SECURITIES AND EXCHANGE COMMISSION
                              
                   Washington, D.C.  20549
                              
                              
                 ___________________________
                              
                          FORM 8-K
                              
                       CURRENT REPORT
                              
           PURSUANT TO SECTION 13 OR 15 (d) OF THE
                              
               SECURITIES EXCHANGE ACT OF 1934
                              
 Date of Report (Date of earliest event reported)  December
                          25, 1996
                              
   Structured Asset Securities Corporation, Series 1996-1
   (Exact name of registrant as specified in its charter)
                              
Delaware                 33-99598                      N/A
(State or other jurisdiction       (Commission
(IRS Employer
of incorporation or           File Number)
Identification
organization)                                     Number)


200 Vesey Street
New York, New York                                     10285-
0800
(Address of principal executive offices)
(Zip Code)

Registrant's telephone number including area code (212) 526-
5594


   Structured Asset Securities Corporation, Series 1996-1
                          Form 8-K
                            INDEX
                              
                              
                                             Page Number

     Item 5.        Other Events
3

     Item 7.        Financial Statements and Exhibits
3

SIGNATURES                                        4

INDEX OF EXHIBITS                                 5






ITEM 5. OTHER EVENTS

The Structured Asset Securities Corporation, Series 1996-1
makes monthly remittances to security holders.  The latest
remittance was made December 25, 1996.  We have furnished a
monthly remittance statement delivered to the trustee with
security holder payment instructions.


Monthly Remittance
Statement...................................................
 ......Exhibit 21.1

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

     Exhibits

     21.1 Monthly Remittance Statement dated as of December
25, 1996.


                              
                              
                              
                         SIGNATURES
                              
     Pursuant to the requirements 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.

                    Structured Asset Securities Corporation,
Series 1996-1
                         (Registrant)

                         By:  Lehman Brothers

                         Name:     Prue Larocca

                         Title:    Vice-President


                      INDEX OF EXHIBITS
                              

                                        Page of Sequentially
                                        Numbered Pages


21.1 Monthly Remittance Statement dated                6-14
     as of December 25, 1996.




Exhibit 21.1 Page 6
                                                Structured
Asset Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact:                           Drew Persons
Securities Administration Services
Reporting   Month:      November 1996
Phone:                           (410) 884-2108
11000 Broken Land Parkway
Distribution Date:  December 26, 1996
InvestorDirect:                  (800) 605-4167
Columbia, MD 21044-7800


Series Structure Summary


Aggregate Realized                             Aggregate
Ending
         Class
Original Principal                     Losses Principal
Aggregate Interest      Undistributed      Principal
Class    Description    Principal Type   Interest Type
Balance Pass Through Rate  Balance Reduction
Shortfall          Principal         Factor
____________________________________________________________
____________________________________________________________
_______________________________________________
A1       Senior         Sequential Pay   Fixed
107,145,900.00       7.25000000%               0.00
0.00               0.00   0.9364616992
A2       Senior         Sequential Pay   Fixed
14,174,000.00       7.25000000%               0.00
0.00               0.00   1.0000000000
A3       Senior         Priority Pay     Fixed
28,693,000.00       7.50000000%               0.00
0.00               0.00   1.0000000000
A4       Senior         Principal Only   Principal Only
1,307,000.00       0.00000000%               0.00
0.00               0.00   1.0000000000
A5       Senior         Sequential Pay   Fixed
20,000,000.00       7.25000000%               0.00
0.00               0.00   0.9938359940
AP       Senior         Principal Only   Principal Only
853,198.07       0.00000000%               0.00
0.00               0.00   0.9910189787
AX       Senior         Interest Only    Interest Only
0.00       0.49634033%               0.00               0.00
0.00   0.0000000000
M        Subordinate    Prorata          Fixed
4,591,000.00       7.25000000%               0.00
0.00               0.00   0.9938359943
B1       Subordinate    Prorata          Fixed
3,214,000.00       7.25000000%               0.00
0.00               0.00   0.9938359956
B2       Subordinate    Prorata          Fixed
1,653,000.00       7.25000000%               0.00
0.00               0.00   0.9938359952
B3       Subordinate    Prorata          Fixed
826,000.00       7.25000000%               0.00
0.00               0.00   0.9938359806
B4       Subordinate    Prorata          Fixed
368,000.00       7.25000000%               0.00
0.00               0.00   0.9938359783
B5       Subordinate    Prorata          Fixed
826,993.88       7.25000000%               0.00
0.00               0.00   0.9938360124
R        Senior         Sequential Pay   Fixed
100.00       7.25000000%               0.00
0.00               0.00   1.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
183,652,191.95                                 0.00
0.00               0.00   0.9618323765

Exhibit 21.1 Page 7

                                           Structured Asset
Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact:                           Drew Persons
Securities Administration Services
Reporting   Month:      November 1996                Phone:
(410) 884-2108
11000 Broken Land Parkway
Distribution Date:  December 26, 1996
InvestorDirect:                  (800) 605-4167
Columbia, MD 21044-7800


Class Distribution Summary


Beginning
Principal             Ending
                              Pass Through
Principal     Total Interest    Total Principal
Balance          Principal              Total
Class      Record Date                Rate
Balance       Distribution       Distribution
Reduction            Balance       Distribution
____________________________________________________________
____________________________________________________________
____________________________________
A1         11/29/1996          7.25000000%
101,007,753.03         610,255.18         669,721.45
0.00     100,338,031.58       1,279,976.63
A2         11/29/1996          7.25000000%
14,174,000.00          85,634.58               0.00
0.00      14,174,000.00          85,634.58
A3         11/29/1996          7.50000000%
28,693,000.00         179,331.25               0.00
0.00      28,693,000.00         179,331.25
A4         11/29/1996          0.00000000%
1,307,000.00               0.00               0.00
0.00       1,307,000.00               0.00
A5         11/29/1996          7.25000000%
19,892,599.50         120,184.46          15,879.62
0.00      19,876,719.88         136,064.08
AP         11/29/1996          0.00000000%
846,435.32               0.00             899.84
0.00         845,535.48             899.84
AX         11/29/1996          0.49634033%
0.00          49,610.13               0.00
0.00               0.00          49,610.13
M          11/29/1996          7.25000000%
4,566,346.22          27,588.34           3,645.17
0.00       4,562,701.05          31,233.51
B1         11/29/1996          7.25000000%
3,196,740.75          19,313.64           2,551.86
0.00       3,194,188.89          21,865.50
B2         11/29/1996          7.25000000%
1,644,123.35           9,933.25           1,312.45
0.00       1,642,810.90          11,245.70
B3         11/29/1996          7.25000000%
821,564.35           4,963.62             655.83
0.00         820,908.52           5,619.45
B4         11/29/1996          7.25000000%
366,023.83           2,211.39             292.19
0.00         365,731.64           2,503.58
B5         11/29/1996          7.25000000%
822,552.92           4,969.59             656.62
0.00         821,896.30           5,626.21
R          11/29/1996          7.25000000%
100.00               0.60               0.00
0.00             100.00               0.60
____________________________________________________________
____________________________________________________________
____________________________________
Totals
177,338,239.27       1,113,996.03         695,615.03
0.00     176,642,624.24       1,809,611.06


Exhibit 21.1 Page 8

                                       Structured Asset
Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact:                           Drew Persons
Securities Administration Services              Reporting
Month:      November 1996             Phone:
(410) 884-2108
11000 Broken Land Parkway                       Distribution
Date:  December 26, 1996             InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800

                                          Class Distribution
Per 1,000 of Original Balance


Total Other
                                                       Total
Interest       Scheduled       Principal Total Principal
Principal          Ending

Distribution       Principal    Distribution    Distribution
Balance       Principal
Class            Cusip               Original Balance
Factor          Factor          Factor          Factor
Reduction          Factor
____________________________________________________________
____________________________________________________________
_____________________________
A1               863572JC8             107,145,900.00
5.69555326      1.08164643      5.16890959      6.25055602
0.00000000    0.9364616992
A2               863572JD6              14,174,000.00
6.04166643      0.00000000      0.00000000      0.00000000
0.00000000    1.0000000000
A3               863572JE4              28,693,000.00
6.25000000      0.00000000      0.00000000      0.00000000
0.00000000    1.0000000000
A4               863572JF1               1,307,000.00
0.00000000      0.00000000      0.00000000      0.00000000
0.00000000    1.0000000000
A5               863572JG9              20,000,000.00
6.00922300      0.79398100      0.00000000      0.79398100
0.00000000    0.9938359940
AP               863572JH7                 853,198.07
0.00000000      0.94875976      0.10590741      1.05466718
0.00000000    0.9910189787
AX               863572JJ3                       0.00
N/A             N/A             N/A             N/A
N/A             N/A
M                863572JK0               4,591,000.00
6.00922239      0.79398170      0.00000000      0.79398170
0.00000000    0.9938359943
B1               863572JL8               3,214,000.00
6.00922215      0.79398258      0.00000000      0.79398258
0.00000000    0.9938359956
B2               863572JM6               1,653,000.00
6.00922565      0.79398064      0.00000000      0.79398064
0.00000000    0.9938359952
B3               N/A                       826,000.00
6.00922518      0.79398305      0.00000000      0.79398305
0.00000000    0.9938359806
B4               N/A                       368,000.00
6.00921196      0.79399457      0.00000000      0.79399457
0.00000000    0.9938359783
B5               N/A                       826,993.88
6.00922222      0.79398411      0.00000000      0.79398411
0.00000000    0.9938360124
R                863572JN4                     100.00
6.00000000      0.00000000      0.00000000      0.00000000
0.00000000    1.0000000000
____________________________________________________________
____________________________________________________________
_____________________________
Totals                                 183,652,191.95
0.9618323765

Exhibit 21.1 Page 9

                                               Structured
Asset Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact:                           Drew Persons
Securities Administration Services
Reporting   Month:      November 1996
Phone:                           (410) 884-2108
11000 Broken Land Parkway
Distribution Date:  December 26, 1996
InvestorDirect:                  (800) 605-4167
Columbia, MD 21044-7800


Class Principal Distribution

                   Beginning
Principal           Ending          Current
                   Principal        Scheduled
Unscheduled                             Other  Total
Principal          Balance        Principal    Undistributed
Class                Balance        Principal
Principal        Accretion        Principal     Distribution
Reduction*          Balance        Principal
____________________________________________________________
____________________________________________________________
____________________________________________
A1            101,007,753.03       115,893.98
553,827.47             0.00             0.00
669,721.45             0.00   100,338,031.58
0.00
A2             14,174,000.00             0.00
0.00             0.00             0.00             0.00
0.00    14,174,000.00             0.00
A3             28,693,000.00             0.00
0.00             0.00             0.00             0.00
0.00    28,693,000.00             0.00
A4              1,307,000.00             0.00
0.00             0.00             0.00             0.00
0.00     1,307,000.00             0.00
A5             19,892,599.50        15,879.62
0.00             0.00             0.00        15,879.62
0.00    19,876,719.88             0.00
AP                846,435.32           809.48
90.36             0.00             0.00           899.84
0.00       845,535.48             0.00
AX                      0.00             0.00
0.00             0.00             0.00             0.00
0.00             0.00             0.00
M               4,566,346.22         3,645.17
0.00             0.00             0.00         3,645.17
0.00     4,562,701.05             0.00
B1              3,196,740.75         2,551.86
0.00             0.00             0.00         2,551.86
0.00     3,194,188.89             0.00
B2              1,644,123.35         1,312.45
0.00             0.00             0.00         1,312.45
0.00     1,642,810.90             0.00
B3                821,564.35           655.83
0.00             0.00             0.00           655.83
0.00       820,908.52             0.00
B4                366,023.83           292.19
0.00             0.00             0.00           292.19
0.00       365,731.64             0.00
B5                822,552.92           656.62
0.00             0.00             0.00           656.62
0.00       821,896.30             0.00
R                     100.00             0.00
0.00             0.00             0.00             0.00
0.00           100.00             0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals        177,338,239.27       141,697.20
553,917.83             0.00             0.00
695,615.03             0.00   176,642,624.24
0.00
Exhibit 21.1 Page 10

                                               Structured
Asset Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact:                           Drew Persons
Securities Administration Services
Reporting   Month:      November 1996
Phone:                           (410) 884-2108
11000 Broken Land Parkway
Distribution Date:  December 26, 1996
InvestorDirect:                  (800) 605-4167
Columbia, MD 21044-7800


Class Interest Distribution

                                     Beginning
Negative                            Ending
                                    Principal/
Interest                                       Amortization
Principal/
                                      Notional
Interest       Shortfall/                             Other
Interest   Total Interest         Notional
Class       Pass-Through Rate          Balance
Accrual       (Recovery)        Accretion         Interest
Reduction     Distribution          Balance
A1                7.25000000%   101,007,753.03
610,255.17             0.00             0.00
0.01             0.00       610,255.18   100,338,031.58
A2                7.25000000%    14,174,000.00
85,634.58             0.00             0.00             0.00
0.00        85,634.58    14,174,000.00
A3                7.50000000%    28,693,000.00
179,331.25             0.00             0.00
0.00             0.00       179,331.25    28,693,000.00
A4                0.00000000%     1,307,000.00
0.00             0.00             0.00             0.00
0.00             0.00     1,307,000.00
A5                7.25000000%    19,892,599.50
120,184.46             0.00             0.00
0.00             0.00       120,184.46    19,876,719.88
AP                0.00000000%       846,435.32
0.00             0.00             0.00             0.00
0.00             0.00       845,535.48
AX                0.49634033%   124,566,950.82
51,523.00         1,912.87             0.00             0.00
0.00        49,610.13   123,937,148.75
M                 7.25000000%     4,566,346.22
27,588.34             0.00             0.00             0.00
0.00        27,588.34     4,562,701.05
B1                7.25000000%     3,196,740.75
19,313.64             0.00             0.00             0.00
0.00        19,313.64     3,194,188.89
B2                7.25000000%     1,644,123.35
9,933.25             0.00             0.00             0.00
0.00         9,933.25     1,642,810.90
B3                7.25000000%       821,564.35
4,963.62             0.00             0.00             0.00
0.00         4,963.62       820,908.52
B4                7.25000000%       366,023.83
2,211.39             0.00             0.00             0.00
0.00         2,211.39       365,731.64
B5                7.25000000%       822,552.92
4,969.59             0.00             0.00             0.00
0.00         4,969.59       821,896.30
R                 7.25000000%           100.00
0.60             0.00             0.00             0.00
0.00             0.60           100.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
1,115,908.89         1,912.87             0.00
0.01             0.00     1,113,996.03

Exhibit 21.1 Page 11


Structured Asset Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact:                           Drew Persons
Securities Administration Services
Reporting   Month:      November 1996
Phone:                           (410) 884-2108
11000 Broken Land Parkway
Distribution Date:  December 26, 1996
InvestorDirect:                  (800) 605-4167
Columbia, MD 21044-7800


Fund Account Summary


Proceeds Account
   Beginning Balance
0.00

   DEPOSITS:
WITHDRAWALS:
    Interest Net of Servicing Fee               1,116,278.37
Interest Payments                              1,113,996.03
    Scheduled Principal                           141,697.20
Scheduled Principal Payment                      141,697.20
    Other Principal                               553,917.83
Other Principal Payments                         553,917.83
    Negative Amortization                               0.00
Reserve Fund 1                                         0.00
    Deposits from Reserve Fund                          0.00
Fees and Expenses                                  2,282.34
    Gain/Loss Adjustment                                0.00
Other Withdrawals                                      0.00
    Other Deposits                                      0.00

   Total Deposit
1,811,893.40                Total Withdrawals
1,811,893.40


Ending Balance
0.00


Beginning         Current           Other         Current
Other
                                          Initial Balance
Requirement         Balance         Deposit         Deposit
Withdrawal      Withdrawal  Ending Balance


Class A3 Reserve Fund                            2,000.00
0.00        2,000.00            0.00            0.00
0.00            0.00        2,000.00
Class A3 Rounding Account                          999.99
0.00          999.99            0.00            0.00
0.00            0.00          999.99

Exhibit 21.1 Page 12

                                                 Structured
Asset Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact:                           Drew Persons
Securities Administration Services
Reporting   Month:      November 1996
Phone:                           (410) 884-2108
11000 Broken Land Parkway
Distribution Date:  December 26, 1996
InvestorDirect:                  (800) 605-4167
Columbia, MD 21044-7800


Loss/Delinquency Detail

                  Current         Current         Current
Current           Total       Aggregate       Aggregate
Aggregate       Aggregate           Total
                    Fraud      Bankruptcy  Special Hazard
Credit         Current           Fraud      Bankruptcy
Special Hazard          Credit       Aggregate
Pool #             Losses          Losses          Losses
Losses          Losses          Losses          Losses
Losses          Losses          Losses
____________________________________________________________
____________________________________________________________
_________________________________________________

1                    0.00            0.00            0.00
0.00            0.00            0.00            0.00
0.00            0.00            0.00
2                    0.00            0.00            0.00
0.00            0.00            0.00            0.00
0.00            0.00            0.00
____________________________________________________________
____________________________________________________________
_________________________________________________
Totals               0.00            0.00            0.00
0.00            0.00            0.00            0.00
0.00            0.00            0.00


Pool
Initial Loss    Current Loss  Current Loss
#     Loss Type
Limit Amount    Limit Amount Limit Percent
____________________________________________________________
______________________________________________________
      Bankruptcy Losses
100,000.00      100,000.00   0.05661148%
      Fraud Losses
3,682,997.00    3,682,997.00   2.08499903%
      Special Hazard Losses
2,539,768.00    2,527,409.70   1.43080398%


             30  Days  Delinquent    60  Days  Delinquent
90  Days  Delinquent             Foreclosures
REO's                      Totals
               Number       Balance    Number       Balance
Number       Balance    Number       Balance    Number
Balance    Number            Balance
1                   1    294,433.19         0          0.00
0          0.00         0          0.00         0
0.00         1         294,433.19
2                   7  2,136,883.24         0          0.00
2    499,351.35         0          0.00         0
0.00         9       2,636,234.59
____________________________________________________________
____________________________________________________________
________________________________________
Totals              8  2,431,316.43         0          0.00
2    499,351.35         0          0.00         0
0.00        10       2,930,667.78


Exhibit 21.1 Page 13

                                        Structured Asset
Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact:                           Drew Persons
Securities Administration Services               Reporting
Month:      November 1996              Phone:
(410) 884-2108
11000 Broken Land Parkway
Distribution Date:  December 26, 1996
InvestorDirect:                  (800) 605-4167
Columbia, MD 21044-7800


Collateral Summary


Total|              Pool 1               Pool 2

Monthly P&I Constant
1,295,660.40|          370,621.42           925,038.98

|
Positive Amortization
141,697.20|           45,839.67            95,857.53
Negative Amortization
0.00|                0.00                 0.00
Regular Curtailments
32,225.86|           16,360.35            15,865.51
Regular Curtailment Interest
207.80|              101.77               106.03
Prepaid Curtailments
6,689.77|            3,511.17             3,178.60
Prepaid Curtailment Interest
0.00|                0.00                 0.00
Liquidations
515,055.08|                0.00           515,055.08
Principal Adjustments
(260.68)|                0.00             (260.68)
   Total Principal Trust Distribution
695,615.03|           65,812.96           629,802.07

|
Scheduled Interest
1,153,963.20|          324,781.75           829,181.45
Servicing Fee
37,684.83|           11,069.04            26,615.79
Master Servicing Fee
259.53|                0.00               259.53
Spread
0.00|                0.00                 0.00
     Total Pass-Through Interest
1,116,018.84|          313,712.71           802,306.13

|
Beginning Balance
177,338,239.27|       52,771,288.45       124,566,950.82
Ending Balance
176,642,624.24|       52,705,475.49       123,937,148.75
Gross P&I Distribution
1,811,893.40|          379,525.67         1,432,367.73
Realized Losses/(Gains)
0.00|                0.00                 0.00
Net P&I Trust Distribution
1,811,893.40|          379,525.67         1,432,367.73

|
Beginning Loan Count
595|                 175                  420
Number of Loan Payoffs
2|                   0                    2
Ending Loan Count
593|                 175                  418

|
Weighted Average Maturity
345.1600921000|      346.6214423900       344.5410086500
Weighted Average Gross Rate
7.808557500%|        7.385419440%         7.987814850%
Weighted Average Net Rate
7.553554430%|        7.133713480%         7.731414990%
Weighted Average Pass-Through Rate
7.551798260%|        7.133713480%         7.728914840%
Weighted Average Margin
0.000000000%|        0.000000000%         0.000000000%

|
Advances on Delinquencies
|
  Current Period Principal
2,200.89|              230.90             1,969.99
  Current Period Interest
18,710.07|            1,777.48            16,932.59

Exhibit 21.1 Page 14

                                              Structured
Asset Securities Corporation, Series 1996-01
Norwest Bank Minnesota, N.A.
Contact:                           Drew Persons
Securities Administration Services
Reporting   Month:      November 1996
Phone:                           (410) 884-2108
11000 Broken Land Parkway
Distribution Date:  December 26, 1996
InvestorDirect:                  (800) 605-4167
Columbia, MD 21044-7800


Credit Enhancement Summary


Initial         Current         Current
Current         Current            Current

Coverage          Period          Period      Cumulative
Coverage        Coverage               Pool
Type/Purpose
Amount          Losses       Additions          Losses
Percentage          Amount            Balance
____________________________________________________________
____________________________________________________________
___________________________________________
Class A3 Reserve Fund
2,000.00            0.00            0.00            0.00
0.00000000%        2,000.00               0.00
Class A3 Rounding Account
999.99            0.00            0.00            0.00
0.00000000%          999.99               0.00
Subordination
11,478,993.88            0.00            0.00
0.00       6.45837173%   11,408,237.30     176,642,624.24






Scheduled   Unscheduled

Principal     Principal

Percentage    Percentage
 Pool #
____________________________________________________________
_______________________________________
1        Senior
93.53094525% 100.00000000%
1        Senior
87.94931669% 100.00000000%
1        Senior
12.05068331%   0.00000000%
1        Subordinate
6.46905475%   0.00000000%
2        Senior
93.53094525% 100.00000000%
2        Senior
87.94931669% 100.00000000%
2        Senior
12.05068331%   0.00000000%
2        Subordinate
6.46905475%   0.00000000%