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 - October 25, 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 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 October
25, 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: / James H. Jenkins /
---------------------------------
James H. Jenkins,
Executive Vice President and CFO
Dated: October 28, 2004
3
Annex A
Page 1 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1
STATEMENT TO CERTIFICATEHOLDERS
OCTOBER 25, 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 205,000,000.00 122,276,571.90 15,873,053.20 189,176.16 16,062,229.36 0.00 0.00 106,403,518.70
AF2 91,000,000.00 91,000,000.00 0.00 188,062.18 188,062.18 0.00 0.00 91,000,000.00
AF3 82,000,000.00 82,000,000.00 0.00 208,600.91 208,600.91 0.00 0.00 82,000,000.00
AF4 55,500,000.00 55,500,000.00 0.00 191,542.60 191,542.60 0.00 0.00 55,500,000.00
AF5 30,350,000.00 30,350,000.00 0.00 129,185.24 129,185.24 0.00 0.00 30,350,000.00
AF6 30,000,000.00 30,000,000.00 0.00 105,080.12 105,080.12 0.00 0.00 30,000,000.00
AV1 124,300,000.00 101,245,483.03 4,283,748.13 168,445.54 4,452,193.67 0.00 0.00 96,961,734.90
AV2 124,350,000.00 99,295,598.07 5,862,294.34 165,201.45 6,027,495.79 0.00 0.00 93,433,303.73
M1 58,500,000.00 58,500,000.00 0.00 230,001.76 230,001.76 0.00 0.00 58,500,000.00
M2 49,500,000.00 49,500,000.00 0.00 210,903.67 210,903.67 0.00 0.00 49,500,000.00
M3 13,500,000.00 13,500,000.00 0.00 59,149.74 59,149.74 0.00 0.00 13,500,000.00
M4 13,500,000.00 13,500,000.00 0.00 60,836.52 60,836.52 0.00 0.00 13,500,000.00
B1 11,250,000.00 11,250,000.00 0.00 29,649.84 29,649.84 0.00 0.00 11,250,000.00
B2 11,250,000.00 11,250,000.00 0.00 35,772.22 35,772.22 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 900,000,000.00 769,167,653.00 26,019,095.67 1,971,607.95 27,990,703.62 0.00 0.00 743,148,557.33
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X 900,000,000.00 791,731,672.92 0.00 36,865.67 36,865.67 0.00 0.00 768,235,459.48
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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 596.47108244 77.42952780 0.92281054 78.35233834 519.04155463 AF1 1.990000 %
AF2 294751DN9 1,000.00000000 0.00000000 2.06661736 2.06661736 1,000.00000000 AF2 2.481000 %
AF3 294751DP4 1,000.00000000 0.00000000 2.54391354 2.54391354 1,000.00000000 AF3 3.054000 %
AF4 294751DQ2 1,000.00000000 0.00000000 3.45121802 3.45121802 1,000.00000000 AF4 4.145000 %
AF5 294751DR0 1,000.00000000 0.00000000 4.25651532 4.25651532 1,000.00000000 AF5 5.110000 %
AF6 294751DS8 1,000.00000000 0.00000000 3.50267067 3.50267067 1,000.00000000 AF6 4.205000 %
AV1 294751DT6 814.52520539 34.46297772 1.35515318 35.81813089 780.06222767 AV1 2.140000 %
AV2 294751DU3 798.51707334 47.14350092 1.32851990 48.47202083 751.37357242 AV2 2.140000 %
M1 294751DV1 1,000.00000000 0.00000000 3.93165402 3.93165402 1,000.00000000 M1 4.720000 %
M2 294751DW9 1,000.00000000 0.00000000 4.26068020 4.26068020 1,000.00000000 M2 5.115000 %
M3 294751DX7 1,000.00000000 0.00000000 4.38146222 4.38146222 1,000.00000000 M3 5.260000 %
M4 294751DY5 1,000.00000000 0.00000000 4.50640889 4.50640889 1,000.00000000 M4 5.410000 %
B1 294751DZ2 1,000.00000000 0.00000000 2.63554133 2.63554133 1,000.00000000 B1 3.390000 %
B2 294751EA6 1,000.00000000 0.00000000 3.17975289 3.17975289 1,000.00000000 B2 4.090000 %
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TOTALS 854.63072556 28.91010630 2.19067550 31.10078180 825.72061926
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X N/A 879.70185880 0.00000000 0.04096186 0.04096186 853.59495498 X 0.055876 %
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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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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 2004-1
OCTOBER 25, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 614,095.06
Group I Curtailments 27,726.76
Group I Prepayments 13,692,137.00
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 88,490.00
Group II-A Curtailments 528.86
Group II-A Prepayments 3,779,365.41
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 89,645.55
Group II-B Curtailments 4,339.70
Group II-B Prepayments 5,199,885.10
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 2,522,882.24
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 189,176.16
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 188,062.18
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 208,600.91
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 191,542.60
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 129,185.24
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 105,080.12
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 168,445.54
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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 2004-1
OCTOBER 25, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 165,201.45
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 230,001.76
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 210,903.67
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 59,149.74
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 60,836.52
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 29,649.84
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 35,772.22
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 923.93
Class AF-1 Interest Reduction 80.80
Class AF-2 Interest Reduction 80.32
Class AF-3 Interest Reduction 89.09
Class AF-5 Interest Reduction 55.18
Class AF-4 Interest Reduction 163.65
Class AF-6 Interest Reduction 44.88
Class AV-1 Interest Reduction 71.94
Class AV-2 Interest Reduction 70.56
Class M-1 Interest Reduction 98.24
Class M-2 Interest Reduction 90.08
Class M-3 Interest Reduction 25.26
Class M-4 Interest Reduction 25.98
Class B-1 Interest Reduction 12.66
Class B-2 Interest Reduction 15.28
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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 2004-1
OCTOBER 25, 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 582,831,589.93
Group I Ending Pool Balance 568,497,631.11
Group II-A Beginning Pool Balance 105,118,302.68
Group II-A Ending Pool Balance 101,249,918.41
Group II-B Beginning Pool Balance 103,781,780.31
Group II-B Ending Pool Balance 98,487,909.96
Total Beginning Pool Balance 791,731,672.92
Total Ending Pool Balance 768,235,459.48
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 242,846.50
Group II-A Servicing Fee 43,799.29
Group II-B Servicing Fee 43,242.41
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included in Current Distribution 119,324.89
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 119,324.89
Group II-A Delinquency Advances Included in Current Distribution 25,234.05
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 29,734.72
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
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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
2004-1 OCTOBER 25, 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 432 57,204,794.28 10.06 %
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31-60 days 74 8,385,509.30 1.48 %
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61-90 days 23 2,712,370.54 0.48 %
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91+days 13 1,194,568.17 0.21 %
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Total 542 69,497,242.29 12.23 %
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Group 2
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Period Number Principal Balance Percentage
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0-30 days 74 9,610,485.79 9.49 %
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31-60 days 11 1,596,149.50 1.58 %
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61-90 days 3 374,435.36 0.37 %
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91+days 6 894,568.84 0.88 %
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Total 94 12,475,639.49 12.32 %
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Group 3
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Period Number Principal Balance Percentage
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0-30 days 57 7,308,525.79 7.42 %
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31-60 days 7 848,021.05 0.86 %
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61-90 days 5 550,422.12 0.56 %
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91+days 1 112,259.82 0.11 %
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Total 70 8,819,228.78 8.95 %
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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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31 3,768,596.88 0.66 %
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Group 2
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Number Principal Balance Percentage
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12 1,186,924.72 1.17 %
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Group 3
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Number Principal Balance Percentage
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10 1,124,831.15 1.14 %
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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 2004-1
OCTOBER 25, 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 1,467,263.72
Group II-A Three Largest Loans 971,749.28
Group II-B Three Largest Loans 1,397,317.72
Sec. 4.03(a)(xiii) Net WAC Cap Carryover
Class AF-1 Net WAC Cap Carryover Amounts Due 0.00
Class AF-1 Net WAC Cap Carryover Amounts Paid 0.00
Class AF-1 Net WAC Cap Carryover Remaining Amounts Due 0.00
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
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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 2004-1
OCTOBER 25, 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 36,855.79
Funds Deposited to Reserve Fund 36,855.79
Ending Balance of Reserve Fund 0.00
Yield Maintenance Payment for Class AF1 0.00
Yield Maintenance Payment for Class AV1 18,426.25
Yield Maintenance Payment for Class AV2 18,429.54
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
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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 2004-1
OCTOBER 25, 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 7.16 %
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 324.00
Group II-A Weighted Average Remaining Term 350.00
Group II-B Weighted Average Remaining Term 350.00
Sec. 4.03 (a)(xxi),
(xxii), (xxiii) Overcollateralization Amounts
Overcollateralization Amount 25,086,902.16
Overcollateralization Target Amount 39,150,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 14,063,097.84
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 20.50 %
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 1.55 %
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 36,855.79
Sec. 4.03 (a)(xxvii) Pre-Funded Amount 0.00
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JPMORGAN COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.