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 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.
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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 2004-3
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 149,220,000.00 141,515,881.19 4,359,356.00 220,135.82 4,579,491.82 0.00 0.00 137,156,525.19
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 179,385,000.00 171,369,773.78 2,654,121.88 287,901.22 2,942,023.10 0.00 0.00 168,715,651.90
AV2 34,668,000.00 32,296,402.02 1,259,788.54 54,760.34 1,314,548.88 0.00 0.00 31,036,613.48
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 22,561.16 22,561.16 0.00 0.00 8,080,000.00
B2 6,790,000.00 6,790,000.00 0.00 22,920.02 22,920.02 0.00 0.00 6,790,000.00
B3 7,110,000.00 7,110,000.00 0.00 29,530.20 29,530.20 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 644,402,000.00 626,311,056.99 8,273,266.42 1,722,231.38 9,995,497.80 0.00 0.00 618,037,790.57
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X 646,347,251.19 631,405,218.11 0.00 9.88 9.88 0.00 0.00 624,678,136.41
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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 948.37073576 29.21428763 1.47524340 30.68953103 919.15644813 AF1 2.000000 %
AF2 294751ES7 1,000.00000000 0.00000000 3.16666658 3.16666658 1,000.0000000 AF2 3.800000 %
AF3 264751ET5 1,000.00000000 0.00000000 3.55416663 3.55416663 1,000.0000000 AF3 4.265000 %
AF4 294751EU2 1,000.00000000 0.00000000 4.25000000 4.25000000 1,000.0000000 AF4 5.100000 %
AF5 294751EV0 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.0000000 AF5 5.700000 %
AF6 294751EW8 1,000.00000000 0.00000000 4.21666667 4.21666667 1,000.0000000 AF6 5.060000 %
AV1 294751EX6 955.31830298 14.79567344 1.60493475 16.40060819 940.52262954 AV1 2.160000 %
AV2 264751EY4 931.59115092 36.33865640 1.57956444 37.91822084 895.25249452 AV2 2.180000 %
M1 294751EZ1 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.0000000 M1 5.700000 %
M2 294751FA5 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.0000000 M2 5.700000 %
M3 294751FB3 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.0000000 M3 5.700000 %
M4 294751FC1 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.0000000 M4 5.700000 %
B1 294751FD9 1,000.00000000 0.00000000 2.79222277 2.79222277 1,000.0000000 B1 3.590000 %
B2 294751FE7 1,000.00000000 0.00000000 3.37555523 3.37555523 1,000.0000000 B2 4.340000 %
B3 294751FF4 1,000.00000000 0.00000000 4.15333333 4.15333333 1,000.0000000 B3 5.340000 %
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TOTALS 971.92599804 12.83867279 2.67260403 15.51127681 959.08732526
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X N/A 976.88234451 0.00000000 0.00001529 0.00001529 966.47449998 X 0.000019 %
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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 2004-3
OCTOBER 25, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 460,599.04
Group I Curtailments 157,695.66
Group I Prepayments 2,926,344.44
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 154,939.32
Group II-A Curtailments 3,690.95
Group II-A Prepayments 1,999,464.71
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 29,936.06
Group II-B Curtailments 501.24
Group II-B Prepayments 993,910.28
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 1,546,184.73
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 220,135.82
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-1 287,901.22
[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
OCTOBER 25, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 54,760.34
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 22,561.16
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 22,920.02
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Distribution - B-3 29,530.20
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
OCTOBER 25, 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 425,927,877.81
Group I Ending Pool Balance 422,383,238.67
Group II-A Beginning Pool Balance 172,768,556.20
Group II-A Ending Pool Balance 170,610,461.22
Group II-B Beginning Pool Balance 32,708,784.10
Group II-B Ending Pool Balance 31,684,436.52
Total Beginning Pool Balance 631,405,218.11
Total Ending Pool Balance 624,678,136.41
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 177,469.95
Group II-A Servicing Fee 71,986.90
Group II-B Servicing Fee 13,628.66
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 77,981.34
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.
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Page 5 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-3
OCTOBER 25, 2004
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Group II-A Aggregate Amount of Advances Outstanding 190,773.88
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 185 26,102,338.81 6.18 %
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31-60 days 12 1,418,958.97 0.34 %
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61-90 days 6 789,386.52 0.19 %
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91+days 0 0.00 0.00 %
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Total 203 28,310,684.30 6.71 %
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Group 2
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Period Number Principal Balance Percentage
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0-30 days 83 12,265,956.04 7.19 %
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31-60 days 10 1,607,097.39 0.94 %
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61-90 days 2 321,520.55 0.19 %
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91+days 2 330,613.40 0.19 %
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Total 97 14,525,187.38 8.51 %
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Group 3
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Period Number Principal Balance Percentage
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0-30 days 12 2,118,339.80 6.69 %
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31-60 days 1 59,374.93 0.19 %
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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 13 2,177,714.73 6.88 %
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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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2 130,534.61 0.03 %
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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.
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Page 6 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-3
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 1,938,216.85
Group II-A Three Largest Loans 1,147,133.25
Group II-B Three Largest Loans 1,866,691.74
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.
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Page 7 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-3
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 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 6.70 %
Group II-A Weighted Average Mortgage Rate 6.80 %
Group II-B Weighted Average Mortgage Rate 6.75 %
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 338.00
Group II-A Weighted Average Remaining Term 355.00
Group II-B Weighted Average Remaining Term 355.00
Sec. 4.03 Overcollateralization Amounts
(a)(xxi), (xxii), (xxiii)
Overcollateralization Amount 6,640,345.85
Overcollateralization Target Amount 20,359,938.41
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 13,719,592.56
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 42.40 %
Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage of the current Pool Balance 0.25 %
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.
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Page 8 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-3
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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