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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): January 31, 2005
ACE SECURITIES CORP.
(as depositor under the Pooling and Servicing Agreement,
dated as of January 1, 2005, providing for the issuance of
ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE1, 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 January 31, 2005, a series of certificates, entitled ACE Securities
Corp. Home Equity Loan Trust, Series 2005-HE1, Asset-Backed Pass-Through
Certificates (the "Certificates"), were issued pursuant to a pooling and
servicing agreement, dated as of January 1, 2005 (the "Agreement"), attached
hereto as Exhibit 4.1, among ACE Securities Corp. as depositor (the
"Depositor"), Wells Fargo Bank, N.A. as master servicer and securities
administrator (the "Master Servicer and Securities Administrator"), Ocwen
Federal Bank FSB as a servicer, Saxon Mortgage Services, Inc. as a servicer and
HSBC Bank USA, National Association as trustee (the "Trustee"). The Certificates
consist of twenty 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
M-7 Certificates", "Class M-8 Certificates", "Class M-9 Certificates", "Class B
Certificates", "Class P Certificates", "Class CE Certificates", "Class CE-1
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 and second 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
$1,539,716,949 as of January 1, 2005 (the "Cut-off Date"). The Mortgage Loans
were purchased pursuant to the Mortgage Loan Purchase Agreement, dated January
31, 2005, between DB Structured Products, Inc. as seller and the Depositor (the
"Mortgage Loan Purchase Agreement"). 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 M-7 Certificates, Class M-8 Certificates and Class M-9
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 January 28, 2005 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
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A-1A $ 729,291,000 One-Month LIBOR + 0.24%(2)(3)
A-1B $ 182,323,000 One-Month LIBOR + 0.29%(2)(3)
A-2A $ 185,769,000 One-Month LIBOR + 0.12%(2)(3)
A-2B $ 60,016,000 One-Month LIBOR + 0.23%(2)(3)
A-2C $ 47,430,000 One-Month LIBOR + 0.35%(2)(3)
M-1 $ 58,509,000 One-Month LIBOR + 0.48%(2)(3)
M-2 $ 49,271,000 One-Month LIBOR + 0.50%(2)(3)
M-3 $ 30,024,000 One-Month LIBOR + 0.55%(2)(3)
M-4 $ 29,255,000 One-Month LIBOR + 0.72%(2)(3)
M-5 $ 36,953,000 One-Month LIBOR + 0.78%(2)(3)
M-6 $ 20,016,000 One-Month LIBOR + 0.85%(2)(3)
M-7 $ 15,397,000 One-Month LIBOR + 1.28%(2)(3)
M-8 $ 19,246,000 One-Month LIBOR + 1.38%(2)(3)
M-9 $ 18,477,000 One-Month LIBOR + 2.20%(2)(3)
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(1) Approximate.
(2) The pass-through rate for each class of Offered Certificates will be
subject to the applicable Net WAC Pass-Through Rate as described in
this prospectus supplement under "Description of the
Certificates-Pass-Through Rates."
(3) After the optional termination date, the margins applicable to the
Class A-1A, Class A-1B, Class A-2A, Class A-2B and Class A-2C
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,
Class M-7, Class M-8 and Class M-9 Certificates will increase by 50%.
The Certificates, other than the Class B, Class CE, Class CE-1, Class
P and Class R Certificates, and the Mortgage Loans are more particularly
described in the Prospectus Supplement, dated January 28, 2005 (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, Class CE, Class CE-1, 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 January 1,
2005, by and among ACE Securities Corp., as Depositor, Wells
Fargo Bank, N.A., as Master Servicer and Securities
Administrator, Ocwen Federal Bank FSB as a Servicer, Saxon
Mortgage Services, Inc. as a Servicer and HSBC Bank USA,
National Association, as Trustee relating to the Series
2005-HE1 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: March 7, 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
Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated as of 7
January 1, 2005, by and among ACE Securities
Corp., as Depositor, Wells Fargo Bank, N.A., as
Master Servicer and Securities Administrator,
Ocwen Federal Bank FSB as a Servicer, Saxon
Mortgage Services, Inc. as a Servicer and HSBC
Bank USA, National Association, as Trustee
relating to the Series 2005-HE1 Certificates.