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): November 26, 2004
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2004-HE2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-12 54-2161159
Pooling and Servicing Agreement) (Commission 54-2161160
(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 November 26, 2004 a distribution was made to holders of ACE SECURITIES CORP
. HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2004-HE2 Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Asset Backed Pass-Through Certificates,
Series 2004-HE2 Trust, relating to the
November 26, 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.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2004-HE2 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Assistant Vice President
By: Beth Belfield as Assistant Vice President
Date: 11/29/2004
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2004-HE2 Trust,
relating to the November 26, 2004 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 10/31/2004
Distribution Date: 11/26/2004
ACE Series: 2004-HE2
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>
A-1 004421GR8 SEN 2.25250% 272,497,543.65 545,600.64 9,092,144.56
A-2A 004421GS6 SEN 2.31250% 94,114,625.27 193,457.84 2,594,232.22
A-2B 004421HB2 SEN 2.14250% 22,533,665.77 42,914.11 1,062,165.18
A-2C 004421HC0 SEN 2.48250% 16,000,000.00 35,306.67 0.00
M-1 004421GT4 MEZ 2.62250% 37,260,000.00 86,857.20 0.00
M-2 004421GU1 MEZ 3.13250% 29,700,000.00 82,698.00 0.00
M-3 004421GV9 MEZ 3.33250% 8,100,000.00 23,994.00 0.00
M-4 004421GW7 MEZ 3.78250% 8,100,000.00 27,234.00 0.00
M-5 004421GX5 MEZ 3.88250% 6,750,000.00 23,295.00 0.00
M-6 004421GY3 MEZ 5.33250% 5,400,000.00 25,596.00 0.00
B-1 004421GZ0 SUB 5.43250% 9,450,000.00 45,633.00 0.00
B-2 004421HA4 SUB 5.43250% 8,100,000.00 39,114.00 0.00
CE 111297289 SUB 0.00000% 7,290,001.57 1,602,827.30 0.00
P 111297297 SEN 0.00000% 100.00 224,895.15 0.00
Totals 525,295,936.26 2,999,422.91 12,748,541.96
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 263,405,399.09 9,637,745.20 0.00
A-2A 0.00 91,520,393.05 2,787,690.06 0.00
A-2B 0.00 21,471,500.59 1,105,079.29 0.00
A-2C 0.00 16,000,000.00 35,306.67 0.00
M-1 0.00 37,260,000.00 86,857.20 0.00
M-2 0.00 29,700,000.00 82,698.00 0.00
M-3 0.00 8,100,000.00 23,994.00 0.00
M-4 0.00 8,100,000.00 27,234.00 0.00
M-5 0.00 6,750,000.00 23,295.00 0.00
M-6 0.00 5,400,000.00 25,596.00 0.00
B-1 0.00 9,450,000.00 45,633.00 0.00
B-2 0.00 8,100,000.00 39,114.00 0.00
CE 0.00 7,290,001.57 1,602,827.30 0.00
P 0.00 100.00 224,895.15 0.00
Totals 0.00 512,547,394.30 15,747,964.87 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>
A-1 282,154,000.00 272,497,543.65 0.00 9,092,144.56 0.00 0.00
A-2A 97,696,000.00 94,114,625.27 0.00 2,594,232.22 0.00 0.00
A-2B 24,000,000.00 22,533,665.77 0.00 1,062,165.18 0.00 0.00
A-2C 16,000,000.00 16,000,000.00 0.00 0.00 0.00 0.00
M-1 37,260,000.00 37,260,000.00 0.00 0.00 0.00 0.00
M-2 29,700,000.00 29,700,000.00 0.00 0.00 0.00 0.00
M-3 8,100,000.00 8,100,000.00 0.00 0.00 0.00 0.00
M-4 8,100,000.00 8,100,000.00 0.00 0.00 0.00 0.00
M-5 6,750,000.00 6,750,000.00 0.00 0.00 0.00 0.00
M-6 5,400,000.00 5,400,000.00 0.00 0.00 0.00 0.00
B-1 9,450,000.00 9,450,000.00 0.00 0.00 0.00 0.00
B-2 8,100,000.00 8,100,000.00 0.00 0.00 0.00 0.00
CE 7,290,016.54 7,290,001.57 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
Totals 540,000,116.54 525,295,936.26 0.00 12,748,541.96 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>
A-1 9,092,144.56 263,405,399.09 0.93355189 9,092,144.56
A-2A 2,594,232.22 91,520,393.05 0.93678751 2,594,232.22
A-2B 1,062,165.18 21,471,500.59 0.89464586 1,062,165.18
A-2C 0.00 16,000,000.00 1.00000000 0.00
M-1 0.00 37,260,000.00 1.00000000 0.00
M-2 0.00 29,700,000.00 1.00000000 0.00
M-3 0.00 8,100,000.00 1.00000000 0.00
M-4 0.00 8,100,000.00 1.00000000 0.00
M-5 0.00 6,750,000.00 1.00000000 0.00
M-6 0.00 5,400,000.00 1.00000000 0.00
B-1 0.00 9,450,000.00 1.00000000 0.00
B-2 0.00 8,100,000.00 1.00000000 0.00
CE 0.00 7,290,001.57 0.99999795 0.00
P 0.00 100.00 1.00000000 0.00
Totals 12,748,541.96 512,547,394.30 0.94916164 12,748,541.96
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>
A-1 282,154,000.00 965.77593672 0.00000000 32.22404985 0.00000000
A-2A 97,696,000.00 963.34164418 0.00000000 26.55412934 0.00000000
A-2B 24,000,000.00 938.90274042 0.00000000 44.25688250 0.00000000
A-2C 16,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 37,260,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 29,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 8,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 8,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 6,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 5,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 9,450,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 8,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 7,290,016.54 999.99794651 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are per $1,000 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>
A-1 0.00000000 32.22404985 933.55188688 0.93355189 32.22404985
A-2A 0.00000000 26.55412934 936.78751484 0.93678751 26.55412934
A-2B 0.00000000 44.25688250 894.64585792 0.89464586 44.25688250
A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 999.99794651 0.99999795 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 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>
A-1 282,154,000.00 2.25250% 272,497,543.65 545,600.64 0.00 0.00
A-2A 97,696,000.00 2.31250% 94,114,625.27 193,457.84 0.00 0.00
A-2B 24,000,000.00 2.14250% 22,533,665.77 42,914.11 0.00 0.00
A-2C 16,000,000.00 2.48250% 16,000,000.00 35,306.67 0.00 0.00
M-1 37,260,000.00 2.62250% 37,260,000.00 86,857.20 0.00 0.00
M-2 29,700,000.00 3.13250% 29,700,000.00 82,698.00 0.00 0.00
M-3 8,100,000.00 3.33250% 8,100,000.00 23,994.00 0.00 0.00
M-4 8,100,000.00 3.78250% 8,100,000.00 27,234.00 0.00 0.00
M-5 6,750,000.00 3.88250% 6,750,000.00 23,295.00 0.00 0.00
M-6 5,400,000.00 5.33250% 5,400,000.00 25,596.00 0.00 0.00
B-1 9,450,000.00 5.43250% 9,450,000.00 45,633.00 0.00 0.00
B-2 8,100,000.00 5.43250% 8,100,000.00 39,114.00 0.00 0.00
CE 7,290,016.54 0.00000% 7,290,001.57 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
Totals 540,000,116.54 1,171,700.46 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>
A-1 0.00 0.00 545,600.64 0.00 263,405,399.09
A-2A 0.00 0.00 193,457.84 0.00 91,520,393.05
A-2B 0.00 0.00 42,914.11 0.00 21,471,500.59
A-2C 0.00 0.00 35,306.67 0.00 16,000,000.00
M-1 0.00 0.00 86,857.20 0.00 37,260,000.00
M-2 0.00 0.00 82,698.00 0.00 29,700,000.00
M-3 0.00 0.00 23,994.00 0.00 8,100,000.00
M-4 0.00 0.00 27,234.00 0.00 8,100,000.00
M-5 0.00 0.00 23,295.00 0.00 6,750,000.00
M-6 0.00 0.00 25,596.00 0.00 5,400,000.00
B-1 0.00 0.00 45,633.00 0.00 9,450,000.00
B-2 0.00 0.00 39,114.00 0.00 8,100,000.00
CE 0.00 0.00 1,602,827.30 0.00 7,290,001.57
P 0.00 0.00 224,895.15 0.00 100.00
Totals 0.00 0.00 2,999,422.91 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>
A-1 282,154,000.00 2.25250% 965.77593672 1.93369805 0.00000000 0.00000000
A-2A 97,696,000.00 2.31250% 963.34164418 1.98020226 0.00000000 0.00000000
A-2B 24,000,000.00 2.14250% 938.90274042 1.78808792 0.00000000 0.00000000
A-2C 16,000,000.00 2.48250% 1000.00000000 2.20666687 0.00000000 0.00000000
M-1 37,260,000.00 2.62250% 1000.00000000 2.33111111 0.00000000 0.00000000
M-2 29,700,000.00 3.13250% 1000.00000000 2.78444444 0.00000000 0.00000000
M-3 8,100,000.00 3.33250% 1000.00000000 2.96222222 0.00000000 0.00000000
M-4 8,100,000.00 3.78250% 1000.00000000 3.36222222 0.00000000 0.00000000
M-5 6,750,000.00 3.88250% 1000.00000000 3.45111111 0.00000000 0.00000000
M-6 5,400,000.00 5.33250% 1000.00000000 4.74000000 0.00000000 0.00000000
B-1 9,450,000.00 5.43250% 1000.00000000 4.82888889 0.00000000 0.00000000
B-2 8,100,000.00 5.43250% 1000.00000000 4.82888889 0.00000000 0.00000000
CE 7,290,016.54 0.00000% 999.99794651 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are per $1,000 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>
A-1 0.00000000 0.00000000 1.93369805 0.00000000 933.55188688
A-2A 0.00000000 0.00000000 1.98020226 0.00000000 936.78751484
A-2B 0.00000000 0.00000000 1.78808792 0.00000000 894.64585792
A-2C 0.00000000 0.00000000 2.20666687 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.33111111 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.78444444 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.96222222 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.36222222 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.45111111 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 4.74000000 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 4.82888889 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 4.82888889 0.00000000 1000.00000000
CE 0.00000000 0.00000000 219.86607180 0.00000000 999.99794651
P 0.00000000 0.00000000 2248951.50000000 0.00000000 1000.00000000
<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 15,770,936.44
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 224,895.15
Total Deposits 15,995,831.59
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 247,866.72
Payment of Interest and Principal 15,747,964.87
Total Withdrawals (Pool Distribution Amount) 15,995,831.59
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 218,873.30
Credit Risk Manager Fee: The Murrayhill Company 6,566.19
Master Servicing Fee: Wells Fargo 5,471.83
XL Capital Assurance Inc., Class A-1 16,955.40
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 247,866.72
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Financial Guaranty 0.00 0.00 0.00 0.00
Reserve Fund 1,000.00 0.00 0.00 1,000.00
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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 20 0 0 0 20
2,823,711.09 0.00 0.00 0.00 2,823,711.09
60 Days 5 0 4 0 9
742,039.46 0.00 639,870.40 0.00 1,381,909.86
90 Days 0 0 4 0 4
0.00 0.00 750,824.21 0.00 750,824.21
120 Days 0 0 1 0 1
0.00 0.00 65,600.25 0.00 65,600.25
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 25 0 9 0 34
3,565,750.55 0.00 1,456,294.86 0.00 5,022,045.41
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 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.622859% 0.000000% 0.000000% 0.000000% 0.622859%
0.550837% 0.000000% 0.000000% 0.000000% 0.550837%
60 Days 0.155715% 0.000000% 0.124572% 0.000000% 0.280287%
0.144754% 0.000000% 0.124823% 0.000000% 0.269577%
90 Days 0.000000% 0.000000% 0.124572% 0.000000% 0.124572%
0.000000% 0.000000% 0.146468% 0.000000% 0.146468%
120 Days 0.000000% 0.000000% 0.031143% 0.000000% 0.031143%
0.000000% 0.000000% 0.012797% 0.000000% 0.012797%
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 0.778574% 0.000000% 0.280287% 0.000000% 1.058860%
0.695591% 0.000000% 0.284088% 0.000000% 0.979679%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 1 Sub Grp 1 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 0 0 0
0.00 0.00 0.00 0.00
30 Days 2 0 0 0 2
64,440.96 0.00 0.00 0.00 64,440.96
60 Days 2 0 0 0 2
60,227.77 0.00 0.00 0.00 60,227.77
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 4 0 0 0 4
124,668.73 0.00 0.00 0.00 124,668.73
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.232288% 0.000000% 0.000000% 0.000000% 0.232288%
0.093696% 0.000000% 0.000000% 0.000000% 0.093696%
60 Days 0.232288% 0.000000% 0.000000% 0.000000% 0.232288%
0.087571% 0.000000% 0.000000% 0.000000% 0.087571%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 0.464576% 0.000000% 0.000000% 0.000000% 0.464576%
0.181267% 0.000000% 0.000000% 0.000000% 0.181267%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 1 Sub Grp 2 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 0 0 0
0.00 0.00 0.00 0.00
30 Days 15 0 0 0 15
2,129,634.87 0.00 0.00 0.00 2,129,634.87
60 Days 3 0 4 0 7
681,811.69 0.00 639,870.40 0.00 1,321,682.09
90 Days 0 0 3 0 3
0.00 0.00 358,051.13 0.00 358,051.13
120 Days 0 0 1 0 1
0.00 0.00 65,600.25 0.00 65,600.25
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 18 0 8 0 26
2,811,446.56 0.00 1,063,521.78 0.00 3,874,968.34
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.952986% 0.000000% 0.000000% 0.000000% 0.952986%
0.773219% 0.000000% 0.000000% 0.000000% 0.773219%
60 Days 0.190597% 0.000000% 0.254130% 0.000000% 0.444727%
0.247549% 0.000000% 0.232322% 0.000000% 0.479871%
90 Days 0.000000% 0.000000% 0.190597% 0.000000% 0.190597%
0.000000% 0.000000% 0.130000% 0.000000% 0.130000%
120 Days 0.000000% 0.000000% 0.063532% 0.000000% 0.063532%
0.000000% 0.000000% 0.023818% 0.000000% 0.023818%
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 1.143583% 0.000000% 0.508259% 0.000000% 1.651842%
1.020769% 0.000000% 0.386139% 0.000000% 1.406908%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 2 Sub Grp 1 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 0 0 0
0.00 0.00 0.00 0.00
30 Days 2 0 0 0 2
261,295.96 0.00 0.00 0.00 261,295.96
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 1 0 1
0.00 0.00 392,773.08 0.00 392,773.08
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 2 0 1 0 3
261,295.96 0.00 392,773.08 0.00 654,069.04
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.464037% 0.000000% 0.000000% 0.000000% 0.464037%
0.592813% 0.000000% 0.000000% 0.000000% 0.592813%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.232019% 0.000000% 0.232019%
0.000000% 0.000000% 0.891100% 0.000000% 0.891100%
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 0.464037% 0.000000% 0.232019% 0.000000% 0.696056%
0.592813% 0.000000% 0.891100% 0.000000% 1.483913%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 2 Sub Grp 2 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 0 0 0
0.00 0.00 0.00 0.00
30 Days 1 0 0 0 1
368,339.30 0.00 0.00 0.00 368,339.30
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 1 0 0 0 1
368,339.30 0.00 0.00 0.00 368,339.30
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.289855% 0.000000% 0.000000% 0.000000% 0.289855%
0.296227% 0.000000% 0.000000% 0.000000% 0.296227%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 0.289855% 0.000000% 0.000000% 0.000000% 0.289855%
0.296227% 0.000000% 0.000000% 0.000000% 0.296227%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 31,513.37
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 6.905091%
Weighted Average Net Coupon 6.405091%
Weighted Average Pass-Through Rate 6.377591%
Weighted Average Maturity(Stepdown Calculation ) 341
Beginning Scheduled Collateral Loan Count 3,283
Number Of Loans Paid In Full 72
Ending Scheduled Collateral Loan Count 3,211
Beginning Scheduled Collateral Balance 525,295,936.26
Ending Scheduled Collateral Balance 512,547,394.30
Ending Actual Collateral Balance at 31-Oct-2004 512,621,695.43
Monthly P &I Constant 3,330,148.42
Special Servicing Fee 0.00
Prepayment Penalties 224,895.15
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 307,468.33
Unscheduled Principal 12,441,073.63
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 7,290,001.57
Overcollateralized Amount 7,290,001.57
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 0.00
Group Level Collateral Statement
Group Group 1 Sub Grp 1 Group 1 Sub Grp 2 Group 2 Sub Grp 1
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.920617 6.677102 8.115202
Weighted Average Net Rate 7.420617 6.177102 7.615202
Weighted Average Maturity 296 355 280
Beginning Loan Count 880 1,611 442
Loans Paid In Full 19 37 11
Ending Loan Count 861 1,574 431
Beginning Scheduled Balance 70,709,935.67 282,533,134.49 45,571,084.45
Ending scheduled Balance 68,767,660.53 275,383,265.07 44,067,768.19
Record Date 10/31/2004 10/31/2004 10/31/2004
Principal And Interest Constant 526,263.89 1,728,905.36 344,784.56
Scheduled Principal 59,541.95 156,819.88 36,602.43
Unscheduled Principal 1,882,733.19 6,993,049.54 1,466,713.83
Scheduled Interest 466,721.94 1,572,085.48 308,182.13
Servicing Fees 29,462.47 117,722.14 18,987.95
Master Servicing Fees 736.56 2,943.05 474.70
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 883.87 3,531.66 569.64
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 0.00 0.00 0.00
Net Interest 435,639.04 1,447,888.63 288,149.84
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 7.393117 6.149602 7.587702
Group Level Collateral Statement
Group Group 2 Sub Grp 2 Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 6.410636 6.905091
Weighted Average Net Rate 5.910636 6.405091
Weighted Average Maturity 355 341
Beginning Loan Count 350 3,283
Loans Paid In Full 5 72
Ending Loan Count 345 3,211
Beginning Scheduled Balance 126,481,781.65 525,295,936.26
Ending scheduled Balance 124,328,700.51 512,547,394.30
Record Date 10/31/2004 10/31/2004
Principal And Interest Constant 730,194.61 3,330,148.42
Scheduled Principal 54,504.07 307,468.33
Unscheduled Principal 2,098,577.07 12,441,073.63
Scheduled Interest 675,690.54 3,022,680.09
Servicing Fees 52,700.74 218,873.30
Master Servicing Fees 1,317.52 5,471.83
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 1,581.02 6,566.19
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 620,091.26 2,791,768.77
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 5.883136 6.377591