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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 30, 2004
ACE SECURITIES CORP.
(as depositor under the Pooling and Servicing Agreement,
dated as of August 1, 2004, providing for the issuance of
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM2,
Asset-Backed Pass-Through Certificates)
ACE Securities Corp.
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(Exact name of registrant as specified in its charter)
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Delaware 333-110039 56-2088493
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(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification Number)
6525 Morrison Blvd., Suite 318, Charlotte,
North Carolina 28211
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 704-365-0569
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17
CFR 240.14a-12(b))
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.01 Completion of Acquisition or Disposition of Assets
Description of the Certificates and the Mortgage Pool
On August 30, 2004, a series of certificates, entitled ACE
Securities Corp. Home Equity Loan Trust, Series 2004-FM2, Asset-Backed
Pass-Through Certificates (the "Certificates"), were issued pursuant to a
pooling and servicing agreement, dated as of August 1, 2004 (the "Agreement"),
attached hereto as Exhibit 4.1, among ACE Securities Corp. as depositor (the
"Depositor"), Litton Loan Servicing LP as servicer (the "Servicer"), Wells Fargo
Bank, N.A. as master servicer and securities administrator (the "Master Servicer
and Securities Administrator") and HSBC Bank USA, National Association as
trustee (the "Trustee"). The Certificates consist of seventeen classes of
certificates (collectively, the "Certificates"), designated as the "Class A-1A
Certificates", "Class A-1B Certificates", "Class A-2A Certificates", "Class A-2B
Certificates", "Class A-2C Certificates", "Class M-1 Certificates", "Class M-2
Certificates", "Class M-3 Certificates", "Class M-4 Certificates" "Class M-5
Certificates", "Class M-6 Certificates", "Class B-1 Certificates", "Class B-2
Certificates", "Class B-3 Certificates", Class CE Certificates", "Class P
Certificates" and "Class R Certificates". The Certificates evidence in the
aggregate the entire beneficial ownership interest in a trust fund (the "Trust
Fund"), consisting of a pool of mortgage loans (the "Mortgage Pool'") of
conventional, one- to four- family, adjustable rate and fixed rate, first lien
mortgage loans having original terms to maturity up to 30 years (the "Mortgage
Loans"). The Mortgage Pool consists of Mortgage Loans having an aggregate
principal balance of approximately $1,024,164,519 as of August 1, 2004 (the
"Cut-off Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan
Purchase Agreement, dated August 30, 2004, between DB Structured Products, Inc.
as seller and the Depositor (the "Mortgage Loan Purchase Agreement"). The Class
A-1A Certificates, A-1B Certificates, the Class A-2A Certificates, the Class
A-2B Certificates, the Class A-2C Certificates, the Class M-1 Certificates, the
Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates,
the Class M-5 Certificates and the Class M-6 Certificates were sold by Depositor
pursuant to the Amended and Restated Underwriting Agreement, dated June 24,
1999, as amended and restated to and including July 8, 2002, between the
Depositor and Deutsche Bank Securities Inc., and the Terms Agreement, dated
August 30, 2004 (collectively, the "Underwriting Agreement").
The Certificates have the following initial Certificate Balances and
Pass-Through Rates:
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INITIAL CERTIFICATE PASS-THROUGH
CLASS PRINCIPAL BALANCE(1) RATE
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A-1A $321,661,000 Variable
A-1B 321,661,000 Variable
A-2A $115,627,000 Variable
A-2B $37,106,000 Variable
A-2C $33,519,000 Variable
M-1 $63,498,000 Variable
M-2 $51,208,000 Variable
M-3 $15,362,000 Variable
M-4 $12,802,000 Variable
M-5 $10,242,000 Variable
M-6 $10,242,000 Variable
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(1) Approximate.
The Certificates, other than the Class B-1, Class B-2, Class
B-3, Class CE, Class P and Class R Certificates, and the Mortgage Loans are more
particularly described in the Prospectus Supplement, dated August 24, 2004 (the
"Prospectus Supplement"), and the Prospectus, dated November 5, 2003, as
previously filed with the Securities and Exchange Commission pursuant to Rule
424(b). The Class B-1, Class B-2, Class B-3, Class CE, Class P and the Class R
Certificates have not been and will not be publicly offered by the Depositor.
Capitalized terms used but not otherwise defined herein shall have the meanings
assigned to them in the Prospectus Supplement.
Item 9.01 Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
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Exhibit No. Description
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4.1 Pooling and Servicing Agreement, dated as of September 1, 2004,
by and among ACE Securities Corp., as Depositor, Litton Loan
Servicing LP as Servicer, Wells Fargo Bank, N.A. as Master
Servicer and Securities Administrator and HSBC Bank USA, National
Association as Trustee relating to the Series 2004-FM2
Certificates.
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SIGNATURES
Pursuant to the requirements 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.
Dated: October 6, 2004
ACE SECURITIES CORP.
By: /s/ Douglas K. Johnson
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Name: Douglas K. Johnson
Title: President
By: /s/ Evelyn Echevarria
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Name: Evelyn Echevarria
Title: Vice President
Index to Exhibits
Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated as of September 1, 7
2004, by and among ACE Securities Corp., as Depositor, Litton
Loan Servicing LP as Servicer, Wells Fargo Bank, N.A. as
Master Servicer and Securities Administrator and HSBC Bank
USA, National Association as Trustee relating to the Series
2004-FM2 Certificates.
EXHIBIT 4.1