Fitch Rates $536MM Structured Asset Securities Mortgage Pass-Through Certificates, Series 2005-S3

Structured Asset Securities Corp. $536 million mortgage pass-through certificates, series 2005-S3, are rated by Fitch Ratings as follows:

-- $393.8 million classes A-1 and A-2 'AAA';

-- $20.9 million class M1 'AA+';

-- $19.8 million class M2 'AA';

-- $12.5 million class M3 'AA-';

-- $11.7 million class M4 'A+';

-- $11.1 million class M5 'A';

-- $10.3 million class M6 'A-';

-- $9.2 million class M7 'BBB+';

-- $8.4 million class M8 'BBB+';

-- $7.5 million class M9 'BBB';

-- $9.2 million class M10 'BBB';

-- $7.8 million class M11 'BBB-';

-- $7.5 million class B1 'BB+';

-- $7.0 million class B2 'BB'.

The 'AAA' rating on the class A-1 and A-2 certificates reflects the 29.25% total credit enhancement provided by the 3.75% class M1, the 3.55% class M2, the 2.25% class M3, the 2.10% class M4, the 2.00% class M5, the 1.85% class M6, the 1.65% class M7, the 1.50% class M8, the 1.35% class M9, the 1.65% class M10, the 1.40% class M11, the 1.35% non-offered class B1, and the 1.25% non-offered class B2, as well as the 3.60% target overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. The ratings also reflect the quality of the loans, the soundness of the legal and financial structures, and the capabilities of Aurora Loan Services LLC as master servicer. U.S. Bank, N.A., rated 'AA-' by Fitch, will act as trustee.

On the closing date, the trust fund will consist of a pool of conventional, second lien, fixed-rate, fully amortizing and balloon, residential mortgage loans with a total principal balance as of the cut-off date of approximately $556,661,660. All of the mortgage loans are fixed-rate mortgage loans. The weighted average loan rate is approximately 10.12%. The weighted average remaining term to maturity is 265 months. The average principal balance of the loans is approximately $46,135. The weighted average combined loan-to-value ratio is 98.11%. The properties are primarily located in California (28.71%), Florida (8.20%), and New York (5.61%). Approximately 98.15% of the mortgage loans are 80 plus LTV Loans.

Approximately 29.17% of the mortgage loans were acquired by Lehman Brothers Holdings Inc. from Aurora Loan Services LLC and 22.37% from Option One Mortgage Corporation.

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 are available on the agency's public web site, 'www.fitchratings.com'. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.