Item 1. Business.
Not Applicable.
Item 1A.
Item 1A. Risk Factors.
Not Applicable.
Item 1B.
Item 1B. Unresolved Staff Comments.
Not Applicable.
Item 2.
Item 2. Properties.
Not Applicable.
Item 3.
Item 3. Legal Proceedings.
Not Applicable.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
Not Applicable.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Not Applicable.
Item 6.
Item 6. Selected Financial Data.
Not Applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation.
Not Applicable.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Not Applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
Not Applicable.
Item 9A.
Item 9A. Controls and Procedures.
Not Applicable.
Item 9A(T). Controls and Procedures.
Not Applicable.
Item 9B.
Item 9B. Other Information.
None.
PART III
Item 10.
Item 10. Directors, Executive Officers and Corporate.
Not Applicable.
Item 11.
Item 11. Executive Compensation.
Not Applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Not Applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
Not Applicable.
Item 14.
Item 14. Principal Accounting Fees and Services.
Not Applicable.
PART IV ADDITIONAL ITEMS required by General Instruction J
Item 1112(b) of Regulation AB. Significant Obligor Financial Information
None.
Item 1114(b)(2) and Item 1115(b) of Regulation AB. Significant Enhancement Provider Financial Information.
None.
Item 1117 of Regulation AB. Legal Proceedings.
None.
Item 1119 of Regulation AB. Affiliation and Certain Relationships and Related Transactions.
Information required by Item 1119 has been omitted from this annual report on Form 10-K because it is substantially 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.
Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.
See item 15
Item 15. Exhibits, Financial Statement Schedules.
(a) Exhibits
(4) Trust Agreement dated as of January 1, 2006, among Structured Asset Securities Corporation, as Depositor, Citibank, N.A., as Trustee and Aurora Loan Services LLC, as Master Servicer (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 February 15, 2006).
(10) Incorporated by reference at Exhibit (4).
(31) 302 Sarbanes-Oxley Certification.
(33) Item 1122(a) Reports on assessment of compliance with servicing criteria for asset backed securities. (a) Aurora Loan Services LLC, as Master Servicer (b) Aurora Loan Services LLC, as Servicer (c) Citibank, N.A., as Trustee and Paying Agent (d) LaSalle Bank National Association, as Custodian (e) SunTrust Mortgage, Inc., as Servicer (f) U.S. Bank National Association, as Custodian (g) Wells Fargo Bank, N.A., as Custodian (h) Wells Fargo Bank, N.A., as servicer (i) First American Real Estate Solutions of Texas LP, as sub-contractor for Aurora Loan Services LLC (j) Newport Management Corporation, as sub-contractor for Aurora Loan Services LLC (k) Regulus Group LLC, as sub-contractor for Wells Fargo Bank N.A. (l) ZC Sterling Insurance Agency, Inc., as sub-contractor for SunTrust Mortgage, Inc. and Wells Fargo Bank N.A.
(34) Item 1122(b) Attestation Report on Assessment of Compliance with Servicing Criteria for Asset Backed Securities. (a) Aurora Loan Services LLC, as Master Servicer (b) Aurora Loan Services LLC, as Servicer (c) Citibank, N.A., as Trustee and Paying Agent (d) LaSalle Bank National Association, as Custodian (e) SunTrust Mortgage, Inc., as Servicer (f) U.S. Bank National Association, as Custodian (g) Wells Fargo Bank, N.A., as Custodian (h) Wells Fargo Bank, N.A., as servicer (i) First American Real Estate Solutions of Texas LP, as sub-contractor for Aurora Loan Services LLC (j) Newport Management Corporation, as sub-contractor for Aurora Loan Services LLC (k) Regulus Group LLC, as sub-contractor for Wells Fargo Bank N.A. (l) ZC Sterling Insurance Agency, Inc., as sub-contractor for SunTrust Mortgage, Inc. and Wells Fargo Bank N.A.
(35) Servicer Compliance Statement. (a) Aurora Loan Services LLC, as Master Servicer (b) Aurora Loan Services LLC, as Servicer (c) SunTrust Mortgage, Inc., as Servicer (d) Wells Fargo Bank, N.A., as servicer
(b) The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index above.
(c) Not Applicable.
SIGNATURES
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.
(Registrant) Lehman XS Trust 2006-1 ------------------------------------------------------------------
By: /s/ E. Todd Whittemore -------------------------------------------------------- E. Todd Whittemore Executive Vice President Aurora Loan Services LLC as Master Servicer
Date: March 30, 2007
Exhibit Index
Exhibit No.
(4) Trust Agreement dated as of January 1, 2006, among Structured Asset Securities Corporation, as Depositor, Citibank, N.A., as Trustee and Aurora Loan Services LLC, as Master Servicer (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 February 15, 2006).
(10) Incorporated by reference at Exhibit (4).
(31) 302 Sarbanes-Oxley Certification.
(33) Item 1122(a) Reports on assessment of compliance with servicing criteria for asset backed securities. (a) Aurora Loan Services LLC, as Master Servicer (b) Aurora Loan Services LLC, as Servicer (c) Citibank, N.A., as Trustee and Paying Agent (d) LaSalle Bank National Association, as Custodian (e) SunTrust Mortgage, Inc., as Servicer (f) U.S. Bank National Association, as Custodian (g) Wells Fargo Bank, N.A., as Custodian (h) Wells Fargo Bank, N.A., as servicer (i) First American Real Estate Solutions of Texas LP, as sub-contractor for Aurora Loan Services LLC (j) Newport Management Corporation, as sub-contractor for Aurora Loan Services LLC (k) Regulus Group LLC, as sub-contractor for Wells Fargo Bank N.A. (l) ZC Sterling Insurance Agency, Inc., as sub-contractor for SunTrust Mortgage, Inc. and Wells Fargo Bank N.A.
(34) Item 1122(b) Attestation Report on Assessment of Compliance with Servicing Criteria for Asset Backed Securities. (a) Aurora Loan Services LLC, as Master Servicer (b) Aurora Loan Services LLC, as Servicer (c) Citibank, N.A., as Trustee and Paying Agent (d) LaSalle Bank National Association, as Custodian (e) SunTrust Mortgage, Inc., as Servicer (f) U.S. Bank National Association, as Custodian (g) Wells Fargo Bank, N.A., as Custodian (h) Wells Fargo Bank, N.A., as servicer (i) First American Real Estate Solutions of Texas LP, as sub-contractor for Aurora Loan Services LLC (j) Newport Management Corporation, as sub-contractor for Aurora Loan Services LLC (k) Regulus Group LLC, as sub-contractor for Wells Fargo Bank N.A. (l) ZC Sterling Insurance Agency, Inc., as sub-contractor for SunTrust Mortgage, Inc. and Wells Fargo Bank N.A.
(35) Servicer Compliance Statement. (a) Aurora Loan Services LLC, as Master Servicer (b) Aurora Loan Services LLC, as Servicer (c) SunTrust Mortgage, Inc., as Servicer (d) Wells Fargo Bank, N.A., as servicer
Ex-31 302 Sarbanes-Oxley Certification
I, E. Todd Whittemore, certify that:
1. I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Lehman XS Trust 2006-1, (the "Exchange Act periodic reports");
2. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;
4. I am responsible for reviewing the activities performed by the servicers and based on my knowledge and the compliance reviews conducted in preparing the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in all material respects; and
5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.
In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Citibank N.A., as Trustee and Paying Agent; LaSalle Bank National Association, as Custodian; SunTrust Mortgage, Inc., as Servicer; U.S. Bank National Association, as Custodian; Wells Fargo Bank, N.A., as Custodian; Wells Fargo Bank, N.A., as servicer; First American Real Estate Solutions of Texas LP, as sub-contractor for Aurora Loan Services LLC; Newport Management Corporation, as sub-contractor for Aurora Loan Services LLC; Regulus Group LLC, as sub-contractor for Wells Fargo Bank N.A.; ZC Sterling Insurance Agency, Inc., as sub-contractor for SunTrust Mortgage, Inc. and Wells Fargo Bank N.A.
Dated: March 30, 2007
By : /s/ E. Todd Whittemore -------------------------------------------------------- E. Todd Whittemore Executive Vice President
Ex-33 (a)
Ex-33 (b)
Ex-33 (c)
Ex-33 (d)
Ex-33 (e)
Ex-33 (f)
Ex-33 (g)
Ex-33 (h)
Ex-33 (i)
Ex-33 (j)
Ex-33 (k)
Ex-33 (l)
Ex-34 (a)
Ex-34 (b)
Ex-34 (c)
Ex-34 (d)
Ex-34 (e)
Ex-34 (f)
Ex-34 (g)
Ex-34 (h)
Ex-34 (i)
Ex-34 (j)
Ex-34 (k)
Ex-34 (l)
Ex-35 (a)
Ex-35 (b)
Ex-35 (c)
Ex-35 (d)