Structured Asset Securities Corp – ‘424B5’ on 3/14/01

On:  Wednesday, 3/14/01, at 4:44pm ET   ·   Accession #:  905148-1-565   ·   File #:  333-35026

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Prospectus   —   Rule 424(b)(5)
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 424B5       T:\Edgar2001\Hathcock\Arc.Txt                          3±    11K 


SUPPLEMENT dated March 8, 2001                                                  
(To Prospectus Supplement Dated March 1, 2001                                   
to Prospectus Dated January 26, 2001)                                           

$217,850,000 (Approximate)  

AMORTIZING RESIDENTIAL COLLATERAL TRUST 
Mortgage Pass-Through Certificates, Series 2001-BC1 

The third paragraph under the heading "Description of the     
Certificates--Credit Enhancement--Overcollateralization" beginning on page      
S-25 of the accompanying Prospectus Supplement is hereby replaced in its        
entirety with the following:                                                    

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  The sum of Monthly Excess Interest and the Overcollateralization
Release Amount for any Distribution Date will be the "Monthly Excess Cashflow"  
for that date, which will, on each Distribution Date, be distributed in the     
following order of priority:                                                    

      (1) for each Distribution Date occurring prior to the Distribution
Date in December 2001, until the total Certificate Principal Amount of
all of the Offered Certificates equals the Total Loan Balance for that
Distribution Date,                                                    

            (a) after giving effect to previous principal distributions on
     that Distribution Date, to the Class A1 Certificates, until their
Class Principal Amount has been reduced to zero;            

           (b) to the Class M1 Certificates, until their Class Principal
Amount has been reduced to zero;                            

           (c) to the Class M2 Certificates, until their Class Principal
Amount has been reduced to zero; and                        

          (d) to the Class B Certificates, until their Class Principal
Amount has been reduced to zero;                            

(2) for each Distribution Date occurring (a) on or after the
   Distribution Date in December 2001 but before the Stepdown Date or (b) on
   or after the Stepdown Date but for which a Trigger Event has occurred, in
each case until the total Certificate Principal Amount of all of the  
  Offered Certificates equals the Total Loan Balance for that Distribution
Date minus the Targeted Overcollateralization Amount for that date, to
the extent of Monthly Excess Interest, to the Offered Certificates, in
the following order of priority:                                      

           (a) to the Class A1 Certificates, until their Class Principal
Amount has been reduced to zero;                            

           (b) to the Class M1 Certificates, until their Class Principal
Amount has been reduced to zero;                            

           (c) to the Class M2 Certificates, until their Class Principal
Amount has been reduced to zero; and                        

          (d) to the Class B Certificates, until their Class Principal
Amount has been reduced to zero;                            

     (3) for each Distribution Date occurring on or after the Stepdown
Date and for which a Trigger Event is not in effect,                  

            (a) so long as the Class M1, Class M2, or Class B Certificates
     are outstanding, to the Class A1 Certificates, an amount equal to
        the lesser of (x) Monthly Excess Cashflow for such Distribution Date
     and (y) the Senior Principal Distribution Amount remaining unpaid
   after distribution of the Principal Distribution Amount on such
     date, in each case until the Class Principal Amount of such Class
      has been reduced to zero; otherwise, to the Class A1 Certificates,
 the Principal Distribution Amount for such Distribution Date;

             (b) to the Class M1 Certificates, an amount equal to the lesser
       of (x) the amount, if any, by which (a) Monthly Excess Cashflow for
    such Distribution Date exceeds (b) the amount distributed to the
        Class A1 Certificates on such date pursuant to clause (a) above, and
    (y) the M1 Principal Distribution Amount for such date remaining
     unpaid after distribution of the Principal Distribution Amount on
      such date, until the Class Principal Amount of such Class has been
reduced to zero;                                            

             (c) to the Class M2 Certificates, an amount equal to the lesser
       of (x) the amount, if any, by which (a) Monthly Excess Cashflow for
    such Distribution Date exceeds (b) the amount distributed to the
    Class A1 Certificates and the Class M1 Certificates on such date
       pursuant to clauses (a) and (b) above, respectively, and (y) the M2
      Principal Distribution Amount for such date remaining unpaid after
   distribution of the Principal Distribution Amount on such date,
      until the Class Principal Amount of such Class has been reduced to
zero;                                                       

            (d) to the Class B Certificates, an amount equal to the lesser
       of (x) the amount, if any, by which (a) Monthly Excess Cashflow for
    such Distribution Date exceeds (b) the amount distributed to the
     Class A1 Certificates, the Class M1 Certificates and the Class M2
  Certificates on such date pursuant to clauses (a), (b) and (c)
        above, respectively, and (y) the B Principal Distribution Amount for
  such date remaining unpaid after distribution of the Principal
      Distribution Amount on such date, until the Class Principal Amount
of such Class has been reduced to zero;                     

(4) to the Class A1 Certificates, any applicable Basis Risk 
Shortfall and Unpaid Basis Risk Shortfall;                            

(5) to the Class M1 Certificates, any applicable Basis Risk 
Shortfall and Unpaid Basis Risk Shortfall;                            

(6) to the Class M2 Certificates, any applicable Basis Risk 
Shortfall and Unpaid Basis Risk Shortfall;                            

        (7) to the Class B Certificates, any applicable Basis Risk Shortfall
and Unpaid Basis Risk Shortfall;                                      

        (8) to the Class M1 Certificates, any Carryforward Interest for that
Class;                                                                

     (9) to the Class M1 Certificates, any Deferred Amount (as defined
below) for that Class;                                                

    (10) to the Class M2 Certificates, any Carryforward Interest for
that Class;                                                           

   (11) to the Class M2 Certificates, any Deferred Amount for that
Class;                                                                

        (12) to the Class B Certificates, any Carryforward Interest for that
Class;                                                                

  (13) to the Class B Certificates, any Deferred Amount for that
Class;                                                                

       (14) to the Basis Risk Reserve Fund, any amounts required under the
Trust Agreement to be deposited therein;                              

     (15) to the Class X Certificate, the amount distributable thereon
under the Trust Agreement; and                                        

(16) to the Class R Certificate, any remaining amount.      

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 Capitalized terms used but not defined herein have the meanings
assigned to them in the accompanying prospectus supplement.                     

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘424B5’ Filing		Date		Other Filings
Filed on:		3/14/01
		3/8/01
		3/1/01		424B5
		1/26/01		8-K
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