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 - November 26, 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
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
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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 November
26, 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: November 26, 2004
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Page 1 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-3
STATEMENT TO CERTIFICATEHOLDERS
NOVEMBER 26, 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 149,220,000.00 137,156,525.19 4,893,922.49 255,081.90 5,149,004.39 0.00 0.00 132,262,602.70
AF2 37,640,000.00 37,640,000.00 0.00 119,179.67 119,179.67 0.00 0.00 37,640,000.00
AF3 45,490,000.00 45,490,000.00 0.00 161,660.51 161,660.51 0.00 0.00 45,490,000.00
AF4 43,000,000.00 43,000,000.00 0.00 182,708.12 182,708.12 0.00 0.00 43,000,000.00
AF5 17,629,000.00 17,629,000.00 0.00 83,728.15 83,728.15 0.00 0.00 17,629,000.00
AF6 20,700,000.00 20,700,000.00 0.00 87,275.00 87,275.00 0.00 0.00 20,700,000.00
AV1 179,385,000.00 168,715,651.90 6,719,954.19 337,767.52 7,057,721.71 0.00 0.00 161,995,697.71
AV2 34,668,000.00 31,036,613.48 721,272.60 62,686.78 783,959.38 0.00 0.00 30,315,340.88
M1 41,040,000.00 41,040,000.00 0.00 194,917.66 194,917.66 0.00 0.00 41,040,000.00
M2 34,580,000.00 34,580,000.00 0.00 164,236.18 164,236.18 0.00 0.00 34,580,000.00
M3 10,340,000.00 10,340,000.00 0.00 49,109.37 49,109.37 0.00 0.00 10,340,000.00
M4 8,730,000.00 8,730,000.00 0.00 41,462.75 41,462.75 0.00 0.00 8,730,000.00
B1 8,080,000.00 8,080,000.00 0.00 26,445.50 26,445.50 0.00 0.00 8,080,000.00
B2 6,790,000.00 6,790,000.00 0.00 26,749.53 26,749.53 0.00 0.00 6,790,000.00
B3 7,110,000.00 7,110,000.00 0.00 34,329.47 34,329.47 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 644,402,000.00 618,037,790.57 12,335,149.28 1,827,338.11 14,162,487.39 0.00 0.00 605,702,641.29
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X 646,347,251.19 624,678,136.41 0.00 2,162.90 2,162.90 0.00 0.00 613,742,603.14
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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 919.15644813 32.79669274 1.70943506 34.50612780 886.35975539 AF1 2.092500%
AF2 294751ES7 1,000.00000000 0.00000000 3.16630367 3.16630367 1,000.00000000 AF2 3.800000%
AF3 264751ET5 1,000.00000000 0.00000000 3.55375929 3.55375929 1,000.00000000 AF3 4.265000%
AF4 294751EU2 1,000.00000000 0.00000000 4.24902605 4.24902605 1,000.00000000 AF4 5.100000%
AF5 294751EV0 1,000.00000000 0.00000000 4.74945544 4.74945544 1,000.00000000 AF5 5.700000%
AF6 294751EW8 1,000.00000000 0.00000000 4.21618357 4.21618357 1,000.00000000 AF6 5.060000%
AV1 294751EX6 940.52262954 37.46107083 1.88291953 39.34399036 903.06155871 AV1 2.252500%
AV2 264751EY4 895.25249452 20.80514019 1.80820295 22.61334314 874.44735433 AV2 2.272500%
M1 294751EZ1 1,000.00000000 0.00000000 4.74945565 4.74945565 1,000.00000000 M1 5.700000%
M2 294751FA5 1,000.00000000 0.00000000 4.74945575 4.74945575 1,000.00000000 M2 5.700000%
M3 294751FB3 1,000.00000000 0.00000000 4.74945551 4.74945551 1,000.00000000 M3 5.700000%
M4 294751FC1 1,000.00000000 0.00000000 4.74945590 4.74945590 1,000.00000000 M4 5.700000%
B1 294751FD9 1,000.00000000 0.00000000 3.27295792 3.27295792 1,000.00000000 B1 3.682500%
B2 294751FE7 1,000.00000000 0.00000000 3.93954786 3.93954786 1,000.00000000 B2 4.432500%
B3 294751FF4 1,000.00000000 0.00000000 4.82833615 4.82833615 1,000.00000000 B3 5.432500%
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TOTALS 959.08732526 19.14200962 2.83571142 21.97772103 939.94531564
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X N/A 966.47449998 0.00000000 0.00334634 0.00334634 949.55552454 X 0.004155%
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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, N.A. - 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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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 2004-3
NOVEMBER 26, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 460,829.93
Group I Curtailments 38,308.00
Group I Prepayments 3,836,890.70
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 153,997.18
Group II-A Curtailments 4,388.02
Group II-A Prepayments 5,795,512.48
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 29,081.25
Group II-B Curtailments -694.90
Group II-B Prepayments 610,663.13
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 1,406,173.49
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 255,081.90
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 119,179.67
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 161,660.51
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 182,708.12
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 83,728.15
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 87,275.00
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 337,767.52
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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 2004-3
NOVEMBER 26, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 62,686.78
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 194,917.66
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 164,236.18
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 49,109.37
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 41,462.75
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 26,445.50
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 26,749.53
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Distribution - B-3 34,329.47
Unpaid Interest - B-3 0.00
Remaining Unpaid Interest - B-3 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 230.38
Class AF-1 Interest Reduction 29.24
Class AF-2 Interest Reduction 13.66
Class AF-3 Interest Reduction 18.53
Class AF-5 Interest Reduction 9.60
Class AF-4 Interest Reduction 41.88
Class AF-6 Interest Reduction 10.00
Class AV-1 Interest Reduction 38.71
Class AV-2 Interest Reduction 7.18
Class M-1 Interest Reduction 22.34
Class M-2 Interest Reduction 18.82
Class M-3 Interest Reduction 5.63
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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 2004-3
NOVEMBER 26, 2004
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Class M-4 Interest Reduction 4.75
Class B-1 Interest Reduction 3.03
Class B-2 Interest Reduction 3.07
Class B-3 Interest Reduction 3.93
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 422,383,238.67
Group I Ending Pool Balance 418,040,652.56
Group II-A Beginning Pool Balance 170,610,461.22
Group II-A Ending Pool Balance 164,656,563.54
Group II-B Beginning Pool Balance 31,684,436.52
Group II-B Ending Pool Balance 31,045,387.04
Total Beginning Pool Balance 624,678,136.41
Total Ending Pool Balance 613,742,603.14
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 175,993.02
Group II-A Servicing Fee 71,087.69
Group II-B Servicing Fee 13,201.85
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 13,763.28
Group II-A Recouped Advances From Liquidations 0.00
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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
NOVEMBER 26, 2004
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Group II-A Aggregate Amount of Advances Outstanding 177,010.60
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
Group 1
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Period Number Principal Balance Percentage
0-30 days 196 27,240,983.66 6.52%
31-60 days 24 3,445,740.13 0.82%
61-90 days 5 430,627.64 0.10%
91+days 3 271,076.35 0.06%
Total 228 31,388,427.78 7.50%
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Group 2
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Period Number Principal Balance Percentage
0-30 days 88 12,438,515.98 7.55%
31-60 days 9 1,139,762.34 0.69%
61-90 days 6 1,200,636.65 0.73%
91+days 1 135,821.66 0.08%
Total 104 14,914,736.63 9.05%
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Group 3
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Period Number Principal Balance Percentage
0-30 days 11 2,507,984.51 8.08%
31-60 days 4 618,157.28 1.99%
61-90 days 1 59,374.93 0.19%
91+days 0 0.00 0.00%
Total 16 3,185,516.72 10.26%
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Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure
Group 1
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Number Principal Balance Percentage
3 397,670.09 0.10%
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Group 2
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Number Principal Balance Percentage
1 109,540.98 0.07%
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Group 3
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Number Principal Balance Percentage
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
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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
NOVEMBER 26, 2004
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Group 1
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Number Principal Balance Percentage
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
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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 1,936,046.35
Group II-A Three Largest Loans 1,146,085.83
Group II-B Three Largest Loans 1,865,506.25
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), Realized Losses
(xxii)
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COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-3
NOVEMBER 26, 2004
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Group I Current Period Realized Losses 6,557.48
Group I Cumulative Realized Losses 6,557.48
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 2,151.27
Ending Balance of Reserve Fund 0.00
Yield Maintenance Payment for Class AV1 1,802.88
Yield Maintenance Payment for Class AV2 348.40
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 6.77%
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 337.00
Group II-A Weighted Average Remaining Term 354.00
Group II-B Weighted Average Remaining Term 354.00
Sec. 4.03 (a)(xxi), Overcollateralization Amounts
(xxii),(xxiii)
Overcollateralization Amount 8,039,961.85
Overcollateralization Target Amount 20,359,938.41
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 12,319,976.56
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 20.09%
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 0.42%
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COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-3
NOVEMBER 26, 2004
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Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 2,151.27
Sec. 4.03 (a)(xxvii) Pre-Funded Amount 0.00
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COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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