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): July 25, 2002

STRUCTURED ASSET SECURITIES CORPORATION

(as depositor, Wells Fargo Bank Minnesota, National Association, as

Master Servicer, The Murrayhill Company, as Credit Risk Manager,

Bankers Trust (Delaware), as Delaware Trustee, and Bankers Trust

Company of California, N.A., as Trustee).

Structured Asset Securities Corporation

THORNBURG MORTGAGE SEC TR 2002-1 MRT PS THR CRT SR 2002-1.

(Exact name of Registrant as specified in its Charter)

DELAWARE

(State or Other Jurisdiction of Incorporation)

333-82904-02 74-2440850

(Commission File Number) (I.R.S. Employer Identification No.)

101 Hudson Street

Jersey City, NJ 07302

(Address of principal executive offices) (Zip Code)

Registrant's Telephone Number, Including Area Code: (201) 524-2437

Item 5. Other Events

Attached hereto is a copy of the Monthly Remittance Statements to the

Certificateholders which was derived from the monthly information

submitted by the Master Servicer of the Trust to the Trustee.

Item 7. Financial Statement and Exhibits

Exhibits: (as noted in Item 5 above)

Monthly Remittance Statement to the Certificateholders dated as of

July 25, 2002.

SIGNATURE

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.

Deutsche Bank National Trust Company,

Formerly known as Bankers Trust Company of

California, N.A., not in its

individual capacity, but solely as

a duly authorized agent of the Registrant

pursuant to the Trust Agreement,

dated as of March 1, 2002.

Date: Jan 22, 2003 By: /s/ Katie Wannenmacher

Katie Wannenmacher

Vice President

EXHIBIT INDEX

DOCUMENT

Monthly Remittance Statement to the Certificateholders

dated as of July 25, 2002.


	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates


	July 25, 2002 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				12
			8.	Prepayment Report				13
			9.	Prepayment Detail Report				16
			10.	Realized Loss Report				17
			11.	Realized Loss Detail Report				20
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				21





				Total Number of Pages				21




			CONTACTS

				Administrator: Jeremy B Conyers
				Direct Phone Number: (714)247-6274
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

				Web Site: http://www-apps.gis.deutsche-bank.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000




ISSUANCE INFORMATION

	Seller:		Thornburg Mortgage					Cut-Off Date: March 1, 2002
	Certificate Insurer(s):							Closing Date: March 26, 2002
								First Payment Date: April 25, 2002
	Servicer(s):		Wells Fargo Master Servicer


								Distribution Date: July 25, 2002
	Underwriter(s):		Lehman Brothers Securities Corporation Lead Underwriter					Record Date: June 28, 2002





						Page 1 of 21					© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates
	REMIC I Series 2002-1
	Certificate Payment Report for July 25, 2002 Distribution


	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)

A		436,007,000.00			428,003,229.14	1,818,933.95	3,023,329.04	4,842,262.99	-	-	424,979,900.10
R		100.00			-	-	-	-	-	-	-
B-1		4,719,000.00			4,719,000.00	20,054.87	-	20,054.87	-	-	4,719,000.00
B-2		3,595,000.00			3,595,000.00	15,278.08	-	15,278.08	-	-	3,595,000.00
B-3		2,472,000.00			2,472,000.00	10,505.54	-	10,505.54	-	-	2,472,000.00
B-4		674,000.00			674,000.00	2,864.37	-	2,864.37	-	-	674,000.00
B-5		674,000.00			674,000.00	2,864.37	-	2,864.37	-	-	674,000.00
B-6		1,351,634.00			1,351,634.00	5,744.21	-	5,744.21	-	-	1,351,634.00


Total		449,492,734.00			441,488,863.14	1,876,245.39	3,023,329.04	4,899,574.43	-	-	438,465,534.10


	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)

A				A-30/360	885220AU7	436,007,000.00	981.643022	4.171800	6.934130	11.105929	974.708893
R				A-30/360	TM0201101	100.00	-	-	-	-	-
B-1				A-30/360	885220AV5	4,719,000.00	1,000.000000	4.249814	-	4.249814	1,000.000000
B-2				A-30/360	885220AW3	3,595,000.00	1,000.000000	4.249814	-	4.249814	1,000.000000
B-3				A-30/360	885220AX1	2,472,000.00	1,000.000000	4.249814	-	4.249814	1,000.000000
B-4				A-30/360	885220AZ6	674,000.00	1,000.000000	4.249807	-	4.249807	1,000.000000
B-5				A-30/360	885220BA0	674,000.00	1,000.000000	4.249807	-	4.249807	1,000.000000
B-6				A-30/360	885220BB8	1,351,634.00	1,000.000000	4.249827	-	4.249827	1,000.000000


							Page 2 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates
	REMIC I Series 2002-1
	Certificate Payment Report for July 25, 2002 Distribution


	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)

A	436,007,000.00		7,352,790.42		10,582,858.15	444,241.75	11,027,099.90	18,379,890.32	-	-	424,979,900.10
R	100.00		0.43		-	100.00	100.00	100.43	-	-	-
B-1	4,719,000.00		80,308.05		-	-	-	80,308.05	-	-	4,719,000.00
B-2	3,595,000.00		61,179.80		-	-	-	61,179.80	-	-	3,595,000.00
B-3	2,472,000.00		42,068.55		-	-	-	42,068.55	-	-	2,472,000.00
B-4	674,000.00		11,470.14		-	-	-	11,470.14	-	-	674,000.00
B-5	674,000.00		11,470.14		-	-	-	11,470.14	-	-	674,000.00
B-6	1,351,634.00		23,002.17		-	-	-	23,002.17	-	-	1,351,634.00


Total	449,492,734.00		7,582,289.70		10,582,858.15	444,341.75	11,027,199.90	18,609,489.60	-	-	438,465,534.10


	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)

A	5.09978%	428,003,229.14			-	-	-	-	-	1,818,933.95	-
R	5.09978%	-			-	-	-	-	-	-	-
B-1	5.09978%	4,719,000.00			-	-	-	-	-	20,054.87	-
B-2	5.09978%	3,595,000.00			-	-	-	-	-	15,278.08	-
B-3	5.09978%	2,472,000.00			-	-	-	-	-	10,505.54	-
B-4	5.09978%	674,000.00			-	-	-	-	-	2,864.37	-
B-5	5.09978%	674,000.00			-	-	-	-	-	2,864.37	-
B-6	5.09978%	1,351,634.00			-	-	-	-	-	5,744.21	-


Total		441,488,863.14			-	-	-	-	-	1,876,245.39	-


							Page 3 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Collection Account Report for July 25, 2002 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							2,930,204.11
	Principal Withdrawals							0.00
	Principal Other Accounts							0.00
	TOTAL NET PRINCIPAL							2,930,204.11

	Interest Collections							1,896,295.75
	Interest Withdrawals							0.00
	Interest Other Accounts							0.00
	Interest Fees							(16,371.29)
	TOTAL NET INTEREST							1,879,924.46

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							4,810,128.57


PRINCIPAL - COLLECTIONS								TOTAL

	Scheduled Principal							111,268.80
	Curtailments							282,820.77
	Prepayments in Full							2,629,239.47
	Repurchases/Substitutions Shortfalls							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Additional Principal							0.00
	Delinquent Principal							(93,124.93)

	Realized Losses							0.00
	Mortgage Replacement Amount							0.00

	TOTAL PRINCIPAL COLLECTED							2,930,204.11


				Page 4 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Collection Account Report for July 25, 2002 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS								TOTAL

	Scheduled Interest							1,989,177.08
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Month End Interest (PPIS)							(2,080.73)
	Delinquent Interest							(1,723,531.18)
	Realized Losses							0.00
	Compensating Month End Interest							2,080.73

	Interest Advanced							1,630,649.85

	TOTAL INTEREST COLLECTED							1,896,295.75


				Page 5 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Collection Account Report for July 25, 2002 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - OTHER ACCOUNTS								TOTAL



	TOTAL OTHER ACCOUNT INTEREST							0.00


INTEREST - FEES								TOTAL

	Current Servicing Fees							14,899.66
	Trustee Fee							1,471.63


	TOTAL INTEREST OTHER FEES							16,371.29


				Page 6 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for July 25, 2002 Distribution


	Credit Enhancement Report


ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES								TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 7 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Collateral Report for July 25, 2002 Distribution


	Collateral Report


COLLATERAL								TOTAL
	Loan Count:
	*Original*							1173
	Prior							1,158
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(7)
	Repurchases							-
	Liquidations							-
	Current							1,151

	*Principal Balance:*
	Original							449,492,734.33
	Prior							441,488,863.14
	Prefunding							-
	Scheduled Principal							(111,268.80)
	Partial and Full Voluntary Prepayments							(2,912,060.24)
	Repurchases							-
	Liquidations							-
	Current							438,465,534.10

PREFUNDING								TOTAL
SPACE INTENTIONALLY LEFT BLANK




Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Collateral Report for July 25, 2002 Distribution


	Collateral Report


CHARACTERISTICS								TOTAL

	Weighted Average Coupon Original							5.421373%
	Weighted Average Coupon Prior							5.407917%
	Weighted Average Coupon Current							5.406733%
	Weighted Average Months to Maturity Original							360
	Weighted Average Months to Maturity Prior							358
	Weighted Average Months to Maturity Current							357
	Weighted Avg Remaining Amortization Term Original							360
	Weighted Avg Remaining Amortization Term Prior							358
	Weighted Avg Remaining Amortization Term Current							357
	Weighted Average Seasoning Original							3.19
	Weighted Average Seasoning Prior							5.13
	Weighted Average Seasoning Current							6.13

Note: Original information refers to deal issue.




WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Collateral Report for July 25, 2002 Distribution


	Collateral Report


ARM CHARACTERISTICS								TOTAL

	Weighted Average Margin Original							2.106%
	Weighted Average Margin Prior							2.103%
	Weighted Average Margin Current							2.102%
	Weighted Average Max Rate Original							11.169%
	Weighted Average Max Rate Prior							11.162%
	Weighted Average Max Rate Current							11.163%
	Weighted Average Min Rate Original							2.247%
	Weighted Average Min Rate Prior							2.234%
	Weighted Average Min Rate Current							2.233%
	Weighted Average Cap Up Original							0.000%
	Weighted Average Cap Up Prior							1.685%
	Weighted Average Cap Up Current							1.685%
	Weighted Average Cap Down Original							0.000%
	Weighted Average Cap Down Prior							1.685%
	Weighted Average Cap Down Current							1.685%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES								TOTAL

	Current Servicing Fees							14,899.66
	Delinquent Servicing Fees							92,881.33
	Trustee Fees							1,471.63
	Credit Risk Managers Fee							3,679.07
	TOTAL FEES							112,931.69
	Master Servicer Fee							7,358.15
	Total Servicing Fees							107,780.99
	Compensating Month End Interest							2,080.73
	Delinquent Servicing Fees							(92,881.33)
	COLLECTED SERVICING FEES							16,980.39
	Prepayment Interest Shortfall							2,080.73
	Total Advanced Interest							1,630,649.85


ADDITIONAL COLLATERAL INFORMATION								TOTAL


	Net Rate							5.071118%


				Page 10 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Delinquency Report for July 25, 2002 Distribution


	Delinquency Report - Total


				CURRENT	1 PAYMENT	2 PAYMTS	3+ PAYMTS	TOTAL
DELINQUENT		Balance			1,697,329.99	-	800,000.00	2,497,329.99
		% Balance			0.39%	0.00%	0.18%	0.57%
		# Loans			6	-	1	7
		% # Loans			0.52%	0.00%	0.09%	0.61%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		-	1,697,329.99	-	800,000.00	2,497,329.99
		% Balance		0.00%	0.39%	0.00%	0.18%	0.57%
		# Loans		-	6	-	1	7
		% # Loans		0.00%	0.52%	0.00%	0.09%	0.61%
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	REO Report for July 25, 2002 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00

REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.

Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


				Page 12 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Prepayment Report for July 25, 2002 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS								TOTAL

	*Current*
	Number of Paid in Full Loans							7
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							7

	Paid in Full Balance							2,629,239.47
	Repurchased Loans Balance							-
	Curtailments Amount							282,820.77
	Total Prepayment Amount							2,912,060.24

	*Cumulative*
	Number of Paid in Full Loans							22
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							22

	Paid in Full Balance							8,599,915.11
	Repurchased Loans Balance							-
	Curtailments Amount							1,982,943.37
	Total Prepayment Amount							10,582,858.48

SPACE INTENTIONALLY LEFT BLANK


Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)


				Page 13 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Prepayment Report for July 25, 2002 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES								TOTAL

	SMM							0.66%
	3 Months Avg SMM							0.66%
	12 Months Avg SMM
	Avg SMM Since Cut-off							0.59%

	CPR							7.64%
	3 Months Avg CPR							7.69%
	12 Months Avg CPR
	Avg CPR Since Cut-off							6.90%

	PSA							622.55%
	3 Months Avg PSA Approximation							748.34%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							741.86%







CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 14 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Prepayment Report for July 25, 2002 Distribution


	Prepayment Report - Voluntary Prepayments




CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off


PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off


PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)

Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.

				Page 15 of 21				© COPYRIGHT 2002 Deutsche Bank


	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for July 25, 2002 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 7						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 2,632,750.00
Total Prepayment Amount = 2,629,239.47


Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date

200014330 1			212,000.00	211,087.05	Jul-01-02	5.625%	CO - 78.52%	Paid Off - 360	Jan-23-02
200014472 1			536,250.00	536,250.00	Jul-01-02	6.000%	MD - 75.00%	Paid Off - 360	Jan-02-02
200014994 1			108,500.00	108,500.00	Jul-01-02	5.625%	GA - 70.00%	Paid Off - 360	Dec-06-01
200015337 1			376,000.00	373,402.42	Jul-01-02	6.125%	CA - 80.00%	Paid Off - 360	Dec-06-01
200015505 1			650,000.00	650,000.00	Jul-01-02	6.125%	CA - 62.13%	Paid Off - 360	Dec-20-01
300000279 1			550,000.00	550,000.00	Jun-14-02	5.875%	NY - 73.33%	Paid Off - 360	Feb-27-02
300000315 1			200,000.00	200,000.00	Jun-14-02	5.875%	NY - 60.61%	Paid Off - 360	Feb-27-02


					Page 16 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for July 25, 2002 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES								TOTAL

	*Current*
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-

	*Cumulative*
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-

	Note: Collateral realized losses may include adjustments to loans liquidated in prior periods.

SPACE INTENTIONALLY LEFT BLANK


							3 Months Moving Average


Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 17 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for July 25, 2002 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS								TOTAL

	MDR							0.00%
	3 Months Avg MDR							0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.00%

	CDR							0.00%
	3 Months Avg CDR							0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%

	SDA							0.00%
	3 Months Avg SDA Approximation							0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation							0.00%

	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off



CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 18 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for July 25, 2002 Distribution


	Realized Loss Report - Collateral




CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off


SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off


COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.

				Page 19 of 21				© COPYRIGHT 2002 Deutsche Bank


	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for July 25, 2002 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 0						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00


Loan Number			Original	Prior		Current	State &
&		Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


					Page 20 of 21				© COPYRIGHT 2002 Deutsche Bank
	Thornburg Mortgage Securities Trust 2002-1
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for July 25, 2002 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION								TOTAL

	Special Hazard Losses							0.00
	Fraud Losses							0.00
	Bankruptcy Losses							0.00
	Special Hazard Loss Amount							6,279,591.90
	Fraud Loss Amount							8,989,855.00
	Bankruptcy Loss Amount							100,000.00
	Cumulative Realized Losses							0.00


				Page 21 of 21				© COPYRIGHT 2002 Deutsche Bank

THORNBURG MORTGAGE SEC TR 2002-1 MRT LN PS THR CRT SR 2002-1 8-K/A