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
March 31, 2004, providing for the issuance of Mortgage Pass-Through
Certificates, Series 2004-2) (Exact Name of Registrant as specified in
its charter)
Delaware 333-104580-04 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.
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 2004-2
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 165,600,000.00 141,534,213.28 8,859,655.56 223,778.29 9,083,433.85 0.00 0.00 132,674,557.72
AF2 34,400,000.00 34,400,000.00 0.00 81,089.78 81,089.78 0.00 0.00 34,400,000.00
AF3 70,500,000.00 70,500,000.00 0.00 206,485.33 206,485.33 0.00 0.00 70,500,000.00
AF4 18,400,000.00 18,400,000.00 0.00 70,886.96 70,886.96 0.00 0.00 18,400,000.00
AF5 13,057,000.00 13,057,000.00 0.00 56,563.72 56,563.72 0.00 0.00 13,057,000.00
AF6 22,000,000.00 22,000,000.00 0.00 85,351.35 85,351.35 0.00 0.00 22,000,000.00
AV1 175,000,000.00 158,869,178.04 4,779,469.28 270,116.43 5,049,585.71 0.00 0.00 154,089,708.76
AV2 76,443,000.00 69,591,367.69 3,694,109.74 118,960.19 3,813,069.93 0.00 0.00 65,897,257.95
M1 58,800,000.00 58,800,000.00 0.00 254,382.22 254,382.22 0.00 0.00 58,800,000.00
M2 35,700,000.00 35,700,000.00 0.00 165,393.24 165,393.24 0.00 0.00 35,700,000.00
M3 8,050,000.00 8,050,000.00 0.00 38,106.18 38,106.18 0.00 0.00 8,050,000.00
M4 7,350,000.00 7,350,000.00 0.00 35,999.10 35,999.10 0.00 0.00 7,350,000.00
B1 7,350,000.00 7,350,000.00 0.00 21,995.71 21,995.71 0.00 0.00 7,350,000.00
B2 7,350,000.00 7,350,000.00 0.00 27,048.32 27,048.32 0.00 0.00 7,350,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 700,000,000.00 652,951,759.01 17,333,234.58 1,656,156.82 18,989,391.40 0.00 0.00 635,618,524.43
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X 700,000,000.00 661,521,626.55 0.00 3,134.64 3,134.64 0.00 0.00 646,221,015.05
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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 294751EB4 854.67520097 53.50033551 1.35131818 54.85165368 801.17486546 AF1 1.725000%
AF2 294751EC2 1,000.00000000 0.00000000 2.35726105 2.35726105 1,000.00000000 AF2 2.829000%
AF3 294751ED0 1,000.00000000 0.00000000 2.92886993 2.92886993 1,000.00000000 AF3 3.515000%
AF4 294751EE8 1,000.00000000 0.00000000 3.85255217 3.85255217 1,000.00000000 AF4 4.624000%
AF5 294751EF5 1,000.00000000 0.00000000 4.33206096 4.33206096 1,000.00000000 AF5 5.199000%
AF6 294751EG3 1,000.00000000 0.00000000 3.87960682 3.87960682 1,000.00000000 AF6 4.656000%
AV1 294751EH1 907.82387451 27.31125303 1.54352246 28.85477549 880.51262149 AV1 1.855000%
AV2 294751EJ7 910.36939537 48.32502309 1.55619468 49.88121777 862.04437228 AV2 1.865000%
M1 294751EK4 1,000.00000000 0.00000000 4.32622823 4.32622823 1,000.00000000 M1 5.192000%
M2 294751EL2 1,000.00000000 0.00000000 4.63286387 4.63286387 1,000.00000000 M2 5.560000%
M3 294751EM0 1,000.00000000 0.00000000 4.73368696 4.73368696 1,000.00000000 M3 5.681000%
M4 294751EN8 1,000.00000000 0.00000000 4.89783673 4.89783673 1,000.00000000 M4 5.878000%
B1 294751EP3 1,000.00000000 0.00000000 2.99261361 2.99261361 1,000.00000000 B1 3.265000%
B2 294751EQ1 1,000.00000000 0.00000000 3.68004354 3.68004354 1,000.00000000 B2 4.015000%
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TOTALS 932.78822716 24.76176369 2.36593831 27.12770200 908.02646347
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X N/A 945.03089507 0.00000000 0.00447806 0.00447806 923.17287864 X 0.005686%
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
Mark McDermott
JPMorgan Chase Bank - Structured Finance Services
4 New York Plaza, 6th Floor
New York, New York 10004
Tel: (212) 623-4482 / Fax: (212) 623-5930
Email: mark.w.mcdermott@chase.com
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[GRAPHIC]
JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
Page 2 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-2
SEPTEMBER 27, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 430,476.38
Group I Curtailments 31,614.92
Group I Prepayments 7,358,615.63
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 140,320.94
Group II-A Curtailments 191,962.93
Group II-A Prepayments 3,886,709.55
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 61,400.49
Group II-B Curtailments 5,380.38
Group II-B Prepayments 3,194,130.28
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 2,032,623.08
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 223,778.29
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 81,089.78
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 206,485.33
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 70,886.96
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 56,563.72
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 85,351.35
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 270,116.43
[GRAPHIC]
JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
Page 3 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-2
SEPTEMBER 27, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 118,960.19
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 254,382.22
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 165,393.24
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 38,106.18
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 35,999.10
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 21,995.71
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 27,048.32
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 175.01
Class AF-1 Interest Reduction 22.68
Class AF-2 Interest Reduction 8.22
Class AF-3 Interest Reduction 20.92
Class AF-5 Interest Reduction 5.73
Class AF-4 Interest Reduction 14.37
Class AF-6 Interest Reduction 8.65
Class AV-1 Interest Reduction 27.37
Class AV-2 Interest Reduction 12.05
Class M-1 Interest Reduction 25.78
Class M-2 Interest Reduction 16.76
Class M-3 Interest Reduction 3.86
Class M-4 Interest Reduction 3.65
Class B-1 Interest Reduction 2.23
Class B-2 Interest Reduction 2.74
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JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
Page 4 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-2
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 428,838,789.22
Group I Ending Pool Balance 421,018,082.29
Group II-A Beginning Pool Balance 161,854,454.44
Group II-A Ending Pool Balance 157,635,461.02
Group II-B Beginning Pool Balance 70,828,382.89
Group II-B Ending Pool Balance 67,567,471.74
Total Beginning Pool Balance 661,521,626.55
Total Ending Pool Balance 646,221,015.05
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 178,682.83
Group II-A Servicing Fee 67,439.36
Group II-B Servicing Fee 29,511.83
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 0.00
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 0.00
Group II-B Delinquency Advances Included in Current Distribution 11,330.20
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 11,330.20
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JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
Page 5 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-2
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 249 34,723,784.86 8.25%
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31-60 days 15 2,306,769.04 0.55%
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61-90 days 6 812,866.22 0.19%
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91+days 6 1,172,315.65 0.28%
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Total 276 39,015,735.77 9.27%
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Group 2
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Period Number Principal Balance Percentage
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0-30 days 93 13,040,759.19 8.27%
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31-60 days 11 1,492,281.39 0.95%
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61-90 days 1 71,863.75 0.05%
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91+days 2 146,010.09 0.09%
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Total 107 14,750,914.42 9.36%
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Group 3
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Period Number Principal Balance Percentage
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0-30 days 29 5,450,493.92 8.07%
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31-60 days 7 1,759,828.07 2.60%
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61-90 days 1 209,048.24 0.31%
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91+days 0 0.00 0.00%
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Total 37 7,419,370.23 10.98%
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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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8 897,587.92 0.21%
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Group 2
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Number Principal Balance Percentage
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9 1,249,067.59 0.79%
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Group 3
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Number Principal Balance Percentage
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1 185,112.52 0.27%
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Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO
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JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
Page 6 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-2
SEPTEMBER 27, 2004
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------------------------------------------------
Group 1
------------------------------------------------
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
------------------------------------------------
0 0.00 0.00%
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------------------------------------------------
Group 3
------------------------------------------------
Number Principal Balance Percentage
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0 0.00 0.00%
------------------------------------------------
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 1,785,104.92
Group II-A Three Largest Loans 1,231,283.50
Group II-B Three Largest Loans 2,227,677.48
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]
JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
Page 7 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-2
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 3,125.68
Funds Deposited to Reserve Fund 3,125.68
Ending Balance of Reserve Fund 0.00
Yield Maintenance Payment for Class AV1 2,175.52
Yield Maintenance Payment for Class AV2 950.16
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
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 7.31%
Group II-A Weighted Average Mortgage Rate 7.03%
Group II-B Weighted Average Mortgage Rate 7.04%
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 352.00
Group II-B Weighted Average Remaining Term 352.00
Sec. 4.03 Overcollateralization Amounts
(a)(xxi),(xxii),(xxiii)
Overcollateralization Amount 10,602,490.62
Overcollateralization Target Amount 30,450,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 19,847,509.38
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 19.28%
Senior Specified Enhancement Percentage 44.30%
Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage of the current Pool Balance 0.73%
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 3,125.68
[GRAPHIC]
JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
Page 8 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-2
SEPTEMBER 27, 2004
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Sec. 4.03 (a)(xxvii) Pre-Funded Amount 0.00
[GRAPHIC]
JPMorgan COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.