SUPPLEMENT
(To Prospectus Dated May 21, 1996 and Prospectus Supplement Dated August 23,
1996)
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates, Series 1996-3
___________
Capitalized terms used but not defined herein have the meanings assigned
to them in the Prospectus Supplement dated August 23, 1996 (the "Prospectus
Supplement").
Notwithstanding anything to the contrary in the Prospectus Supplement,
including under the headings "SUMMARY--Allocation of Losses; Subordination"
and "DESCRIPTION OF THE CERTIFICATES--Allocation of Realized Losses;
Subordination," the principal portion of Realized Losses on the Mortgage
Loans allocated in reduction of the Class Certificate Principal Amount of the
Class B Certificates will continue to be allocated thereto until the Class
Certificate Principal Amount thereof has been reduced to zero, rather than
being allocated thereto only until the Class Certificate Principal Amount
thereof has been reduced by an amount equal to the initial Class Certificate
Principal Amount thereof.
The date of this Supplement is August 27, 1996
