UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

[X]   Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
      Exchange Act of 1934 for the fiscal year ended December 31, 2005

[ ]   Transition report pursuant to Section 13 or 15(d) of the
      Securities Exchange Act of 1934 for the transition period from __  to __

Commission File Number 333-120575-25


                    Structured Asset Securities Corporation
             (Exact name of registrant as specified in its charter)

                 Structured Adjustable Rate Mortgage Loan Trust
                Mortgage Pass-Through Certificates Series 2005-5
           (Exact name of issuing entity as specified in its charter)

         Delaware                                           74-2440850
State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization                            Identification No.)


745 Seventh Avenue, 7th Floor
New York, NY                                              10019
(Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code: (212) 526-7000

                          Lehman Brothers Holdings Inc.
               (Exact name of sponsor as specified in its charter)

Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.  Yes [ ]  No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.  Yes [  ]   No [X]

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K (229.405 of this chapter) is not contained  herein,  and will
not be contained,  to the best of registrant's knowledge, in definitive proxy or
information  statements  incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12-b-2 of the Exchange Act.

Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [X]

Indicate by check mark whether the registrant is a shell company (as
defined in Exchange Act Rule 12b-2). Yes  No [X]

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates  computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common  equity,  as of
the last business day of the registrant's most recently  completed second fiscal
quarter.   Not Applicable.

Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.  Not Applicable.

Documents incorporated by reference:  None

<PAGE>

Item 1.  Business.

         Not Applicable.

Item 1A. Risk Factors.

         Not Applicable.

Item 1B. Unresolved Staff Comments.

         None.

Item 2.  Properties.

         Not Applicable.

Item 3.  Legal Proceedings.

         The Registrant knows of no material pending legal proceedings
         involving the trust created under the Trust Agreement, the Trustee,
         any Master Servicer or the Registrant with respect to the trust other
         than routine litigation incidental to the duties of the respective
         parties.

Item 4.  Submission of Matters to a Vote of Security Holders.

         None.


PART II

Item 5.  Market for Registrant's Common Equity, Related Stockholder Matters and
         Issuer Purchases of Equity Securities.

         Currently, there is no established secondary market for the
         Certificates known to the Registrant. As of December 31, 2005, the
         number of holders of each class of offered certificates was 21 based
         on records provided by DTC.

Item 6.  Selected Financial Data.

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial Condition and
         Results of Operation.

         Not Applicable.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data.

         Not Applicable.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure.

         None.

Item 9A. Controls and Procedures.

         Not Applicable.

Item 9B. Other Information.

         Not Applicable

                                      -2-
<PAGE>

PART III

Item 10. Directors and Executive Officers of the Registrant.

         Not Applicable.

Item 11. Executive Compensation.

         Not Applicable.

Item 12. Security Ownership of Certain Beneficial Owners and Management and
         Related Stockholder Matters.

         Not Applicable.

Item 13. Certain Relationships and Related Transactions.

         No reportable transactions have occurred.

Item 14. Principal Accounting Fees and Services.

         Not Applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this report:

    (1)  Financial Statements:

         Not Applicable.

    (2)  Financial Statement Schedules:

         Not Applicable.

    (3)  Exhibits:

         Rule 13a-14(a)/15d-14(a) Certification, filed as 31.1 hereto.

         Annual Independent Accountants' Servicing Report, filed as
         Exhibit 99.1 hereto.

         Report of Management as to Compliance with Minimum Servicing Standards,
         filed as Exhibit 99.2 hereto.

         Annual Statement as to Compliance, filed as Exhibit 99.3 hereto.

         Aggregate Statement of Principal and Interest Distributions to
         Certificateholders as of December 31, 2005, filed as
         Exhibit 99.4 hereto.


(b) Exhibits to this report are listed in Item (15)(a)(3) above.

(c) Not Applicable.
                                      -3-

<PAGE>

Structured  Adjustable  Rate  Mortgage  Loan Trust
Mortgage Pass-Through Certificates Series 2005-5
-----------------------------------------------------------------------------

SIGNATURE

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.


                                 By:  Aurora Loan Services LLC,
                                        as Master Servicer

                                        /s/ E. Todd Whittemore
                                        --------------------------------------
                               Name:  E. Todd Whittemore
                              Title:  Executive Vice President

                               Date:  March 29, 2006

                                      -4-
<PAGE>



SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -5-
<PAGE>


                                 EXHIBIT INDEX

Exhibit Description

31.1    Rule 13a-14(a)/15d-14(a) Certification

99.1    Annual Independent Accountants' Servicing Report

        Aurora Loan Services LLC, as Servicer
        Bank of America, N.A., as Servicer
        CitiMortgage, Inc., as Servicer
        Colonial Savings, F.A., as Servicer
        Countrywide Home Loans Servicing LP, as Servicer
        GreenPoint Mortgage Funding, Inc., as Servicer
        National City Mortgage Co., as Servicer
        Wells Fargo Bank, N.A., as Servicer

99.2    Report of Management as to Compliance with Minimum Servicing Standards

        Aurora Loan Services LLC, as Servicer
        Bank of America, N.A., as Servicer
        CitiMortgage, Inc., as Servicer
        Colonial Savings, F.A., as Servicer
        Countrywide Home Loans Servicing LP, as Servicer
        GreenPoint Mortgage Funding, Inc., as Servicer
        National City Mortgage Co., as Servicer
        Wells Fargo Bank, N.A., as Servicer

99.3    Annual Statement as to Compliance

        Aurora Loan Services LLC, as Master Servicer


                                      -6-
<PAGE>

                                  Exhbit 31.1
                     Rule 13a-14(a)/15d-14(a) Certification
                               ------------------


                                  Certification
                 Structured Adjustable Rate Mortgage Loan Trust
               Mortgage Pass-Through Certificates Series 2005-5

     I, E. Todd  Whittemore,  Executive  Vice  President of Aurora Loan Services
LLC, certify that:

     1. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K  containing  distribution  or servicing  reports filed in respect of periods
included in the year covered by this annual  report,  of  Structured  Adjustable
Rate Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2005-5;

     2. Based on my knowledge,  the  information  in these  reports,  taken as a
whole, does 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 as of the
last day of the period covered by this annual report;

     3.  Based  on my  knowledge,  the  distribution  or  servicing  information
required to be provided to the trustee by the master  servicer under the pooling
and servicing, or similar, agreement, for inclusion in these reports is included
in these reports;

     4. I am responsible  for reviewing the  activities  performed by the master
servicer under the pooling and servicing,  or similar,  agreement and based upon
my knowledge and the annual compliance review required under that agreement, and
except as disclosed  in the  reports,  the master  servicer  has  fulfilled  its
obligations under that agreement; and

     5. The  reports  disclose  all  significant  deficiencies  relating  to the
servicer's compliance with the minimum servicing standards based upon the report
provided by an  independent  public  accountant,  after  conducting  a review in
compliance with the Uniform Single  Attestation  Program for Mortgage Bankers or
similar  procedure,  as set forth in the  pooling  and  servicing,  or  similar,
agreement, that is included in these reports.

     In giving the certifications above, I have reasonably relied on information
provided to me by the following  unaffiliated  parties:  Bank of America,  N.A.,
CitiMortgage, Inc., Colonial Savings, F.A., Countrywide Home Loans Servicing LP,
GreenPoint  Mortgage Funding,  Inc., National City Mortgage Co., and Wells Fargo
Bank, N.A., as Servicers, and JPMorgan Chase Bank, N.A., as Trustee.

  By: /s/ E. Todd Whittemore
      ------------------------
     E. Todd Whittemore
     Executive Vice President
     Aurora Loan Services LLC

Date:  March 29, 2006


                                      -7-
<PAGE>

                                  EXHIBIT 99.1
                Annual Independent Accountants' Servicing Report
                                ----------------

                          Ernst & Young LLP               Phone:  (720) 931-4000
                          Suite 3300                      Fax:    (720) 931-4444
                          370 17th Street                 www.ey.com
                          Denver, Colorado  80202-5663


                       Report on Management's Assertion on
   Compliance With the Specified Minimum Servicing Standards Set Forth in the
            Uniform Single Attestation Program for Mortgage Bankers


            Report of Independent Registered Public Accounting Firm

Member
Aurora Loan Services LLC

We have examined  management's  assertion,  included in the accompanying  report
titled  Report of  Management,  that Aurora Loan  Services  LLC (the  "Company")
complied with the  servicing  standards  identified in Exhibit A (the  specified
minimum  servicing  standards) to the Report of  Management  as set forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage  Bankers (USAP) during the year ended November 30, 2005.  Management is
responsible for the Company's  compliance with those specified minimum servicing
standards. Our responsibility is to express an opinion on management's assertion
about the Company's compliance based on our examination.

Our  examination  was  made in  accordance  with  standards  established  by the
American  Institute of Certified Public Accountants and,  accordingly,  included
examining,  on a test basis,  evidence about the Company's  compliance  with the
specified minimum servicing standards and performing such other procedures as we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal  determination  on the Company's  compliance  with the  specified  minimum
servicing standards.

In our  opinion,  management's  assertion  that the  Company  complied  with the
aforementioned  specified  minimum  servicing  standards  during  the year ended
November 30, 2005, is fairly stated, in all material respects.


/s/ Ernst & Young LLP
--------------------
Ernst & Young LLP
February 17, 2006

                                      -8-

<page>

PricewaterhouseCoopers LLP
214 N. Tryon Street
Suite 3600
Charlotte, NC  28202
Telephone:  (704) 344-7500
Facsimile:  (704) 344-4100


             Report of Independent Registered Public Accounting Firm


To the Board of Directors and Shareholder
of Bank of America, N.A.

We have examined management's assertion concerning the mortgage division of Bank
of America,  N.A.'s (the "Company"),  an operating  division of Bank of America,
N.A., compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers  ("USAP") as of and for the year ended December 31, 2005 included in the
accompanying management assertion (see Exhibit 1). Management is responsible for
the  Company's   compliance  with  those  minimum   servicing   standards.   Our
responsibility  is to express an opinion  on  management's  assertion  about the
Company's compliance based on our examination.

Our examination  was made in accordance  with standards  established by the
American  Institute of Certified Public Accountants and,  accordingly,  included
examining,  on a test basis,  evidence about the Company's  compliance  with the
minimum  servicing   standards  and  performing  such other  procedures  as  we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal  determination  on the  Company's  compliance  with the minimum  servicing
standards.

In our opinion,  management's  assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2005 is fairly stated, in all material respects.


/s/ PricewaterhouseCoopers, LLC
------------------------------------
March 17, 2006


                                      -9-

<page>

KPMG             KPMG LLP
                 Suite 900                          Telephone  314-444-1400
                 10 South Broadway                  Fax        314-444-1470
                 St. Louis, MO  63102-1761          Internet www.us.kpmg.com


                        Independent Accountants' Report

The Boards of Directors
CitiMortgage, Inc. and CitiMortgage Asset Management, Inc.:

We have examined management's assertion, included in the accompanying management
assertion,  that  CitiMortgage,  Inc. and subsidiaries  and  CitiMortgage  Asset
Management,  Inc. (collectively  referred to as the Company),  complied with the
minimum  servicing  standards set forth in the Mortgage  Bankers  Association of
America's Uniform Single Attestation Program for Mortgage Bankers, as of and for
the year ended December 31, 2005.  Management is  responsible  for the Company's
compliance with those minimum  servicing  standards.  Our  responsibility  is to
express an opinion on  management's  assertion  about the  Company's  compliance
based on our examination.

Our  examination  was  conducted  in  accordance  with   attestation   standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,  included examining,  on a test basis, evidence about the Company's
compliance with the minimum servicing  standards  specified above and performing
such other  procedures  as we  considered  necessary  in the  circumstances.  We
believe that our examination  provides a reasonable  basis for our opinion.  Our
examination does not provide a legal  determination on the Company's  compliance
with the minimum servicing standards.

In our  opinion,  management's  assertion  that the  Company  complied  with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2005, is fairly stated, in all material respects.


/s/  KPMG LLP
--------------------
St. Louis, Missouri
March 3, 2006

                                      -10-
<page>



                       PAYNE FALKNER SMITH & JONES, P.C.
                       ---------------------------------
                          Certified Public Accountants


Report of Independent Auditors on Compliance with Requirements of the Uniform
                 Single Attestation Program for Mortgage Bankers


Board of Directors and Stockholder
of Colonial Savings, F.A.

We examined  management's  assertion about Colonial Savings,  F.A.  ("Colonial")
compliance  with the minimum  servicing  standards  identified  in the  Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers  ("USAP") as of and for the year ended  September 30, 2005,  included in
the accompanying management's assertion about Colonial's compliance based on our
examination.

Our examination was made in accordance with attestation standards established by
the  American  Institute  of  Certified  Public  Accountants  and,  accordingly,
included examining,  on a test basis,  evidence about Colonial's compliance with
the minimum  servicing  standards  and  performing  such other  procedures as we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal  determination  on  Colonial's   compliance  with  the  minimum  servicing
standards.

In  our  opinion,   management's  assertion  that  Colonial  complied  with  the
aforementioned  minimum  servicing  standards  as of  and  for  the  year  ended
September 30, 2005, is fairly stated, in all material aspects.

/s/ Payne Falkner Smith & Jones, P.C.
    ---------------------------------
    Payne Falkner Smith & Jones, P.C.

November 28, 2006

                                      -11-

<page>
                       KPMG LLP                      Telephone  213 972 4000
                        Suite 2000                    Fax        213 822 1217
                        355 South Grand Avenue        Internet   www.us.kpmg.com
                        Los Angeles, CA  90071


                        Independent Accountants' Report

Board of Directors
Countrywide Financial Corporation:

We have examined management's assertion, included in the accompanying Management
Assertion,  that Countrywide Financial  Corporation and subsidiaries,  including
its  wholly-owned   subsidiary   Countrywide  Home  Loans,  Inc.  ("CHL"),   and
Countrywide  Home Loans  Servicing,  L.P.,  a  wholly-owned  subsidiary  of CHL,
(collectively,  the "Company") complied with the minimum servicing standards set
forth  in  the  Mortgage  Bankers   Association  of  America's   Uniform  Single
Attestation  Program for  Mortgage  Bankers  (USAP) as of and for the year ended
December 31, 2005.  Management is responsible for the Company's  compliance with
those minimum servicing  standards.  Our responsibility is to express an opinion
on  management's   assertion  about  the  Company's   compliance  based  on  our
examination.

Our  examination  was  conducted  in  accordance  with   attestation   standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,  included examining,  on a test basis, evidence about the Company's
compliance with the minimum servicing  standards  specified above and performing
such other  procedures  as we  considered  necessary  in the  circumstances.  We
believe that our examination  provides a reasonable  basis for our opinion.  Our
examination does not provide a legal  determination on the Company's  compliance
with the minimum servicing standards.

In our opinion,  management's  assertion that Countrywide  Financial Corporation
and subsidiaries, including its wholly-owned subsidiary, Countrywide Home Loans,
Inc.  ("CHL"),  and  Countrywide  Home Loans  Servicing,  L.P.,  a  wholly-owned
subsidiary of CHL, complied with the aforementioned  minimum servicing standards
as of and for year ended  December  31, 2005 is fairly  stated,  in all material
respects.


/s/ KPMG LLP
---------------------------
March 3, 2006


                                      -12-
<page>

KPMG LLP
55 Second Street
San Francisco, CA  94105


                        Independent Accountants' Report

The Board of Directors
North Fork Bancorporation, Inc.:

We have examined management's assertion, included in the accompanying Management
Assertion,  that GreenPoint Mortgage Funding, Inc., a wholly owned subsidiary of
North Fork  Bancorporation,  Inc., complied with the minimum servicing standards
set forth in the  Mortgage  Bankers  Association  of  America's  Uniform  Single
Attestation  Program for  Mortgage  Bankers  (USAP) as of and for the year ended
December 31, 2005.  Management is responsible for GreenPoint  Mortgage  Funding,
Inc.'s compliance with those minimum servicing standards.  Our responsibility is
to express  an  opinion on  management's  assertion  about  GreenPoint  Mortgage
Funding, Inc.'s compliance based on our examination.

Our  examination  was  conducted  in  accordance  with   attestation   standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,  included  examining,  on a test basis,  evidence about  GreenPoint
Mortgage  Funding,  Inc.'s  compliance  with  the  minimum  servicing  standards
specified above and performing such other procedures as we considered  necessary
in the  circumstances.  We believe  that our  examination  provides a reasonable
basis for our opinion. Our examination does not provide a legal determination on
GreenPoint  Mortgage  Funding,  Inc.'s  compliance  with the  minimum  servicing
standards.

Our  examination  disclosed the following  material  noncompliance  with minimum
servicing  standards  over  custodial bank accounts as of and for the year ended
December 31, 2005.  Certain  custodial  bank  account  reconciliations  were not
prepared  and  reviewed  on a timely  basis.  In  addition,  there  are  certain
custodial bank accounts that have reconciling  items that have not been resolved
within 90 calendar days of their original identification.

In our  opinion,  except for the material  noncompliance  described in the third
paragraph, GreenPoint Mortgage Funding, Inc. complied, in all material respects,
with the aforementioned  minimum servicing  standards as of and for the
year ended December 31, 2005.


 /s/ KPMG LP
-----------------
February 21, 2006

                                      -13-
<page>

                         Ernst & Young LLP              Phone (216) 861-5000
                         Suite 1300                      www.ey.com
                         Cleveland, Ohio

                 Report on Management's Assertion on Compliance
         with the Specified Minimum Servicing Standards Set Forth in the
             Uniform Single Attestation Program for Mortgage Bankers

                        Report of Independent Accountants


Board of Directors
National City Mortgage Co.

We have examined  management's  assertion,  included in the accompanying  report
titled Report of Management, that National City Mortgage Co. (NCM) complied with
the  minimum  servicing  standards  identified  in  Exhibit  A to the  Report of
Management  (the  specific  minimum  servicing  standards)  as set  forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage  Bankers  during  the  year-ended  December  31,  2005.  Management  is
responsible for NCM's compliance with the specified minimum servicing standards.
Our  responsibility  is to express an opinion on management's  assertions  about
NCM's compliance based on our examination.

Our examination was made in accordance with attestation standards established by
the Public Company Accounting Oversight Board (United States) and,  accordingly,
included  examining,  on a test basis,  evidence about NCM's compliance with the
specified minimum servicing standards and performing such other procedures as we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal  determination  on  NCM's  compliance  with  specified  minimum  servicing
standards.

In our opinion, management's assertion that NCM complied with the aforementioned
specified minimum  servicing  standards during the year ended December 31, 2005,
is fairly stated, in all material respects.

Ernst & Young LLP
---------------------
March 1, 2006

                                      -14-
<page>
KPMG LLP
2500 Ruan Center
666 Grand Avenue
Des Moines, IA  50309


                        Independent Accountants' Report


The Board of Directors
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.:

We have examined management's assertion,  included in the accompanying Assertion
of Management of Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.
(the Company),  that the Company complied with the minimum  servicing  standards
set forth in the  Mortgage  Bankers  Association  of  America's  Uniform  Single
Attestation  Program for  Mortgage  Bankers  (USAP) as of and for the year ended
December 31, 2005.  Management is responsible for the Company's  compliance with
those minimum servicing  standards.  Our responsibility is to express an opinion
on  management's   assertion  about  the  Company's   compliance  based  on  our
examination.

Our  examination  was  conducted  in  accordance  with   attestation   standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,  included examining,  on a test basis, evidence about the Company's
compliance with the minimum servicing  standards  specified above and performing
such other  procedures,  as we  considered  necessary in the  circumstances.  We
believe that our examination  provides a reasonable  basis for our opinion.  Our
examination does not provide a legal  determination on the Company's  compliance
with the minimum servicing standards.

In our  opinion,  management's  assertion  that the  Company  complied  with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2005, is fairly stated, in all material respects.


/s/  KPMG LLP
--------------------
February 21, 2006

                                      -15-

<page>
                                  EXHIBIT 99.2
     Report of Management as to Compliance with Minimum Servicing Standards
                                ----------------
Aurora Loan Services
A Lehman Brothers Company


                      Management's Assertion on Compliance
            with the Specified Minimum Servicing Standards Set Forth
         in the Uniform Single Attestation Program for Mortgage Bankers


                              Report of Management


We, as members of management of Aurora Loan  Services LLC (the  "Company"),  are
responsible  for  complying  with  the  servicing  standards  identified  in the
attached Exhibit A (the "specified minimum servicing standards") as set forth in
the Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage  Bankers  ("USAP").  We are also  responsible for  establishing and
maintaining  effective  internal  control over  compliance  with these specified
minimum  servicing  standards.  We have performed an evaluation of the Company's
compliance  with the specified  minimum  servicing  standards as of November 30,
2005 and for the year then  ended.  Based on this  evaluation,  we  assert  that
during the year ended November 30, 2005, the Company  complied,  in all material
respects, with the specified minimum servicing standards.

As of November 30, 2005 and for the year then ended, the Company had in effect a
fidelity bond in the amount of $110,000,000  and an errors and omissions  policy
in the amounts of $150,000,000.


                                Very truly yours,

                                /s/ Rick W. Skogg
                                ----------------------------
                                Rick W. Skogg
                                Co-Chief Operating Officer

                                /s/ Roy Browning
                                -----------------------------
                                Roy Browning
                                Chief Financial Officer

                                /s/ William Napier
                                ---------------------------
                                William Napier
                                Controller


February 17, 2006

          10350 Park Meadows Drive, Littleton, CO  80124


                                      -16-
<PAGE>

AURORA LOAN SERVICES
A Lehman Brothers Company


                                                                   Exhibit A
                                                                   ----------
                     Specified Minimum Servicing Standards

I.   Custodial Bank Accounts

     1.  Reconciliations shall be  prepared on a monthly basis for all custodial
         bank accounts and related bank clearing accounts. These reconciliations
         shall:

               a.   be mathematically accurate;

               b.   be prepared  within  forty-five (45) calendar days after the
                    cutoff date. The cutoff  date is the date as of which a bank
                    account is reconciled  every  month.  It  may, or  may  not,
                    coincide with a prescribed investor reporting date but shall
                    be consistent from period to period;

               c.   be reviewed  and  approved by  someone other than the person
                    who prepared the reconciliation; and

               d.   document explanations for reconciling items. These
                    reconciling items shall be resolved within ninety (90)
                    calendar days of their original identification.

     2.  Funds of the servicing entity shall be advanced in cases where there is
         an overdraft in an investor's or a mortgagor's account.

     3.  Each  custodial account  shall  be  maintained  at a  federally insured
         depository institution in trust for the applicable investor.

     4.  Escrow  funds  held in trust for a  mortgagor  shall be returned to the
         mortgagor within thirty (30)  calendar days  of payoff of  the mortgage
         loan.

II.  Mortgage Payments

     1.  Mortgage  payments  shall be deposited into the custodial bank accounts
         and  related  bank  clearing accounts within  two (2) business  days of
         receipt.

     2.  Mortgage  payments  made  in   accordance  with  the  mortgagor's  loan
         documents  shall be  posted to the applicable mortgagor  records within
         two (2) business days of receipt.

     3.  Mortgage payments shall be allocated to principal, interest, insurance,
         taxes or other escrow  items in  accordance with  the  mortgagor's loan
         documents.

     4.  Mortgage payments identified as loan  payoffs  shall  be  allocated  in
         accordance with the mortgagor's loan documents.

III. Disbursements

     1.  Disbursements  made  via  wire  transfer on  behalf  of  a mortgagor or
         investor shall be made only by authorized personnel.

     2.  Disbursements made on behalf of a mortgagor or investor shall be posted
         within two (2) business days to the mortgagor's  or investor's  records
         maintained by the servicing entity.

     3.  Tax and insurance payments shall be made on or  before  the  penalty or
         insurance  policy  expiration  dates, as  indicated  on  tax bills  and
         insurance premium notices, respectively, provided that such support has
         been received by the  servicing  entity at least thirty (30) calendar
         days prior to these dates.

     4.  Any late payment  penalties paid in conjunction with the payment of any
         tax bill or insurance  premium notice shall  be paid from the servicing
         entity's  funds  and not  charged to  the mortgagor,  unless  the  late
         payment was due to the mortgagor's error or omission.

     5.  Amounts remitted to investors per the servicer's investor reports shall
         agree with cancelled checks, or  other  form  of  payment, or custodial
         bank statements.

     6.  Unissued  checks  shall  be  safeguarded so  as to prevent unauthorized
         access.

IV.  Investor Accounting and Reporting

     1.  The servicing  entity's investor reports shall agree with, or reconcile
         to, investors'  records  on  a  monthly  basis as  to the total  unpaid
         principal balance and number of loans serviced by the servicing entity.

V.   Mortgagor Loan Accounting

     1.  The  servicing  entity's  mortgage  loan  records shall  agree with, or
         reconcile  to, the  records of  mortgagors with  respect to  the unpaid
         principal  balance on a monthly basis.

     2.  Adjustments on  adjustable rate mortgage (ARM) loans shall  be computed
         based on the related mortgage note and any ARM rider.

     3.  Escrow accounts shall  be analyzed,  in accordance with the mortgagor's
         loan documents, on at least an annual basis.

     4.  Interest on escrow accounts shall be paid, or credited, to mortgagors
         in accordance with the applicable state laws.

VI.  Delinquencies

     1.  Records documenting collection efforts  shall be maintained  during the
         period a loan is in default and shall be undated at least monthly. Such
         records shall describe the entity's activities in monitoring delinquent
         loans including, for example, phone calls, letters and mortgage payment
         rescheduling plans in cases where the delinquency  is deemed  temporary
         (i.e., illness or unemployment).

VII. Insurance Policies

     1.  A fidelity bond and errors  and omissions  policy shall be in effect on
         the servicing entity  throughout the reporting  period in the amount of
         coverage represented to investors in management's assertion.


                10350 Park Meadows Drive, Littleton, CO  80124

                                      -17-
<page>


                  Management's Assertion Concerning Compliance
                     with USAP Minimum Servicing Standards

March 17, 2006

As of and for the year ended December 31, 2005, Bank of America, N.A. (the
"Company"), has complied in all material respects with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers ("USAP").

As of and for this same  period,  the Company had in effect a fidelity  bond and
errors and omissions  policy in the amounts of $270,000,000  and  $110,000,000,
respectively.



 /s/ Floyd S. Robinson                        /s/ H. Randall Chestnut
-------------------------                    ---------------------------
Floyd S. Robinson                            H. Randall Chestnut
Senior Vice President                        Senior Vice President
President Consumer Real Estate               Bank of America, N.A.
Bank of America, N.A.


 /s/ Mike Kula                                /s/ Robert Caruso
-------------------------                    ---------------------------
Mike Kula                                    Robert Caruso
Senior Vice President                        Senior Vice President
Finance Executive                            National Servicing Executive
Bank of America, N.A.                        Bank of America, N.A.


 /s/ J. Mark Hanson
-------------------------
J. Mark Hanson
Senior Vice President
Bank of America, N.A.

                                      -18-
<page>


CITIMORTGAGE                                       CitiMortgage, Inc.
                                                   1000 Technology Drive
                                                   Mail Station 822
                                                   O'Fallon, Missouri 63368-2240

                                                   www.citimortgage.com


                        MANAGEMENT ASSERTION

As of and  for  the  year  ended  December  31,  2005,  CitiMortgage,  Inc.  and
subsidiaries and CitiMortgage Asset Management,  Inc.  (collectively referred to
as the  Company)  has  complied,  in all  material  respects,  with the  minimum
servicing  standards set forth in the Mortgage Bankers  Association of America's
Uniform Single Attestation for Mortgage Bankers. As of and for this same period,
the Company had in effect a fidelity  bond policy of $300 million and errors and
omissions policy in the amount of $50 million.


Very truly yours,


By:   /s/ Bill Beckmann
      ----------------------
      Bill Beckmann, President & Chief Operating Officer of CitiMortgage, Inc.

By:   /s/ Herb Gover
      ----------------------
      Herb Gover, Executive Vice President,
      North America Consumer Assets Operations

By:   /s/ Paul Ince
      ----------------------
      Paul Ince, Chief Financial Officer of CitiMortgage, Inc.

March 2, 2006

                                      -19-
<page>


COLONIAL
SAVINGS


    Management's Assertion Concerning Compliance with USAP Minimum Servicing
                                   Standards



November 28, 2005


As of and for the year ended  September  30, 2005,  Colonial  Savings,  F.A. has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage  Bankers  Association of America's  Uniform  Single  Attestation
Program for Mortgage Bankers.

As of and for this same period,  Colonial Savings, F.A. had in effect a fidelity
bond and errors and omissions policy in the amount of $11,000,000.


/s/ Jim E. DuBose
-----------------
Jim E. DuBose
President, Chief Executive Officer

/s/ Ben Dempsey
---------------
Ben Dempsey
Executive Vice President

                                      -20-
<page>

                                              COUNTRYWIDE
                                              Home Loans

                                              2900 Madera Road
                                              Simi Valley, California 93065-6298
                                              (805)955-1000

                             Management's Assertion

March 3, 2006

As  of  and  for  the  year  ended  December  31,  2005,  Countrywide  Financial
Corporation and subsidiaries, including its wholly-owned subsidiary, Countrywide
Home  Loans,  Inc.  ("CHL"),  and  Countrywide  Home Loans  Servicing,  L.P.,  a
wholly-owned subsidiary of CHL,  (collectively, the  "Company") have complied in
all material  respects  with the minimum  servicing  standards  set forth in the
Mortgage  Bankers  Association  of  America's  Uniform  Single  Attestation  for
Mortgage  Bankers.  As of and for this same period,  the Company had in effect a
mortgage banker's (fidelity) bond in the amount of $200 million and an errors ad
omissions  policy in the amount of $100  million and $130 million for the period
January  1, 2005 to August 1,  2005 and for the  period  from  August 1, 2005 to
December 31, 2005, respectively.
Sincerely,



/s/ Steve Balley
------------------------------
Steve Balley
Senior Managing Director and
Chief Executive Officer, Loan Administration

/s/ Kevin Meyers
------------------------------
Kevin Meyers
Managing Director and Chief Financial Officer,
Loan Administration

                                      -21-
<page>
                                                        100 Wood Hollow Drive
                                                        Novato, CA 94945
                                                        (800) 462-2700

                                                        GreenPoint Mortgage


                              Management's Assertion

February 21, 2006

As of and for the year ended  December 31, 2005,  GreenPoint  Mortgage  Funding,
Inc. has complied in all material respects with the minimum servicing  standards
set forth in the  Mortgage  Bankers  Association  of  America's  Uniform  Single
Attestation Program for Mortgage Bankers, except as follows:

..    During the year, certain  custodial bank  account  reconciliations were not
     prepared and  reviewed on a  timely basis. In addition, there  are  certain
     custodial bank  accounts that  have  reconciling items that  have  not been
     resolved within  90 calendar days of their original identification. For the
     month ended December 31, 2005,  all custodial bank reconciliations had been
     completed and reviewed on a timely basis.


As of and for the year ended  December 31, 2005,  GreenPoint  Mortgage  Funding,
Inc.  had in effect a fidelity  bond in the amount of  $25,000,000  for a single
loss limit and an aggregate limit of liability of $50,000,000, and an errors and
omissions  policy in the amount of  $25,000,000  for a single  loss limit and no
aggregate limit of liability.

Very truly yours,

GreenPoint Mortgage Funding, Inc., as Servicer

/s/ Steve Abreu                         /s/ Dave Petrini
-----------------------                 -----------------------
Steve Abreu                             Dave Petrini
Chief Executive Officer                 Chief Financial Officer


/s/ Becky Poisson
-------------------------
Becky Poisson
Executive Vice President of Technology and Servicing

                                      -22-

<page>



NATIONAL CITY                      National City Mortgage Co.
Mortgage Co.                       A Subsidiary of National City Bank of Indiana
                                   3232 Newmark Drive  .  Miamisburg, Ohio 45342
                                   Telephone: (937) 910-1200

                                   Mailing Address:
                                   P.O. Box 1820
                                   Dayton, Ohio 45401-1820


           Management's Assertion on Compliance with Minimum Servicing
       Standards Set Forth in the Uniform Single Attestation Program
                              for Mortgage Bankers

                              Report of Management

We,  as  members  of  management  of  National  City  Mortgage  Co.  (NCM),  are
responsible  for  complying  with  the  servicing  standards  identified  in the
attached Exhibit A (the specified  minimum servicing  standards) as set forth in
the Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage  Bankers  (USAP).  We are also  responsible  for  establishing  and
maintaining  effective  internal  control over  compliance  with these specified
minimum servicing standards. We have performed an evaluation of NCM's compliance
with the specified minimum  servicing  standards as of December 31, 2005 and for
the year then ended.  Based on this  evaluation,  we assert that during the year
ended  December 31, 2005,  NCM  complied,  in all  material  respects,  with the
specified minimum servicing standards set forth in the USAP.

As of  December  31,  2005  and for the year  then  ended,  NCM had in  effect a
fidelity  bond policy in the amount of $200 million and an errors and  omissions
policy in the amount of $250 million.


                                 /s/ Steven M. Scheid
                                 -------------------------
                                 Steven M. Scheid
                                 Senior Vice President


                                 /s/ T. Jackson Case, Jr.
                                 -------------------------
                                 T. Jackson Case, Jr.
                                 Executive  Vice President

March 1, 2006


                                   Exhibit A

                     Specified Minimum Servicing Standards


I.   Custodial Bank Accounts

1.   Reconciliations shall be prepared on a monthly basis for all custodial bank
     accounts and related bank clearing accounts. These reconciliations shall:

        a.   be mathematically accurate;

        b.   be prepared within forty-five (45) calendar days after the cutoff
             date. The cutoff  date is the date as of which a bank  account  is
             reconciled  every  month. It may, or may not, coincide with a
             prescribed  investor  reporting date but shall be consistent from
             period to period;

        c.   be reviewed and approved by someone  other than the person who
             prepared the reconciliation; and

        d.   document  explanations for reconciling items. These reconciling
             items shall  be  resolved   within  ninety  (90) calendar days  of
             their original  identification.

2.   Funds of the servicing  entity shall be advanced in cases where there is an
     overdraft in an investor's or a mortgagor's account.

3.   Each  custodial   account  shall  be  maintained  at  a  federally  insured
     depository institution in trust for the applicable investor.

4.   Escrow  funds  held in  trust  for a  mortgagor  shall be  returned  to the
     mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

II.  Mortgage Payments

1.   Mortgage  payments  shall be deposited into the custodial bank accounts and
     related bank clearing accounts within two (2) business days of receipt.

2.   Mortgage  payments made in accordance with the  mortgagor's  loan documents
     shall be posted to the applicable mortgagor records within two (2) business
     days of receipt.

3.   Mortgage  payments  shall be allocated to principal,  interest,  insurance,
     taxes or  other  escrow  items in  accordance  with  the  mortgagor's  loan
     documents.

4.   Mortgage  payments  identified  as  loan  payoffs  shall  be  allocated  in
     accordance with the mortgagor's loan documents.

III. Disbursements

1.   Disbursements  made via wire  transfer on behalf of a mortgagor or investor
     shall be made only by authorized personnel.

2.   Disbursements  made on behalf of a mortgagor  or  investor  shall be posted
     within two (2)  business  days to the  mortgagor's  or  investor's  records
     maintained by the servicing entity.

3.   Tax and  insurance  payments  shall be made on or  before  the  penalty  or
     insurance policy  expiration dates, as indicated on tax bills and insurance
     premium notices, respectively, provided that such support has been received
     by the  servicing  entity at least thirty (30) calendar days prior to these
     dates.

4.   Any late payment  penalties paid in conjunction with the payment of any tax
     bill or insurance premium notice shall be paid from the servicing  entity's
     funds and not charged to the mortgagor,  unless the late payment was due to
     the mortgagor's error or omission.

5.   Amounts  remitted to investors per the  servicer's  investor  reports shall
     agree with cancelled  checks,  or other form of payment,  or custodial bank
     statements.

6.   Unissued checks shall be safeguarded so as to prevent unauthorized access.

IV.  Investor Accounting and Reporting

1.   The servicing  entity's investor reports shall agree with, or reconcile to,
     investors'  records  on a monthly  basis as to the total  unpaid  principal
     balance and number of loans serviced by the servicing entity.

V.   Mortgagor Loan Accounting

1.   The servicing entity's mortgage loan records shall agree with, or reconcile
     to, the records of mortgagors with respect to the unpaid principal  balance
     on a monthly basis.

2.   Adjustments on adjustable rate mortgage (ARM) loans shall be computed based
     on the related mortgage note and any ARM rider.

3.   Escrow accounts shall be analyzed,  in accordance with the mortgagor's loan
     documents, on at least an annual basis.

4.   Interest on escrow  accounts  shall be paid, or credited,  to mortgagors in
     accordance with the applicable state laws.

VI.  Delinquencies

1.   Records  documenting  collection  efforts  shall be  maintained  during the
     period a loan is in default  and shall be undated  at least  monthly.  Such
     records shall  describe the entity's  activities  in monitoring  delinquent
     loans  including,  for example,  phone calls,  letters and mortgage payment
     rescheduling  plans in cases  where the  delinquency  is  deemed  temporary
     (i.e., illness or unemployment).

VII. Insurance Policies

1.   A fidelity bond and errors and  omissions  policy shall be in effect on the
     servicing entity  throughout the reporting period in the amount of coverage
     represented to investors in management's assertion.

                                      -23-
<page>



Wells Fargo Home Mortgage                               1 Home Campus
                                                        Des Moines, IA  50328



             Assertion of Management of Wells Fargo Home Mortgage,
                      a division of Wells Fargo Bank, N.A.

As of  and for  the year ended  December 31, 2005,  Wells Fargo Home Mortgage, a
division of Wells Fargo Bank,  N.A.  (the  Company) has complied in all material
respects with the minimum servicing  standards set forth in the Mortgage Bankers
Association  of  America's  Uniform  Single  Attestation  Program  for  Mortgage
Bankers.

As of and for this same period,  the Company had in effect a fidelity bond along
with an errors  and  omissions  policy in the  amount  of $100  million  and $20
million, respectively.



By: /s/ Michael J. Heid                                February 21, 2005
  --------------------------
  Michael J. Heid, Division President, Capital Markets, Finance & Administration
  Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.


By: /s/ Franklin R. Codel                              February 21, 2005
  --------------------------
  Franklin R. Codel, Executive Vice President, Finance and Corporate Real Estate
  Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.


By: /s/ Mary Coffin                                    February 21, 2005
  --------------------------
  Mary Coffin, Executive Vice President, Servicing & Post Closing
  Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.


By: /s/ Cara K. Heiden                                 February 21, 2005
  --------------------------
  Cara K. Heiden, Division President, Nat'l Consumer & Institutional Lending
  Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.


                                      -24-
<page>


                                  EXHIBIT 99.3
                       Annual Statement as to Compliance
                                 -------------

AURORA LOAN SERVICES
A Lehman Brothers Company

February 23, 2006

Diane Wallace
JPMorgan Chase Bank
4 New York Plaza, 6" floor
New York, NY 10004

RE:    SARM 2005-5
       Annual Officer's Certificate as to Compliance

Dear Ms. Wallace:

The undersigned Officer certifies the following for the period ending on
December 31, 2005:

1.     I have  reviewed  the  activities and  performance of the Master Servicer
       during  the  preceding  calendar  year  under  the  terms  of  the  Trust
       Agreements  and  to  the  best  of  this Officer's knowledge,  the Master
       Servicer has fulfilled all of its duties, responsibilities or obligations
       under the Agreements;

2.     Based on said  review and  to the best  of this  Officer's knowledge, the
       Master Servicer  is not in default of  its obligations under the terms of
       the Trust Agreements in any material  respect, or, if there is  a default
       in the fulfillment of its  obligations, a description  of each default or
       failure  and  the nature  and status  thereof has  been reported  to this
       Officer;

3.     To the best  of this Officer's knowledge,  nothing has arose to lead this
       Officer to  believe  that its  Servicer has failed to perform  any of its
       duties,  responsibilities  and  obligations under its Servicing Agreement
       during the preceding calendar year;

4.     To the best of  this Officer's  knowledge, the Servicer is not in default
       of its obligations  under  the terms of  its Servicing  Agreement  in any
       material  respect, or, if  there is a default  in the fulfillment  of its
       obligations, a description  of each default or failure and the nature and
       status thereof has been reported to this Officer;

5.     The Master Servicer has received from its Servicer such Servicer's annual
       certificate of compliance  and a  copy of  such  Servicer's  annual audit
       report,  in  each  case  to  the  extent  required  under the  applicable
       Servicing Agreement, or,  if any such  certificate or report has not been
       received by the  Master Servicer, the  Master Servicer is  using its best
       reasonable efforts to obtain such certificate or report.


Certified By: /s/ R. Peter Karr
              --------------------------
Name:         R. Peter Karr
Title:        Senior Vice President
              Master Servicing Division


                                      -25-
<page>

                                  EXHIBIT 99.4
         Aggregate Statement of Principal and Interest Distributions to
                   Certificateholders as of December 31, 2005
                                   ----------


<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
-----------------------------------------------------------------------------------------------------------------------------------
                                  DISTRIBUTION IN DOLLARS
-----------------------------------------------------------------------------------------------------------------------------------
CUSIP        ORIGINAL PRIN           PAID PRIN          PAID INT          TOTAL PAID        ENDING PRIN BALANCE    CERT POOL FACTOR
-----------------------------------------------------------------------------------------------------------------------------------
863579SF6     100,000,000.00           485,305.59          19,512.08           504,817.67          99,514,694.41       995.14694410
863579SG4     336,573,000.00         1,633,407.58          65,672.37         1,699,079.95         334,939,592.42       995.14694411
863579SH2      37,398,000.00           181,494.58           7,297.13           188,791.71          37,216,505.42       995.14694422
863579QR2     473,971,000.00                    -             990.86               990.86         473,971,000.00     1,000.00000000
863579QS0      11,023,000.00                    -           2,978.42             2,978.42          11,023,000.00     1,000.00000000
863579QT8       8,768,000.00                    -           2,498.78             2,498.78           8,768,000.00     1,000.00000000
863579QU5       7,265,000.00                    -           2,190.95             2,190.95           7,265,000.00     1,000.00000000
N/C115918     501,027,141.30                    -                  -                    -         501,027,141.30     1,000.00000000
N/C115914     501,027,141.30                    -          28,166.08            28,166.08         501,027,141.30     1,000.00000000
N/C115920                  -                    -                  -                    -                      -     1,000.00000000
N/C115919               0.01                    -           2,226.31             2,226.31                   0.01     1,000.00000000
-----------------------------------------------------------------------------------------------------------------------------------

</table>
                                      -26-