2 0.00 0.00 ~~263~~284,~~404~~377.0339 0.00 137,031,000.00 A3 0.00 0.00 6468,~~098~~492.7056 0.00 30,015,000.00 AIO 0.00 0.00 ~~947~~676,~~435~~740.00 0.00 135,348,000.00 ASIO 0.00 0.00 0.00 0.00 ~~433~~407,~~001~~654,~~056~~092.3918 M1 0.00 0.00 ~~103~~110,~~936~~726.2160 0.00 47,101,000.00 M2 0.00 0.00 3335,~~514~~640.5422 0.00 14,888,000.00 M3 0.00 0.00 6972,~~318~~633.9141 0.00 25,716,000.00 M4 0.00 0.00 2728,~~643~~798.0333 0.00 9,474,000.00 M5 0.00 0.00 3132,~~432~~469.6350 0.00 9,474,000.00 M6 0.00 0.00 4445,~~203~~418.5021 0.00 12,181,000.00 M7 0.00 0.00 4142,~~538~~259.2330 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,~~303~~405,~~505~~536.6987 0.00 5,955,206.98 P 0.00 0.00 ~~200~~196,~~237~~998.9848 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 3,~~482~~323,~~536~~032.5073 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 2.~~05250~~30000% ~~622~~506.~~76008606~~21731058 1.~~13619116~~00259152 0.00000000 0.00000000 A2 137,031,000.00 2.~~16250~~41000% 1000.00000000 12.~~92222220~~07527778 0.00000000 0.00000000 A3 30,015,000.00 2.~~40250~~65000% 1000.00000000 2.~~13555556~~28194436 0.00000000 0.00000000 AIO 0.00 6.00000% ~~1000~~714.~~00000000~~28646820 53.~~00000000~~57143234 0.00000000 0.00000000 ASIO 0.00 0.00000% ~~847~~799.~~04523631~~79279607 0.00000000 0.00000000 0.00000000 M1 47,101,000.00 2.~~48250~~73000% 1000.00000000 2.~~20666674~~35083332 0.00000000 0.00000000 M2 14,888,000.00 2.~~53250~~78000% 1000.00000000 2.~~25111096~~39388904 0.00000000 0.00000000 M3 25,716,000.00 3.~~03250~~28000% 1000.00000000 2.~~69555569~~82444431 0.00000000 0.00000000 M4 9,474,000.00 3.~~28250~~53000% 1000.00000000 23.~~91777813~~03972240 0.00000000 0.00000000 M5 9,474,000.00 3.~~73250~~98000% 1000.00000000 3.~~31777813~~42722187 0.00000000 0.00000000 M6 12,181,000.00 4.~~08250~~33000% 1000.00000000 3.~~62888925~~72861095 0.00000000 0.00000000 M7 9,474,000.00 45.~~93250~~18000% 1000.00000000 4.~~38444480~~46055520 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.~~13619116~~00259152 0.00000000 ~~506~~390.~~21731058~~74560016 A2 0.00000000 0.00000000 12.~~92222220~~07527778 0.00000000 1000.00000000 A3 0.00000000 0.00000000 2.~~13555556~~28194436 0.00000000 1000.00000000 AIO 0.00000000 0.00000000 53.~~00000000~~57143234 0.00000000 714.28646820 ASIO 0.00000000 0.00000000 0.00000000 0.00000000 ~~799~~752.~~79279607~~97462073 M1 0.00000000 0.00000000 2.~~20666674~~35083332 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~25111096~~39388904 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~69555569~~82444431 0.00000000 1000.00000000 M4 0.00000000 0.00000000 23.~~91777813~~03972240 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.~~31777813~~42722187 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.~~62888925~~72861095 0.00000000 1000.00000000 M7 0.00000000 0.00000000 4.~~38444480~~46055520 0.00000000 1000.00000000 B 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~218~~235.~~83959394~~96914095 0.00000000 999.79239625 P 0.00000000 0.00000000 ~~2002379~~1969984.80000000 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 29,~~463~~017,~~391~~085.9917 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) (~~198~~157,~~153~~650.7414) Prepayment Penalties 0.00 Total Deposits 2928,~~265~~859,~~238~~435.2503 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~200~~189,~~630~~438.1909 Payment of Interest and Principal 2928,~~064~~669,~~608~~996.0694 Total Withdrawals (Pool Distribution Amount) 2928,~~265~~859,~~238~~435.2503 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~191~~180,~~076~~417.3220 Credit Risk Management Fee 5,~~732~~412.2951 Wells Fargo Bank, NA 3,~~821~~608.5838 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~200~~189,~~630~~438.1909

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 81193,~~878~~422.7387 0.00 ~~111~~177,~~544~~202.1487 ~~193~~370,~~422~~625.8774

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 40 0 1 41 1,~~702~~506,~~510~~638.4542 0.00 23,~~583~~500.3358 1,~~726~~530,~~093~~139.7800 30 Days ~~133~~100 13 0 10 ~~135~~103 54,~~696~~277,~~360~~446.1355 23163,~~778~~154.8498 0.00 ~~52,806~~0.8900 54,~~772~~440,~~945~~601.8653 60 Days 5670 34 62 01 6577 2,~~199~~908,~~036~~445.8876 ~~166~~181,~~173~~380.5504 ~~159~~65,~~321~~657.8571 052,806.0089 23,~~524~~208,~~532~~290.2840 90 Days 3044 24 35 20 3753 1,~~380~~640,~~292~~854.7716 71154,~~128~~186.4724 ~~109~~139,~~339~~370.0179 ~~76,089~~0.1100 1,~~636~~934,~~849~~411.3619 120 Days 5323 82 93 12 7130 2927,~~388,844~~009.4698 ~~185~~71,~~552~~128.3347 ~~299~~109,~~073~~339.6301 4576,~~565~~089.1811 21,~~919~~183,~~035~~566.6057 150 Days 1142 214 27 41 1964 ~~507~~2,~~298~~012,716.8058 42357,~~493~~548.7998 33252,~~555~~156.6157 ~~148~~45,~~026~~565.5018 ~~731~~2,~~374~~667,987.7031 180+ Days 816 2 25 04 1227 ~~280~~708,~~393~~270.1361 28,526.84 59170,~~111~~647.8041 0129,680.0027 ~~368~~1,~~031~~037,125.7713 Totals ~~291~~295 5869 22 9 ~~380~~395 12,~~452~~474,~~226~~743.1764 2,~~220~~462,~~164~~563.2797 ~~660~~737,~~401~~171.9049 ~~346~~327,~~071~~642.0103 1516,~~678~~002,~~863~~121.3513 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.~~383619~~403551% 0.000000% 0.~~009590~~010089% 0.~~393210~~413640% 0.~~392873~~369268% 0.000000% 0.~~005442~~005760% 0.~~398315~~375028% 30 Days 1.~~275535~~008878% 0.~~009590~~030266% 0.000000% 0.~~009590~~000000% 1.~~294716~~039144% 1.~~314496~~048376% 0.~~005487~~039988% 0.000000% 0.~~012186~~000000% 1.~~332169~~088364% 60 Days 0.~~537067~~706215% 0.~~028771~~040355% 0.~~057543~~020178% 0.~~000000~~010089% 0.~~623382~~776836% 0.~~507451~~712842% 0.~~038346~~044455% 0.~~036765~~016092% 0.~~000000~~012943% 0.~~582563~~786332% 90 Days 0.~~287715~~443906% 0.~~019181~~040355% 0.~~028771~~050444% 0.~~019181~~000000% 0.~~354848~~534705% 0.~~318517~~402163% 0.~~016414~~037790% 0.~~025231~~034159% 0.~~017558~~000000% 0.~~377721~~474112% 120 Days 0.~~508296~~232042% 0.~~076724~~020178% 0.~~086314~~030266% 0.~~009590~~020178% 0.~~680925~~302663% 0.~~551252~~227204% 0.~~042818~~017433% 0.~~069014~~026798% 0.~~010515~~018649% 0.~~673599~~290085% 150 Days 0.~~105495~~423729% 0.~~019181~~141243% 0.~~019181~~070621% 0.~~038362~~010089% 0.~~182219~~645682% 0.~~117065~~493304% 0.~~009806~~087633% 0.~~007743~~061802% 0.~~034159~~011168% 0.~~168773~~653907% 180+ Days 0.~~076724~~161421% 0.~~019181~~020178% 0.~~019181~~050444% 0.~~000000~~040355% 0.~~115086~~272397% 0.~~064704~~173593% 0.~~006583~~006992% 0.~~013641~~041825% 0.~~000000~~031784% 0.~~084927~~254193% Totals 2.~~790831~~976190% 0.~~556248~~696126% 0.~~210991~~221953% 0.~~086314~~090799% 3.~~644385~~985069% 23.~~873485~~057483% 0.~~512327~~603559% 0.~~152395~~180676% 0.~~079860~~080303% 3.~~618066~~922022%

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 10.~~053096~~044227% Weighted Average Net Coupon 9.~~553096~~544227% Weighted Average Pass-Through Rate 9.~~123643~~118238% Weighted Average Maturity(Stepdown Calculation ) 2726 Beginning Scheduled Collateral Loan Count 10,~~946~~427 Number Of Loans Paid In Full ~~519~~515 Ending Scheduled Collateral Loan Count 109,~~427~~912 Beginning Scheduled Collateral Balance ~~458~~433,~~583~~001,~~127~~056.9539 Ending Scheduled Collateral Balance ~~433~~407,~~001~~654,~~056~~092.3918 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~433~~408,~~349~~006,~~267~~939.9107 Monthly P &I Constant 4,~~246~~011,~~689~~939.0325 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount ~~198~~157,~~153~~650.7414 Cumulative Realized Loss ~~226~~384,~~976~~626.5367 Ending Scheduled Balance for Premium Loans ~~433~~407,~~001~~654,~~056~~092.3918 Scheduled Principal ~~404~~387,~~872~~638.2646 Unscheduled Principal 2524,~~177~~959,~~199~~325.3075

Miscellaneous Reporting Overcollateralization Amount 5,955,306.98 Overcollateralization Deficiency ~~139~~157,~~370~~650.8614 Targeted Overcollateralization Amount 5,955,306.98

Ex 99.2

theMurrayhillcompany SASCO 2004-S2 Credit Risk Manager Report October 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 Loss Analysis Section Four Analytics c 2004 The Murrayhill Company. All Rights Reserved. Section One Transaction Summary SASCO 2004-S2 Executive Summary October 2004 Transaction Summary Closing Date: 05/28/2004 Depositor: Structured Asset Securities Corporation Trustee(s): U. S. Bank Securities Administrator: Wells Fargo Bank, N.A. Master Servicer: Aurora Loan Services Master Servicing Servicer(s): Aurora Financial Group, Inc., Aurora Loan Services, Countrywide, Option One Mortgage, Wells Fargo Bank, N.A. Mortgage Insurer(s): Old Republic Insurance Corp., United Guaranty Residential Insurance Company Delinquency Reporting Method: OTS1 Collateral Summary 2 9/30/2004 as a Percentage of Closing Date 9/30/2004 Closing Date Collateral Balance $544,453,487 $460,078,751 84.50% Loan Count 12,547 10,960 87.35% 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. Section Two Prepayment Premium Analysis Reconciliation for Prepayment Premiums for SASCO 2004-S2 Mortgage Data Through: September 30, 2004 Section 1: Prepayment premiums collected by the servicers and remitted to the trustee. This information isreported to Murrayhill by the servicers each month. Trustee Remittance Date Servicer 25-Oct-04 25-Sep-04 25-Aug-04 25-Jul-04 25-Jun-04 Total $141,335 $167,002 $127,961 $62,964 $20,132 Section 2: Prepayment premiums remitted to the P Class by the trustee. This information is taken from the statement to Certificateholders prepared by the trustee. Trustee Remittance Date Class 25-Oct-04 25-Sep-04 25-Aug-04 25-Jul-04 25-Jun-04 P Class $173,403 $120,034 $138,574 $43,245 $20,132 Section 3: Reconciliation of the amounts remitted by the servicers to the trustee and the amount remitted to the P Class by the trustee. Amount remitted by servicers: $141,335 Amount remitted to the P Class: $173,403 Difference*: ($32,068) * The master servicer passed through prepayment premiums from one servicer for loans that liquidated in July and August; however, that servicer passed through prepepayment premiums for loans that liquidated in September, which can account for the discrepancy of $32,068. We are working with both parties to ensure that all appropriate prepayment premiums are remitted to the trust. Aggregate Paid-Off Loans Report for SASCO 2004-S2 Mortgage Data Through: September 30, 2004 Trustee Remittance Date: 25-Oct-04 25-Sep-04 25-Aug-04 25-Jul-04 25-Jun-04 Loans with Active Prepayment Flags with 66 65 48 19 6 Premiums Remitted (A) Loans without Prepayment Flags with 3 8 10 5 4 Premiums Remitted Total Loans with Premiums Remitted (B) 69 73 58 24 10 Loans with Active Prepayment Flags (C) 70 67 48 20 14 Loans without Prepayment Flags with 3 8 10 5 4 Premiums Remitted Subtotal (D) 73 75 58 25 18 Premiums Remitted for Loans with Active 94.29% 97.01% 100.00% 95.00% 42.86% Prepayment Flags (A/C) Total Loans with Premiums Remitted to 94.52% 97.33% 100.00% 96.00% 55.56% the Subtotal (B/D) Total Paid-Off Loans (E) 418 352 401 202 165 Total Loans with Premiums Remitted to 16.51% 20.74% 14.46% 11.88% 6.06% the Total Paid-Off Loans (B/E) Paid-Off Loan Exception Report for SASCO 2004-S2 Mortgage Data Through: September 30, 2004 TOTAL Total Paid-Off Loans with Flags 72 Less Exceptions: Loans with Expired Prepayment Clauses (as stated in the 0 Note)* Loans that Contained a Clause Allowing Prepayment 0 Premiums to be Waived at the Time of Liquidation* Loans that were Liquidated from REO Status* 0 Loans with Discrepancies between the Data File and the Note* 1 Defaulted Liquidated Loans that Could Not Have Premiums 0 Collected because of the Acceleration of the Debt* Loans that were Liquidated Through Loss Mitigation Efforts* 1 Total Paid-Off Loans with Active Prepayment Flags (C) 70 Other Exceptions: Paid-Off Loans that Did Not have Premiums Collected because 2 of State Statutes Paid-Off Loans with Active Prepayment Flags that Did Not 2 Have Premiums Remitted * These categories are mutually exclusive. Paid-Off Loans With Prepayment Flags for SASCO 2004-S2 Mortgage Data Through: September 30, 2004 Murrayhill Delinquency Origination PPP Expiration ID Number String Date Flag Date 4937201 CCCC0 12/11/2003 3 12/11/2006 4926835 CC30 12/23/2003 2 12/23/2005 4931343 CC0 8/29/2003 2 8/29/2005 4931561 CC0 10/21/2003 3 10/21/2006 4930053 363C0 12/30/2003 2 12/30/2005 4929778 CCCC0 12/30/2003 2 12/30/2005 4936368 CCCC0 3/16/2004 0 3/16/2004 4934939 CCCC0 2/12/2004 0 2/12/2004 4933718 36990 10/22/2003 0 10/22/2003 4932197 CC0 12/5/2003 3 12/5/2006 4930695 CC0 10/15/2003 3 10/15/2006 4931177 CC0 9/16/2003 3 9/16/2006 4931692 CC0 11/26/2003 3 11/26/2006 4931338 CC0 10/13/2003 3 10/13/2006 4930680 CC0 9/16/2003 3 9/16/2006 4931220 CC0 8/11/2003 3 8/11/2006 4932734 CC0 12/31/2003 3 12/31/2006 4930603 CC0 11/10/2003 3 11/10/2006 4931716 CC0 11/14/2003 3 11/14/2006 4929807 CCCC0 12/26/2003 3 12/26/2006 4930310 CCCC0 2/13/2004 3 2/13/2007 4930134 CCCC0 2/13/2004 3 2/13/2007 4930106 CCCC0 12/24/2003 3 12/24/2006 4927303 CCCC0 1/9/2004 3 1/9/2007 4926343 CCCC0 11/22/2003 3 11/22/2006 4926393 CCCC0 11/25/2003 3 11/25/2006 4928514 CCCC0 12/29/2003 3 12/29/2006 4926438 CCCC0 11/19/2003 3 11/19/2006 4926488 CCCC0 12/1/2003 3 12/1/2006 4926867 CCCC0 12/19/2003 3 12/19/2006 4926312 CCCC0 11/24/2003 3 11/24/2006 4926481 CCCC0 12/3/2003 3 12/3/2006 4927062 CCCC0 12/22/2003 3 12/22/2006 4929104 CCCC0 1/29/2004 3 1/29/2007 4929032 CCCC0 1/26/2004 3 1/26/2007 4926841 CCCC0 12/10/2003 3 12/10/2006 4937711 CCCC0 4/16/2004 2 4/16/2006 4931193 CC0 9/5/2003 2 9/5/2005 4931210 CC0 7/31/2003 2 7/31/2005 4931352 CC0 10/20/2003 2 10/20/2005 4931747 CC0 11/4/2003 2 11/4/2005 4931746 CC0 11/21/2003 2 11/21/2005 4931358 CC0 10/20/2003 2 10/20/2005 4931145 CC0 7/23/2003 2 7/23/2005 4931009 CC0 10/31/2003 2 10/31/2005 4931190 CC0 9/19/2003 2 9/19/2005 4932714 CC0 12/18/2003 2 12/18/2005 4931919 CC0 10/9/2003 2 10/9/2005 4930230 CCCC0 1/27/2004 2 1/27/2006 4929331 CCCC0 12/30/2003 2 12/30/2005 4929675 CCCC0 1/2/2004 2 1/2/2006 4929660 CCCC0 12/15/2003 2 12/15/2005 4925459 CCCC0 12/3/2003 2 12/3/2005 4927842 CCCC0 12/31/2003 2 12/31/2005 4928096 CCCC0 1/2/2004 2 1/2/2006 4928832 CCCC0 2/3/2004 2 2/3/2006 4928626 CCCC0 1/13/2004 2 1/13/2006 4928969 CCCC0 1/28/2004 2 1/28/2006 4929125 CCCC0 2/6/2004 2 2/6/2006 4928846 CCCC0 1/20/2004 2 1/20/2006 4929102 CCCC0 1/29/2004 2 1/29/2006 4926580 CCCC0 11/12/2003 2 11/12/2005 4927579 CCCC0 12/23/2003 2 12/23/2005 4927322 CCCC0 12/31/2003 2 12/31/2005 4929076 CCCC0 1/29/2004 2 1/29/2006 4929236 CCCC0 2/4/2004 2 2/4/2006 4926287 CCCC0 11/14/2003 2 11/14/2005 4928780 CCCC0 1/13/2004 2 1/13/2006 4926554 CCCC0 12/5/2003 2 12/5/2005 4926812 CCCC0 12/16/2003 2 12/16/2005 4926374 CCCC0 11/21/2003 2 11/21/2005 4927188 CCCC0 12/22/2003 2 12/22/2005 4929262 CCCC0 2/4/2004 2 2/4/2006 4926803 CCCC0 12/8/2003 2 12/8/2005 4928456 CCCC0 1/9/2004 1 1/9/2005 Paid-Off Loans With Prepayment Flags for SASCO 2004-S2 Mortgage Data Through: September 30, 2004 (Cont'd) Murrayhill Payoff Balance PPP to Payoff Collected, Collected, Comments ID Number Remitted Balance w/ Flag No Flag 4937201 $99,743 $0 0% 4937201 Awaiting servicer response 4926835 $31,215 $0 0% 4926835 Awaiting servicer response 4931343 $38,004 $0 0% 4931343 Did not collect because of a MD state statute 4931561 $25,125 $0 0% 4931561 Did not collect because of a PA state statute 4930053 $30,907 $0 0% 4930053 Liquidated through loss mitigation 4929778 $57,269 $0 0% 4929778 Per note rider, PPP expired 4936368 $43,822 $1,760 4% 4936368 4934939 $41,099 $1,573 4% 4934939 4933718 $73,463 $2,886 4% 4933718 4932197 $24,675 $430 2% 4930695 $11,879 $517 4% 4931177 $24,494 $1,066 4% 4931692 $34,341 $1,493 4% 4931338 $36,618 $1,611 4% 4930680 $61,290 $2,215 4% 4931220 $53,517 $2,247 4% 4932734 $65,382 $2,720 4% 4930603 $70,878 $3,082 4% 4931716 $73,914 $3,500 5% 4929807 $25,491 $968 4% 4930310 $26,955 $996 4% 4930134 $65,815 $2,893 4% 4930106 $117,390 $4,512 4% 4927303 $26,719 $406 2% 4926343 $22,262 $910 4% 4926393 $25,756 $1,143 4% 4928514 $25,599 $1,175 5% 4926438 $39,913 $1,509 4% 4926488 $33,766 $1,585 5% 4926867 $48,199 $1,729 4% 4926312 $44,511 $1,771 4% 4926481 $38,741 $1,779 5% 4927062 $58,406 $2,210 4% 4929104 $63,432 $2,342 4% 4929032 $66,948 $2,666 4% 4926841 $62,992 $2,956 5% 4937711 $73,843 $2,714 4% 4931193 $33,950 $1,228 4% 4931210 $35,462 $1,510 4% 4931352 $40,193 $1,651 4% 4931747 $38,055 $1,879 5% 4931746 $38,095 $1,881 5% 4931358 $47,254 $2,056 4% 4931145 $54,748 $2,167 4% 4931009 $56,177 $2,278 4% 4931190 $57,254 $2,410 4% 4932714 $62,248 $2,708 4% 4931919 $56,300 $2,789 5% 4930230 $35,863 $1,200 3% 4929331 $33,112 $1,589 5% 4929675 $53,132 $2,177 4% 4929660 $67,467 $3,102 5% 4925459 $25,304 $506 2% 4927842 $19,942 $833 4% 4928096 $20,112 $840 4% 4928832 $23,132 $968 4% 4928626 $33,527 $1,337 4% 4928969 $30,801 $1,443 5% 4929125 $43,686 $1,655 4% 4928846 $43,201 $1,896 4% 4929102 $43,708 $2,007 5% 4926580 $54,125 $2,072 4% 4927579 $51,002 $2,130 4% 4927322 $57,291 $2,168 4% 4929076 $49,442 $2,270 5% 4929236 $61,813 $2,342 4% 4926287 $55,465 $2,429 4% 4928780 $59,491 $2,576 4% 4926554 $61,421 $2,612 4% 4926812 $82,164 $3,114 4% 4926374 $85,002 $3,430 4% 4927188 $83,324 $3,736 4% 4929262 $89,253 $3,832 4% 4926803 $89,251 $3,909 4% 4928456 $59,640 $3,235 5% c 2004 The Murrayhill Company. All Rights Reserved. Section Three Loss Analysis SASCO 2004-S2 Historical Monthly Losses Losses Through: September 30, 2004 Date Loan Loss Amount Loss Percentage 10/25/2004 $28,823 0.01% 9/25/2004 $0 0.00% 8/25/2004 $0 0.00% 7/25/2004 $0 0.00% 6/25/2004 $0 0.00% Totals: $28,823 0.01% *The loss percentage is a calculation of the total monthly loss as a percentage of the original balance of the security. SASCO 2004-S2 Loss Reconciliation Report Trustee Remittance Date: October 25, 2004 Remittance Statement Summary 10/25/2004 $28,823Loan-Level Losses: $28,823 Subsequent Losses: $0 Subsequent Gains: $0 Monthly Security Loss: $28,823 Losses Remitted: $28,823 Difference: $0 Loan-Level Loss Report Loan Number Loss Loan Number Loss Loan Number Loss 4930053 $28,823 Loan-Level Loss Report Total: $28,823 SASCO 2004-S2 Loss Report Losses through September 30, 2004 October 25, 2004 Servicer Orig. LTV Original Amt Months Delinquent Loan Number State Orig. Date Orig Appraisal Value Decline Advances Loss Severity 4930053ID 12/30/2003 20% $31,200-24.00%1 $0 $28,823 92.38% $156,000 Servicer Total:$31,200 Distribution Date Total: $31,200$28,82392.38% c 2004 The Murrayhill Company. All Rights Reserved. Section Four Analytics SASCO 2004-S2 FICO Distribution by Status Mortgage Data Through: September 30, 2004 FICO Delinquency Percentage 570 Current0 580 Current0.007 580 Delinquent 0.024 580 Paid Off 0.005 590 Current0.016 590 Delinquent 0.052 590 Paid Off 0.009 600 Current0.025 600 Delinquent 0.079 600 Paid Off 0.013 610 Current0.033 610 Delinquent 0.1 610 Paid Off 0.023 620 Current0.045 620 Delinquent 0.089 620 Paid Off 0.032 630 Current0.052 630 Delinquent 0.089 630 Paid Off 0.039 640 Current0.055 640 Delinquent 0.086 640 Paid Off 0.044 650 Current0.066 650 Delinquent 0.079 650 Paid Off 0.07 660 Current0.075 660 Delinquent 0.093 660 Paid Off 0.061 670 Current0.075 670 Delinquent 0.055 670 Paid Off 0.076 680 Current0.082 680 Delinquent 0.045 680 Paid Off 0.106 690 Current0.086 690 Delinquent 0.072 690 Paid Off 0.108 700 Current0.07 700 Delinquent 0.041 700 Paid Off 0.09 710 Current0.062 710 Delinquent 0.014 710 Paid Off 0.06 720 Current0.051 720 Delinquent 0.027 720 Paid Off 0.048 730 Current0.045 730 Delinquent 0.017 730 Paid Off 0.058 740 Current0.037 740 Delinquent 0.014 740 Paid Off 0.037 750 Current0.035 750 Paid Off 0.035 760 Current0.028 760 Delinquent 0.007 760 Paid Off 0.03 770 Current0.02 770 Delinquent 0.007 770 Paid Off 0.025 780 Current0.017 780 Delinquent 0.003 780 Paid Off 0.019 790 Current0.01 790 Paid Off 0.006 800 Current0.005 800 Delinquent 0.007 800 Paid Off 0.006 810 Current0.002 820 Current0 850 Current0 850 Paid Off 0.001 Status # of Loans AverageStd. Deviation Current10,669 682 48.068 Delinquent 291 648 43.276 Paid Off 1,582 688 44.798 Total: 12,542 SASCO 2004-S2 Balance Distribution by Status Mortgage Data Through: September 30, 2004 BalanceDelinquency Percentage 0 Current0 10000 Current0.022 10000 Delinquent 0.021 20000 Current0.198 20000 Delinquent 0.285 30000 Current0.243 30000 Delinquent 0.227 40000 Current0.178 40000 Delinquent 0.165 50000 Current0.131 50000 Delinquent 0.082 60000 Current0.092 60000 Delinquent 0.069 70000 Current0.065 70000 Delinquent 0.069 80000 Current0.026 80000 Delinquent 0.024 90000 Current0.017 90000 Delinquent 0.031 100000 Current0.012 100000 Delinquent 0.024 110000 Current0.006 120000 Current0.003 120000 Delinquent 0.003 130000 Current0.002 140000 Current0.001 150000 Current0.002 160000 Current0 170000 Current0 180000 Current0 200000 Current0 280000 Current0 Status # of Loans AverageStd. Deviation Current10,669 41,998.74 21,726.06 Delinquent 291 40,064.54 21,932.11 Total: 10,960 SASCO 2004-S2 Loan-to-Value Distribution by Status Mortgage Data Through: September 30, 2004 LTV Delinquency Percentage 0 Current0.004 0 Paid Off 0.006 0.1 Paid Off 0.231 0.1 Current0.152 0.1 Delinquent 0.079 0.2 Current0.828 0.2 Paid Off 0.745 0.2 Delinquent 0.907 0.3 Paid Off 0.016 0.3 Delinquent 0.014 0.3 Current0.014 0.4 Current0.001 0.4 Paid Off 0.002 0.5 Current0 0.5 Paid Off 0.001 Status # of Loans AverageStd. Deviation Current10,669 0.183 0.036 Delinquent 291 0.191 0.027 Paid Off 1,582 0.176 0.043 Total: 12,542 SASCO 2004-S2 Mortgage Purpose Distribution Mortgage Data through: September 30, 2004 Origination Statistics Current Loans Delinquent Loans Paid Off Loans Number of Loans: 12,547 Number of Loans: 10,669 Number of Loans: 291 Number of Loans: 1,582 PurposeNumber Percentage PurposeNumber Percentage PurposeNumber Percentage PurposeNumber Percentage Cash-out refinance 1,387 11.1% Cash-out refinance 1,151 10.8% Cash-out refinance 28 9.6% Cash-out refinance 207 13.1% Purchase 10,266 81.8% Purchase 8,770 82.2% Purchase 249 85.6% Purchase 1,243 78.6% Rate/term 886 7.1% Rate/term 741 6.9% Rate/term 14 4.8% Rate/term 131 8.3% Home 2 0.0% Home 2 0.0% Home 0 0.0% Home 0 0.0% Other 6 0.0% Other 5 0.0% Other 0 0.0% Other 1 0.1% Total 12,547 100% Total 10,669 100% Total 291 100% Total 1,582 100% SASCO 2004-S2 Mortgage Type Distribution by Status Mortgage Data Through: September 30, 2004 Mortgage Type Delinquency Percentage Investment HomeCurrent0.048 Investment HomeDelinquent 0.031 Investment HomePaid Off 0.064 Primary Home Current0.943 Primary Home Delinquent 0.966 Primary Home Paid Off 0.924 Second Home Current0.009 Second Home Delinquent 0.003 Second Home Paid Off 0.012 Mortgage Type Loan Count Total Balance Avg. Balance Std. Deviation Balloon5,807 223,646,996.25 38,513.35 26,644.44 Fixed 6,735 236,431,754.42 35,104.94 22,599.47 Total: 12,542 460,078,750.67 SASCO 2004-S2 Mortgage Term Distribution by Status Mortgage Data Through: September 30, 2004 Mortgage Term Delinquency Percentage 120 Current0.001 120 Paid Off 0.001 180 Paid Off 0.614 180 Current0.53 180 Delinquent 0.375 240 Delinquent 0.447 240 Current0.259 240 Paid Off 0.225 300 Current0 360 Current0.209 360 Paid Off 0.159 360 Delinquent 0.179 # of Loans Other 120 180 240 300 360 12,542 0 12 6,740 3,248 3 2,539 SASCO 2004-S2 Ownership Distribution by Status Mortgage Data Through: September 30, 2004 Ownership Type Delinquency Percentage Investment HomeCurrent0.048 Investment HomeDelinquent 0.031 Investment HomePaid Off 0.064 Primary Home Current0.943 Primary Home Delinquent 0.966 Primary Home Paid Off 0.924 Second Home Current0.009 Second Home Delinquent 0.003 Second Home Paid Off 0.012 Title # of Loans Investment Home620 Primary Home 11,805 Second Home 117 Total: 12,542 SASCO 2004-S2 Delinquent Balance Over Time Mortgage Data Through: September 30, 2004 Total Balance in Status AsOfDate 30 Days60 Days90 DaysForeclosure REO 5/31/2004 $1,076,438 $156,043 $0 - - 6/30/2004 $3,157,094 $1,761,575 $697,426 - - 7/31/2004 $5,094,031 $1,866,508 $2,363,729 $82,906- 8/31/2004 $4,601,072 $2,404,622 $3,610,394 $94,463$31,525 9/30/2004 $4,175,131 $2,193,423 $5,063,588 $52,807$173,832 SASCO 2004-S2 Delinquent Count Over Time Mortgage Data Through: September 30, 2004 Total Count in Status AsOfDate 30 Days60 Days90 DaysForeclosure REO 5/31/2004 26 4 0 0 0 6/30/2004 72 43 14 0 0 7/31/2004 112 45 57 3 0 8/31/2004 112 53 91 2 1 9/30/2004 111 52 122 1 5 SASCO 2004-S2 Conditional Prepayment Rates Mortgage Data Through: September 30, 2004 Date Distribution Date CPR 3-Month MA 6-Month MA 12-Month MA 30-Sep-04 25-Oct-04 41.21% 37.42% 31-Aug-04 25-Sep-04 36.07% 33.13% 31-Jul-04 25-Aug-04 34.79% 30-Jun-04 25-Jul-04 28.26%

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