UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K /A

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 25, 2005

Structured Asset Securities Corporation (as Depositor under the Trust Agreement dated as of January 1, 2005, providing for the issuance of Structured Asset Securities Corporation Trust Mortgage Pass-Through Certificates, Series 2005-NC1)
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-120575
(Commission
File Number)

74-2440850
(IRS Employer
Identification No.)

745 Seventh Avenue, 7th Floor, New York, NY
(Address of principal executive offices)

10019
(Zip Code)

Registrant's telephone number, including area code 212-526-7000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K/A 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))

Section 8 - Other Events

Item 8.01. Other Events.

This current report on Form 8-K/A relates to the monthly distribution reported to the holders of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-NC1, which was made on April 25, 2005.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

99.1 Monthly distribution report pursuant to section 4.03 of the Trust Agreement for the distribution on April 25, 2005.

(Exhibit No. Description)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LASALLE BANK NATIONAL ASSOCIATION, IN ITS CAPACITY AS TRUSTEE UNDER THE TRUST AGREEMENT ON BEHALF OF STRUCTURED ASSET SECURITIES CORPORATION, REGISTRANT

By: /s/ Russell Goldenberg
Russell Goldenberg
Group Senior Vice President

Date: May 17, 2005

Structured Asset Securities Corporation

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Reporting Package Table of Contents

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Administrator:

Megan Olson 312.904.6709
megan.olson@abnamro.com

Analyst:

Dinsmore Sohn 714.259.6258
dinsmore.sohn@abnamro.com

Revised Date:

135 S. LaSalle Street, Suite 1625
Chicago, IL 60603
USA

Statements to Certificateholders
Cash Reconciliation Summary
Bond Interest Reconciliation
Bond Principal Reconciliation

Shortfall Summary Report

Swap Summary Report
Asset-Backed Facts ~ 15 Month Loan Status Summary Part I

Asset-Backed Facts ~ 15 Month Loan Status Summary Part II
Asset-Backed Facts ~ 15 Month Loan Payoff/Loss Summary
Realized Loss Detail

Page 2-3
Page 4-7
Page 8-9
Page 10-11

Page 12

Page 13
Page 14-17

Page 18-21
Page 22-25

Page 26-29

Substitution Detail History

Page 30

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

SASC5NC1

SASC5NC1_200504_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

31-Jan-05
25-Feb-05

27-Feb-40

Parties to The Transaction

Issuer: Lehman Brothers Inc.

Depositor: Structured Asset Securities Corporation

Underwriter: Lehman Brothers Inc.

Master Servicer: Aurora Loan Services LLC

Rating Agency: Moody's Investors Service, Inc./Fitch, Inc./Standard & Poor's Rating Services

800.246.5761

LaSalle Factor Line

LaSalle Web Site

www.etrustee.net

Page 1 of 30

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

7.383542%

2.850000%
3.020000%

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Structured Asset Securities Corporation

Mortgage Pass-Through Certificates

Series 2005-NC1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

348

Distribution

Revised Date:

ABN AMRO Acct: 722341.1

974.249488909

36.587793390

0.000000000

937.661695519

2.959282824

Fixed

0.00

0.000000000

3.64500000%

0.000000000

86359BX63

26,688,000.00

976,455.03

0.00

25,024,315.33

78,977.34

26,000,770.36

1000.000000000

0.000000000

1000.000000000

3.266666542

Fixed

0.00

0.000000000

3.92000000%

0.000000000

86359BX71

26,813,000.00

0.00

26,813,000.00

87,589.13

26,813,000.00

1000.000000000

0.000000000

1000.000000000

3.458333501

Fixed

0.00

0.000000000

4.15000000%

0.000000000

86359BX89

9,931,000.00

0.00

9,931,000.00

34,344.71

9,931,000.00

977.396697022

33.196514042

0.000000000

944.200182980

2.651188541

3.320000000%

0.00

0.000000000

3.15000000%

0.000000000

86359BX97

223,686,000.00

7,425,595.44

0.00

211,204,362.13

593,033.76

218,629,957.57

1000.000000000

0.000000000

1000.000000000

2.936389016

3.580000000%

0.00

0.000000000

3.41000000%

0.000000000

86359BY21

39,474,000.00

0.00

39,474,000.00

115,911.02

39,474,000.00

941.782581393

54.957603239

0.000000000

886.824978154

2.408608950

3.140000000%

0.00

0.000000000

2.97000000%

0.000000000

86359BY39

101,391,000.00

5,572,206.35

0.00

89,916,071.36

244,211.27

95,488,277.71

1000.000000000

0.000000000

1000.000000000

2.652222222

3.250000000%

0.00

0.000000000

3.08000000%

0.000000000

86359BY47

117,459,000.00

0.00

117,459,000.00

311,527.37

117,459,000.00

1000.000000000

0.000000000

1000.000000000

2.755555497

3.370000000%

0.00

0.000000000

3.20000000%

0.000000000

86359BY54

19,073,000.00

0.00

19,073,000.00

52,556.71

19,073,000.00

1000.000000000

0.000000000

1000.000000000

3.899999892

Fixed

0.00

0.000000000

4.68000000%

0.000000000

86359BY62

22,282,216.00

0.00

22,282,216.00

86,900.64

22,282,216.00

1000.000000000

0.000000000

1000.000000000

4.358333001

Fixed

0.00

0.000000000

5.23000000%

0.000000000

86359BY70

A10

10,820,784.00

0.00

10,820,784.00

47,160.58

10,820,784.00

1000.000000000

0.000000000

1000.000000000

3.908333023

Fixed

0.00

0.000000000

4.69000000%

0.000000000

86359BY88

A11

10,726,000.00

0.00

10,726,000.00

41,920.78

10,726,000.00

1000.000000000

0.000000000

1000.000000000

2.858888889

3.490000000%

0.00

0.000000000

3.32000000%

0.000000000

86359BY96

22,122,000.00

0.00

22,122,000.00

63,244.34

22,122,000.00

1000.000000000

0.000000000

1000.000000000

2.876111327

3.510000000%

0.00

0.000000000

3.34000000%

0.000000000

86359BZ20

12,845,000.00

0.00

12,845,000.00

36,943.65

12,845,000.00

1000.000000000

0.000000000

1000.000000000

2.901944098

3.540000000%

0.00

0.000000000

3.37000000%

0.000000000

86359BZ38

12,844,000.00

0.00

12,844,000.00

37,272.57

12,844,000.00

1000.000000000

0.000000000

1000.000000000

3.100000000

3.770000000%

0.00

0.000000000

3.60000000%

0.000000000

86359BZ46

16,413,000.00

0.00

16,413,000.00

50,880.30

16,413,000.00

Page 2 of 30

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:
Current Index:
Next Index:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

7.383542%

2.850000%
3.020000%

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Structured Asset Securities Corporation

Mortgage Pass-Through Certificates

Series 2005-NC1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

348

Distribution

Revised Date:

ABN AMRO Acct: 722341.1

1000.000000000

0.000000000

1000.000000000

3.143055055

3.820000000%

0.00

0.000000000

3.65000000%

0.000000000

86359BZ53

4,995,000.00

0.00

4,995,000.00

15,699.56

4,995,000.00

1000.000000000

0.000000000

1000.000000000

3.573611267

4.320000000%

0.00

0.000000000

4.15000000%

0.000000000

86359BZ61

7,136,000.00

0.00

7,136,000.00

25,501.29

7,136,000.00

1000.000000000

0.000000000

1000.000000000

3.659722534

4.420000000%

0.00

0.000000000

4.25000000%

0.000000000

86359BZ79

7,136,000.00

0.00

7,136,000.00

26,115.78

7,136,000.00

1000.000000000

0.000000000

1000.000000000

4.434722534

5.320000000%

0.00

0.000000000

5.15000000%

0.000000000

86359BZ87

7,136,000.00

0.00

7,136,000.00

31,646.18

7,136,000.00

1000.000000000

0.000000000

1000.000000000

4.606945067

5.520000000%

0.00

0.000000000

5.35000000%

0.000000000

86359BZ95

7,136,000.00

0.00

7,136,000.00

32,875.16

7,136,000.00

1000.000000000

0.000000000

1000.000000000

4.606945223

5.520000000%

0.00

0.000000000

5.35000000%

0.000000000

86359B3V1

3,925,000.00

0.00

3,925,000.00

18,082.26

3,925,000.00

983.679924904

0.000000000

964.097147026

2.959312074

0.00

403,858.40

0.565945613

2.91968930%

0.000000000

9ABST7968

713,599,311.97

0.00

687,979,060.79

2,111,763.06

701,953,317.61

1000.000000000

0.000000000

1000.000000000

1781443.400000000

0.00

178,144.34

1781443.400000000

N/A

0.000000000

9ABST7976

100.00

0.00

100.00

178,144.34

100.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABST798

0.00

Total P&I Payment

0.00

582,002.74

710,032,100.00

698,386,105.64

18,296,558.62

Total

684,411,848.82

13,974,256.82

0.00

4,322,301.80

Page 3 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Revised Date:

Cash Reconciliation Summary

Overcollateralization Deficiency

Overcollateralization Amount

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

668,775.42

0.00

)

(49,491.72

Less Other Adjustment

0.00

Total

4,023,773.67

Unscheduled Interest:
Prepayment Penalties

178,144.34

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

178,144.34

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

PMI Amounts

Interest Due Serv on Advances

Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Credit Risk Manager's Fees
Misc. Fees

Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:
Current Scheduled Principal
Advanced Scheduled Principal
Scheduled Principal
Unscheduled Principal:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds
Total Unscheduled Principal
Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

Overcollateralization Summary

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts
PPIS Reducing Scheduled Interest
PPIS Reducing Servicing Fee

PPIS Due Certificate

)

(149.76

0.00
0.00

0.00

)

(280,305.89

3,924,293.01

0.00

)

(5,849.61

0.00

)

(5,849.61

73,842.34

425,020.50
498,862.84

77,856.71

13,397,537.27

0.00
0.00
0.00

13,475,393.98
13,974,256.82

17,898,549.83

701,953,317.61

4,333

498,862.84

13,475,393.98

0.00
0.00

0.00

687,979,060.79

4,269

422,976.09

3,457,198.33

425,020.50

3,404,489.98

447,626.19

3,615,664.91

46,661.08

2,830.64

)

(49,491.72

245,819.46

242,988.83

49,491.72

0.00
0.00
0.00

49,491.72
49,491.72

0.00

Advance Summary (Advance Made by Servicer)

0.00

3,918,443.40

Interest Not Advanced (

Current Period

)

0.00

3,404,489.98

Less Non Recovered

)

(3,246,023.39

)

(400,370.40

0.00

3,567,311.97

0.00

Other Principal Information

Principal Remittance Amount
Overcollateralization Release Amount

13,974,256.82

0.00

13,974,256.82

Principal Distribution Amount Amount

)

(280,305.89

Page 4 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Revised Date:

Cash Reconciliation Summary Pool 1

Overcollateralization Deficiency

Overcollateralization Amount

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

112,951.30

0.00

)

(3,987.48

Less Other Adjustment

0.00

Total

700,664.61

Unscheduled Interest:
Prepayment Penalties

19,503.20

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

19,503.20

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

PMI Amounts

Interest Due Serv on Advances

Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Credit Risk Manager's Fees
Misc. Fees

Total

Total Interest Due Certs

Principal Summary

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

Overcollateralization Summary

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts
PPIS Reducing Scheduled Interest
PPIS Reducing Servicing Fee

PPIS Due Certificate

)

(71.81

0.00
0.00

0.00

)

(61,487.84

654,622.75

0.00

)

(5,849.61

0.00

)

(5,849.61

19,409.23

110,503.04
129,912.27

7,649.46

838,893.30

0.00
0.00
0.00

846,542.76
976,455.03

1,631,077.78

125,132,450.35

854

129,912.27
846,542.76

0.00
0.00

0.00

124,155,995.32

846

105,287.50

572,672.67

110,503.04

591,700.79

114,430.07

617,781.21

7,972.89

0.00

)

(3,987.48

44,165.63

48,151.04

3,987.48

0.00
0.00
0.00

3,987.48
3,987.48

0.00

Advance Summary (Advance Made by Servicer)

)

(3,985.41

648,773.14

Interest Not Advanced (

Current Period

)

0.00

591,700.79

Less Non Recovered

)

(546,592.25

)

(101,360.47

0.00

3,567,311.97

0.00

Other Principal Information

Principal Remittance Amount
Overcollateralization Release Amount

13,974,256.82

0.00

13,974,256.82

Principal Distribution Amount Amount

)

(61,487.84

Page 5 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Revised Date:

Cash Reconciliation Summary Pool 2

Overcollateralization Deficiency

Overcollateralization Amount

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

280,521.58

0.00

)

(24,402.67

Less Other Adjustment

0.00

Total

1,761,080.16

Unscheduled Interest:
Prepayment Penalties

94,028.49

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

94,028.49

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

PMI Amounts

Interest Due Serv on Advances

Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Credit Risk Manager's Fees
Misc. Fees

Total

Total Interest Due Certs

Principal Summary

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

Overcollateralization Summary

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts
PPIS Reducing Scheduled Interest
PPIS Reducing Servicing Fee

PPIS Due Certificate

)

(65.56

0.00
0.00

0.00

)

(123,894.65

1,736,628.86

0.00

)

(5,849.61

0.00

)

(5,849.61

29,637.17

191,408.25
221,045.42

16,078.30

7,188,471.72

0.00
0.00
0.00

7,204,550.02
7,425,595.44

9,162,224.30

303,635,621.57

2,071

221,045.42

7,204,550.02

0.00
0.00

0.00

296,210,026.13

2,033

186,502.06

1,491,304.88

191,408.25

1,504,961.24

201,368.91

1,593,031.78

18,922.24

5,480.43

)

(24,402.67

107,592.60

102,112.18

24,402.67

0.00
0.00
0.00

24,402.67
24,402.67

0.00

Advance Summary (Advance Made by Servicer)

0.00

1,730,779.25

Interest Not Advanced (

Current Period

)

0.00

1,504,961.24

Less Non Recovered

)

(1,403,234.34

)

(176,541.40

0.00

3,567,311.97

0.00

Other Principal Information

Principal Remittance Amount
Overcollateralization Release Amount

13,974,256.82

0.00

13,974,256.82

Principal Distribution Amount Amount

)

(123,894.65

Page 6 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Revised Date:

Cash Reconciliation Summary Pool 3

Overcollateralization Deficiency

Overcollateralization Amount

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

275,302.54

0.00

)

(21,101.58

Less Other Adjustment

0.00

Total

1,562,028.90

Unscheduled Interest:
Prepayment Penalties

64,612.65

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

64,612.65

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

PMI Amounts

Interest Due Serv on Advances

Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Credit Risk Manager's Fees
Misc. Fees

Total

Total Interest Due Certs

Principal Summary

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

Overcollateralization Summary

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts
PPIS Reducing Scheduled Interest
PPIS Reducing Servicing Fee

PPIS Due Certificate

)

(12.38

0.00
0.00

0.00

)

(94,923.40

1,533,041.40

0.00

)

(5,849.61

0.00

)

(5,849.61

24,795.94

123,109.21
147,905.15

54,128.95

5,370,172.25

0.00
0.00
0.00

5,424,301.20
5,572,206.35

7,105,247.75

273,185,245.69

1,408

147,905.15

5,424,301.20

0.00
0.00

0.00

267,613,039.34

1,390

131,186.53

1,393,220.79

123,109.21

1,307,827.94

131,827.21

1,404,851.92

19,765.96

1,335.62

)

(21,101.58

94,061.23

92,725.61

21,101.58

0.00
0.00
0.00

21,101.58
21,101.58

0.00

Advance Summary (Advance Made by Servicer)

0.00

1,527,191.79

Interest Not Advanced (

Current Period

)

0.00

1,307,827.94

Less Non Recovered

)

(1,296,196.81

)

(122,468.53

0.00

3,567,311.97

0.00

Other Principal Information

Principal Remittance Amount
Overcollateralization Release Amount

13,974,256.82

0.00

13,974,256.82

Principal Distribution Amount Amount

)

(94,923.40

Page 7 of 30

Structured Asset Securities Corporation

Class

Payment Date:

Prior Payment:

Next Payment:

Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Bond Interest Reconciliation

Additions

Accrual

Method Days

Revised Date:

Accrued

Certificate

Interest

Prior

Int Carry-Fwd

Shortfall

Prior

Shortfall

Reimbursement

Other

Interest

Proceeds

Other

Interest

Losses

Current

Int Carry-Fwd

Shortfall

Current Basis

Risk Carry-Fwd

Shortfall

Remaining

Int Carry-Fwd

Shortfall

Remaining Basis

Risk Carry-Fwd

Shortfall

Net Cap Rate

in Effect

Y/N

Distributable

Certificate

Interest

Payment

Amount

Deductions

Outstanding

Deposits from

SWAP

Agreement

0.00

78,977.34

30/360

0.00

78,977.34

0.00

Yes

0.00

87,589.13

30/360

0.00

87,589.13

0.00

Yes

0.00

34,344.71

30/360

0.00

34,344.71

0.00

Yes

0.00

593,033.76

Act/360

0.00

593,033.76

0.00

115,911.02

Act/360

0.00

115,911.02

0.00

244,211.27

Act/360

0.00

244,211.27

0.00

311,527.37

Act/360

0.00

311,527.37

0.00

52,556.71

Act/360

0.00

52,556.71

0.00

86,900.64

30/360

0.00

86,900.64

0.00

Yes

0.00

A10

47,160.58

30/360

0.00

47,160.58

0.00

Yes

0.00

A11

41,920.78

30/360

0.00

41,920.78

0.00

Yes

0.00

63,244.34

Act/360

0.00

63,244.34

0.00

36,943.65

Act/360

0.00

36,943.65

0.00

37,272.57

Act/360

0.00

37,272.57

0.00

50,880.30

Act/360

0.00

50,880.30

0.00

15,699.56

Act/360

0.00

15,699.56

0.00

25,501.29

Act/360

0.00

25,501.29

0.00

26,115.78

Act/360

0.00

26,115.78

0.00

31,646.18

Act/360

0.00

31,646.18

0.00

32,875.16

Act/360

0.00

32,875.16

0.00

18,082.26

Act/360

0.00

18,082.26

0.00

2,111,763.06

30/360

0.00

403,858.40

1,707,904.66

0.00

178,144.34

0.00

(2) Interest Carry-Forward Shortfall is unpaid interest with interest thereon
(3) Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap.

Page 8 of 30

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

Structured Asset Securities Corporation

Class

Payment Date:

Prior Payment:

Next Payment:

Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Bond Interest Reconciliation

Additions

Accrual

Method Days

Revised Date:

Accrued

Certificate

Interest

Prior

Int Carry-Fwd

Shortfall

Prior

Shortfall

Reimbursement

Other

Interest

Proceeds

Other

Interest

Losses

Current

Int Carry-Fwd

Shortfall

Current Basis

Risk Carry-Fwd

Shortfall

Remaining

Int Carry-Fwd

Shortfall

Remaining Basis

Risk Carry-Fwd

Shortfall

Net Cap Rate

in Effect

Y/N

Distributable

Certificate

Interest

Payment

Amount

Deductions

Outstanding

Deposits from

SWAP

Agreement

0.00

403,858.40

0.00

3,740,299.06

4,322,301.80

0.00

(2) Interest Carry-Forward Shortfall is unpaid interest with interest thereon
(3) Basis Risk Carry-Forward Shortfall - difference between LIBOR plus margin and the Net Rate Cap.

Page 9 of 30

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

Structured Asset Securities Corporation

Payment Date:

Prior Payment:
Next Payment:

Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Bond Principal Reconciliation

Credit Support

Original

Current(4)

ABN AMRO

LaSalle Bank

N.A.

Revised Date:

Beginning

Class Balance

Unscheduled

Principal
Payment

Extra

Principal

Payment Amt

Prior

Loss

Reimburs.

Rated

Final

Maturity

Class

Current

Losses

Original

Class Balance

Scheduled

Principal
Payment

Ending

Class Balance

Cumulative

Losses

Interest on

Losses

Additions

Losses

4.00
1.00

2/27/2040

25,024,315.33

0.00

26,000,770.36

26,688,000.00

976,455.03

0.00

2/27/2040

26,813,000.00

0.00

26,813,000.00

0.00

2/27/2040

9,931,000.00

0.00

9,931,000.00

0.00

2/27/2040

211,204,362.13

0.00

218,629,957.57

223,686,000.00

7,425,595.44

0.00

2/27/2040

39,474,000.00

0.00

39,474,000.00

0.00

2/27/2040

89,916,071.36

0.00

95,488,277.71

101,391,000.00

5,572,206.35

0.00

2/27/2040

117,459,000.00

0.00

117,459,000.00

0.00

2/27/2040

19,073,000.00

0.00

19,073,000.00

0.00

2/27/2040

22,282,216.00

0.00

22,282,216.00

0.00

A10

2/27/2040

10,820,784.00

0.00

10,820,784.00

0.00

A11

2/27/2040

10,726,000.00

0.00

10,726,000.00

0.00

2/27/2040

22,122,000.00

0.00

22,122,000.00

0.00

2/27/2040

12,845,000.00

0.00

12,845,000.00

0.00

2/27/2040

12,844,000.00

0.00

12,844,000.00

0.00

2/27/2040

16,413,000.00

0.00

16,413,000.00

0.00

2/27/2040

4,995,000.00

0.00

4,995,000.00

0.00

2/27/2040

7,136,000.00

0.00

7,136,000.00

0.00

2/27/2040

7,136,000.00

0.00

7,136,000.00

0.00

2/27/2040

7,136,000.00

0.00

7,136,000.00

0.00

2/27/2040

7,136,000.00

0.00

7,136,000.00

0.00

2/27/2040

3,925,000.00

0.00

3,925,000.00

0.00

2/27/2040

687,979,060.79

0.00

701,953,317.61

713,599,311.97

0.00

2/27/2040

100.00

0.00

100.00

0.00

Page 10 of 30

(1) Extra Principal Amounts: the lessor of (i) the excess, if any, of the overcollateralization Target Amount over the Overcollateralization Amount.

Structured Asset Securities Corporation

Payment Date:

Prior Payment:
Next Payment:

Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Bond Principal Reconciliation

Credit Support

Original

Current(4)

ABN AMRO

LaSalle Bank

N.A.

Revised Date:

Beginning

Class Balance

Unscheduled

Principal
Payment

Extra

Principal

Payment Amt

Prior

Loss

Reimburs.

Rated

Final

Maturity

Class

Current

Losses

Original

Class Balance

Scheduled

Principal
Payment

Ending

Class Balance

Cumulative

Losses

Interest on

Losses

Additions

Losses

4.00

23.00

0.00

2/27/2040

0.00

13,974,256.82

0.00

710,032,100.00

684,411,848.82

698,386,105.64

Page 11 of 30

(1) Extra Principal Amounts: the lessor of (i) the excess, if any, of the overcollateralization Target Amount over the Overcollateralization Amount.

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Interest Adjustments Summary

Revised Date:

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

Misc. Fees & Expenses Paid by/to Servicer

Interest Paid to Servicer on Outstanding Advances

0.00

ASER Interest Advance Reduction

Interest Not Advanced (Current Period)

Recoup of Prior Advances by Servicer

0.00

Servicing Fees Paid Servicer on Loans Not Advanced

Misc. Fees & Expenses Paid by Trust

0.00

Shortfall Due to Rate Modification

Total Shortfall Allocated to the Bonds

Total Interest Adjustment to the Bonds

0.00

Shortfall Allocated to the Bonds:

Excess Allocated to the Bonds:

Other Interest Proceeds Due the Bonds

Yield Maintenance Penalties Due the Bonds

Prepayment Penalties Due the Bonds

Recovered ASER Interest Due the Bonds

Recovered Interest Due the Bonds

Less Total Shortfall Allocated to the Bonds

Total Excess Allocated to the Bonds

178,144.34

178,144.34

Total Excess Allocated to the Bonds

178,144.34

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

178,144.34

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Interest Income

0.00

Page 12 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

SWAP Payments

Revised Date:

Net Swap payment payable to the Swap Counterparty.........................................................................

Net Swap payment payable to the Supplemental Interest Trust................................................................

Swap Termination payment payable to the Supplemental Interest Trust..............................................

Swap Termination payment payable to the Swap Counterparty...........................................................

403,858.40

0.00

Page 13 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

# Balance

Revised Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

3.05%

2.95%

0.91%

0.77%

0.16%

1,387,522

0.20%

0.00%

25-Apr-05

130

20,299,750

5,318,864

4,093

660,972,925

95.88%

96.07%

3.99%

3.97%

0.21%

0.26%

0.00%

25-Mar-05

173

27,889,839

1,827,986

4,151

672,235,492

95.80%

95.77%

1.78%

1.50%

0.02%

0.01%

0.00%

25-Feb-05

10,694,290

70,915

4,293

700,254,325

98.19%

98.49%

Page 14 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

# Balance

Revised Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Pool 1

2.36%

1.79%

0.83%

0.73%

0.12%

103,724

0.08%

0.00%

25-Apr-05

2,217,634

905,249

818

120,929,389

96.69%

97.40%

2.11%

1.86%

0.12%

0.08%

0.00%

25-Mar-05

2,327,963

103,793

835

122,700,694

97.78%

98.06%

1.05%

0.62%

0.00%

25-Feb-05

784,425

848

124,890,567

98.95%

99.38%

Page 15 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

# Balance

Revised Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Pool 2

3.25%

3.43%

0.69%

0.47%

0.25%

958,409

0.32%

0.00%

25-Apr-05

10,173,022

1,394,308

1,948

283,684,286

95.82%

95.77%

3.91%

3.57%

0.24%

0.29%

0.00%

25-Mar-05

10,834,555

870,571

1,985

291,930,496

95.85%

96.15%

1.87%

1.70%

0.00%

25-Feb-05

5,219,777

2,051

302,561,680

98.13%

98.30%

Page 16 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part I

Distribution

Date

REO

# Balance

Revised Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Pool 3

3.17%

2.96%

1.29%

1.13%

0.07%

325,389

0.12%

0.00%

25-Apr-05

7,909,094

3,019,306

1,327

256,359,250

95.47%

95.79%

5.26%

5.39%

0.21%

0.31%

0.00%

25-Mar-05

14,727,321

853,622

1,331

257,604,303

94.53%

94.30%

2.11%

1.69%

0.07%

0.03%

0.00%

25-Feb-05

4,690,088

70,915

1,394

272,802,078

97.82%

98.28%

Page 17 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Distribution

Date

Revised Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-Apr-05

0.00%

0.00% 0.00%

0.00%

25-Mar-05

0.00%

0.00% 0.00%

0.00%

25-Feb-05

0.00%

0.00% 0.00%

0.00%

Page 18 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Distribution

Date

Revised Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Pool 1

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-Apr-05

0.00%

0.00% 0.00%

0.00%

25-Mar-05

0.00%

0.00% 0.00%

0.00%

25-Feb-05

0.00%

0.00% 0.00%

0.00%

Page 19 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Distribution

Date

Revised Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Pool 2

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-Apr-05

0.00%

0.00% 0.00%

0.00%

25-Mar-05

0.00%

0.00% 0.00%

0.00%

25-Feb-05

0.00%

0.00% 0.00%

0.00%

Page 20 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Distribution

Date

Revised Date:

Current 31 - 60 Days 61 - 90 Days 90 + Days
# Balance # Balance # Balance # Balance

In Foreclosure and Delinquent

In Bankruptcy and Delinquent

In REO and Delinquent

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary Part II - Pool 3

Current

31 - 60 Days

61 - 90 Days

90 + Days

Balance

25-Apr-05

0.00%

0.00% 0.00%

0.00%

25-Mar-05

0.00%

0.00% 0.00%

0.00%

25-Feb-05

0.00%

0.00% 0.00%

0.00%

Page 21 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Revised Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

25-Apr-05

4,269

97.44%

687,979,061

96.41%

1.48%

1.91%

0.00%

348

7.38%

6.40%

13,397,537

0.00

25-Mar-05

4,333

98.90%

701,953,318

98.37%

0.89%

1.19%

0.00%

349

7.38%

6.40%

8,487,444

0.00

25-Feb-05

4,372

99.79%

711,019,529

99.64%

0.21%

0.28%

0.00%

350

7.39%

6.40%

2,033,685

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 22 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Revised Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Pool 1

25-Apr-05

846

19.31%

124,155,995

17.40%

0.94%

0.67%

0.00%

337

7.18%

6.09%

838,893

0.00

25-Mar-05

854

19.49%

125,132,450

17.54%

0.35%

0.31%

0.00%

337

7.18%

6.09%

385,653

0.00

25-Feb-05

857

19.56%

125,674,992

17.61%

0.00%

339

7.18%

6.09%

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 23 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Revised Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Pool 2

25-Apr-05

2,033

46.40%

296,210,026

41.51%

1.83%

2.37%

0.00%

354

7.48%

6.49%

7,188,472

0.00

25-Mar-05

2,071

47.27%

303,635,622

42.55%

0.91%

1.27%

0.00%

355

7.48%

6.49%

3,906,698

0.00

25-Feb-05

2,090

47.71%

307,781,456

43.13%

0.24%

0.22%

0.00%

356

7.48%

6.49%

670,981

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 24 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

Life

Coupon Remit

Revised Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Pool 3

25-Apr-05

1,390

31.73%

267,613,039

37.50%

1.28%

1.97%

0.00%

347

7.37%

6.45%

5,370,172

0.00

25-Mar-05

1,408

32.14%

273,185,246

38.28%

1.19%

1.51%

0.00%

348

7.37%

6.44%

4,195,093

0.00

25-Feb-05

1,425

32.53%

277,563,081

38.90%

0.28%

0.49%

0.00%

349

7.37%

6.45%

1,362,704

0.00

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 25 of 30

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation
Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Revised Date:

Current Total
Cumulative

Page 26 of 30

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation
Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Revised Date:

Pool 1

Current Total
Cumulative

Page 27 of 30

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation
Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Revised Date:

Pool 2

Current Total
Cumulative

Page 28 of 30

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Structured Asset Securities Corporation

Payment Date:
Prior Payment:
Next Payment:
Record Date:

12-May-05

25-Apr-05

25-Mar-05

25-May-05

22-Apr-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation
Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Revised Date:

Pool 3

Current Total
Cumulative

Page 29 of 30

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Structured Asset Securities Corporation

Substitution Detail History

ABN AMRO Acct: 722341.1

Series 2005-NC1

Mortgage Pass-Through Certificates

22-Apr-05

25-May-05

25-Mar-05

25-Apr-05

12-May-05

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Revised Date:

Property ID

Deleted Loan

Qualified Substitute

Scheduled Prin Bal

Page 30 of 30

Original Property

Per Section 7.01(a)(i) of the Property Management and Lease Servicing Agreement, aggregate Appraised Value of the Qualified Substitute Mortgaged Properties acquired by the Issuer since the Closing Date
in connection with the substitution or exchange pursuant to Section 7.01 is not to exceed 25% of the aggregate Initial Appraised Value of the Mortgaged Properties.

(A)

SASCO Mortgage Pass Through Certificates, Series 2005-NC1 8-K/A