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) June 27, 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 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 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 June 27, 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 June 27, 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: June 30, 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:

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Administrator:

Megan Olson 312.904.6709
megan.olson@abnamro.com

Analyst:

Dinsmore Sohn 714.259.6258
dinsmore.sohn@abnamro.com

Statement Date:

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

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

SASC5NC1

SASC5NC1_200506_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 0

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:

7.372397%

3.090000%
3.314380%

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

351

Distribution

Statement Date:

ABN AMRO Acct: 722341.1

869.030688699

60.088148231

0.000000000

808.942540468

2.639680755

Fixed

0.00

0.000000000

3.6450000000%

0.000000000

86359BX63

26,688,000.00

1,603,632.50

0.00

21,589,058.52

70,447.80

23,192,691.02

1000.000000000

0.000000000

1000.000000000

3.266666542

Fixed

0.00

0.000000000

3.9200000000%

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

4.1500000000%

0.000000000

86359BX89

9,931,000.00

0.00

9,931,000.00

34,344.71

9,931,000.00

916.691665013

38.351272140

0.000000000

878.340392872

2.848619359

3.6143800000%

0.00

0.000000000

3.3900000000%

0.000000000

86359BX97

223,686,000.00

8,578,642.66

0.00

196,472,449.12

637,196.27

205,051,091.78

1000.000000000

0.000000000

1000.000000000

3.345833460

3.8743800000%

0.00

0.000000000

3.6500000000%

0.000000000

86359BY21

39,474,000.00

0.00

39,474,000.00

132,073.43

39,474,000.00

816.401726583

96.668022507

0.000000000

719.733704076

2.402262035

3.4343800000%

0.00

0.000000000

3.2100000000%

0.000000000

86359BY39

101,391,000.00

9,801,267.47

0.00

72,974,519.99

243,567.75

82,775,787.46

1000.000000000

0.000000000

1000.000000000

3.043333333

3.5443800000%

0.00

0.000000000

3.3200000000%

0.000000000

86359BY47

117,459,000.00

0.00

117,459,000.00

357,466.89

117,459,000.00

1000.000000000

0.000000000

1000.000000000

3.153333508

3.6643800000%

0.00

0.000000000

3.4400000000%

0.000000000

86359BY54

19,073,000.00

0.00

19,073,000.00

60,143.53

19,073,000.00

1000.000000000

0.000000000

1000.000000000

3.899999892

Fixed

0.00

0.000000000

4.6800000000%

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

5.2300000000%

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

4.6900000000%

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

3.263333333

3.7843800000%

0.00

0.000000000

3.5600000000%

0.000000000

86359BY96

22,122,000.00

0.00

22,122,000.00

72,191.46

22,122,000.00

1000.000000000

0.000000000

1000.000000000

3.281666796

3.8043800000%

0.00

0.000000000

3.5800000000%

0.000000000

86359BZ20

12,845,000.00

0.00

12,845,000.00

42,153.01

12,845,000.00

1000.000000000

0.000000000

1000.000000000

3.309166926

3.8343800000%

0.00

0.000000000

3.6100000000%

0.000000000

86359BZ38

12,844,000.00

0.00

12,844,000.00

42,502.94

12,844,000.00

1000.000000000

0.000000000

1000.000000000

3.520000000

4.0643800000%

0.00

0.000000000

3.8400000000%

0.000000000

86359BZ46

16,413,000.00

0.00

16,413,000.00

57,773.76

16,413,000.00

1000.000000000

0.000000000

1000.000000000

3.565833834

4.1143800000%

0.00

0.000000000

3.8900000000%

0.000000000

86359BZ53

4,995,000.00

0.00

4,995,000.00

17,811.34

4,995,000.00

1000.000000000

0.000000000

1000.000000000

4.024166200

4.6143800000%

0.00

0.000000000

4.3900000000%

0.000000000

86359BZ61

7,136,000.00

0.00

7,136,000.00

28,716.45

7,136,000.00

1000.000000000

0.000000000

1000.000000000

4.115833800

4.7143800000%

0.00

0.000000000

4.4900000000%

0.000000000

86359BZ79

7,136,000.00

0.00

7,136,000.00

29,370.59

7,136,000.00

1000.000000000

0.000000000

1000.000000000

4.940833800

5.6143800000%

0.00

0.000000000

5.3900000000%

0.000000000

86359BZ87

7,136,000.00

0.00

7,136,000.00

35,257.79

7,136,000.00

Page 2 of 28

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:

7.372397%

3.090000%
3.314380%

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

351

Distribution

Statement Date:

ABN AMRO Acct: 722341.1

1000.000000000

0.000000000

1000.000000000

5.124166200

5.8143800000%

0.00

0.000000000

5.5900000000%

0.000000000

86359BZ95

7,136,000.00

0.00

7,136,000.00

36,566.05

7,136,000.00

1000.000000000

0.000000000

1000.000000000

5.124165605

5.8143800000%

0.00

0.000000000

5.5900000000%

0.000000000

86359B3V1

3,925,000.00

0.00

3,925,000.00

20,112.35

3,925,000.00

942.901528832

0.000000000

914.897658460

2.686965749

0.00

0.000000000

2.4940536936%

0.000000000

9ABST7968

713,599,311.97

0.00

652,870,339.60

1,917,416.91

672,853,882.23

1000.000000000

0.000000000

1000.000000000

2638661.400000000

0.00

0.000000000

N/A

0.000000000

9ABST7976

100.00

0.00

100.00

263,866.14

100.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABST7984

0.00

Total P&I Payment

0.00

710,032,100.00

669,286,670.26

24,346,092.93

Total

649,303,127.63

19,983,542.63

0.00

4,362,550.30

Page 2 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Statement 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

3,816,500.93

0.00
0.00

Less Other Adjustment

960.39

Total
Unscheduled Interest:
Prepayment Penalties

263,866.14

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

263,866.14

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

)

(149.53

0.00
0.00

0.00

)

(267,964.11

0.00

)

(5,607.12

0.00

)

(5,607.12

464,590.42

31,075.11

495,665.53

54,664.42

19,433,212.68

0.00
0.00
0.00

19,487,877.10
19,983,542.63

23,831,582.84

672,853,882.23

4,199

495,665.53

19,487,877.10

102

0.00
0.00

0.00

652,870,339.60

4,097

64,899.54

590,775.57

31,075.11

297,429.13

54,755.81

527,275.10

260,681.97

0.00

19,673.82

280,355.78

0.00
0.00
0.00
0.00
0.00
0.00

0.00

Advance Summary (Advance Made by Servicer)

)

(260,681.97

3,842,433.09

Interest Not Advanced (

Current Period

)

(184.67

297,613.80

Less Non Recovered

)

(360,929.60

)

(41,218.84

0.00

3,567,311.97

0.00

Other Principal Information

Principal Remittance Amount
Overcollateralization Release Amount

19,983,542.63

0.00

19,983,542.63

Principal Distribution Amount

)

(267,964.11

4,114,890.45

3,848,040.21

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Statement 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

693,213.07

0.00
0.00

Less Other Adjustment

0.00

Total
Unscheduled Interest:
Prepayment Penalties

21,273.94

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

21,273.94

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

)

(71.67

0.00
0.00

0.00

)

(59,739.56

0.00

)

(5,607.12

0.00

)

(5,607.12

124,357.14

5,287.77

129,644.91

9,773.43

1,464,214.16

0.00
0.00
0.00

1,473,987.59
1,603,632.50

2,246,491.10

122,324,371.01

837

129,644.91

1,473,987.59

0.00
0.00

0.00

120,720,738.51

830

10,200.03

69,395.61

5,287.77

36,637.35

8,876.54

60,957.62

48,454.55

0.00

2,513.94

50,968.49

0.00
0.00
0.00
0.00
0.00
0.00

0.00

Advance Summary (Advance Made by Servicer)

)

(48,454.55

637,251.48

Interest Not Advanced (

Current Period

)

0.00

36,637.35

Less Non Recovered

)

(45,075.35

)

(6,611.26

0.00

3,567,311.97

0.00

Other Principal Information

Principal Remittance Amount
Overcollateralization Release Amount

19,983,542.63

0.00

19,983,542.63

Principal Distribution Amount

)

(59,739.56

729,850.43

642,858.60

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Statement 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

1,650,934.38

0.00
0.00

Less Other Adjustment

265.03

Total
Unscheduled Interest:
Prepayment Penalties

77,631.61

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

77,631.61

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

)

(65.48

0.00
0.00

0.00

)

(117,552.27

0.00

)

(5,607.12

0.00

)

(5,607.12

203,382.30

16,227.08

219,609.38

10,119.10

8,348,914.18

0.00
0.00
0.00

8,359,033.28
8,578,642.66

10,222,017.47

290,056,755.78

2,002

219,609.38

8,359,033.28

0.00
0.00

0.00

281,478,113.12

1,944

30,394.95

263,892.15

16,227.08

143,927.83

27,546.92

250,389.02

111,236.22

0.00

9,620.76

120,856.98

0.00
0.00
0.00
0.00
0.00
0.00

0.00

Advance Summary (Advance Made by Servicer)

)

(111,236.22

1,637,767.69

Interest Not Advanced (

Current Period

)

0.00

143,927.83

Less Non Recovered

)

(157,430.96

)

(19,075.11

0.00

3,567,311.97

0.00

Other Principal Information

Principal Remittance Amount
Overcollateralization Release Amount

19,983,542.63

0.00

19,983,542.63

Principal Distribution Amount

)

(117,552.27

1,795,127.23

1,643,374.81

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Statement 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

1,472,353.48

0.00
0.00

Less Other Adjustment

695.36

Total
Unscheduled Interest:
Prepayment Penalties

164,960.59

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

164,960.59

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

)

(90,672.28

0.00

)

(5,607.12

0.00

)

(5,607.12

136,850.98

9,560.26

146,411.24

34,771.89

9,620,084.34

0.00
0.00
0.00

9,654,856.23
9,801,267.47

11,363,074.27

260,472,755.44

1,360

146,411.24

9,654,856.23

0.00
0.00

0.00

250,671,487.97

1,323

24,304.56

257,487.81

9,560.26

116,863.94

18,332.35

215,928.46

100,991.20

0.00

7,539.12

108,530.31

0.00
0.00
0.00
0.00
0.00
0.00

0.00

Advance Summary (Advance Made by Servicer)

)

(100,991.20

1,556,199.69

Interest Not Advanced (

Current Period

)

(184.67

117,048.61

Less Non Recovered

)

(158,423.30

)

(15,532.47

0.00

3,567,311.97

0.00

Other Principal Information

Principal Remittance Amount
Overcollateralization Release Amount

19,983,542.63

0.00

19,983,542.63

Principal Distribution Amount

)

(90,672.28

1,589,912.79

1,561,806.80

Page 1 of 0

Structured Asset Securities Corporation

Class

Payment Date:

Prior Payment:

Next Payment:

Record Date:

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Bond Interest Reconciliation

Additions

Accrual

Method Days

Statement 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

70,447.80

30/360

0.00

70,447.80

0.00

87,589.13

30/360

0.00

87,589.13

0.00

34,344.71

30/360

0.00

34,344.71

0.00

637,196.27

Act/360

0.00

637,196.27

0.00

132,073.43

Act/360

0.00

132,073.43

0.00

243,567.75

Act/360

0.00

243,567.75

0.00

357,466.89

Act/360

0.00

357,466.89

0.00

60,143.53

Act/360

0.00

60,143.53

0.00

86,900.64

30/360

0.00

86,900.64

0.00

47,160.58

30/360

0.00

47,160.58

0.00

A10

0.00

41,920.78

30/360

0.00

41,920.78

0.00

A11

0.00

72,191.46

Act/360

0.00

72,191.46

0.00

42,153.01

Act/360

0.00

42,153.01

0.00

42,502.94

Act/360

0.00

42,502.94

0.00

57,773.76

Act/360

0.00

57,773.76

0.00

17,811.34

Act/360

0.00

17,811.34

0.00

28,716.45

Act/360

0.00

28,716.45

0.00

29,370.59

Act/360

0.00

29,370.59

0.00

35,257.79

Act/360

0.00

35,257.79

0.00

36,566.05

Act/360

0.00

36,566.05

0.00

20,112.35

Act/360

0.00

20,112.35

0.00

1,917,416.91

30/360

0.00

1,398,444.76

0.00

518,972.15

0.00

263,866.14

0.00

518,972.15

0.00

3,579,712.01

4,362,550.30

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 1 of 0

(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:

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Bond Principal Reconciliation

Credit Support

Original

Current(4)

Statement 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

21,589,058.52

0.00

23,192,691.02

26,688,000.00

1,603,632.50

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

196,472,449.12

0.00

205,051,091.78

223,686,000.00

8,578,642.66

0.00

2/27/2040

39,474,000.00

0.00

39,474,000.00

0.00

2/27/2040

72,974,519.99

0.00

82,775,787.46

101,391,000.00

9,801,267.47

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

652,870,339.60

0.00

672,853,882.23

713,599,311.97

0.00

2/27/2040

100.00

0.00

100.00

0.00

19,983,542.63

0.00

710,032,100.00

649,303,127.63

669,286,670.26

Page 1 of 0

(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:

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Interest Adjustments Summary

Statement 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

184.67

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

1,145.06

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

263,866.14

263,866.14

Total Excess Allocated to the Bonds

262,721.08

)

(1,145.06

Aggregate Interest Adjustment Allocated to the Bonds

0.00

263,866.14

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

960.39

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Interest Income

0.00

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

SWAP Payments

Statement 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...........................................................

520,117.21

0.00

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

1.44%

1.17%

0.37%

0.18%

0.12%

982,200

0.15%

0.37%

0.35%

0.00%

27-Jun-05

7,623,693

1,184,854

2,303,294

4,003

640,776,299

97.71%

98.15%

0.90%

0.81%

0.21%

0.16%

0.19%

1,164,073

0.17%

0.00%

25-May-05

5,464,733

1,044,858

4,144

665,180,219

98.69%

98.86%

0.91%

0.77%

0.16%

0.20%

0.00%

25-Apr-05

5,318,864

1,387,522

4,223

681,272,675

98.92%

99.03%

0.21%

0.26%

0.00%

25-Mar-05

1,827,986

4,324

700,125,331

99.79%

99.74%

0.02%

0.01%

0.00%

25-Feb-05

70,915

4,371

710,948,614

99.98%

99.99%

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Pool 1

0.60%

0.33%

0.36%

0.19%

0.00%

0.36%

0.20%

0.00%

27-Jun-05

393,120

225,676

239,715

819

119,862,227

98.67%

99.29%

0.48%

0.38%

0.00%

0.36%

240,048

0.20%

0.00%

25-May-05

458,726

830

121,625,597

99.16%

99.43%

0.83%

0.73%

0.12%

0.08%

0.00%

25-Apr-05

905,249

103,724

838

123,147,022

99.05%

99.19%

0.12%

0.08%

0.00%

25-Mar-05

103,793

853

125,028,657

99.88%

99.92%

0.00%

25-Feb-05

857

125,674,992

100.00%

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Pool 2

1.49%

1.26%

0.31%

0.22%

0.21%

959,702

0.34%

0.41%

0.22%

0.00%

27-Jun-05

3,544,110

629,119

610,939

1,897

275,734,242

97.58%

97.96%

0.90%

0.79%

0.30%

0.15%

360,013

0.12%

0.00%

25-May-05

2,302,437

438,770

1,975

286,955,536

98.65%

98.93%

0.69%

0.47%

0.25%

0.32%

0.00%

25-Apr-05

1,394,308

958,409

2,014

293,857,308

99.07%

99.21%

0.24%

0.29%

0.00%

25-Mar-05

870,571

2,066

302,765,051

99.76%

99.71%

0.00%

25-Feb-05

2,090

307,781,456

100.00%

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Foreclosure

Delinq 3+ Months

Delinq 2 Months

Delinq 1 Month

Current

# Balance

Delinquency Aging Categories

Pool 3

1.89%

1.47%

0.45%

0.13%

0.08%

22,498

0.01%

0.30%

0.58%

0.00%

27-Jun-05

3,686,463

330,058

1,452,640

1,287

245,179,829

97.28%

97.81%

1.18%

1.04%

0.22%

0.23%

0.15%

564,012

0.22%

0.00%

25-May-05

2,703,569

606,088

1,339

256,599,086

98.46%

98.51%

1.29%

1.13%

0.07%

0.12%

0.00%

25-Apr-05

3,019,306

325,389

1,371

264,268,345

98.63%

98.75%

0.21%

0.31%

0.00%

25-Mar-05

853,622

1,405

272,331,624

99.79%

99.69%

0.07%

0.03%

0.00%

25-Feb-05

70,915

1,424

277,492,166

99.93%

99.97%

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Distribution

Date

Statement 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

27-Jun-05

76,980

21,438

2,303,294

187,249

0.00%

0.37%

0.35%

0.02%

0.01% 0.02%

0.00% 0.02%

0.03%

0.00%

0.27%

0.17%

1,123,714

0.00%

25-May-05

0.00%

0.00% 0.00%

0.00%

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 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Distribution

Date

Statement 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

27-Jun-05

239,715

0.00%

0.36%

0.20%

0.00%

0.00% 0.00%

0.00%

0.24%

0.32%

380,546

0.00%

25-May-05

0.00%

0.00% 0.00%

0.00%

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 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Distribution

Date

Statement 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

27-Jun-05

76,980

610,939

187,249

0.00%

0.41%

0.22%

0.05%

0.03% 0.00%

0.00% 0.05%

0.07%

0.00%

0.21%

0.11%

321,545

0.00%

25-May-05

0.00%

0.00% 0.00%

0.00%

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 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-05

Mortgage Pass-Through Certificates

Series 2005-NC1

ABN AMRO Acct: 722341.1

Distribution

Date

Statement 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

27-Jun-05

21,438

1,452,640

0.00%

0.30%

0.58%

0.00%

0.00% 0.08%

0.01% 0.00%

0.00%

0.38%

0.17%

421,623

0.00%

25-May-05

0.00%

0.00% 0.00%

0.00%

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 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

27-Jun-05

4,097

93.52%

652,870,340

91.49%

2.43%

2.89%

0.00%

351

7.37%

6.39%

102

19,433,213

0.00

25-May-05

4,199

95.85%

672,853,882

94.29%

1.64%

2.12%

0.00%

351

7.37%

6.39%

14,560,921

0.00

25-Apr-05

4,269

97.44%

687,979,061

96.41%

1.48%

1.91%

0.00%

351

7.38%

6.40%

13,389,295

0.00

25-Mar-05

4,333

98.90%

701,953,318

98.37%

0.89%

1.19%

0.00%

351

7.38%

6.40%

8,482,373

0.00

25-Feb-05

4,372

99.79%

711,019,529

99.64%

0.21%

0.28%

0.00%

351

7.39%

6.40%

2,032,474

0.00

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

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Pool 1

27-Jun-05

830

18.95%

120,720,739

16.92%

0.84%

1.20%

0.00%

340

7.18%

6.10%

1,464,214

0.00

25-May-05

837

19.11%

122,324,371

17.14%

1.06%

1.36%

0.00%

340

7.18%

6.09%

1,688,110

0.00

25-Apr-05

846

19.31%

124,155,995

17.40%

0.94%

0.67%

0.00%

340

7.18%

6.09%

837,981

0.00

25-Mar-05

854

19.49%

125,132,450

17.54%

0.35%

0.31%

0.00%

340

7.18%

6.09%

385,352

0.00

25-Feb-05

857

19.56%

125,674,992

17.61%

0.00%

340

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 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Pool 2

27-Jun-05

1,944

44.37%

281,478,113

39.44%

2.90%

2.88%

0.00%

357

7.47%

6.48%

8,348,914

0.00

25-May-05

2,002

45.70%

290,056,756

40.65%

1.52%

1.99%

0.00%

357

7.47%

6.47%

5,905,062

0.00

25-Apr-05

2,033

46.40%

296,210,026

41.51%

1.83%

2.37%

0.00%

357

7.48%

6.49%

7,183,859

0.00

25-Mar-05

2,071

47.27%

303,635,622

42.55%

0.91%

1.27%

0.00%

357

7.48%

6.49%

3,903,744

0.00

25-Feb-05

2,090

47.71%

307,781,456

43.13%

0.24%

0.22%

0.00%

357

7.48%

6.49%

670,509

0.00

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

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Ending Arrearage (1)

Balance

Insurance

Substitution

Liquidation

Proceeds

Pool 3

27-Jun-05

1,323

30.20%

250,671,488

35.13%

2.72%

3.69%

0.00%

350

7.36%

6.44%

9,620,084

0.00

25-May-05

1,360

31.04%

260,472,755

36.50%

2.16%

2.60%

0.00%

350

7.36%

6.45%

6,967,749

0.00

25-Apr-05

1,390

31.73%

267,613,039

37.50%

1.28%

1.96%

0.00%

350

7.37%

6.45%

5,367,455

0.00

25-Mar-05

1,408

32.14%

273,185,246

38.28%

1.19%

1.51%

0.00%

350

7.37%

6.44%

4,193,277

0.00

25-Feb-05

1,425

32.53%

277,563,081

38.90%

0.28%

0.49%

0.00%

350

7.37%

6.45%

1,361,965

0.00

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

Page 1 of 0

Structured Asset Securities Corporation

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

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Current Total

Cumulative

Page 1 of 0

* 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:

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Pool 1

Current Total

Cumulative

Page 1 of 0

* 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:

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Pool 2

Current Total

Cumulative

Page 1 of 0

* 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:

27-Jun-05
27-Jun-05

25-May-05

25-Jul-05

24-Jun-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

Statement Date:

Pool 3

Current Total

Cumulative

Page 1 of 0

* 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

24-Jun-05

25-Jul-05

25-May-05

27-Jun-05

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Statement Date:

Property ID

Deleted Loan

Qualified Substitute

Scheduled Prin Bal

Page 1 of 0

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