Item 1. Business. Item 1A.
Item 1A. Risk Factors. Item 1B.
Item 1B. Unresolved Staff Comments. Item 2.
Item 2. Properties. Item 3.
Item 3. Legal Proceedings. Item 4.
Item 4. Submission of Matters to a Vote of Security Holders. Not Applicable. Not Applicable. Not Applicable. None. Not Applicable. None. Item 5.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities. Item 6.
Item 6. Selected Financial Data. Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Item 8.
Item 8. Financial Statements and Supplementary Data. Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Item 9A.
Item 9A. Controls and Procedures. PART II Not Applicable. Not Applicable. Not Applicable. Not Applicable. Not Applicable. Not Applicable. Not Applicable. Not Applicable. Item 9A(T). Controls and Procedures. Item 9B.
Item 9B. Other Information. None. Item 10.
Item 10. Directors and Executive Officers and Corporate Governance. Item 11.
Item 11. Executive Compensation. Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Item 13.
Item 13. Certain Relationships and Related Transactions, and Director Independence. Item 14.
Item 14. Principal Accounting Fees and Services. PART III Not Applicable. Not Applicable. Not Applicable. Not Applicable. Not Applicable.
Item 1112(b) of Regulation AB. Item 1117 of Regulation AB. Item 1119 of Regulation AB. Item 1122 of Regulation AB. Significant Obligors of Pool Assets (Financial Information). Legal Proceedings. Affiliations and Certain Relationships and Related Transactions. Compliance with Applicable Servicing Criteria National City Mortgage Co.:
On August 23, 2005, the Office of Inspector General issued its final audit concerning late submitted requests to the
Department of Housing and Urban Development for FHA insurance made between May 1, 2002 and April 30, 2004 by
National City Mortgage Co., a subsidiary of National City Bank. One of the recommendations contained in the final audit
was for a determination to be made as to the legal sufficiency of possible remedies under the Program Fraud Civil
Remedies Act. In late 2006, the Department of Housing and Urban Development referred the matter to the Department
of Justice's Civil Division to determine if possible civil claims exist under the Program Fraud Civil Remedies Act and the
False Claims Act. The Company is cooperating with the Department of Justice in its civil claims investigation. The nature
and amount of any liabilities that might arise from this investigation is not determinable at this time. None. None. None. Item 1115(b) of Regulation AB. Information required by Item 1119 has been omitted from this annual report on Form 10-K because it is materially the
same information as has been provided previously in a prospectus timely filed pursuant to Rule 424 promulgated under
the Securities Act of 1933 under the same Central Index Key (CIK) code as this annual report on Form 10-k. LaSalle Bank National Association:
LaSalle Bank National Association's ("LaSalle") Report on Assessment of Compliance with Servicing Criteria for 2007 (the
"2007 Assessment") attached to this Report on Form 10-K describes in Appendix B the following material instance of
noncompliance related to investor reporting: "1122(d)(3)(i)(A) and (B) - During the Reporting Period, certain monthly investor or remittance reports were not
prepared in accordance with the terms set forth in the transaction agreements and certain investor reports did not
provide the information calculated in accordance with the terms specified in the transaction agreements for which certain
individual errors may or may not have been material." The investor reporting errors identified on LaSalle's 2007 Assessment as material instances of noncompliance (the
"Investor Reporting Errors") included, for example, revised delinquency, REO, foreclosure, repurchase, payoff or
modified loan counts, category indicators and/or balances. The conclusion that the Investor Reporting Errors amounted
to a material instance of noncompliance was based primarily on the aggregate number of errors as opposed to the
materiality of any one error. The Investor Reporting Errors were generally caused by human error resulting primarily from high volume monthly data
processing demands that had to be addressed within constricted time frames with less than a full complement of
operational staff. Between the fourth quarter of the Reporting Period and the date of the 2007 Assessment, LaSalle
has employed additional operational staff to accommodate the high volume of monthly investor reporting requirements
and minimize the risk of the Investor Reporting Errors recurring. Other necessary controls are in place to minimize the
risk of such errors. With respect to the specific pool assets and asset-backed securities related to the Investor Reporting Errors, the errors
did not have, and are not reasonable likely in the future to have, any material impact or effect on pool asset
performance, servicing of the pool assets and payments or expected payments on the mortgage-backed securities.
In this transaction, LaSalle served as custodian. Please note that this additional disclosure does not relate to LaSalle's
custodial Servicing Criteria under Item 1122. Suntrust Mortgage, Inc.:
The Asserting Party has assessed its compliance with Applicable Servicing Criteria for the Reporting period and has
identified two instances of noncompliance with the servicing criteria as set out in 229.1122(d)(1)(iv) and
229.1122(d)(2)(vii), respectively. In regards to the former, the Asserting Party did not strictly maintain the required
fidelity bond coverage amount at all times during 2007. And, in regards to the latter, certain bank reconciliations
contained items that required enhanced explanations and that were not fully resolved within 90 calendar days of original
identification. As to the issue identified at 229.1122(d)(1)(iv), SunTrust Mortgage maintained fidelity bond coverage in the amount of
$150MM throughout calendar year 2007, which was determined to be insufficient according to applicable FNMA
transaction agreement terms. This deficiency was an issue for limited portions of the year and resulted from an increase
in the volume of the servicing portfolio. SunTrust Mortgage has requested a waiver from FNMA stating this coverage Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain
Derivatives Instruments (Information Regarding Significant
Enhancement Providers Financial Information). Certain Derivatives Instruments (Financial Information). ADDITIONAL ITEMS PURSUANT TO GENERAL INSTRUCTION J Reports on assesment of compliance with the servicing criteria for asset-backed securities are
attached hereto under Item 15.
Item 15. Exhibits, Financial Statement Schedules. c) Not Applicable. PART IV a) Exhibits Trust Agreement, dated as of July 1, 2007, among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National Association, as
Trustee (incorporated herein by reference from Exhibit 4.1 of the Current Report on Form 8-K of the
registrant, as filed with the Commission on August 14, 2007, Commission File Number 333-139693-01,
CIK number 0001405723). Incorporated by reference as Exhibit 4. Exhibit 4 Exhibit 10 Exhibit 33 Reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 34 Attestation reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 35 Servicer compliance statements. Exhibit 31 Rule 13a-14(d)/15d-14(d) Certifications. a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer
c) Deutsche Bank National Trust Company, as Custodian
d) LaSalle Bank National Association, as Custodian
e) National City Mortgage Co., as Servicer
f) Newport Management Corporation, as Sub-Contractor for Aurora Loan Services LLC
g) Regulus Group LLC, as Sub-Contractor for National City Mortgage Co.
h) SunTrust Bank, as Sub-Contractor for Suntrust Mortgage, Inc.
i) Suntrust Mortgage, Inc., as Servicer
j) U.S. Bank National Association, as Trustee, Paying Agent and Custodian
k) Wells Fargo Bank, N.A., as Custodian
l) Westlake Settlement Services, LLC, as Sub-Contractor for Aurora Loan Services LLC
m) ZC Sterling Insurance Agency, Inc., as Sub-Contractor for Suntrust Mortgage, Inc. a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer
c) Deutsche Bank National Trust Company, as Custodian
d) LaSalle Bank National Association, as Custodian
e) National City Mortgage Co., as Servicer
f) Newport Management Corporation, as Sub-Contractor for Aurora Loan Services LLC
g) Regulus Group LLC, as Sub-Contractor for National City Mortgage Co.
h) SunTrust Bank, as Sub-Contractor for Suntrust Mortgage, Inc.
i) Suntrust Mortgage, Inc., as Servicer
j) U.S. Bank National Association, as Trustee, Paying Agent and Custodian
k) Wells Fargo Bank, N.A., as Custodian
l) Westlake Settlement Services, LLC, as Sub-Contractor for Aurora Loan Services LLC
m) ZC Sterling Insurance Agency, Inc., as Sub-Contractor for Suntrust Mortgage, Inc. a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer
c) National City Mortgage Co., as Servicer
d) Suntrust Mortgage, Inc., as Servicer
SIGNATURES 3/27/2008 /s/ E. Todd Whittemore E. Todd Whittemore
Executive Vice President, Master Servicing Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized. Aurora Loan Services LLC, as Master Servicer Lehman Mortgage Trust 2007-7 (Senior Officer in charge of the servicing function of Aurora Loan Services LLC, in its
capacity as master servicer) Title: By (Signature and Title): Name: Date
EXHIBIT INDEX EXHIBIT DESCRIPTION Trust Agreement, dated as of July 1, 2007, among Structured Asset Securities Corporation, as Depositor,
Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National Association, as Trustee (incorporated
herein by reference from Exhibit 4.1 of the Current Report on Form 8-K of the registrant, as filed with the
Commission on August 14, 2007, Commission File Number 333-139693-01, CIK number 0001405723). Exhibit 33 Reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 34 Attestation reports on assessment of compliance with servicing criteria for asset-backed securities. Exhibit 35 Servicer compliance statement. Exhibit 31 Rule 13a-14(d)/15d-14(d) Certifications. Incorporated by reference as Exhibit 4. Exhibit 4 Exhibit 10 a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer
c) Deutsche Bank National Trust Company, as Custodian
d) LaSalle Bank National Association, as Custodian
e) National City Mortgage Co., as Servicer
f) Newport Management Corporation, as Sub-Contractor for Aurora Loan Services LLC
g) Regulus Group LLC, as Sub-Contractor for National City Mortgage Co.
h) SunTrust Bank, as Sub-Contractor for Suntrust Mortgage, Inc.
i) Suntrust Mortgage, Inc., as Servicer
j) U.S. Bank National Association, as Trustee, Paying Agent and Custodian
k) Wells Fargo Bank, N.A., as Custodian
l) Westlake Settlement Services, LLC, as Sub-Contractor for Aurora Loan Services LLC
m) ZC Sterling Insurance Agency, Inc., as Sub-Contractor for Suntrust Mortgage, Inc. a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer
c) Deutsche Bank National Trust Company, as Custodian
d) LaSalle Bank National Association, as Custodian
e) National City Mortgage Co., as Servicer
f) Newport Management Corporation, as Sub-Contractor for Aurora Loan Services LLC
g) Regulus Group LLC, as Sub-Contractor for National City Mortgage Co.
h) SunTrust Bank, as Sub-Contractor for Suntrust Mortgage, Inc.
i) Suntrust Mortgage, Inc., as Servicer
j) U.S. Bank National Association, as Trustee, Paying Agent and Custodian
k) Wells Fargo Bank, N.A., as Custodian
l) Westlake Settlement Services, LLC, as Sub-Contractor for Aurora Loan Services LLC
m) ZC Sterling Insurance Agency, Inc., as Sub-Contractor for Suntrust Mortgage, Inc. a) Aurora Loan Services LLC, as Master Servicer
b) Aurora Loan Services LLC, as Servicer
c) National City Mortgage Co., as Servicer
d) Suntrust Mortgage, Inc., as Servicer