Fitch Rates $925.5 Million Structured Asset Securities Corp. Mtge P-T Ctfs, Series 2006-OPT1.

NEW YORK -- Fitch rates Structured Asset Securities Corp.'s $925.5 million mortgage pass-through certificates, Series 2006-OPT1, which closed on April 28, 2006, as follows:

--$744.6 million classes A1 to A6 'AAA',

--$68.0 million class M1 'AA',

--$20.3 million class M2 'AA',

--$16.5 million class M3 'A+',

--$16.1 million class M4 'A',

--$15.1 million class M5 'A-',

--$14.2 million class M6 'BBB+',

--$12.7 million class M7 'BBB',

--$8.5 million class M8 'BBB-',

--$9.4 million class B (privately offered) 'BB+'

The 'AAA' rating on the class A1 to A6 senior certificates reflects the 21.15% total credit enhancement provided by the 7.20% class M1, the 2.15% class M2, the 1.75% class M3, the 1.70% class M4, the 1.60% class M5, the 1.50% class M6, the 1.35% class M7, the 0.90% class M8, the 1.00% privately offered class B and the 2.00% initial and target over-collateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans, the integrity of the transaction's legal structure as well as the capabilities of Option One Mortgage Corporation as servicer. Wells Fargo Bank, N.A. is the trustee.

The certificates are supported by two collateral groups. Group I Mortgage Loans consists of fixed-rate and adjustable-rate mortgage loans with a cut-off principal balance of $337,754,208 that conforms to Fannie Mae and Freddie Mac loan limits. Approximately 18.90% of the mortgage loans are fixed-rate mortgage loans and 81.10% are adjustable-rate mortgage loans. The weighted average loan rate is 8.166% and the weighted average remaining term to maturity is 357 months. The average outstanding principal balance of the loans is $180,135, the weighted average original combined loan-to-value ratio (CLTV) of 81.19% and the weighted average credit score is 626. The properties are primarily located in California (22.68%), New York (11.15%) and Florida (9.45%).

Group II Mortgage Loans consists of fixed-rate and adjustable-rate mortgage loans with a cut-off principal balance of $606,619,756 that may or may not conform to Fannie Mae and Freddie Mac loan limits. Approximately 18.38% of the mortgage loans are fixed-rate mortgage loans and 81.62% are adjustable-rate mortgage loans. The weighted average loan rate is 8.339% and the weighted average remaining term to maturity is 356 months. The average outstanding principal balance of the loans is $211,808, the weighted average original combined loan-to-value ratio of 80.30% and the weighted average credit score is 623. The properties are primarily located in California (29.91%), Florida (11.05%) and New York (9.14%).

All of the mortgage loans were originated by Option One Mortgage Corporation. Incorporated in 1992, Option One began originating and servicing subprime loans in February 1993. Option One is a subsidiary of Block Financial, which is a subsidiary of H&R Block, Inc. For federal income tax purposes, multiple real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust estate.

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.