Fitch Affirms $600MM and Downgrades $557.6MM from 6 SASCO Second Lien Transactions.

NEW YORK -- Fitch Ratings has taken the following rating actions on Structured Asset Securities Corporation mortgage pass-through certificates. Affirmations total $600 million and downgrades total $557.6 million. Break Loss percentages (BL) and Loss Coverage Ratios (LCR) for each class, rated B or higher, are included with the rating actions as follows:

SASCO 2005-S1

--$11.9 million class M1 affirmed at 'AA+' (BL: 100, LCR: 5.87);

--$29.3 million class M2 affirmed at 'AA+' (BL: 82.31, LCR: 4.84);

--$14.3 million class M3 affirmed at 'AA' (BL: 70.39, LCR: 4.14);

--$28.7 million class M4 affirmed at 'A+' (BL: 46.38, LCR: 2.72);

--$6.3 million class M5 affirmed at 'A' (BL: 40.95, LCR: 2.41);

--$5.2 million class M6 affirmed at 'A' (BL: 34.96, LCR: 2.05);

--$5 million class M7 downgraded to 'BBB' from 'A-' (BL: 28.95, LCR: 1.7);

--$3.5 million class M8 downgraded to 'BBB' from 'BBB+' (BL: 24.65, LCR: 1.45);

--$5.3 million class B1 downgraded to 'BB' from 'BBB-' (BL: 18.27, LCR: 1.07);

--$2.9 million class B2 downgraded to 'B+' from 'BB+' (BL: 14.82, LCR: 0.87);

--$7.3 million class B3 downgraded to 'C' from 'B' and assigned a distressed recovery (DR) rating of 'DR6';

--$1.3 million class B4 remains at 'C/DR6'.

Deal Summary

--Originators: Various;

--60+ day Delinquency: 11.84%;

--Realized Losses to date (% of Original Balance): 4.07%;

--Expected Remaining Losses (% of Current Balance): 17.02%;

--Cumulative Expected Losses (% of Original Balance): 7.66%.

SASCO 2005-S2

--$3.8 million class A affirmed at 'AAA' (BL: 98.85, LCR: 3.66);

--$20.3 million class M1 affirmed at 'AA+' (BL: 85.26, LCR: 3.16);

--$10.7 million class M2 affirmed at 'AA' (BL: 74.23, LCR: 2.75);

--$8.7 million class M3 affirmed at 'AA-' (BL: 65.04, LCR: 2.41);

--$7.9 million class M4 affirmed at 'A+' (BL: 56.64, LCR: 2.1);

--$7.5 million class M5 affirmed at 'A' (BL: 48.63, LCR: 1.8);

--$5.9 million class M6 affirmed at 'A-' (BL: 42.17, LCR: 1.56);

--$5.3 million class M7 downgraded to 'BBB' from 'BBB+' (BL: 36.16, LCR: 1.34);

--$4.5 million class M8 downgraded to 'BBB-' from 'BBB+' (BL: 30.97, LCR: 1.15);

--$4.3 million class M9 downgraded to 'BB' from 'BBB' (BL: 25.76, LCR: 0.95);

--$7.3 million class M10 downgraded to 'C' from 'BB-' and assigned a DR rating of 'DR5';

--$5.5 million class B1 downgraded to 'C' from 'B' and assigned a DR rating of 'DR6';

--$4.2 million class B2 remains at 'C/DR6'.

Deal Summary

--Originators: Aurora Loan Services (40.30%);

--60+ day Delinquency: 12.35%;

--Realized Losses to date (% of Original Balance): 5.43%;

--Expected Remaining Losses (% of Current Balance): 27.00%;

--Cumulative Expected Losses (% of Original Balance): 11.99%.

SASCO 2005-S3

--$11 million class A affirmed at 'AAA' (BL: 96.41, LCR: 3.95);

--$20.8 million class M1 affirmed at 'AA+' (BL: 86.25, LCR: 3.53);

--$19.7 million class M2 affirmed at 'AA' (BL: 75.34, LCR: 3.09);

--$12.5 million class M3 affirmed at 'AA-' (BL: 66.82, LCR: 2.74);

--$11.6 million class M4 affirmed at 'A+' (BL: 58.82, LCR: 2.41);

--$11.1 million class M5 affirmed at 'A' (BL: 51.37, LCR: 2.1);

--$10.2 million class M6 affirmed at 'A-' (BL: 44.38, LCR: 1.82);

--$9.1 million class M7 downgraded to 'BBB' from 'BBB+' (BL: 38.06, LCR: 1.56);

--$8.3 million class M8 downgraded to 'BB' from 'BBB+' (BL: 24.56, LCR: 1.01);

--$7.5 million class M9 downgraded to 'B+' from 'BBB' (BL: 21.44, LCR: 0.88);

--$9.1 million class M10 downgraded to 'B' from 'BBB-' (BL: 18.43, LCR: 0.76);

--$7.7 million class M11 downgraded to 'C' from 'BB-' and assigned a DR rating of 'DR5';

--$7.5 million class B1 downgraded to 'C' from 'B' and assigned a DR rating of 'DR6';

--$6.9 million class B2 remains at 'C/DR6'.

Deal Summary

--Originators: Various;

--60+ day Delinquency: 11.95%;

--Realized Losses to date (% of Original Balance): 6.51%;

--Expected Remaining Losses (% of Current Balance): 24.41%;

--Cumulative Expected Losses (% of Original Balance): 13.37%.

SASCO 2005-S5

--$76.9 million class A affirmed at 'AAA' (BL: 82.27, LCR: 2.78);

--$37.4 million class M1 affirmed at 'AA+' (BL: 68.43, LCR: 2.31);

--$32.5 million class M2 affirmed at 'AA' (BL: 55.96, LCR: 1.89);

--$14.2 million class M3 affirmed at 'AA-' (BL: 50.34, LCR: 1.7);

--$30.3 million class M4 downgraded to 'BBB' from 'A' (BL: 38.28, LCR: 1.29);

--$10.5 million class M5 downgraded to 'BBB-' from 'A-' (BL: 34.09, LCR: 1.15);

--$11.1 million class M6 downgraded to 'BB' from 'BBB+' (BL: 29.55, LCR: 1);

--$9.9 million class M7 downgraded to 'B+' from 'BBB' (BL: 25.35, LCR: 0.86);

--$9.9 million class M8 downgraded to 'C' from 'BB' and assigned a DR rating of 'DR6';

--$9.9 million class B1 downgraded to 'C' from 'B+' and assigned a DR rating of 'DR6';

--$6.1 million class B2 downgraded to 'C' from 'B' and assigned a DR rating of 'DR6';

--$4.3 million class B3 remains at 'C/DR6'.

Deal Summary

--Originators: Various;

--60+ day Delinquency: 9.54%;

--Realized Losses to date (% of Original Balance): 5.88%;

--Expected Remaining Losses (% of Current Balance): 29.63%;

--Cumulative Expected Losses (% of Original Balance): 18.00%.

SASCO 2005-S6

--$84.8 million class A affirmed at 'AAA' (BL: 72.65, LCR: 2.37);

--$26.1 million class M1 affirmed at 'AA+' (BL: 61.09, LCR: 1.99);

--$22.3 million class M2 downgraded to 'AA-' from 'AA' (BL: 51.19, LCR: 1.67);

--$10.3 million class M3 downgraded to 'A' from 'AA-' (BL: 46.58, LCR: 1.52);

--$14.8 million class M4 downgraded to 'BBB+' from 'A+' (BL: 39.91, LCR: 1.3);

--$10.8 million class M5 downgraded to 'BBB-' from 'A' (BL: 35.00, LCR: 1.14);

--$6.5 million class M6 downgraded to 'BB+' from 'A-' (BL: 31.94, LCR: 1.04);

--$11.3 million class M7 downgraded to 'B+' from 'BBB+' (BL: 26.52, LCR: 0.86);

--$7.2 million class M8 downgraded to 'B' from 'BBB' (BL: 22.92, LCR: 0.75);

--$6.5 million class M9 downgraded to 'C' from 'BBB-' and assigned a DR rating of 'DR6';

--$3.7 million class B1 downgraded to 'C' from 'BB+' and assigned a DR rating of 'DR6';

--$5 million class B2 downgraded to 'C' from 'BB' and assigned a DR rating of 'DR6';

--$13 million class B3 downgraded to 'C' from 'B' and assigned a DR rating of 'DR6'.

Deal Summary

--Originators: Aurora Loan Services (54.12%);

--60+ day Delinquency: 8.00%;

--Realized Losses to date (% of Original Balance): 6.55%;

--Expected Remaining Losses (% of Current Balance): 30.68%;

--Cumulative Expected Losses (% of Original Balance): 20.36%.

SASCO 2005-S7

--$185.6 million class A1, A2 affirmed at 'AAA' (BL: 54.01, LCR: 2.90)

--$26.7 million class M1 affirmed at 'AA+' (BL: 45.44, LCR: 2.44)

--$25.1 million class M2 affirmed at 'AA' (BL: 37.36, LCR: 2.01)

--$11.2 million class M3 affirmed at 'AA-' (BL: 33.72, LCR: 1.81)

--$8.8 million class M4 affirmed at 'A+' (BL: 30.81, LCR: 1.66)

--$13 million class M5 downgraded to 'A-' from 'A' (BL: 26.47, LCR: 1.42)

--$8.8 million class M6 downgraded to 'BBB' from 'A-' (BL: 23.47, LCR: 1.26)

--$7.7 million class M7 downgraded to 'BBB-' from 'BBB+' (BL: 20.85, LCR: 1.12)

--$7.2 million class M8 downgraded to 'BB' from 'BBB' (BL: 18.56, LCR: 1.00)

--$7.7 million class M9 downgraded to 'B+' from 'BB' (BL: 16.32, LCR: 0.88)

--$6.6 million class B downgraded to 'B' from 'B+' (BL: 15.08, LCR: 0.81)

Deal Summary

--Originators: Aurora Loan Services (85%);

--60+ day Delinquency: 4.64%;

--Realized Losses to date (% of Original Balance): 2.07%;

--Expected Remaining Losses (% of Current Balance): 18.60%;

--Cumulative Expected Losses (% of Original Balance): 13.04%.

In addition, all of the above classes are removed from Rating Watch Negative.

The rating actions are based on changes that Fitch has made to its subprime loss forecasting assumptions. The updated assumptions better capture the deteriorating performance of pools from late 2005 and 2006 with regard to continued poor loan performance and home price weakness. Minimum LCR's specifically for subprime second lien transactions are as follows: AAA: 2.00; AA: 1.75; A: 1.50; BBB: 1.20; BB 0.95; B: 0.75. Also, with regard to subprime second lien transactions, ratings on bonds expected to pay off within 36 months are affirmed. Additional details are available in the following research, available at www.fitchratings.com

--'Downgrade Criteria for Recent Vintage U.S. Subprime RMBS' (Aug. 8, 2007);

--'U.S. Subprime RMBS/HEL Upgrade/Downgrade Criteria' (June 12, 2007).

All of Fitch's ratings criteria for US Subprime RMBS is available at www.fitchratings.com/subprime.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.