| C-BASS | |||||||||
| MORTGAGE LOAN ASSET-BACKED CERTIFICATES | |||||||||
| SERIES 2004-CB1 |
| DISTRIBUTION STATEMENT | |||||||||
| Distribution Date: | October 25, 2004 | ||||||||
| Original | Beginning | Class Interest | Remaining | Allocable | Ending | ||||
| Certificate | Certificate | Principal | Interest | Carryover | Total | Int. Carryover | Loss | Certificate | |
| Class | Face Value | Balance | Distribution | Distribution | Shortfall | Distribution | Amount | Amount | Balance |
| AF-1 | $104,456,000.00 | $85,180,869.57 | $3,207,947.28 | $285,355.91 | $0.00 | $3,493,303.19 | $0.00 | $0.00 | $81,972,922.29 |
| AV-1 | $80,000,000.00 | $61,619,862.59 | $3,827,090.11 | $103,042.10 | $0.00 | $3,930,132.21 | $0.00 | $0.00 | $57,792,772.48 |
| AV-2 | $132,186,000.00 | $95,614,810.84 | $7,614,809.02 | $150,221.49 | $0.00 | $7,765,030.51 | $0.00 | $0.00 | $88,000,001.82 |
| AV-3 | $26,991,000.00 | $26,991,000.00 | $0.00 | $47,654.11 | $0.00 | $47,654.11 | $0.00 | $0.00 | $26,991,000.00 |
| M-1 | $24,394,000.00 | $24,394,000.00 | $0.00 | $46,294.39 | $0.00 | $46,294.39 | $0.00 | $0.00 | $24,394,000.00 |
| M-2 | $21,212,000.00 | $21,212,000.00 | $0.00 | $49,824.63 | $0.00 | $49,824.63 | $0.00 | $0.00 | $21,212,000.00 |
| M-3 | $6,364,000.00 | $6,364,000.00 | $0.00 | $16,037.28 | $0.00 | $16,037.28 | $0.00 | $0.00 | $6,364,000.00 |
| B-1 | $5,303,000.00 | $5,303,000.00 | $0.00 | $14,600.93 | $0.00 | $14,600.93 | $0.00 | $0.00 | $5,303,000.00 |
| B-2 | $5,303,000.00 | $5,303,000.00 | $0.00 | $15,013.38 | $0.00 | $15,013.38 | $0.00 | $0.00 | $5,303,000.00 |
| B-3 | $5,303,000.00 | $5,303,000.00 | $0.00 | $19,756.62 | $0.00 | $19,756.62 | $0.00 | $0.00 | $5,303,000.00 |
| B-4 | $8,485,000.00 | $8,485,000.00 | $0.00 | $38,540.76 | $0.00 | $38,540.76 | $0.00 | $0.00 | $8,485,000.00 |
| N* | $25,837,220.00 | $12,549,497.61 | $1,429,525.32 | $36,602.70 | $0.00 | $1,466,128.02 | $0.00 | N/A | $11,119,972.29 |
| X* | N/A | $4,239,324.45 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | N/A | $4,239,324.45 |
| Total | $419,997,000.00 | $345,770,543.00 | $16,079,371.73 | $822,944.30 | $0.00 | $16,902,316.03 | $0.00 | $0.00 | $331,120,696.59 |
| * Notional Balance | |||||||||
| AMOUNTS PER $1,000 UNIT | |||||||||
| Class Interest | Remaining | Allocable | Ending | Current | |||||
| Principal | Interest | Carryover | Total | Int Carryover | Loss | Certificate | Pass Through | ||
| Class | Cusip | Distribution | Distribution | Amount | Distribution | Amount | Amount | Balance | Interest Rate |
| AF-1 | 04542BFH0 | $30.71099104 | $2.73182881 | NA | $33.44281985 | $0.00000000 | $0.00000000 | $784.76030376 | 4.02000% |
| AV-1 | 04542BFJ6 | $47.83862638 | $1.28802625 | NA | $49.12665263 | $0.00000000 | $0.00000000 | $722.40965600 | 2.15000% |
| AV-2 | 04542BFK3 | $57.60677394 | $1.13644024 | NA | $58.74321418 | $0.00000000 | $0.00000000 | $665.72860832 | 2.02000% |
| AV-3 | 04542BFL1 | $0.00000000 | $1.76555556 | NA | $1.76555556 | $0.00000000 | $0.00000000 | $1,000.00000000 | 2.27000% |
| M-1 | 04542BFM9 | $0.00000000 | $1.89777773 | NA | $1.89777773 | $0.00000000 | $0.00000000 | $1,000.00000000 | 2.44000% |
| M-2 | 04542BFN7 | $0.00000000 | $2.34888884 | NA | $2.34888884 | $0.00000000 | $0.00000000 | $1,000.00000000 | 3.02000% |
| M-3 | 04542BFP2 | $0.00000000 | $2.52000000 | NA | $2.52000000 | $0.00000000 | $0.00000000 | $1,000.00000000 | 3.24000% |
| B-1 | 04542BFQ0 | $0.00000000 | $2.75333396 | NA | $2.75333396 | $0.00000000 | $0.00000000 | $1,000.00000000 | 3.54000% |
| B-2 | 04542BFR8 | $0.00000000 | $2.83111069 | NA | $2.83111069 | $0.00000000 | $0.00000000 | $1,000.00000000 | 3.64000% |
| B-3 | 04542BFS6 | $0.00000000 | $3.72555535 | NA | $3.72555535 | $0.00000000 | $0.00000000 | $1,000.00000000 | 4.79000% |
| B-4 | 04542BGD8 | $0.00000000 | $4.54222275 | NA | $4.54222275 | $0.00000000 | $0.00000000 | $1,000.00000000 | 5.84000% |
| N* | NA | $55.32813979 | $1.41666557 | NA | $56.74480536 | $0.00000000 | $0.00000000 | $430.38578802 | 3.50000% |
| X* | NA | $0.00000000 | $0.00000000 | NA | $0.00000000 | $0.00000000 | $0.00000000 | $0.00000000 | NA |
| Please contact the Bondholder Relations Department of U.S. Bank National Association at | |||||||||
| (800) 934-6802 with any questions regarding this statement or your distribution. | |||||||||
| U.S. BANK NATIONAL ASSOCIATION | |||||||||
Page 1
| C-BASS | ||||||||
| MORTGAGE LOAN ASSET-BACKED CERTIFICATES | ||||||||
| SERIES 2004-CB1 |
| Distribution Date: | October 25, 2004 | |||||||
| Payment Statement | ||||||||
| Pooling and Servicing Agreement Dated January 1, 2004 | ||||||||
| i) Distributions to the Holders See Page 1 |
| ii) Class X Distribution Amount See Page 1 |
| iii) Overcollateralization Amount (before distributions) | $4,239,324.45 | |||||||
| Overcollateralization Release Amount | $0.00 | |||||||
| Overcollateralization Deficiency | $0.00 | |||||||
| Overcollateralization Target Amount | $4,239,324.45 | |||||||
| Overcollateralization Amount (after distributions) | $4,239,324.45 | |||||||
| Amount of Excess Interest | $1,276,451.46 | |||||||
| Amount of Excess Cashflow | $1,220,886.90 | |||||||
| Group 1 | Group 2 | Total | ||||||
| iv) Servicing Fees | $45,534.86 | $99,935.77 | $145,470.63 | |||||
| v) Advances | $181,077.43 | |||||||
| vi) | Ending Pool Principal Balance | 106,403,812.89 | 228,956,208.15 | $335,360,021.04 | ||||
| vii) | Loan Count | 1039 | 1719 | 2758 | ||||
| Weighted average remaining term of the Mortgage Loans | 303 | 334 | 324 | |||||
| Weighted average Mortage Rate of the Mortgage Loans | 8.03191% | 8.31455% | 8.22604% | |||||
| viii) Delinquency And Foreclosure Information: | ||||||||
| Group 1 | All Categories | Bankruptcy | Foreclosure | |||||
| Number | Balance | Number | Balance | Number | Balance | |||
| Current | 952 | $98,416,362.79 | 0 | $0.00 | 0 | $0.00 | ||
| 30 days Delinquent: | 33 | $2,682,034.97 | 0 | $0.00 | 0 | $0.00 | ||
| 60 days delinquent: | 12 | $1,083,530.74 | 0 | $0.00 | 0 | $0.00 | ||
| 90+ days delinquent: | 41 | $4,033,252.90 | 5 | $601,666.93 | 12 | $1,055,540.11 | ||
| Group 2 | All Categories | Bankruptcy | Foreclosure | |||||
| Number | Balance | Number | Balance | Number | Balance | |||
| Current | 1585 | $212,621,245.27 | 0 | $0.00 | 0 | $0.00 | ||
| 30 days Delinquent: | 55 | $5,890,451.98 | 1 | $90,199.80 | 0 | $0.00 | ||
| 60 days delinquent: | 25 | $4,625,842.21 | 2 | $203,248.71 | 0 | $0.00 | ||
| 90+ days delinquent: | 49 | $5,322,159.94 | 7 | $566,863.52 | 21 | $2,839,842.41 | ||
Page 2
| C-BASS | ||||||||
| MORTGAGE LOAN ASSET-BACKED CERTIFICATES | ||||||||
| SERIES 2004-CB1 |
| Distribution Date: | October 25, 2004 | |||||||
| Payment Statement | ||||||||
| Pooling and Servicing Agreement Dated January 1, 2004 | ||||||||
| ix) | Loans that became REO properties (see page 5) | |||||||
| x) | Total Book Value of REO Properties: (see page 5) | |||||||
| Group 1 | Group 2 | Total | ||||||
| xi) | Principal Prepayments made during Due Period | $3,070,392.40 | $11,216,970.18 | $14,287,362.58 | ||||
| xii) | Current Period Prepayment Penalties | $245,241.12 | ||||||
| Aggregate Prepayment Penalties | $1,395,332.48 | |||||||
| Aggregate Prepayment Penalties allocated to Classes N | $1,395,332.48 | |||||||
| Aggregate Prepayment Penalties allocated to Classes X | $0.00 | |||||||
| xiii) | Aggregate Realized Losses incurred during Due Period | ($6,206.31) | $61,770.87 | $55,564.56 | ||||
| Cumulative Realized Losses | $26,213.01 | $122,595.42 | $148,808.43 | |||||
| xiv) | Realized Loss Allocations See Page 1 | |||||||
| xv) | Accrued Certificate Interest See Page 1 | |||||||
| xvi) | Prepayment Interest Shortfall not covered by the servicer | $0.00 | $0.00 | $0.00 | ||||
| xix) | Trustee Fees | $548.06 | $1,201.99 | $1,750.05 | ||||
| xx) | LIBOR Carryover Amounts | |||||||
| Current Distribution | Amounts Remaining | |||||||
| AV-1 | 0.00 | 0.00 | ||||||
| AV-2 | 0.00 | 0.00 | ||||||
| AV-3 | 0.00 | 0.00 | ||||||
| M-1 | 0.00 | 0.00 | ||||||
| M-2 | 0.00 | 0.00 | ||||||
| M-3 | 0.00 | 0.00 | ||||||
| B-1 | 0.00 | 0.00 | ||||||
| B-2 | 0.00 | 0.00 | ||||||
| B-3 | 0.00 | 0.00 | ||||||
| B-4 | 0.00 | 0.00 | ||||||
| xxi) | Overcollateralization Deficiency (after distribution) | 0.00 | ||||||
| xxii) | Has Trigger Event has occurred? | NO | ||||||
| Cummulative Realized Losses Percentage | 0.0351019% | |||||||
| xxiii) | Available Funds | Group 1 | Group 2 | Total | ||||
| Scheduled Interest Net of Servicing Fees | $657,002.04 | $1,407,541.07 | $2,064,543.11 | |||||
| Scheduled Principal | $137,554.88 | $224,928.95 | $362,483.83 | |||||
| Unscheduled Principal | $3,070,392.40 | $11,216,970.18 | $14,287,362.58 | |||||
| Available Funds | $3,864,949.32 | $12,849,440.20 | $16,714,389.52 | |||||
| xxiv) | Class Interest Rate See Page 1 | |||||||
| xxv) | Liquidation Report See Page 4 | |||||||
| xxvi) | Mortgage Loans Purchased by Servicer | 0.00 | ||||||
| xxvii) | Mortgage Loans Re-Purchased by Servicer | 0.00 | ||||||
Page 3
| C-BASS | |||||||
| MORTGAGE LOAN ASSET-BACKED CERTIFICATES | |||||||
| LIQUIDATION REPORT | |||||||
| Payment Statement | |||||||
| Pooling and Servicing Agreement Dated January 1, 2004 |
| Distribution Date: | 10/25/04 | ||||||
| Loan Number | Unpaid Principal Balance | Scheduled Principal | Liquidation Proceeds | Loss | |||
| 8773616 | $22,965.69 | $22,965.69 | -$2,188.00 | $25,153.69 | |||
| 8899296 | $295,365.99 | $295,365.99 | $233,595.12 | $61,770.87 | |||
| 8881104 | $0.00 | $0.00 | $0.00 | -$31,360.35 | |||
| 55,564.21 | |||||||
Page 4
| C-BASS | |||||||
| MORTGAGE LOAN ASSET-BACKED CERTIFICATES | |||||||
| REO REPORT | |||||||
| Payment Statement | |||||||
| Pooling and Servicing Agreement Dated January 1, 2004 |
| Distribution Date: | 10/25/04 | ||||||
| Loan Number | Unpaid Principal Balance | Scheduled Principal | Book Value | Group | |||
| 8351173 | $69,425.64 | $69,425.64 | $83,097.84 | 2 | |||
| 8796914 | $133,724.72 | $133,724.72 | $136,289.88 | 2 | |||
| 8883050 | $188,631.49 | $188,631.49 | $195,348.79 | 1 | |||
| 8884090 | $123,629.54 | $123,629.54 | $127,702.31 | 2 | |||
| 8888034 | $110,648.10 | $110,648.10 | $112,245.92 | 2 | |||
| 8907115 | $59,080.75 | $59,080.75 | $61,461.10 | 2 | |||
| 685,140.24 | 685,140.24 | 716,145.84 | |||||
Page 5