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
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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.
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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 2004-2
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 165,600,000.00 132,674,557.72 11,612,012.08 201,202.00 11,813,214.08 0.00 0.00 121,062,545.64
AF2 34,400,000.00 34,400,000.00 0.00 81,089.50 81,089.50 0.00 0.00 34,400,000.00
AF3 70,500,000.00 70,500,000.00 0.00 206,484.61 206,484.61 0.00 0.00 70,500,000.00
AF4 18,400,000.00 18,400,000.00 0.00 70,886.47 70,886.47 0.00 0.00 18,400,000.00
AF5 13,057,000.00 13,057,000.00 0.00 56,563.52 56,563.52 0.00 0.00 13,057,000.00
AF6 22,000,000.00 22,000,000.00 0.00 85,351.06 85,351.06 0.00 0.00 22,000,000.00
AV1 175,000,000.00 154,089,708.76 4,096,382.79 249,256.79 4,345,639.58 0.00 0.00 149,993,325.97
AV2 76,443,000.00 65,897,257.95 3,846,387.48 107,108.43 3,953,495.91 0.00 0.00 62,050,870.47
M1 58,800,000.00 58,800,000.00 0.00 254,381.35 254,381.35 0.00 0.00 58,800,000.00
M2 35,700,000.00 35,700,000.00 0.00 165,392.67 165,392.67 0.00 0.00 35,700,000.00
M3 8,050,000.00 8,050,000.00 0.00 38,106.05 38,106.05 0.00 0.00 8,050,000.00
M4 7,350,000.00 7,350,000.00 0.00 35,998.98 35,998.98 0.00 0.00 7,350,000.00
B1 7,350,000.00 7,350,000.00 0.00 19,949.08 19,949.08 0.00 0.00 7,350,000.00
B2 7,350,000.00 7,350,000.00 0.00 24,236.13 24,236.13 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 700,000,000.00 635,618,524.43 19,554,782.35 1,596,006.64 21,150,788.99 0.00 0.00 616,063,742.08
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X 700,000,000.00 646,221,015.05 0.00 41,262.48 41,262.48 0.00 0.00 628,671,104.88
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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 801.17486546 70.12084589 1.21498792 71.33583382 731.05401957 AF1 1.950000 %
AF2 294751EC2 1,000.00000000 0.00000000 2.35725291 2.35725291 1,000.00000000 AF2 2.829000 %
AF3 294751ED0 1,000.00000000 0.00000000 2.92885972 2.92885972 1,000.00000000 AF3 3.515000 %
AF4 294751EE8 1,000.00000000 0.00000000 3.85252554 3.85252554 1,000.00000000 AF4 4.624000 %
AF5 294751EF5 1,000.00000000 0.00000000 4.33204565 4.33204565 1,000.00000000 AF5 5.199000 %
AF6 294751EG3 1,000.00000000 0.00000000 3.87959364 3.87959364 1,000.00000000 AF6 4.656000 %
AV1 294751EH1 880.51262149 23.40790166 1.42432451 24.83222617 857.10471983 AV1 2.080000 %
AV2 294751EJ7 862.04437228 50.31706605 1.40115419 51.71822024 811.72730623 AV2 2.090000 %
M1 294751EK4 1,000.00000000 0.00000000 4.32621344 4.32621344 1,000.00000000 M1 5.192000 %
M2 294751EL2 1,000.00000000 0.00000000 4.63284790 4.63284790 1,000.00000000 M2 5.560000 %
M3 294751EM0 1,000.00000000 0.00000000 4.73367081 4.73367081 1,000.00000000 M3 5.681000 %
M4 294751EN8 1,000.00000000 0.00000000 4.89782041 4.89782041 1,000.00000000 M4 5.878000 %
B1 294751EP3 1,000.00000000 0.00000000 2.71416054 2.71416054 1,000.00000000 B1 3.490000 %
B2 294751EQ1 1,000.00000000 0.00000000 3.29743265 3.29743265 1,000.00000000 B2 4.240000 %
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TOTALS 908.02646347 27.93540336 2.28000949 30.21541284 880.09106011
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X N/A 923.17287864 0.00000000 0.05894640 0.05894640 898.10157840 X 0.076622 %
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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 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 2004-2
OCTOBER 25, 2004
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Sec. 4.03 (a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 425,387.08
Group I Curtailments 34,551.71
Group I Prepayments 9,961,540.99
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 139,127.94
Group II-A Curtailments 1,046.32
Group II-A Prepayments 3,536,223.09
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 59,117.95
Group II-B Curtailments -1.14
Group II-B Prepayments 3,392,916.23
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 2,004,872.18
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 201,202.00
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 81,089.50
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 206,484.61
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 70,886.47
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 56,563.52
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 85,351.06
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 249,256.79
[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 2004-2
OCTOBER 25, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 107,108.43
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 254,381.35
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 165,392.67
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 38,106.05
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 35,998.98
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 19,949.08
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 24,236.13
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 174.66
Class AF-1 Interest Reduction 21.08
Class AF-2 Interest Reduction 8.50
Class AF-3 Interest Reduction 21.64
Class AF-5 Interest Reduction 5.93
Class AF-4 Interest Reduction 14.86
Class AF-6 Interest Reduction 8.94
Class AV-1 Interest Reduction 26.12
Class AV-2 Interest Reduction 11.22
Class M-1 Interest Reduction 26.65
Class M-2 Interest Reduction 17.33
Class M-3 Interest Reduction 3.99
Class M-4 Interest Reduction 3.77
Class B-1 Interest Reduction 2.09
Class B-2 Interest Reduction 2.54
[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 2004-2
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 421,018,082.29
Group I Ending Pool Balance 410,596,602.51
Group II-A Beginning Pool Balance 157,635,461.02
Group II-A Ending Pool Balance 153,959,063.67
Group II-B Beginning Pool Balance 67,567,471.74
Group II-B Ending Pool Balance 64,115,438.70
Total Beginning Pool Balance 646,221,015.05
Total Ending Pool Balance 628,671,104.88
Sec. 4.03 (a)(vi) Servicing Fee
Group I Servicing Fee 175,424.20
Group II-A Servicing Fee 65,681.44
Group II-B Servicing Fee 28,153.11
Sec. 4.03 (a)(viii) Delinquency Advances
Group I Delinquency Advances Included in Current Distribution 2,827.69
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 2,827.69
Group II-A Delinquency Advances Included in Current Distribution 8,794.52
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 8,794.52
Group II-B Delinquency Advances Included in Current Distribution 0.00
Group II-B Recouped Advances Included in Current Distribution 9,780.26
Group II-B Recouped Advances From Liquidations 0.00
Group II-B Aggregate Amount of Advances Outstanding 1,549.94
[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 2004-2
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 247 34,849,813.96 8.49 %
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31-60 days 23 2,979,077.30 0.73 %
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61-90 days 5 860,606.37 0.21 %
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91+days 4 410,053.65 0.10 %
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Total 279 39,099,551.28 9.53 %
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Group 2
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Period Number Principal Balance Percentage
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0-30 days 86 12,106,688.37 7.86 %
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31-60 days 18 2,130,427.49 1.38 %
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61-90 days 2 368,720.43 0.24 %
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91+days 1 91,158.66 0.06 %
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Total 107 14,696,994.95 9.54 %
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Group 3
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Period Number Principal Balance Percentage
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0-30 days 33 6,336,028.68 9.88 %
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31-60 days 7 979,553.21 1.53 %
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61-90 days 1 439,191.09 0.69 %
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91+days 0 0.00 0.00 %
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Total 41 7,754,772.98 12.10 %
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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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10 1,375,819.82 0.34 %
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Group 2
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Number Principal Balance Percentage
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10 1,323,124.71 0.86 %
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Group 3
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Number Principal Balance Percentage
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2 394,160.76 0.61 %
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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 2004-2
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
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 1,781,831.52
Group II-A Three Largest Loans 1,229,908.49
Group II-B Three Largest Loans 2,194,861.81
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 2004-2
OCTOBER 25, 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 41,252.60
Funds Deposited to Reserve Fund 41,252.60
Ending Balance of Reserve Fund 0.00
Yield Maintenance Payment for Class AV1 28,712.47
Yield Maintenance Payment for Class AV2 12,540.13
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 7.30 %
Group II-A Weighted Average Mortgage Rate 7.03 %
Group II-B Weighted Average Mortgage Rate 7.03 %
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 351.00
Group II-B Weighted Average Remaining Term 351.00
Sec. 4.03 (a)(xxi),(xxii),(xxiii) Overcollateralization Amounts
Overcollateralization Amount 12,607,362.80
Overcollateralization Target Amount 30,450,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 17,842,637.20
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 19.82 %
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 0.84 %
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 41,252.60
[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 2004-2
OCTOBER 25, 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.
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