8-K 1 sai05002_10505.txt 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): May 25, 2005 STRUCTURED ASSET INVESTMENT LOAN TRUST Mortgage Pass-Through Certificates, Series 2005-2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-120575-11 54-2169396 Pooling and Servicing Agreement) (Commission 54-2169397 (State or other File Number) 54-2169398 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 May 25, 2005 a distribution was made to holders of STRUCTURED ASSET INVESTMENT LOAN TRUST, Mortgage Pass-Through Certificates, Series 2005-2 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 2005-2 Trust, relating to the May 25, 2005 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 INVESTMENT LOAN TRUST Mortgage Pass-Through Certificates, Series 2005-2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 5/25/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-2 Trust, relating to the May 25, 2005 distribution. EX-99.2 Murrayhill Credit Risk Manager Report EX-99.1

Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates Record Date: 34/3129/2005 Distribution Date: 45/25/2005 Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates Series 2005-2 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 86358EQU3 SEN 3.~~11000~~28000% ~~347~~340,~~384~~553,~~397~~759.0842 930,~~314~~846.7194 69,~~830~~416,~~637~~017.6600 A2 86358EQV1 SEN 23.~~97000~~14000% ~~440~~425,~~964~~725,~~627~~572.2622 1,~~127~~113,~~767~~981.0391 1521,~~239~~006,~~055~~999.0441 A3 86358EQW9 SEN 3.~~10000~~27000% 225,390,000.00 ~~601~~614,~~666~~187.0875 0.00 A4 86358EQX7 SEN 3.~~22000~~39000% 108,655,000.00 ~~301~~306,~~276~~950.1738 0.00 A5 86358EQY5 SEN 3.~~12000~~29000% ~~478~~470,~~151~~724,~~368~~830.5684 1,~~284~~290,~~633~~570.3458 79,~~426~~231,~~537~~653.7264 A6 86358EQZ2 SEN 3.~~14000~~31000% ~~119~~117,~~538~~681,~~090~~452.9061 ~~323~~324,~~217~~604.7267 12,~~856~~307,~~638~~918.2921 M1 86358ERA6 SEN 3.~~30000~~47000% 59,052,000.00 ~~167~~170,~~806~~758.1070 0.00 M2 86358ERB4 MEZ 3.~~34000~~51000% 54,047,000.00 ~~155~~158,~~445~~087.1848 0.00 M3 86358ERC2 MEZ 3.~~37000~~54000% 27,024,000.00 7879,~~422~~720.1580 0.00 M4 86358ERD0 MEZ 3.~~53000~~70000% 24,021,000.00 7374,~~017~~064.1775 0.00 M5 86358ERE8 MEZ 3.~~56000~~73000% 23,020,000.00 7071,~~569~~553.0983 0.00 M6 86358ERF5 MEZ 3.~~63000~~80000% 15,013,000.00 4647,~~928~~541.1417 0.00 M7 86358ERG3 MEZ 4.~~10000~~27000% 17,015,000.00 60,~~072~~545.4004 0.00 M8 86358ERH1 MEZ 4.~~15000~~32000% 15,013,000.00 5354,~~650~~046.6280 0.00 M9 86358ERJ7 MEZ 45.~~95000~~12000% 20,018,000.00 85,~~326~~410.7313 0.00 B 86358EQT6 SUB 5.~~35000~~52000% 6,005,000.00 27,~~664~~623.7000 0.00 X SAI05002X RES 0.00000% 10,008,537.60 6,~~287~~278,~~368~~386.6381 0.00 P SAI05002P RES 0.00000% 100.00 ~~261~~499,~~017~~138.2664 0.00 Totals 1,~~990~~958,~~320~~967,~~121~~252.4069 1112,~~936~~188,~~163~~019.2238 3141,~~352~~962,~~868~~588.7126

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 ~~340~~331,~~553~~137,~~759~~742.42 710,~~760~~346,~~952~~863.3794 0.00 A2 0.00 ~~425~~404,~~725~~718,572.2281 1622,~~366~~120,~~822~~981.0732 0.00 A3 0.00 225,390,000.00 ~~601~~614,~~666~~187.0875 0.00 A4 0.00 108,655,000.00 ~~301~~306,~~276~~950.1738 0.00 A5 0.00 ~~470~~461,~~724~~493,~~830~~177.8421 810,~~711~~522,~~171~~224.0622 0.00 A6 0.00 ~~117~~115,~~681~~373,~~452~~534.6139 2,~~179~~632,~~856~~522.0188 0.00 M1 0.00 59,052,000.00 ~~167~~170,~~806~~758.1070 0.00 M2 0.00 54,047,000.00 ~~155~~158,~~445~~087.1848 0.00 M3 0.00 27,024,000.00 7879,~~422~~720.1580 0.00 M4 0.00 24,021,000.00 7374,~~017~~064.1775 0.00 M5 0.00 23,020,000.00 7071,~~569~~553.0983 0.00 M6 0.00 15,013,000.00 4647,~~928~~541.1417 0.00 M7 0.00 17,015,000.00 60,~~072~~545.4004 0.00 M8 0.00 15,013,000.00 5354,~~650~~046.6280 0.00 M9 0.00 20,018,000.00 85,~~326~~410.7313 0.00 B 0.00 6,005,000.00 27,~~664~~623.7000 0.00 X 0.00 10,008,537.60 6,~~287~~278,~~368~~386.6381 0.00 P 0.00 100.00 ~~261~~499,~~017~~138.2664 0.00 Totals 0.00 1,~~958~~917,~~967~~004,~~252~~664.69 43 54,~~289~~150,~~031~~607.9364 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 350,000,000.00 ~~347~~340,~~384~~553,~~397~~759.0842 0.00 69,~~830~~416,~~637~~017.6600 0.00 0.00 A2 446,800,000.00 ~~440~~425,~~964~~725,~~627~~572.2622 0.00 1521,~~239~~006,~~055~~999.0441 0.00 0.00 A3 225,390,000.00 225,390,000.00 0.00 0.00 0.00 0.00 A4 108,655,000.00 108,655,000.00 0.00 0.00 0.00 0.00 A5 480,539,000.00 ~~478~~470,~~151~~724,~~368~~830.5684 0.00 79,~~426~~231,~~537~~653.7264 0.00 0.00 A6 120,135,000.00 ~~119~~117,~~538~~681,~~090~~452.9061 0.00 12,~~856~~307,~~638~~918.2921 0.00 0.00 M1 59,052,000.00 59,052,000.00 0.00 0.00 0.00 0.00 M2 54,047,000.00 54,047,000.00 0.00 0.00 0.00 0.00 M3 27,024,000.00 27,024,000.00 0.00 0.00 0.00 0.00 M4 24,021,000.00 24,021,000.00 0.00 0.00 0.00 0.00 M5 23,020,000.00 23,020,000.00 0.00 0.00 0.00 0.00 M6 15,013,000.00 15,013,000.00 0.00 0.00 0.00 0.00 M7 17,015,000.00 17,015,000.00 0.00 0.00 0.00 0.00 M8 15,013,000.00 15,013,000.00 0.00 0.00 0.00 0.00 M9 20,018,000.00 20,018,000.00 0.00 0.00 0.00 0.00 B 6,005,000.00 6,005,000.00 0.00 0.00 0.00 0.00 X 0.00 10,008,537.60 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 1,991,747,100.00 1,~~990~~958,~~320~~967,~~121~~252.4069 0.00 3141,~~352~~962,~~868~~588.7126 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 69,~~830~~416,~~637~~017.6600 ~~340~~331,~~553~~137,~~759~~742.42 0.~~97301074~~94610784 69,~~830~~416,~~637~~017.6600 A2 1521,~~239~~006,~~055~~999.0441 ~~425~~404,~~725~~718,572.2281 0.~~95283253~~90581596 1521,~~239~~006,~~055~~999.0441 A3 0.00 225,390,000.00 1.00000000 0.00 A4 0.00 108,655,000.00 1.00000000 0.00 A5 79,~~426~~231,~~537~~653.7264 ~~470~~461,~~724~~493,~~830~~177.8421 0.~~97957675~~96036571 79,~~426~~231,~~537~~653.7264 A6 12,~~856~~307,~~638~~918.2921 ~~117~~115,~~681~~373,~~452~~534.6139 0.~~97957675~~96036571 12,~~856~~307,~~638~~918.2921 M1 0.00 59,052,000.00 1.00000000 0.00 M2 0.00 54,047,000.00 1.00000000 0.00 M3 0.00 27,024,000.00 1.00000000 0.00 M4 0.00 24,021,000.00 1.00000000 0.00 M5 0.00 23,020,000.00 1.00000000 0.00 M6 0.00 15,013,000.00 1.00000000 0.00 M7 0.00 17,015,000.00 1.00000000 0.00 M8 0.00 15,013,000.00 1.00000000 0.00 M9 0.00 20,018,000.00 1.00000000 0.00 B 0.00 6,005,000.00 1.00000000 0.00 X 0.00 10,008,537.60 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 3141,~~352~~962,~~868~~588.7126 1,~~958~~917,~~967~~004,~~252~~664.6943 0.~~98354216~~96247393 3141,~~352~~962,~~868~~588.7126

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 350,000,000.00 ~~992~~973.~~52684880~~01074120 0.00000000 1926.~~51610760~~90290571 0.00000000 A2 446,800,000.00 ~~986~~952.~~93963129~~83252511 0.00000000 3447.~~10710618~~01656090 0.00000000 A3 225,390,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A4 108,655,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A5 480,539,000.00 ~~995~~979.~~03134722~~57674786 0.00000000 1519.~~45459936~~21103935 0.00000000 A6 120,135,000.00 ~~995~~979.~~03134723~~57674791 0.00000000 1519.~~45459933~~21103933 0.00000000 M1 59,052,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 54,047,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 27,024,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 24,021,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 23,020,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 15,013,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 17,015,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 15,013,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 20,018,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 6,005,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 (2) All classes per $1,000 denominations.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1 0.00000000 1926.~~51610760~~90290571 ~~973~~946.~~01074120~~10783549 0.~~97301074~~94610784 1926.~~51610760~~90290571 A2 0.00000000 3447.~~10710618~~01656090 ~~952~~905.~~83252511~~81596421 0.~~95283253~~90581596 3447.~~10710618~~01656090 A3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A5 0.00000000 1519.~~45459936~~21103935 ~~979~~960.~~57674786~~36570853 0.~~97957675~~96036571 1519.~~45459936~~21103935 A6 0.00000000 1519.~~45459933~~21103933 ~~979~~960.~~57674791~~36570849 0.~~97957675~~96036571 1519.~~45459933~~21103933 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 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A1 350,000,000.00 3.~~11000~~28000% ~~347~~340,~~384~~553,~~397~~759.0842 930,~~314~~846.7194 0.00 0.00 A2 446,800,000.00 23.~~97000~~14000% ~~440~~425,~~964~~725,~~627~~572.2622 1,~~127~~113,~~767~~981.0391 0.00 0.00 A3 225,390,000.00 3.~~10000~~27000% 225,390,000.00 ~~601~~614,~~666~~187.0875 0.00 0.00 A4 108,655,000.00 3.~~22000~~39000% 108,655,000.00 ~~301~~306,~~276~~950.1738 0.00 0.00 A5 480,539,000.00 3.~~12000~~29000% ~~478~~470,~~151~~724,~~368~~830.5684 1,~~284~~290,~~633~~570.3458 0.00 0.00 A6 120,135,000.00 3.~~14000~~31000% ~~119~~117,~~538~~681,~~090~~452.9061 ~~323~~324,~~217~~604.7267 0.00 0.00 M1 59,052,000.00 3.~~30000~~47000% 59,052,000.00 ~~167~~170,~~806~~758.1070 0.00 0.00 M2 54,047,000.00 3.~~34000~~51000% 54,047,000.00 ~~155~~158,~~445~~087.1848 0.00 0.00 M3 27,024,000.00 3.~~37000~~54000% 27,024,000.00 7879,~~422~~720.1580 0.00 0.00 M4 24,021,000.00 3.~~53000~~70000% 24,021,000.00 7374,~~017~~064.1775 0.00 0.00 M5 23,020,000.00 3.~~56000~~73000% 23,020,000.00 7071,~~569~~553.0983 0.00 0.00 M6 15,013,000.00 3.~~63000~~80000% 15,013,000.00 4647,~~928~~541.1417 0.00 0.00 M7 17,015,000.00 4.~~10000~~27000% 17,015,000.00 60,~~072~~545.4004 0.00 0.00 M8 15,013,000.00 4.~~15000~~32000% 15,013,000.00 5354,~~650~~046.6280 0.00 0.00 M9 20,018,000.00 45.~~95000~~12000% 20,018,000.00 85,~~326~~410.7313 0.00 0.00 B 6,005,000.00 5.~~35000~~52000% 6,005,000.00 27,~~664~~623.7000 0.00 0.00 X 0.00 0.00000% 1,~~990~~958,~~320~~967,~~121~~252.4069 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 1,991,747,100.00 5,~~387~~410,~~777~~493.3393 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 0.00 930,~~314~~846.7194 0.00 ~~340~~331,~~553~~137,~~759~~742.42 A2 0.00 0.00 1,~~127~~113,~~767~~981.0391 0.00 ~~425~~404,~~725~~718,572.2281 A3 0.00 0.00 ~~601~~614,~~666~~187.0875 0.00 225,390,000.00 A4 0.00 0.00 ~~301~~306,~~276~~950.1738 0.00 108,655,000.00 A5 0.00 0.00 1,~~284~~290,~~633~~570.3458 0.00 ~~470~~461,~~724~~493,~~830~~177.8421 A6 0.00 0.00 ~~323~~324,~~217~~604.7267 0.00 ~~117~~115,~~681~~373,~~452~~534.6139 M1 0.00 0.00 ~~167~~170,~~806~~758.1070 0.00 59,052,000.00 M2 0.00 0.00 ~~155~~158,~~445~~087.1848 0.00 54,047,000.00 M3 0.00 0.00 7879,~~422~~720.1580 0.00 27,024,000.00 M4 0.00 0.00 7374,~~017~~064.1775 0.00 24,021,000.00 M5 0.00 0.00 7071,~~569~~553.0983 0.00 23,020,000.00 M6 0.00 0.00 4647,~~928~~541.1417 0.00 15,013,000.00 M7 0.00 0.00 60,~~072~~545.4004 0.00 17,015,000.00 M8 0.00 0.00 5354,~~650~~046.6280 0.00 15,013,000.00 M9 0.00 0.00 85,~~326~~410.7313 0.00 20,018,000.00 B 0.00 0.00 27,~~664~~623.7000 0.00 6,005,000.00 X 0.00 0.00 6,~~287~~278,~~368~~386.6381 0.00 1,~~958~~917,~~967~~004,~~252~~664.6943 P 0.00 0.00 ~~261~~499,~~017~~138.2664 0.00 100.00 Totals 0.00 0.00 1112,~~936~~188,~~163~~019.2238 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 350,000,000.00 3.~~11000~~28000% ~~992~~973.~~52684880~~01074120 2.~~65804203~~65956269 0.00000000 0.00000000 A2 446,800,000.00 23.~~97000~~14000% ~~986~~952.~~93963129~~83252511 2.~~52409810~~49324510 0.00000000 0.00000000 A3 225,390,000.00 3.~~10000~~27000% 1000.00000000 2.~~66944443~~72500000 0.00000000 0.00000000 A4 108,655,000.00 3.~~22000~~39000% 1000.00000000 2.~~77277778~~82500005 0.00000000 0.00000000 A5 480,539,000.00 3.~~12000~~29000% ~~995~~979.~~03134722~~57674786 2.~~67331755~~68567292 0.00000000 0.00000000 A6 120,135,000.00 3.~~14000~~31000% ~~995~~979.~~03134723~~57674791 2.~~69045424~~70199917 0.00000000 0.00000000 M1 59,052,000.00 3.~~30000~~47000% 1000.00000000 2.~~84166667~~89166667 0.00000000 0.00000000 M2 54,047,000.00 3.~~34000~~51000% 1000.00000000 2.~~87611116~~92500009 0.00000000 0.00000000 M3 27,024,000.00 3.~~37000~~54000% 1000.00000000 2.~~90194457~~95000000 0.00000000 0.00000000 M4 24,021,000.00 3.~~53000~~70000% 1000.00000000 3.~~03972233~~08333333 0.00000000 0.00000000 M5 23,020,000.00 3.~~56000~~73000% 1000.00000000 3.~~06555560~~10833319 0.00000000 0.00000000 M6 15,013,000.00 3.~~63000~~80000% 1000.00000000 3.~~12583361~~16666689 0.00000000 0.00000000 M7 17,015,000.00 4.~~10000~~27000% 1000.00000000 3.~~53055539~~55833324 0.00000000 0.00000000 M8 15,013,000.00 4.~~15000~~32000% 1000.00000000 3.~~57361087~~60000000 0.00000000 0.00000000 M9 20,018,000.00 45.~~95000~~12000% 1000.00000000 4.~~26250025~~26666650 0.00000000 0.00000000 B 6,005,000.00 5.~~35000~~52000% 1000.00000000 4.~~60694421~~60000000 0.00000000 0.00000000 X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) All classes per $1,000 denominations.

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 2.~~65804203~~65956269 0.00000000 ~~973~~946.~~01074120~~10783549 A2 0.00000000 0.00000000 2.~~52409810~~49324510 0.00000000 ~~952~~905.~~83252511~~81596421 A3 0.00000000 0.00000000 2.~~66944443~~72500000 0.00000000 1000.00000000 A4 0.00000000 0.00000000 2.~~77277778~~82500005 0.00000000 1000.00000000 A5 0.00000000 0.00000000 2.~~67331755~~68567292 0.00000000 ~~979~~960.~~57674786~~36570853 A6 0.00000000 0.00000000 2.~~69045424~~70199917 0.00000000 ~~979~~960.~~57674791~~36570849 M1 0.00000000 0.00000000 2.~~84166667~~89166667 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~87611116~~92500009 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~90194457~~95000000 0.00000000 1000.00000000 M4 0.00000000 0.00000000 3.~~03972233~~08333333 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.~~06555560~~10833319 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.~~12583361~~16666689 0.00000000 1000.00000000 M7 0.00000000 0.00000000 3.~~53055539~~55833324 0.00000000 1000.00000000 M8 0.00000000 0.00000000 3.~~57361087~~60000000 0.00000000 1000.00000000 M9 0.00000000 0.00000000 4.~~26250025~~26666650 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.~~60694421~~60000000 0.00000000 1000.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 ~~2610172~~4991386.~~60000000~~40000000 0.00000000 1000.00000000 (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 4255,~~468~~248,~~557~~190.8845 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 ~~261~~499,~~017~~138.2664 Total Deposits 4255,~~729~~747,~~575~~329.1409 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~847~~1,~~544~~596,721.6445 Payment of Interest and Principal 4154,~~882~~150,~~030~~607.5064 Total Withdrawals (Pool Distribution Amount) 4255,~~729~~747,~~575~~329.1409 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~829~~816,~~300~~236.0435 Credit Risk Manager's Fee 1817,~~244~~957.6020 PMI Premium Fee 762,527.90 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~847~~1,~~544~~596,721.6445

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Basis Risk Reserve 1,000.00 0.00 0.00 1,000.00 Supplemental Interest Trust 1,000.00 01,584,859.0085 01,584,859.0085 1,000.00

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 37 0 0 37 ~~290~~810,~~438~~470.7780 0.00 0.00 ~~290~~810,~~438~~470.7780 30 Days 74156 01 01 0 74158 1529,~~518~~681,~~667~~341.1291 050,341.0079 0296,296.0010 0.00 1530,~~518~~027,~~667~~979.1280 60 Days 3947 0 01 0 3948 47,~~730~~983,~~186~~922.5885 0.00 0214,872.0024 0.00 48,~~730~~198,~~186~~795.5809 90 Days 535 1 0 0 636 ~~586~~5,~~311~~863,540.2870 ~~170~~169,~~000~~875.0060 0.00 0.00 ~~756~~6,~~311~~033,416.2830 120 Days 05 0 0 0 05 0537,711.0028 0.00 0.00 0.00 0537,711.0028 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 ~~118~~243 49 02 0 ~~122~~254 2044,~~835~~066,~~164~~516.9874 ~~460~~1,~~438~~030,688.7719 0511,168.0034 0.00 2145,~~295~~608,~~603~~373.7527 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.~~028127~~066698% 0.000000% 0.000000% 0.~~028127~~066698% 0.~~014817~~042252% 0.000000% 0.000000% 0.~~014817~~042252% 30 Days 01.~~693793~~486422% 0.~~000000~~009528% 0.~~000000~~009528% 0.000000% 01.~~693793~~505479% 01.~~791713~~547357% 0.~~000000~~002624% 0.~~000000~~015447% 0.000000% 01.~~791713~~565428% 60 Days 0.~~365648~~447832% 0.000000% 0.~~000000~~009528% 0.000000% 0.~~365648~~457361% 0.~~241319~~416220% 0.000000% 0.~~000000~~011202% 0.000000% 0.~~241319~~427422% 90 Days 0.~~046878~~333492% 0.~~009376~~009528% 0.000000% 0.000000% 0.~~056254~~343020% 0.~~029912~~305680% 0.~~008673~~008856% 0.000000% 0.000000% 0.~~038585~~314536% 120 Days 0.~~000000~~047642% 0.000000% 0.000000% 0.000000% 0.~~000000~~047642% 0.~~000000~~028032% 0.000000% 0.000000% 0.000000% 0.~~000000~~028032% 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 12.~~106319~~315388% 0.~~037502~~085755% 0.~~000000~~019057% 0.000000% 12.~~143821~~420200% 12.~~062944~~297290% 0.~~023490~~053732% 0.~~000000~~026648% 0.000000% 12.~~086434~~377671%

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 615 0 0 0 615 ~~491~~1,~~560~~414,383.9554 0.00 0.00 0.00 ~~491~~1,~~560~~414,383.9554 60 Days 83 0 0 0 83 ~~500~~261,~~264~~260.7334 0.00 0.00 0.00 ~~500~~261,~~264~~260.7334 90 Days 28 0 0 0 28 ~~307~~548,~~900~~615.0470 0.00 0.00 0.00 ~~307~~548,~~900~~615.0470 120 Days 03 0 0 0 03 0391,900.0004 0.00 0.00 0.00 0391,900.0004 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 1629 0 0 0 1629 12,~~299~~616,~~725~~159.7262 0.00 0.00 0.00 12,~~299~~616,~~725~~159.7262 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~434468~~094092% 0.000000% 0.000000% 0.000000% 01.~~434468~~094092% 0.~~332998~~964579% 0.000000% 0.000000% 0.000000% 0.~~332998~~964579% 60 Days 0.~~579290~~218818% 0.000000% 0.000000% 0.000000% 0.~~579290~~218818% 0.~~338894~~178174% 0.000000% 0.000000% 0.000000% 0.~~338894~~178174% 90 Days 0.~~144823~~583516% 0.000000% 0.000000% 0.000000% 0.~~144823~~583516% 0.~~208581~~374144% 0.000000% 0.000000% 0.000000% 0.~~208581~~374144% 120 Days 0.~~000000~~218818% 0.000000% 0.000000% 0.000000% 0.~~000000~~218818% 0.~~000000~~267267% 0.000000% 0.000000% 0.000000% 0.~~000000~~267267% 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 12.~~158581~~115244% 0.000000% 0.000000% 0.000000% 12.~~158581~~115244% 01.~~880473~~784165% 0.000000% 0.000000% 0.000000% 01.~~880473~~784165% 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 02 0 0 02 0199,331.0072 0.00 0.00 0199,331.0072 30 Days 4180 0 01 0 4181 1017,~~340~~780,~~109~~009.6083 0.00 0296,296.0010 0.00 1018,~~340~~076,~~109~~305.6093 60 Days 2122 0 01 0 2123 34,~~172~~484,~~021~~863.8551 0.00 0214,872.0024 0.00 34,~~172~~699,~~021~~735.8575 90 Days 316 1 0 0 417 ~~278~~3,~~411~~033,175.2400 ~~170~~169,~~000~~875.0060 0.00 0.00 ~~448~~3,~~411~~203,050.2460 120 Days 02 0 0 0 02 0145,811.0024 0.00 0.00 0.00 0145,811.0024 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 65120 13 02 0 66125 1325,~~790~~443,~~542~~859.6958 ~~170~~369,~~000~~207.0032 0511,168.0034 0.00 1326,~~960~~324,~~542~~235.6924 0-29 Days 0.~~000000~~039002% 0.000000% 0.000000% 0.~~000000~~039002% 0.~~000000~~018112% 0.000000% 0.000000% 0.~~000000~~018112% 30 Days 01.~~784089~~560062% 0.000000% 0.~~000000~~019501% 0.000000% 01.~~784089~~579563% 01.~~915080~~615572% 0.000000% 0.~~000000~~026923% 0.000000% 01.~~915080~~642495% 60 Days 0.~~401606~~429017% 0.000000% 0.~~000000~~019501% 0.000000% 0.~~401606~~448518% 0.~~280718~~407515% 0.000000% 0.~~000000~~019524% 0.000000% 0.~~280718~~427039% 90 Days 0.~~057372~~312012% 0.~~019124~~019501% 0.000000% 0.000000% 0.~~076496~~331513% 0.~~024639~~275608% 0.~~015045~~015436% 0.000000% 0.000000% 0.~~039684~~291044% 120 Days 0.~~000000~~039002% 0.000000% 0.000000% 0.000000% 0.~~000000~~039002% 0.~~000000~~013249% 0.000000% 0.000000% 0.000000% 0.~~000000~~013249% 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 12.~~243068~~340094% 0.~~019124~~058502% 0.~~000000~~039002% 0.000000% 12.~~262192~~437598% 12.~~220436~~311944% 0.~~015045~~033548% 0.~~000000~~046447% 0.000000% 12.~~235481~~391939% 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 73 0 0 0 73 ~~407~~250,~~623~~225.8665 0.00 0.00 0.00 ~~407~~250,~~623~~225.8665 60 Days 35 0 0 0 35 89225,~~400~~859.0077 0.00 0.00 0.00 89225,~~400~~859.0077 90 Days 02 0 0 0 02 0184,400.00 0.00 0.00 0.00 0184,400.00 120 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 10 0 0 0 10 ~~497~~660,~~023~~485.8642 0.00 0.00 0.00 ~~497~~660,~~023~~485.8642 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~008646~~437956% 0.000000% 0.000000% 0.000000% 10.~~008646~~437956% 0.~~477436~~295717% 0.000000% 0.000000% 0.000000% 0.~~477436~~295717% 60 Days 0.~~432277~~729927% 0.000000% 0.000000% 0.000000% 0.~~432277~~729927% 0.~~104711~~266922% 0.000000% 0.000000% 0.000000% 0.~~104711~~266922% 90 Days 0.~~000000~~291971% 0.000000% 0.000000% 0.000000% 0.~~000000~~291971% 0.~~000000~~217924% 0.000000% 0.000000% 0.000000% 0.~~000000~~217924% 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.~~440922~~459854% 0.000000% 0.000000% 0.000000% 1.~~440922~~459854% 0.~~582147~~780563% 0.000000% 0.000000% 0.000000% 0.~~582147~~780563% 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 35 0 0 35 ~~290~~611,~~438~~139.7708 0.00 0.00 ~~290~~611,~~438~~139.7708 30 Days 2058 01 0 0 2059 410,~~279~~236,~~372~~722.7189 050,341.0079 0.00 0.00 410,~~279~~287,~~372~~064.7168 60 Days 717 0 0 0 717 ~~968~~3,~~500~~011,939.0023 0.00 0.00 0.00 ~~968~~3,~~500~~011,939.0023 90 Days 09 0 0 0 09 02,097,350.00 0.00 0.00 0.00 02,097,350.00 120 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 2784 36 0 0 3090 515,~~247~~346,~~872~~012.7112 ~~290~~661,~~438~~480.7787 0.00 0.00 516,~~538~~007,~~311~~492.4899 0-29 Days 0.~~089233~~151012% 0.000000% 0.000000% 0.~~089233~~151012% 0.~~048636~~104218% 0.000000% 0.000000% 0.~~048636~~104218% 30 Days 01.~~594884~~751737% 0.~~000000~~030202% 0.000000% 0.000000% 01.~~594884~~781939% 01.~~716604~~745668% 0.~~000000~~008585% 0.000000% 0.000000% 01.~~716604~~754253% 60 Days 0.~~208209~~513440% 0.000000% 0.000000% 0.000000% 0.~~208209~~513440% 0.~~162180~~513626% 0.000000% 0.000000% 0.000000% 0.~~162180~~513626% 90 Days 0.~~000000~~271821% 0.000000% 0.000000% 0.000000% 0.~~000000~~271821% 0.~~000000~~357661% 0.000000% 0.000000% 0.000000% 0.~~000000~~357661% 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 02.~~803093~~536998% 0.~~089233~~181214% 0.000000% 0.000000% 02.~~892326~~718212% 02.~~878784~~616955% 0.~~048636~~112802% 0.000000% 0.000000% 02.~~927420~~729757%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~131,177~~0.3900

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~170827~~169347% Weighted Average Net Coupon 6.~~670827~~669347% Weighted Average Pass-Through Rate 6.~~201987~~202247% Weighted Average Maturity(Stepdown Calculation ) ~~352~~351 Beginning Scheduled Collateral Loan Count 10,~~789~~666 Number Of Loans Paid In Full ~~123~~171 Ending Scheduled Collateral Loan Count 10,~~666~~495 Beginning Scheduled Collateral Balance 1,~~990~~958,~~320~~967,~~121~~252.4069 Ending Scheduled Collateral Balance 1,~~958~~917,~~967~~004,~~252~~664.6943 Ending Actual Collateral Balance at 3129-~~Mar~~Apr-2005 1,~~960~~918,~~137~~195,~~004~~560.7247 Monthly P &I Constant 1312,~~133~~933,~~327~~971.3397 Special Servicing Fee 0.00 Prepayment Penalties ~~261~~499,~~017~~138.2664 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 1,~~239~~230,~~793~~208.6009 Unscheduled Principal 3040,~~113~~732,~~075~~380.1117

Miscellaneous Reporting LIBOR Index 23.~~850000~~020000% Net Swap Payment 1,~~407~~584,~~001~~859.4385 Prepayment Penalties ~~261~~499,~~017~~138.2664 Monthly Excess Cashflow 6,~~287~~278,~~368~~386.6381 Overcollateralization Deficiency 0.00 Target Overcollateralization 10,008,637.60

Group Level Collateral Statement Group 1(A) 1(B) 2(A) Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 8.~~007283~~005314 7.~~059101~~056749 7.~~419857~~422662 Weighted Average Net Rate 7.~~507283~~505314 6.~~559101~~556749 6.~~919857~~922662 Weighted Average Maturity ~~352~~351 ~~352~~351 ~~355~~354 Beginning Loan Count 1,~~390~~381 5,~~302~~229 ~~698~~694 Loans Paid In Full 910 73101 49 Ending Loan Count 1,~~381~~371 5,~~229~~128 ~~694~~685 Beginning Scheduled Balance ~~148~~147,~~910~~512,~~386~~120.0047 1,~~149~~129,~~973~~301,~~370~~943.7558 8685,~~082~~310,~~152~~740.0659 Ending scheduled Balance ~~147~~146,~~512~~525,~~120~~996.4796 1,~~129~~099,~~301~~865,~~943~~050.5868 8584,~~310~~551,~~740~~765.5931 Record Date 0304/3129/2005 0304/3129/2005 0304/3129/2005 Principal And Interest Constant 1,~~111~~102,~~404~~456.3282 7,~~455~~323,~~160~~287.9628 ~~610~~605,~~318~~094.3097 Scheduled Principal ~~117~~118,~~764~~389.7148 ~~690~~682,~~345~~287.5505 7877,~~053~~401.9001 Unscheduled Principal 1867,~~280,500~~734.8203 1928,~~981~~754,~~081~~605.6285 ~~693~~681,~~357~~574.5727 Scheduled Interest ~~993~~984,~~639~~067.6134 6,~~764~~641,~~815~~000.4123 ~~532~~527,~~264~~693.4096 Servicing Fees 6261,~~045~~463.9938 ~~479~~470,~~155~~542.5748 35,~~867~~546.5614 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 47,~~407~~268.9786 ~~468~~457,~~278~~616.0056 33,~~818~~266.2193 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 ~~884~~875,~~185~~335.6510 5,~~817~~712,~~381~~841.8419 ~~462~~458,~~578~~880.6389 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 2818,~~174~~745.2788 ~~154~~331,~~875~~526.2547 1116,~~658~~272.8284 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.~~125244~~120785 6.~~070452~~070484 6.~~448426~~454721

Group Level Collateral Statement Group 2(B) Total Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~141897~~139577 7.~~170827~~169347 Weighted Average Net Rate 6.~~641897~~639577 6.~~670827~~669347 Weighted Average Maturity ~~355~~354 ~~352~~351 Beginning Loan Count 3,~~399~~362 10,~~789~~666 Loans Paid In Full 3751 ~~123~~171 Ending Loan Count 3,~~362~~311 10,~~666~~495 Beginning Scheduled Balance ~~605~~596,~~354~~842,~~212~~448.5905 1,~~990~~958,~~320~~967,~~121~~252.4069 Ending scheduled Balance ~~596~~586,~~842~~061,~~448~~851.0548 1,~~958~~917,~~967~~004,~~252~~664.6943 Record Date 0304/3129/2005 0304/3129/2005 Principal And Interest Constant 3,~~956~~903,~~443~~132.7590 1312,~~133~~933,~~327~~971.3397 Scheduled Principal ~~353~~352,~~629~~130.4455 1,~~239~~230,~~793~~208.6009 Unscheduled Principal 810,~~158~~428,~~135~~466.1002 3040,~~113~~732,~~075~~380.1117 Scheduled Interest 3,~~602~~551,~~814~~002.3135 11,~~893~~703,~~533~~763.7388 Servicing Fees ~~252~~248,~~230~~684.9235 ~~829~~816,~~300~~236.0435 Master Servicing Fees 0.00 0.00 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee ~~228~~224,~~113~~375.5955 ~~777~~762,~~617~~527.7790 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 3,~~122~~077,~~469~~942.8045 10,~~286~~124,~~615~~999.9263 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 66132,~~308~~593.9245 ~~261~~499,~~017~~138.2664 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.~~189705~~188452 6.~~201987~~202247

Ex 99.2

theMurrayhillcompany SAIL 2005-2 Credit Risk Manager Report March 2005 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 Executive Summary Section Two Loan-Level Report Section Three Prepayment Premium Analysis Section Four Analytics c 2005 The Murrayhill Company. All Rights Reserved. Section One Executive Summary SAIL 2005-2 Executive Summary March 2005 Transaction Summary Closing Date: 2/28/2005 Depositor: Structured Asset Securities Corporation Trustee(s): La Salle Bank Securities Administrator: Wells Fargo Bank, N.A. Master Servicer: Aurora Loan Services Master Servicing Servicer(s): Aurora Loan Services, Chase Home Finance, Option One Mortgage, Wells Fargo Bank, N.A. Mortgage Insurer(s): Mortgage Guaranty Insurance Corporation Delinquency Reporting Method: OTS1 Collateral Summary 2/28/2005 as a Percentage of Closing Date 2/28/20052 Closing Date Collateral Balance $2,004,065,650 $1,568,709,856 78.27% Loan Count 10,828 8,182 75.56% 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. Data Issues In the 3/25/2005 remittance, Murrayhill did not receive an investor reporting file from one servicer, whose loans were scheduled to be service transferred on 3/1/2005. Murrayhill is working with the master servicer on this issue and will ensure that these 2,532 loans are reported on by the new servicer in the 4/25/2005 remittance. Collateral Statistics Loan Count Summed Balance Repurchases* 0 $0 First Payment Defaults 22 $3,673,401 Early Payment Defaults** 0 $0 Multiple Loans to One Borrower*** N/A N/A * Refers to loans repurchased in the current month ** A default that occurs on the second or third scheduled payment *** We are currently awaiting the borrower information necessary to populate these fields Second Lien Statistics Loan Count Summed Balance Total Outstanding Second Liens 396 $17,948,180 30 Days Delinquent 4 $104,938 60 Days Delinquent 0 $0 90+ Days Delinquent 0 $0 Prepayments Remittance Date Beginning Collateral Balance Total Prepayments Percentage of Prepayment 3/25/2005 $2,001,755,738 $10,195,027 0.51 Prepayment Premium Analysis Prepayment Premium Issues for the Current Month In the 3/25/2005 remittance, 14 loans with active prepayment penalty flags were paid off. The servicers remitted premiums for 11 of these loans, as well as one loan that was paid off and did not contain an active prepayment premium flag, totaling $86,081. We have asked the servicers about the three loans for which no premiums were remitted and are awaiting a response. c 2005 The Murrayhill Company. All Rights Reserved. Section Two Loan-Level Report Loan-Level Report Definitions FICO r: Represents the borrower's credit score at the time of securitization/origination. Last Paid Date: Either the interest paid-through date or the last contractually due payment made by the borrower. Murrayhill uses this date to calculate delinquencies. Valuation: Represents what is believed to be the most accurate known value of a property based on Murrayhill's internal formulas. Several value appraisals may exist for a property, yet only what is believed to be the most accurate value according to these formulas is shown on the report. When no value is available, a valuation known as an "internal estimate" is calculated according to an internal formula that adjusts the original value of the property by the Housing Price Index (HPI) and a discount based on credit class. Liquidation Date: Murrayhill's internal estimate of the date on which the loan will liquidate if it proceeds through foreclosure and REO. This date takes into consideration servicing and state foreclosure timelines, as well as an estimated REO marketing period. Estimated Loss/(Gain): Murrayhill's internal estimate of the loss (or gain) that the loan will experience if it liquidates on the Liquidation Date. Delinquency Status: Indicates the monthly payment and delinquency history for an individual loan. The right-most character specifies the last known delinquency status, according to the following: C The contractually due payment arrived on time. 3 The contractually due payment had not arrived within thirty days. 6 The contractually due payment had not arrived within sixty days. 9 The contractually due payment had not arrived within ninety days. F The property is in the process of foreclosure. R The property is real estate owned (REO). 0 The mortgage has either liquidated or been paid off. Delinquency Method: The delinquencies for this security are calculated according to the 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. SAIL 2005-2 Loan-Level Report Mortgage Data Through: February 28, 2005 Watchlist Lien State First Pmt. Valuation Orig. Appr. Orig Amount OLTV Severity Liq. Date Est (Gain)/Loss* Delinquency Loan Number Group FICO r Last Paid Dt. Valuation Date Current Value Current Bal CLTV MI TypeCoverage MI Certificate Status 6124691 1 MA 9/1/2004 Internal Estimate $165,000 $156,655 95% 39.34% 1/1/2006 $61,642 3 564 12/1/2004 6/30/2004 $125,400 $156,326 125% Active - Pay Plan Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and the borrower is on a payment plan. Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6124733 1 OK 11/1/2004 Internal Estimate $110,000 $86,400 79% 25.60% 6/1/2006 $22,119 3 727 12/1/2004 6/30/2004 $83,600 $86,219 103% Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6124763 1 NV 12/1/2004 Internal Estimate $150,000 $80,000 53% -15.74% 3/1/2006 ($12,597) 3 614 12/1/2004 6/30/2004 $112,757 $80,000 71% Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6124772 1 TX 9/1/2004 Internal Estimate $72,000 $63,000 88% 36.46% 12/1/2005 $22,970 3 769 12/1/2004 6/30/2004 $54,720 $62,825 115% Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6124788 1 NV 12/1/2004 Internal Estimate $200,000 $170,000 85% 29.53% 2/1/2006 $50,204 6 570 11/1/2004 6/30/2004 $152,000 $170,000 112% Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 60 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6125213 1 NV 12/1/2004 Internal Estimate $213,000 $170,400 80% 24.83% 3/1/2006 $42,312 3 691 12/1/2004 6/30/2004 $160,115 $170,267 106% Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116075 1 IL 1/1/2005 Internal Estimate $224,000 $190,400 85% 35.90% 12/1/2006 $68,359 3 533 12/1/2004 6/30/2004 $168,332 $190,400 113% L 0.00% 22323010 Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116118 1 CA 1/1/2005 Internal Estimate $180,000 $112,500 63% 6.48% 3/1/2006 $7,296 3 725 12/1/2004 6/30/2004 $128,633 $112,500 87% Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116230 1 CA 1/1/2005 Internal Estimate $345,000 $276,000 80% 25.88% 3/1/2006 $71,454 3 724 12/1/2004 6/30/2004 $249,491 $276,000 111% Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116266 1 CA 1/1/2005 Internal Estimate $299,000 $239,200 80% 25.07% 3/1/2006 $59,974 3 710 12/1/2004 6/30/2004 $219,264 $239,200 109% Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116293 1 RI 1/1/2005 Internal Estimate $249,000 $199,200 80% 24.58% 2/1/2006 $48,973 3 557 12/1/2004 6/30/2004 $186,534 $199,200 107% Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116364 2 MI 1/1/2005 Internal Estimate $158,000 $29,400 19% 110.00% 7/1/2006 $32,340 3 672 12/1/2004 6/30/2004 $119,409 $29,400 25% Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116384 1 TN 1/1/2005 Internal Estimate $96,000 $76,000 79% 27.60% 1/1/2006 $20,981 3 669 12/1/2004 6/30/2004 $72,075 $76,000 105% Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116579 1 IN 1/1/2005 Internal Estimate $58,000 $52,200 90% 49.66% 6/1/2006 $25,925 3 566 12/1/2004 6/30/2004 $44,123 $52,200 118% Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116667 1 FL 1/1/2005 Internal Estimate $205,000 $130,000 63% 8.93% 4/1/2006 $11,615 3 552 12/1/2004 6/30/2004 $147,908 $130,000 88% Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116671 2 FL 1/1/2005 Internal Estimate $127,000 $24,950 20% 110.00% 4/1/2006 $27,445 3 658 12/1/2004 6/30/2004 $91,631 $24,950 27% Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116672 1 FL 1/1/2005 Internal Estimate $127,000 $99,600 78% 31.66% 4/1/2006 $31,541 3 658 12/1/2004 6/30/2004 $91,631 $99,600 109% Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116680 1 FL 1/1/2005 Internal Estimate $74,000 $66,600 90% 47.09% 4/1/2006 $31,364 3 588 12/1/2004 6/30/2004 $53,569 $66,600 124% L 0.00% 22323131 Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6116831 1 MD 1/1/2005 Internal Estimate $272,000 $231,200 85% 29.56% 1/1/2006 $68,366 3 707 12/1/2004 6/30/2004 $201,346 $231,200 115% Active Default Reason:(Unknown) 4/13/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6119787 1 RI 1/1/2005 Internal Estimate $330,000 $264,000 80% 23.17% 1/1/2006 $61,183 3 515 12/1/2004 6/30/2004 $247,214 $264,000 107% Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6119883 1 CA 1/1/2005 Internal Estimate $130,000 $104,000 80% 31.09% 3/1/2006 $32,341 3 600 12/1/2004 6/30/2004 $92,902 $104,000 112% Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6121565 1 HI 1/1/2005 Internal Estimate $529,000 $502,550 95% 37.33% 3/1/2006 $187,629 3 657 12/1/2004 6/30/2004 $391,690 $502,550 128% L 0.00% 22324506 Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6123575 1 NV 1/1/2005 Internal Estimate $440,000 $352,000 80% 22.22% 3/1/2006 $78,217 3 622 12/1/2004 6/30/2004 $330,754 $352,000 106% Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6123692 1 MI 1/1/2005 Internal Estimate $174,000 $156,600 90% 38.65% 7/1/2006 $60,535 3 542 12/1/2004 6/30/2004 $131,501 $156,600 119% L 0.00% 22325309 Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6123981 1 CA 1/1/2005 Internal Estimate $410,000 $328,000 80% 22.26% 3/1/2006 $73,019 3 659 12/1/2004 6/30/2004 $303,847 $328,000 108% Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6124577 1 CA 1/1/2005 Internal Estimate $115,000 $50,001 43% -35.79% 3/1/2006 ($17,896) 3 502 12/1/2004 6/30/2004 $85,225 $50,001 59% Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. 6126381 1 OH 11/1/2004 Internal Estimate $250,000 $212,500 85% 32.39% 7/1/2006 $68,847 3 543 12/1/2004 6/30/2004 $190,000 $212,235 112% L 0.00% 22325842 Active Default Reason:(Unknown) 4/11/2005 This loan was added to the Watchlist because it is a first-payment default. The loan is currently 30 days delinquent, and Murrayhill will monitor this loan to ensure that the proper loss mitigation techniques are employed if this loan remains delinquent. * The estimated loss includes estimated mortgage insurance proceeds where applicable. c 2005 The Murrayhill Company. All Rights Reserved. Section Three Prepayment Premium Analysis Reconciliation of Prepayment Premiums for SAIL 2005-2 Mortgage Data Through: February 28, 2005 Section 1: 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-Mar-05 P Class $86,081 Section 2: Prepayment premiums collected by the servicers and remitted to the trustee. This information is reported to Murrayhill by the servicers each month. Trustee Remittance Date Servicer 25-Mar-05 TOTAL $86,081 Section 3: Reconciliation of the amount remitted to the P Class by the trustee and the amounts remitted by the servicers to the trustee. Amount remitted to the P Class: $86,081 Amount remitted by servicers: $86,081 Difference: $0 Aggregate Paid-Off Loans Report for SAIL 2005-2 Mortgage Data Through: February 28, 2005 Trustee Remittance Date 25-Feb-05 Loans with Active Prepayment Flags with Premiums Remitted (A) 11 Loans without Prepayment Flags wtih Premiums Remitted 1 Total Loans with Premiums Remitted (B) 12 Loans with Active Prepayment Flags (C) 14 Loans without Prepayment Flags with Premiums Remitted 1 Subtotal (D) 15 Premiums Remitted for loans with Active Prepayment 78.57% Flags (A/C) Total Loans with Premiums Remitted to the Subtotal (B/D) 80.00% Total Paid-Off Loans (E) 37 Total Loans with Premiums Remitted to the Total Paid-Off Loans (B/E) 32.43% Paid-Off Loans Exception Report for SAIL 2005-2 Mortgage Data Through: February 28, 2005 Total Total Paid-Off Loans with Flags 14 Less Exceptions: Loans with Expired Prepayment Clauses (as stated in the Note)* 0 Loans that Contained a Clause Allowing Prepayment Premiums to be Waived at the Time of Liquidation* 0 Repurchased/Service Transferred Loans* 0 Loans that were Liquidated out of REO status* 0 Loans with Discrepancies between the Data File and the Note* 0 Defaulted Liquidated Loans that Could Not Have Premiums Collected because of the Acceleration of the Debt* 0 Loans that were Liquidated Through Loss Mitigation Efforts* 0 Total Paid-Off Loans with Active Prepayment Flags (C) 14 Other Exceptions: Paid-Off Loans that Did Not Have Premiums Collected because of State Statutes 0 Paid-Off Loans with Active Prepayment Flags that Did Not Have Premiums Remitted 3 * These categories are mutually exclusive. Paid-Off Loans With Prepayment Flags for SAIL 2005-2 Mortgage Data Through: February 28, 2005 % of Delinquency Origination PPP Payoff PPP Premium to No Premium PPP Loan Number String Date Flag Exp. Date Balance Remitted Payoff Remitted, w/ Remitted, Balance Flag No Flag 6119726 0 11/29/2004 2 11/29/2006 $663,771 $0 0% 6122835 0 12/30/2004 2 12/30/2006 $271,848 $0 0% 6124744 0 9/3/2004 2 9/3/2006 $289,988 $0 0% 6125946 0 11/30/2004 0 11/30/2004 $65,502 $1,966 3% 6125946 6124715 0 8/4/2004 2 8/4/2006 $149,548 $5,141 3% 6116212 0 9/8/2004 2 9/8/2006 $145,573 $4,441 3% 6119715 0 10/25/2004 2 10/25/2006 $560,812 $13,466 2% 6118579 0 11/3/2004 2 11/3/2006 $199,487 $5,783 3% 6116097 0 11/13/2004 2 11/13/2006 $598,215 $16,162 3% 6121166 0 12/2/2004 2 12/2/2006 $38,762 $388 1% 6119543 0 12/6/2004 2 12/6/2006 $191,250 $4,391 2% 6118666 0 12/7/2004 2 12/7/2006 $233,543 $6,761 3% 6119876 0 12/16/2004 2 12/16/2006 $299,852 $11,379 4% 6121499 0 12/22/2004 2 12/22/2006 $239,829 $7,385 3% 6123592 0 12/27/2004 2 12/27/2006 $310,500 $8,818 3% Loan Number Comments 6119726 Awaiting servicers response 6122835 Awaiting servicers response 6124744 Awaiting servicers response c 2005 The Murrayhill Company. All Rights Reserved. Section Four Analytics SAIL 2005-2 FICO Distribution by Status Mortgage Data Through: February 28, 2005 FICO Delinquency Percentage 500 Current 0.009 500 Delinquent 0.032 510 Current 0.019 520 Current 0.023 520 Delinquent 0.032 520 Paid Off 0.1 530 Current 0.027 530 Delinquent 0.032 540 Current 0.034 540 Delinquent 0.065 540 Paid Off 0.05 550 Current 0.037 550 Delinquent 0.032 560 Current 0.037 560 Delinquent 0.065 560 Paid Off 0.05 570 Current 0.038 570 Delinquent 0.065 570 Paid Off 0.05 580 Current 0.039 590 Current 0.047 590 Delinquent 0.097 590 Paid Off 0.05 600 Current 0.059 600 Delinquent 0.032 610 Current 0.062 610 Delinquent 0.032 610 Paid Off 0.1 620 Current 0.066 620 Delinquent 0.032 630 Current 0.076 630 Delinquent 0.032 630 Paid Off 0.15 640 Current 0.072 650 Current 0.07 650 Paid Off 0.15 660 Current 0.053 660 Delinquent 0.129 660 Paid Off 0.1 670 Current 0.044 670 Delinquent 0.097 670 Paid Off 0.1 680 Current 0.037 680 Paid Off 0.05 690 Current 0.03 690 Delinquent 0.032 700 Current 0.024 710 Current 0.021 710 Delinquent 0.065 720 Current 0.018 720 Delinquent 0.032 720 Paid Off 0.05 730 Current 0.014 730 Delinquent 0.065 740 Current 0.014 750 Current 0.011 760 Current 0.008 770 Current 0.005 770 Delinquent 0.032 780 Current 0.004 790 Current 0.002 800 Current 0.001 810 Current 0 Status # of Loans Average Std. Deviation Current 8,151 623 60.304 Delinquent 31 625 71.62 Paid Off 20 620 55.109 Total: 8,202 SAIL 2005-2 Loan-to-Value Distribution by Status Mortgage Data Through: February 28, 2005 LTV Delinquency Percentage 0.1 Current 0.003 0.2 Current 0.045 0.2 Paid Off 0.05 0.2 Delinquent 0.129 0.3 Current 0.007 0.4 Paid Off 0.05 0.4 Delinquent 0.032 0.4 Current 0.009 0.5 Delinquent 0.032 0.5 Current 0.018 0.5 Paid Off 0.05 0.6 Current 0.04 0.6 Paid Off 0.1 0.6 Delinquent 0.065 0.7 Paid Off 0.2 0.7 Current 0.089 0.8 Paid Off 0.4 0.8 Delinquent 0.355 0.8 Current 0.449 0.9 Paid Off 0.15 0.9 Delinquent 0.355 0.9 Current 0.241 1 Delinquent 0.032 1 Current 0.099 Status # of Loans Average Std. Deviation Current 8,151 0.815 0.119 Delinquent 31 0.819 0.122 Paid Off 20 0.747 0.144 Total: 8,202 SAIL 2005-2 Balance Distribution by Status Mortgage Data Through: February 28, 2005 Balance Delinquency Percentage 10000 Current 0.001 20000 Current 0.008 20000 Delinquent 0.065 30000 Current 0.023 30000 Delinquent 0.065 40000 Current 0.02 50000 Current 0.027 50000 Delinquent 0.097 60000 Current 0.03 60000 Delinquent 0.032 70000 Current 0.033 70000 Delinquent 0.032 80000 Current 0.033 80000 Delinquent 0.065 90000 Current 0.037 90000 Delinquent 0.032 100000 Current 0.043 100000 Delinquent 0.065 110000 Current 0.045 110000 Delinquent 0.032 120000 Current 0.05 130000 Current 0.043 130000 Delinquent 0.032 140000 Current 0.042 150000 Current 0.038 160000 Current 0.037 160000 Delinquent 0.065 170000 Current 0.035 170000 Delinquent 0.065 180000 Current 0.034 180000 Delinquent 0.032 190000 Current 0.031 190000 Delinquent 0.032 200000 Current 0.032 200000 Delinquent 0.032 210000 Current 0.025 210000 Delinquent 0.032 220000 Current 0.025 230000 Current 0.021 230000 Delinquent 0.032 240000 Current 0.025 240000 Delinquent 0.032 250000 Current 0.019 260000 Current 0.019 260000 Delinquent 0.032 270000 Current 0.018 280000 Current 0.021 280000 Delinquent 0.032 290000 Current 0.014 300000 Current 0.014 310000 Current 0.013 320000 Current 0.013 330000 Current 0.011 330000 Delinquent 0.032 340000 Current 0.011 350000 Current 0.009 350000 Delinquent 0.032 360000 Current 0.009 370000 Current 0.008 380000 Current 0.009 390000 Current 0.005 400000 Current 0.009 410000 Current 0.004 420000 Current 0.006 430000 Current 0.006 440000 Current 0.004 450000 Current 0.004 460000 Current 0.004 470000 Current 0.003 480000 Current 0.004 490000 Current 0.003 500000 Current 0.003 500000 Delinquent 0.032 510000 Current 0.002 520000 Current 0.002 530000 Current 0.002 540000 Current 0.001 550000 Current 0.002 560000 Current 0.001 570000 Current 0.001 580000 Current 0.001 590000 Current 0.001 600000 Current 0.002 610000 Current 0 620000 Current 0 630000 Current 0 640000 Current 0 650000 Current 0.001 660000 Current 0 670000 Current 0 690000 Current 0 700000 Current 0 710000 Current 0 720000 Current 0.001 730000 Current 0 740000 Current 0 750000 Current 0 760000 Current 0 800000 Current 0 820000 Current 0 870000 Current 0 900000 Current 0 910000 Current 0 920000 Current 0 990000 Current 0 1000000 Current 0 1010000 Current 0 1100000 Current 0 1120000 Current 0 1200000 Current 0 1260000 Current 0 1300000 Current 0 1500000 Current 0 Status # of Loans Average Std. Deviation Current 8,151 191,878.99 126,085.23 Delinquent 31 151,747.91 111,865.42 Total: 8,182 SAIL 2005-2 Mortgage Type Distribution by Status Mortgage Data Through: February 28, 2005 Mortgage Type Delinquency Percentage Investment Home Current 0.074 Investment Home Paid Off 0.05 Primary Home Current 0.911 Primary Home Delinquent 0.968 Primary Home Paid Off 0.85 Second Home Current 0.015 Second Home Delinquent 0.032 Second Home Paid Off 0.1 Mortgage Type Loan Count Total Balance Avg. Balance Std. Deviation ARM 6,882 1,401,963,157.90 203,714.50 125,718.19 Fixed 1,320 166,746,697.95 126,323.26 107,824.13 Total: 8,202 1,568,709,855.85 SAIL 2005-2 Mortgage Term Distribution by Status Mortgage Data Through: February 28, 2005 Mortgage Term Delinquency Percentage 180 Current 0.009 240 Current 0.004 240 Delinquent 0.032 300 Current 0 360 Current 0.987 360 Delinquent 0.968 360 Paid Off 1 # of Loans Other 120 180 240 300 360 8,202 0 0 73 32 1 8,096 SAIL 2005-2 Mortgage Purpose Distribution Mortgage Data Through: February 28, 2005 ------------------------------------------------------------------- Origination Statistics Number of Loans: 10,828 Purpose Number Percentage Cash-out refinance 4,671 43.1% Purchase 5,294 48.9% Rate/term 596 5.5% Home 0 0.0% Other 267 2.5% Total 10,828 100% ------------------------------------------------------------------- Current Loans Number of Loans: 8,151 Purpose Number Percentage Cash-out refinance 3,895 47.8% Purchase 3,767 46.2% Rate/term 453 5.6% Home 0 0.0% Other 36 0.4% Total 8,151 100% ------------------------------------------------------------------- Delinquent Loans Number of Loans: 31 Purpose Number Percentage Cash-out refinance 13 41.9% Purchase 15 48.4% Rate/term 3 9.7% Home 0 0.0% Other 1 5.0% Total 31 100% ------------------------------------------------------------------- Paid Off Loans Number of Loans: 20 Purpose Number Percentage Cash-out refinance 11 55.0% Purchase 8 40.3% Rate/term 0 0.0% Home 0 0.0% Other 1 5.0% Total 20 100% ------------------------------------------------------------------- SAIL 2005-2 Ownership Distribution by Status Mortgage Data Through: February 28, 2005 Ownership Type Delinquency Percentage Investment Home Current 0.074 Investment Home Paid Off 0.05 Primary Home Current 0.911 Primary Home Delinquent 0.968 Primary Home Paid Off 0.85 Second Home Current 0.015 Second Home Delinquent 0.032 Second Home Paid Off 0.1 Title # of Loans Investment Home 606 Primary Home 7,469 Second Home 127 Total: 8,202 SAIL 2005-2 Delinquent Count Over Time Mortgage Data Through: February 28, 2005 AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 2/28/2005 29 2 0 0 0 SAIL 2005-2 Delinquent Balance Over Time Mortgage Data Through: February 28, 2005 Total Balance in Status AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 28-Feb-05 $4,480,734 $223,451 $0 - - SAIL 2005-2 Conditional Prepayment Rates Mortgage Data Through: February 28, 2005 Date Distribution Date CPR 3-Month MA 6-Month MA 12-Month MA 2/28/2005 3/25/2005 6.74% SAIL 2005-2 Historical SDA Performance Mortgage Data Through: February 28, 2005 Weighted Default Monthly Date Average Age Amt Default Rate CDR (F-R) SDA Curve SDA % 28-Feb-05 1.95 $0 0.00% 0.00% 0.04% 0% Averages: 1.95 $0 0.00% 0.00% 0.04% 0%

Filing Compare · Structured Asset Investment Loan Trust 2005-2