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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): December 29, 2004
ACE SECURITIES CORP.
(as depositor under the Pooling and Servicing Agreement,
dated as of December 1, 2004, providing for the issuance of
ACE Securities Corp. Home Equity Loan Trust, Series 2004-RM2,
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 333-119047 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 December 29, 2004, a series of certificates, entitled ACE
Securities Corp. Home Equity Loan Trust, Series 2004-RM2, Asset Backed
Pass-Through Certificates (the "Certificates"), were issued pursuant to a
pooling and servicing agreement, dated as of December 1, 2004 (the "Agreement"),
attached hereto as Exhibit 4.1, among ACE Securities Corp. as depositor (the
"Depositor"), Litton Loan Servicing, L.P. as a 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 sixteen classes of
certificates (collectively, the "Certificates"), designated as the "Class A
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 M-7 Certificates", "Class B-1 Certificates", "Class B-2
Certificates", "Class B-3 Certificates", "Class B-4 Certificates", "Class B-5
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,
first and second lien, fixed-rate and adjustable-rate 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 $690,275,010 as of December 1, 2004 (the "Cut-off Date"). The
Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase Agreement,
dated December 29, 2004, between DB Structured Products, Inc. as seller and the
Depositor (the "Mortgage Loan Purchase Agreement"). The Class A Certificates,
Class Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates and Class
M-7 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 December 21, 2004 between Depositor and Deutsche
Bank Securities Inc. (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(2)
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A $ 540,830,000 One-Month LIBOR + 0.31%
M-1 $ 24,160,000 One-Month LIBOR + 0.50%
M-2 $ 23,124,000 One-Month LIBOR + 0.53%
M-3 $ 13,115,000 One-Month LIBOR + 0.58%
M-4 $ 11,735,000 One-Month LIBOR + 0.88%
M-5 $ 11,390,000 One-Month LIBOR + 0.93%
M-6 $ 10,354,000 One-Month LIBOR + 1.07%
M-7 $ 9,664,000 One-Month LIBOR + 1.50%
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(1) Approximate.
(2) After the optional termination date, the margin applicable to
the Class A Certificates will increase by 100% and the margins
applicable to the Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6 and Class M-7 Certificates will increase
by 50%.
The Certificates, other than the Class B-1, Class B-2, Class
B-3, Class B-4, Class B-5, Class CE, Class P and Class R Certificates, and the
Mortgage Loans are more particularly described in the Prospectus Supplement,
dated December 21, 2004 (the "Prospectus Supplement"), and the Prospectus, dated
September 23, 2004, 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
B-4, Class B-5, 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
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(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 December 1,
2004, by and among ACE Securities Corp., as Depositor,
Wells Fargo Bank, N.A., as Master Servicer and Securities
Administrator, Litton Loan Servicing L.P. as Servicer and
HSBC Bank USA, National Association, as Trustee relating
to the Series 2004-RM2 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: January 11, 2005
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
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Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated as of 7
December 1, 2004, by and among ACE Securities
Corp., as Depositor, Wells Fargo Bank, N.A.,
as Master Servicer and Securities
Administrator, Litton Loan Servicing L.P. as
Servicer, and HSBC Bank USA, National
Association, as Trustee relating to the Series
2004-RM2 Certificates.
EXHIBIT 4.1