Item 1. Business. Item 1A.
Item 1A. Risk Factors. Item 1B.
Item 1B. Unresolved Staff Comments. Item 2.
Item 2. Properties. Item 3.
Item 3. Legal Proceedings. Item 4.
Item 4. Submission of Matters to a Vote of Security Holders. Not Applicable. Not Applicable. Not Applicable. Not Applicable. Not Applicable. None. Item 5.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities. Item 6.
Item 6. Selected Financial Data. Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Item 8.
Item 8. Financial Statements and Supplementary Data. Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Item 9A.
Item 9A. Controls and Procedures. PART II Not Applicable. Not Applicable. Not Applicable. Not Applicable. Not Applicable. Not Applicable. Not Applicable. Not Applicable. Item 9A(T). Controls and Procedures. Item 9B.
Item 9B. Other Information. None. Item 10.
Item 10. Directors and Executive Officers and Corporate Governance. Item 11.
Item 11. Executive Compensation. Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Item 13.
Item 13. Certain Relationships and Related Transactions, and Director Independence. Item 14.
Item 14. Principal Accounting Fees and Services. PART III Not Applicable. Not Applicable. Not Applicable. Not Applicable. Not Applicable.
Item 1112(b) of Regulation AB. Item 1117 of Regulation AB. Item 1119 of Regulation AB. Item 1122 of Regulation AB. Servicer Compliance Statement. Significant Obligors of Pool Assets (Financial Information). Legal Proceedings. Affiliations and Certain Relationships and Related Transactions. Compliance with Applicable Servicing Criteria Item 1123 of Regulation AB. On September 15, 2008, Lehman Brothers Holdings Inc. (the Sponsor and the Seller) filed a voluntary petition for relief
under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (In re
Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan)). Lehman
Brothers Bank, FSB (an Originator) is a wholly-owned subsidiary of Lehman Brothers Holdings Inc. Aurora Loan Services
LLC (the Servicer and Master Servicer) is a wholly-owned subsidiary of Lehman Brothers Bank, FSB. Neither Lehman
Brothers Bank, FSB nor Aurora Loan Services LLC are subject to the Lehman Brothers Holdings Inc. bankruptcy
proceedings, nor are they the subject of any type of insolvency proceeding. On February 9, 2009, Structured Asset Securities Corporation (the Depositor) filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (In re
Structured Asset Securities Corporation, 09-10558, U.S. Bankruptcy Court, Southern District of New York (Manhattan)). On October 3, 2008, Lehman Brothers Special Financing Inc. (a Cap Counterparty) filed a voluntary petition for relief
under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (In re
Lehman Brothers Special Financing Inc., 08-13888, U.S. Bankruptcy Court, Southern District of New York (Manhattan)). On January 26, 2009, the Office of Thrift Supervision (the "OTS") issued a Cease and Desist Order No. NE-09-02. On
February 4, 2009, the OTS issued a Prompt Corrective Action Directive, Order No. NE-09-03 (together with the Cease
and Desist Order, the "Enforcement Actions") notifying Lehman Brothers Bank, FSB (an Originator) (the "Bank") that it
was "significantly undercapitalized". The Enforcement Actions required, among other matters, the submission to the OTS
of an acceptable capital restoration plan, a strategic plan, and a liquidity management plan, and contained other
regulatory directives, including but not limited to a prohibition of any new commercial loan commitments, as well as
restrictions on transactions with affiliates, brokered deposits, asset growth, capital distributions, and contractual
arrangements involving compensation. On February 11, 2009, Lehman Brothers Holdings Inc. filed a motion with the
Bankruptcy Court requesting approval to provide additional capital to the Bank. On February 17, 2009, the Bankruptcy
Court granted such approval, and on February 27, the Bank entered into an agreement with Lehman Brothers Holdings
Inc. to provide such additional capital. Aurora Loan Services LLC (the Servicer and Master Servicer) is a wholly-owned
subsidiary of the Bank and, as such, could be indirectly impacted by such proceedings. None. None. Lehman Brothers Special Financing Inc. provides an Interest Rate Cap Agreement for the trust as disclosed in the 424
Prospectus. No additional disclosure is necessary because the significance percentage for the Interest Rate Cap
Agreement is less than 10%. Item 1115(b) of Regulation AB. Information required by Item 1119 has been omitted from this annual report on Form 10-K because it is materially the
same information as has been provided previously in a prospectus timely filed pursuant to Rule 424 promulgated under
the Securities Act of 1933 under the same Central Index Key (CIK) code as this annual report on Form 10-k. Reports on assessment of compliance with the servicing criteria for asset-backed securities and the related attestation
reports are attached hereto under Item 15.
Item 15. Exhibits, Financial Statement Schedules. c) Not Applicable. PART IV a) Exhibits Trust Agreement, dated as of May 1, 2008, among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National Association, as
Trustee (incorporated herein by reference from Exhibit 4.1 of the Current Report on Form 8-K of the
registrant, as filed with the Commission on June 13, 2008, Commission File Number 333-139693-24,
CIK number 0001436222). Incorporated by reference as Exhibit 4. Exhibit 4 Exhibit 10 Exhibit 33 Reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 34 Attestation reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 35 Servicer compliance statements. Exhibit 31 Rule 13a-14(d)/15d-14(d) Certifications. a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer
c) Bank of America, National Association, as successor by
merger to LaSalle Bank National Association, as Custodian
d) Newport Management Corporation, as Sub-Contractor for Aurora Loan Services LLC
e) U.S. Bank National Association, as Trustee and Custodian
f) Westlake Settlement Services, LLC, as Sub-Contractor for Aurora Loan Services LLC a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer
c) Bank of America, National Association, as successor by
merger to LaSalle Bank National Association, as Custodian
d) Newport Management Corporation, as Sub-Contractor for Aurora Loan Services LLC
e) U.S. Bank National Association, as Trustee and Custodian
f) Westlake Settlement Services, LLC, as Sub-Contractor for Aurora Loan Services LLC a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer
SIGNATURES March 27, 2009 /s/ E. Todd Whittemore E. Todd Whittemore
Executive Vice President Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized. Aurora Loan Services LLC, as Master Servicer Structured Adjustable Rate Mortgage Loan Trust, Series 2008-2 (Senior Officer in charge of the servicing function of Aurora Loan Services LLC, in its
capacity as master servicer) Title: By (Signature and Title): Name: Date
EXHIBIT INDEX EXHIBIT DESCRIPTION Trust Agreement, dated as of May 1, 2008, among Structured Asset Securities Corporation, as Depositor,
Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National Association, as
Trustee (incorporated herein by reference from Exhibit 4.1 of the Current Report on Form 8-K of the
registrant, as filed with the Commission on June 13, 2008, Commission File Number 333-139693-24, CIK
number 0001436222). Exhibit 33 Reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 34 Attestation reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 35 Servicer compliance statement. Exhibit 31 Rule 13a-14(d)/15d-14(d) Certifications. Incorporated by reference as Exhibit 4. Exhibit 4 Exhibit 10 a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer
c) Bank of America, National Association, as successor by
merger to LaSalle Bank National Association, as Custodian
d) Newport Management Corporation, as Sub-Contractor for Aurora Loan Services LLC
e) U.S. Bank National Association, as Trustee and Custodian
f) Westlake Settlement Services, LLC, as Sub-Contractor for Aurora Loan Services LLC a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer
c) Bank of America, National Association, as successor by
merger to LaSalle Bank National Association, as Custodian
d) Newport Management Corporation, as Sub-Contractor for Aurora Loan Services LLC
e) U.S. Bank National Association, as Trustee and Custodian
f) Westlake Settlement Services, LLC, as Sub-Contractor for Aurora Loan Services LLC a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer