10-D 1 sac07bc1_10d-200705.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: April 02, 2007 to May 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) Not Applicable (I.R.S. Employer Identification No.) 745 Seventh Avenue 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___ ____________

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 May 25, 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 May 25, 2007 distribution. (99.2) 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/ E. Todd Whittemore E. Todd Whittemore, Executive Vice President Date: June 05, 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 May 25, 2007 distribution. EX-99.2 Clayton Credit Risk Management Report EX-99.1 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Distribution Date: 5/25/2007 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

EX 99.2 (logo) Clayton SASCO 2007-BC1 Credit Risk Management Report April 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 Mortgage Insurance Report Section Five Loss Analysis Section Six Analytics (page) Section One Executive Summary (page) SASCO 2007-BC1 Executive Summary April 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 4/25/2007 4/25/2007 Balance as Percentage of Closing Date Balance Collateral Balance $1,212,065,010 $1,148,464,392 94.75 % Loan Count 5,069 4,808 94.85 % ^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 4/25/2007 Issues Amount Recovered 0 $0 Collateral Statistics Loan Count Summed Balance First Payment Defaults 4 $1,120,200 Early Payment Defaults* 62 $15,718,481 * A default that occurs on the second or third scheduled payment. Second Lien Statistics Loan Count Summed Balance Total Outstanding Second 178 $11,829,065 Lien Loans 30+ Days Delinquent 6 $480,396 60+ Days Delinquent 1 $121,950 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 4/25/2007 $72,932 $72,932 $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 (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. (page) SASCO 2007-BC1 Loan-Level Report Mortgage Data Through: March 31, 2007 Watchlist

* The estimated loss 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: April 25, 2007

(page) SASCO 2007-BC1 Paid-Off Mortgages With Prepayment Flags Trustee Remittance Date: April 25, 2007 Loan Origination Years to Expiration Payoff Number State Delinquency History Date Expiration Date Amount 9258061 CA CC0 10/27/2006 1 10/27/2007 $469,168 9257678 CA CCC 10/20/2006 2 10/20/2008 $562,500 9257120 VA C33 11/6/2006 2 11/06/2008 $132,140 9257736 CA CCC 11/7/2006 2 11/07/2008 $135,760 9261627 IN CC0 11/8/2006 2 11/08/2008 $75,865 9260300 ID CCC 11/13/2006 2 11/13/2008 $107,734 9260337 ID CC0 11/16/2006 2 11/16/2008 $104,813 9261216 NV CC0 5/16/2006 3 05/16/2009 $116,000 9261220 CA CC0 6/2/2006 3 06/02/2009 $74,553 9261289 FL C30 8/7/2006 3 08/07/2009 $102,576 9257527 FL CCC 10/26/2006 3 10/26/2009 $212,854 9258792 CA CC0 11/9/2006 3 11/09/2009 $359,484 SASCO 2007-BC1 Paid-Off Mortgages With Prepayment Flags Trustee Remittance Date: April 25, 2007 (continued)

(page) SASCO 2007-BC1 Outstanding Issues Trustee Remittance Date: April 25, 2007 Loan Number State Delinquency Origination Years to Expiration History Date Expiration Date SASCO 2007-BC1 Outstanding Issues (continued) Trustee Remittance Date: April 25, 2007 Loan Number Cur. Funds Total PPP % of PPP to Comment Remitted Remitted Payoff Amount (page) Section Four Mortgage Insurance Report (page) SASCO 2007-BC1 Mortgage Insurance Claim Summary Mortgage Data Through: March 31, 2007 Claim Payment Breakdown # of Loans Dollar Amount Claims Paid: 0 $0 Claims Pending: 1 0 $0 Claims Rescinded: 2 0 $0 Claims Without Payment: 2 0 $0 Claims Denied: 2 0 $0 Claims Withdrawn: 2 0 $0

1 Estimate based on internal calculations. 2 Estimated claim payment if the claim had been paid. (page) Section Five Loss Analysis (page) SASCO 2007-BC1 Historical Monthly Losses Losses Through: March 31, 2007 Date Loan Loss Amount Loss Percentage 4/25/2007 $0.00 0.00% 3/25/2007 $0.00 0.00% 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: April 25, 2007 Remittance Statement Summary 4/25/2007 $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) Section Six Analytics (page) SASCO 2007-BC1 FICO Distribution by Status Mortgage Data Through: March 31, 2007 FICO Delinquency Percentage 500 Current 0.004 510 Current 0.016 510 Delinquent 0.025 510 Paid Off 0.02 520 Current 0.02 520 Delinquent 0.037 520 Paid Off 0.029 530 Current 0.019 530 Delinquent 0.037 530 Paid Off 0.016 540 Current 0.021 540 Delinquent 0.025 540 Paid Off 0.033 550 Current 0.031 550 Delinquent 0.062 550 Paid Off 0.029 560 Current 0.035 560 Delinquent 0.049 560 Paid Off 0.053 570 Current 0.033 570 Delinquent 0.025 570 Paid Off 0.033 580 Current 0.047 580 Delinquent 0.074 580 Paid Off 0.061 590 Current 0.053 590 Delinquent 0.025 590 Paid Off 0.049 600 Current 0.071 600 Delinquent 0.062 600 Paid Off 0.045 610 Current 0.085 610 Delinquent 0.111 610 Paid Off 0.057 620 Current 0.083 620 Delinquent 0.037 620 Paid Off 0.098 630 Current 0.077 630 Delinquent 0.025 630 Paid Off 0.086 640 Current 0.077 640 Delinquent 0.123 640 Paid Off 0.065 650 Current 0.076 650 Delinquent 0.123 650 Paid Off 0.045 660 Current 0.057 660 Delinquent 0.049 660 Paid Off 0.045 670 Current 0.044 670 Paid Off 0.041 680 Current 0.035 680 Delinquent 0.037 680 Paid Off 0.045 690 Current 0.028 690 Paid Off 0.029 700 Current 0.023 700 Paid Off 0.029 710 Current 0.014 710 Delinquent 0.037 710 Paid Off 0.008 720 Current 0.011 720 Delinquent 0.012 720 Paid Off 0.041 730 Current 0.008 730 Delinquent 0.025 730 Paid Off 0.02 740 Current 0.007 740 Paid Off 0.016 750 Current 0.007 750 Paid Off 0.004 760 Current 0.004 770 Current 0.003 770 Paid Off 0.004 780 Current 0.004 790 Current 0.002 800 Current 0.002 810 Current 0 Status # of Loans Average Std. Deviation Current 4,742 622 53.824 Delinquent 81 611 53.853 Paid Off 245 622 57.328 Total: 5,068 Total: 5,068 (page) SASCO 2007-BC1 Loan-to-Value Distribution by Status Mortgage Data Through: March 31, 2007 LTV Delinquency Percentage 0.1 Current 0.001 0.2 Current 0.038 0.2 Paid Off 0.057 0.2 Delinquent 0.086 0.3 Paid Off 0.004 0.3 Current 0.006 0.4 Paid Off 0.02 0.4 Delinquent 0.012 0.4 Current 0.013 0.5 Delinquent 0.012 0.5 Current 0.034 0.5 Paid Off 0.041 0.6 Current 0.048 0.6 Paid Off 0.073 0.6 Delinquent 0.025 0.7 Paid Off 0.09 0.7 Current 0.102 0.7 Delinquent 0.062 0.8 Paid Off 0.286 0.8 Delinquent 0.42 0.8 Current 0.317 0.9 Paid Off 0.22 0.9 Delinquent 0.272 0.9 Current 0.295 1 Delinquent 0.111 1 Current 0.147 1 Paid Off 0.208 Status # of Loans Average Std. Deviation Current 4,742 0.817 0.137 Delinquent 81 0.837 0.107 Paid Off 245 0.82 0.15 Total: 5,068 (page) SASCO 2007-BC1 Balance Distribution by Status Mortgage Data Through: March 31, 2007 Balance Delinquency Percentage 20000 Current 0.002 30000 Current 0.006 40000 Current 0.009 50000 Current 0.015 50000 Delinquent 0.025 60000 Current 0.016 70000 Current 0.021 70000 Delinquent 0.025 80000 Current 0.024 80000 Delinquent 0.025 90000 Current 0.025 90000 Delinquent 0.012 100000 Current 0.028 100000 Delinquent 0.049 110000 Current 0.031 110000 Delinquent 0.037 120000 Current 0.036 120000 Delinquent 0.037 130000 Current 0.035 130000 Delinquent 0.049 140000 Current 0.034 140000 Delinquent 0.025 150000 Current 0.035 150000 Delinquent 0.025 160000 Current 0.033 160000 Delinquent 0.025 170000 Current 0.035 170000 Delinquent 0.012 180000 Current 0.035 190000 Current 0.028 190000 Delinquent 0.074 200000 Current 0.037 200000 Delinquent 0.025 210000 Current 0.03 210000 Delinquent 0.062 220000 Current 0.034 220000 Delinquent 0.025 230000 Current 0.027 240000 Current 0.024 240000 Delinquent 0.025 250000 Current 0.027 250000 Delinquent 0.012 260000 Current 0.024 260000 Delinquent 0.037 270000 Current 0.03 270000 Delinquent 0.012 280000 Current 0.024 280000 Delinquent 0.012 290000 Current 0.016 290000 Delinquent 0.025 300000 Current 0.02 300000 Delinquent 0.037 310000 Current 0.021 310000 Delinquent 0.012 320000 Current 0.013 320000 Delinquent 0.012 330000 Current 0.013 330000 Delinquent 0.025 340000 Current 0.012 340000 Delinquent 0.049 350000 Current 0.016 360000 Current 0.015 360000 Delinquent 0.012 370000 Current 0.012 380000 Current 0.012 380000 Delinquent 0.012 390000 Current 0.007 400000 Current 0.011 400000 Delinquent 0.012 410000 Current 0.007 410000 Delinquent 0.012 420000 Current 0.008 420000 Delinquent 0.025 430000 Current 0.007 430000 Delinquent 0.012 440000 Current 0.006 450000 Current 0.009 450000 Delinquent 0.025 460000 Current 0.007 470000 Current 0.007 480000 Current 0.007 490000 Current 0.005 490000 Delinquent 0.012 500000 Current 0.007 510000 Current 0.005 520000 Current 0.006 520000 Delinquent 0.012 530000 Current 0.005 530000 Delinquent 0.012 540000 Current 0.004 550000 Current 0.005 560000 Current 0.004 570000 Current 0.003 570000 Delinquent 0.037 580000 Current 0.004 580000 Delinquent 0.012 590000 Current 0.004 600000 Current 0.003 600000 Delinquent 0.012 610000 Current 0.002 620000 Current 0.001 630000 Current 0.001 640000 Current 0.002 650000 Current 0.002 660000 Current 0 670000 Current 0.001 680000 Current 0 690000 Current 0 700000 Current 0 710000 Current 0 720000 Current 0.001 740000 Current 0 750000 Current 0 830000 Current 0 840000 Current 0 860000 Current 0 900000 Current 0 920000 Current 0 940000 Current 0 1000000 Current 0 1050000 Current 0 1190000 Current 0 1440000 Current 0 Status # of Loans Average Std. Deviation Current 4,742 238,558.28 139,671.45 Delinquent 81 253,620.25 143,246.85 Total: 4,823 (page) SASCO 2007-BC1 Mortgage Type Distribution by Status Mortgage Data Through: March 31, 2007 Mortgage Type Delinquency Percentage Investment Home Current 0.076 Investment Home Delinquent 0.049 Investment Home Paid Off 0.078 Primary Home Current 0.908 Primary Home Delinquent 0.938 Primary Home Paid Off 0.902 Second Home Current 0.016 Second Home Delinquent 0.012 Second Home Paid Off 0.02 Mortgage Type Loan Count Total Balance Avg. Balance Std. Deviation ARM 3,424 828,950,206.35 242,099.94 144,105.25 Fixed 1,644 322,836,409.62 196,372.51 143,936.22 Total: 5,068 1,151,786,615.97 (page) SASCO 2007-BC1 Mortgage Term Distribution by Status Mortgage Data Through: March 31, 2007 Mortgage Term Delinquency Percentage 0 Current 0.003 0 Delinquent 0.025 180 Paid Off 0.061 180 Delinquent 0.099 180 Current 0.042 240 Current 0.004 360 Current 0.95 360 Delinquent 0.877 360 Paid Off 0.939 # of Loans Other 120 180 240 360 5,068 17 0 224 20 4807 (page) SASCO 2007-BC1 Mortgage Purpose Distribution Mortgage Data Through: March 31, 2007 Origination Statistics Current Loans Purpose Number Percentage Purpose Number Percentage Cash-out 3,084 60.8% Cash-out 2,912 61.4% refinance refinance Purchase 1,336 26.4% Purchase 1,211 25.5% Rate/term 649 12.8% Rate/term 619 13.1% 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 4,742 100% Delinquent Loans Paid Off Loans Purpose Number Percentage Purpose Number Percentage Cash-out 40 49.4% Cash-out 132 53.9% refinance refinance Purchase 38 46.9% Purchase 86 35.1% Rate/term 3 3.7% Rate/term 27 11.0% refinance refinance Home 0 0.0% Home 0 0.0% Improvement Improvement Other 0 0.0% Other 0 0.0% Total 81 100% Total 245 100% (page) SASCO 2007-BC1 Ownership Distribution by Status Mortgage Data Through: March 31, 2007 Ownership Type Delinquency Percentage Investment Home Current 0.076 Investment Home Delinquent 0.049 Investment Home Paid Off 0.078 Primary Home Current 0.908 Primary Home Delinquent 0.938 Primary Home Paid Off 0.902 Second Home Current 0.016 Second Home Delinquent 0.012 Second Home Paid Off 0.02 Title # of Loans Investment Home 383 Primary Home 4,603 Second Home 82 Total: 5,068 (page) SASCO 2007-BC1 Delinquent Count Over Time Mortgage Data Through: March 31, 2007 AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 1/31/2007 14 1 0 0 0 2/28/2007 71 6 1 0 0 3/31/2007 67 9 3 2 0 (page) SASCO 2007-BC1 Delinquent Balance Over Time Mortgage Data Through: March 31, 2007 AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 1/31/2007 2910200.9 110073.15 0 0 0 2/28/2007 18588242.16 1524200.79 110288.13 0 0 3/31/2007 16802109.95 2557153.99 697687.96 486288.13 0 (page) SASCO 2007-BC1 Conditional Prepayment Rates Mortgage Data Through: March 31, 2007 Date Distribution Date CPR 3-Month MA 6-Month MA 12-Month MA 3/31/2007 4/25/2007 9.30% 2/28/2007 3/25/2007 36.23% 1/31/2007 2/25/2007 7.64% (page) SASCO 2007-BC1 Historical SDA Performance Mortgage Data Through: March 31, 2007

(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