LEHMAN SARM 2005-5
Not Applicable.
Not Applicable.
None.
Not Applicable.
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.
None.   PART II
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.
Not Applicable.
Not Applicable.
Not Applicable.
Not Applicable.
None.
Not Applicable.
Not Applicable                                        -2-   PART III
Not Applicable.
Not Applicable.
Not Applicable.
No reportable transactions have occurred.
Not Applicable.  PART IV
(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-    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-     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-                                     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-                                     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-                                     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-    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-    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-                            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-                          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-   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-                            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-  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-                                     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-   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-                      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-    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-    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-                                                 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-                                                          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-      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-     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-                                      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-                                     EXHIBIT 99.4          Aggregate Statement of Principal and Interest Distributions to                    Certificateholders as of December 31, 2005                                    ----------           - -----------------------------------------------------------------------------------------------------------------------------------                                   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 - -----------------------------------------------------------------------------------------------------------------------------------                                         -26-    -----END PRIVACY-ENHANCED MESSAGE-----