10-D 1 sac06am1_10d-200606.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from: May 2, 2006 to June 1, 2006 Commission File Number of issuing entity: 333-129480-04 Structured Asset Securities Corporation Mortgage Loan Trust 2006-AM1 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-129480 Structured Asset Securities Corporation (Exact name of depositor as specified in its charter) Lehman Brothers Holdings, Inc. (Exact name of sponsor as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization of the issuing entity) N/A (I.R.S. Employer Identification No.) 745 Seventh Avenue, 7th Floor New York, NY 10019 (Address of principal executive offices of the issuing entity) (Zip Code) (212) 526-7000 (Telephone number, including area code) Not Applicable (Former name, former address, if changed since last report) Registered/reporting pursuant to (check one) Title of Section Section Section Name of Exchange Class 12(b) 12(g) 15(d) (If Section 12(b)) A1 _____ _____ __X___ ____________ A2 _____ _____ __X___ ____________ A3 _____ _____ __X___ ____________ A4 _____ _____ __X___ ____________ A5 _____ _____ __X___ ____________ B1 _____ _____ __X___ ____________ B2 _____ _____ __X___ ____________ M1 _____ _____ __X___ ____________ M2 _____ _____ __X___ ____________ M3 _____ _____ __X___ ____________ M4 _____ _____ __X___ ____________ M5 _____ _____ __X___ ____________ M6 _____ _____ __X___ ____________ M7 _____ _____ __X___ ____________ M8 _____ _____ __X___ ____________ M9 _____ _____ __X___ ____________ P _____ _____ __X___ ____________ X _____ _____ __X___ ____________ R _____ _____ __X___ ____________ LT-R _____ _____ __X___ ____________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No ____ Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On June 26, 2006 a distribution was made to holders of Structured Asset Securities Corporation Mortgage Loan Trust 2006-AM1. The distribution report is attached as an Exhibit to this Form 10-D. Please see Item 9(b), Exhibit 99.1 for the related information. Part II - OTHER INFORMATION Item 9. Exhibits. (a) The following is a list of documents filed as part of this Report on Form 10-D: (99.1) Monthly report distributed to holders of Structured Asset Securities Corporation Mortgage Loan Trust 2006-AM1, relating to the June 26, 2006 distribution. (99.2) Clayton Credit Risk Manager Report (b) The exhibits required to be filed by Registrant pursuant to Item 601 of Regulation S-K are listed above and in the Exhibit Index that immediately follows the signature page hereof. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Structured Asset Securities Corporation Mortgage Loan Trust 2006-AM1 (Issuing Entity) Aurora Loan Services LLC (Master Servicer) /s/ E. Todd Whittemore E. Todd Whittemore, Executive Vice President Date: July 3, 2006 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Structured Asset Securities Corporation Mortgage Loan Trust 2006-AM1, relating to the June 26, 2006 distribution. EX-99.2 Clayton Credit Risk Manager Report EX-99.1 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Distribution Date: 6/26/2006 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2006-AM1 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

REO Detail - All Mortgage Loans in REO during Current Period

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period

Prepayment - Voluntary Prepayments

EX-99.2

(C) 2006 Clayton Fixed Income Services Inc. All rights reserved Section One Executive Summary (C) 2006 Clayton Fixed Income Services Inc. All rights reserved SASCO 2006-AM1 Executive Summary May 2006 Transaction Summary Closing Date: 04/28/2006 Depositor: Structured Asset Securities Corporation Trustee(s): US Bank NA Securities Administrator: Wells Fargo Bank, N.A. Servicer(s): America's Servicing Company, Chase Home Finance Delinquency Reporting Method: OTS^1 Collateral Summary 4/30/2006 Balance as a Closing Date As of 4/30/2006^2 Percentage of Closing Date Balance Collateral Balance $723,507,657 $715,783,757 98.93% Loan Count 4,342 4,307 99.19%

1 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. 2 These figures are based upon information provided to Clayton Fixed Income Services Inc. by the servicers on a monthly basis. (C) 2006 Clayton Fixed Income Services Inc. All rights reserved. Value Added Total Value Added for SASCO 2006-AM1 as of 5/25/2006 Issues Amount Recovered 0 $0 Collateral Statistics Loan Count Summed Balance Early Payment Defaults* 27 $4,759,754 *A default that occurs on the second or third scheduled payment. Second Lien Statistics Loan Count Summed Balance Total Outstanding Second Lien Loans 562 $27,596,522 Prepayments Remittance Date Beginning Collateral Balance Total Prepayments Percentage of Prepayment 5/25/2006 $722,428,864 $9,374,063 1.29 Prepayment Penalty Analysis For each remittance, Clayton reconciles the prepayment penalties that are collected by the servicers and remitted to the trust to ensure all appropriate funds are passed to the certificateholders. Please refer to the Prepayment Penalty Analysis section of this report for details regarding loans with prepayment penalty flags that were paid in full. The table below provides a summary of Clayton's reconciliation for this remittance. Total Cash Flows Remittance Date Amount Remitted to the Trust Amount Remitted by Difference the Servicers 5/25/2006 $137,391 $137,391 $0

(C) 2006 Clayton Fixed Income Services Inc. All rights reserved. Loss Analysis Loss Issues for Current Month For each remittance, Clayton analyzes each loan-level loss to ensure that the accurate amount of sale, MI, and hazard insurance proceeds are remitted to the trust. We also review these losses to ensure servicing advances, such as escrow advances and foreclosure fees, are reasonable. If any discrepancies are identified, Clayton actively pursues the servicer to mitigate the loss. Please refer to the Loss Analysis section of this report for details regarding losses to the security. Below is a summary of the losses passed through in this remittance. Loss Summary Remittance Losses Remitted to Number of Loan-Level the Trust Losses/Gains 5/25/2006 $0 0 (C) 2006 Clayton Fixed Income Services Inc. All rights reserved. Section Two Loan-Level Report (C) 2006 Clayton Fixed Income Services Inc. All rights reserved Loan-Level Report Definitions o (R) FICO : Represents the borrower's credit score at the time of securitization/origination. o 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. o 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 property, yet only what is believed to be the most accurate value according to these formulas is shown on the report. When no 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 based on credit class. o Liquidation Date: Clayton Fixed Income Services Inc.'s internal estimate of the date on which the loan will liquidate if it proceeds through foreclosure and REO. This date takes into consideration servicing and state foreclosure timelines, as well as an estimated REO marketing period. o Estimated Loss/(Gain): Clayton Fixed Income Services Inc.'s internal estimate of the loss (or gain) that the loan will experience if it liquidates on the Liquidation Date. o Delinquency Status: 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: o C The contractually due payment arrived on time. o 3 The contractually due payment has not arrived within thirty days. o 6 The contractually due payment has not arrived within sixty days. o 9 The contractually due payment has not arrived within ninety days. o F The property is in the process of foreclosure. o R The property is real estate owned (REO). o 0 The mortgage has either liquidated or been paid off. o 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.

(C) 2006 Clayton Fixed Income Services Inc. All rights reserved. SASCO 2006-AM1 Loan-Level Report Mortgage Data Through: April 30, 2006 Watchlist Lien State First Pmt. Valuation Orig. Appr. Orig Amount OLTV Severity Liq. Date Est (Gain)/Loss* Delinquency Loan Number Group FICO(R)Last Paid Dt. Valuation Date Current Value Current Bal CLTV MI Type Coverage MI Certificate Status 8136485 1 GA 2/1/2006 Internal Estimate $108,000 $97,200 90% 37.07% 3/1/2007 $36,036 3 1 564 2/1/2006 3/31/2006 $82,080 $97,147 118% Active Default Reason: (Unknown) 6/8/2006 This loan has been added to the Watchlist because of a first payment default. The servicer has been in contact with the borrower and it is currently working out a payment plan. 8136747 1 NY 2/1/2006 Internal Estimate $128,000 $102,400 80% 31.45% 9/1/2007 $32,205 3 1 598 2/1/2006 3/31/2006 $96,375 $102,336 106% Active Default Reason: (Unknown) 6/8/2006 This loan has been added to the Watchlist because of an early payment default. As of 6/8/2006, according to the servicer's system, the borrower is four payments past due and the servicer has initiated foreclosure. Clayton will continue to monitor all activity on this loan. 8136824 1 GA 2/1/2006 Internal Estimate $250,000 $225,000 90% 32.49% 3/1/2007 $73,116 3 1 604 2/1/2006 3/31/2006 $190,000 $224,855 118% Active Default Reason: (Unknown) 6/6/2006 The loan has been added to the Watchlist at this time because of an early payment default. According to the servicer's system there have been no payments made on this loan and it is, as of 6/5/2006 four payments past due. Clayton will continue to monitor all activity on this loan. 8136891 1 CA 2/1/2006 Internal Estimate $637,194 $509,755 80% 21.89% 5/1/2007 $111,615 3 2 611 2/1/2006 3/31/2006 $484,267 $509,596 105% Active Default Reason: (Unknown) 6/8/2006 This loan has been added to the Watchlist because of an early payment default and is as of 6/8/2006, according to the servicer's system, 96 days past due. Clayton will continue to monitor all activity on this loan. 8137070 1 TX 2/1/2006 Internal Estimate $167,000 $133,600 80% 24.34% 3/1/2007 $32,521 3 2 631 2/1/2006 3/31/2006 $128,331 $133,526 104% Active Default Reason: (Unknown) 6/8/2006 This loan has been added to the Watchlist because of an early payment default. As of 6/8/2006, according to the servicer's system, the borrower is four payments past due and a notice of intent to foreclose has been issued. Clayton will continue to monitor all activity on this loan. *The estimated loss includes mortgage insurance proceeds where applicable and in addition if the loan has been liquidated this reflects theactual loss that has been passed to the trust. (C) 2006 Clayton Fixed Income Services Inc. All rights reserved.

SASCO 2006-AM1 Loan-Level Report Mortgage Data Through: April 30, 2006 Watchlist Lien State First Pmt. Valuation Orig. Appr. Orig Amount OLTV Severity Liq. Date Est (Gain)/Loss * Delinquency Loan Number Group FICO(R)Last Paid Dt. Valuation Date Current Value Current Bal CLTV MI Type Coverage MI Certificate Status 8137210 1 GA 2/1/2006 Internal Estimate $340,000 $272,000 80% 20.16% 3/1/2007 $54,857 3 2 646 2/1/2006 3/31/2006 $260,540 $272,000 104% Active Default Reason: (Unknown) 6/8/2006 This loan has been added to the Watchlist because of an early payment default and the property is located in an area that has recently been affected by origination fraud. According to the servicer's system an insurance check in the amount of $12,658 was received on 6/8/2006 however it is unclear as to why the check was given to the servicer. Clayton will continue to monitor all activity on this loan. 8137462 1 GA 2/1/2006 Internal Estimate $194,000 $155,200 80% 23.29% 3/1/2007 $36,157 3 1 701 2/1/2006 3/31/2006 $148,661 $155,158 104% Active Default Reason: (Unknown) 6/8/2006 This loan has been added to the Watchlist at this time because of an early payment default. As of 6/8/2006, according to the servicers system, the borrower is four payments past due and has informed the servicer that they do not intend to make any payments. This loan was for an investment home and the borrower can no longer afford it. Currently the borrower is trying to sell the property. Clayton will monitor all activity on this loan. 8137550 1 MA 2/1/2006 Internal Estimate $525,000 $350,000 67% 4.07% 5/1/2007 $14,250 3 2 569 2/1/2006 3/31/2006 $399,000 $349,720 88% Active Default Reason: (Unknown) 6/8/2006 This loan has been added to the watchlist because of an early payment default. As of 6/8/2006, according to the servicer's system, the borrower is four payments past due. Clayton will continue to monitor all activity on this loan. *The estimated loss includes estimated mortgage insurance proceeds where applicable and in addition if the loan has been liquidated this reflects the actual loss that has been passed to the trust. (C) 2006 Clayton Fixed Income Services Inc. All rights reserved.

Section Three Prepayment Penalty Analysis (C) 2006 Clayton Fixed Income Services Inc. All rights reserved SASCO 2006-AM1 Prepayment Penalty Analysis Trustee Remittance Date: May 25, 2006 Total Cash Flows Trustee Remittance Date 5/25/2006 4/25/2006 3/25/2006 2/25/2006 1/25/2006 12/25/2005 Amount Remitted to the Trust $137,391 $0 $0 $0 $0 $0 Amount Remitted by the Servicers $137,391 $0 $0 $0 $0 $0 Difference $0 $0 $0 $0 $0 $0 Total Collections by the Servicers Total Paid-Off Loans 48 0 0 0 0 0 Total Paid-Off Loans with Prepayment Flags 23 0 0 0 0 0 Exceptions Expired Prepayment Clauses (as stated in the Note) 0 0 0 0 0 0 Liquidated out of REO Status 0 0 0 0 0 0 Acceleration of Debt 0 0 0 0 0 0 Loss Mitigation (Short Sales, Charge Offs) 0 0 0 0 0 0 Documentation Issues Preventing the Collection of 0 0 0 0 0 0 Prepayment Penalties Other - Actions Preventing the Collection of 0 0 0 0 0 0 Prepayment Penalties Total Paid-Off Loans with Active Prepayment Flags 23 0 0 0 0 0 Other Exceptions Paid-Off Loans that Did Not Have Penalties Collected because 0 0 0 0 0 0 of State Statutes Paid-Off Loans with Active Prepayment Flags that Did Not Have 0 0 0 0 0 0 Penalties Remitted Aggregate Paid-Off Loans Loans with Active Prepayment Flags with Penalties Remitted 23 0 0 0 0 0 Loans without Prepayment Flags or with Expired Flags with 0 0 0 0 0 0 Penalties Remitted Total Loans with Penalties Remitted 23 0 0 0 0 0 Total Loans with Penalties Remitted to the Total Paid-Off 47.92% N/A N/A N/A N/A N/A Loans Penalties Remitted for loans with Active Prepayment Flags 100.00% N/A N/A N/A N/A N/A

(C) 2006 Clayton Fixed Income Services Inc. All rights reserved. SASCO 2006-AM1 Paid-Off Mortgages With Prepayment Flags Trustee Remittance Date: May 25, 2006 Loan Origination Years to Expiration Payoff PPP % of PPP to Number State Delinquency History Date Expiration Date Amount Remitted Payoff Amount Comments 8138845 NY 0 12/22/2005 1 12/22/2006 $68,028 $3,762 6% 8137346 AZ 0 1/5/2006 1 1/5/2007 $179,075 $6,320 4% 8138633 FL 0 11/1/2005 2 11/1/2007 $300,060 $7,620 3% 8137243 CA 0 12/15/2005 2 12/15/2007 $495,036 $13,808 3% 8136211 CA C0 12/27/2005 2 12/27/2007 $299,446 $11,818 4% 8136524 VA 0 12/28/2005 2 12/28/2007 $138,190 $2,768 2% 8136363 PA C0 1/4/2006 2 1/4/2008 $102,905 $3,182 3% 8136376 CT 0 1/5/2006 2 1/5/2008 $154,677 $5,746 4% 8136721 CA C0 1/9/2006 2 1/9/2008 $359,785 $14,723 4% 8139043 CA C0 1/10/2006 2 1/10/2008 $189,806 $5,634 3% 8139085 FL 0 1/11/2006 2 1/11/2008 $115,453 $3,288 3% 8137828 PA 0 1/12/2006 2 1/12/2008 $68,307 $2,601 4% 8139308 CA 0 1/18/2006 2 1/18/2008 $261,118 $7,762 3% 8139354 AZ 0 1/19/2006 2 1/19/2008 $181,024 $6,281 3% 8139410 FL 0 1/20/2006 2 1/20/2008 $100,504 $3,249 3% 8139626 TN 0 1/25/2006 2 1/25/2008 $69,623 $4,147 6% 8139750 CA 0 1/26/2006 2 1/26/2008 $353,334 $13,332 4% 8139951 CA 0 1/31/2006 2 1/31/2008 $268,035 $7,568 3% 8137611 CA 0 1/6/2006 3 1/6/2009 $83,404 $2,266 3% 8139196 FL 0 1/13/2006 3 1/13/2009 $85,668 $3,679 4% 8139218 TN C0 1/17/2006 3 1/17/2009 $71,824 $3,268 5% 8139581 FL 0 1/24/2006 3 1/24/2009 $99,203 $2,361 2% 8140333 OR C0 2/1/2006 3 2/1/2009 $51,939 $2,208 4%

(C) 2006 Clayton Fixed Income Services Inc. All rights reserved. Section Four Analytics (C) 2006 Clayton Fixed Income Services Inc. All rights reserved SASCO 2006-AM1 FICO Distribution by Status Mortgage Data Through: April 30, 2006 FICO Delinquency Percentage 500 Current 0.015 500 Paid Off 0.029 510 Current 0.032 510 Paid Off 0.029 520 Current 0.023 530 Current 0.032 530 Delinquent 0.148 540 Current 0.034 540 Paid Off 0.114 550 Current 0.032 550 Delinquent 0.037 550 Paid Off 0.143 560 Current 0.043 560 Delinquent 0.111 560 Paid Off 0.029 570 Current 0.039 570 Delinquent 0.148 570 Paid Off 0.057 580 Current 0.065 580 Delinquent 0.037 580 Paid Off 0.057 590 Current 0.084 590 Paid Off 0.086 600 Current 0.082 600 Delinquent 0.111 600 Paid Off 0.029 610 Current 0.08 610 Delinquent 0.148 610 Paid Off 0.057 620 Current 0.08 620 Paid Off 0.114 630 Current 0.068 630 Delinquent 0.037 630 Paid Off 0.057 640 Current 0.064 640 Delinquent 0.037 640 Paid Off 0.029 650 Current 0.051 650 Delinquent 0.074 650 Paid Off 0.086 660 Current 0.044 660 Delinquent 0.037 670 Current 0.036 670 Paid Off 0.029 680 Current 0.023 680 Paid Off 0.029 690 Current 0.019 690 Paid Off 0.029 700 Current 0.012 700 Delinquent 0.037 710 Current 0.012 720 Current 0.008 720 Delinquent 0.037 730 Current 0.006 740 Current 0.006 750 Current 0.002 760 Current 0.001 770 Current 0.002 780 Current 0.002 790 Current 0.001 800 Current 0 810 Current 0 Status # of Loans Average Std. Deviation Current 4,280 607 53.147 Delinquent 27 597 51.326 Paid Off 35 591 48.408 Total: 4,342 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. SASCO 2006-AM1 Loan-to-Value Distribution by Status Mortgage Data Through: April 30, 2006 LTV Delinquency Percentage 0.1 Paid Off 0.029 0.1 Current 0.005 0.2 Current 0.119 0.2 Paid Off 0.114 0.3 Current 0.021 0.4 Paid Off 0.029 0.4 Delinquent 0.037 0.4 Current 0.013 0.5 Delinquent 0.037 0.5 Current 0.026 0.5 Paid Off 0.029 0.6 Current 0.061 0.6 Paid Off 0.086 0.6 Delinquent 0.037 0.7 Paid Off 0.143 0.7 Delinquent 0.074 0.7 Current 0.142 0.8 Paid Off 0.371 0.8 Delinquent 0.667 0.8 Current 0.502 0.9 Paid Off 0.2 0.9 Current 0.096 0.9 Delinquent 0.148 1 Current 0.015 Status # of Loans Average Std. Deviation Current 4,280 0.785 0.134 Delinquent 27 0.775 0.107 Paid Off 35 0.761 0.172 Total: 4,342 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. SASCO 2006-AM1 Balance Distribution by Status Mortgage Data Through: April 30, 2006 Balance Delinquency Percentage 10000 Current 0 20000 Current 0.02 30000 Current 0.03 40000 Current 0.034 40000 Delinquent 0.037 50000 Current 0.04 50000 Delinquent 0.037 60000 Delinquent 0.037 60000 Current 0.044 70000 Current 0.042 70000 Delinquent 0.074 80000 Current 0.051 80000 Delinquent 0.074 90000 Delinquent 0.037 90000 Current 0.043 100000 Delinquent 0.148 100000 Current 0.046 110000 Current 0.041 120000 Current 0.041 130000 Current 0.042 130000 Delinquent 0.074 140000 Current 0.036 150000 Current 0.042 150000 Delinquent 0.037 160000 Delinquent 0.037 160000 Current 0.037 170000 Current 0.032 180000 Current 0.033 190000 Current 0.025 200000 Current 0.031 210000 Current 0.026 220000 Current 0.026 220000 Delinquent 0.148 230000 Current 0.016 240000 Current 0.02 240000 Delinquent 0.037 250000 Current 0.017 260000 Current 0.016 270000 Current 0.012 270000 Delinquent 0.074 280000 Current 0.016 290000 Current 0.013 300000 Current 0.014 300000 Delinquent 0.037 310000 Current 0.012 320000 Current 0.008 330000 Current 0.007 340000 Current 0.011 350000 Current 0.007 350000 Delinquent 0.037 360000 Current 0.01 370000 Current 0.004 380000 Current 0.007 390000 Current 0.004 400000 Current 0.006 410000 Current 0.003 420000 Current 0.004 430000 Delinquent 0.037 430000 Current 0.002 440000 Current 0.004 450000 Current 0.003 460000 Current 0.003 470000 Current 0.003 480000 Current 0.003 490000 Current 0.001 500000 Current 0.003 510000 Delinquent 0.037 520000 Current 0.001 530000 Current 0.001 540000 Current 0.001 550000 Current 0.001 560000 Current 0.002 570000 Current 0 580000 Current 0 590000 Current 0 600000 Current 0.001 610000 Current 0 620000 Current 0 630000 Current 0 650000 Current 0 670000 Current 0 700000 Current 0 720000 Current 0 730000 Current 0 Status # of Loans Average Std. Deviation Current 4,280 166,127.10 109,902.43 Delinquent 27 176,287.19 120,976.72 Total: 4,307 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. SASCO 2006-AM1 Mortgage Type Distribution by Status Mortgage Data Through: April 30, 2006 Mortgage Type Delinquency Percentage Investment Home Current 0.043 Investment Home Delinquent 0.07 Primary Home Current 0.957 Primary Home Delinquent 0.926 Primary Home Paid Off 1 Second Home Current 0 Mortgage Type Loan Count Total Balance Avg. Balance Std. Deviation ARM 3,266 617,333,526.35 189,018.23 109,126.17 Fixed 1,076 98,450,230.53 91,496.50 77,445.20 Total: 4,342 715,783,756.88 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. SASCO 2006-AM1 Mortgage Term Distribution by Status Mortgage Data Through: April 30, 2006 Mortgage Term Delinquency Percentage 120 Current 0.004 180 Current 0.116 180 Paid Off 0.057 180 Delinquent 0.037 240 Paid Off 0.057 240 Current 0.026 300 Current 0.002 360 Delinquent 0.963 360 Paid Off 0.886 360 Current 0.852 # of Loans Other 120 180 240 300 360 4,342 0 17 501 112 9 3,703 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. SASCO 2006-AM1 Mortgage Purpose Distribution Mortgage Data Through: April 30, 2006 Origination Statistics Current Loans Purpose Number Percentage Purpose Number Percentage Cash-out 2,722 62.7% Cash-out 2,685 62.7% refinance refinance Purchase 1,509 34.8% Purchase 1,487 34.7% Rate/term 111 2.6% Rate/term 108 2.5% refinance refinance Home 0 0.0% Home 0 0.0% Improvement Improvement Other 0 0.0% Other 0 0.0% Total 4,342 100% Total 4,280 100% Delinquent Loans Paid Off Loans Purpose Number Percentage Purpose Number Percentage Cash-out 12 44.4% Cash-out 25 71.4% refinance refinance Purchase 14 51.9% Purchase 8 22.9% Rate/term 1 3.7% Rate/term 2 5.7% refinance refinance Home 0 0.0% Home 0 0.0% Improvement Improvement Other 0 0.0% Other 0 0.0% Total 27 100% Total 35 100% Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. SASCO 2006-AM1 Ownership Distribution by Status Mortgage Data Through: April 30, 2006 Ownership Type Delinquency Percentage Investment Home Current 0.043 Investment Home Delinquent 0.074 Primary Home Current 0.957 Primary Home Delinquent 0.926 Primary Home Paid Off 1 Second Home Current 0 Title # of Loans Investment Home 186 Primary Home 4,155 Second Home 1 Total: 4,342 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. SASCO 2006-AM1 Delinquent Count Over Time Mortgage Data Through: April 30, 2006 AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 4/30/2006 27 0 0 0 0 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. SASCO 2006-AM1 Delinquent Balance Over Time Mortgage Data Through: April 30, 2006 AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 4/30/2006 4759754 0 0 0 0 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved.

SASCO 2006-AM1 10-D