8-K 1 sab05fr2_10508.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): August 25, 2005 SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST Mortgage Pass-Through Certificates, Series 2005-FR2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-108395-15 54-2175598 Pooling and Servicing Agreement) (Commission 54-2175599 (State or other File Number) 54-6666955 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 August 25, 2005 a distribution was made to holders of SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST, Mortgage Pass-Through Certificates, Series 2005-FR2 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-FR2 Trust, relating to the August 25, 2005 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST Mortgage Pass-Through Certificates, Series 2005-FR2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 8/29/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-FR2 Trust, relating to the August 25, 2005 distribution. EX-99.1

Securitized Asset Backed Receivables Mortgage Pass-Through Certificates Record Date: 67/3029/2005 Distribution Date: 78/25/2005 Securitized Asset Backed Receivables Mortgage Pass-Through Certificates Series SABR 2005-FR2 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution A-1A 81375WEL6 SEN 3.~~63938~~78500% ~~475~~454,~~456~~893,~~870~~110.0957 1,~~345~~482,~~841~~635.9564 A-1B 81375WEM4 SEN 3.~~69938~~84500% ~~118~~113,~~864~~723,~~217~~277.5264 ~~342~~376,~~007~~534.4861 A-2A 81375WEB8 SEN 3.~~40438~~55000% ~~136~~128,~~097~~151,~~341~~671.7330 ~~360~~391,~~365~~752.5054 A-2B 81375WEC6 SEN 3.~~54438~~69000% 55,243,000.00 ~~152~~175,~~290~~534.5963 A-2C 81375WED4 SEN 3.~~64438~~79000% 46,517,000.00 ~~131~~151,~~853~~813.2640 M-1 81375WEE2 MEZ 3.~~75438~~90000% 92,428,000.00 ~~269~~310,~~896~~404.5403 M-2 81375WEF9 MEZ 34.~~96438~~11000% 59,263,000.00 ~~182~~209,~~731~~741.9363 M-3 81375WEG7 MEZ 4.~~01438~~16000% 17,399,000.00 5462,~~324~~327.8208 B-1 81375WEH5 JUN 4.~~51438~~66000% 16,311,000.00 5765,~~270~~452.9342 B-2 81375WEJ1 JUN 4.~~61438~~76000% 13,592,000.00 4855,~~781~~712.1710 B-3 81375WEK8 JUN 5.~~01438~~16000% 11,961,000.00 4653,~~648~~146.7871 B-4 81375WEN2 JUN 6.~~56438~~71000% 11,418,000.00 5865,~~296~~973.0784 X SAB05FR2X SEN 0.00000% 22,291,556.97 2,~~893~~347,~~609~~801.5364 P SAB05FR2P SEN 0.00000% 0.01 491,~~256~~540,999.7167 R SAB05F2R1 RES 0.00000% 0.00 0.00 Totals 1,~~076~~043,~~841~~191,~~986~~616.3249 57,~~993~~289,~~175~~829.2694

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A-1A 2017,~~563~~578,~~759~~730.5224 0.00 ~~454~~437,~~893~~314,~~110~~380.5733 2119,~~909~~061,~~601~~365.4788 0.00 A-1B 54,~~140~~394,~~939~~682.8856 0.00 ~~113~~109,~~723~~328,~~277~~595.6408 54,~~482~~771,~~947~~217.3617 0.00 A-2A 712,~~945~~571,~~670~~468.4301 0.00 ~~128~~115,~~151~~580,~~671~~203.3029 812,~~306~~963,~~035~~220.9355 0.00 A-2B 0.00 0.00 55,243,000.00 ~~152~~175,~~290~~534.5963 0.00 A-2C 0.00 0.00 46,517,000.00 ~~131~~151,~~853~~813.2640 0.00 M-1 0.00 0.00 92,428,000.00 ~~269~~310,~~896~~404.5403 0.00 M-2 0.00 0.00 59,263,000.00 ~~182~~209,~~731~~741.9363 0.00 M-3 0.00 0.00 17,399,000.00 5462,~~324~~327.8208 0.00 B-1 0.00 0.00 16,311,000.00 5765,~~270~~452.9342 0.00 B-2 0.00 0.00 13,592,000.00 4855,~~781~~712.1710 0.00 B-3 0.00 0.00 11,961,000.00 4653,~~648~~146.7871 0.00 B-4 0.00 0.00 11,418,000.00 5865,~~296~~973.0784 0.00 X 0.00 0.00 22,291,556.97 2,~~893~~347,~~609~~801.5364 0.00 P 0.00 0.00 0.01 491,~~256~~540,999.7167 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 3334,~~650~~544,~~369~~880.8381 0.00 1,~~043~~008,~~191~~646,~~616~~735.4968 3941,~~643~~834,~~545~~710.0975 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1A 480,732,000.00 ~~475~~454,~~456~~893,~~870~~110.0957 0.00 2017,~~563~~578,~~759~~730.5224 0.00 0.00 A-1B 120,183,000.00 ~~118~~113,~~864~~723,~~217~~277.5264 0.00 54,~~140~~394,~~939~~682.8856 0.00 0.00 A-2A 140,054,000.00 ~~136~~128,~~097~~151,~~341~~671.7330 0.00 712,~~945~~571,~~670~~468.4301 0.00 0.00 A-2B 55,243,000.00 55,243,000.00 0.00 0.00 0.00 0.00 A-2C 46,517,000.00 46,517,000.00 0.00 0.00 0.00 0.00 M-1 92,428,000.00 92,428,000.00 0.00 0.00 0.00 0.00 M-2 59,263,000.00 59,263,000.00 0.00 0.00 0.00 0.00 M-3 17,399,000.00 17,399,000.00 0.00 0.00 0.00 0.00 B-1 16,311,000.00 16,311,000.00 0.00 0.00 0.00 0.00 B-2 13,592,000.00 13,592,000.00 0.00 0.00 0.00 0.00 B-3 11,961,000.00 11,961,000.00 0.00 0.00 0.00 0.00 B-4 11,418,000.00 11,418,000.00 0.00 0.00 0.00 0.00 X 22,292,023.30 22,291,556.97 0.00 0.00 0.00 0.00 P 0.01 0.01 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,087,393,023.31 1,~~076~~043,~~841~~191,~~986~~616.3249 0.00 3334,~~650~~544,~~369~~880.8381 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1A 2017,~~563~~578,~~759~~730.5224 ~~454~~437,~~893~~314,~~110~~380.5733 0.~~94625095~~90968436 2017,~~563~~578,~~759~~730.5224 A-1B 54,~~140~~394,~~939~~682.8856 ~~113~~109,~~723~~328,~~277~~595.6408 0.~~94625095~~90968436 54,~~140~~394,~~939~~682.8856 A-2A 712,~~945~~571,~~670~~468.4301 ~~128~~115,~~151~~580,~~671~~203.3029 0.~~91501615~~82525457 712,~~945~~571,~~670~~468.4301 A-2B 0.00 55,243,000.00 1.00000000 0.00 A-2C 0.00 46,517,000.00 1.00000000 0.00 M-1 0.00 92,428,000.00 1.00000000 0.00 M-2 0.00 59,263,000.00 1.00000000 0.00 M-3 0.00 17,399,000.00 1.00000000 0.00 B-1 0.00 16,311,000.00 1.00000000 0.00 B-2 0.00 13,592,000.00 1.00000000 0.00 B-3 0.00 11,961,000.00 1.00000000 0.00 B-4 0.00 11,418,000.00 1.00000000 0.00 X 0.00 22,291,556.97 0.99997908 0.00 P 0.00 0.01 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 3334,~~650~~544,~~369~~880.8381 1,~~043~~008,~~191~~646,~~616~~735.4968 0.~~95935103~~92758250 3334,~~650~~544,~~369~~880.8381

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1A 480,732,000.00 ~~989~~946.~~02688003~~25094766 0.00000000 4236.~~77593237~~56659062 0.00000000 A-1B 120,183,000.00 ~~989~~946.~~02688001~~25094764 0.00000000 4236.~~77593237~~56659062 0.00000000 A-2A 140,054,000.00 ~~971~~915.~~74905201~~01614592 0.00000000 5689.~~73290609~~76157775 0.00000000 A-2B 55,243,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-2C 46,517,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 92,428,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 59,263,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 17,399,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 16,311,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 13,592,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 11,961,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 11,418,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 22,292,023.30 999.97908086 0.00000000 0.00000000 0.00000000 P 0.01 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 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 A-1A 0.00000000 4236.~~77593237~~56659062 ~~946~~909.~~25094766~~68435704 0.~~94625095~~90968436 4236.~~77593237~~56659062 A-1B 0.00000000 4236.~~77593237~~56659062 ~~946~~909.~~25094764~~68435702 0.~~94625095~~90968436 4236.~~77593237~~56659062 A-2A 0.00000000 5689.~~73290609~~76157775 ~~915~~825.~~01614592~~25456817 0.~~91501615~~82525457 5689.~~73290609~~76157775 A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 999.97908086 0.99997908 0.00000000 P 0.00000000 0.00000000 0.00000000 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 A-1A 480,732,000.00 3.~~63938~~78500% ~~475~~454,~~456~~893,~~870~~110.0957 1,~~345~~482,~~841~~635.9564 0.00 0.00 A-1B 120,183,000.00 3.~~69938~~84500% ~~118~~113,~~864~~723,~~217~~277.5264 ~~342~~376,~~007~~534.4861 0.00 0.00 A-2A 140,054,000.00 3.~~40438~~55000% ~~136~~128,~~097~~151,~~341~~671.7330 ~~360~~391,~~365~~752.5054 0.00 0.00 A-2B 55,243,000.00 3.~~54438~~69000% 55,243,000.00 ~~152~~175,~~290~~534.5963 0.00 0.00 A-2C 46,517,000.00 3.~~64438~~79000% 46,517,000.00 ~~131~~151,~~853~~813.2640 0.00 0.00 M-1 92,428,000.00 3.~~75438~~90000% 92,428,000.00 ~~269~~310,~~896~~404.5403 0.00 0.00 M-2 59,263,000.00 34.~~96438~~11000% 59,263,000.00 ~~182~~209,~~731~~741.9363 0.00 0.00 M-3 17,399,000.00 4.~~01438~~16000% 17,399,000.00 5462,~~324~~327.8208 0.00 0.00 B-1 16,311,000.00 4.~~51438~~66000% 16,311,000.00 5765,~~270~~452.9342 0.00 0.00 B-2 13,592,000.00 4.~~61438~~76000% 13,592,000.00 4855,~~781~~712.1710 0.00 0.00 B-3 11,961,000.00 5.~~01438~~16000% 11,961,000.00 4653,~~648~~146.7871 0.00 0.00 B-4 11,418,000.00 6.~~56438~~71000% 11,418,000.00 5865,~~296~~973.0784 0.00 0.00 X 22,292,023.30 0.00000% 22,291,556.97 0.00 0.00 0.00 P 0.01 0.00000% 0.01 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,087,393,023.31 3,~~050~~401,~~309~~028.0263 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1A 0.00 0.00 1,~~345~~482,~~841~~635.9564 0.00 ~~454~~437,~~893~~314,~~110~~380.5733 A-1B 0.00 0.00 ~~342~~376,~~007~~534.4861 0.00 ~~113~~109,~~723~~328,~~277~~595.6408 A-2A 0.00 0.00 ~~360~~391,~~365~~752.5054 0.00 ~~128~~115,~~151~~580,~~671~~203.3029 A-2B 0.00 0.00 ~~152~~175,~~290~~534.5963 0.00 55,243,000.00 A-2C 0.00 0.00 ~~131~~151,~~853~~813.2640 0.00 46,517,000.00 M-1 0.00 0.00 ~~269~~310,~~896~~404.5403 0.00 92,428,000.00 M-2 0.00 0.00 ~~182~~209,~~731~~741.9363 0.00 59,263,000.00 M-3 0.00 0.00 5462,~~324~~327.8208 0.00 17,399,000.00 B-1 0.00 0.00 5765,~~270~~452.9342 0.00 16,311,000.00 B-2 0.00 0.00 4855,~~781~~712.1710 0.00 13,592,000.00 B-3 0.00 0.00 4653,~~648~~146.7871 0.00 11,961,000.00 B-4 0.00 0.00 5865,~~296~~973.0784 0.00 11,418,000.00 X 0.00 0.00 2,~~893~~347,~~609~~801.5364 0.00 22,291,556.97 P 0.00 0.00 491,~~256~~540,999.7167 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 57,~~993~~289,~~175~~829.2694 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1A 480,732,000.00 3.~~63938~~78500% ~~989~~946.~~02688003~~25094766 23.~~79956805~~08412097 0.00000000 0.00000000 A-1B 120,183,000.00 3.~~69938~~84500% ~~989~~946.~~02688001~~25094764 23.~~84572261~~13301058 0.00000000 0.00000000 A-2A 140,054,000.00 3.~~40438~~55000% ~~971~~915.~~74905201~~01614592 2.~~57304682~~79715353 0.00000000 0.00000000 A-2B 55,243,000.00 3.~~54438~~69000% 1000.00000000 23.~~75674004~~17749995 0.00000000 0.00000000 A-2C 46,517,000.00 3.~~64438~~79000% 1000.00000000 23.~~83451770~~26361115 0.00000000 0.00000000 M-1 92,428,000.00 3.~~75438~~90000% 1000.00000000 23.~~92007335~~35833330 0.00000000 0.00000000 M-2 59,263,000.00 34.~~96438~~11000% 1000.00000000 3.~~08340668~~53916660 0.00000000 0.00000000 M-3 17,399,000.00 4.~~01438~~16000% 1000.00000000 3.~~12229553~~58222197 0.00000000 0.00000000 B-1 16,311,000.00 4.~~51438~~66000% 1000.00000000 34.~~51118448~~01277788 0.00000000 0.00000000 B-2 13,592,000.00 4.~~61438~~76000% 1000.00000000 34.~~58896189~~09888905 0.00000000 0.00000000 B-3 11,961,000.00 5.~~01438~~16000% 1000.00000000 34.~~90007357~~44333333 0.00000000 0.00000000 B-4 11,418,000.00 6.~~56438~~71000% 1000.00000000 5.~~10562883~~77805570 0.00000000 0.00000000 X 22,292,023.30 0.00000% 999.97908086 0.00000000 0.00000000 0.00000000 P 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 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 A-1A 0.00000000 0.00000000 23.~~79956805~~08412097 0.00000000 ~~946~~909.~~25094766~~68435704 A-1B 0.00000000 0.00000000 23.~~84572261~~13301058 0.00000000 ~~946~~909.~~25094764~~68435702 A-2A 0.00000000 0.00000000 2.~~57304682~~79715353 0.00000000 ~~915~~825.~~01614592~~25456817 A-2B 0.00000000 0.00000000 23.~~75674004~~17749995 0.00000000 1000.00000000 A-2C 0.00000000 0.00000000 23.~~83451770~~26361115 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 23.~~92007335~~35833330 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.~~08340668~~53916660 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~12229553~~58222197 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 34.~~51118448~~01277788 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 34.~~58896189~~09888905 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 34.~~90007357~~44333333 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 5.~~10562883~~77805570 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~129~~105.~~80470597~~32025776 0.00000000 999.97908086 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 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 40,~~058~~585,~~228~~425.3046 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0157,727.0034 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 491,~~256~~540,999.7167 Total Deposits 4042,~~107~~284,~~485~~152.0147 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~463~~449,~~939~~441.9272 Payment of Interest and Principal 3941,~~643~~834,~~545~~710.0975 Total Withdrawals (Pool Distribution Amount) 4042,~~107~~284,~~485~~152.0147 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~448~~434,~~684~~663.7617 Loan Performance Advisor Fee 13,~~460~~039.5290 Wells Fargo Bank, N.A. 1,~~794~~738.6465 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~463~~449,~~939~~441.9272

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 0.00 03,051.0042 03,051.0042 0.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 0140 0 0 0 0140 023,116,500.0047 0.00 0.00 0.00 023,116,500.0047 60 Days 02 0 0 0 02 0134,656.0053 0.00 0.00 0.00 0134,656.0053 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0142 0 0 0 0142 023,251,157.00 0.00 0.00 0.00 023,251,157.00 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 02.~~000000~~822581% 0.000000% 0.000000% 0.000000% 02.~~000000~~822581% 02.~~000000~~291833% 0.000000% 0.000000% 0.000000% 02.~~000000~~291833% 60 Days 0.~~000000~~040323% 0.000000% 0.000000% 0.000000% 0.~~000000~~040323% 0.~~000000~~013350% 0.000000% 0.000000% 0.000000% 0.~~000000~~013350% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 02.~~000000~~862903% 0.000000% 0.000000% 0.000000% 02.~~000000~~862903% 02.~~000000~~305183% 0.000000% 0.000000% 0.000000% 02.~~000000~~305183%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0157,727.0034

~~COLLATERAL~~SUBORDINATION ~~STATEMENT~~LEVEL/CREDIT ~~Collateral~~ENHANCEMENT/CLASS ~~Description~~PERCENTAGE ~~Mixed~~AND ~~Fixed~~PREPAYMENT &PERCENTAGE ~~Arm~~Current ~~Weighted~~Original ~~Average~~$ ~~Gross~~Original ~~Coupon 7.140722~~% ~~Weighted~~Current ~~Average~~$ ~~Net~~Current ~~Coupon~~% ~~6.640722~~Class% ~~Weighted~~Prepayment% ~~Average~~Class ~~Pass~~M-~~Through~~1 ~~Rate~~152,236,023.31 614.~~638722~~00009197% ~~Weighted~~152,235,556.98 ~~Average~~15.09305008% ~~Maturity(Stepdown~~9.163565% ~~Calculation)~~0.000000% ~~358~~Class ~~Beginning~~M-2 ~~Scheduled~~92,973,023.31 ~~Collateral~~8.55008459% ~~Loan~~92,972,556.98 ~~Count~~9.21755395% 5~~,263~~.875496% ~~Number~~0.000000% OfClass ~~Loans~~M-3 ~~Paid~~75,574,023.31 In6.95001915% ~~Full~~75,573,556.98 ~~154~~7.49256943% ~~Ending~~1.724985% ~~Scheduled~~0.000000% ~~Collateral~~Class ~~Loan~~B-1 ~~Count~~59,263,023.31 5.45000952% 59,~~109~~262,556.98 ~~Beginning~~5.87545222% ~~Scheduled~~1.617117% ~~Collateral~~0.000000% ~~Balance~~Class 1B-2 45,~~076~~671,~~841~~023.31 4.20004748% 45,~~986~~670,556.3298 ~~Ending~~4.52790411% ~~Scheduled~~1.347548% ~~Collateral~~0.000000% ~~Balance~~Class 1B-3 33,~~043~~710,~~191,616~~023.4931 ~~Ending~~3.10007721% ~~Actual~~33,709,556.98 ~~Collateral~~3.34205781% ~~Balance~~1.185846% at0.000000% 30Class B-~~Jun-2005~~4 122,~~043~~292,~~191,615~~023.9931 ~~Monthly~~2.05004289% ~~P&I Constant 7~~22,~~095~~291,~~304~~556.3098 ~~Special~~2.21004601% ~~Servicing~~1.132012% ~~Fee~~0.000000% Class X 0.0001 ~~Prepayment~~0.00000000% ~~Penalties~~0.01 ~~49,256~~0.7100000000% ~~Realized~~2.210046% ~~Loss~~0.000000% ~~Amount~~Class P 0.00 ~~Cumulative~~0.00000000% ~~Realized~~0.00 ~~Loss~~0.00000000% 0.00000000% ~~Scheduled~~0.000000% ~~Principal~~Class ~~687,446~~LT-R 0.4500 ~~Unscheduled~~0.00000000% ~~Principal~~0.00 ~~32,962,923~~0.3800000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

~~Miscellaneous~~COLLATERAL ~~Reporting~~STATEMENT ~~Credit~~Collateral ~~Enhancement~~Description ~~Percentage~~Mixed ~~23.453367%~~Fixed ~~Delinquency~~& ~~Trigger~~Arm ~~Event~~Weighted NOAverage ~~Cumulative~~Gross ~~Loss~~Coupon ~~Trigger~~7.129582% ~~Event~~Weighted NOAverage ~~Trigger~~Net ~~Event~~Coupon NO6.629582% ~~Stepdown~~Weighted NOAverage ~~Total~~Pass-Through ~~Monthly~~Rate ~~Excess~~6.627582% ~~Spread~~Weighted ~~2,893,609.52~~Average ~~Specified~~Maturity(Stepdown ~~Subordinated~~Calculation) ~~Amount~~357 ~~22,291,556.98~~Beginning ~~Subordinated~~Scheduled ~~Deficiency~~Collateral ~~Amount~~Loan ~~0.00~~Count ~~Extra~~5,109 ~~Principal~~Number ~~Distribution~~Of ~~Amount~~Loans ~~0.00~~Paid ~~Subordinated~~In ~~Increase~~Full ~~Amount~~149 ~~0.00~~Ending ~~Excess~~Scheduled ~~Subordinated~~Collateral ~~Amount~~Loan ~~0.00~~Count ~~Subordinated~~4,960 ~~Reduction~~Beginning ~~Amount~~Scheduled 0Collateral Balance 1,043,191,616.0049 ~~Subordinated~~Ending ~~Amount~~Scheduled 22Collateral Balance 1,~~291~~008,~~556~~646,735.9868 ~~Cap~~Ending ~~Agreement~~Actual ~~Payment~~Collateral ~~(Class~~Balance Aat 29-2)Jul-2005 01,008,646,735.0068 ~~Cap~~Monthly ~~Agreement~~P&I ~~Payment~~Constant ~~(Class~~6,867,148.82 ~~B-1)~~Special Servicing Fee 0.00 ~~Cap~~Prepayment ~~Agreement~~Penalties ~~Payment~~1,540,999.67 ~~(Class~~Realized ~~M-1)~~Loss Amount 0.00 ~~Cap~~Cumulative ~~Agreement~~Realized ~~Payment~~Loss ~~(Class X)~~ 0.00 ~~Misc~~Scheduled ~~Bond~~Principal ~~Adjustment~~669,215.06 0Unscheduled Principal 33,875,665.0075

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral~~Credit ~~Statement~~Enhancement ~~Group~~Percentage ~~Group 1 Group 2 Group 3 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7~~24.~~062239~~256615% ~~7.192696~~Delinquency ~~8.627521~~Trigger ~~Weighted~~Event ~~Average~~NO ~~Net~~Cumulative ~~Rate~~Loss ~~6.562239~~Trigger ~~6.692696~~Event ~~8.127521~~NO ~~Weighted~~Trigger ~~Average~~Event ~~Maturity~~NO ~~358~~Stepdown ~~358~~NO ~~358~~Total ~~Beginning~~Monthly ~~Loan~~Excess ~~Count~~Spread 505 3,537 686 Loans Paid In Full 9 111 21 Ending Loan Count 496 3,426 665 Beginning Scheduled Balance 96,518,582.91 672,262,387.82 52,118,937.26 Ending Scheduled Balance 94,400,837.54 648,675,433.79 50,926,916.07 Record Date 06/30/2005 06/30/2005 06/30/2005 Principal And Interest Constant 655,376.08 4,439,561.74 420,749.96 Scheduled Principal 87,345.01 410,079.11 46,035.62 Unscheduled Principal 2,~~030~~347,~~400~~801.3664 ~~23,176,874.92~~Specified ~~1,145,985.57~~Subordinated ~~Scheduled~~Amount ~~Interest 568~~22,~~031.07 4~~291,~~029,482~~556.6398 ~~374,714.34~~Subordinated ~~Servicing~~Deficiency ~~Fees~~Amount ~~40,216.08 280,109.33 21,716.22 Master Servicing Fees~~ 0.00 ~~0.00~~Extra ~~0.00~~Principal ~~Trustee~~Distribution ~~Fee 160.86 1,120.44 86.86 FRY~~ Amount 0.00 ~~0.00~~Subordinated ~~0.00~~Increase ~~Special~~Amount ~~Hazard Fee~~ 0.00 ~~0.00~~Excess ~~0.00~~Subordinated ~~Other~~Amount ~~Fee~~ 0.00 ~~0.00~~Subordinated ~~0.00~~Reduction ~~Pool~~Amount ~~Insurance Fee~~ 0.00 ~~0.00~~Subordinated ~~0.00~~Amount ~~Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 527~~22,~~654.13 3~~291,~~748,252~~556.8698 ~~352,911.26~~Cap ~~Realized~~Agreement ~~Loss~~Payment ~~Amount~~(Class ~~0.00~~A-2) 0.00 ~~0.00~~Cap ~~Cumulative~~Agreement ~~Realized~~Payment ~~Loss~~(Class ~~0.00~~B-1) 0.00 ~~0.00~~Cap ~~Percentage~~Agreement ofPayment ~~Cumulative~~(Class ~~Losses~~M-1) 0.~~0000~~00 ~~0.0000~~Cap ~~0.0000~~Agreement ~~Prepayment~~Payment ~~Penalties~~(Class ~~0.00~~X) 0.00 ~~0.00~~Misc ~~Special~~Bond ~~Servicing~~Adjustment ~~Fee~~ 0.00 ~~0.00 0.00 Pass-Through Rate 6.560239 6.690696 8.125521~~

Group Level Collateral Statement Group Group 41 ~~Total~~Group 2 Group 3 Collateral Description Fixed 15/30 & ARM ~~Mixed~~Fixed 15/30 & ARM Fixed 15/30 & ~~Arm~~ARM Weighted Average Coupon Rate 67.~~731038~~054774 7.~~140722~~179821 8.585813 Weighted Average Net Rate 6.~~231038~~554774 6.~~640722~~679821 8.085813 Weighted Average Maturity ~~358~~357 ~~358~~357 357 Beginning Loan Count ~~535~~496 53,~~263~~426 665 Loans Paid In Full 134 ~~154~~97 24 Ending Loan Count ~~522~~492 53,~~109~~329 641 Beginning Scheduled Balance ~~255~~94,~~942~~400,~~078~~837.3354 1648,~~076~~675,~~841~~433.79 50,~~986~~926,916.3207 Ending ~~scheduled~~Scheduled Balance ~~249~~94,~~188~~022,~~429~~492.0949 1627,~~043~~080,~~191,616~~366.04 49,562,062.68 Record Date 0607/3029/2005 0607/3029/2005 07/29/2005 Principal And Interest Constant 1642,~~579,616~~402.5294 74,~~095~~279,~~304~~948.3061 409,800.19 Scheduled Principal ~~143~~87,~~986~~422.7143 ~~687~~398,~~446~~804.12 45,426.03 Unscheduled Principal 6290,~~609~~922.62 21,~~662~~196,263.5363 321,~~962~~319,~~923~~427.3836 Scheduled Interest 1554,~~435,629~~980.8151 63,~~407~~881,~~857~~144.8549 364,374.16 Servicing Fees ~~106~~39,~~642~~333.5368 ~~448~~270,~~684~~281.1643 21,219.55 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~426~~157.5733 1,~~794~~081.7313 84.88 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 1515,~~328,560~~489.7150 53,~~957~~609,~~378~~781.9693 343,069.73 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~229038~~552774 6.~~638722~~677821 8.083813

Prepayment - Voluntary Prepayments

Realized Loss Report - Collateral Summary

MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Aug-2004 N/A N/A Aug-2004 N/A N/A~~ Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Aug-2004 N/A N/A Aug-2004 N/A N/A~~ Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Monthly Default Rate (MDR): sum(Beg Principal Balance of Liquidated Loans)/ sum(Beg Principal Balance). Conditional Default Rate (CDR): 1-((1-MDR)^12) SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR/(WAS*0.02) else if WAS is greater than 30 and less than or equal to 60 then CDR/0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR/(0.6 - ((WAS-60)*0.0095)) else if WAS is greater than 120 then CDR/0.03 Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

Filing Compare · SABR TRUST 2005-FR2