Exhibit 99.1
| ABS Corporation | Page 1 | |||
| Banc One Home Equity Loan Trust 1999-1 | ||||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
CERTIFICATES INFORMATION | |||||||
| BALANCE | MARGIN | ||||||
Investors | $ | 500,000,000.00 | 0.26 | % | |||
Transferor | $ | 10,205,197.95 | 0.00 | % | |||
OTHER INFORMATION | |||||||
Original Pool Balance @ Cut-Off Date | $ | 510,205,197.95 | |||||
Servicing Fee | 0.500 | % | |||||
Original Settlement Date | 6/23/99 | ||||||
First Payment Date | 7/20/99 | ||||||
Short Interest Period Days | 27 | ||||||
Managed Amortization Period (Months) | 60 | ||||||
Required Credit Enhancement Amount Percentage | 1.75 | % | |||||
Required Credit Enhancement Amount | $ | 8,750,000.00 | |||||
Spread Account Maximum ( % of Invested Amount) | 0.25 | % | |||||
Spread Account Maximum | 1,250,000.00 | ||||||
Spread Account Floor ( % of Original Balance) | 0.00 | % | |||||
Spread Account Step-Up 9+ Mths Delinquent Percentage | 0.00 | % | |||||
Initial Insured Amount | $ | 500,000,000.00 | |||||
Fixed Allocation Percentage | 98.00 | % | |||||
Minimum Transferor Interest Percentage | 5.00 | % | |||||
Credit Enhancement Fee | 0.110 | % | |||||
Rapid Amortization Event Trigger (% of Original Pool Balance) | 1.000 | % | |||||
Tail Adjustment | $ | 0.00 | |||||
| ABS Corporation | ||||
| Banc One Home Equity Loan Trust 1999-1 | Page 2 | |||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
INPUT SECTION (PAGE 1 of 1) | ||||
MONTH: | 71 | |||
DISTRIBUTION DATE: | 5/20/05 | |||
DETERMINATION DATE: | 5/17/05 | |||
| 30 | ||||
MORTGAGE LOANS PAYMENT SUMMARY | ||||
COLLECTION PERIOD: | ||||
MTGE LOANS INTEREST RECEIVED | $ | 476,863.07 | ||
MTGE LOANS PRINCIPAL RECEIVED | $ | 3,448,391.85 | ||
MTGE LOANS NET LIQUIDATION PROCEEDS (ALLOC. TO INTEREST) | $ | 2,001.49 | ||
MTGE LOANS NET LIQUIDATION PROCEEDS (NET OF FORECL. PROFIT & ALLOC. TO PRINCIPAL) | $ | 0.00 | ||
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO INTEREST) | $ | 0.00 | ||
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO PRINCIPAL) | $ | 0.00 | ||
MTGE LOANS SERVICER OPTIONAL ADVANCES (ALLOC. TO INTEREST) | $ | 0.00 | ||
MTGE LOANS PURCHASE PRICE (ALLOC. TO INTEREST) | $ | 0.00 | ||
MTGE LOANS PURCHASE PRICE (ALLOC. TO PRINCIPAL) | $ | 0.00 | ||
MTGE LOANS TRANSFER DEPOSIT AMOUNT (ALLOC. TO PRINCIPAL) | $ | 0.00 | ||
MTGE LOANS DRAWS (ADDITIONAL BALANCES) | $ | 2,020,614.37 | ||
MTGE LOANS LIQUIDATION LOSS AMOUNT | $ | 4,665.01 | ||
MTGE LOANS TOTAL ENDING PRINCIPAL BALANCE | $ | 91,576,488.92 | ||
AVERAGE MTGE LOANS RATE | 6.18461 | % | ||
DELINQUENCY & REO SUMMARY | ||||
DEL STAT 1 - NO. OF ACCTS | 36 | |||
DEL STAT 1 - CURRENT BALANCE | $ | 1,001,612.76 | ||
DEL STAT 2 - NO. OF ACCTS | 18 | |||
DEL STAT 2 - CURRENT BALANCE | $ | 405,947.62 | ||
DEL STAT 1+ - NO. OF ACCTS | 100 | |||
DEL STAT 1+ - CURRENT BALANCE | $ | 2,786,818.00 | ||
DEL STAT 3+ - NO. OF ACCTS | 46 | |||
DEL STAT 3+ - CURRENT BALANCE | $ | 1,379,257.62 | ||
REO - NO. OF ACCTS | 0 | |||
REO - CURRENT BOOK BALANCE (UNPAID PRINC. BALANCE) | $ | 0.00 | ||
LOAN MODIFICATION SUMMARY | ||||
é TOTAL CLTV OF OUTSTANDING POOL BALANCE FOR THIS COLLECTION PERIOD. | 73.7429 | % | ||
CUT-OFF DATE WEIGHTED AVERAGE GROSS MARGIN(NOT AN INPUT FIELD) | 1.250 | % | ||
RECALCULATED WEIGHTED AVERAGE GROSS MARGIN | 0.692 | % | ||
MAXIMUM AMOUNT OF MARGIN MODIFICATIONS EXECUTED?(NOT AN INPUT FIELD) | YES | |||
OTHER INFORMATION | ||||
LIBOR RATE FOR CURRENT INTEREST PERIOD | 2.99000 | % | ||
INTEREST DEPOSIT INTO SPREAD ACCOUNT (REINVESTMENT) | $ | 0 | ||
é AMOUNT OWED TO CREDIT ENHANCER DUE TO PREPAYMENT SHORTFALL | $ | 0 | ||
SURETY BOND IN FORCE ? (YES=1; NO=0) | 1 | |||
| ABS Corporation | ||||
| Banc One Home Equity Loan Trust 1999-1 | Page 3 | |||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
Detailed Information (Page 1 of 5) | |||
Distribution Date: | 5/20/05 | ||
LIBOR Rate (Adjusted two business days prior to previous Distribution Date) | 2.99000 | % | |
Average Mtge Loans Net Loan Rate (Effective Rate; Multiply by 360/365) | 5.48989 | % | |
Maximum Rate | 5.48989 | % | |
Investor Certificate Rate (LIBOR + 26 bps) | 3.25000 | % | |
Investor Certificate Rate Capped at Maximum Rate? (Y=1; N=0) | 0 | ||
Interest Period (Days) | 30 | ||
Beginning Pool Balance | 93,008,931.41 | ||
Beginning Investor Certificate Principal Balance | 61,444,018.60 | ||
Beginning Transferor Principal Balance | 29,224,374.20 | ||
Beginning Invested Amount | 63,784,557.21 | ||
Investor Floating Allocation Percentage | 68.5790 | % | |
Liquidation Loss Amount | 4,665.01 | ||
Servicing Fee | 38,753.72 | ||
Mtge Loans Interest (Net of Cut-Off Date Overdue Interest) | 476,863.07 | ||
Mtge Loans Principal | 3,448,391.85 | ||
Mtge Loans Net Liquidation Proceeds | 2,001.49 | ||
Mtge Loans Insurance Proceeds | 0.00 | ||
Mtge Loans Optional Servicer Advances | 0.00 | ||
Mtge Loans Purchase Price | 0.00 | ||
Mtge Loans Transfer Deposit Amount | 0.00 | ||
Available Funds | 3,927,256.41 | ||
Mtge Loans Interest | 476,863.07 | ||
Mtge Loans Net Liquidations Proceeds (Alloc. to Int.) | 2,001.49 | ||
Mtge Loans Insurance Proceeds (Alloc. to Int.) | 0.00 | ||
Mtge Loans Optional Servicer Advances (Alloc. to Int.) | 0.00 | ||
Mtge Loans Purchase Price (Alloc. to Int.) | 0.00 | ||
Mtge Loans Interest Collections | 478,864.56 | ||
Mtge Loans Principal | 3,448,391.85 | ||
Mtge Loans Net Liquidation Proceeds (Alloc. to Princ. & Net of Forecl. Profits) | 0.00 | ||
Mtge Loans Insurance Proceeds (Alloc. to Princ.) | 0.00 | ||
Mtge Loans Purchase Price (Alloc. to Princ.) | 0.00 | ||
Mtge Loans Transfer Deposit Amount | 0.00 | ||
Mtge Loans Principal Collections | 3,448,391.85 | ||
Interest Collections | 478,864.56 | ||
Principal Collections | 3,448,391.85 | ||
Investor & Transferor Interest & Principal Allocation | |||
Investor Interest Collections | 328,400.33 | ||
Investor Principal Collections | 3,379,416.62 | ||
Transferor Interest Collections | 150,464.23 | ||
Transferor Principal Collections | 68,975.23 | ||
(Check) | 0.00 | ||
Investor Loss Amount | 3,199.22 | ||
Transferor Loss Amount | 1,465.79 | ||
| ABS Corporation | ||||
| Banc One Home Equity Loan Trust 1999-1 | Page 4 | |||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
Detailed Information (Page 2 of 5) | |||
Distribution Date: | 5/20/05 | ||
Investor Interest Collections | 328,400.33 | ||
less Investor Servicing Fee | 26,576.90 | ||
less Unpaid Servicing Fee | 0.00 | ||
less Investor Certificate Interest | 166,410.88 | ||
less Unpaid Investor Certificate Interest Shortfall | 0.00 | ||
less Credit Enhancement Premium | 5,632.37 | ||
less Investor Loss Amount | 3,199.22 | ||
less Unpaid Investor Loss Amount | 0.00 | ||
less Unreimbursed Draw Amounts | 0.00 | ||
Excess Interest | 126,580.97 | ||
less Accelerated Principal Distribution Amount | 8,456.54 | ||
less Deposit to (Release from) Spread Account | (8,456.54 | ) | |
Remaining Excess Interest | 126,580.97 | ||
Investor Distributions | |||
Investor Certificate Interest | 166,410.88 | ||
Managed Amortization Period? (Y=1, N=0) | 0 | ||
Rapid Amortization Period? (Y=1, N=0) | 1 | ||
Principal Collections less Additional Balances | 1,427,777.48 | ||
Alternative Principal Payment | 1,427,777.48 | ||
Maximum Principal Collections | 3,379,416.62 | ||
Principal Distribution Amount | 3,379,416.62 | ||
Investor Loss Amount Distributed to Investors | 3,199.22 | ||
Excess Interest Paid as Principal | 8,456.54 | ||
Transferor Distributions | |||
Transferor Interest Collections (net of Transferor Servicing Fee) | 138,287.41 | ||
Funds Released from Spread Account | 0.00 | ||
Principal Distributions (including Transferor Principal Collections) | 68,975.23 | ||
Excess Int. (Shortfall) a/ Interest | 161,989.45 | ||
Excess Int. (Shortfall) a/ Premium b/ Losses | 156,357.08 | ||
Excess Int. (Shortfall) a/ Losses | 153,157.86 | ||
Required Amount | 0.00 | ||
Required Amount Applied to Overcollateralization Amount | 0.00 | ||
Draw on Policy | 0.00 | ||
Investor Certificate Distribution Amount (Excluding Credit Enhancement Draw Amount) | 3,557,483.26 | ||
Credit Enhancement Draw Amount | 0.00 | ||
Guaranteed Principal Distribution Amount | 0.00 | ||
Guaranteed Amount | 0.00 | ||
| ABS Corporation | ||||
| Banc One Home Equity Loan Trust 1999-1 | Page 5 | |||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
Detailed Information (Page 3 of 5)
| |||
Distribution Date: | 5/20/05 | ||
Beginning Pool Balance | 93,008,931.41 | ||
Interest Distribution | 478,864.56 | ||
Principal Distribution | 3,448,391.85 | ||
Additional Balances | 2,020,614.37 | ||
Liquidation Loss Amount | 4,665.01 | ||
Ending Pool Balance | 91,576,488.92 | ||
Beginning Investor Certificate Principal Balance | 61,444,018.60 | ||
Investor Certificate Interest | 166,410.88 | ||
Unpaid Investor Certificate Interest Shortfall distributed | 0.00 | ||
Investor Certificate Principal | 3,391,072.37 | ||
Ending Investor Certificate Principal Balance | 58,052,946.23 | ||
Pool Factor | 0.1161059 | ||
Beginning Transferor Balance | 29,224,374.20 | ||
Interest Distribution (including funds released from Spread Account) | 150,464.23 | ||
Principal Distribution (including Unallocated Transferor Principal Collections) | 68,975.23 | ||
Additional Balances | 2,020,614.37 | ||
Losses allocated to Transferor | 1,465.79 | ||
Ending Transferor Balance | 31,174,547.54 | ||
Minimum Transferor Interest | 4,578,824.45 | ||
Transferor Principal Collections Unallocated due to Minimum Transferor Interest (held in Coll. Acct.) | 0.00 | ||
Total Unallocated Transferor Principal Collections held in Collection Account | 0.00 | ||
Beginning Invested Amount | 63,784,557.21 | ||
Principal Distribution Amount | 3,379,416.62 | ||
Investor Loss Reduction Amount | 3,199.22 | ||
Ending Invested Amount | 60,401,941.38 | ||
Beginning Total OC Amount | 2,340,538.61 | ||
Ending Total OC Amount | 2,348,995.15 | ||
Ending Total OC Amount (% of Original Invested Amount) | 0.47 | % | |
Spread Account Cap Amount | 151,004.85 | ||
Beginning Spread Account Balance | 159,461.39 | ||
Draw from Account to Pay Credit Enhancer | 0.00 | ||
Deposit to (Release from) | (8,456.54 | ) | |
Ending Spread Account Balance | 151,004.85 | ||
Ending Spread Account Balance (% of Ending Invested Amount) | 0.25 | % | |
Unreimbursed Draw on Surety Bond | 0.00 | ||
| ABS Corporation | ||||
| Banc One Home Equity Loan Trust 1999-1 | Page 6 | |||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
Detailed Information (Page 4 of 5) | ||||
Distribution Date: | 5/20/05 | |||
Beginning Insured Principal Amount | $ | 61,444,018.60 | ||
Ending Insured Principal Amount | $ | 58,052,946.23 | ||
Available Credit Enhancement | 0.49 | % | ||
Investor Distribution Amount | 3,557,483.26 | |||
Transferor Distribution Amount (incl. Excess Cash Rel. From SA) | 207,262.64 | |||
Investor Loss Amount Reimbursed from Excess Interest | 3,199.22 | |||
Investor Loss Amount Reimbursed from Policy Draw | 0.00 | |||
Investor Loss Amount Allocated to OC | 0.00 | |||
Investor Loss Amount Unreimbursed | 0.00 | |||
Unreimbursed Loss Amount Distributed | 0.00 | |||
Cum. Accelerated Principal Distribution Amount | 2,348,995.15 | |||
Cum. Principal Payments (Including ECPB & APDA) | 441,947,053.77 | |||
Cum. Principal Payments (Excluding ECPB & APDA) | 439,589,602.08 | |||
Cum. OC Amount | 2,348,995.15 | |||
Cum. SA Deposits | 151,004.85 | |||
Cum. Liquidation Losses | 8,749,051.60 | |||
Cum. Investor Loss Reduction Amount | 0.00 | |||
Cum. Purchase Price of Repurchased Loans (Alloc. to Principal) | 0.00 | |||
Cum. Guaranteed Principal Distribution Amount | 0.00 | |||
Cum. Credit Enhancement Draw Amount | 0.00 | |||
Cum. Change in Weighted Average Gross Margin (Cut-Off Margin-Current Margin) | 0.559 | % | ||
Accrued but Unpaid a/ Distribution | ||||
Servicing Fee | 0.00 | |||
Investor Certificate Interest | 0.00 | |||
Credit Enhancement Premium | 0.00 | |||
Unreimbursed Draw Amounts | 0.00 | |||
| ABS Corporation | ||||
| Banc One Home Equity Loan Trust 1999-1 | Page 7 | |||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
Detailed Information (Page 5 of 5) | |||
Distribution Date: | 5/20/05 | ||
SOURCES OF FUNDS: | |||
Mtge Loans Interest | 476,863.07 | ||
Mtge Loans Net Liq. Proceeds (Alloc. to Int. & Incl. Rec. Charge-Offs) | 2,001.49 | ||
Mtge Loans Insurance Proceeds (Alloc. to Int.) | 0.00 | ||
Mtge Loans Purchase Price (Alloc. to Int.) | 0.00 | ||
Mtge Loans Principal | 3,448,391.85 | ||
Mtge Loans Net Liq. Proceeds (Alloc. to Princ.) | 0.00 | ||
Mtge Loans Insurance Proceeds (Alloc. to Princ.) | 0.00 | ||
Mtge Loans Purchase Price (Alloc. to Princ.) | 0.00 | ||
Mtge Loans Transfer Deposit Amount | 0.00 | ||
Reinvestment Earnings | 0.00 | ||
Draw on Policy | 0.00 | ||
Total | 3,927,256.41 | ||
USES OF FUNDS | |||
Servicing Fee | 38,753.72 | ||
Investor Interest Distribution | 166,410.88 | ||
Accrued and Unpaid Investor Interest Distributed | 0.00 | ||
Investor Principal Distribution | 3,391,072.37 | ||
Transferor Distribution (not including Cash Released to Transferor) | 207,262.64 | ||
Unallocated Transferor Principal Collections | 0.00 | ||
Accrued and Unpaid Servicing Fee Distributed | 0.00 | ||
Credit Enhancement Premium Distributed | 5,632.37 | ||
Cash Deposited to (Released from) Spread Account | (8,456.54 | ) | |
Cash Released to Transferor | 126,580.97 | ||
Total | 3,927,256.41 | ||
PERFORMANCE PARAMETERS | |||
Aggregate Amount of Locked Balances | 756,399.37 | ||
Aggregate Amount of Locked Balances - % | 0.826 | % | |
Portfolio CLTV as of the End of the Collection Period | 73.743 | % | |
Amount of Pool Balance Offered the “Skip-a-Pay Program” | 0.00 | ||
Percentage of Pool Balance Offered the “Skip-a-Pay Program” | 0.00 | % | |
Number of Accounts Accepting the “Skip-a-Pay Program” | 0 | ||
Aggregate Principal Balance of Accounts Accepting the “Skip-a-Pay Program” | 0.00 | ||
ERROR CHECK | |||
Sources & Uses | OK | ||
Pool Balance | OK | ||
Transferor Balance | OK | ||
Loss Allocation | OK | ||
Overcollateralization | OK | ||
Balance Reduction | OK | ||
Distribution List: | |||
Bill Marshall, JPMorgan Chase Bank, N.A. | |||
| ABS Corporation | ||||
| Banc One Home Equity Loan Trust 1999-1 | Page 8 | |||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
Servicer Certificate (Page 1 of 3)
| Distribution Date: | 5/20/05 | ||||
| A. | POOL INFORMATION | ||||
| Aggregate Amount of Collections | 3,927,256.41 | ||||
| Aggregate Amount of Interest Collections | 478,864.56 | ||||
| Aggregate Amount of Principal Collections | 3,448,391.85 | ||||
| Transfer Deposit Amount | 0.00 | ||||
| Beginning Pool Balance | 93,008,931.41 | ||||
| Ending Pool Balance | 91,576,488.92 | ||||
| Additional Balances | 2,020,614.37 | ||||
| Cum. Modifications to Credit Limits ($ of Initial Credit Limits) | $ 0.00 | ||||
| Cum. Modifications to Credit Limit (% of Initial Credit Limits) | 0.00 | % | |||
| Cum. Change in Weighted Average Gross Margin (Cut-Off Margin-Current Margin) | 0.559 | % | |||
| Servicing Fee | 38,753.72 | ||||
| Unpaid Servicing Fee Received | 0.00 | ||||
| Remaining Accrued and Unpaid Servicing Fee | 0.00 | ||||
| B. | INTEREST, PRINCIPAL & LOSS ALLOCATION | ||||
| Investor Certificateholder Floating Allocation Percentage | 68.58 | % | |||
| Investor Certificateholder Fixed Allocation Percentage | 98.00 | % | |||
| Investor Interest Collections | 328,400.33 | ||||
| Investor Principal Collections | 3,379,416.62 | ||||
| Transferor Interest Collections | 150,464.23 | ||||
| Transferor Principal Collections | 68,975.23 | ||||
| Investor Loss Amount | 3,199.22 | ||||
| Beginning Invested Amount | 63,784,557.21 | ||||
| Ending Invested Amount | 60,401,941.38 | ||||
C. | INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS | ||||
| Investor Certificate Interest Distributed | 166,410.88 | ||||
| Investor Certificate Interest Shortfall b/ any Draw on Policy | 0.00 | ||||
| Unpaid Investor Certificate Interest Shortfall Received | 0.00 | ||||
| Unpaid Investor Certificate Interest Shortfall Remaining | 0.00 | ||||
| Principal Distribution Amount | 3,379,416.62 | ||||
Managed Amortization Period? (Yes=1; No=0) | 0 | ||||
Rapid Amortization Period? (Yes=1; No=0) | 1 | ||||
Maximum Principal Collections Payment | 3,379,416.62 | ||||
Alternative Principal Payment | 1,427,777.48 | ||||
Principal Collections less Additional Balances | 1,427,777.48 | ||||
| Investor Loss Amount Distributed to Investors | 3,199.22 | ||||
| Accelerated Principal Distribution Amount | 8,456.54 | ||||
D. | INVESTOR CERTIFICATE PRINCIPAL BALANCE | ||||
| Beginning Certificate Principal Balance | 61,444,018.60 | ||||
| Ending Certificate Principal Balance | 58,052,946.23 | ||||
| Pool Factor | 0.1161059 | ||||
| ABS Corporation | ||||
| Banc One Home Equity Loan Trust 1999-1 | Page 9 | |||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
Servicer Certificate (Page 2 of 3)
| |||||
Distribution Date: | 5/20/05 | ||||
E. | DISTRIBUTIONS TO TRANSFEROR | ||||
| Interest Distribution | 150,464.23 | ||||
| Principal Distribution | 68,975.23 | ||||
| Amount Distributed to Transferor | 0.00 | ||||
F. | TRANSFEROR BALANCE | ||||
| Beginning Transferor Principal Balance | 29,224,374.20 | ||||
| Ending Transferor Principal Balance | 31,174,547.54 | ||||
| Minimum Transferor Balance | 4,578,824.45 | ||||
G. | INVESTOR CERTIFICATE RATE | ||||
| Investor Certificate Rate | 3.25000 | % | |||
| LIBOR Rate | 2.99000 | % | |||
| Maximum Rate | 5.48989 | % | |||
| Weighted Average Mortgage Net Loan Rate | 5.48989 | % | |||
H. | CREDIT ENHANCEMENT | ||||
| Credit Enhancement Fee | 5,632.37 | ||||
| Guaranteed Amount | 0.00 | ||||
| Guaranteed Principal Distribution Amount | 0.00 | ||||
| Credit Enhancement Draw Amount | 0.00 | ||||
I. | SPREAD ACCOUNT | ||||
| Beginning Spread Account Balance | 159,461.39 | ||||
| Ending Spread Account Balance | 151,004.85 | ||||
| Amount to be distributed to (Released from) the Spread Account | (8,456.54 | ) | |||
| Spread Account Maximum | 151,004.85 | ||||
J. | DELINQUENCY & REO STATUS | ||||
| Delinquent 30-59 days | |||||
No. of Accounts | 36 | ||||
Trust Balances | 1,001,612.76 | ||||
| Delinquent 60-89 days | |||||
No. of Accounts | 18 | ||||
Trust Balances | 405,947.62 | ||||
| Delinquent 90+ days | |||||
No. of Accounts | 46 | ||||
Trust Balances | 1,379,257.62 | ||||
| Delinquent 9+ months | |||||
No. of Accounts | 0 | ||||
Trust Balances | 0.00 | ||||
| REO | |||||
No. of Accounts | 0 | ||||
Trust Balances | 0.00 | ||||
| ABS Corporation | ||||
| Banc One Home Equity Loan Trust 1999-1 | Page 10 | |||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
Servicer Certificate (Page 3 of 3)
Distribution Date: | 5/20/05 | |||||
K. | EVENT OF DEFAULT TRIGGERS | 0 | ||||
| Failure by Seller to make payment within 5 Business Days of Required Date ? | 0 | |||||
| Failure by Seller to perform any covenants described in the Agreement ? | 0 | |||||
| Bankruptcy or Insolvency relating to Servicer ? | 0 | |||||
L. | RAPID AMORTIZATION EVENT TRIGGERS | 0 | ||||
| Failure by Seller to make payment within 3 Business Days of Required Date ? | 0 | |||||
| Breach of Representation or Warranty by Seller or Depositor? | 0 | |||||
| Bankruptcy or Insolvency relating to Transferor ? | 0 | |||||
| Subject to Investment Company Act of 1940 Regulation ? | 0 | |||||
| Any Event of Default ? | 0 | |||||
| Draws Under Policy are Greater than 1% of Initial Pool Principal Balance? | 0 | |||||
| IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed and certifies to the best of his knowledge and belief that information is true and correct this 17th day of May 2005 | ||||||
| JPMorgan Chase Bank, N.A. (formerly Bank One, N.A.) | ||||||
| as Servicer | ||||||
/s/ Philip C. McNiel | ||||||
| Philip C. McNiel | ||||||
| Vice President | ||||||
Distribution List: | ||||||
MBIA Bill Marshall, JPMorgan Chase Bank, N.A. Moody’s Investors Service Standard & Poor’s Corp. | ||||||
| ABS Corporation | Page 11 | |||
| Banc One Home Equity Loan Trust 1999-1 | ||||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
Statement to Certificateholders (Page 1 of 2)
| |||||
Distribution Date: | 5/20/05 | ||||
| INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT) | |||||
A. | INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS | ||||
| Investor Certificate Interest Distributed | 0.332822 | ||||
| Investor Certificate Interest Shortfall Distributed | 0.000000 | ||||
| Remaining Unpaid Investor Certificate Interest Shortfall | 0.000000 | ||||
| Managed Amortization Period ? (Yes=1; No=0) | 0 | ||||
| Investors Certificate Principal Distributed | 6.782145 | ||||
Principal Distribution Amount | 6.758833 | ||||
Maximum Principal Payment | 6.758833 | ||||
Alternative Principal Payment | 2.855555 | ||||
Principal Collections less Additional Balances | 2.855555 | ||||
Investor Loss Amount Distributed to Investors | 0.006398 | ||||
Accelerated Principal Distribution Amount | 0.016913 | ||||
Credit Enhancement Draw Amount | 0.00 | ||||
| Total Amount Distributed to Certificateholders (P & I) | 7.114967 | ||||
B. | INVESTOR CERTIFICATE PRINCIPAL BALANCE | ||||
| Beginning Investor Certificate Balance | 61,444,018.60 | ||||
| Ending Investor Certificate Balance | 58,052,946.23 | ||||
| Beginning Invested Amount | 63,784,557.21 | ||||
| Ending Invested Amount | 60,401,941.38 | ||||
| Investor Certificateholder Floating Allocation Percentage | 68.5790 | % | |||
| Pool Factor | 0.1161059 | ||||
| Liquidation Loss Amount for Liquidated Loans | 4,665.01 | ||||
| Unreimbursed Liquidation Loss Amount | 0.00 | ||||
C. | POOL INFORMATION | ||||
| Beginning Pool Balance | 93,008,931.41 | ||||
| Ending Pool Balance | 91,576,488.92 | ||||
| Servicing Fee | 38,753.72 | ||||
D. | INVESTOR CERTIFICATE RATE | ||||
| Investor Certificate Rate | 3.250000 | % | |||
| LIBOR Rate | 2.990000 | % | |||
| Maximum Rate | 5.489887 | % | |||
E. | DELINQUENCY & REO STATUS | ||||
| Delinquent 30-59 days | |||||
No. of Accounts | 36 | ||||
Trust Balances | 1,001,612.76 | ||||
| Delinquent 60-89 days | |||||
No. of Accounts | 18 | ||||
Trust Balances | 405,947.62 | ||||
| Delinquent 90+ days | |||||
No. of Accounts | 46 | ||||
Trust Balances | 1,379,257.62 | ||||
| Delinquent 9+ Months | |||||
No. of Accounts | 0 | ||||
Trust Balances | 0 | ||||
| REO | |||||
No. of Accounts | 0 | ||||
Trust Balances | 0.00 | ||||
| ABS Corporation | ||||
| Banc One Home Equity Loan Trust 1999-1 | Page 12 | |||
| P & S Agreement Date: | May 31, 1999 | |||
| Original Settlement Date: | June 23, 1999 | |||
| Series Number of Certificates: | ||||
| Original Collateral Sale Balance | $510,205,197.95 |
| Statement to Certificateholders (Page 2 of 2) | ||||||
Distribution Date: | 5/20/05 | |||||
| IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed and certifies to the best of his knowledge and belief that information is true and correct this 17th day of May 2005 | ||||||
| JPMorgan Chase Bank, N.A. (formerly Bank One, N.A.) | ||||||
| as Servicer | ||||||
/s/ Philip C. McNiel | ||||||
| Philip C. McNiel | ||||||
| Vice President | ||||||
Distribution List: | ||||||
| Bill Marshall, JPMorgan Chase Bank, N.A. | ||||||
