Fitch Rates $652.4M SARM Trust, Series 2006-6.

NEW YORK -- Structured Adjustable Rate Mortgage Loan Trust's (SARM) $652.4 million mortgage pass-through certificates, series 2006-6, which closed June 30, 2006, are rated by Fitch Ratings as follows:

-- $615.3 million classes 1-A1, 1-A2, 1-A3, 1-AX, 2-A1, 2-A2, 2-A3, 2-A4, 3-A1, 3-A2 and R 'AAA';

-- $7.5 million class B1-II 'AA+';

-- $9.6 million classes B1-I, and B2-II 'AA';

-- $2.4 million class B3-II 'AA-';

-- $4.7 million classes B2-I and B4-II 'A';

-- $4.8 million classes B3-I and B5-II 'BBB';

-- $800 thousand class B6-II 'BBB-';

-- $2.5 million classes B4-I and B7-II 'BB';

-- $1.9 million class B8-II 'B'.

The 'AAA' rating on the group 1 senior certificates reflects the 8.75% total credit enhancement provided by the group 1 subordinate bonds. The 'AAA' rating on the group 2 senior certificates reflects the 5% enhancement provided by the group 2 subordinate bonds.

Fitch believes that the amount of credit enhancement will be sufficient to cover credit losses, including limited bankruptcy, fraud and special hazard losses. In addition, the ratings reflect the quality of the mortgage collateral, the strength of the legal and financial structures, and the master servicing capabilities of Aurora Loan Services, Inc., which is rated 'RMS1-' by Fitch.

The aggregate trust consists of 1,183 adjustable-rate, conventional, first lien residential mortgage loans, substantially all of which have original terms to stated maturity of 30 years. As of the cut-off date (June 1, 2006), the mortgages have an aggregate principal balance of approximately $ 1,070,863. The group 1 mortgage pool has a weighted average original loan-to-value ratio (OLTV) of 74.65%, a weighted average coupon (WAC) of 7.058%, and a weighted average remaining term (WAM) of 359. The group 2 mortgage pool has a weighted average OLTV ratio of 71.76%, a WAC of 6.258%, and a WAM of 355.

None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation' at www.fitchratings.com.

The mortgage loans were originated by various originators or acquired by various originators or their correspondents in accordance with such originator's respective underwriting standards and guidelines. The largest percentages of originations (as a percentage of the cut-off date balance) were those made by Lehman Brothers Bank, FSB (59.05% of the mortgage pool) and Wells Fargo Bank, N.A. (40.70% of the mortgage pool).

SASCO, a special purpose corporation, deposited the loans in the trust, which issued the certificates. For federal income tax purposes, an election will be made to treat the trust fund as multiple real estate mortgage investment conduits (REMICs).

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.