10-D/A 1 sac07bc1_10da-200703.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D/A Amendment No. 1 The reason for this amendment is the incorrect Clayton Report was attached to the 10-D for March. No modifications were made to the monthly distribution report. 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: February 02, 2007 to March 01, 2007 Commission File Number of issuing entity: 333-133985-45 Structured Asset Securities Corporation Mortgage Loan Trust 2007-BC1 (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) 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___ ____________ A6 _____ _____ __X___ ____________ M1 _____ _____ __X___ ____________ M2 _____ _____ __X___ ____________ M3 _____ _____ __X___ ____________ M4 _____ _____ __X___ ____________ M5 _____ _____ __X___ ____________ M6 _____ _____ __X___ ____________ M7 _____ _____ __X___ ____________ M8 _____ _____ __X___ ____________ M9 _____ _____ __X___ ____________ X _____ _____ __X___ ____________ P _____ _____ __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 March 26, 2007 a distribution was made to holders of Structured Asset Securities Corporation Mortgage Loan Trust 2007-BC1. 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 2007-BC1, relating to the March 26, 2007 distribution. (99.2) Amended Clayton Credit Risk Management Report (b) The exhibits required to be filed by the 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 2007-BC1 (Issuing Entity) Aurora Loan Services LLC (Master Servicer) /s/ Michele Olds Michele Olds, Vice President Servicer Oversight Date: April 24, 2007 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Structured Asset Securities Corporation Mortgage Loan Trust 2007-BC1, relating to the March 26, 2007 distribution. EX-99.2 Amended Clayton Credit Risk Management Report EX-99.1 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Distribution Date: 3/26/2007 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2007-BC1 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

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period

Prepayment Rates

99.2 (logo) Clayton SASCO 2007-BC1 Credit Risk Management Report February 2007 (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 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. This Report is furnished on a confidential basis to the recipient listed herein. By acceptance of this Report, the recipient agrees that it will not: I. Transmit this Report to anyone other than a person or entity having a fiduciary relationship with, or beneficial interest in, this portfolio; II. Reproduce any or all of this Report; or III. Contact any servicer or originator regarding any information in this Report. (page) Table of Contents Section One Executive Summary Section Two Loan-Level Report Section Three Prepayment Penalty Analysis Section Four Loss Analysis Section Five Analytics (page) Section One Executive Summary (page) SASCO 2007-BC1 Executive Summary February 2007 Transaction Summary Closing Date: 01/30/2007 Depositor: Structured Asset Securities Corporation Trustee(s): Wells Fargo Bank, N.A. Securities Administrator: Wells Fargo Bank, N.A. Servicer(s): Aurora Loan Services, Chase Home Finance, Option One Mortgage Mortgage Insurer(s): Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co. Delinquency Reporting Method: OTS^0 Collateral Summary Closing Date As of 2/25/2007 2/25/2007 Balance as Percentage of Closing Date Balance Collateral Balance $1,212,065,010 $1,202,842,525 99.23 % Loan Count 5,069 5,034 99.31 % ^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. (page) Value Added Total Value Added for SASCO 2007-BC1 as of 2/25/2007 Issues Amount Recovered 0 $0 Collateral Statistics Loan Count Summed Balance First Payment Defaults 4 $1,114,678 Early Payment Defaults* 6 $848,278 * A default that occurs on the second or third scheduled payment. Second Lien Statistics Loan Count Summed Balance Total Outstanding Second 191 $12,943,799 Lien Loans Prepayments

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 paid-off loans with prepayment penalty flags. The table below provides a summary of Clayton's reconciliation for this remittance. Total Cash Flows Remittance Date Amount Remitted to Amount Remitted by the Difference Trust Servicers 2/25/2007 $53,079 $53,079 $0

Mortgage Insurance Clayton actively monitors mortgage insurance (MI) coverage for this deal. Each month, loans with MI are reviewed to ensure that the servicer has followed the appropriate claim filing process, that appropriate claims are paid, and that appropriate proceeds are remitted to the trust. The Mortgage Insurance Watchlist consists of all claims pending for 60+ days. Clayton monitors these claims to ensure that the servicer and MI company are proceeding to resolve the pending claims. Clayton also reviews each coverage rescission to ensure the findings were warranted and disputes them if discrepancies are found. Please refer to the Mortgage Insurance Report section for information regarding MI coverage for this deal. (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

(page) Section Two Loan-Level Report 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. (page) SASCO 2007-BC1 Loan-Level Report Mortgage Data Through: January 31, 2007 Watchlist

* The estimated loos includes estimated mortgage insurance proceeds where applicable and in addition if the loan has been liquidated this reflects the actual actual loss that has been passed to the trust. (page) Section Three Prepayment Penalty Analysis (page) SASCO 2007-BC1 Prepayment Penalty Analysis Trustee Remittance Date: Febuary 25, 2007

(page)

(page) Section Four Loss Analysis (page) SASCO 2007-BC1 Historical Monthly Losses Losses Through: January 31, 2007 Date Loan Loss Amount Loss Percentage 2/25/2007 $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. (page) SASCO 2007-BC1 Loss Reconciliation Report Trustee Remittance Date: February 25, 2007 Remittance Statement Summary 2/25/2007 $0 Loan-Level Losses: $0 Subsequent Losses: $0 Subsequent Gains: $0 Monthly Security Loss: $0 Losses Remitted: $0 Difference: $0 Loan Number Loss Loan Number Loss Loan Number Loss Category Total: $0 (page)

(page) Section Five Analytics (page) SASCO 2007-BC1 FICO Distribution by Status Mortgage Data Through: January 31, 2007 FICO Delinquency Percentage 500 Current 0.004 510 Current 0.017 520 Current 0.021 520 Delinquent 0.067 530 Current 0.02 540 Current 0.022 540 Paid Off 0.031 550 Current 0.032 550 Delinquent 0.067 560 Current 0.036 560 Delinquent 0.067 570 Current 0.033 570 Delinquent 0.067 580 Current 0.048 580 Delinquent 0.133 580 Paid Off 0.031 590 Current 0.052 590 Delinquent 0.067 590 Paid Off 0.094 600 Current 0.069 600 Delinquent 0.133 600 Paid Off 0.094 610 Current 0.085 610 Delinquent 0.133 610 Paid Off 0.031 620 Current 0.083 620 Delinquent 0.067 620 Paid Off 0.125 630 Current 0.077 630 Delinquent 0.067 630 Paid Off 0.094 640 Current 0.077 640 Paid Off 0.031 650 Current 0.075 650 Delinquent 0.067 650 Paid Off 0.031 660 Current 0.056 660 Delinquent 0.067 660 Paid Off 0.125 670 Current 0.044 680 Current 0.035 680 Paid Off 0.063 690 Current 0.028 700 Current 0.023 710 Current 0.014 710 Paid Off 0.031 720 Current 0.012 720 Paid Off 0.094 730 Current 0.009 730 Paid Off 0.063 740 Current 0.007 740 Paid Off 0.031 750 Current 0.007 760 Current 0.003 770 Current 0.003 770 Paid Off 0.031 780 Current 0.004 790 Current 0.002 800 Current 0.002 810 Current 0 Status # of Loans Average Std. Deviation Current 5,022 622 53.974 Delinquent 15 594 38.277 Paid Off 32 649 55.631 Total: 5,069 (page) SASCO 2007-BC1 Loan-to-Value Distribution by Status Mortgage Data Through: January 31, 2007 LTV Delinquency Percentage 0.1 Current 0.001 0.2 Current 0.04 0.2 Paid Off 0.031 0.3 Current 0.006 0.4 Current 0.013 0.4 Delinquent 0.067 0.4 Paid Off 0.031 0.5 Current 0.034 0.5 Delinquent 0.067 0.5 Paid Off 0.063 0.6 Current 0.048 0.6 Paid Off 0.094 0.7 Current 0.101 0.7 Delinquent 0.067 0.7 Paid Off 0.125 0.8 Current 0.317 0.8 Delinquent 0.467 0.8 Paid Off 0.281 0.9 Current 0.292 0.9 Delinquent 0.267 0.9 Paid Off 0.156 1 Current 0.149 1 Delinquent 0.067 1 Paid Off 0.219 Status # of Loans Average Std. Deviation Current 5,022 0.818 0.137 Delinquent 15 0.787 0.14 Paid Off 32 0.794 0.165 Total: 5,069 (page) SASCO 2007-BC1 Mortgage Term Distribution by Status Mortgage Data Through: January 31, 2007 Mortgage Term Delinquency Percentage 0 Current 0.003 0 Delinquent 0.067 180 Paid Off 0.031 180 Current 0.044 240 Current 0.004 360 Current 0.948 360 Delinquent 0.933 360 Paid Off 0.969 # of Loans Other 120 180 240 360 5,069 17 0 224 20 4808 (page) SASCO 2007-BC1 Mortgage Type Distribution by Status Mortgage Data Through: January 31, 2007 Mortgage Type Delinquency Percentage Investment Home Current 0.075 Investment Home Delinquent 0.067 Investment Home Paid Off 0.156 Primary Home Current 0.909 Primary Home Delinquent 0.867 Primary Home Paid Off 0.844 Second Home Current 0.016 Second Home Delinquent 0.067 Mortgage Type Loan Count Total Balance Avg. Balance Std. Deviation ARM 3,425 874,246,103.04 255,254.34 136,334.14 Fixed 1,644 329,600,190.26 200,486.73 141,831.53 Total: 5,069 1,203,846,293.30 (page) SASCO 2007-BC1 Mortgage Purpose Distribution Mortgage Data Through: January 31, 2007 Origination Statistics Current Loans Purpose Number Percentage Purpose Number Percentage Cash-out 3,084 60.8% Cash-out 3,061 61.0% refinance refinance Purchase 1,336 26.4% Purchase 1,317 26.2% Rate/term 649 12.8% Rate/term 644 12.8% refinance refinance Home 0 0.0% Home 0 0.0% Improvement Improvement Other 0 0.0% Other 0 0.0% Total 5,069 100% Total 5,022 100% Delinquent Loans Paid Off Loans Purpose Number Percentage Purpose Number Percentage Cash-out 9 60.0% Cash-out 14 43.8% refinance refinance Purchase 5 33.3% Purchase 14 43.8% Rate/term 1 6.7% Rate/term 4 12.5% refinance refinance Home 0 0.0% Home 0 0.0% Improvement Improvement Other 0 0.0% Other 0 0.0% Total 15 100% Total 32 100% (page) SASCO 2007-BC1 Ownership Distribution by Status Mortgage Data Through: January 31, 2007 Ownership Type Delinquency Percentage Investment Home Current 0.075 Investment Home Delinquent 0.067 Investment Home Paid Off 0.156 Primary Home Current 0.909 Primary Home Delinquent 0.867 Primary Home Paid Off 0.844 Second Home Current 0.016 Second Home Delinquent 0.067 Title # of Loans Investment Home 383 Primary Home 4,604 Second Home 82 Total: 5,069 (page) SASCO 2007-BC1 Delinquent Balance Over Time Mortgage Data Through: January 31, 2007 AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 1/31/2007 2910200.9 110073.15 0 0 0 (page) SASCO 2007-BC1 Delinquent Count Over Time Mortgage Data Through: January 31, 2007 AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 1/31/2007 14 1 0 0 0 (page) SASCO 2007-BC1 Conditional Prepayment Rates Mortgage Data Through: January 31, 2007 Date Distribution Date CPR 3-Month MA 6-Month MA 12-Month MA 1/31/2007 2/25/2007 7.64% (page) SASCO 2007-BC1 Historical SDA Performance Mortgage Data Through: January 31, 2007 Weighted Monthly Date Average Age Default Amt Default Rate CDR (F-R) SDA Curve SDA % 31-Jan-07 2.69 $0 0.00% 0.00% 0.05% 0% Averages: 2.69 $0 0.00% 0.00% 0.05% 0%

(C) 2007 Clayton Fixed Income Services Inc. All rights reserved. This material is confidential and may not be copied, used or distributed without the written permission of Clayton Fixed Income Services Inc

Structured Asset Securities CORP 2007-BC1 10-D/A