8-K 1 sac05nc2_10506.txt 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 Mortgage Pass-Through Certificates, Series 2005-NC2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-120575-28 Pooling and Servicing Agreement) (Commission 54-2175618 (State or other File Number) 54-2175619 jurisdiction 54-2175620 of Incorporation) IRS EIN c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (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)) ITEM 8.01 Other Events On June 27, 2005 a distribution was made to holders of STRUCTURED ASSET SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 2005-NC2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-NC2 Trust, relating to the June 27, 2005 distribution. EX-99.2 Risk Management Group Credit Risk Manager 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 Mortgage Pass-Through Certificates, Series 2005-NC2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 6/28/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-NC2 Trust, relating to the June 27, 2005 distribution. EX-99.2 Risk Management Group Credit Risk Manager EX-99.1

~~UNITED~~Structured ~~STATES~~Asset Securities Corporation Mortgage Pass-Through Certificates Record Date: 5/31/2005 Distribution Date: 6/27/2005 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series SASCO 2005-NC2 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution A1 86359DCE5 SEN 3.37000% 320,215,000.00 989,197.50 A2 86359DCF2 SEN 3.41000% 80,054,000.00 250,235.46 A3 86359DCG0 SEN 3.18000% 192,779,000.00 561,950.79 A4 86359DCH8 SEN 3.32000% 220,328,000.00 670,531.55 M1 86359DCM7 MEZ 3.46000% 24,692,000.00 78,314.79 M2 86359DCN5 MEZ 3.50000% 7,747,000.00 24,854.96 M3 86359DCP0 MEZ 3.52000% 24,208,000.00 78,111.15 M4 86359DCQ8 MEZ 3.56000% 16,945,000.00 55,297.18 M5 86359DCR6 MEZ 3.71000% 14,525,000.00 49,397.10 M6 86359DCS4 MEZ 3.74000% 13,556,000.00 46,474.49 M7 86359DCT2 MEZ 3.79000% 9,683,000.00 33,640.36 M8 86359DCU9 MEZ 4.29000% 9,683,000.00 38,078.40 M9 86359DCV7 MEZ 4.39000% 9,683,000.00 38,966.01 M10 86359DCW5 MEZ 4.79000% 9,683,000.00 42,516.44 B 86359DCX3 SUB 5.59000% 9,683,000.00 49,617.31 X SAC05NC2X SEN 0.00000% 0.00 2,095,085.49 P SAC05NC2P SEN 0.00000% 100.00 132,155.97 R SAC5NC2R1 RES 0.00000% 0.00 0.00 Totals 963,464,100.00 5,234,424.95

~~SECURITIES~~Certificateholder ~~AND~~Distribution ~~EXCHANGE~~Summary ~~COMMISSION~~(continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A1 3,676,636.15 0.00 316,538,363.85 4,665,833.65 0.00 A2 919,161.91 0.00 79,134,838.09 1,169,397.37 0.00 A3 6,357,963.44 0.00 186,421,036.56 6,919,914.23 0.00 A4 0.00 0.00 220,328,000.00 670,531.55 0.00 M1 0.00 0.00 24,692,000.00 78,314.79 0.00 M2 0.00 0.00 7,747,000.00 24,854.96 0.00 M3 0.00 0.00 24,208,000.00 78,111.15 0.00 M4 0.00 0.00 16,945,000.00 55,297.18 0.00 M5 0.00 0.00 14,525,000.00 49,397.10 0.00 M6 0.00 0.00 13,556,000.00 46,474.49 0.00 M7 0.00 0.00 9,683,000.00 33,640.36 0.00 M8 0.00 0.00 9,683,000.00 38,078.40 0.00 M9 0.00 0.00 9,683,000.00 38,966.01 0.00 M10 0.00 0.00 9,683,000.00 42,516.44 0.00 B 0.00 0.00 9,683,000.00 49,617.31 0.00 X 0.00 0.00 0.00 2,095,085.49 0.00 P 0.00 0.00 100.00 132,155.97 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 10,953,761.50 0.00 952,510,338.50 16,188,186.45 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~Washington~~Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A1 320,215,000.00 D320,215,000.C00 0. ~~20549~~00 3,676,636.15 0.00 0.00 A2 80,054,000.00 80,054,000.00 0.00 919,161.91 0.00 0.00 A3 192,779,000.00 192,779,000.00 0.00 6,357,963.44 0.00 0.00 A4 220,328,000.00 220,328,000.00 0.00 0.00 0.00 0.00 M1 24,692,000.00 24,692,000.00 0.00 0.00 0.00 0.00 M2 7,747,000.00 7,747,000.00 0.00 0.00 0.00 0.00 M3 24,208,000.00 24,208,000.00 0.00 0.00 0.00 0.00 M4 16,945,000.00 16,945,000.00 0.00 0.00 0.00 0.00 M5 14,525,000.00 14,525,000.00 0.00 0.00 0.00 0.00 M6 13,556,000.00 13,556,000.00 0.00 0.00 0.00 0.00 M7 9,683,000.00 9,683,000.00 0.00 0.00 0.00 0.00 M8 9,683,000.00 9,683,000.00 0.00 0.00 0.00 0.00 M9 9,683,000.00 9,683,000.00 0.00 0.00 0.00 0.00 M10 9,683,000.00 9,683,000.00 0.00 0.00 0.00 0.00 B 9,683,000.00 9,683,000.00 0.00 0.00 0.00 0.00 X 0.00 0.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 963,464,100.00 963,464,100.00 0.00 10,953,761.50 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.

~~FORM~~Principal ~~8-K~~Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A1 3,676,636.15 316,538,363.85 0.98851823 3,676,636.15 A2 919,161.91 79,134,838.09 0.98851823 919,161.91 A3 6,357,963.44 186,421,036.56 0.96701942 6,357,963.44 A4 0.00 220,328,000.00 1.00000000 0.00 M1 0.00 24,692,000.00 1.00000000 0.00 M2 0.00 7,747,000.00 1.00000000 0.00 M3 0.00 24,208,000.00 1.00000000 0.00 M4 0.00 16,945,000.00 1.00000000 0.00 M5 0.00 14,525,000.00 1.00000000 0.00 M6 0.00 13,556,000.00 1.00000000 0.00 M7 0.00 9,683,000.00 1.00000000 0.00 M8 0.00 9,683,000.00 1.00000000 0.00 M9 0.00 9,683,000.00 1.00000000 0.00 M10 0.00 9,683,000.00 1.00000000 0.00 B 0.00 9,683,000.00 1.00000000 0.00 X 0.00 0.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 10,953,761.50 952,510,338.50 0.98863086 10,953,761.50

~~CURRENT~~Principal ~~REPORT~~Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 320,215,000.00 1000.00000000 0.00000000 11.48177365 0.00000000 A2 80,054,000.00 1000.00000000 0.00000000 11.48177368 0.00000000 A3 192,779,000.00 1000.00000000 0.00000000 32.98058108 0.00000000 A4 220,328,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 24,692,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 7,747,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 24,208,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 16,945,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 14,525,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 13,556,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 9,683,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 9,683,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 9,683,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M10 9,683,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 9,683,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1,000 denomination

~~PURSUANT~~Principal TODistribution ~~SECTION~~Factors 13Statement OR(continued) 15Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (d3) OFReduction ~~THE~~Balance Percentage Distribution A1 0.00000000 11.48177365 988.51822635 0.98851823 11.48177365 A2 0.00000000 11.48177368 988.51822632 0.98851823 11.48177368 A3 0.00000000 32.98058108 967.01941892 0.96701942 32.98058108 A4 0.00000000 0.00000000 1,000.00000000 1.00000000 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 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M10 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 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~SECURITIES~~Interest ~~EXCHANGE~~Distribution ~~ACT~~Statement OFBeginning ~~1934~~Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A1 320,215,000.00 3.37000% 320,215,000.00 989,197.50 0.00 0.00 A2 80,054,000.00 3.41000% 80,054,000.00 250,235.46 0.00 0.00 A3 192,779,000.00 3.18000% 192,779,000.00 561,950.79 0.00 0.00 A4 220,328,000.00 3.32000% 220,328,000.00 670,531.55 0.00 0.00 M1 24,692,000.00 3.46000% 24,692,000.00 78,314.79 0.00 0.00 M2 7,747,000.00 3.50000% 7,747,000.00 24,854.96 0.00 0.00 M3 24,208,000.00 3.52000% 24,208,000.00 78,111.15 0.00 0.00 M4 16,945,000.00 3.56000% 16,945,000.00 55,297.18 0.00 0.00 M5 14,525,000.00 3.71000% 14,525,000.00 49,397.10 0.00 0.00 M6 13,556,000.00 3.74000% 13,556,000.00 46,474.49 0.00 0.00 M7 9,683,000.00 3.79000% 9,683,000.00 33,640.36 0.00 0.00 M8 9,683,000.00 4.29000% 9,683,000.00 38,078.40 0.00 0.00 M9 9,683,000.00 4.39000% 9,683,000.00 38,966.01 0.00 0.00 M10 9,683,000.00 4.79000% 9,683,000.00 42,516.44 0.00 0.00 B 9,683,000.00 5.59000% 9,683,000.00 49,617.31 0.00 0.00 X 0.00 0.00000% 968,304,679.70 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 963,464,100.00 3,007,183.49 0.00 0.00

~~Date~~Interest ofDistribution ~~Report~~Statement (~~Date~~continued) ofRemaining ~~earliest~~Ending ~~event~~Non-Supported ~~reported~~Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A1 0.00 0.00 989,197.50 0.00 316,538,363.85 A2 0.00 0.00 250,235.46 0.00 79,134,838.09 A3 0.00 0.00 561,950.79 0.00 186,421,036.56 A4 0.00 0.00 670,531.55 0.00 220,328,000.00 M1 0.00 0.00 78,314.79 0.00 24,692,000.00 M2 0.00 0.00 24,854.96 0.00 7,747,000.00 M3 0.00 0.00 78,111.15 0.00 24,208,000.00 M4 0.00 0.00 55,297.18 0.00 16,945,000.00 M5 0.00 0.00 49,397.10 0.00 14,525,000.00 M6 0.00 0.00 46,474.49 0.00 13,556,000.00 M7 0.00 0.00 33,640.36 0.00 9,683,000.00 M8 0.00 0.00 38,078.40 0.00 9,683,000.00 M9 0.00 0.00 38,966.01 0.00 9,683,000.00 M10 0.00 0.00 42,516.44 0.00 9,683,000.00 B 0.00 0.00 49,617.31 0.00 9,683,000.00 X 0.00 0.00 2,095,085.49 0.00 957,351,018.20 P 0.00 0.00 132,155.97 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 5,234,424.95 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~May~~Interest 26Distribution 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 A1 320,215,000.00 ~~2005~~3.37000% 1000.00000000 3.08916665 0.00000000 0.00000000 A2 80,054,000.00 3.41000% 1000.00000000 3.12583331 0.00000000 0.00000000 A3 192,779,000.00 3.18000% 1000.00000000 2.91500003 0.00000000 0.00000000 A4 220,328,000.00 3.32000% 1000.00000000 3.04333335 0.00000000 0.00000000 M1 24,692,000.00 3.46000% 1000.00000000 3.17166653 0.00000000 0.00000000 M2 7,747,000.00 3.50000% 1000.00000000 3.20833355 0.00000000 0.00000000 M3 24,208,000.00 3.52000% 1000.00000000 3.22666680 0.00000000 0.00000000 M4 16,945,000.00 3.56000% 1000.00000000 3.26333314 0.00000000 0.00000000 M5 14,525,000.00 3.71000% 1000.00000000 3.40083305 0.00000000 0.00000000 M6 13,556,000.00 3.74000% 1000.00000000 3.42833358 0.00000000 0.00000000 M7 9,683,000.00 3.79000% 1000.00000000 3.47416710 0.00000000 0.00000000 M8 9,683,000.00 4.29000% 1000.00000000 3.93250026 0.00000000 0.00000000 M9 9,683,000.00 4.39000% 1000.00000000 4.02416710 0.00000000 0.00000000 M10 9,683,000.00 4.79000% 1000.00000000 4.39083342 0.00000000 0.00000000 B 9,683,000.00 5.59000% 1000.00000000 5.12416710 0.00000000 0.00000000 X 0.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1,000 denomination

~~STRUCTURED~~Interest ~~ASSET~~Distribution ~~SECURITIES~~Factors ~~CORPORATION~~Statement (ascontinued) ~~Depositor~~Remaining ~~under~~Ending ~~the~~Non-Supported ~~Trust~~Total ~~Agreement~~Unpaid ~~dated~~Certificate/ asInterest ofRealized ~~May~~Interest 1Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A1 0.00000000 0.00000000 3.08916665 0.00000000 988.51822635 A2 0.00000000 0.00000000 3.12583331 0.00000000 988.51822632 A3 0.00000000 0.00000000 2.91500003 0.00000000 967.01941892 A4 0.00000000 0.00000000 3.04333335 0.00000000 1000.00000000 M1 0.00000000 0.00000000 3.17166653 0.00000000 1000.00000000 M2 0.00000000 0.00000000 3.20833355 0.00000000 1000.00000000 M3 0.00000000 0.00000000 3.22666680 0.00000000 1000.00000000 M4 0.00000000 0.00000000 3.26333314 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.40083305 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.42833358 0.00000000 1000.00000000 M7 0.00000000 0.00000000 3.47416710 0.00000000 1000.00000000 M8 0.00000000 0.00000000 3.93250026 0.00000000 1000.00000000 M9 0.00000000 0.00000000 4.02416710 0.00000000 1000.00000000 M10 0.00000000 0.00000000 4.39083342 0.00000000 1000.00000000 B 0.00000000 0.00000000 5.12416710 0.00000000 1000.00000000 X 0.00000000 0.00000000 2.16366350 0.00000000 988.68779452 P 0.00000000 0.00000000 1321559.70000000 0.00000000 1000.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, ~~2005~~Bankruptcy,or ~~providing~~Fraud ~~for~~Losses ~~the~~Unless ~~issuance~~Otherwise ofDisclosed. ~~Structured~~Please ~~Asset~~Refer ~~Securities~~to ~~Corporation~~the ~~Trust~~Prospectus ~~Mortgage~~Supplement ~~Pass-Through~~for ~~Certificates,~~a ~~Series~~Full ~~2005-NC2)~~Description.

~~Structured~~CERTIFICATEHOLDER ~~Asset~~ACCOUNT ~~Securities~~STATEMENT ~~Corporation~~ CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 16,591,646.71 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 16,591,646.71 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 411,529.49 Payment of Interest and Principal 16,188,186.43 Total Withdrawals (Pool Distribution Amount) 16,599,715.92 Ending Balance 0.00

~~(Exact~~PREPAYMENT/CURTAILMENT ~~Name~~INTEREST ofSHORTFALL ~~Registrant~~Total asPrepayment/Curtailment ~~Specified~~Interest inShortfall ~~its~~0.00 ~~Charter)~~Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

Delaware	333-120575	74-2440850
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

~~745~~OTHER ~~Seventh~~ACCOUNTS ~~Avenue~~Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 ~~7th~~0.00 ~~Floor~~0.00 ~~New~~1,000.00 ~~York~~Reserve Fund 1,000.00 NY2,095,085.49 ~~(Address~~2,095,085.49 of1,000.00 ~~Principal~~Reserve ~~Executive~~Fund ~~Offices)~~0.00 ~~10019~~132,155.97 ~~(Zip~~132,155.97 ~~Code)~~0.00

~~Registrant’s~~LOAN ~~telephone~~STATUS ~~number,~~STRATIFICATION/CREDIT ~~including~~ENHANCEMENT ~~area~~STATEMENT ~~code: (212)~~DELINQUENT ~~526~~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-~~7000~~29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group I No ~~Change~~ 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group III 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group IV 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

~~(Former~~OTHER ~~Name~~INFORMATION orCurrent ~~Former~~Period ~~Address,~~Class ifA ~~Changed~~Insufficient ~~Since~~Funds ~~Last~~0.00 ~~Report)~~Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00

~~Check~~COLLATERAL ~~the~~STATEMENT ~~appropriate~~Collateral ~~box~~Description ~~below~~Fixed if& ~~the~~Mixed ~~Form~~ARM 8Weighted Average Gross Coupon 7.215141% Weighted Average Net Coupon 6.715141% Weighted Average Pass-KThrough ~~filing~~Rate is6.333356% ~~intended~~Weighted toAverage ~~simultaneously~~Maturity(Stepdown ~~satisfy~~Calculation) ~~the~~359 ~~filing~~Beginning ~~obligation~~Scheduled ofCollateral ~~the~~Loan ~~registrant~~Count ~~under~~5,357 ~~any~~Number ofOf ~~the~~Loans ~~following~~Paid ~~provisions:~~In Full 45 Ending Scheduled Collateral Loan Count 5,312 Beginning Scheduled Collateral Balance 968,304,679.70 Ending Scheduled Collateral Balance 957,350,918.20 Ending Actual Collateral Balance at 31-May-2005 957,343,128.04 Monthly P&I Constant 6,512,949.86 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 690,904.39 Unscheduled Principal 10,262,857.12

~~[ ]~~Miscellaneous ~~Written~~Reporting ~~communications~~Targeted ~~pursuant~~Overcollateralization toAmount ~~Rule~~4,840,679.70 ~~425~~Overcollateralization ~~under~~Deficiency ~~the~~0.00 ~~Securities~~Current ~~Act~~Overcollateralization ~~(17~~Amount ~~CFR~~4,840,679.70 ~~230~~Sequential Trigger Event NO One Month LIBOR Rate 3.~~425)~~090000% SWAP payment - Incoming 0.00 SWAP payment - Outgoing 0.00

~~[ ]~~Group ~~Soliciting~~Level ~~material~~Collateral ~~pursuant~~Statement toGroup ~~Rule~~Group ~~14a-~~I Group II Group III Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.487622 7.261639 7.353868 Weighted Average Net Rate 6.987622 6.761639 6.853868 Weighted Average Maturity 359 359 359 Beginning Loan Count 881 2,238 626 Loans Paid In Full 5 20 1 Ending Loan Count 876 2,218 625 Beginning Scheduled Balance 89,432,136.43 387,078,613.56 82,396,377.87 Ending Scheduled Balance 89,125,443.81 382,789,508.12 ~~under~~82,264,715.23 ~~the~~Record ~~Exchange~~Date ~~Act~~05/31/2005 (05/31/2005 05/31/2005 Principal And Interest Constant 654,132.17 ~~CFR~~2,591,970.60 ~~240~~590,696.~~14a~~16 Scheduled Principal 96,103.78 249,616.36 85,752.78 Unscheduled Principal 210,588.85 4,039,489.08 45,909.86 Scheduled Interest 558,028.39 2,342,354.24 504,943.38 Servicing Fees 37,263.39 161,282.76 34,331.82 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 23,862.61 118,463.03 21,183.80 Pool Insurance Fee 0.00 0.00 0.00 Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 496,902.39 2,062,608.45 449,427.76 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-~~12)~~Through Rate 6.667434 6.394386 6.545352

~~[ ]~~Group ~~Pre-commencement~~Level ~~communications~~Collateral ~~pursuant~~Statement toGroup ~~Rule~~Group ~~14d-~~IV Total Collateral Description Fixed 15/30 & ARM Fixed & Mixed ARM Weighted Average Coupon Rate 7.083734 7.215141 Weighted Average Net Rate 6.583734 6.715141 Weighted Average Maturity 359 359 Beginning Loan Count 1,612 5,357 Loans Paid In Full 19 45 Ending Loan Count 1,593 5,312 Beginning Scheduled Balance 409,397,551.84 968,304,679.70 Ending scheduled Balance 403,171,251.04 957,350,918.20 Record Date 05/31/2005 05/31/2005 Principal And Interest Constant 2~~(b)~~,676,150.93 ~~under~~6,512,949.86 ~~the~~Scheduled ~~Exchange~~Principal ~~Act~~259,431.47 ~~(17~~690,904.39 ~~CFR~~Unscheduled ~~240~~Principal 5,966,869.~~14d-~~33 10,262,857.12 Scheduled Interest 2~~(b))~~,416,719.46 5,822,045.47 Servicing Fees 170,582.31 403,460.28 Master Servicing Fees 0.00 0.00 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 144,560.18 308,069.62 Pool Insurance Fee 0.00 0.00 Spread 1 0.00 0.00 Spread 2 0.00 0.00 Spread 3 0.00 0.00 Net Interest 2,101,576.97 5,110,515.57 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.160008 6.333356

EX-99.2

~~[ ]~~RMG ~~Pre~~Risk Management Group Bankruptcy Report Date: 7/6/2005 3:36:15 PM Deal Number: SASCO Report As of: 5/30/2005 2005-~~commencement~~NC2 ~~communications~~Investor ~~pursuant~~Ln Nbr Chapter Current Value Confirmation Date Current UPB Plan Paid to ~~Rule~~Date ~~13e-~~Loan Number Filing Date Sr/Jr Lien Bal Prepetition Due Servicer Name Date Originator 1000757602 5/18/2005 $210,000.00 $167,282.56 1000757602 $0.00 New Century 1000757924 5/18/2005 $210,000.00 $41,638.77 1000757924 $0.00 New Century 1000823684 6/11/2005 $195,000.00 $145,514.97 1000823684 $0.00 New Century 1000829330 6/11/2005 $195,000.00 $36,318.52 1000829330 $0.00 New Century 1000889747 3/8/2005 $479,000.00 $394,320.28 1000889747 $0.00 New Century 1000939355 3/22/2005 $241,000.00 $189,819.71 1000939355 $0.00 New Century 1000956674 6/6/2005 $219,000.00 $174,753.71 1000956674 $0.00 New Century 1000976714 5/4~~(c)~~/2005 ~~under~~$93,500.00 ~~the~~$92,794.72 ~~Exchange~~1000976714 ~~Act~~$0.00 ~~(17~~New ~~CFR~~Century ~~240~~1974161 2/4/2005 $312,000.~~13e-~~00 $279,991.46 1974161 $0.00 New Century 2022550 3/30/2005 $171,500.00 $128,509.50 2022550 $0.00 New Century 2028462 4/25/2005 $295,000.00 $235,486.87 2028462 $0.00 New Century 2051455 5/10/2005 $115,000.00 $91,843.75 2051455 $0.00 New Century 2055836 5/18/2005 $377,000.00 $263,670.55 2055836 $0.00 New Century Bankruptcy Report (ccont.)) Date: 7/6/2005 3:36:15 PM Deal Number: SASCO Report As of: 5/30/2005 2005-NC2 Investor Ln Nbr Post Petition Due End Date Amount Last Paid Last Payment Date Loan Number Date Dismissal Date Servicer Name Originator 1000757602 5/13/2005 1000757602 New Century 1000757924 5/13/2005 1000757924 New Century 1000823684 6/6/2005 1000823684 New Century 1000829330 6/3/2005 1000829330 New Century 1000889747 6/6/2005 1000889747 New Century 1000939355 3/18/2005 1000939355 New Century 1000956674 6/13/2005 1000956674 New Century 1000976714 6/1/2005 1000976714 New Century 1974161 6/6/2005 1974161 New Century 2022550 6/15/2005 2022550 New Century 2028462 6/6/2005 2028462 New Century 2051455 6/8/2005 2051455 New Century 2055836 5/16/2005 2055836 New Century

~~Item~~RMG 8Risk Management Group Default Summary Dashboard (OTS) Date: 7/6/2005 3:30:30 PM Deal Number: SASCO Report As of: 5/30/2005 2005-NC2 Delinquencies Per Servicer CURRENT 30 60 Count UPB Count UPB Count UPB Delinquent N/A N/A 0 $0.0100 0 $0. ~~Other~~00 ~~Events~~Foreclosure 0 $0.00 0 $0.00 0 $0.00 Bankruptcy 13 $2,241,945.37 0 $0.00 0 $0.00 REO N/A N/A 0 $0.00 0 $0.00 FB(Contractual) 0 $0.00 0 $0.00 0 $0.00 Total 13 $2,241,945.37 0 $0.00 0 $0.00 Trustee Per Servicer CURRENT 30 60 Count UPB Count UPB Count UPB Delinquent Foreclosure Bankruptcy REO FB(Contractual) Total Trustee Report Foreclosure Top 5 States State Count UPB % of Total UPB Average Days In Foreclosure Default Summary Dashboard (OTS) (cont.) Date: 7/6/2005 3:30:30 PM Deal Number: SASCO Report As of: 5/30/2005 2005-NC2 Delinquencies Per Servicer 90+ Total Count UPB Count UPB Delinquent 0 $0.00 0 $0.00 Foreclosure 0 $0.00 0 $0.00 Bankruptcy 0 $0.00 13 $2,241,945.37 REO 0 $0.00 0 $0.00 FB(Contractual) 0 $0.00 0 $0.00 Total 0 $0.00 13 $2,241,945.37 Trustee Per Servicer 90+ Total Count UPB Count UPB Delinquent Foreclosure Bankruptcy REO FB(Contractual) Total 0 $0.00 Trustee Report Foreclosure Top 5 States State State Average

~~The~~RMG ~~Registrant~~Risk ~~registered~~Management ~~issuances~~Group ofFocus ~~its~~Report ~~Structured~~Date: ~~Asset~~7/6/2005 ~~Securities~~3:37:59 ~~Corporation~~PM ~~Mortgage~~Deal ~~Pass-Through~~Number: ~~Certificates,~~SASCO ~~Series~~ 2005-NC2 onInvestor aLn ~~delayed~~Nbr orLien ~~continuous~~State ~~basis~~First ~~pursuant~~Pmt toValuation ~~Rule~~Method ~~415~~Orig. ~~under~~Value ~~the~~Loan ~~Securities~~Number ~~Act~~Status ~~of 1933, as amended~~ FICO(~~the “Act”~~Date), byNext aContr ~~Registration~~Due ~~Statement~~Valuation onDate ~~Form~~Current ~~S-3~~Value ~~(Registration~~Servicer ~~File~~Name NoAging/Delinquency Dt. ~~333-120575)~~Originator ~~(the~~No ~~“Registration~~data ~~Statement”). Pursuant~~ to ~~the~~report ~~Registration~~at ~~Statement,~~this ~~the~~time. ~~Registrant~~Investor ~~issued~~Ln ~~$963,464,000~~Nbr ~~aggregate~~Orig. ~~principal~~Amount ~~amount~~OLTV ofBPO ~~Class~~Var. ~~A1,~~% ~~Class~~Boarding ~~A2,~~Date ~~Class~~Status ~~A3,~~History ~~Class~~Loan ~~A4,~~Number Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M 10 and Class B Certificates of its Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2005-NC2 on May 26, 2005. This Current ~~Report~~Bal onLTV ~~Form~~Loan ~~8-K~~Type isSr/Jr ~~being~~Lien ~~filed~~Bal toServicer ~~satisfy~~Name anOriginator ~~undertaking,~~No ~~contained~~data ~~in the definitive Prospectus dated January 25, 2005, as supplemented by the Prospectus Supplement dated May 24, 2005 (the “Prospectus Supplement”),~~ to ~~file~~report aat ~~copy~~this of the Trust Agreement (as defined below) and other operative agreements executed in connection with the issuance of the Certificates, a form of which was filed as an exhibit to the Registration Statementtime.

~~The~~RMG Certificates were issued pursuant to a Trust Agreement (the “Trust Agreement”), attached hereto as Exhibit 4.1, dated as of May 1, 2005, among Structured Asset Securities Corporation, as depositor, Aurora Loan Services LLC, as Master Servicer, Risk Management Group, ~~LLC,~~Foreclosure asReport ~~Credit~~Date: ~~Risk~~7/6/2005 ~~Manager~~3:37:00 ~~and~~PM ~~Wells~~Deal ~~Fargo~~Number: ~~Bank,~~SASCO ~~N.A.,~~Report asAs ~~Trustee. The “Certificates” consist~~ of ~~the following classes~~: ~~Class~~ ~~A1,~~5/30/2005 ~~Class~~2005-NC2 ~~A2,~~Investor ~~Class~~Ln ~~A3,~~Nbr ~~Class~~Lien ~~A4,~~State ~~Class~~First ~~M1,~~Pmt ~~Class~~Valuation ~~M2,~~Method ~~Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10 and Class B~~Orig. ~~The~~ ~~Certificates~~Value ~~evidence~~Loan ~~all~~Number ofPosition ~~the beneficial ownership interest in a trust fund~~ FICO(~~the “Trust Fund”~~Date) ~~that~~Last ~~consists~~Paid ~~primarily~~Dt. ofValuation ~~two~~Date ~~pools~~Current ofValue ~~certain~~Servicer ~~conventional,~~Name ~~first~~Aging/Delinquency ~~and~~Originator ~~second~~No ~~lien,~~data ~~adjustable~~to ~~and~~report ~~fixed~~at ~~rate,~~this ~~fully~~time. ~~amortizing,~~Investor ~~residential~~Ln ~~mortgage~~Nbr ~~loans~~Orig. ~~(the~~Amount ~~“Mortgage~~OLTV ~~Loans”)~~BPO ~~with~~Var. an% ~~aggregate~~Boarding ~~outstanding~~Date ~~principal~~Status ~~balance~~History ofLoan ~~approximately~~Number ~~$968,304,679~~Current asBal ofLTV ~~May~~Loan 1,Type ~~2005. Capitalized~~Sr/Jr ~~terms~~Lien ~~used~~Bal ~~herein~~Servicer ~~and~~Name ~~not~~Originator ~~otherwise~~No ~~defined~~data ~~shall have the meanings assigned~~ to ~~them~~report inat ~~the~~this ~~Trust Agreement~~time.

~~Item~~RMG 9Risk Management Group Lehman SASCO 2005-NC2 5/30/2005 Client Name: Lehman Security: SASCO 2005-NC2 Date of Report: 5/30/2005 Hightlight Summary Non-Performing Loans: Delinquencies: There are a total of 0 loans that are delinquent; of which 0 are delinquent for 90 days or more.01 Foreclosures: There are a total of 0 loans that are in foreclosure. ~~Financial~~ ~~Statements~~In reviewing the loans in foreclosure we have noted and ~~Exhibits~~are taking action on the following exceptions: Loans in Foreclosure >= 60 days beyond state average: 0 Loans with Late FC Initiation (>= 100 days del): 0 Loans in FC with a BPO >= 180 days old: 0 Bankruptcies: There are a total of 13 loans in bankruptcy. In reviewing the loans in bankruptcy we have noted and are taking action on the following exceptions: BKs with End/Dismissal Dates: 0 Chapter 7 BKs >= 150 days old: 0 Non-performing Chapter 11/13 BKs 0 Forbearances: There are a total of 0 loans in forbearance. In reviewing the loans in forbearance we have noted and are taking action on the following exceptions: Non-performing FBs: 0 REOs There are a total of 0 loans in REO. In reviewing the loans in REO we have noted and are taking action on the following exceptions: REO Eviction Initiation Exceptions: 0 REO Listing Timeline Exceptions: 0 REO in Inventory >= 200 days: 0 Paid Off Loans There are a total of 51 loans which paid off during the month. The servicer did not provide us with the amount last paid information for these loans. We have contacted the servicer requesting this information and will update the report when we receive their response. In reviewing the loans that paid off during the month we have noted and are taken action on the following: Missing Prepayment Premiums: 2 We have emailed the servicer requesting an explanation as to why these premiums were not collected. Loans with Negative BPO variance: There are a total of 0 loans with a total upb of $0.00 which have a negative BPO variance. RMG has contacted the servicer(s) for loans with a negative variance >= to -40% requesting an explanation for the significant decline in the value of these properties. RMG will advise you if our investigation uncovers any declines due to a fraudulent appraisal. First Payment Defaults: There are a total of 0 loans with a total upb of $0.00 which appear to have defaulted on there first payment. RMG has contacted the servicer(s) to confirm that they are, in fact, first payment defaults and will advise you once we receive this confirmation. RMG is actively monitoring this pool of loans against FNMA and industry guidelines and has developed a series of exception reports that will contain the loan level detail for any exceptions summarized above. As the servicer(s) respond to our queries concerning these exceptions, their responses will be incorporated into our loan level reports for you to view. Additionally, RMG is working closely with the servicer(s) in ensuring that all defaults are being properly managed and expedited. Insurance: Insurance Claims Pending: There are a total of 0 claims pending with a total claim amount of $ 0.00 . Of the total claims pending, 0 claims are pending >= 90 days. RMG has sent an email to the servicer(s) requesting an explanation as to the delay in settling these claims. Insurance Claims Settled: There are a total of 0 claims that were paid this month totaling $00.00. Of the total paid claims, 0 were settled for less than the amount claimed. RMG has sent an email to the servicer(s) requesting an explanation for the curtailments in the claim amount. Insurance Claims Rejected: There are a total of 0 claims that were rejected. RMG has sent an email to the servicer(s) requesting an explanation for each reject. Other: Forecasted Loss Report: There are 0 loans appearing on this report with a total estimate loss for all loans amounting to $0.00. These loans are in either foreclosure or REO at the present time and will potentially result in a loss at the completion of the liquidation process. Watchlist Report: This report contains 0 loans which are currently delinquent but may result in a future loss if they are not managed back into a performing status. Attachment: Not Available * If you are asked to authenticate again, please enter username and password you were assigned to.

~~(a)~~RMG Risk Management Group Insurance Claims Settled Date: 7/6/2005 3:33:03 PM Deal Number: SASCO Report As of: 5/30/2005 2005-NC2 Investor Ln Nbr Original UPB Original Value Original LTV MI Cert. # MI Cov. % Loan Number Current UPB Current Value Current LTV MI Company Cov. Type Servicer Name Originator No data to report at this time. Investor Ln Nbr HZ Claim Dt HZ Claim HZ Claim Settled HZ Amt Paid Claim Close Loan Number MI Claim Dt Amount MI Claim Settled MI Amt Paid Method Servicer Name MI Claim Amount Originator No data to report at this time.

~~Not~~RMG ~~applicable~~Risk Management Group Insurance Pending Claims Date: 7/6/2005 3:33:52 PM Deal Number: SASCO Report As of: 5/30/2005 2005-NC2 Investor Ln Nbr Original UPB Original Value Original LTV MI Cert. # Loan Number Current UPB Current Value Current LTV MI Company Servicer Name Originator No data to report at this time. Investor Ln Nbr MI Cov. % HZ Claim Dt HZ Claim Amount Loan Number Cov. Type MI Claim Dt MI Claim Amount Servicer Name Originator No data to report at this time.

(b)

~~Not~~RMG ~~applicable~~Risk Management Group Loan Statistics Dashboard (OTS) Date: 7/6/2005 3:57:29 PM Deal Number: SASCO Report As of: 5/30/2005 2005-NC2 Summary Description Count UPB % of Total UPB Current 5299 $955,015,359.41 99.76% Delinq 13 $2,241,945.37 0.23% Total 5312 $957,257,304.78 Average UPB $180,206.57 WAM(Months) 353 WACLTV 71.34% WAC 7.21% Del Trigger Target Actual n/a Loan with Pre. 4139 $754,439,789.32 78.81% Penalties Loss Severity Pymt Velocity Rate Type Stratification Description Count UPB % of Total UPB ARM 3811 $785,905,983.89 82.09% Fixed Rate 1501 $171,351,320.89 17.90% Top 5 States State Count UPB % of Total UPB CA 1333 $361,481,726.84 37.76% FL 624 $90,512,095.72 9.45% TX 372 $36,541,315.05 3.81% AZ 201 $26,216,066.32 2.73% NY 181 $49,123,382.59 5.13% LTV Stratification Range Count UPB % of Total UPB < 65% 1145 $125,440,806.52 13.10% 65% - < 75% 823 $156,110,420.39 16.30% 75% - < 85% 2222 $441,584,681.84 46.13% 85% - < 95% 1069 $225,984,069.29 23.60% 95% - < 100% 52 $8,107,490.94 0.84% > 100% 1 $29,835.80 0.00% FICO Stratification Range Count UPB % of Total UPB N/A 0 $0.00 0.00% 300 - < 400 0 $0.00 0.00% 400 - < 500 0 $0.00 0.00% 500 - < 600 2202 $373,996,330.19 39.06% 600 - < 700 2683 $497,759,652.55 51.99% 700 - < 850 427 $85,501,322.04 8.93% UPB Stratification Range Count UPB % of Total UPB 0 - < $25K 130 $2,913,416.84 0.30% $25K - < $75K 851 $44,445,150.05 4.64% $75K - < $150K 1773 $196,199,571.40 20.49% $150K - < $200K 728 $126,552,504.50 13.22% > $200K 1830 $587,146,661.99 61.33% Interest Rate Stratification Range Count UPB % of Total UPB 0% - < 5% 17 $4,797,472.69 0.50% 5% - < 10% 4835 $925,100,988.98 96.64% 10% - < 15% 460 $27,358,843.11 2.85% Lien Position Stratification Position Count UPB % of Total UPB 1 4745 $932,544,279.79 97.41% 2 567 $24,713,024.99 2.58% Variable Rate Loans by Index Index Count UPB % of Total UPB 6 Mo. LIBOR 3811 $785,905,983.89 82.09% Losses Prior Losses $0.00 Current Month L $0.00 G $0.00 Total Losses $0.00 Cum. Loss Trig Target Actual n/a %

RMG Risk Management Group Red Flag Dashboard (cOTS) Date: 7/6/2005 3:32:04 PM Deal Number: SASCO Report As of: 5/30/2005 2005-NC2 Loans Delinquent>= 90 Days (w/ BK, FC, FB) Count UPB 0 In Foreclosure >= 180 Days Count UPB 0 In Bankruptcy >= 60 Days Count UPB 4 $992,640.95 REO >= 180 Days Count UPB 0 Loans with LTV >= 85% and Delinquent >= 60 Days(Excluded BK, FC, FB, REO) Count UPB 0 Loans with UPB <= $50K and Delinquent >= 30 Days(Excluded BK, FC, FB, REO) Count UPB 0 Loans in Foreclosure >= 60 Days beyond state average Count UPB 0 MI Claims open >= 60 Days Number of Loans Total Claim Amount Avg. Claim Avg. Aging 0 REO Not on Market and in Inventory >= 60 Days Number of Loans Total UPB Avg. Days in Inventory 0 REO on Market and in Inventory >= 60 Days Number of Loans Total UPB Avg. Days in Inventory 0 REO Prop in Eviction >= 60 Days Number of Loans Total UPB Avg. Days in Eviction 0 BPO Reconciliation Variance Number of Loans Total UPB 10 - 15% 0 $0.00 15 - 20% 0 $0.00 20 - 25% 0 $0.00 25 - 30% 0 $0.00 > 30% 1 $29,835.80

~~Exhibits~~RMG Risk Management Group REO Report Date: 7/6/2005 3:40:17 PM Deal Number: SASCO Report As of: 5/30/2005 2005-NC2 Investor Ln Tfr Dt Days in CV Val Dt Eviction Evict Start Dt Nbr Listed Dt Inventory UPB Val Meth Required Evict Cmp Dt Loan Number State Servicer Name Originator No data to report at this time. Investor Ln Days in Insurance EXPENSES List Price Contract Date Closing Date Nbr Eviction In Place Actual Sales Price Loan Number State Avg BPO Var. % Projected Servicer Name Originator No data to report at this time.

4RMG Risk Management Group Watch List Report Date: 7/6/2005 3:34:54 PM Deal Number: SASCO Report As of: 5/30/2005 2005-NC2 Investor Ln Nbr Lien State First Pmt Valuation Method Orig.1 Value Loan Number Position FICO(Date) Last Paid Dt. Valuation Date Current Value Servicer Name Aging/Delinquency Originator No data to report at this time. Investor Ln Nbr Orig. Amount OLTV BPO Var. % Boarding Date Status History Loan Number Current Bal LTV Loan Type Sr/Jr Lien Bal Servicer Name Originator No data to report at this time.

Trust Agreement dated as of May 1, 2005, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer, Risk Management Group, LLC, as Credit Risk Manager and Wells Fargo Bank, N.A., as Trustee.

99.1

Mortgage Loan Sale and Assignment Agreement dated as of May 1, 2005, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Servicing Agreement dated as of May 1, 2005, among Lehman Brothers Holdings Inc., as Seller, Aurora Loan Services LLC, as Master Servicer, and New Century Mortgage Corporation, as Servicer.

99.3

The Mortgage Guaranty Insurance Corporation (“MGIC”) Mortgage Guaranty Master Policy (No. 22-590-4-3240), including the Terms and Conditions No. 71-72083 (2/05) covering $157,117,117.39 aggregate principal balance of insurable Mortgage Loans.

99.4

The PMI Mortgage Insurance Co. (“PMI Mortgage”) Mortgage Master Policy No. 21046-0010-0, Bulk No. 2005-0345, subject to the terms and conditions of PMI Mortgage’s Bulk Primary First Lien Master Policy UW 2510.00 (09/00) and the Schedule Endorsement to Bulk Primary First Lien Policy covering $152,666,835.66 aggregate principal balance of insurable Mortgage Loans.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, 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: Senior Vice President

Dated: May 26, 2005

EXHIBIT INDEX

Exhibit No.

Description

4.1

Trust Agreement dated as of May 1, 2005, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer, Risk Management Group LLC, as Credit Risk Manager and Wells Fargo Bank, N.A., as Trustee.

99.1

Mortgage Loan Sale and Assignment Agreement dated as of May 1, 2005, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Servicing Agreement dated as of May 1, 2005, among Lehman Brothers Holdings Inc., as Seller, Aurora Loan Services LLC, as Master Servicer, and New Century Mortgage Corporation, as Servicer.

99.3

The Mortgage Guaranty Insurance Corporation (“MGIC”) Mortgage Guaranty Master Policy (No. 12-670-4-4200) including (i) Terms and Conditions No. 71-7135 (8/94) and (ii) Endorsements No. 71-70192 (8/01) and 71-70201 (1/03), as modified by the Terms Letter dated January 27, 2005, among Lehman Brothers Inc., MGIC and Wells Fargo Bank, N.A., as Trustee and the MGIC Commitment Certificates (Covering Multiple Loans) covering approximately $222,559,178.72 million aggregate principal balance of insurable Mortgage Loans.

Filing Compare · SASCO Mortgage Pass Through Certificates, Series 2005-NC2