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
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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
December 31, 2003, providing for the issuance of Mortgage
Pass-Through Certificates, Series 2004-1)
(Exact Name of Registrant as specified in its charter)
Delaware 333-104580-03 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 December
27, 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: /s/ James H. Jenkins
--------------------------------
James H. Jenkins,
Executive Vice President and CFO
Dated: January 5, 2005
3
Page 1 of 8
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EQUITY ONE MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-1
STATEMENT TO CERTIFICATEHOLDERS
DECEMBER 27, 2004
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DISTRIBUTION IN DOLLARS
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ORIGINAL PRIOR ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSES INTEREST BALANCE
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AF1 205,000,000.00 88,761,285.07 22,580,949.15 178,063.67 22,759,012.82 0.00 0.00 66,180,335.92
AF2 91,000,000.00 91,000,000.00 0.00 188,064.20 188,064.20 0.00 0.00 91,000,000.00
AF3 82,000,000.00 82,000,000.00 0.00 208,603.14 208,603.14 0.00 0.00 82,000,000.00
AF4 55,500,000.00 55,500,000.00 0.00 191,546.71 191,546.71 0.00 0.00 55,500,000.00
AF5 30,350,000.00 30,350,000.00 0.00 129,186.63 129,186.63 0.00 0.00 30,350,000.00
AF6 30,000,000.00 30,000,000.00 0.00 105,081.25 105,081.25 0.00 0.00 30,000,000.00
AV1 124,300,000.00 90,561,992.12 6,180,420.16 193,368.79 6,373,788.95 0.00 0.00 84,381,571.96
AV2 124,350,000.00 88,126,871.51 3,716,078.79 188,169.29 3,904,248.08 0.00 0.00 84,410,792.72
M1 58,500,000.00 58,500,000.00 0.00 230,004.23 230,004.23 0.00 0.00 58,500,000.00
M2 49,500,000.00 49,500,000.00 0.00 210,905.94 210,905.94 0.00 0.00 49,500,000.00
M3 13,500,000.00 13,500,000.00 0.00 59,150.37 59,150.37 0.00 0.00 13,500,000.00
M4 13,500,000.00 13,500,000.00 0.00 60,837.17 60,837.17 0.00 0.00 13,500,000.00
B1 11,250,000.00 11,250,000.00 0.00 36,125.44 36,125.44 0.00 0.00 11,250,000.00
B2 11,250,000.00 11,250,000.00 0.00 42,903.87 42,903.87 0.00 0.00 11,250,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 900,000,000.00 713,800,148.70 32,477,448.10 2,022,010.70 34,499,458.80 0.00 0.00 681,322,700.60
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X 900,000,000.00 741,210,922.82 0.00 92,834.08 92,834.08 0.00 0.00 710,912,314.47
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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 294751DM1 432.98187839 110.15097146 0.86860327 111.01957473 322.83090693 AF1 2.330630%
AF2 294751DN9 1,000.00000000 0.00000000 2.06663956 2.06663956 1,000.00000000 AF2 2.481000%
AF3 294751DP4 1,000.00000000 0.00000000 2.54394073 2.54394073 1,000.00000000 AF3 3.054000%
AF4 294751DQ2 1,000.00000000 0.00000000 3.45129207 3.45129207 1,000.00000000 AF4 4.145000%
AF5 294751DR0 1,000.00000000 0.00000000 4.25656112 4.25656112 1,000.00000000 AF5 5.110000%
AF6 294751DS8 1,000.00000000 0.00000000 3.50270833 3.50270833 1,000.00000000 AF6 4.205000%
AV1 294751DT6 728.57596235 49.72180338 1.55566203 51.27746541 678.85415897 AV1 2.480630%
AV2 294751DU3 708.70021319 29.88402726 1.51322308 31.39725034 678.81618593 AV2 2.480630%
M1 294751DV1 1,000.00000000 0.00000000 3.93169624 3.93169624 1,000.00000000 M1 4.720000%
M2 294751DW9 1,000.00000000 0.00000000 4.26072606 4.26072606 1,000.00000000 M2 5.115000%
M3 294751DX7 1,000.00000000 0.00000000 4.38150889 4.38150889 1,000.00000000 M3 5.260000%
M4 294751DY5 1,000.00000000 0.00000000 4.50645704 4.50645704 1,000.00000000 M4 5.410000%
B1 294751DZ2 1,000.00000000 0.00000000 3.21115022 3.21115022 1,000.00000000 B1 3.730630%
B2 294751EA6 1,000.00000000 0.00000000 3.81367733 3.81367733 1,000.00000000 B2 4.430630%
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TOTALS 793.11127633 36.08605344 2.24667856 38.33273200 757.02522289
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X N/A 823.56769202 0.00000000 0.10314898 0.10314898 789.90257163 X 0.150296%
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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
[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 2004-1
DECEMBER 27, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 595,584.73
Group I Curtailments 42,437.61
Group I Prepayments 20,428,021.16
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 81,541.43
Group II-A Curtailments 6,187.40
Group II-A Prepayments 5,678,060.69
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 82,061.44
Group II-B Curtailments 4,711.76
Group II-B Prepayments 3,380,002.13
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 2,178,839.75
Sec. 4.03(a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 178,063.67
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 188,064.20
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 208,603.14
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 191,546.71
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 129,186.63
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 105,081.25
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
[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 2004-1
DECEMBER 27, 2004
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Interest Distribution - AV-1 193,368.79
Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 188,169.29
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 230,004.23
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 210,905.94
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 59,150.37
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 60,837.17
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 36,125.44
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 42,903.87
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 921.69
Class AF-1 Interest Reduction 74.14
Class AF-2 Interest Reduction 78.30
Class AF-3 Interest Reduction 86.86
Class AF-5 Interest Reduction 53.79
Class AF-4 Interest Reduction 159.54
Class AF-6 Interest Reduction 43.75
Class AV-1 Interest Reduction 80.51
Class AV-2 Interest Reduction 78.35
Class M-1 Interest Reduction 95.77
Class M-2 Interest Reduction 87.81
Class M-3 Interest Reduction 24.63
Class M-4 Interest Reduction 25.33
Class B-1 Interest Reduction 15.04
Class B-2 Interest Reduction 17.86
[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 2004-1
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
Sec. 4.03(a)(v) Pool Principal Balances
Group I Beginning Pool Balance 552,252,348.60
Group I Ending Pool Balance 531,186,305.10
Group II-A Beginning Pool Balance 95,356,921.43
Group II-A Ending Pool Balance 89,591,131.91
Group II-B Beginning Pool Balance 93,601,652.79
Group II-B Ending Pool Balance 90,134,877.46
Total Beginning Pool Balance 741,210,922.82
Total Ending Pool Balance 710,912,314.47
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 230,105.15
Group II-A Servicing Fee 39,732.05
Group II-B Servicing Fee 39,000.69
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 55,078.59
Group I Recouped Advances From Liquidations 0.00
Group I Aggregate Amount of Advances Outstanding 79,556.82
Group II-A Delinquency Advances Included in Current Distribution 0.00
Group II-A Recouped Advances Included in Current Distribution 24,990.42
Group II-A Recouped Advances From Liquidations 0.00
Group II-A Aggregate Amount of Advances Outstanding 9,879.26
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 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 2004-1
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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Period Number Principal Balance Percentage
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0-30 days 412 52,088,206.12 9.81%
31-60 days 70 9,775,971.32 1.84%
61-90 days 16 1,885,434.53 0.35%
91+days 22 2,292,575.82 0.43%
Total 520 66,042,187.79 12.43%
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Group 2
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Period Number Principal Balance Percentage
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0-30 days 58 7,396,735.12 8.26%
31-60 days 13 1,492,419.15 1.67%
61-90 days 9 961,982.42 1.07%
91+days 8 1,105,952.34 1.23%
Total 88 10,957,089.03 12.23%
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Group 3
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Period Number Principal Balance Percentage
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0-30 days 46 5,711,258.86 6.34%
31-60 days 11 987,946.83 1.10%
61-90 days 4 452,255.07 0.50%
91+days 3 348,264.63 0.39%
Total 64 7,499,725.39 8.33%
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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40 4,733,385.48 0.89%
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Group 2
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Number Principal Balance Percentage
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9 1,016,122.28 1.13%
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Group 3
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Number Principal Balance Percentage
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13 1,478,674.24 1.64%
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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 2004-1
DECEMBER 27, 2004
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Group 1
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Number Principal Balance Percentage
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1 77,499.77 0.01%
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Group 2
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Number Principal Balance Percentage
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1 76,312.65 0.09%
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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 60,000.00
Market Value of Group II-A REO Loans 75,000.00
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 1,465,215.62
Group II-A Three Largest Loans 969,826.17
Group II-B Three Largest Loans 1,395,039.35
Sec. 4.03(a)(xiii) Net WAC Cap Carryover
Class AF-1 Net WAC Cap Carryover Amounts Due 0.00
Class AF-1 Net WAC Cap Carryover Amounts Paid 0.00
Class AF-1 Net WAC Cap Carryover Remaining Amounts Due 0.00
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 2004-1
DECEMBER 27, 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 92,821.52
Funds Deposited to Reserve Fund 92,821.52
Ending Balance of Reserve Fund 0.00
Yield Maintenance Payment for Class AF1 0.00
Yield Maintenance Payment for Class AV1 46,408.05
Yield Maintenance Payment for Class AV2 46,413.47
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
[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 2004-1
DECEMBER 27, 2004
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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 7.36%
Group II-A Weighted Average Mortgage Rate 7.27%
Group II-B Weighted Average Mortgage Rate 7.15%
Sec. 4.03(a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 322.00
Group II-A Weighted Average Remaining Term 348.00
Group II-B Weighted Average Remaining Term 348.00
Sec. 4.03(a)(xxi),(xxii),(xxiii) Overcollateralization Amounts
Overcollateralization Amount 29,589,613.87
Overcollateralization Target Amount 39,150,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 9,560,386.13
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 22.15%
Senior Specified Enhancement Percentage 43.70%
Sec. 4.03(a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage of the current Pool Balance 2.03%
Sec. 4.03(a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 92,821.52
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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