8-K 1 bcs8k.txt 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) December 6, 2001 Structured Asset Securities Corporation ------------------------------------------------------ (Exact Name of Registrant as Specified in its Charter) Delaware 333-63602 74-2440850 --------------------------- --------- ---------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 101 Hudson Street 33rd Floor Jersey City, New Jersey 07302 ----------------------- ------- (Address of Principal Executive (Zip Code) Offices) Registrant's telephone number, including area code: (201) 524-2437 No Change -------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events The Registrant registers issuances of series of Amortizing Residential Collateral ("ARC") Mortgage Pass-Through Certificates on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the "Act"), by Registration Statement on Form S-3 (Registration File Nos. 333-63602) (the "Registration Statement"). Pursuant to the Registration Statement, the Registrant issued $847,838,000 in aggregate principal amount of Class A, Class A-IO, Class M-1, Class M-2 and Class B ARC Mortgage Pass-Through Certificates, Series 2001-BC6 on October 31, 2001. This Current Report on Form 8-K is being filed to satisfy an undertaking, contained in the Prospectus Supplement dated October 30, 2001, as supplemented by a Supplement dated October 31, 2001, (and together with the Prospectus dated July 27, 2001, the "Prospectus"), to file information relating to subsequent mortgage loans (the "Subsequent Mortgage Loans") purchased by the Registrant. Pursuant to a Transfer Supplement No. 1-LBH, dated as of December 1, 2001, supplementing the Mortgage Loan Sale and Assignment Agreement, dated as of October 1, 2001, between Lehman Capital, a division of Lehman Brothers Holdings, Inc., as seller, and Structured Asset Securities Corporation (the "Depositor"), as purchaser, the Depositor acquired $97,314,107.39 of Subsequent Mortgage Loans having the characteristics set forth in the Mortgage Loan Schedule attached as Schedule I thereto, for inclusion in the Amortizing Residential Collateral ("ARC") Trust Fund, Series 2001-BC6 (the "Trust Fund"). Pursuant to a Transfer Supplement No. 1-LBB, dated as of December 1, 2001, supplementing the Mortgage Loan Sale and Assignment Agreement, dated as of October 1, 2001, between Lehman Brothers Bank, FSB, as seller, and the Depositor, as purchaser, the Depositor acquired $27,484,846.31 of Subsequent Mortgage Loans having the characteristics set forth in the Mortgage Loan Schedule attached as Schedule I thereto, for inclusion in the Trust Fund. The Trust Fund was established pursuant to a Trust Agreement, dated as of October 1, 2001 (the "Trust Agreement"), by and among the Depositor, Bank One, National Association, as trustee, Wells Fargo Bank Minnesota, National Association, as master servicer, and The Murrayhill Company, as loss mitigation advisor. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement. 2 Item 7. Financial Statements; Pro Forma Financial Information and Exhibits (a) Not applicable. (b) Not applicable. (c) Exhibits: 99.1 Transfer Supplement No. 1-LBH, dated as of December 1, 2001, between Structured Asset Securities Corporation, as depositor, and Lehman Capital, a Division of Lehman Brothers Holdings Inc., as seller (including Mortgage Loan Schedule). 99.2 Transfer Supplement No. 1-LBB, dated as of December 1, 2001, between Structured Asset Securities Corporation, as depositor, and Lehman Brothers Bank, FSB, as seller (including Mortgage Loan Schedule). 3 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. STRUCTURED ASSET SECURITIES CORPORATION By: /s/Ellen V. Kiernan ---------------------------------------- Name: Ellen V. Kiernan Title: Vice President Dated: December 6, 2001 EXHIBIT INDEX Exhibit No. Description Page No. ----------- ----------- -------- 99.1 Transfer Supplement No. 1-LBH, dated as of December 1, 2001, between Structured Asset Securities Corporation, as depositor, and Lehman Capital, a Division of Lehman Brothers Holdings Inc., as seller (including Mortgage Loan Schedule). 99.2 Transfer Supplement No. 1-LBB, dated as of December 1, 2001, between Structured Asset Securities Corporation, as depositor, and Lehman Brothers Bank, FSB, as seller (including Mortgage Loan Schedule).

Amortizing Residential Collateral Mortgage Trust Mortgage Pass-Through Certificates Record Date: 10/31/01 Distribution Date: 11/26/01 ARC Series: 2001-BC6 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A 86358RMY0 SEN 2.67000% 757,916,000.00 1,798,787.31 8,531,713.10 A-IO 86358RMZ7 IO 6.00000% 0.00 1,413,063.74 0.00 M1 86358RNA1 SUB 3.12000% 44,961,000.00 124,691.84 0.00 M2 86358RNB9 SUB 3.67000% 32,115,000.00 104,766.27 0.00 B 86358RNC7 SUB 4.32000% 12,846,000.00 49,328.64 0.00 X ARC01BC6X SUB 0.00000% 8,564,264.87 2,208,097.64 0.00 P ARC01BC6P PO 0.00000% 0.00 109,546.24 0.00 R1 ARC01B6R1 SEN 0.00000% 0.00 0.00 0.00 R2 ARC01B6R2 SEN 0.00000% 0.00 0.00 0.00 R3 ARC01B6R3 SEN 0.00000% 0.00 0.00 0.00 Totals 856,402,264.87 5,808,281.68 8,531,713.10

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 749,384,286.90 10,330,500.41 0.00 A-IO 0.00 0.00 1,413,063.74 0.00 M1 0.00 44,961,000.00 124,691.84 0.00 M2 0.00 32,115,000.00 104,766.27 0.00 B 0.00 12,846,000.00 49,328.64 0.00 X 0.00 8,564,022.65 2,208,097.64 0.00 P 0.00 0.00 109,546.24 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 Totals 0.00 847,870,309.55 14,339,994.78 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A 757,916,000.00 757,916,000.00 0.00 8,531,713.10 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M1 44,961,000.00 44,961,000.00 0.00 0.00 0.00 0.00 M2 32,115,000.00 32,115,000.00 0.00 0.00 0.00 0.00 B 12,846,000.00 12,846,000.00 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 0.00 Totals 847,838,000.00 847,838,000.00 0.00 8,531,713.10 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 8,531,713.10 749,384,286.90 0.98874319 8,531,713.10 A-IO 0.00 0.00 0.00000000 0.00 M1 0.00 44,961,000.00 1.00000000 0.00 M2 0.00 32,115,000.00 1.00000000 0.00 B 0.00 12,846,000.00 1.00000000 0.00 P 0.00 0.00 0.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 R3 0.00 0.00 0.00000000 0.00 Totals 8,531,713.10 839,306,286.90 0.98993710 8,531,713.10

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 757,916,000.00 1000.00000000 0.00000000 11.25680564 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 44,961,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 32,115,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 12,846,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 8,564,264.87 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 11.25680564 988.74319436 0.98874319 11.25680564 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 999.97171736 0.99997172 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, 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 757,916,000.00 2.67000% 757,916,000.00 1,798,787.31 0.00 0.00 A-IO 0.00 6.00000% 282,612,747.43 1,413,063.74 0.00 0.00 M1 44,961,000.00 3.12000% 44,961,000.00 124,691.84 0.00 0.00 M2 32,115,000.00 3.67000% 32,115,000.00 104,766.27 0.00 0.00 B 12,846,000.00 4.32000% 12,846,000.00 49,328.64 0.00 0.00 X 8,564,264.87 0.00000% 8,564,264.87 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 R3 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 856,402,264.87 3,490,637.80 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 0.00 0.00 1,798,787.31 0.00 749,384,286.90 A-IO 0.00 0.00 1,413,063.74 0.00 282,612,747.43 M1 0.00 0.00 124,691.84 0.00 44,961,000.00 M2 0.00 0.00 104,766.27 0.00 32,115,000.00 B 0.00 0.00 49,328.64 0.00 12,846,000.00 X 0.00 0.00 2,208,097.64 0.00 8,564,022.65 P 0.00 0.00 109,546.24 0.00 0.01 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 5,808,281.68 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, 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 757,916,000.00 2.67000% 1000.00000000 2.37333334 0.00000000 0.00000000 A-IO 0.00 6.00000% 1000.00000000 5.00000001 0.00000000 0.00000000 M1 44,961,000.00 3.12000% 1000.00000000 2.77333333 0.00000000 0.00000000 M2 32,115,000.00 3.67000% 1000.00000000 3.26222233 0.00000000 0.00000000 B 12,846,000.00 4.32000% 1000.00000000 3.84000000 0.00000000 0.00000000 X 8,564,264.87 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A 0.00000000 0.00000000 2.37333334 0.00000000 988.74319436 A-IO 0.00000000 0.00000000 5.00000001 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.77333333 0.00000000 1000.00000000 M2 0.00000000 0.00000000 3.26222233 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.84000000 0.00000000 1000.00000000 X 0.00000000 0.00000000 257.82687405 0.00000000 999.97171736 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description. Certificateholder Component Statement Component Beginning Ending Beginning Ending Ending Pass-Through Notional Notional Component Component Component Class Rate Balance Balance Balance Balance Percentage

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 14,704,132.10 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 439,827.82 Realized Losses 0.00 Prepayment Penalties 109,546.24 Total Deposits 15,253,506.16 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 913,511.38 Payment of Interest and Principal 14,339,994.78 Total Withdrawals (Pool Distribution Amount) 15,253,506.16 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee 304,527.41 Loss Mitigation Advisor Fee 9,135.82 Master Servicing Fee 2,131.74 PMI Insurance Premiums 597,716.41 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 913,511.38

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Basis Risk Reserve Fund 1,000.00 0.00 0.00 1,000.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 305 0 0 0 305 36,844,120.39 0.00 0.00 0.00 36,844,120.39 60 Days 99 0 0 0 99 10,015,484.00 0.00 0.00 0.00 10,015,484.00 90 Days 25 0 0 0 25 3,261,278.65 0.00 0.00 0.00 3,261,278.65 120 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 429 0 0 0 429 50,120,883.04 0.00 0.00 0.00 50,120,883.04 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 5.598385% 0.000000% 0.000000% 0.000000% 5.598385% 5.097930% 0.000000% 0.000000% 0.000000% 5.097930% 60 Days 1.817181% 0.000000% 0.000000% 0.000000% 1.817181% 1.385790% 0.000000% 0.000000% 0.000000% 1.385790% 90 Days 0.458884% 0.000000% 0.000000% 0.000000% 0.458884% 0.451246% 0.000000% 0.000000% 0.000000% 0.451246% 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 7.874449% 0.000000% 0.000000% 0.000000% 7.874449% 6.934966% 0.000000% 0.000000% 0.000000% 6.934966%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 439,827.82

COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 9.834892% Weighted Average Pass-Through Rate 8.350008% Weighted Average Maturity(Stepdown Calculation ) 347 Beginning Scheduled Collateral Loan Count 5,502 Number Of Loans Paid In Full 54 Ending Scheduled Collateral Loan Count 5,448 Beginning Scheduled Collateral Balance 856,402,264.87 Ending Scheduled Collateral Balance 722,333,756.48 Ending Actual Collateral Balance at 31-Oct-2001 722,727,139.83 Monthly P &I Constant 6,412,666.36 Special Servicing Fee 0.00 Prepayment Penalties 109,546.24 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 11,743,564.15 Class AP Deferred Amount 0.00 Ending Scheduled Balance for Premium Loans 722,333,756.48 Scheduled Principal 422,678.64 Unscheduled Principal 8,109,277.12 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 242.66 Specified O/C Amount 8,564,022.65 Overcollateralized Amount 8,564,022.65 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 2,208,097.64

Filing Compare · STRUCTURED ASS SEC COR A R COL TR MRT PS THR CRT SER 01-BC6