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 - September 27, 2004
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(Date of Earliest Event Reported)
POPULAR ABS, INC.
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(as depositor under a certain Pooling and Servicing Agreement dated as of
December 31, 2003, providing for the issuance of Mortgage
Pass-Through Certificates, Series 2004-1)
(Exact Name of Registrant as specified in its charter)
Delaware 333-104580-03 52-2029487
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(State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803
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(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 478-6160
Item 8.01. Other Events.
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Attached hereto as Annex A is a copy of the Statement to
Certificateholders sent to Class AF-1, AF-2, AF-3, AF-4, AF-5, AF-6, AV-1, AV-2,
M-1, M-2, M-3, M-4, B-1 and B-2 Certificateholders with respect to the September
27, 2004 Distribution Date.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
POPULAR ABS, INC.
By: /s/ James H. Jenkins
-----------------------------------
James H. Jenkins,
Executive Vice President and CFO
Dated: October 1, 2004
3
Page 1 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1
STATEMENT TO CERTIFICATEHOLDERS
SEPTEMBER 27, 2004
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DISTRIBUTION IN DOLLARS
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ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
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AF1 205,000,000.00 136,843,375.49 14,566,803.59 221,316.73 14,788,120.32 0.00 0.00 122,276,571.90
AF2 91,000,000.00 91,000,000.00 0.00 188,070.73 188,070.73 0.00 0.00 91,000,000.00
AF3 82,000,000.00 82,000,000.00 0.00 208,610.40 208,610.40 0.00 0.00 82,000,000.00
AF4 55,500,000.00 55,500,000.00 0.00 191,560.03 191,560.03 0.00 0.00 55,500,000.00
AF5 30,350,000.00 30,350,000.00 0.00 129,191.12 129,191.12 0.00 0.00 30,350,000.00
AF6 30,000,000.00 30,000,000.00 0.00 105,084.90 105,084.90 0.00 0.00 30,000,000.00
AV1 124,300,000.00 106,844,944.80 5,599,461.77 187,485.86 5,786,947.63 0.00 0.00 101,245,483.03
AV2 124,350,000.00 103,623,703.32 4,328,105.25 181,833.39 4,509,938.64 0.00 0.00 99,295,598.07
M1 58,500,000.00 58,500,000.00 0.00 230,012.23 230,012.23 0.00 0.00 58,500,000.00
M2 49,500,000.00 49,500,000.00 0.00 210,913.27 210,913.27 0.00 0.00 49,500,000.00
M3 13,500,000.00 13,500,000.00 0.00 59,152.43 59,152.43 0.00 0.00 13,500,000.00
M4 13,500,000.00 13,500,000.00 0.00 60,839.28 60,839.28 0.00 0.00 13,500,000.00
B1 11,250,000.00 11,250,000.00 0.00 32,626.61 32,626.61 0.00 0.00 11,250,000.00
B2 11,250,000.00 11,250,000.00 0.00 39,842.61 39,842.61 0.00 0.00 11,250,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 900,000,000.00 793,662,023.61 24,494,370.61 2,046,539.59 26,540,910.20 0.00 0.00 769,167,653.00
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X 900,000,000.00 813,654,503.39 0.00 2,808.27 2,808.27 0.00 0.00 791,731,672.92
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
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CURRENT
BEGINNING ENDING PASS-THRU
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE
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AF1 294751DM1 667.52866093 71.05757849 1.07959380 72.13717229 596.47108244 AF1 1.765000%
AF2 294751DN9 1,000.00000000 0.00000000 2.06671132 2.06671132 1,000.00000000 AF2 2.481000%
AF3 294751DP4 1,000.00000000 0.00000000 2.54402927 2.54402927 1,000.00000000 AF3 3.054000%
AF4 294751DQ2 1,000.00000000 0.00000000 3.45153207 3.45153207 1,000.00000000 AF4 4.145000%
AF5 294751DR0 1,000.00000000 0.00000000 4.25670906 4.25670906 1,000.00000000 AF5 5.110000%
AF6 294751DS8 1,000.00000000 0.00000000 3.50283000 3.50283000 1,000.00000000 AF6 4.205000%
AV1 294751DT6 859.57316814 45.04796275 1.50833355 46.55629630 814.52520539 AV1 1.915000%
AV2 294751DU3 833.32290567 34.80583233 1.46227093 36.26810326 798.51707334 AV2 1.915000%
M1 294751DV1 1,000.00000000 0.00000000 3.93183299 3.93183299 1,000.00000000 M1 4.720000%
M2 294751DW9 1,000.00000000 0.00000000 4.26087414 4.26087414 1,000.00000000 M2 5.115000%
M3 294751DX7 1,000.00000000 0.00000000 4.38166148 4.38166148 1,000.00000000 M3 5.260000%
M4 294751DY5 1,000.00000000 0.00000000 4.50661333 4.50661333 1,000.00000000 M4 5.410000%
B1 294751DZ2 1,000.00000000 0.00000000 2.90014311 2.90014311 1,000.00000000 B1 3.165000%
B2 294751EA6 1,000.00000000 0.00000000 3.54156533 3.54156533 1,000.00000000 B2 3.865000%
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TOTALS 881.84669290 27.21596734 2.27393288 29.48990022 854.63072556
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X N/A 904.06055932 0.00000000 0.00312030 0.00312030 879.70185880 X 0.004142%
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
RYAN VAUGHN
JPMorgan Chase Bank - Structured Finance
Services NY 4 NEW YORK PLAZA
FLR 6,
New York, New York 10004
Tel: (212) 623-4484 / Fax: (212) 623-5930
Email: Ryan.M.Vaughn@JPMorgan.com
[Graphic Appears Here] JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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Page 2 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1
SEPTEMBER 27, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 621,780.79
Group I Curtailments 45,623.83
Group I Prepayments 12,370,103.90
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 92,160.37
Group II-A Curtailments 5,537.87
Group II-A Prepayments 4,913,904.35
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 92,415.60
Group II-B Curtailments 3,880.30
Group II-B Prepayments 3,777,423.46
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 2,571,540.14
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 221,316.73
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 188,070.73
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 208,610.40
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 191,560.03
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 129,191.12
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 105,084.90
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
[Graphic Appears Here] JPMorgan
COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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Page 3 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1
SEPTEMBER 27, 2004
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Interest Distribution - AV-1 187,485.86
Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 181,833.39
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 230,012.23
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 210,913.27
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 59,152.43
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 60,839.28
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 32,626.61
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 39,842.61
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 854.07
Class AF-1 Interest Reduction 84.45
Class AF-2 Interest Reduction 71.77
Class AF-3 Interest Reduction 79.60
Class AF-5 Interest Reduction 49.30
Class AF-4 Interest Reduction 146.22
Class AF-6 Interest Reduction 40.10
Class AV-1 Interest Reduction 71.54
Class AV-2 Interest Reduction 69.39
Class M-1 Interest Reduction 87.77
Class M-2 Interest Reduction 80.48
Class M-3 Interest Reduction 22.57
Class M-4 Interest Reduction 23.22
Class B-1 Interest Reduction 12.45
Class B-2 Interest Reduction 15.20
[Graphic Appears Here] JPMorgan
COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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Page 4 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1
SEPTEMBER 27, 2004
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Sec. 4.03(a)(iii) Available Funds Shortfall
Class AF-1 Available Funds Shortfall 0.00
Class AF-2 Available Funds Shortfall 0.00
Class AF-3 Available Funds Shortfall 0.00
Class AF-4 Available Funds Shortfall 0.00
Class AF-5 Available Funds Shortfall 0.00
Class AF-6 Available Funds Shortfall 0.00
Class AV-1 Available Funds Shortfall 0.00
Class AV-2 Available Funds Shortfall 0.00
Class M-1 Available Funds Shortfall 0.00
Class M-2 Available Funds Shortfall 0.00
Class M-3 Available Funds Shortfall 0.00
Class M-4 Available Funds Shortfall 0.00
Class B-1 Available Funds Shortfall 0.00
Class B-2 Available Funds Shortfall 0.00
Sec. 4.03(a)(v) Pool Principal Balances
Group I Beginning Pool Balance 595,869,098.45
Group I Ending Pool Balance 582,831,589.93
Group II-A Beginning Pool Balance 110,129,905.27
Group II-A Ending Pool Balance 105,118,302.68
Group II-B Beginning Pool Balance 107,655,499.67
Group II-B Ending Pool Balance 103,781,780.31
Total Beginning Pool Balance 813,654,503.39
Total Ending Pool Balance 791,731,672.92
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 248,278.79
Group II-A Servicing Fee 45,887.46
Group II-B Servicing Fee 44,856.46
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included in Current Distribution 0.00
Group I Recouped Advances Included in Current Distribution 0.00
Group I Recouped Advances From Liquidations 0.00
Group I Aggregate Amount of Advances Outstanding 0.00
Group II-A Delinquency Advances Included in Current Distribution 4,500.67
Group II-A Recouped Advances Included in Current Distribution 0.00
Group II-A Recouped Advances From Liquidations 0.00
Group II-A Aggregate Amount of Advances Outstanding 4,500.67
Group II-B Delinquency Advances Included in Current Distribution 0.00
Group II-B Recouped Advances Included in Current Distribution 0.00
Group II-B Recouped Advances From Liquidations 0.00
Group II-B Aggregate Amount of Advances Outstanding 0.00
[Graphic Appears Here] JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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Page 5 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1
SEPTEMBER 27, 2004
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Section 4.03(a)(ix) A Group I, Group II-A, and Group II-B Loans Delinquent
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Group 1
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Period Number Principal Balance Percentage
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0-30 days 402 51,395,567.66 8.82%
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31-60 days 64 5,097,046.11 0.87%
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61-90 days 21 2,327,988.37 0.40%
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91+days 9 835,138.97 0.14%
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Total 496 59,655,741.11 10.23%
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Group 2
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Period Number Principal Balance Percentage
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0-30 days 68 9,328,782.70 8.87%
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31-60 days 10 1,228,147.32 1.17%
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61-90 days 4 682,696.16 0.65%
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91+days 5 482,007.90 0.46%
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Total 87 11,721,634.08 11.15%
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Group 3
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Period Number Principal Balance Percentage
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0-30 days 62 8,357,501.00 8.05%
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31-60 days 9 1,017,140.33 0.98%
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61-90 days 9 361,097.23 0.35%
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91+days 4 307,388.70 0.30%
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Total 84 10,043,127.26 9.68%
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Sec. 4.03 (a)(ix) B Group I, Group II-A, and Group II-B Loans in Foreclosure
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Group 1
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Number Principal Balance Percentage
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20 3,003,583.48 0.52%
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Group 2
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Number Principal Balance Percentage
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10 1,018,800.26 0.97%
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Group 3
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Number Principal Balance Percentage
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4 568,790.67 0.55%
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Sec. 4.03(a)(x),(xi) Group I, Group II-A, and Group II-B Loans in REO
[Graphic Appears Here] JPMorgan
COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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Page 6 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1
SEPTEMBER 27, 2004
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Group 1
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Number Principal Balance Percentage
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0 0.00 0.00%
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Group 2
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Number Principal Balance Percentage
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0 0.00 0.00%
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Group 3
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Number Principal Balance Percentage
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0 0.00 0.00%
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Market Value of Group I REO Loans 0.00
Market Value of Group II-A REO Loans 0.00
Market Value of Group II-B REO Loans 0.00
Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the Three Largest Loans
Group I Three Largest Loans 1,470,514.26
Group II-A Three Largest Loans 972,570.10
Group II-B Three Largest Loans 1,398,966.04
Sec. 4.03(a)(xiii) Net WAC Cap Carryover
Class AV-1 Net WAC Cap Carryover Amounts Due 0.00
Class AV-1 Net WAC Cap Carryover Amounts Paid 0.00
Class AV-1 Net WAC Cap Carryover Remaining Amounts Due 0.00
Class AV-2 Net WAC Cap Carryover Amounts Due 0.00
Class AV-2 Net WAC Cap Carryover Amounts Paid 0.00
Class AV-2 Net WAC Cap Carryover Remaining Amounts Due 0.00
Class B-1 Net WAC Cap Carryover Amounts Due 0.00
Class B-1 Net WAC Cap Carryover Amounts Paid 0.00
Class B-1 Net WAC Cap Carryover Remaining Amounts Due 0.00
Class B-2 Net WAC Cap Carryover Amounts Due 0.00
Class B-2 Net WAC Cap Carryover Amounts Paid 0.00
Class B-2 Net WAC Cap Carryover Remaining Amounts Due 0.00
Sec. 4.03(a)(xiv) Aggregate Principal Balance of Balloon Loans
with Original Terms <= 36 Months and 60+ Contractually Past Due
Group I Aggregate Principal Balance of Balloon Loans 0.00
Group II-A Aggregate Principal Balance of Balloon Loans 0.00
Group II-B Aggregate Principal Balance of Balloon Loans 0.00
Sec. 4.03 (a)(xv),(xxii) Realized Losses
Group I Current Period Realized Losses 0.00
Group I Cumulative Realized Losses 0.00
[Graphic Appears Here] JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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Page 7 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1
SEPTEMBER 27, 2004
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Group II-A Current Period Realized Losses 0.00
Group II-A Cumulative Realized Losses 0.00
Group II-B Current Period Realized Losses 0.00
Group II-B Cumulative Realized Losses 0.00
Sec. 4.03 (a)(xvi) Reserve Fund
Beginning Balance of Reserve Fund 0.00
Funds Withdrawn From Reserve Fund For Distribution 2,799.31
Funds Deposited to Reserve Fund 2,799.31
Ending Balance of Reserve Fund 0.00
Yield Maintenance Payment for Class AF1 0.00
Yield Maintenance Payment for Class AV1 1,399.51
Yield Maintenance Payment for Class AV2 1,399.80
Sec. 4.03 (a)(xvii) Number of Loans Repurchased
Group I Number of Loans Repurchased 0.00
Group II-A Number of Loans Repurchased 0.00
Group II-B Number of Loans Repurchased 0.00
[Graphic Appears Here] JPMorgan
COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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Page 8 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1
SEPTEMBER 27, 2004
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Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding Loans (as of first day of related Due Period)
Group I Weighted Average Mortgage Rate 7.37%
Group II-A Weighted Average Mortgage Rate 7.29%
Group II-B Weighted Average Mortgage Rate 7.15%
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 325.00
Group II-A Weighted Average Remaining Term 351.00
Group II-B Weighted Average Remaining Term 351.00
Sec. 4.03 (a)(xxi),(xxii),(xxiii) Overcollateralization Amounts
Overcollateralization Amount 22,564,019.92
Overcollateralization Target Amount 39,150,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 16,585,980.08
Sec. 4.03 (a)(xxiv) Trigger Events
Has a Trigger Event Occurred and is continuing? NO
Cumulative Realized Losses as a percentage of the Original Pool Balance 0.00%
Senior Enhancement Percentage 19.89%
Senior Specified Enhancement Percentage 43.70%
Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage of the current Pool Balance 1.21%
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 2,799.31
Sec. 4.03 (a)(xxvii) Pre-Funded Amount 0.00
[Graphic Appears Here] JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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