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.
The registrant knows of no material pending legal proceedings involving the trust created under the Pooling and Servicing Agreement (the Trust), the Trustee, the Servicer or the registrant with respect to the Trust other than routine litigation incidental to the duties of the respective parties.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
No established public trading market for the Certificates exists.
Records provided to the Trust by the DTC and the Trustee indicate that as of December 31, 2005, the total number of holders of record for the Series of Certificates is 24.
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.
None.
Item 9A.
Item 9A. Controls and Procedures. Not applicable.
Item 9B.
Item 9B. Other Information.
None.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant.
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.
Not applicable.
Item 14.
Item 14. Principal Accounting Fees and Services.
Not applicable.
PART IV
Item 15.
Item 15. Exhibits, Financial Statement Schedules.
(a) Exhibits
(31.1) Rule 13a-14(a)/15d-14(a) Certification
(99.1) Annual Independent Accountants' Servicing Reports concerning servicing activities.
(99.2) Report of Management as to Compliance with Minimum Servicing Standards.
(99.3) Annual Statements of Compliance under the Pooling and Servicing Agreements.
(99.4) Aggregate Statement of Principal and Interest Distributions to Certificate Holders.
(b) Not applicable.
(c) Omitted.
Filed herewith.
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:
SG Mortgage Securities Trust Asset Backed Certificates Series 2005-OPT1 (Registrant)
Signed: Wells Fargo Bank, N.A. as Master Servicer
By: /s/ Chris Regnier
By: Chris Regnier, Vice President
Dated: March 31, 2006
Exhibit Index
Exhibit No.
Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification
I, Chris Regnier, 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 SG Mortgage Securities Trust Asset Backed Certificates, Series 2005-OPT1 Trust;
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 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 on 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: Option One Mortgage Corporation as Servicer.
Date: March 31, 2006
/s/ Chris Regnier Signature
Vice President Title
EX-99.1 (logo) KPMG
KPMG LLP Suite 2000 355 South Grand Avenue Los Angeles, CA 90071-1568
Independent Accountants' Report
The Board of Directors and Stockholder Option One Mortgage Corporation:
We have examined management's assertion, included in the accompanying management assertion, that Option One Mortgage Corporation 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 Option One Mortgage Corporation'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, including examining, on a test basis, evidence about Option One Mortgage Corporation'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 Option One Mortgage Corporation's compliance with the minimum servicing standards.
In our opinion, management's assertion that Option One Mortgage Corporation 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
Los Angeles, California February 28, 2006
KPMG LLP, a U.S. limited liability partnership, is the U.S. member firm of KPMG International, a Swiss cooperative.
EX-99.2 (logo) OPTION ONE MORTGAGE an H&R BLOCK company
(logo) H&R BLOCK
Management Assertion
As of and for the year ended December 31, 2005, Option One Mortgage Corporation 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, Option One Mortgage Corporation had in effect a fidelity bond and errors and omissions policy in the amounts of $70,000,000 and $10,000,000, respectively.
/s/ Robert E Dubrish Robert E. Dubrish, Chief Executive Officer
/s/ William L. O'Neill William L. O'Neill, Chief Financial Officer
/s/ Matthew A. Engel Matthew A. Engel, Controller
/s/ Fabiola Camperi Fabiola Camperi, Chief Servicing Officer
www.optiononeonline.com
EX-99.3 (logo) OPTION ONE M O R T G A G E
(logo) H&R BLOCK
an H&R BLOCK company
March 15, 2006
Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, Maryland 21045 Attention: Corporate Trust Services - SGMS 2005-OPT1
SG Mortgage Securities, LLC 1221 Avenue of the America New York, New York 10020
HSBC Bank USA, National Association 452 Fifth Avenue, New York, New York 10018 Attention: Corporate Trust, SG Mortgage Securities Trust 2005-OPT1
Fitch Ratings, One State Street Plaza New York, New York 10004 Attention: Managing Director, Residential Mortgage-Backed Securities
Moody's Investors Service, Inc. 99 Church Street New York, New York 10007
Standard & Poor's a division of The McGraw-Hill Companies, Inc. 55 Water Street, 41st Floor New York, New York 10041 Attention: Mortgage Surveillance Group. Inv#402
Re: SG Mortgage Securities Trust 2005-OPT1 Asset Backed Certificates, Series 2005-OPT1
Pursuant to Section 3.17 of the Pooling and Servicing Agreement, dated and effective as of November 1, 2005, among SG Mortgage Securities, LLC as Depositor, Option One Mortgage Corporation, as Servicer, and Wells Fargo Bank, N.A. as Custodian, Master Servicer and Securities Administrator, and HSBC Bank USA, National Association, as Trustee, (the "Servicing Agreement"), enclosed is the required officer's certificate of compliance.
If you have any questions, please contact Elizabeth Nguyen at (949) 727-8226 or email: Elizabeth.Nguyen@oomc.com
Option One Mortgage Corporation 6501 Irvine Center Drive Irvine, CA 92618
www.optiononeonline.com
3 Ada Irvine California 92618 * 949.704.3600 * Fax 949.790.7514
(page)
OFFICER'S CERTIFICATE
ANNUAL STATEMENT OF THE SERVICER
I, Fabiola Camperi, the duly appointed Chief Servicing Officer of Option One Mortgage Corporation, the Servicer, hereby certify that (i) a review of the activities of the Servicer during the calendar year ended December 31, 2005 and of performance under the Servicing Agreement, as defined in the cover letter, has been made under my supervision, and (ii) to the best of my knowledge, based on such review, the Servicer has fulfilled in all material respects all of its obligations under the Servicing Agreement during such year.
By: /s/ Fabiola Camperi
Name: Fabiola Camperi Title: Chief Servicing Officer Date: February 28, 2006
Ex-99.4
Schedule of Year-To-Date Principal and Interest Distributions to Certificateholders