Fitch Affirms 7 RMBS Classes From Structured Asset Security Corp. Series 2004-9XS

Business Wire, Jan 30, 2006

NEW YORK -- Fitch Ratings has affirmed the ratings on the following Structured Asset Security Corp. issue:

Series 2004-9XS

--Class 1-A at 'AAA';

--Class 1-M-1 at 'AA ';

--Class 1-M-2 at 'A ';

--Class 2-A at 'AAA';

--Class 2-M-1 at 'AA ';

--Class 2-M-2 at 'AA-';

--Class M-3 at 'BBB '.

The mortgage pools consist of primarily 30-year fixed-rate mortgages extended to Alt-A borrowers. Classes 1-A2B, 1-A3B, 1-A5, and 1-A6 benefit from additional credit enhancement provided by a guaranty from MBIA (rated 'AAA' by Fitch).

As of the December 2005 distribution date, the transaction is seasoned only 20 months, and the weighted average pool factor (current mortgage loan principal outstanding as a percentage of the initial pool) is approximately 60%.

The affirmations reflect a stable relationship between credit enhancement and future loss expectations and affect approximately $284.41 million of outstanding certificates. Collateral losses to date have been within expectations. The collateral pools have a weighted average cumulative loss of approximately 12 basis points. The credit enhancement (CE) levels for all classes have increased to approximately 1.5 times (x) their original levels. The class M-3 bond is a component bond, with a portion of its principal and interest derived from group 1 loans, and a portion from group 2 loans. All other classes receive principal and interest only from the loans contained in their respective groups.

All of the mortgage loans were acquired by Lehman Brothers Holdings, Inc. either directly from the originators or from Lehman Brothers Bank, FSB. Approximately 74.4% of the loans were originated by Aurora Loan Services Inc., 17.12% were originated by SIB Mortgage Corp., while the rest were originated by various other banks and mortgage lending institutions. The loans are master serviced by Aurora Loan Services, Inc. (rated 'RMS1-' by Fitch), and are additionally serviced by Colonial Savings, F.A. (not rated by Fitch), GreenPoint Mortgage Funding, Inc. (rated 'RPS2' for Alt-A loans by Fitch), Wells Fargo Home Mortgage, Inc. (rated 'RPS1' for Alt-A loans by Fitch), and National City Mortgage Corp. (rated 'RPS2' for Alt-A loans by Fitch)

Fitch will continue to closely monitor these transactions. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com.

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.