UNITED STATES
                       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 (Date of earliest event reported):  August 25, 2004

                         ASSET BACKED FUNDING CORPORATION
                 Asset Backed Certificates, Series 2004-OP2 Trust
              (Exact name of registrant as specified in its charter)

                                                          54-6601033
New York (governing law of            333-108551-05       54-2147328
Pooling and Servicing Agreement)      (Commission         54-2147329
(State or other                       File Number)        IRS EIN
jurisdiction
of Incorporation)



       c/o Wells Fargo Bank, N.A.
       9062 Old Annapolis Road
       Columbia, MD                                         21045
       (Address of principal executive offices)             (Zip Code)

       Registrant's telephone number, including area code:  (410) 884-2000

       (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act(17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act(17 CFR 240.13e-4(c))


ITEM 8.01  Other Events

 On August 25, 2004 a distribution was made to holders of ASSET BACKED FUNDING
 CORPORATION, Asset Backed Certificates, Series 2004-OP2 Trust.


ITEM 9.01  Financial Statements and Exhibits

      (c)  Exhibits


           Exhibit Number               Description
           EX-99.1                      Monthly report distributed to holders of
                                        Asset Backed Certificates, Series
                                        2004-OP2 Trust, relating to the August
                                        25, 2004 distribution.



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.




                         ASSET BACKED FUNDING CORPORATION
                 Asset Backed Certificates, Series 2004-OP2 Trust
                                   (Registrant)

              By:    Wells Fargo Bank, N.A. as Trustee
              By:   /s/   Beth Belfield as Assistant Vice President
              By:    Beth Belfield as Assistant Vice President

              Date:  9/2/04

                                INDEX TO EXHIBITS

Exhibit Number            Description
EX-99.1                   Monthly report distributed to holders of Asset Backed
                          Certificates, Series 2004-OP2 Trust, relating to the
                          August 25, 2004 distribution.




                   EX-99.1



Asset Backed Funding Corporation
Mortgage Pass-Through Certificates



Record Date:             7/31/04
Distribution Date:       8/25/04


ABFC  Series: 2004-OP2

Contact: Customer Service - CTSLink
         Wells Fargo Bank, N.A.
         Securities Administration Services
         7485 New Horizon Way
         Frederick, MD 21703
         Telephone: (301) 815-6600
         Fax:       (301) 815-6660








                                          Certificateholder Distribution Summary

                             Certificate    Certificate                  Beginning
                             Class          Pass-Through               Certificate           Interest          Principal
Class             CUSIP      Description    Rate                            Balance       Distribution       Distribution

<s>          <c>             <c>            <c>                <c>                <c>                <c>
      A1         04542BFT4              SEQ             1.74000%     272,313,713.59         394,854.88      13,878,046.47
      A1A        04542BFU1              SEQ             1.84000%      30,257,364.76          46,394.63       1,542,019.71
      A2         04542BFV9              SEQ             1.73000%      50,878,466.17          73,349.79       1,623,953.03
      M1         04542BFW7              SUB             2.00000%      26,969,000.00          44,948.33               0.00
      M2         04542BFX5              SUB             2.45000%      21,576,000.00          44,051.00               0.00
      M3         04542BFY3              SUB             2.65000%       5,394,000.00          11,911.75               0.00
      M4         04542BFZ0              SUB             3.00000%       6,130,000.00          15,325.00               0.00
      M5         04542BGA4              SUB             3.10000%       4,168,000.00          10,767.34               0.00
      M6         04542BGB2              SUB             4.40000%       6,129,000.00          22,473.00               0.00
       B         04542BGC0              SUB             4.95000%       4,904,000.00          20,229.00               0.00
      CE         ABF4OP2CE              SEQ             0.00000%       3,187,344.82       1,736,194.74               0.00
      R1        ABF04OP2R1              SEQ             0.00000%               0.00               0.00               0.00
      R2        ABF04OP2R2              SEQ             0.00000%               0.00               0.00               0.00
       P         ABF04OP2P              SEQ             0.00000%               0.00         260,255.02               0.00
Totals                                                               431,906,889.34       2,680,754.48      17,044,019.21




                     Certificateholder Distribution Summary (continued)

                          Current             Ending                            Cumulative
                         Realized        Certificate              Total           Realized
Class                         Loss            Balance       Distribution             Losses

<s>            <c>               <c>                <c>                <c>
A1                            0.00     258,435,667.12      14,272,901.35               0.00
A1A                           0.00      28,715,345.05       1,588,414.34               0.00
A2                            0.00      49,254,513.14       1,697,302.82               0.00
M1                            0.00      26,969,000.00          44,948.33               0.00
M2                            0.00      21,576,000.00          44,051.00               0.00
M3                            0.00       5,394,000.00          11,911.75               0.00
M4                            0.00       6,130,000.00          15,325.00               0.00
M5                            0.00       4,168,000.00          10,767.34               0.00
M6                            0.00       6,129,000.00          22,473.00               0.00
B                             0.00       4,904,000.00          20,229.00               0.00
CE                            0.00       3,187,344.82       1,736,194.74               0.00
R1                            0.00               0.00               0.00               0.00
R2                            0.00               0.00               0.00               0.00
P                             0.00               0.00         260,255.02               0.00
Totals                        0.00     414,862,870.13      19,724,773.69               0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.




</FN>




                                                Principal Distribution Statement

                         Original            Beginning          Scheduled       Unscheduled
                             Face          Certificate          Principal         Principal                        Realized
Class                       Amount              Balance       Distribution      Distribution        Accretion       Loss (1)

<s>            <c>               <c>                  <c>                <c>               <c>              <c>
A1                  317,967,000.00       272,313,713.59               0.00     13,878,046.47             0.00           0.00
A1A                  35,330,000.00        30,257,364.76               0.00      1,542,019.71             0.00           0.00
A2                   58,606,000.00        50,878,466.17               0.00      1,623,953.03             0.00           0.00
M1                   26,969,000.00        26,969,000.00               0.00              0.00             0.00           0.00
M2                   21,576,000.00        21,576,000.00               0.00              0.00             0.00           0.00
M3                    5,394,000.00         5,394,000.00               0.00              0.00             0.00           0.00
M4                    6,130,000.00         6,130,000.00               0.00              0.00             0.00           0.00
M5                    4,168,000.00         4,168,000.00               0.00              0.00             0.00           0.00
M6                    6,129,000.00         6,129,000.00               0.00              0.00             0.00           0.00
B                     4,904,000.00         4,904,000.00               0.00              0.00             0.00           0.00
CE                    3,187,742.22         3,187,344.82               0.00              0.00             0.00           0.00
R1                            0.00                 0.00               0.00              0.00             0.00           0.00
R2                            0.00                 0.00               0.00              0.00             0.00           0.00
P                             0.00                 0.00               0.00              0.00             0.00           0.00
Totals              490,360,742.22       431,906,889.34               0.00     17,044,019.21             0.00           0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
    Please Refer to the Prospectus Supplement for a Full Description.

</FN>

 
 

                         Principal Distribution Statement (continued)

                             Total               Ending           Ending               Total
                         Principal          Certificate      Certificate           Principal
 Class                    Reduction              Balance       Percentage        Distribution

 <s>            <c>               <c>                  <c>              <c>
 A1                   13,878,046.47       258,435,667.12       0.81277512       13,878,046.47
 A1A                   1,542,019.71        28,715,345.05       0.81277512        1,542,019.71
 A2                    1,623,953.03        49,254,513.14       0.84043465        1,623,953.03
 M1                            0.00        26,969,000.00       1.00000000                0.00
 M2                            0.00        21,576,000.00       1.00000000                0.00
 M3                            0.00         5,394,000.00       1.00000000                0.00
 M4                            0.00         6,130,000.00       1.00000000                0.00
 M5                            0.00         4,168,000.00       1.00000000                0.00
 M6                            0.00         6,129,000.00       1.00000000                0.00
 B                             0.00         4,904,000.00       1.00000000                0.00
 CE                            0.00         3,187,344.82       0.99987533                0.00
 R1                            0.00                 0.00       0.00000000                0.00
 R2                            0.00                 0.00       0.00000000                0.00
 P                             0.00                 0.00       0.00000000                0.00

 Totals               17,044,019.21       414,862,870.13       0.84603606       17,044,019.21
 



                                     Principal Distribution Factors Statement

                             Original          Beginning         Scheduled        Unscheduled
                                 Face        Certificate         Principal          Principal
Class (2)                       Amount            Balance      Distribution       Distribution          Accretion


 <s>           <c>                   <c>                <c>               <c>                <c>
A1                      317,967,000.00       856.42130658        0.00000000        43.64618489         0.00000000
A1A                      35,330,000.00       856.42130654        0.00000000        43.64618483         0.00000000
A2                       58,606,000.00       868.14432259        0.00000000        27.70967188         0.00000000
M1                       26,969,000.00      1000.00000000        0.00000000         0.00000000         0.00000000
M2                       21,576,000.00      1000.00000000        0.00000000         0.00000000         0.00000000
M3                        5,394,000.00      1000.00000000        0.00000000         0.00000000         0.00000000
M4                        6,130,000.00      1000.00000000        0.00000000         0.00000000         0.00000000
M5                        4,168,000.00      1000.00000000        0.00000000         0.00000000         0.00000000
M6                        6,129,000.00      1000.00000000        0.00000000         0.00000000         0.00000000
B                         4,904,000.00      1000.00000000        0.00000000         0.00000000         0.00000000
CE                        3,187,742.22       999.87533496        0.00000000         0.00000000         0.00000000
R1                                0.00         0.00000000        0.00000000         0.00000000         0.00000000
R2                                0.00         0.00000000        0.00000000         0.00000000         0.00000000
P                                 0.00         0.00000000        0.00000000         0.00000000         0.00000000
<FN>
(2) All classes are per $1000 denomination.
</FN>







                             Principal Distribution Factors Statement (continued)

                                               Total             Ending            Ending              Total
                         Realized          Principal        Certificate       Certificate          Principal
Class                     Loss (3)          Reduction            Balance        Percentage       Distribution

<s>            <c>               <c>                <c>                <c>               <c>
A1                      0.00000000        43.64618489       812.77512170        0.81277512        43.64618489
A1A                     0.00000000        43.64618483       812.77512171        0.81277512        43.64618483
A2                      0.00000000        27.70967188       840.43465072        0.84043465        27.70967188
M1                      0.00000000         0.00000000     1,000.00000000        1.00000000         0.00000000
M2                      0.00000000         0.00000000     1,000.00000000        1.00000000         0.00000000
M3                      0.00000000         0.00000000     1,000.00000000        1.00000000         0.00000000
M4                      0.00000000         0.00000000     1,000.00000000        1.00000000         0.00000000
M5                      0.00000000         0.00000000     1,000.00000000        1.00000000         0.00000000
M6                      0.00000000         0.00000000     1,000.00000000        1.00000000         0.00000000
B                       0.00000000         0.00000000     1,000.00000000        1.00000000         0.00000000
CE                      0.00000000         0.00000000       999.87533496        0.99987533         0.00000000
R1                      0.00000000         0.00000000         0.00000000        0.00000000         0.00000000
R2                      0.00000000         0.00000000         0.00000000        0.00000000         0.00000000
P                       0.00000000         0.00000000         0.00000000        0.00000000         0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
    Unless Otherwise Disclosed.
    Please Refer to the Prospectus Supplement for a Full Description.
</FN>









                                                Interest Distribution Statement

                                                            Beginning                           Payment of
                         Original          Current       Certificate/            Current            Unpaid            Current
                             Face      Certificate           Notional            Accrued          Interest           Interest
Class                       Amount             Rate            Balance           Interest         Shortfall          Shortfall

<s>            <c>               <c>              <c>                <c>                <c>               <c>

A1                  317,967,000.00         1.74000%     272,313,713.59         394,854.88              0.00               0.00
A1A                  35,330,000.00         1.84000%      30,257,364.76          46,394.63              0.00               0.00
A2                   58,606,000.00         1.73000%      50,878,466.17          73,349.79              0.00               0.00
M1                   26,969,000.00         2.00000%      26,969,000.00          44,948.33              0.00               0.00
M2                   21,576,000.00         2.45000%      21,576,000.00          44,051.00              0.00               0.00
M3                    5,394,000.00         2.65000%       5,394,000.00          11,911.75              0.00               0.00
M4                    6,130,000.00         3.00000%       6,130,000.00          15,325.00              0.00               0.00
M5                    4,168,000.00         3.10000%       4,168,000.00          10,767.33              0.00               0.00
M6                    6,129,000.00         4.40000%       6,129,000.00          22,473.00              0.00               0.00
B                     4,904,000.00         4.95000%       4,904,000.00          20,229.00              0.00               0.00
CE                    3,187,742.22         0.00000%       3,187,344.82               0.00              0.00               0.00
R1                            0.00         0.00000%               0.00               0.00              0.00               0.00
R2                            0.00         0.00000%               0.00               0.00              0.00               0.00
P                             0.00         0.00000%               0.01               0.00              0.00               0.00
Totals              490,360,742.22                                             684,304.71              0.00               0.00





                                    Interest Distribution Statement (continued)

                                                                                  Remaining                Ending
                    Non-Supported                                   Total            Unpaid          Certificate/
                         Interest           Realized             Interest          Interest              Notional
Class                    Shortfall         Losses (4)         Distribution         Shortfall               Balance


<s>            <c>               <c>                <c>                  <c>                 <c>
A1                            0.00               0.00           394,854.88              0.00        258,435,667.12
A1A                           0.00               0.00            46,394.63              0.00         28,715,345.05
A2                            0.00               0.00            73,349.79              0.00         49,254,513.14
M1                            0.00               0.00            44,948.33              0.00         26,969,000.00
M2                            0.00               0.00            44,051.00              0.00         21,576,000.00
M3                            0.00               0.00            11,911.75              0.00          5,394,000.00
M4                            0.00               0.00            15,325.00              0.00          6,130,000.00
M5                            0.00               0.00            10,767.34              0.00          4,168,000.00
M6                            0.00               0.00            22,473.00              0.00          6,129,000.00
B                             0.00               0.00            20,229.00              0.00          4,904,000.00
CE                            0.00               0.00         1,736,194.74              0.00          3,187,344.82
R1                            0.00               0.00                 0.00              0.00                  0.00
R2                            0.00               0.00                 0.00              0.00                  0.00
P                             0.00               0.00           260,255.02              0.00                  0.01
Totals                        0.00               0.00         2,680,754.48              0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
    Please Refer to the Prospectus Supplement for a Full Description.


</FN>




                                             Interest Distribution Factors Statement

                                                              Beginning                           Payment of
                           Original          Current       Certificate/           Current             Unpaid            Current
                               Face      Certificate           Notional           Accrued          Interest            Interest
Class (5)                     Amount             Rate            Balance          Interest          Shortfall          Shortfall


<s>           <c>                  <c>              <c>                <c>               <c>                <c>
A1                    317,967,000.00         1.74000%       856.42130658        1.24181088         0.00000000         0.00000000
A1A                    35,330,000.00         1.84000%       856.42130654        1.31317945         0.00000000         0.00000000
A2                     58,606,000.00         1.73000%       868.14432259        1.25157475         0.00000000         0.00000000
M1                     26,969,000.00         2.00000%      1000.00000000        1.66666654         0.00000000         0.00000000
M2                     21,576,000.00         2.45000%      1000.00000000        2.04166667         0.00000000         0.00000000
M3                      5,394,000.00         2.65000%      1000.00000000        2.20833333         0.00000000         0.00000000
M4                      6,130,000.00         3.00000%      1000.00000000        2.50000000         0.00000000         0.00000000
M5                      4,168,000.00         3.10000%      1000.00000000        2.58333253         0.00000000         0.00000000
M6                      6,129,000.00         4.40000%      1000.00000000        3.66666667         0.00000000         0.00000000
B                       4,904,000.00         4.95000%      1000.00000000        4.12500000         0.00000000         0.00000000
CE                      3,187,742.22         0.00000%       999.87533496        0.00000000         0.00000000         0.00000000
R1                              0.00         0.00000%         0.00000000        0.00000000         0.00000000         0.00000000
R2                              0.00         0.00000%         0.00000000        0.00000000         0.00000000         0.00000000
P                               0.00         0.00000%         0.00000000        0.00000000         0.00000000         0.00000000
<FN>

(5) All classes are per $1000 denomination.

</FN>




                              Interest Distribution Factors Statement (continued)

                                                                                Remaining             Ending
                    Non-Supported                                 Total            Unpaid       Certificate/
                         Interest           Realized           Interest          Interest           Notional
Class                    Shortfall         Losses (6)       Distribution         Shortfall            Balance


<s>            <c>               <c>                <c>                <c>            <c>
A1                      0.00000000         0.00000000         1.24181088        0.00000000       812.77512170
A1A                     0.00000000         0.00000000         1.31317945        0.00000000       812.77512171
A2                      0.00000000         0.00000000         1.25157475        0.00000000       840.43465072
M1                      0.00000000         0.00000000         1.66666654        0.00000000      1000.00000000
M2                      0.00000000         0.00000000         2.04166667        0.00000000      1000.00000000
M3                      0.00000000         0.00000000         2.20833333        0.00000000      1000.00000000
M4                      0.00000000         0.00000000         2.50000000        0.00000000      1000.00000000
M5                      0.00000000         0.00000000         2.58333493        0.00000000      1000.00000000
M6                      0.00000000         0.00000000         3.66666667        0.00000000      1000.00000000
B                       0.00000000         0.00000000         4.12500000        0.00000000      1000.00000000
CE                      0.00000000         0.00000000       544.64715782        0.00000000       999.87533496
R1                      0.00000000         0.00000000         0.00000000        0.00000000         0.00000000
R2                      0.00000000         0.00000000         0.00000000        0.00000000         0.00000000
P                       0.00000000         0.00000000         0.00000000        0.00000000         0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
    Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>








                                         CERTIFICATEHOLDER ACCOUNT STATEMENT
                                                 CERTIFICATE ACCOUNT

<s>                                                                                      <c>
Beginning Balance                                                                                              0.00
Deposits
     Payments of Interest and Principal                                                               19,722,388.82
     Liquidations, Insurance Proceeds, Reserve Funds                                                           0.00
     Proceeds from Repurchased Loans                                                                           0.00
     Other Amounts (Servicer Advances)                                                                         0.00
     Realized Loss (Gains, Subsequent Expenses & Recoveries)                                                   0.00

     Prepayment Penalties                                                                                260,255.02
Total Deposits                                                                                        19,982,643.84

Withdrawals
     Reimbursement for Servicer Advances                                                                       0.00
     Payment of Service Fee                                                                              257,870.15
     Payment of Interest and Principal                                                                19,724,773.69
Total Withdrawals (Pool Distribution Amount)                                                          19,982,643.84


Ending Balance                                                                                                 0.00




                                      PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s>                                                                                       <c>
Total Prepayment/Curtailment Interest Shortfall                                                                0.00

Servicing Fee Support                                                                                          0.00
Non-Supported Prepayment/Curtailment Interest Shortfall                                                        0.00






                                                   SERVICING FEES
<s>                                                                                       <c>

Gross Servicing Fee                                                                                      107,976.81
Credit Risk Manager Fee                                                                                    6,298.56
PMI Premium                                                                                              140,715.42
Trustee Fee                                                                                                2,879.36
Supported Prepayment/Curtailment Interest Shortfall                                                            0.00
Net Servicing Fee                                                                                        257,870.15







                                                    OTHER ACCOUNTS

                                                    Beginning            Current           Current            Ending
Account Type                                           Balance        Withdrawals          Deposits           Balance

<s>                                      <c>                 <c>                <c>               <c>
Reserve Account                                           0.00               0.00              0.00              0.00




                                  LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
                                                     DELINQUENCY STATUS

         DELINQUENT               BANKRUPTCY             FORECLOSURE             REO                     Total

<s>          <c>                    <c>                     <c>                     <c>                     <c>

          No of Loans             No of Loans            No of Loans             No of Loans             No of Loans
          Principal Balance       Principal Balance      Principal Balance       Principal Balance       Principal Balance
0-29 Days                         6                      0                       0                       6
                                  971,254.99             0.00                    0.00                    971,254.99

30 Days   30                      1                      1                       0                       32
          4,551,338.68            58,998.60              103,632.85              0.00                    4,713,970.13

60 Days   9                       2                      3                       0                       14
          1,670,175.56            383,558.08             366,605.60              0.00                    2,420,339.24

90 Days   6                       0                      9                       1                       16
          1,665,870.02            0.00                   859,413.00              50,281.32               2,575,564.34

120 Days  0                       0                      0                       0                       0
          0.00                    0.00                   0.00                    0.00                    0.00

150 Days  0                       0                      0                       0                       0
          0.00                    0.00                   0.00                    0.00                    0.00

180+ Days 0                       0                      0                       0                       0
          0.00                    0.00                   0.00                    0.00                    0.00

Totals    45                      9                      13                      1                       68
          7,887,384.26            1,413,811.67           1,329,651.45            50,281.32               10,681,128.70


          No of Loans             No of Loans            No of Loans             No of Loans             No of Loans
          Principal Balance       Principal Balance      Principal Balance       Principal Balance       Principal Balance
0-29 Days                         0.227618%              0.000000%               0.000000%               0.227618%
                                  0.234024%              0.000000%               0.000000%               0.234024%

30 Days   1.138088%               0.037936%              0.037936%               0.000000%               1.213961%
          1.096644%               0.014216%              0.024970%               0.000000%               1.135830%

60 Days   0.341426%               0.075873%              0.113809%               0.000000%               0.531108%
          0.402428%               0.092418%              0.088333%               0.000000%               0.583180%

90 Days   0.227618%               0.000000%              0.341426%               0.037936%               0.606980%
          0.401391%               0.000000%              0.207075%               0.012115%               0.620581%

120 Days  0.000000%               0.000000%              0.000000%               0.000000%               0.000000%
          0.000000%               0.000000%              0.000000%               0.000000%               0.000000%

150 Days  0.000000%               0.000000%              0.000000%               0.000000%               0.000000%
          0.000000%               0.000000%              0.000000%               0.000000%               0.000000%

180+ Days 0.000000%               0.000000%              0.000000%               0.000000%               0.000000%
          0.000000%               0.000000%              0.000000%               0.000000%               0.000000%

Totals    1.707132%               0.341426%              0.493171%               0.037936%               2.579666%
          1.900463%               0.340657%              0.320379%               0.012115%               2.573614%






                                               OTHER INFORMATION

<s>                                                                                 <c>
Current Period Class A Insufficient Funds                                                                  0.00
Principal Balance of Contaminated Properties                                                               0.00

Periodic Advance                                                                                      55,229.07








 
 

                                     COLLATERAL STATEMENT
                                                                                 
 Collateral Description                                                    Mixed Fixed & Arm

 Weighted Average Gross Coupon                                                     7.441519%
 Weighted Average Net Coupon                                                       7.141519%
 Weighted Average Pass-Through Rate                                                6.725059%
 Weighted Average Maturity(Stepdown Calculation )                                        350
 Beginning Scheduled Collateral Loan Count                                             2,729

 Number Of Loans Paid In Full                                                             93
 Ending Scheduled Collateral Loan Count                                                2,636
 Beginning Scheduled Collateral Balance                                       431,906,889.34
 Ending Scheduled Collateral Balance                                          414,862,870.13
 Ending Actual Collateral Balance at 31-Jul-2004                              415,024,443.59
 Monthly P &I Constant                                                          3,049,246.71
 Special Servicing Fee                                                                  0.00
 Prepayment Penalties                                                             260,255.02
 Realized Loss Amount                                                                   0.00
 Cumulative Realized Loss                                                           5,030.98
 Ending Scheduled Balance for Premium Loans                                   414,862,870.13
 Scheduled Principal                                                              370,877.07
 Unscheduled Principal                                                         16,673,142.14

 Required Overcollateralization Amount                                                  0.00
 Overcollateralized Increase Amount                                                     0.00
 Overcollateralized reduction Amount                                                    0.00
 Specified O/C Amount                                                           3,187,344.82
 Overcollateralized Amount                                                      3,187,344.82
 Overcollateralized Deficiency Amount                                                   0.00
 Base Overcollateralized Amount                                                         0.00
 Extra principal distribution Amount                                                    0.00
 Excess Cash Amount                                                             1,736,194.74
 
 
 
                                                       


 
   
   

                             Miscellaneous Reporting
                                                           
   Group 1 Available Funds                                      17,508,994.30
   Group 2 Available Funds                                       1,955,524.55

   


                        Group Level Collateral Statement
                                                   
Group                                                   Group 1                          Group 2                            Total
Collateral Description                        Fixed 15/30 & ARM                Fixed 15/30 & ARM                Mixed Fixed & Arm
Weighted Average Coupon Rate                           7.479336                         7.216076                         7.441519
Weighted Average Net Rate                              7.179336                         6.916076                         7.141519
Weighted Average Maturity                                   350                              350                              350
Beginning Loan Count                                      2,477                              252                            2,729
Loans Paid In Full                                           87                                6                               93
Ending Loan Count                                         2,390                              246                            2,636
Beginning Scheduled Balance                      369,864,588.48                    62,042,300.86                   431,906,889.34
Ending scheduled Balance                         354,444,522.30                    60,418,347.83                   414,862,870.13
Record Date                                          07/31/2004                       07/31/2004                       07/31/2004
Principal And Interest Constant                    2,621,566.55                       427,680.16                     3,049,246.71
Scheduled Principal                                  316,281.87                        54,595.20                       370,877.07
Unscheduled Principal                             15,103,784.31                     1,569,357.83                    16,673,142.14
Scheduled Interest                                 2,305,284.68                       373,084.96                     2,678,369.64
Servicing Fees                                        92,466.24                        15,510.57                       107,976.81
Master Servicing Fees                                      0.00                             0.00                             0.00
Trustee Fee                                            2,465.73                           413.63                         2,879.36
FRY Amount                                                 0.00                             0.00                             0.00
Special Hazard Fee                                         0.00                             0.00                             0.00
Other Fee                                              5,393.78                           904.78                         6,298.56
Pool Insurance Fee                                         0.00                             0.00                             0.00
Spread Fee 1                                               0.00                             0.00                             0.00
Spread Fee 2                                               0.00                             0.00                             0.00
Spread Fee 3                                         116,030.93                        24,684.49                       140,715.42
Net Interest                                       2,088,928.00                       331,571.49                     2,420,499.49
Realized Loss Amount                                       0.00                             0.00                             0.00
Cumulative Realized Loss                               5,030.98                             0.00                         5,030.98
Percentage of Cumulative Losses                          0.0012                           0.0000                           0.0010
Prepayment Penalties                                       0.00                             0.00                             0.00
Special Servicing Fee                                      0.00                             0.00                             0.00
Pass-Through Rate                                      6.777382                         6.413137                         6.725059