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 - December 27, 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.
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 December
27, 2004 Distribution Date.
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: /s/ James H. Jenkins
---------------------------------
James H. Jenkins,
Executive Vice President and CFO
Dated: January 5, 2005
Page 1
Equity One Mortgage Pass-Through Certificates Series 2004-3
Statement to Certificateholders
December 27, 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 149,220,000.00 132,262,602.70 7,738,427.41 266,550.81 8,004,978.22 0.00 0.00 124,524,175.29
AF2 37,640,000.00 37,640,000.00 0.00 119,179.87 119,179.87 0.00 0.00 37,640,000.00
AF3 45,490,000.00 45,490,000.00 0.00 161,660.79 161,660.79 0.00 0.00 45,490,000.00
AF4 43,000,000.00 43,000,000.00 0.00 182,708.74 182,708.74 0.00 0.00 43,000,000.00
AF5 17,629,000.00 17,629,000.00 0.00 83,728.30 83,728.30 0.00 0.00 17,629,000.00
AF6 20,700,000.00 20,700,000.00 0.00 87,275.15 87,275.15 0.00 0.00 20,700,000.00
AV1 179,385,000.00 161,995,697.71 4,072,861.30 348,789.24 4,421,650.54 0.00 0.00 157,922,836.41
AV2 34,668,000.00 30,315,340.88 1,723,458.17 65,793.31 1,789,251.48 0.00 0.00 28,591,882.71
M1 41,040,000.00 41,040,000.00 0.00 194,917.99 194,917.99 0.00 0.00 41,040,000.00
M2 34,580,000.00 34,580,000.00 0.00 164,236.46 164,236.46 0.00 0.00 34,580,000.00
M3 10,340,000.00 10,340,000.00 0.00 49,109.46 49,109.46 0.00 0.00 10,340,000.00
M4 8,730,000.00 8,730,000.00 0.00 41,462.82 41,462.82 0.00 0.00 8,730,000.00
B1 8,080,000.00 8,080,000.00 0.00 27,345.36 27,345.36 0.00 0.00 8,080,000.00
B2 6,790,000.00 6,790,000.00 0.00 27,364.29 27,364.29 0.00 0.00 6,790,000.00
B3 7,110,000.00 7,110,000.00 0.00 34,775.73 34,775.73 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 644,402,000.00 605,702,641.29 13,534,746.88 1,854,898.32 15,389,645.20 0.00 0.00 592,167,894.41
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X 646,347,251.19 613,742,603.14 0.00 42,052.25 42,052.25 0.00 0.00 601,530,106.66
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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
- -----------------------------------------------------------------------------------------------------------|---------|-----------
AF1 294751ER9 886.35975539 51.85918382 1.78629413 53.64547795 834.50057157 | AF1 | 2.340630%
AF2 294751ES7 1,000.00000000 0.00000000 3.16630898 3.16630898 1,000.00000000 | AF2 | 3.800000%
AF3 264751ET5 1,000.00000000 0.00000000 3.55376544 3.55376544 1,000.00000000 | AF3 | 4.265000%
AF4 294751EU2 1,000.00000000 0.00000000 4.24904047 4.24904047 1,000.00000000 | AF4 | 5.100000%
AF5 294751EV0 1,000.00000000 0.00000000 4.74946395 4.74946395 1,000.00000000 | AF5 | 5.700000%
AF6 294751EW8 1,000.00000000 0.00000000 4.21619082 4.21619082 1,000.00000000 | AF6 | 5.060000%
AV1 294751EX6 903.06155871 22.70458121 1.94436123 24.64894244 880.35697751 | AV1 | 2.500630%
AV2 264751EY4 874.44735433 49.71322747 1.89781095 51.61103842 824.73412686 | AV2 | 2.520630%
M1 294751EZ1 1,000.00000000 0.00000000 4.74946369 4.74946369 1,000.00000000 | M1 | 5.700000%
M2 294751FA5 1,000.00000000 0.00000000 4.74946385 4.74946385 1,000.00000000 | M2 | 5.700000%
M3 294751FB3 1,000.00000000 0.00000000 4.74946422 4.74946422 1,000.00000000 | M3 | 5.700000%
M4 294751FC1 1,000.00000000 0.00000000 4.74946392 4.74946392 1,000.00000000 | M4 | 5.700000%
B1 294751FD9 1,000.00000000 0.00000000 3.38432673 3.38432673 1,000.00000000 | B1 | 3.930630%
B2 294751FE7 1,000.00000000 0.00000000 4.03008689 4.03008689 1,000.00000000 | B2 | 4.680630%
B3 294751FF4 1,000.00000000 0.00000000 4.89110127 4.89110127 1,000.00000000 | B3 | 5.680630%
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TOTALS 939.94531564 21.00357677 2.87848008 23.88205685 918.94173887 | |
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| |
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X N/A 949.55552454 0.00000000 0.06506139 0.06506139 930.66088786 | X | 0.082221%
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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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[GRAPHIC
OMITTED] JPMORGAN Copyright (C) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 2
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Equity One Mortgage Pass-Through Certificates Series 2004-3
December 27, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 458,666.58
Group I Curtailments 23,019.27
Group I Prepayments 6,500,751.16
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 149,509.84
Group II-A Curtailments 13,593.19
Group II-A Prepayments 3,511,868.12
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 28,661.81
Group II-B Curtailments 616.10
Group II-B Prepayments 1,525,810.41
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 1,322,250.40
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 266,550.81
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 119,179.87
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 161,660.79
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 182,708.74
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 83,728.30
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 87,275.15
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 348,789.24
Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
[GRAPHIC
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Page 3
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Equity One Mortgage Pass-Through Certificates Series 2004-3
December 27, 2004
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Interest Distribution - AV-2 65,793.31
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 194,917.99
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 164,236.46
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 49,109.46
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 41,462.82
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 27,345.36
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 27,364.29
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Distribution - B-3 34,775.73
Unpaid Interest - B-3 0.00
Remaining Unpaid Interest - B-3 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 230.06
Class AF-1 Interest Reduction 30.09
Class AF-2 Interest Reduction 13.46
Class AF-3 Interest Reduction 18.25
Class AF-5 Interest Reduction 9.45
Class AF-4 Interest Reduction 41.26
Class AF-6 Interest Reduction 9.85
Class AV-1 Interest Reduction 39.38
Class AV-2 Interest Reduction 7.43
Class M-1 Interest Reduction 22.01
Class M-2 Interest Reduction 18.54
Class M-3 Interest Reduction 5.54
Class M-4 Interest Reduction 4.68
Class B-1 Interest Reduction 3.09
Class B-2 Interest Reduction 3.09
Class B-3 Interest Reduction 3.93
[GRAPHIC
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Page 4
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Equity One Mortgage Pass-Through Certificates Series 2004-3
December 27, 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
Class B-3 Available Funds Shortfall 0.00
Sec. 4.03(a)(v) Pool Principal Balances
Group I Beginning Pool Balance 418,040,652.56
Group I Ending Pool Balance 411,058,215.55
Group II-A Beginning Pool Balance 164,656,563.54
Group II-A Ending Pool Balance 160,981,592.39
Group II-B Beginning Pool Balance 31,045,387.04
Group II-B Ending Pool Balance 29,490,298.72
Total Beginning Pool Balance 613,742,603.14
Total Ending Pool Balance 601,530,106.66
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 174,183.61
Group II-A Servicing Fee 68,606.90
Group II-B Servicing Fee 12,935.58
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 14,408.19
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 191,418.79
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
[GRAPHIC
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Page 5
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Equity One Mortgage Pass-Through Certificates Series 2004-3
December 27, 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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Principal
Period Number Balance Percentage
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0-30 days 175 23,654,206.68 5.75%
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31-60 days 27 3,317,038.14 0.81%
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61-90 days 8 1,195,132.17 0.29%
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91+days 1 77,488.78 0.02%
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Total 211 28,243,865.77 6.87%
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Group 2
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Principal
Period Number Balance Percentage
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0-30 days 91 13,333,087.09 8.28%
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31-60 days 11 1,692,852.84 1.05%
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61-90 days 5 623,809.09 0.39%
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91+days 2 231,319.08 0.14%
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Total 109 15,881,068.10 9.86%
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Group 3
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Principal
Period Number Balance Percentage
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0-30 days 9 1,003,548.17 3.40%
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31-60 days 1 334,908.25 1.14%
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61-90 days 1 103,680.49 0.35%
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91+days 0 0.00 0.00%
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Total 11 1,442,136.91 4.89%
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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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Principal
Number Balance Percentage
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6 671,823.59 0.16%
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Group 2
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Principal
Number Balance Percentage
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6 1,214,680.21 0.75%
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===========================================================
Group 3
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Principal
Number Balance Percentage
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1 59,374.93 0.20%
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[GRAPHIC
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Page 6
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Equity One Mortgage Pass-Through Certificates Series 2004-3
December 27, 2004
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Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO
===========================================================
Group 1
-----------------------------------------------------------
Principal
Number Balance Percentage
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0 0.00 0.00%
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===========================================================
Group 2
-----------------------------------------------------------
Principal
Number Balance Percentage
-----------------------------------------------------------
0 0.00 0.00%
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===========================================================
Group 3
-----------------------------------------------------------
Principal
Number Balance Percentage
-----------------------------------------------------------
0 0.00 0.00%
-----------------------------------------------------------
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 1,933,864.13
Group II-A Three Largest Loans 1,145,370.52
Group II-B Three Largest Loans 1,864,160.69
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
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Page 7
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Equity One Mortgage Pass-Through Certificates Series 2004-3
December 27, 2004
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Sec. 4.03 (a)(xv),(xxii) Realized Losses
Group I Current Period Realized Losses 0.00
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 42,039.69
Ending Balance of Reserve Fund 0.00
Yield Maintenance Payment for Class AV1 35,231.57
Yield Maintenance Payment for Class AV2 6,808.11
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 6.78 %
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 336.00
Group II-A Weighted Average Remaining Term 353.00
Group II-B Weighted Average Remaining Term 353.00
Sec. 4.03 (a)(xxi),
(xxii),(xxiii) Overcollateralization Amounts
Overcollateralization Amount 9,362,212.25
Overcollateralization Target Amount 20,359,938.41
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 10,997,726.16
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 20.73%
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 0.69%
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 42,039.69
Sec. 4.03 (a)(xxvii) Pre-Funded Amount 0.00
[GRAPHIC
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