10-D 1 ffm06ffa_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 01, 2006 to November 01, 2006 Commission File Number of issuing entity: 333-133985-24 First Franklin Mortgage Loan Trust 2006-FFA (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 First Franklin Mortgage Loan Trust 2006-FFA. 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 3. Sales of Securities & Use of Proceeds. On October 30, 2006, the following classes of securities in the following amounts were sold by the registrant in private placements in reliance on Section 4(2) of the Securities Act of 1933 (the "Securities Act") to certain qualified institutional buyers (as defined in Rule 144A of the Securities Act) or to certain accredited investors (as defined in the Securities Act: Class Initial Principal Balance Class B1 $12,314,000 Class B2 $60,296,000 Class X N/A - Economic Residual Excess Cash Flow Class P $100 - Prepayment Penalty Amounts Class R N/A - Non-Economic Tax Residual Class LT-R N/A - Non-Economic Tax Residual The net proceeds from the sale of these certificates were applied by the registrant to the purchase of the mortgages loans constituting the pool assets. 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 First Franklin Mortgage Loan Trust 2006-FFA, 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. First Franklin Mortgage Loan Trust 2006-FFA (Issuing Entity) Aurora Loan Services LLC (Master Servicer) /s/ Michele Olds Michele Olds, Vice President Servicer Oversight Date: December 06, 2006 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of First Franklin Mortgage Loan Trust 2006-FFA, relating to the November 27, 2006 distribution. EX-99.2 Clayton Credit Risk Manager Report EX-99.1 First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Distribution Date: 11/27/2006 First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2006-FFA 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 FFMLT 2006-FFA Credit Risk Management Report November 2006 (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. 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 The Clayton Fixed Income Services by third parties and therefore Clayton cannot, and does not, warrant that the information contained in this Report is accurate or complete. Table of Contents Section One Executive Summary Section Two Loan-Level Report Section Three Prepayment Penalty Analysis Section Four Loss Analysis Section Five Analytics (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. Section One Executive Summary (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. FFMLT 2006-FFA Executive Summary November 2006 Transaction Summary Closing Date: 10/30/2006 Depositor: Structured Asset Securities Corporation Trustee(s): Wells Fargo Bank, N.A. Servicer(s): National City Home Loan Services Delinquency Reporting Method: OTS0 Collateral Summary Closing Date 11/25/2006 11/25/2006 Balance as a Percentage of Closing Date Balance Collateral Balance $851,199,961 $844,038,095 99.15% Loan Count 17,126 17,055 99.59% 0 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)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. Value Added Total Value Added for FFMLT 2006-FFA as of 11/25/2006 Issues Amount Recovered 0 $0 Collateral Statistics Loan Count Summed Balance First Payment Defaults 7 $512,600 Early Payment Defaults* 23 $1,986,908 * A default that occurs on the second or third scheduled payment. Second Lien Statistics Loan Count Summed Balance Total Outstanding Second Lien Loans 17,054 $844,258,993 30+ Days Delinquent 33 $2,936,586 60+ Days Delinquent 3 $177,550 90+ Days Delinquent 2 $261,750 Foreclosure 1 $54,800 Prepayments Remittance Beginning Collateral Total Prepayments Percentage of Date Balance Prepayment 11/25/2006 $849,251,471 $4,837,206 0.56 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 Amount Remitted Amount Remitted Difference Date to the Trust by the Servicers 11/25/2006 $44,744 $44,744 $0 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 Number of Loan-Level to the Trust Losses/Gains 11/25/2006 $0 0 (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. Section Two Loan-Level Report (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. Loan-Level Report Definitions FICO : Represents the borrower's credit score at the time of securitization/origination. Last Paid Date: Either the interest paid-through date or the last contractually due payment made by the borrower. Clayton Fixed Income Services Inc. uses this date to calculate delinquencies. Valuation: Represents what is believed to be the most accurate known value of a property based on Clayton Fixed Income Services Inc.'s internal formulas. Several value appraisals may exist for a 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 proceeds through foreclosure and REO. This date takes into consideration servicing and state foreclosure timelines, as well as an estimated REO marketing period. Estimated Loss/(Gain): Clayton Fixed Income Services Inc.'s internal estimate of the loss (or gain) that experience if it liquidates on the Liquidation Date. Delinquency Status: Indicates the monthly payment and delinquency history for an individual loan. The right-most character specifies the last known delinquency status, according to the following: C: The contractually due payment arrived on time. 3: The contractually due payment had not arrived within thirty days. 6: The contractually due payment had not arrived within sixty days. 9: The contractually due payment had 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)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved.

Default Reason: (Unknown) 11/29/2006 According to the data provided to Clayton, this loan is coded in foreclosure status; however, the loan is current. The trustee is coding this loan as current, thus, the delinquency reporting in the 11/25/2006 remittance is accurate.

Default Reason: (Unknown) 11/29/2006 This loan was added to the Watchlist because it is an early-payment default.

Default Reason: (Unknown) 11/29/2006 This loan was added to the Watchlist because it is an early-payment default.

Default Reason: (Unknown) 11/29/2006 This loan was added to the Watchlist because it is a first-payment default originated with low documentation.

Default Reason: (Unknown) 11/29/2006 This loan was added to the Watchlist because it is an early-payment default.

Default Reason: (Unknown) 11/29/2006 This loan was added to the Watchlist because it is an early-payment default. (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. FFMLT 2006-FFA Loan-Level Report Mortgage Data Through: October 31, 2006

Default Reason (Unknown) 11/29/2006 This loan was added to the Watchlist because it is a first-payment default originated with low documentation.

Default Reason: (Unknown) 11/29/2006 This loan was added to the Watchlist because it is a first-payment default.

Default Reason: (Unknown) 11/29/2006 This loan was added to the Watchlist because it is a first-payment default.

Default Reason: (Unknown) 11/29/2006 This loan was added to the Watchlist because it is a first-payment default originated with low documentation.

Default Reason: (Unknown) 11/29/2006 This loan was added to the Watchlist because it is a first-payment default originated with low documentation. (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. FFMLT 2006-FFA Loan-Level Report Mortgage Data Through: October 31, 2006

Default Reason: (Unknown) 11/29/2006 This loan was added to the Watchlist because it is a first-payment default. (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. Section Three Prepayment Penalty Analysis (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. FFMLT 2006-FFA Prepayment Penalty Analysis Trustee Remittance Date: November 25, 2006

(c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. Section Four Loss Analysis (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. FFMLT 2006-FFA Historical Monthly Losses Losses Through: October 31, 2006 Date Loan Loss Amount Loss Percentage 11/25/2006 $0.00 0.00% Totals: $0.00 0.00% *The loss percentage is a calculation of the total monthly loss as a percentage of the original balance of the security. (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. Section Five Analytics (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. FFMLT 2006-FFA FICO Distribution by Status Mortgage Data Through: October 31, 2006 FICO Delinquency Percentage 580 Current 0.002 590 Current 0.003 600 Current 0.056 600 Delinquent 0.077 600 Paid Off 0.056 610 Current 0.096 610 Delinquent 0.077 610 Paid Off 0.07 620 Current 0.091 620 Delinquent 0.205 620 Paid Off 0.042 630 Current 0.08 630 Delinquent 0.051 630 Paid Off 0.042 640 Current 0.099 640 Delinquent 0.051 640 Paid Off 0.085 650 Current 0.115 650 Delinquent 0.205 650 Paid Off 0.155 660 Current 0.104 660 Delinquent 0.077 660 Paid Off 0.07 670 Current 0.091 670 Delinquent 0.103 670 Paid Off 0.113 680 Current 0.065 680 Delinquent 0.026 680 Paid Off 0.042 690 Current 0.042 690 Delinquent 0.026 690 Paid Off 0.056 700 Current 0.034 700 Delinquent 0.026 700 Paid Off 0.056 710 Current 0.028 710 Delinquent 0.051 710 Paid Off 0.042 720 Current 0.023 720 Paid Off 0.056 730 Current 0.018 740 Current 0.015 740 Paid Off 0.042 750 Current 0.011 760 Current 0.01 760 Delinquent 0.026 760 Paid Off 0.014 770 Current 0.006 770 Paid Off 0.014 FFMLT 2006-FFA Loan-to-Value Distribution by Status Mortgage Data Through: October 31, 2006 LTV Delinquency Percentage 0 Current 0.001 0 Paid off 0.014 0.1 Current 0.031 0.1 Paid off 0.042 0.2 Paid off 0.93 0.2 Delinquent 1 0.2 Current 0.968 0.3 Paid off 0.014 0.3 Current 0.001 0.4 Current 0 Status # of Loans Average Std. Deviation Current 17,015 0.995 0.02 Delinquent 39 0.997 0.012 Paid Off 71 0.985 0.0436 Total: 17,125 (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. FFMLT 2006-FFA Balance Distribution by Status Mortgage Data Through: October 31, 2006 Balance Delinquency Percentage 0 Current 0 10000 Current 0.031 20000 Current 0.177 20000 Delinquent 0.103 30000 Current 0.231 30000 Delinquent 0.128 40000 Current 0.161 40000 Delinquent 0.128 50000 Current 0.118 50000 Delinquent 0.051 60000 Current 0.074 60000 Delinquent 0.026 70000 Current 0.053 70000 Delinquent 0.103 80000 Current 0.037 80000 Delinquent 0.051 90000 Current 0.024 90000 Delinquent 0.026 100000 Current 0.021 100000 Delinquent 0.077 110000 Current 0.016 110000 Delinquent 0.077 120000 Current 0.013 120000 Delinquent 0.026 130000 Current 0.011 130000 Delinquent 0.051 140000 Current 0.006 150000 Current 0.005 150000 Delinquent 0.026 160000 Current 0.003 170000 Current 0.003 180000 Current 0.003 190000 Current 0.002 190000 Delinquent 0.026 200000 Current 0.002 200000 Delinquent 0.026 210000 Current 0.001 220000 Current 0.001 220000 Delinquent 0.026 230000 Current 0.001 240000 Current 0.001 240000 Delinquent 0.026 250000 Current 0.001 260000 Current 0.001 270000 Current 0 280000 Current 0.001 290000 Current 0 300000 Current 0.001 300000 Delinquent 0.026 FFMLT 2006-FFA Mortgage Term Distribution by Status Mortgage Data Through: October 31, 2006 Mortgage Term Delinquency Percentage 120 Current 0.009 180 Current 0.626 180 Delinquent 0.487 180 Paid off 0.479 240 Paid off 0.521 240 Delinquent 0.513 240 Current 0.364 # of Loans Other 120 180 240 360 17,125 0 161 10,709 6,255 0 (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved. FFMLT 2006-FFA Mortgage Purpose Distribution Mortgage Data Through: October 31, 2006 Origination Statistics Current Loans Purpose Number Percentage Purpose Number Percentage Cash-out 883 5.2% Cash-out 877 5.2% refinance refinance Purchase 16,050 93.7% Purchase 15,946 93.7% Rate/term 193 1.1% Rate/term 192 1.1% refinance refinance Home 0 0.0% Home 0 0.0% Improvement Improvement Other 0 0.0% Other 0 0.0% Total 17,126 100% Total 17,015 100% Delinquent Loans Paid Off Loans Purpose Number Percentage Purpose Number Percentage Cash-out 2 5.1% Cash-out 4 5.6% refinance refinance Purchase 37 94.9% Purchase 66 93.0% Rate/term 0 0.0% Rate/term 1 1.4% refinance refinance Home 0 0.0% Home 0 0.0% Improvement Improvement Other 0 0.0% Other 0 0.0% Total 39 100% Total 71 100% (c)Copyright 2006, Clayton Fixed Income Services Inc. All rights reserved.

First Franklin Mortgage Loan Trust 2006-FFA 10-D