Credit Risk Manager Report

November 2005

SAIL 2005-HE3

The information contained in this Report is based upon a specific point in time and

reflects performance solely through that point in time. It does not forecast the

performance of the portfolio in the future. The information in this Report is not

investment advice concerning a particular portfolio or security, and no mention of a

particular security in this Report constitutes a recommendation to buy, sell, or hold

that or any other security.

The Report is based upon information provided to Clayton Fixed Income Services Inc.

by third parties and therefore Clayton Fixed Income Services Inc. cannot, and does not,

warrant that the information contained in this Report is accurate or complete.

Executive Summary

Section One

Loan-Level Report

Section Two

Prepayment Premium Analysis

Section Three

Analytics

Section Four

Table of Contents

Section One

Executive Summary

$2,373,930,732

12,210

$2,235,604,420

11,653

94.17%

95.44%

Collateral Balance

Loan Count

10/31/2005 as a Percentage of

Closing Date

10/31/2005

Closing Date

Executive Summary

November 2005

Transaction Summary

Collateral Summary

SAIL 2005-HE3

Closing Date:

08/30/2005

Servicer(s):

Aurora Loan Services, Chase Home Finance, HomEq, Option One

Mortgage, Wells Fargo / ASC

Mortgage Insurer(s):

Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance

Co., Republic Mortgage Insurance Company

Delinquency Reporting Method:

OTS

OTS Method: A current loan becomes 30 days delinquent if the scheduled payment is not made by the close of business on the

corresponding day of the following month. Similarly for 60 days delinquent and the second immediately succeeding month and

90 days delinquent and the third immediately succeeding month.

These figures are based upon information provided to Clayton Fixed Income Services Inc. by the servicers on a monthly basis.

First and Early Payment Defaults

There are 15 loans in this security that have experienced a first payment default, and 219 loans that

have experienced early payment defaults. Please refer to the tables below that details these loans.

First Payment Defaults

Mortgage Purpose

Ownership Type

Summed Balance

Cash-Out Refinance

Primary Home

Cash-Out Refinance

Investment Home

Purchase

Primary Home

Purchase

Investment Home

Rate/Term Refinance

Primary Home

Total

Early Payment Defaults

Mortgage Purpose

Ownership Type

Total Number of Loans Affected

Cash-Out Refinance

Investment Home

Cash-Out Refinance

Primary Home

Cash-Out Refinance

Second Home

Purchase

Invtesment Home

Purchase

Primary Home

Purchase

Second Home

Rate/Term Refinance

Investment Home

Rate/Term Refinance

Primary Home

Total

219

Collateral Statistics

Loan Count

Summed balance

First Payment Defaults

$2,698,100

Early Payment Defaults*

219

$41,856,713

*A default that occurs on the second or third scheduled payment

Second Lien Statistics

Loan Count

Summed Balance

Total Outstanding Second Liens

1417

$85,026,208

30+ Days Delinquent

$2,071,271

60+ Days Delinquent

$42,000

90+ Days Delinquent

Prepayments

Remittance Date

Beginning Collateral Balance

Total Prepayments

Percentage of Prepayment

11/25/2005

$2,274,443,527

$52,655,632

2.32

10/25/2005

$2,326,588,488

$50,967,742

2.19

9/25/2005

$2,370,277,347

$42,494,863

1.79

Prepayment Premium Analysis

Prepayment Premium Issues From the Past Month

Loan numbers 6762044, 6761862 and 6761994 were paid off but did not remit prepayment premiums.

Clayton asked the servicer to explain why prepayment premiums were not remitted for these loans.

The servicer responded that because of the sale of the properties, the prepayment premiums could not

be collected.

Prepayment Premium Issues for the Current Month

In the 11/25/2005 remittance, 142 loans with active prepayment premium flags were paid off. Five

loans with active flags did not remit prepayment premiums. A total of $921,653 was remitted to the P

class.

Loan numbers 6762103, 6760837, 6761882, 6761845, 6757924 were paid off with active flags, but did not

remit premiums. Clayton has asked the servicers why premiums were not remitted and we are

awaiting a response.

Section Two

Loan-Level Report

FICO : Represents the borrower's credit score at the time of securitization/origination.

Last Paid Date: Either the interest paid-through date or the last contractually due payment made

by the borrower. Clayton Fixed Income Services Inc. uses this date to calculate delinquencies.

Valuation: Represents what is believed to be the most accurate known value of a property based on

Clayton Fixed Income Services Inc.'s internal formulas. Several value appraisals may exist for a
value is available, a valuation known as an "internal estimate" is calculated according to an internal

formula that adjusts the original value of the property by the Housing Price Index (HPI) and a discount
Liquidation Date: Clayton Fixed Income Services Inc.'s internal estimate of the date on which the

proceeds through foreclosure and REO. This date takes into consideration servicing and state

foreclosure timelines, as well as an estimated REO marketing period.

Estimated Loss/(Gain): Clayton Fixed Income Services Inc.'s internal estimate of the loss (or gain) that

experience if it liquidates on the Liquidation Date.

Delinquency Status: Indicates the monthly payment and delinquency history for an individual loan.

The right-most character specifies the last known delinquency status, according to the following:

The contractually due payment arrived on time.

The contractually due payment had not arrived within thirty days.

The contractually due payment had not arrived within sixty days.

The contractually due payment had not arrived within ninety days.

The property is in the process of foreclosure.

The property is real estate owned (REO).

The mortgage has either liquidated or been paid off.

Delinquency Method: The delinquencies for this security are calculated according to the OTS

method: a current loan becomes 30 days delinquent if the scheduled payment is not made by the close

of business on the corresponding day of the following month.

believed to be the most accurate value according to these formulas is shown on the report. When no

based on credit class.

Loan-Level Report Definitions

Watchlist

Loan Number

First Pmt.

Last Paid Dt.

Orig Amount

Current Bal

OLTV

FICO

Delinquency

State

Orig. Appr.

Current Value

CLTV

Est (Gain)/Loss

Severity

Valuation

Valuation Date

Liq. Date

Coverage

Status

MI Type

Group

Lien

323538645

685

5/1/2005

9/1/2005

Internal Estimate

80%

15.29% 9/23/2005

C00

Monitor

$30,838

$252,000

$213,104

$201,600

6/30/2005

Default Reason: (Unknown)

11/14/2005 This loan liquidated in the 10/25/2005 remittance but did not remit a prepayment premium. This loan has an expiration date of 3/8/2008. We have asked the

servicer why a prepayment premium was not remitted for this loan.

323542274

698

4/1/2005

8/1/2005

Internal Estimate

80%

10.58% 9/20/2005

C00

Monitor

$21,294

$251,490

$219,869

$201,192

6/30/2005

Default Reason: (Unknown)

11/14/2005 This loan liquidated in the 10/25/2005 remittance but did not remit a prepayment premium. This loan has an expiration date of 2/22/2008. We have asked the

servicer why a prepayment premium was not remitted for this loan.

323543652

674

5/1/2005

9/1/2005

Internal Estimate

80%

18.26% 9/29/2005

C00

Monitor

$21,631

$148,000

$125,156

$118,400

6/30/2005

Default Reason: (Unknown)

11/14/2005 This loan liquidated in the 10/25/2005 remittance but did not remit a prepayment premium. This loan has an expiration date of 3/11/2008. We have asked the

servicer why a prepayment premium was not remitted for this loan.

323545467

688

6/1/2005

10/1/2005

Internal Estimate

80%

23.44% 10/28/2005

CC0

Monitor

$42,955

$229,000

$174,800

$183,200

6/30/2005

Default Reason: (Unknown)

12/12/2005 This loan was added to the Watchlist because it was paid off in the 11/25/2005 remittance and did not remit a prepayment premium. The loan had a three year

prepayment premium flag which expires on 4/15/2008. We have asked the servicer why a prepayment premium was not remitted for this loan.

323786178

641

5/1/2005

BPO

90%

146%

63.11% 12/1/2006

69F

Monitor

$34,084

$60,000

$37,000

$54,000

$53,975

8/17/2005

Default Reason: (Unknown)

11/21/2005 Clayton continues to research this loan because of a estimated high loss severity of 63 percent. According to servicer documentation this loan was purchased as an

investment property on March 24, 2005 for $60,000. The loan was secured with no documentation and the borrower did not make payments on a loan of $54,000.

Also the loan application states that the borrower owns five other properties around the Columbus, Ohio area. We are investigating this loan for origination

fraud.

SAIL 2005-HE3 Loan-Level Report

Mortgage Data Through: October 31, 2005

* The estimated loss includes estimated mortgage insurance proceeds where applicable.

Watchlist

Loan Number

First Pmt.

Last Paid Dt.

Orig Amount

Current Bal

OLTV

FICO

Delinquency

State

Orig. Appr.

Current Value

CLTV

Est (Gain)/Loss

Severity

Valuation

Valuation Date

Liq. Date

Coverage

Status

MI Type

Group

Lien

323788729

581

5/1/2005

6/1/2005

BPO

85%

256%

81.63% 12/1/2006

36F

Monitor

$55,514

$80,000

$26,500

$68,000

$67,862

9/5/2005

Default Reason: (Unknown)

11/22/2005 This loan was added to the Watchlist because of an estimated loss amount of $55,513 (or 82 percent loss severity). The property was originally appraised for

$80,000 on 3/16/2005. A 10/6/2005 Value Reconciliation valued the property at $38,000, a decline of $53,500 (or 67 percent) since origination. The value

reconciliation was based off of a drive by BPO that used the lowest priced homes in the area. An automated valuation model shows a median sales price for the

area of $117,000. Clayton is investigating the most recent valuations by the servicer and, if appropriate, will ask the servicer for another BPO valuation.

SAIL 2005-HE3 Loan-Level Report

Mortgage Data Through: October 31, 2005

* The estimated loss includes estimated mortgage insurance proceeds where applicable.

Section Three

Prepayment Premium Analysis

Section 1:

Class

25-Nov-05

25-Oct-05

25-Sep-05

P Class

$921,653

$576,795

$532,368

Section 2:

Servicer

25-Nov-05

25-Oct-05

25-Sep-05

TOTAL

$921,653

$576,795

$532,368

Section 3:

Amount remitted to the P Class:

$921,653

Amount remitted by servicers:

$921,653

Difference:

Reconciliation of the amount remitted to the P Class by the trustee and the amounts remitted by the servicers to the trustee.

Reconciliation of Prepayment Premiums for SAIL 2005-HE3

Mortgage Data Through: October 31, 2005

Prepayment premiums remitted to the P Class by the trustee. This information is taken from the Statement to Certificateholders
prepared by the trustee.

Prepayment premiums collected by the servicers and remitted to the trustee. This information is reported to Clayton by the
servicers each month.

Trustee Remittance Date

25-Nov-05

25-Oct-05

25-Sep-05

142

Total Loans with Premiums Remitted (B)

142

Loans with Active Prepayment Flags (C)

147

Subtotal (D)

147

96.60%

96.70%

100.00%

96.60%

96.74%

100.00%

Total Paid-Off Loans (E)

215

227

147

66.05%

39.21%

56.46%

Aggregate Paid-Off Loans Report for SAIL 2005-HE3

Mortgage Data Through: October 31, 2005

Loans with Active Prepayment Flags with Premiums
Remitted (A)

Loans without Prepayment Flags wtih Premiums Remitted

Loans without Prepayment Flags with Premiums Remitted

Premiums Remitted for loans with Active Prepayment
Flags (A/C)

Total Loans with Premiums Remitted to the Subtotal (B/D)

Total Loans with Premiums Remitted to the Total Paid-Off
Loans (B/E)

Total

Total Paid-Off Loans with Flags

147

Less Exceptions:

Repurchased/Service Transferred Loans*

Loans that were Liquidated out of REO status*

Total Paid-Off Loans with Active Prepayment Flags (C)

147

Other Exceptions:

* These categories are mutually exclusive.

Paid-Off Loans with Active Prepayment Flags that Have Not Premiums Remitted

Loans with Discrepancies between the Data File and the Note*

Defaulted Liquidated Loans that Could Not Have Premiums Collected because of the Acceleration of the
Debt*

Loans that were Liquidated Through Loss Mitigation Efforts*

Paid-Off Loans that Did Not Have Premiums Collected because of State Statutes

Paid-Off Loans Exception Report for SAIL 2005-HE3

Mortgage Data Through: October 31, 2005

Loans with Expired Prepayment Clauses (as stated in the Note)*

Loans that Contained a Clause Allowing Prepayment Premiums to be Waived at the Time of Liquidation*

Loan Number

Delinquency

String

Origination

Date

PPP

Flag

Exp. Date

Payoff

Balance

PPP Remitted

% of

Premium to

Payoff

Balance

No Premium
Remitted, w/

Flag

PPP

Remitted,

No Flag

Comments

6762103

CC0

4/15/2005

4/15/2008

$183,200

6762103

Awaiting servicer response

6760837

CCC

3/17/2005

3/17/2008

$141,208

6760837

Awaiting servicer response

6761882

CCC

3/7/2005

3/7/2008

$232,000

6761882

Awaiting servicer response

6761845

CC0

3/1/2005

3/1/2008

$55,168

6761845

Awaiting servicer response

6757924

3CF

3/11/2005

3/11/2007

$166,249

6757924

Awaiting servicer response

6761702

CCC

11/23/2004

11/23/2008

$88,450

$2,376

6753762

CC0

6/27/2005

6/27/2008

$54,053

$536

6752653

CC0

6/27/2005

6/27/2008

$361,938

$9,726

6754170

CC0

6/20/2005

6/20/2008

$361,734

$10,922

6754830

CC0

6/20/2005

6/20/2008

$60,386

$2,367

6754191

CC0

6/14/2005

6/14/2008

$295,043

$8,405

6753471

CC0

6/10/2005

6/10/2008

$29,449

$293

6754162

CC0

6/8/2005

6/8/2008

$95,543

$3,736

6752825

CC0

6/2/2005

6/2/2008

$65,107

$1,734

6750258

CC0

5/2/2005

5/2/2008

$190,207

$2,216

6757123

CC0

4/14/2005

4/14/2008

$348,389

$7,943

6759989

CCC

3/31/2005

3/31/2008

$216,147

$5,531

6758446

CCC

3/31/2005

3/31/2008

$221,180

$6,146

6760112

CCC

3/31/2005

3/31/2008

$397,548

$10,729

6760712

CCC

3/31/2005

3/31/2008

$306,586

$7,416

6760396

CC0

3/31/2005

3/31/2008

$414,305

$9,516

6759457

CC0

3/31/2005

3/31/2008

$217,611

$5,260

6760381

CCC

3/31/2005

3/31/2008

$291,195

$7,052

6759629

CCC

3/31/2005

3/31/2008

$415,859

$10,999

6760761

CCC

3/30/2005

3/30/2008

$174,435

$4,743

6759551

CCC

3/30/2005

3/30/2008

$384,869

$11,256

6761409

CCC

3/30/2005

3/30/2008

$293,898

$7,521

6758151

CC0

3/30/2005

3/30/2008

$257,959

$6,235

6759316

CC0

3/30/2005

3/30/2008

$120,206

$3,651

6759409

CC0

3/30/2005

3/30/2008

$220,968

$5,342

6757922

CC0

3/30/2005

3/30/2008

$180,663

$4,656

6759161

CC0

3/29/2005

3/29/2008

$306,000

$8,813

6761481

CC0

3/29/2005

3/29/2008

$244,902

$3,910

6757743

CC0

3/29/2005

3/29/2008

$204,139

$2,043

6760976

CC0

3/29/2005

3/29/2008

$255,600

$6,844

6759502

CC0

3/28/2005

3/28/2008

$237,181

$6,446

6759074

CCC

3/28/2005

3/28/2008

$241,713

$7,249

6760179

CC0

3/25/2005

3/25/2008

$156,914

$1,254

6759381

CC0

3/24/2005

3/24/2008

$401,166

$9,132

Paid-Off Loans With Prepayment Flags for SAIL 2005-HE3

Mortgage Data Through: October 31, 2005

Loan Number

Delinquency

String

Origination

Date

PPP

Flag

Exp. Date

Payoff

Balance

PPP Remitted

% of

Premium to

Payoff

Balance

No Premium
Remitted, w/

Flag

PPP

Remitted,

No Flag

Comments

Paid-Off Loans With Prepayment Flags for SAIL 2005-HE3

Mortgage Data Through: October 31, 2005

6750328

CC0

3/23/2005

3/23/2008

$451,944

$9,039

6759138

CC0

3/23/2005

3/23/2008

$371,695

$8,758

6760902

CCC

3/21/2005

3/21/2008

$164,780

$4,600

6760506

CCC

3/21/2005

3/21/2008

$368,117

$9,556

6758330

CC0

3/21/2005

3/21/2008

$132,751

$3,661

6760276

CC0

3/21/2005

3/21/2008

$171,018

$3,826

6760978

C30

3/21/2005

3/21/2008

$269,847

$7,657

6757735

CC0

3/18/2005

3/18/2008

$434,179

$10,668

6757793

CC0

3/18/2005

3/18/2008

$412,442

$9,719

6758403

CCC

3/16/2005

3/16/2008

$202,952

$6,208

6758925

C30

3/16/2005

3/16/2008

$104,184

$3,105

6757813

CCC

3/15/2005

3/15/2008

$122,732

$3,288

6761682

CC0

3/15/2005

3/15/2008

$283,521

$7,702

6760678

CC0

3/15/2005

3/15/2008

$381,186

$12,111

6758624

CC0

3/15/2005

3/15/2008

$171,183

$1,797

6757659

CC0

3/14/2005

3/14/2008

$237,463

$7,306

6759099

CC0

3/14/2005

3/14/2008

$170,393

$5,924

6758028

CCC

3/14/2005

3/14/2008

$59,728

$956

6759246

CC0

3/11/2005

3/11/2008

$208,348

$6,079

6757497

CCC

3/11/2005

3/11/2008

$136,904

$3,863

6760763

CCC

3/10/2005

3/10/2008

$351,375

$8,077

6757948

CCC

3/9/2005

3/9/2008

$313,124

$8,639

6761533

CC0

3/9/2005

3/9/2008

$206,125

$5,683

6758181

C30

3/9/2005

3/9/2008

$109,998

$2,134

6759201

CCC

3/8/2005

3/8/2008

$172,854

$4,907

6759014

CC0

3/8/2005

3/8/2008

$291,379

$8,617

6758117

CC0

3/8/2005

3/8/2008

$274,077

$6,888

6759197

CC0

3/7/2005

3/7/2008

$391,760

$9,936

6760748

CCC

3/7/2005

3/7/2008

$101,876

$2,894

6761312

CCC

3/4/2005

3/4/2008

$231,800

$5,934

6758877

CC0

3/4/2005

3/4/2008

$313,475

$7,765

6761113

CC0

3/4/2005

3/4/2008

$341,994

$7,989

6760950

CC0

3/4/2005

3/4/2008

$346,750

$8,669

6759118

CCC

3/3/2005

3/3/2008

$188,820

$5,968

6758392

CC0

3/2/2005

3/2/2008

$277,785

$3,125

6761310

CCC

3/2/2005

3/2/2008

$405,021

$10,617

6760368

CCC

3/2/2005

3/2/2008

$497,428

$11,925

6761418

CCC

3/1/2005

3/1/2008

$186,588

$4,773

6758580

CC0

3/1/2005

3/1/2008

$349,345

$9,418

Loan Number

Delinquency

String

Origination

Date

PPP

Flag

Exp. Date

Payoff

Balance

PPP Remitted

% of

Premium to

Payoff

Balance

No Premium
Remitted, w/

Flag

PPP

Remitted,

No Flag

Comments

Paid-Off Loans With Prepayment Flags for SAIL 2005-HE3

Mortgage Data Through: October 31, 2005

6761199

CC0

3/1/2005

3/1/2008

$111,512

$1,120

6761845

CC0

3/1/2005

3/1/2008

$55,168

$110

6760044

CCC

2/28/2005

2/28/2008

$68,634

$689

6762028

CCC

2/22/2005

2/22/2008

$136,000

$3,876

6761855

CCC

2/17/2005

2/17/2008

$196,000

$4,508

6761902

CC0

2/1/2005

2/1/2008

$218,400

$5,569

6757124

CC0

6/29/2004

6/29/2007

$302,777

$7,929

6753762

CC0

6/27/2005

6/27/2007

$130,699

$4,156

6751418

CC0

6/24/2005

6/24/2007

$161,250

$4,838

6754113

CC0

6/23/2005

6/23/2007

$303,433

$7,704

6750707

CC0

6/23/2005

6/23/2007

$220,237

$6,437

6753818

CC0

6/23/2005

6/23/2007

$99,447

$1,340

6756183

CC0

6/21/2005

6/21/2007

$44,064

$876

6753738

CC0

6/20/2005

6/20/2007

$125,325

$1,634

6751522

CC0

6/20/2005

6/20/2007

$181,861

$5,084

6754829

CC0

6/20/2005

6/20/2007

$241,098

$5,750

6751912

CC0

6/17/2005

6/17/2007

$339,452

$9,637

6754157

CC0

6/15/2005

6/15/2007

$209,630

$5,574

6752665

CC0

6/14/2005

6/14/2007

$190,741

$5,874

6755763

CC0

6/14/2005

6/14/2007

$184,701

$6,127

6750641

CC0

6/10/2005

6/10/2007

$301,337

$9,824

6751515

CC0

6/10/2005

6/10/2007

$94,616

$2,185

6754161

CC0

6/8/2005

6/8/2007

$379,920

$10,448

6750825

CC0

6/7/2005

6/7/2007

$251,837

$5,004

6756160

CC0

6/6/2005

6/6/2007

$97,348

$1,936

6755002

CC0

6/3/2005

6/3/2007

$226,266

$6,525

6751722

CC0

6/2/2005

6/2/2007

$265,583

$7,379

6751860

CC0

6/1/2005

6/1/2007

$206,527

$6,110

6757301

CC0

5/17/2005

5/17/2007

$356,000

$10,146

6757210

CC0

5/9/2005

5/9/2007

$373,137

$10,964

6750503

CC0

5/2/2005

5/2/2007

$475,826

$13,362

6750368

CC0

4/12/2005

4/12/2007

$680,000

$22,984

6750119

CC0

4/8/2005

4/8/2007

$137,377

$4,397

6759825

CCC

3/31/2005

3/31/2007

$315,000

$8,618

6757435

CC0

3/31/2005

3/31/2007

$363,419

$10,967

6760781

CC0

3/31/2005

3/31/2007

$313,756

$9,090

6759422

CC0

3/31/2005

3/31/2007

$219,671

$6,584

6759333

CC0

3/31/2005

3/31/2007

$231,849

$6,810

6760177

CC0

3/31/2005

3/31/2007

$282,266

$7,613

Loan Number

Delinquency

String

Origination

Date

PPP

Flag

Exp. Date

Payoff

Balance

PPP Remitted

% of

Premium to

Payoff

Balance

No Premium
Remitted, w/

Flag

PPP

Remitted,

No Flag

Comments

Paid-Off Loans With Prepayment Flags for SAIL 2005-HE3

Mortgage Data Through: October 31, 2005

6758009

CC0

3/31/2005

3/31/2007

$219,559

$6,009

6760631

CC0

3/30/2005

3/30/2007

$127,843

$3,729

6759392

CC0

3/30/2005

3/30/2007

$130,625

$3,762

6761587

CCC

3/29/2005

3/29/2007

$178,917

$4,900

6759205

CC0

3/29/2005

3/29/2007

$398,995

$11,651

6750358

CC0

3/25/2005

3/25/2007

$436,381

$11,432

6760000

CC0

3/24/2005

3/24/2007

$220,417

$5,857

6760125

CC0

3/23/2005

3/23/2007

$207,000

$5,423

6757111

CC0

3/23/2005

3/23/2007

$292,449

$7,194

6759447

CC0

3/21/2005

3/21/2007

$104,035

$2,764

6758342

CCC

3/18/2005

3/18/2007

$168,907

$4,390

6758351

CC0

3/17/2005

3/17/2007

$266,000

$6,373

6759302

CC0

3/16/2005

3/16/2007

$161,302

$4,383

6759051

CC0

3/16/2005

3/16/2007

$114,365

$3,152

6760151

CC0

3/16/2005

3/16/2007

$223,814

$5,141

6762004

CCC

3/15/2005

3/15/2007

$132,800

$3,320

6758364

CCC

3/15/2005

3/15/2007

$396,803

$11,594

6760442

CCC

3/14/2005

3/14/2007

$366,968

$10,711

6757943

CC0

3/14/2005

3/14/2007

$214,586

$5,870

6758407

CCC

3/11/2005

3/11/2007

$413,748

$11,000

6761064

CC0

3/10/2005

3/10/2007

$375,317

$9,927

6757894

CC0

3/10/2005

3/10/2007

$491,159

$12,513

6757683

CC0

3/4/2005

3/4/2007

$220,399

$5,951

6760946

CCC

3/4/2005

3/4/2007

$363,000

$9,293

6760716

CC0

3/3/2005

3/3/2007

$369,939

$9,085

6757107

CC0

12/9/2004

12/9/2006

$273,859

$7,007

6757134

CC0

12/3/2004

12/3/2006

$332,877

$8,787

6757146

CC0

10/25/2004

10/25/2006

$420,749

$9,593

6757067

CC0

7/6/2004

7/6/2006

$195,839

$4,621

6757489

CC0

3/15/2005

3/15/2006

$233,178

$4,664

Section Four

Analytics

SAIL 2005-HE3 FICO Distribution by Status

Mortgage Data Through: October 31, 2005

Status

# of Loans

Average Std. Deviation

FICO is a registered trademark of Fair Isaac Corporation

Current

11,211

627

55.10

Delinquent

442

596

53.54

Paid Off

557

626

56.09

Total: 12,210

Status

Average

# of Loans

Std. Deviation

Current

11,211

23.49%

77.14%

Delinquent

442

18.93%

82.43%

Paid Off

557

18.45%

82.13%

Total:

12,210

SAIL 2005-HE3 Loan-to-Value Distribution by Status

Mortgage Data Through: October 31, 2005

Status

# of Loans

Average

Std. Deviation

SAIL 2005-HE3 Balance Distribution by Status

Mortgage Data Through: October 31, 2005

Current

11,211

$192,500.25

$130,215.73

Delinquent

442

$175,303.40

$127,077.54

Total:

11,653

Mortgage Type

Total Balance Avg. Balance Std. Deviation

Loan Count

$135,227.02

ARM

$1,790,133,262.23 $212,251.99

8,434

$102,290.97

Fixed

$445,471,157.64

$117,974.35

3,776

$2,235,604,419.87

Total:

12,210

SAIL 2005-HE3 Mortgage Type Distribution by Status

Mortgage Data Through: October 31, 2005

# of Loans

Other

120

180

240

360

300

12,210

1,456

115

10,608

SAIL 2005-HE3 Mortgage Term Distribution By Status

Mortgage Data Through: October 31, 2005

Cash-out refinance

Purchase

Rate/term

refinance

Home

Improvement

Other

6,508

53.3%

41.9%

5,115

4.5%

550

0.3%

0.0%

Cash-out refinance

Purchase

Rate/term

refinance

Home

Improvement

Other

53.1%

5,955

42.1%

4,723

4.5%

499

0.3%

0.0%

Cash-out refinance

Purchase

Rate/term

refinance

Home

Improvement

Other

Cash-out refinance

Purchase

Rate/term

refinance

Home

Improvement

Other

46.2%

204

48.2%

213

5.4%

0.2%

0.0%

62.7%

349

32.1%

179

4.8%

0.4%

0.0%

Total

12,210

100%

Total

11,211

100%

Total

442

100%

Total

557

100%

SAIL 2005-HE3 Mortgage Purpose Distribution

Mortgage Data Through: October 31, 2005

Origination Statistics

Purpose

Number Percentage

12,210

Number of Loans:

Current Loans

Purpose

Number Percentage

Delinquent Loans

Purpose

Number Percentage

Paid Off Loans

Purpose

Number Percentage

Number of Loans: 11,211

Number of Loans: 442

Number of Loans: 557

# of Loans

Title

1,422

Investment Home

10,661

Primary Home

127

Second Home

SAIL 2005-HE3 Ownership Distribution by Status

Mortgage Data Through: October 31, 2005

12,210

Total:

AsOfDate

30 Days

60 Days

90 Days

Foreclosure

REO

Total Balance in Status

31-Oct-05

$51,881,091

$10,070,144

$4,374,347

$11,158,521

30-Sep-05

$28,504,934

$9,778,450

$3,379,826

$1,081,486

31-Aug-05

$20,641,762

$5,084,762

$191,071

SAIL 2005-HE3 Delinquent Balance Over Time

Mortgage Data Through: October 31, 2005

AsOfDate

30 Days

60 Days

90 Days

Foreclosure

REO

Total Count in Status

31-Oct-05

298

30-Sep-05

163

31-Aug-05

128

SAIL 2005-HE3 Delinquent Count Over Time

Mortgage Data Through: October 31, 2005

Date *

Distribution Date

CPR

6-Month MA

3-Month MA

12-Month MA

31-Oct-05

25-Nov-05

24.55%

30-Sep-05

25-Oct-05

23.43%

31-Aug-05

25-Sep-05

19.58%

Mortgage Data Through: October 31, 2005

SAIL 2005-HE3 Conditional Prepayment Rates

* Data in table is displayed for only the most recent 18 months.

Date

Average Age

Default Rate

Weighted

CDR (F-R)

SDA %

Default Amt

SDA Curve

Monthly

31-Oct-05

5.51

0.00%

0.11%

30-Sep-05

4.51

0.00%

0.09%

31-Aug-05

3.51

0.00%

0.07%

SAIL 2005-HE3 Historical SDA Performance

Mortgage Data Through: October 31, 2005

Averages:

0.00%

4.51

0.09%

Document Outline

- Reconciliation of Prepayment Premiums
- Aggregate Paid-Off Loans Report
- Paid-Off Loans Exception Report
- Paid-Off Loans With Prepayment Flags

Structured Asset Investment Loan Trust 2005-HE3 8-K