10-D 1 sac06bc2_10d-200611.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: October 02, 2006 to November 01, 2006 Commission File Number of issuing entity: 333-133985-09 Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC2 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-133985 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) New York (State or other jurisdiction of incorporation or organization of the issuing entity) Not Applicable (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___ ____________ M1 _____ _____ __X___ ____________ M2 _____ _____ __X___ ____________ M3 _____ _____ __X___ ____________ M4 _____ _____ __X___ ____________ M5 _____ _____ __X___ ____________ M6 _____ _____ __X___ ____________ M7 _____ _____ __X___ ____________ M8 _____ _____ __X___ ____________ M9 _____ _____ __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 November 27, 2006 a distribution was made to holders of Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC2. 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-BC2, relating to the November 27, 2006 distribution. (99.2) Clayton Credit Risk Manager Report (b) The exhibits required to be filed by Registrant pursuant to this Form 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-BC2 (Issuing Entity) Wells Fargo Bank, N.A. (Master Servicer) /s/ Kelly Rentz Kelly Rentz, Officer Date: December 12, 2006 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC2, relating to the November 27, 2006 distribution. EX-99.2 Clayton Credit Risk Manager Report EX-99.1 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Distribution Date: 11/27/2006 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2006-BC2 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 (logo) CLAYTON SASCO 2006-BC2 Credit Risk Management Report October 2006 (C) 2006 Clayton Fixed Income Services Inc. All rights reserved (page) The information contained in this Report is based upon a specific point in time and reflects performance solely through that point in time. It does not forecast the performance of the portfolio in the future. The information in this Report is not investment advice concerning a particular portfolio or security, and no mention of a particular security in this Report constitutes a recommendation to buy, sell, or hold that or any other security. The Report is based upon information provided to Clayton Fixed Income Services Inc. by third parties and therefore Clayton Fixed Income Services Inc. cannot, and does not, warrant that the information contained in this Report is accurate or complete. (C) 2006 Clayton Fixed Income Services Inc. All rights reserved. (page) Table of Contents Section One Executive Summary Section Two Loan-Level Report Section Three Prepayment Penalty Analysis Section Four Analytics (C) 2006 Clayton Fixed Income Services Inc. All rights reserved (page) Section One Executive Summary (C) 2006 Clayton Fixed Income Services Inc. All rights reserved (page) CLAYTON SASCO 2006-BC2 Executive Summary October 2006 Transaction Summary Closing Date: 08/30/2006 Depositor: Structured Asset Securities Corporation Trustee(s): US Bank NA Securities Administrator: Wells Fargo Bank, N.A. Master Servicer: Wells Fargo Bank, N.A. Servicer(s): America s Servicing Company, Aurora Loan Services, Chase Home Finance, Countrywide, GMAC Mortgage, HomEq, Option One Mortgage Mortgage Insurer(s): PMI Mortgage Insurance Co. Delinquency Reporting Method: OTS Collateral Summary Closing Date As of 10/25/2006 10/25/2006 Balance as Percentage of Closing Date Balance Collateral Balance $1,179,665,596 $1,144,033,170 96.97 % Loan Count 6,089 5,936 97.49 % o 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. (C) 2006 Clayton Fixed Income Services Inc. All rights reserved. (page) Collateral Statistics Loan Count Summed Balance First Payment Defaults 26 $8,714,626 Early Payment Defaults* 143 $24,711,838 * A default that occurs on the second or third scheduled payment. Second Lien Statistics Loan Count Summed Balance Total Outstanding Second Lien Loans 1,269 $73,536,862 30+ Days Delinquent 72 $5,069,839 60+ Days Delinquent 33 $2,128,264 90+ Days Delinquent 1 $56,928 Prepayments Remittance Date Beginning Collateral Total Prepayments Percentage of Balance Prepayment 10/25/2006 $1,162,479,797 $17,948,871 0.02 9/25/2006 $1,177,659,694 $14,679,667 0.01 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.

(C) 2006 Clayton Fixed Income Services Inc. All rights reserved. (page) 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 the Trust Number of Loan-Level Losses/Gains 10/25/2006 $0 0 (C) 2006 Clayton Fixed Income Services Inc. All rights reserved. (page) Section Two Loan-Level Report (C) 2006 Clayton Fixed Income Services Inc. All rights reserved (page) Loan-Level Report Definitions FICO(R) : Represents the borrower's credit score at the time of securitization/origination. Last Paid Date: Either the interest paid-through date or the last contractually due payment made by the borrower. Clayton Fixed Income Services Inc. uses this date to calculate delinquencies. Valuation: Represents what is believed to be the most accurate known value of a property based on Clayton Fixed Income Services Inc.'s internal formulas. Several value appraisals may exist for a 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. 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. 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. 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: C The contractually due payment arrived on time. 3 The contractually due payment has not arrived within thirty days. 6 The contractually due payment has not arrived within sixty days. 9 The contractually due payment has not arrived within ninety days. F The property is in the process of foreclosure. R The property is real estate owned (REO). 0 The mortgage has either liquidated or been paid off. OTS Delinquency 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. MBA Delinquency Method: A current loan becomes 30 days delinquent if the scheduled payment is not made by the close of business on the last day of the month in which the payment was due. (C) 2006 Clayton Fixed Income Services Inc. All rights reserved. (page)

*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. (page) SASCO 2006-BC2 Loan-Level Report Mortgage Data Through: September 30, 2006

*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. (page) Section Three Prepayment Penalty Analysis (C) 2006 Clayton Fixed Income Services Inc. All rights reserved (page)

SASCO 2006-BC1 Paid-Off Mortgages With Prepayment Flags (cont.) Trustee Remittance Date: August 25, 2006

(C) 2006 Clayton Fixed Income Services Inc. All rights reserved. (page) Section Four Analytics (C) 2006 Clayton Fixed Income Services Inc. All rights reserved (page) SASCO 2006-BC2 FICO Distribution by Status Mortgage Data Through: September 30, 2006 FICO Delinquency Percentage 480 Current 0 480 Delinquent 0.003 490 Current 0.001 490 Delinquent 0.016 500 Current 0.003 500 Delinquent 0.01 510 Current 0.008 510 Delinquent 0.035 510 Paid Off 0.008 520 Current 0.008 520 Delinquent 0.016 530 Current 0.011 530 Delinquent 0.016 530 Paid Off 0.017 540 Current 0.015 540 Delinquent 0.019 540 Paid Off 0.008 550 Current 0.017 550 Delinquent 0.029 550 Paid Off 0.008 560 Current 0.022 560 Delinquent 0.051 560 Paid Off 0.05 570 Current 0.027 570 Delinquent 0.029 570 Paid Off 0.034 580 Current 0.051 580 Delinquent 0.051 580 Paid Off 0.084 590 Current 0.063 590 Delinquent 0.084 590 Paid Off 0.034 600 Current 0.075 600 Delinquent 0.084 600 Paid Off 0.076 610 Current 0.087 610 Delinquent 0.08 610 Paid Off 0.059 620 Current 0.088 620 Delinquent 0.048 620 Paid Off 0.109 630 Current 0.087 630 Delinquent 0.077 630 Paid Off 0.101 640 Current 0.084 640 Delinquent 0.055 640 Paid Off 0.084 650 Current 0.078 650 Delinquent 0.055 650 Paid Off 0.059 660 Current 0.068 660 Delinquent 0.051 660 Paid Off 0.05 670 Current 0.052 670 Delinquent 0.045 670 Paid Off 0.101 680 Current 0.035 680 Delinquent 0.064 680 Paid Off 0.05 690 Current 0.036 690 Delinquent 0.026 690 Paid Off 0.008 700 Current 0.016 700 Delinquent 0.026 700 Paid Off 0.025 710 Current 0.017 710 Delinquent 0.003 720 Current 0.01 720 Delinquent 0.016 720 Paid Off 0.008 730 Current 0.01 730 Delinquent 0.003 740 Current 0.009 740 Delinquent 0.003 740 Paid Off 0.008 750 Current 0.005 750 Delinquent 0.003 750 Paid Off 0.008 760 Current 0.006 770 Current 0.004 770 Paid Off 0.008 780 Current 0.002 790 Current 0.001 800 Current 0 810 Current 0 Status # of Loans Average Std. Deviation Current 5,623 628 49.268 Delinquent 311 612 54.597 Paid Off 119 626 46.366 Total: 6,053 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. (page) SASCO 2006-BC2 Loan-to-Value Distribution by Status Mortgage Data Through: September 30,2006 LTV Delinquency Percentage 0 Current 0.001 0.1 Paid Off 0.017 0.1 Current 0.014 0.1 Delinquent 0.019 0.2 Current 0.192 0.2 Delinquent 0.322 0.2 Paid Off 0.143 0.3 Paid Off 0.008 0.3 Current 0.007 0.4 Paid Off 0.017 0.4 Current 0.008 0.5 Delinquent 0.01 0.5 Current 0.017 0.5 Paid Off 0.008 0.6 Current 0.027 0.6 Paid Off 0.084 0.6 Delinquent 0.013 0.7 Paid Off 0.076 0.7 Current 0.053 0.7 Delinquent 0.032 0.8 Paid Off 0.16 0.8 Delinquent 0.196 0.8 Current 0.185 0.9 Paid Off 0.277 0.9 Delinquent 0.228 0.9 Current 0.256 1 Delinquent 0.18 1 Paid Off 0.21 1 Current 0.24 Status # of Loans Average Std. Deviation Current 5,623 0.899 0.129 Delinquent 311 0.936 0.093 Paid Off 119 0.865 0.136 Total: 6,053 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. (page) SASCO 2006-BC2 FICO Distribution by Status Mortgage Data Through: September 30, 2006 FICO Delinquency Percentage 480 Current 0 480 Delinquent 0.003 490 Current 0.001 490 Delinquent 0.016 500 Current 0.003 500 Delinquent 0.01 510 Current 0.008 510 Delinquent 0.035 510 Paid Off 0.008 520 Current 0.008 520 Delinquent 0.016 530 Current 0.011 530 Delinquent 0.016 530 Paid Off 0.017 540 Current 0.015 540 Delinquent 0.019 540 Paid Off 0.008 550 Current 0.017 550 Delinquent 0.029 550 Paid Off 0.008 560 Current 0.022 560 Delinquent 0.051 560 Paid Off 0.05 570 Current 0.027 570 Delinquent 0.029 570 Paid Off 0.034 580 Current 0.051 580 Delinquent 0.051 580 Paid Off 0.084 590 Current 0.063 590 Delinquent 0.084 590 Paid Off 0.034 600 Current 0.075 600 Delinquent 0.084 600 Paid Off 0.076 610 Current 0.087 610 Delinquent 0.08 610 Paid Off 0.059 620 Current 0.088 620 Delinquent 0.048 620 Paid Off 0.109 630 Current 0.087 630 Delinquent 0.077 630 Paid Off 0.101 640 Current 0.084 640 Delinquent 0.055 640 Paid Off 0.084 650 Current 0.078 650 Delinquent 0.055 650 Paid Off 0.059 660 Current 0.068 660 Delinquent 0.051 660 Paid Off 0.05 670 Current 0.052 670 Delinquent 0.045 670 Paid Off 0.101 680 Current 0.035 680 Delinquent 0.064 680 Paid Off 0.05 690 Current 0.036 690 Delinquent 0.026 690 Paid Off 0.008 700 Current 0.016 700 Delinquent 0.026 700 Paid Off 0.025 710 Current 0.017 710 Delinquent 0.003 720 Current 0.01 720 Delinquent 0.016 720 Paid Off 0.008 730 Current 0.01 730 Delinquent 0.003 740 Current 0.009 740 Delinquent 0.003 740 Paid Off 0.008 750 Current 0.005 750 Delinquent 0.003 750 Paid Off 0.008 760 Current 0.006 770 Current 0.004 770 Paid Off 0.008 780 Current 0.002 790 Current 0.001 800 Current 0 810 Current 0 Status # of Loans Average Std. Deviation Current 5,623 628 49.268 Delinquent 311 612 54.597 Paid Off 119 626 46.366 Total: 6,053 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. (page) SASCO 2006-BC2 Mortgage Type Distribution by Status Mortgage Data Through: September 30, 2006 Mortgage Type Delinquency Percentage Investment Home Current 0.062 Investment Home Delinquent 0.068 Investment Home Paid Off 0.059 Primary Home Current 0.931 Primary Home Delinquent 0.926 Primary Home Paid Off 0.916 Second Home Current 0.008 Second Home Delinquent 0.006 Second Home Paid Off 0.025 Mortgage TypeLoan Count Total Balance Avg. Balance Std. Deviation ARM 3,300 803,716,660.76 243,550.50 154,425.06 Fixed 2,753 343,487,593.07 124,768.47 115,790.43 Total: 6,053 1,147,204,253.83 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. (page) SASCO 2006-BC2 Mortgage Type Distribution by Status Mortgage Data Through: September 30, 2006 Mortgage Type Delinquency Percentage Investment Home Current 0.062 Investment Home Delinquent 0.068 Investment Home Paid Off 0.059 Primary Home Current 0.931 Primary Home Delinquent 0.926 Primary Home Paid Off 0.916 Second Home Current 0.008 Second Home Delinquent 0.006 Second Home Paid Off 0.025 Mortgage TypeLoan Count Total Balance Avg. Balance Std. Deviation ARM 3,300 803,716,660.76 243,550.50 154,425.06 Fixed 2,753 343,487,593.07 124,768.47 115,790.43 Total: 6,053 1,147,204,253.83 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. (page) SASCO 2006-BC2 Mortgage Purpose Distribution Mortgage Data Through: September 30, 2006 Origination Statistics Current Loans Purpose Number Percentage Purpose Number Percentage Cash-out 2,997 49.2% Cash-out 2,810 50.0% refinance refinance Purchase 2,714 44.6% Purchase 2,452 43.6% Rate/term 328 5.4% Rate/term 316 5.6% refinance refinance Home 7 0.1% Home 6 0.1% Improvement Improvement Other 43 0.7% Other 39 0.7% Total 6,089 100% Total 5,623 100% Delinquent Loans Paid Off Loans Purpose Number Percentage Purpose Number Percentage Cash-out 110 35.4% Cash-out 67 56.3% refinance refinance Purchase 190 61.1% Purchase 47 39.5% Rate/term 8 2.6% Rate/term 3 2.5% refinance refinance Home 0 0.0% Home 1 0.8% Improvement Improvement Other 3 1.0% Other 1 0.8% Total 311 100% Total 119 100% Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. (page) SASCO 2006-BC2 Ownership Distribution by Status Mortgage Data Through: September 30, 2006 Ownership Type Delinquency Percentage Investment Home Current 0.062 Investment Home Delinquent 0.068 Investment Home Paid Off 0.059 Primary Home Current 0.931 Primary Home Delinquent 0.926 Primary Home Paid Off 0.916 Second Home Current 0.008 Second Home Delinquent 0.006 Second Home Paid Off 0.025 Title # of Loans Investment Home 374 Primary Home 5,630 Second Home 49 Total: 6,053 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. (page) SASCO 2006-BC2 Delinquent Balance Over Time Mortgage Data Through: September 30, 2006 AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 8/31/2006 18402712.73 3465830 0 215390.41 0 9/30/2006 36366313.76 14793621.71 1740140.67 1722334.69 0 Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. (page)

SASCO 2006-BC2 10-D