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): December 27, 2004
FIRST FRANKLIN MORTGAGE LOAN TRUST
Asset Backed Certificates, Series 2004-FF2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-111379-07
Pooling and Servicing Agreement) (Commission 54-2151947
(State or other File Number) 54-2151948
jurisdiction IRS EIN
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 December 27, 2004 a distribution was made to holders of FIRST FRANKLIN
MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 2004-FF2 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-FF2 Trust, relating to the December
27, 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.
FIRST FRANKLIN MORTGAGE LOAN TRUST
Asset Backed Certificates, Series 2004-FF2 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: 12/31/04
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 2004-FF2 Trust, relating to the
December 27, 2004 distribution.
EX-99.1
First Franklin Mortgage Loan Trust
Asset Backed Certificates
Record Date: 11/30/04
Distribution Date: 12/27/04
First Franklin Mortgage Loan Trust
Asset Backed Certificates
Series 2004-FF2
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 32027NHB0 SEN 2.40000% 251,679,070.68 520,136.75 16,823,414.28
A-2 32027NHC8 SEN 2.27000% 73,240,589.54 143,165.01 17,942,618.19
A-3 32027NHD6 SEN 2.38000% 184,000,000.00 377,097.78 0.00
A-4 32027NHE4 SEN 2.55000% 30,836,000.00 67,710.72 0.00
A-5 32027NHF1 SEN 2.26000% 14,648,117.91 28,506.87 3,588,523.64
A-6 32027NHG9 SEN 2.40000% 41,693,361.05 86,166.28 3,271,042.73
M-1 32027NHH7 MEZ 2.63000% 26,374,000.00 59,729.78 0.00
M-2 32027NHJ3 MEZ 2.68000% 24,176,000.00 55,792.84 0.00
M-3 32027NHK0 MEZ 2.73000% 15,385,000.00 36,167.57 0.00
M-4 32027NHL8 MEZ 3.08000% 10,989,000.00 29,145.27 0.00
M-5 32027NHM6 MEZ 3.18000% 15,385,000.00 42,129.26 0.00
M-6 32027NHN4 MEZ 3.43000% 9,670,000.00 28,561.42 0.00
M-7 32027NHP9 MEZ 3.85500% 12,308,000.00 40,857.43 0.00
M-8 32027NHQ7 MEZ 3.98000% 9,670,000.00 33,141.24 0.00
M-9 32027NHR5 MEZ 5.08000% 8,791,000.00 38,455.74 0.00
B 32027NHS3 SUB 5.68000% 10,549,000.00 51,596.33 0.00
C FFM04FF2C SEN 0.00000% 6,153,851.87 2,269,757.30 0.00
P FFM04FF2P SEN 0.00000% 100.00 797,526.77 0.00
R 32027NHT1 RES 0.00000% 0.00 0.00 0.00
Totals 745,548,091.05 4,705,644.36 41,625,598.84
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 234,855,656.40 17,343,551.03 0.00
A-2 0.00 55,297,971.35 18,085,783.20 0.00
A-3 0.00 184,000,000.00 377,097.78 0.00
A-4 0.00 30,836,000.00 67,710.72 0.00
A-5 0.00 11,059,594.27 3,617,030.51 0.00
A-6 0.00 38,422,318.32 3,357,209.01 0.00
M-1 0.00 26,374,000.00 59,729.78 0.00
M-2 0.00 24,176,000.00 55,792.84 0.00
M-3 0.00 15,385,000.00 36,167.57 0.00
M-4 0.00 10,989,000.00 29,145.27 0.00
M-5 0.00 15,385,000.00 42,129.26 0.00
M-6 0.00 9,670,000.00 28,561.42 0.00
M-7 0.00 12,308,000.00 40,857.43 0.00
M-8 0.00 9,670,000.00 33,141.24 0.00
M-9 0.00 8,791,000.00 38,455.74 0.00
B 0.00 10,549,000.00 51,596.33 0.00
C 0.00 6,153,851.87 2,269,757.30 0.00
P 0.00 100.00 797,526.77 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 703,922,492.21 46,331,243.20 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-1 314,835,000.00 251,679,070.68 125,548.18 16,697,866.10 0.00 0.00
A-2 125,000,000.00 73,240,589.54 86,148.47 17,856,469.72 0.00 0.00
A-3 184,000,000.00 184,000,000.00 0.00 0.00 0.00 0.00
A-4 30,836,000.00 30,836,000.00 0.00 0.00 0.00 0.00
A-5 25,000,000.00 14,648,117.91 17,229.69 3,571,293.94 0.00 0.00
A-6 50,000,000.00 41,693,361.05 16,393.07 3,254,649.66 0.00 0.00
M-1 26,374,000.00 26,374,000.00 0.00 0.00 0.00 0.00
M-2 24,176,000.00 24,176,000.00 0.00 0.00 0.00 0.00
M-3 15,385,000.00 15,385,000.00 0.00 0.00 0.00 0.00
M-4 10,989,000.00 10,989,000.00 0.00 0.00 0.00 0.00
M-5 15,385,000.00 15,385,000.00 0.00 0.00 0.00 0.00
M-6 9,670,000.00 9,670,000.00 0.00 0.00 0.00 0.00
M-7 12,308,000.00 12,308,000.00 0.00 0.00 0.00 0.00
M-8 9,670,000.00 9,670,000.00 0.00 0.00 0.00 0.00
M-9 8,791,000.00 8,791,000.00 0.00 0.00 0.00 0.00
B 10,549,000.00 10,549,000.00 0.00 0.00 0.00 0.00
C 6,153,595.34 6,153,851.87 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 879,121,695.34 745,548,091.05 245,319.41 41,380,279.42 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 16,823,414.28 234,855,656.40 0.74596426 16,823,414.28
A-2 17,942,618.19 55,297,971.35 0.44238377 17,942,618.19
A-3 0.00 184,000,000.00 1.00000000 0.00
A-4 0.00 30,836,000.00 1.00000000 0.00
A-5 3,588,523.64 11,059,594.27 0.44238377 3,588,523.64
A-6 3,271,042.73 38,422,318.32 0.76844637 3,271,042.73
M-1 0.00 26,374,000.00 1.00000000 0.00
M-2 0.00 24,176,000.00 1.00000000 0.00
M-3 0.00 15,385,000.00 1.00000000 0.00
M-4 0.00 10,989,000.00 1.00000000 0.00
M-5 0.00 15,385,000.00 1.00000000 0.00
M-6 0.00 9,670,000.00 1.00000000 0.00
M-7 0.00 12,308,000.00 1.00000000 0.00
M-8 0.00 9,670,000.00 1.00000000 0.00
M-9 0.00 8,791,000.00 1.00000000 0.00
B 0.00 10,549,000.00 1.00000000 0.00
C 0.00 6,153,851.87 1.00004169 0.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 41,625,598.84 703,922,492.21 0.80071109 41,625,598.84
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-1 314,835,000.00 799.39991005 0.39877453 53.03687995 0.00000000
A-2 125,000,000.00 585.92471632 0.68918776 142.85175776 0.00000000
A-3 184,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 30,836,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 25,000,000.00 585.92471640 0.68918760 142.85175760 0.00000000
A-6 50,000,000.00 833.86722100 0.32786140 65.09299320 0.00000000
M-1 26,374,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 24,176,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 15,385,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 10,989,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 15,385,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 9,670,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 12,308,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-8 9,670,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-9 8,791,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 10,549,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
C 6,153,595.34 1000.04168782 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Clases 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 53.43565449 745.96425556 0.74596426 53.43565449
A-2 0.00000000 143.54094552 442.38377080 0.44238377 143.54094552
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 143.54094560 442.38377080 0.44238377 143.54094560
A-6 0.00000000 65.42085460 768.44636640 0.76844637 65.42085460
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
M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
C 0.00000000 0.00000000 1,000.04168782 1.00004169 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R 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>
A-1 314,835,000.00 2.40000% 251,679,070.68 520,136.75 0.00 0.00
A-2 125,000,000.00 2.27000% 73,240,589.54 143,165.01 0.00 0.00
A-3 184,000,000.00 2.38000% 184,000,000.00 377,097.78 0.00 0.00
A-4 30,836,000.00 2.55000% 30,836,000.00 67,710.72 0.00 0.00
A-5 25,000,000.00 2.26000% 14,648,117.91 28,506.87 0.00 0.00
A-6 50,000,000.00 2.40000% 41,693,361.05 86,166.28 0.00 0.00
M-1 26,374,000.00 2.63000% 26,374,000.00 59,729.78 0.00 0.00
M-2 24,176,000.00 2.68000% 24,176,000.00 55,792.84 0.00 0.00
M-3 15,385,000.00 2.73000% 15,385,000.00 36,167.57 0.00 0.00
M-4 10,989,000.00 3.08000% 10,989,000.00 29,145.27 0.00 0.00
M-5 15,385,000.00 3.18000% 15,385,000.00 42,129.26 0.00 0.00
M-6 9,670,000.00 3.43000% 9,670,000.00 28,561.42 0.00 0.00
M-7 12,308,000.00 3.85500% 12,308,000.00 40,857.43 0.00 0.00
M-8 9,670,000.00 3.98000% 9,670,000.00 33,141.24 0.00 0.00
M-9 8,791,000.00 5.08000% 8,791,000.00 38,455.74 0.00 0.00
B 10,549,000.00 5.68000% 10,549,000.00 51,596.33 0.00 0.00
C 6,153,595.34 0.00000% 6,153,851.87 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 879,121,695.34 1,638,360.29 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 0.00 520,136.75 0.00 234,855,656.40
A-2 0.00 0.00 143,165.01 0.00 55,297,971.35
A-3 0.00 0.00 377,097.78 0.00 184,000,000.00
A-4 0.00 0.00 67,710.72 0.00 30,836,000.00
A-5 0.00 0.00 28,506.87 0.00 11,059,594.27
A-6 0.00 0.00 86,166.28 0.00 38,422,318.32
M-1 0.00 0.00 59,729.78 0.00 26,374,000.00
M-2 0.00 0.00 55,792.84 0.00 24,176,000.00
M-3 0.00 0.00 36,167.57 0.00 15,385,000.00
M-4 0.00 0.00 29,145.27 0.00 10,989,000.00
M-5 0.00 0.00 42,129.26 0.00 15,385,000.00
M-6 0.00 0.00 28,561.42 0.00 9,670,000.00
M-7 0.00 0.00 40,857.43 0.00 12,308,000.00
M-8 0.00 0.00 33,141.24 0.00 9,670,000.00
M-9 0.00 0.00 38,455.74 0.00 8,791,000.00
B 0.00 0.00 51,596.33 0.00 10,549,000.00
C 0.00 0.00 2,269,757.30 0.00 6,153,851.87
P 0.00 0.00 797,526.77 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 4,705,644.36 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-1 314,835,000.00 2.40000% 799.39991005 1.65209316 0.00000000 0.00000000
A-2 125,000,000.00 2.27000% 585.92471632 1.14532008 0.00000000 0.00000000
A-3 184,000,000.00 2.38000% 1000.00000000 2.04944446 0.00000000 0.00000000
A-4 30,836,000.00 2.55000% 1000.00000000 2.19583344 0.00000000 0.00000000
A-5 25,000,000.00 2.26000% 585.92471640 1.14027480 0.00000000 0.00000000
A-6 50,000,000.00 2.40000% 833.86722100 1.72332560 0.00000000 0.00000000
M-1 26,374,000.00 2.63000% 1000.00000000 2.26472207 0.00000000 0.00000000
M-2 24,176,000.00 2.68000% 1000.00000000 2.30777796 0.00000000 0.00000000
M-3 15,385,000.00 2.73000% 1000.00000000 2.35083328 0.00000000 0.00000000
M-4 10,989,000.00 3.08000% 1000.00000000 2.65222222 0.00000000 0.00000000
M-5 15,385,000.00 3.18000% 1000.00000000 2.73833344 0.00000000 0.00000000
M-6 9,670,000.00 3.43000% 1000.00000000 2.95361117 0.00000000 0.00000000
M-7 12,308,000.00 3.85500% 1000.00000000 3.31958320 0.00000000 0.00000000
M-8 9,670,000.00 3.98000% 1000.00000000 3.42722234 0.00000000 0.00000000
M-9 8,791,000.00 5.08000% 1000.00000000 4.37444432 0.00000000 0.00000000
B 10,549,000.00 5.68000% 1000.00000000 4.89111101 0.00000000 0.00000000
C 6,153,595.34 0.00000% 1000.04168782 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 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 1.65209316 0.00000000 745.96425556
A-2 0.00000000 0.00000000 1.14532008 0.00000000 442.38377080
A-3 0.00000000 0.00000000 2.04944446 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 2.19583344 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 1.14027480 0.00000000 442.38377080
A-6 0.00000000 0.00000000 1.72332560 0.00000000 768.44636640
M-1 0.00000000 0.00000000 2.26472207 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.30777796 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.35083328 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.65222222 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.73833344 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 2.95361117 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 3.31958320 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 3.42722234 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 4.37444432 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.89111101 0.00000000 1000.00000000
C 0.00000000 0.00000000 368.85059459 0.00000000 1000.04168782
P 0.00000000 0.00000000 7975267.70000000 0.00000000 1000.00000000
R 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 45,847,779.68
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 797,526.77
Total Deposits 46,645,306.45
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 314,063.25
Payment of Interest and Principal 46,331,243.20
Total Withdrawals (Pool Distribution Amount) 46,645,306.45
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 310,645.73
Trustee Fee 3,417.52
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 314,063.25
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 52 0 0 0 52
8,260,340.29 0.00 0.00 0.00 8,260,340.29
60 Days 35 0 0 0 35
4,894,383.69 0.00 0.00 0.00 4,894,383.69
90 Days 15 0 0 0 15
2,324,373.77 0.00 0.00 0.00 2,324,373.77
120 Days 11 0 0 0 11
1,631,408.72 0.00 0.00 0.00 1,631,408.72
150 Days 14 0 0 0 14
2,429,940.98 0.00 0.00 0.00 2,429,940.98
180+ Days 31 0 0 0 31
4,726,879.30 0.00 0.00 0.00 4,726,879.30
Totals 158 0 0 0 158
24,267,326.75 0.00 0.00 0.00 24,267,326.75
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 1.484018% 0.000000% 0.000000% 0.000000% 1.484018%
1.173473% 0.000000% 0.000000% 0.000000% 1.173473%
60 Days 0.998858% 0.000000% 0.000000% 0.000000% 0.998858%
0.695302% 0.000000% 0.000000% 0.000000% 0.695302%
90 Days 0.428082% 0.000000% 0.000000% 0.000000% 0.428082%
0.330203% 0.000000% 0.000000% 0.000000% 0.330203%
120 Days 0.313927% 0.000000% 0.000000% 0.000000% 0.313927%
0.231760% 0.000000% 0.000000% 0.000000% 0.231760%
150 Days 0.399543% 0.000000% 0.000000% 0.000000% 0.399543%
0.345200% 0.000000% 0.000000% 0.000000% 0.345200%
180+ Days 0.884703% 0.000000% 0.000000% 0.000000% 0.884703%
0.671506% 0.000000% 0.000000% 0.000000% 0.671506%
Totals 4.509132% 0.000000% 0.000000% 0.000000% 4.509132%
3.447443% 0.000000% 0.000000% 0.000000% 3.447443%
OTHER INFORMATION
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Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 6.796679%
Weighted Average Net Coupon 6.296679%
Weighted Average Pass-Through Rate 6.291179%
Weighted Average Maturity(Stepdown Calculation ) 347
Beginning Scheduled Collateral Loan Count 3,672
Number Of Loans Paid In Full 168
Ending Scheduled Collateral Loan Count 3,504
Beginning Scheduled Collateral Balance 745,548,091.05
Ending Scheduled Collateral Balance 703,922,492.21
Ending Actual Collateral Balance at 30-Nov-2004 703,922,492.21
Monthly P &I Constant 4,468,028.89
Special Servicing Fee 0.00
Prepayment Penalties 797,526.77
Realized Loss Amount 0.00
Cumulative Realized Loss 51,769.32
Ending Scheduled Balance for Premium Loans 703,922,492.21
Scheduled Principal 245,319.42
Unscheduled Principal 41,380,279.42
Miscellaneous Reporting
Credit Enhancement Percentage 20.0457%
Excess Cash Amount 0.00
Extra Principal Distribution 0.00
Overcollateralized Amount 6,153,851.87
Overcollateralized Target Amount 6,153,851.87
Overcollateralized Deficiency Amount 0.00
Overcollateralized Release Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Trigger Event 0.00
Stepdown Date 0.00
Dividend Account Deposit 0.00
Dividend Account Withdrawal 0.00
Dividend Account Balance 0.00
Soldier/Sailor Adjustment 430.91
Cap Payment 0.00
Miscellaneous Bond Adjustment -98.92
Next Month A-1 Coupon Rate 2.40000
Next Month A-2 Coupon Rate 2.27000
Next Month A-3 Coupon Rate 2.38000
Next Month A-4 Coupon Rate 2.55000
Next Month A-5 Coupon Rate 2.26000
Next Month A-6 Coupon Rate 2.40000
Next Month M-1 Coupon Rate 2.63000
Next Month M-2 Coupon Rate 2.68000
Next Month M-3 Coupon Rate 2.73000
Next Month M-4 Coupon Rate 3.08000
Next Month M-5 Coupon Rate 3.18000
Next Month M-6 Coupon Rate 3.43000
Next Month M-7 Coupon Rate 3.85500
Next Month M-8 Coupon Rate 3.98000
Next Month M-9 Coupon Rate 5.08000
Next Month B Coupon Rate 5.68000