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
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 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
3
Page 1 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-2
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 165,600,000.00 121,062,545.64 11,075,415.15 219,768.44 11,295,183.59 0.00 0.00 109,987,130.49
AF2 34,400,000.00 34,400,000.00 0.00 81,087.91 81,087.91 0.00 0.00 34,400,000.00
AF3 70,500,000.00 70,500,000.00 0.00 206,480.56 206,480.56 0.00 0.00 70,500,000.00
AF4 18,400,000.00 18,400,000.00 0.00 70,883.69 70,883.69 0.00 0.00 18,400,000.00
AF5 13,057,000.00 13,057,000.00 0.00 56,562.41 56,562.41 0.00 0.00 13,057,000.00
AF6 22,000,000.00 22,000,000.00 0.00 85,349.38 85,349.38 0.00 0.00 22,000,000.00
AV1 175,000,000.00 149,993,325.97 6,153,480.17 289,617.75 6,443,097.92 0.00 0.00 143,839,845.80
AV2 76,443,000.00 62,050,870.47 4,030,263.17 120,363.72 4,150,626.89 0.00 0.00 58,020,607.30
M1 58,800,000.00 58,800,000.00 0.00 254,376.35 254,376.35 0.00 0.00 58,800,000.00
M2 35,700,000.00 35,700,000.00 0.00 165,389.42 165,389.42 0.00 0.00 35,700,000.00
M3 8,050,000.00 8,050,000.00 0.00 38,105.30 38,105.30 0.00 0.00 8,050,000.00
M4 7,350,000.00 7,350,000.00 0.00 35,998.27 35,998.27 0.00 0.00 7,350,000.00
B1 7,350,000.00 7,350,000.00 0.00 23,402.76 23,402.76 0.00 0.00 7,350,000.00
B2 7,350,000.00 7,350,000.00 0.00 28,302.15 28,302.15 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 700,000,000.00 616,063,742.08 21,259,158.49 1,675,688.11 22,934,846.60 0.00 0.00 594,804,583.59
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X 700,000,000.00 628,671,104.88 0.00 63,510.24 63,510.24 0.00 0.00 609,239,180.60
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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 731.05401957 66.88052627 1.32710411 68.20763037 664.17349330 AF1 2.042500%
AF2 294751EC2 1,000.00000000 0.00000000 2.35720669 2.35720669 1,000.00000000 AF2 2.829000%
AF3 294751ED0 1,000.00000000 0.00000000 2.92880227 2.92880227 1,000.00000000 AF3 3.515000%
AF4 294751EE8 1,000.00000000 0.00000000 3.85237446 3.85237446 1,000.00000000 AF4 4.624000%
AF5 294751EF5 1,000.00000000 0.00000000 4.33196063 4.33196063 1,000.00000000 AF5 5.199000%
AF6 294751EG3 1,000.00000000 0.00000000 3.87951727 3.87951727 1,000.00000000 AF6 4.656000%
AV1 294751EH1 857.10471983 35.16274383 1.65495857 36.81770240 821.94197600 AV1 2.172500%
AV2 294751EJ7 811.72730623 52.72246210 1.57455516 54.29701725 759.00484413 AV2 2.182500%
M1 294751EK4 1,000.00000000 0.00000000 4.32612840 4.32612840 1,000.00000000 M1 5.192000%
M2 294751EL2 1,000.00000000 0.00000000 4.63275686 4.63275686 1,000.00000000 M2 5.560000%
M3 294751EM0 1,000.00000000 0.00000000 4.73357764 4.73357764 1,000.00000000 M3 5.681000%
M4 294751EN8 1,000.00000000 0.00000000 4.89772381 4.89772381 1,000.00000000 M4 5.878000%
B1 294751EP3 1,000.00000000 0.00000000 3.18404898 3.18404898 1,000.00000000 B1 3.582500%
B2 294751EQ1 1,000.00000000 0.00000000 3.85063265 3.85063265 1,000.00000000 B2 4.332500%
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TOTALS 880.09106011 30.37022641 2.39384016 32.76406657 849.72083370
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X N/A 898.10157840 0.00000000 0.09072891 0.09072891 870.34168657 X 0.121228%
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
Nadezhka Thomas
JPMorgan Chase Bank, N.A. - Structured Finance Services
4 New York Plaza, 6th Floor
New York, New York 10004
Tel: (212) 623-4493 / Fax: (212) 623-5930
Email: Nadezhka.Thomas@chase.com
[GRAPHIC OMITTED]
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
NOVEMBER 26, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 418,244.67
Group I Curtailments 49,837.45
Group I Prepayments 9,655,396.13
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 136,697.39
Group II-A Curtailments 1,424.67
Group II-A Prepayments 5,486,463.73
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 56,471.44
Group II-B Curtailments 2,646.45
Group II-B Prepayments 3,624,742.35
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 1,827,234.20
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 219,768.44
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 81,087.91
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 206,480.56
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 70,883.69
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 56,562.41
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 85,349.38
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 289,617.75
(GRAPHIC OMITTED)
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
NOVEMBER 26, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 120,363.72
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 254,376.35
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 165,389.42
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 38,105.30
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 35,998.27
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 23,402.76
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 28,302.15
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 217.29
Class AF-1 Interest Reduction 27.34
Class AF-2 Interest Reduction 10.09
Class AF-3 Interest Reduction 25.69
Class AF-5 Interest Reduction 7.04
Class AF-4 Interest Reduction 17.64
Class AF-6 Interest Reduction 10.62
Class AV-1 Interest Reduction 36.03
Class AV-2 Interest Reduction 14.97
Class M-1 Interest Reduction 31.65
Class M-2 Interest Reduction 20.58
Class M-3 Interest Reduction 4.74
Class M-4 Interest Reduction 4.48
Class B-1 Interest Reduction 2.91
Class B-2 Interest Reduction 3.52
(GRAPHIC OMITTED)
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
NOVEMBER 26, 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 410,596,602.51
Group I Ending Pool Balance 400,473,124.26
Group II-A Beginning Pool Balance 153,959,063.67
Group II-A Ending Pool Balance 148,334,477.88
Group II-B Beginning Pool Balance 64,115,438.70
Group II-B Ending Pool Balance 60,431,578.46
Total Beginning Pool Balance 628,671,104.88
Total Ending Pool Balance 609,239,180.60
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 171,081.92
Group II-A Servicing Fee 64,149.61
Group II-B Servicing Fee 26,714.77
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included in Current Distribution 29,379.07
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 35,387.19
Group II-A Delinquency Advances Included in Current Distribution 0.00
Group II-A Recouped Advances Included in Current Distribution 522.48
Group II-A Recouped Advances From Liquidations 0.00
Group II-A Aggregate Amount of Advances Outstanding 8,272.04
Group II-B Delinquency Advances Included in Current Distribution 0.00
Group II-B Recouped Advances Included in Current Distribution 1,549.94
Group II-B Recouped Advances From Liquidations 0.00
Group II-B Aggregate Amount of Advances Outstanding 0.00
(GRAPHIC OMITTED)
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
NOVEMBER 26, 2004
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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 254 36,952,789.99 9.23 %
31-60 days 35 4,792,016.18 1.20 %
61-90 days 5 506,824.00 0.13 %
91+days 1 112,207.79 0.03 %
Total 295 42,363,837.96 10.59 %
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Group 2
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Period Number Principal Balance Percentage
0-30 days 78 9,674,354.23 6.52 %
31-60 days 17 2,203,751.99 1.49 %
61-90 days 3 708,323.25 0.48 %
91+days 3 291,194.31 0.20 %
Total 101 12,877,623.78 8.69 %
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Group 3
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Period Number Principal Balance Percentage
0-30 days 33 6,150,152.89 10.18 %
31-60 days 1 76,118.53 0.13 %
61-90 days 2 439,008.84 0.73 %
91+days 1 439,191.09 0.73 %
Total 37 7,104,471.35 11.77 %
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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
13 1,890,381.21 0.47 %
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Group 2
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Number Principal Balance Percentage
10 1,491,621.82 1.01 %
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Group 3
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Number Principal Balance Percentage
2 394,160.76 0.65 %
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Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO
(GRAPHIC OMITTED)
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
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 1,778,540.25
Group II-A Three Largest Loans 1,228,735.43
Group II-B Three Largest Loans 2,192,585.98
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), Realized Losses
(xxii)
Group I Current Period Realized Losses 0.00
Group I Cumulative Realized Losses 0.00
(GRAPHIC OMITTED)
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
NOVEMBER 26, 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 63,498.61
Funds Deposited to Reserve Fund 63,498.61
Ending Balance of Reserve Fund 0.00
Yield Maintenance Payment for Class AV1 44,196.05
Yield Maintenance Payment for Class AV2 19,302.56
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 323.00
Group II-A Weighted Average Remaining Term 350.00
Group II-B Weighted Average Remaining Term 350.00
Sec. 4.03 (a)(xxi), Overcollateralization Amounts
(xxii),(xxiii)
Overcollateralization Amount 14,434,597.00
Overcollateralization Target Amount 30,450,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 16,015,403.00
Sec. 4.03 (a)(xxiv) Trigger Events
Has a Trigger Event Occurred and is continuing? NO
Cumulative Realized Losses as a percentage of the 0.00%
Original Pool Balance
Senior Enhancement Percentage 20.45%
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 1.03%
Pool Balance
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield 63,498.61
Maintenance Agreement
(GRAPHIC OMITTED)
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
NOVEMBER 26, 2004
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Sec. 4.03 (a)(xxvii) Pre-Funded Amount 0.00
(GRAPHIC OMITTED)
COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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