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
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 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 2004-2
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 LOSES INTEREST BALANCE
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AF1 165,600,000.00 109,987,130.49 12,117,795.39 216,921.37 12,334,716.76 0.00 0.00 97,869,335.10
AF2 34,400,000.00 34,400,000.00 0.00 81,087.98 81,087.98 0.00 0.00 34,400,000.00
AF3 70,500,000.00 70,500,000.00 0.00 206,480.73 206,480.73 0.00 0.00 70,500,000.00
AF4 18,400,000.00 18,400,000.00 0.00 70,883.81 70,883.81 0.00 0.00 18,400,000.00
AF5 13,057,000.00 13,057,000.00 0.00 56,562.46 56,562.46 0.00 0.00 13,057,000.00
AF6 22,000,000.00 22,000,000.00 0.00 85,349.45 85,349.45 0.00 0.00 22,000,000.00
AV1 175,000,000.00 143,839,845.80 6,898,984.53 299,787.24 7,198,771.77 0.00 0.00 136,940,861.27
AV2 76,443,000.00 58,020,607.30 3,475,564.04 121,424.59 3,596,988.63 0.00 0.00 54,545,043.26
M1 58,800,000.00 58,800,000.00 0.00 254,376.57 254,376.57 0.00 0.00 58,800,000.00
M2 35,700,000.00 35,700,000.00 0.00 165,389.56 165,389.56 0.00 0.00 35,700,000.00
M3 8,050,000.00 8,050,000.00 0.00 38,105.33 38,105.33 0.00 0.00 8,050,000.00
M4 7,350,000.00 7,350,000.00 0.00 35,998.30 35,998.30 0.00 0.00 7,350,000.00
B1 7,350,000.00 7,350,000.00 0.00 24,241.70 24,241.70 0.00 0.00 7,350,000.00
B2 7,350,000.00 7,350,000.00 0.00 28,987.99 28,987.99 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 700,000,000.00 594,804,583.59 22,492,343.96 1,685,597.08 24,177,941.04 0.00 0.00 572,312,239.63
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X 700,000,000.00 609,239,180.60 0.00 104,441.71 104,441.71 0.00 0.00 588,455,360.43
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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 664.17349330 73.17509293 1.30991165 74.48500459 590.99840036 AF1 2.290630 %
AF2 294751EC2 1,000.00000000 0.00000000 2.35720872 2.35720872 1,000.00000000 AF2 2.829000 %
AF3 294751ED0 1,000.00000000 0.00000000 2.92880468 2.92880468 1,000.00000000 AF3 3.515000 %
AF4 294751EE8 1,000.00000000 0.00000000 3.85238098 3.85238098 1,000.00000000 AF4 4.624000 %
AF5 294751EF5 1,000.00000000 0.00000000 4.33196446 4.33196446 1,000.00000000 AF5 5.199000 %
AF6 294751EG3 1,000.00000000 0.00000000 3.87952045 3.87952045 1,000.00000000 AF6 4.656000 %
AV1 294751EH1 821.94197600 39.42276874 1.71306994 41.13583869 782.51920726 AV1 2.420630 %
AV2 294751EJ7 759.00484413 45.46608637 1.58843308 47.05451945 713.53875777 AV2 2.430630 %
M1 294751EK4 1,000.00000000 0.00000000 4.32613214 4.32613214 1,000.00000000 M1 5.192000 %
M2 294751EL2 1,000.00000000 0.00000000 4.63276078 4.63276078 1,000.00000000 M2 5.560000 %
M3 294751EM0 1,000.00000000 0.00000000 4.73358137 4.73358137 1,000.00000000 M3 5.681000 %
M4 294751EN8 1,000.00000000 0.00000000 4.89772789 4.89772789 1,000.00000000 M4 5.878000 %
B1 294751EP3 1,000.00000000 0.00000000 3.29819048 3.29819048 1,000.00000000 B1 3.830630 %
B2 294751EQ1 1,000.00000000 0.00000000 3.94394422 3.94394422 1,000.00000000 B2 4.580630 %
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TOTALS 849.72083370 32.13191994 2.40799583 34.53991577 817.58891376
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X N/A 870.34168657 0.00000000 0.14920244 0.14920244 840.65051490 X 0.205716 %
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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
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[Graphic Appears Here]
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
DECEMBER 27, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 411,809.98
Group I Curtailments 24,865.35
Group I Prepayments 10,760,649.44
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 132,450.02
Group II-A Curtailments 7,916.00
Group II-A Prepayments 6,234,570.01
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 53,664.21
Group II-B Curtailments 266.00
Group II-B Prepayments 3,157,629.16
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 1,708,523.79
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 216,921.37
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 81,087.98
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 206,480.73
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 70,883.81
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 56,562.46
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 85,349.45
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 299,787.24
Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1
0.00
[Graphic Appears Here]
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
DECEMBER 27, 2004
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Interest Distribution - AV-2 121,424.59
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 254,376.57
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 165,389.56
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 38,105.33
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 35,998.30
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 24,241.70
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 28,987.99
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 217.06
Class AF-1 Interest Reduction 26.81
Class AF-2 Interest Reduction 10.02
Class AF-3 Interest Reduction 25.52
Class AF-5 Interest Reduction 6.99
Class AF-4 Interest Reduction 17.52
Class AF-6 Interest Reduction 10.55
Class AV-1 Interest Reduction 37.05
Class AV-2 Interest Reduction 15.01
Class M-1 Interest Reduction 31.43
Class M-2 Interest Reduction 20.44
Class M-3 Interest Reduction 4.71
Class M-4 Interest Reduction 4.45
Class B-1 Interest Reduction 3.00
Class B-2 Interest Reduction 3.58
[Graphic Appears Here]
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
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 400,473,124.26
Group I Ending Pool Balance 389,275,799.49
Group II-A Beginning Pool Balance 148,334,477.88
Group II-A Ending Pool Balance 141,959,541.85
Group II-B Beginning Pool Balance 60,431,578.46
Group II-B Ending Pool Balance 57,220,019.09
Total Beginning Pool Balance 609,239,180.60
Total Ending Pool Balance 588,455,360.43
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 166,863.80
Group II-A Servicing Fee 61,806.03
Group II-B Servicing Fee 25,179.82
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 22,905.23
Group I Recouped Advances From Liquidations 0.00
Group I Aggregate Amount of Advances Outstanding 12,481.96
Group II-A Delinquency Advances Included in Current Distribution 2,237.91
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 10,509.95
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] 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
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 238 32,218,910.94 8.28%
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31-60 days 38 5,489,857.67 1.41%
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61-90 days 12 1,982,520.90 0.51%
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91+days 3 255,755.62 0.07%
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Total 291 39,947,045.13 10.27%
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Group 2
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Period Number Principal Balance Percentage
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0-30 days 76 10,394,901.67 7.32%
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31-60 days 22 2,437,904.63 1.72%
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61-90 days 4 369,617.09 0.26%
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91+days 6 812,441.69 0.57%
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Total 108 14,014,865.08 9.87%
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Group 3
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Period Number Principal Balance Percentage
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0-30 days 39 6,343,129.04 11.09%
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31-60 days 3 500,477.75 0.87%
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61-90 days 0 0.00 0.00%
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91+days 3 749,956.50 1.31%
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Total 45 7,593,563.29 13.27%
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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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14 2,105,154.83 0.54%
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Group 2
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Number Principal Balance Percentage
9 1,419,758.07 1.00%
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Group 3
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Number Principal Balance Percentage
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3 625,377.32 1.09%
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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]
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
DECEMBER 27, 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 1,775,231.02
Group II-A Three Largest Loans 1,227,555.53
Group II-B Three Largest Loans 2,190,298.52
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), (xxii) Realized Losses
Group I Current Period Realized Losses 0.00
Group I Cumulative Realized Losses 0.00
[Graphic Appears Here] 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
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 104,429.15
Funds Deposited to Reserve Fund 104,429.15
Ending Balance of Reserve Fund 0.00
Yield Maintenance Payment for Class AV1 72,684.37
Yield Maintenance Payment for Class AV2 31,744.78
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 7.29%
Group II-A Weighted Average Mortgage Rate 7.04%
Group II-B Weighted Average Mortgage Rate 7.02%
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 349.00
Group II-B Weighted Average Remaining Term 349.00
[Graphic Appears Here] 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
DECEMBER 27, 2004
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Sec. 4.03 (a)(xxi), (xxii), (xxiii) Overcollateralization Amounts
Overcollateralization Amount 16,143,120.80
Overcollateralization Target Amount 30,450,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 14,306,879.20
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 21.17%
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
Pool Balance 1.41%
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 104,429.15
Sec. 4.03 (a)(xxvii) Pre-Funded Amount 0.00
[Graphic Appears Here] COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED.
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