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
-----------------------------------
(Date of Earliest Event Reported)
POPULAR ABS, INC.
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(as depositor under a certain Pooling and Servicing Agreement dated as
of June 30, 2004, providing for the issuance of Mortgage Pass-Through
Certificates, Series 2004-3)
(Exact Name of Registrant as specified in its charter)
Delaware 333-104580-05 52-2029487
- ------------------------ --------------------- ------------------------
(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 2004-3
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 149,220,000.00 144,898,936.49 3,361,506.10 257,014.49 3,618,520.59 0.00 0.00 141,537,430.39
AF2 37,640,000.00 37,640,000.00 0.00 119,193.33 119,193.33 0.00 0.00 37,640,000.00
AF3 45,490,000.00 45,490,000.00 0.00 161,679.04 161,679.04 0.00 0.00 45,490,000.00
AF4 43,000,000.00 43,000,000.00 0.00 182,750.00 182,750.00 0.00 0.00 43,000,000.00
AF5 17,629,000.00 17,629,000.00 0.00 83,737.75 83,737.75 0.00 0.00 17,629,000.00
AF6 20,700,000.00 20,700,000.00 0.00 87,285.00 87,285.00 0.00 0.00 20,700,000.00
AV1 179,385,000.00 175,766,635.76 4,368,855.09 337,545.18 4,706,400.27 0.00 0.00 171,397,780.67
AV2 34,668,000.00 33,169,829.27 867,863.74 64,308.01 932,171.75 0.00 0.00 32,301,965.53
M1 41,040,000.00 41,040,000.00 0.00 194,940.00 194,940.00 0.00 0.00 41,040,000.00
M2 34,580,000.00 34,580,000.00 0.00 164,255.00 164,255.00 0.00 0.00 34,580,000.00
M3 10,340,000.00 10,340,000.00 0.00 49,115.00 49,115.00 0.00 0.00 10,340,000.00
M4 8,730,000.00 8,730,000.00 0.00 41,467.50 41,467.50 0.00 0.00 8,730,000.00
B1 8,080,000.00 8,080,000.00 0.00 26,108.50 26,108.50 0.00 0.00 8,080,000.00
B2 6,790,000.00 6,790,000.00 0.00 26,608.31 26,608.31 0.00 0.00 6,790,000.00
B3 7,110,000.00 7,110,000.00 0.00 34,379.81 34,379.81 0.00 0.00 7,110,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 644,402,000.00 634,964,401.52 8,598,224.93 1,830,386.92 10,428,611.85 0.00 0.00 626,366,176.59
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X 646,347,251.19 638,529,196.03 0.00 8.95 8.95 0.00 0.00 631,405,218.11
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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 294751ER9 971.04233005 22.52718201 1.72238634 24.24956836 948.51514804 AF1 1.935000%
AF2 294751ES7 1,000.00000000 0.00000000 3.16666658 3.16666658 1,000.00000000 AF2 3.800000%
AF3 264751ET5 1,000.00000000 0.00000000 3.55416663 3.55416663 1,000.00000000 AF3 4.265000%
AF4 294751EU2 1,000.00000000 0.00000000 4.25000000 4.25000000 1,000.00000000 AF4 5.100000%
AF5 294751EV0 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.00000000 AF5 5.700000%
AF6 294751EW8 1,000.00000000 0.00000000 4.21666667 4.21666667 1,000.00000000 AF6 5.060000%
AV1 294751EX6 979.82905906 24.35462882 1.88168007 26.23630889 955.47443025 AV1 2.095000%
AV2 264751EY4 956.78519874 25.03356813 1.85496741 26.88853554 931.75163061 AV2 2.115000%
M1 294751EZ1 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.00000000 M1 5.700000%
M2 294751FA5 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.00000000 M2 5.700000%
M3 294751FB3 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.00000000 M3 5.700000%
M4 294751FC1 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.00000000 M4 5.700000%
B1 294751FD9 1,000.00000000 0.00000000 3.23125000 3.23125000 1,000.00000000 B1 3.525000%
B2 294751FE7 1,000.00000000 0.00000000 3.91874963 3.91874963 1,000.00000000 B2 4.275000%
B3 294751FF4 1,000.00000000 0.00000000 4.83541632 4.83541632 1,000.00000000 B3 5.275000%
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TOTALS 985.35448605 13.34295196 2.84044264 16.18339460 972.01153409
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X N/A 987.90424939 0.00000000 0.00001385 0.00001385 976.88234451 X 0.000017%
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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
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[Graphic Appears Here]
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 2004-3
SEPTEMBER 27, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 460,542.48
Group I Curtailments 20,032.95
Group I Prepayments 2,304,568.65
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 157,118.13
Group II-A Curtailments 11,564.67
Group II-A Prepayments 3,451,090.75
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 30,579.36
Group II-B Curtailments -3,496.93
Group II-B Prepayments 691,977.86
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 1,474,247.01
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 257,014.49
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 119,193.33
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 161,679.04
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 182,750.00
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 83,737.75
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 87,285.00
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 337,545.18
[Graphic Appears Here]
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 2004-3
SEPTEMBER 27, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 64,308.01
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 194,940.00
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 164,255.00
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 49,115.00
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 41,467.50
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 26,108.50
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 26,608.31
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Distribution - B-3 34,379.81
Unpaid Interest - B-3 0.00
Remaining Unpaid Interest - B-3 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 0.00
Class AF-1 Interest Reduction 0.00
Class AF-2 Interest Reduction 0.00
Class AF-3 Interest Reduction 0.00
Class AF-5 Interest Reduction 0.00
Class AF-4 Interest Reduction 0.00
Class AF-6 Interest Reduction 0.00
Class AV-1 Interest Reduction 0.00
Class AV-2 Interest Reduction 0.00
Class M-1 Interest Reduction 0.00
Class M-2 Interest Reduction 0.00
Class M-3 Interest Reduction 0.00
[Graphic Appears Here]
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 2004-3
SEPTEMBER 27, 2004
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Class M-4 Interest Reduction 0.00
Class B-1 Interest Reduction 0.00
Class B-2 Interest Reduction 0.00
Class B-3 Interest Reduction 0.00
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
Class B-3 Available Funds Shortfall 0.00
Sec. 4.03(a)(v) Pool Principal Balances
Group I Beginning Pool Balance 428,713,021.89
Group I Ending Pool Balance 425,927,877.81
Group II-A Beginning Pool Balance 176,388,329.75
Group II-A Ending Pool Balance 172,768,556.20
Group II-B Beginning Pool Balance 33,427,844.39
Group II-B Ending Pool Balance 32,708,784.10
Total Beginning Pool Balance 638,529,196.03
Total Ending Pool Balance 631,405,218.11
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 178,630.43
Group II-A Servicing Fee 73,495.14
Group II-B Servicing Fee 13,928.27
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 112,792.54
Group II-A Recouped Advances Included in Current Distribution 0.00
Group II-A Recouped Advances From Liquidations 0.00
[Graphic Appears Here]
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 2004-3
SEPTEMBER 27, 2004
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Group II-A Aggregate Amount of Advances Outstanding 112,792.54
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
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 153 21,350,923.93 5.01%
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31-60 days 19 2,449,720.13 0.58%
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61-90 days 5 452,058.84 0.11%
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91+days 0 0.00 0.00%
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Total 177 24,252,702.90 5.70%
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Group 2
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Period Number Principal Balance Percentage
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0-30 days 72 10,826,337.78 6.27%
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31-60 days 3 313,297.06 0.18%
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61-90 days 2 194,141.66 0.11%
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91+days 0 0.00 0.00%
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Total 77 11,333,776.50 6.56%
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Group 3
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Period Number Principal Balance Percentage
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0-30 days 13 2,513,867.95 7.69%
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31-60 days 2 467,496.98 1.43%
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61-90 days 0 0.00 0.00%
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91+days 0 0.00 0.00%
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Total 15 2,981,364.93 9.12%
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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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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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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.
Page 6 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-3
SEPTEMBER 27, 2004
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Group 1
-------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------
0 0.00 0.00%
-------------------------------------------------
-------------------------------------------------
Group 2
-------------------------------------------------
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%
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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 1,940,375.69
Group II-A Three Largest Loans 1,148,174.88
Group II-B Three Largest Loans 1,884,398.97
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
Class B-3 Net WAC Cap Carryover Amounts Due 0.00
Class B-3 Net WAC Cap Carryover Amounts Paid 0.00
Class B-3 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
[Graphic Appears Here]
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 2004-3
SEPTEMBER 27, 2004
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Group I Current Period Realized Losses 0.00
Group I Cumulative Realized Losses 0.00
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 0.00
Funds Deposited to Reserve Fund 0.00
Ending Balance of Reserve Fund 0.00
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 6.71%
Group II-A Weighted Average Mortgage Rate 6.79%
Group II-B Weighted Average Mortgage Rate 6.71%
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 339.00
Group II-A Weighted Average Remaining Term 356.00
Group II-B Weighted Average Remaining Term 356.00
Sec. 4.03
(a)(xxi), (xxii), (xxiii) Overcollateralization Amounts
Overcollateralization Amount 5,039,041.52
Overcollateralization Target Amount 20,359,938.41
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 15,320,896.89
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 18.48%
Senior Specified Enhancement Percentage 42.40%
Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage of the current Pool Balance 0.10%
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00
[Graphic Appears Here]
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 2004-3
SEPTEMBER 27, 2004
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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.