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
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2004-FM2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-10 54-6636487
Pooling and Servicing Agreement) (Commission 54-6636488
(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 December 27, 2004 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2004-FM2 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-FM2 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.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2004-FM2 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: 12/29/2004
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2004-FM2 Trust,
relating to the December 27, 2004 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 11/30/2004
Distribution Date: 12/27/2004
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Series 2004-FM2
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-1A 004421GD9 SEN 2.48000% 301,998,368.92 644,934.29 11,627,887.19
A-1B 004421GE7 SEN 2.48000% 303,904,545.85 649,005.04 9,446,094.63
A-2A 004421GF4 SEN 2.34000% 103,086,007.10 207,718.30 4,998,312.21
A-2B 004421GG2 SEN 2.49000% 37,106,000.00 79,561.45 0.00
A-2C 004421GH0 SEN 2.66000% 33,519,000.00 76,777.13 0.00
M-1 004421GJ6 MEZ 2.83000% 63,498,000.00 154,741.10 0.00
M-2 004421GK3 MEZ 3.38000% 51,208,000.00 149,043.73 0.00
M-3 004421GL1 MEZ 3.53000% 15,362,000.00 46,696.21 0.00
M-4 004421GM9 MEZ 4.31000% 12,802,000.00 47,513.20 0.00
M-5 004421GN7 MEZ 4.13000% 10,242,000.00 36,424.54 0.00
M-6 004421GP2 MEZ 5.68000% 10,242,000.00 50,094.76 0.00
B 004421GQ0 SUB 5.68000% 15,362,000.00 75,137.25 0.00
CE ACE04FM2C MEZ 0.00000% 15,874,550.04 2,899,566.38 0.00
P ACE04FM2P SEN 0.00000% 100.00 570,025.32 0.00
R ACE4FM2R1 SEN 0.00000% 0.00 0.00 0.00
Totals 974,204,571.91 5,687,238.70 26,072,294.03
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1A 0.00 290,370,481.73 12,272,821.48 0.00
A-1B 0.00 294,458,451.22 10,095,099.67 0.00
A-2A 0.00 98,087,694.89 5,206,030.51 0.00
A-2B 0.00 37,106,000.00 79,561.45 0.00
A-2C 0.00 33,519,000.00 76,777.13 0.00
M-1 0.00 63,498,000.00 154,741.10 0.00
M-2 0.00 51,208,000.00 149,043.73 0.00
M-3 0.00 15,362,000.00 46,696.21 0.00
M-4 0.00 12,802,000.00 47,513.20 0.00
M-5 0.00 10,242,000.00 36,424.54 0.00
M-6 0.00 10,242,000.00 50,094.76 0.00
B 0.00 15,362,000.00 75,137.25 0.00
CE 0.00 15,874,550.04 2,899,566.38 0.00
P 0.00 100.00 570,025.32 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 948,132,277.88 31,759,532.73 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-1A 321,661,000.00 301,998,368.92 0.00 11,627,887.19 0.00 0.00
A-1B 321,661,000.00 303,904,545.85 0.00 9,446,094.63 0.00 0.00
A-2A 115,627,000.00 103,086,007.10 0.00 4,998,312.21 0.00 0.00
A-2B 37,106,000.00 37,106,000.00 0.00 0.00 0.00 0.00
A-2C 33,519,000.00 33,519,000.00 0.00 0.00 0.00 0.00
M-1 63,498,000.00 63,498,000.00 0.00 0.00 0.00 0.00
M-2 51,208,000.00 51,208,000.00 0.00 0.00 0.00 0.00
M-3 15,362,000.00 15,362,000.00 0.00 0.00 0.00 0.00
M-4 12,802,000.00 12,802,000.00 0.00 0.00 0.00 0.00
M-5 10,242,000.00 10,242,000.00 0.00 0.00 0.00 0.00
M-6 10,242,000.00 10,242,000.00 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 992,928,100.00 942,968,021.87 0.00 26,072,294.03 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-1A 11,627,887.19 290,370,481.73 0.90272206 11,627,887.19
A-1B 9,446,094.63 294,458,451.22 0.91543100 9,446,094.63
A-2A 4,998,312.21 98,087,694.89 0.84831134 4,998,312.21
A-2B 0.00 37,106,000.00 1.00000000 0.00
A-2C 0.00 33,519,000.00 1.00000000 0.00
M-1 0.00 63,498,000.00 1.00000000 0.00
M-2 0.00 51,208,000.00 1.00000000 0.00
M-3 0.00 15,362,000.00 1.00000000 0.00
M-4 0.00 12,802,000.00 1.00000000 0.00
M-5 0.00 10,242,000.00 1.00000000 0.00
M-6 0.00 10,242,000.00 1.00000000 0.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 26,072,294.03 916,895,727.84 0.92342610 26,072,294.03
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-1A 321,661,000.00 938.87157262 0.00000000 36.14950892 0.00000000
A-1B 321,661,000.00 944.79761566 0.00000000 29.36661463 0.00000000
A-2A 115,627,000.00 891.53923478 0.00000000 43.22789841 0.00000000
A-2B 37,106,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2C 33,519,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 63,498,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 51,208,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 15,362,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 12,802,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 10,242,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 10,242,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 15,362,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 15,874,418.64 1000.00827747 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 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-1A 0.00000000 36.14950892 902.72206369 0.90272206 36.14950892
A-1B 0.00000000 29.36661463 915.43100102 0.91543100 29.36661463
A-2A 0.00000000 43.22789841 848.31133637 0.84831134 43.22789841
A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
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 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 1,000.00827747 1.00000828 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-1A 321,661,000.00 2.48000% 301,998,368.92 644,934.29 0.00 0.00
A-1B 321,661,000.00 2.48000% 303,904,545.85 649,005.04 0.00 0.00
A-2A 115,627,000.00 2.34000% 103,086,007.10 207,718.30 0.00 0.00
A-2B 37,106,000.00 2.49000% 37,106,000.00 79,561.45 0.00 0.00
A-2C 33,519,000.00 2.66000% 33,519,000.00 76,777.13 0.00 0.00
M-1 63,498,000.00 2.83000% 63,498,000.00 154,741.10 0.00 0.00
M-2 51,208,000.00 3.38000% 51,208,000.00 149,043.73 0.00 0.00
M-3 15,362,000.00 3.53000% 15,362,000.00 46,696.21 0.00 0.00
M-4 12,802,000.00 4.31000% 12,802,000.00 47,513.20 0.00 0.00
M-5 10,242,000.00 4.13000% 10,242,000.00 36,424.54 0.00 0.00
M-6 10,242,000.00 5.68000% 10,242,000.00 50,094.76 0.00 0.00
B 15,362,000.00 5.68000% 15,362,000.00 75,137.25 0.00 0.00
CE 15,874,418.64 0.00000% 15,874,550.04 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 1,024,164,518.64 2,217,647.00 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-1A 0.00 0.00 644,934.29 0.00 290,370,481.73
A-1B 0.00 0.00 649,005.04 0.00 294,458,451.22
A-2A 0.00 0.00 207,718.30 0.00 98,087,694.89
A-2B 0.00 0.00 79,561.45 0.00 37,106,000.00
A-2C 0.00 0.00 76,777.13 0.00 33,519,000.00
M-1 0.00 0.00 154,741.10 0.00 63,498,000.00
M-2 0.00 0.00 149,043.73 0.00 51,208,000.00
M-3 0.00 0.00 46,696.21 0.00 15,362,000.00
M-4 0.00 0.00 47,513.20 0.00 12,802,000.00
M-5 0.00 0.00 36,424.54 0.00 10,242,000.00
M-6 0.00 0.00 50,094.76 0.00 10,242,000.00
B 0.00 0.00 75,137.25 0.00 15,362,000.00
CE 0.00 0.00 2,899,566.38 0.00 15,874,550.04
P 0.00 0.00 570,025.32 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 5,687,238.70 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-1A 321,661,000.00 2.48000% 938.87157262 2.00501239 0.00000000 0.00000000
A-1B 321,661,000.00 2.48000% 944.79761566 2.01766779 0.00000000 0.00000000
A-2A 115,627,000.00 2.34000% 891.53923478 1.79645152 0.00000000 0.00000000
A-2B 37,106,000.00 2.49000% 1000.00000000 2.14416671 0.00000000 0.00000000
A-2C 33,519,000.00 2.66000% 1000.00000000 2.29055551 0.00000000 0.00000000
M-1 63,498,000.00 2.83000% 1000.00000000 2.43694447 0.00000000 0.00000000
M-2 51,208,000.00 3.38000% 1000.00000000 2.91055558 0.00000000 0.00000000
M-3 15,362,000.00 3.53000% 1000.00000000 3.03972204 0.00000000 0.00000000
M-4 12,802,000.00 4.31000% 1000.00000000 3.71138885 0.00000000 0.00000000
M-5 10,242,000.00 4.13000% 1000.00000000 3.55638938 0.00000000 0.00000000
M-6 10,242,000.00 5.68000% 1000.00000000 4.89111111 0.00000000 0.00000000
B 15,362,000.00 5.68000% 1000.00000000 4.89111118 0.00000000 0.00000000
CE 15,874,418.64 0.00000% 1000.00827747 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) 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-1A 0.00000000 0.00000000 2.00501239 0.00000000 902.72206369
A-1B 0.00000000 0.00000000 2.01766779 0.00000000 915.43100102
A-2A 0.00000000 0.00000000 1.79645152 0.00000000 848.31133637
A-2B 0.00000000 0.00000000 2.14416671 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 2.29055551 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.43694447 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.91055558 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 3.03972204 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.71138885 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.55638938 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 4.89111111 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.89111118 0.00000000 1000.00000000
CE 0.00000000 0.00000000 182.65653979 0.00000000 1000.00827747
P 0.00000000 0.00000000 5700253.20000000 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 31,522,263.96
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 326,141.90
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 570,025.32
Total Deposits 32,418,431.18
Withdrawals
Reimbursement for Servicer Advances 248,920.69
Payment of Service Fee 409,977.76
Payment of Interest and Principal 31,759,532.73
Total Withdrawals (Pool Distribution Amount) 32,418,431.18
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 405,918.57
Master Servicing Fee 4,059.19
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 409,977.76
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 193 3 0 0 196
29,707,353.00 181,083.00 0.00 0.00 29,888,436.00
60 Days 59 2 0 0 61
11,321,906.27 248,847.84 0.00 0.00 11,570,754.11
90 Days 23 3 0 0 26
4,066,098.32 596,862.10 0.00 0.00 4,662,960.42
120 Days 19 3 0 0 22
2,806,538.06 211,143.63 0.00 0.00 3,017,681.69
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 294 11 0 0 305
47,901,895.65 1,237,936.57 0.00 0.00 49,139,832.22
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 3.594041% 0.055866% 0.000000% 0.000000% 3.649907%
3.130373% 0.019081% 0.000000% 0.000000% 3.149455%
60 Days 1.098696% 0.037244% 0.000000% 0.000000% 1.135940%
1.193031% 0.026222% 0.000000% 0.000000% 1.219253%
90 Days 0.428305% 0.055866% 0.000000% 0.000000% 0.484171%
0.428460% 0.062894% 0.000000% 0.000000% 0.491353%
120 Days 0.353818% 0.055866% 0.000000% 0.000000% 0.409683%
0.295735% 0.022249% 0.000000% 0.000000% 0.317984%
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 5.474860% 0.204842% 0.000000% 0.000000% 5.679702%
5.047600% 0.130446% 0.000000% 0.000000% 5.178046%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group IA 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 22 1 0 0 23
2,119,912.94 13,938.46 0.00 0.00 2,133,851.40
60 Days 2 1 0 0 3
359,707.08 7,524.49 0.00 0.00 367,231.57
90 Days 5 1 0 0 6
322,716.29 26,885.49 0.00 0.00 349,601.78
120 Days 2 0 0 0 2
180,720.49 0.00 0.00 0.00 180,720.49
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 31 3 0 0 34
2,983,056.80 48,348.44 0.00 0.00 3,031,405.24
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 3.107345% 0.141243% 0.000000% 0.000000% 3.248588%
2.965039% 0.019495% 0.000000% 0.000000% 2.984534%
60 Days 0.282486% 0.141243% 0.000000% 0.000000% 0.423729%
0.503108% 0.010524% 0.000000% 0.000000% 0.513632%
90 Days 0.706215% 0.141243% 0.000000% 0.000000% 0.847458%
0.451371% 0.037604% 0.000000% 0.000000% 0.488974%
120 Days 0.282486% 0.000000% 0.000000% 0.000000% 0.282486%
0.252767% 0.000000% 0.000000% 0.000000% 0.252767%
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 4.378531% 0.423729% 0.000000% 0.000000% 4.802260%
4.172285% 0.067623% 0.000000% 0.000000% 4.239908%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group IA 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 69 0 0 0 69
9,834,380.52 0.00 0.00 0.00 9,834,380.52
60 Days 22 1 0 0 23
3,693,164.27 241,323.35 0.00 0.00 3,934,487.62
90 Days 10 1 0 0 11
1,882,193.62 273,976.61 0.00 0.00 2,156,170.23
120 Days 9 1 0 0 10
1,421,311.65 107,919.99 0.00 0.00 1,529,231.64
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 110 3 0 0 113
16,831,050.06 623,219.95 0.00 0.00 17,454,270.01
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 3.839733% 0.000000% 0.000000% 0.000000% 3.839733%
3.337376% 0.000000% 0.000000% 0.000000% 3.337376%
60 Days 1.224263% 0.055648% 0.000000% 0.000000% 1.279911%
1.253305% 0.081895% 0.000000% 0.000000% 1.335200%
90 Days 0.556483% 0.055648% 0.000000% 0.000000% 0.612131%
0.638738% 0.092976% 0.000000% 0.000000% 0.731714%
120 Days 0.500835% 0.055648% 0.000000% 0.000000% 0.556483%
0.482334% 0.036624% 0.000000% 0.000000% 0.518957%
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 6.121313% 0.166945% 0.000000% 0.000000% 6.288258%
5.711752% 0.211495% 0.000000% 0.000000% 5.923247%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group IB 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 17 1 0 0 18
1,172,441.64 8,457.46 0.00 0.00 1,180,899.10
60 Days 7 0 0 0 7
488,999.23 0.00 0.00 0.00 488,999.23
90 Days 1 0 0 0 1
6,694.36 0.00 0.00 0.00 6,694.36
120 Days 3 1 0 0 4
174,802.12 32,138.97 0.00 0.00 206,941.09
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 28 2 0 0 30
1,842,937.35 40,596.43 0.00 0.00 1,883,533.78
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.548726% 0.149925% 0.000000% 0.000000% 2.698651%
1.717186% 0.012387% 0.000000% 0.000000% 1.729573%
60 Days 1.049475% 0.000000% 0.000000% 0.000000% 1.049475%
0.716200% 0.000000% 0.000000% 0.000000% 0.716200%
90 Days 0.149925% 0.000000% 0.000000% 0.000000% 0.149925%
0.009805% 0.000000% 0.000000% 0.000000% 0.009805%
120 Days 0.449775% 0.149925% 0.000000% 0.000000% 0.599700%
0.256019% 0.047071% 0.000000% 0.000000% 0.303091%
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 4.197901% 0.299850% 0.000000% 0.000000% 4.497751%
2.699210% 0.059458% 0.000000% 0.000000% 2.758668%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group IB 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 70 1 0 0 71
11,836,852.24 158,687.08 0.00 0.00 11,995,539.32
60 Days 20 0 0 0 20
3,873,100.21 0.00 0.00 0.00 3,873,100.21
90 Days 6 1 0 0 7
1,354,494.05 296,000.00 0.00 0.00 1,650,494.05
120 Days 4 1 0 0 5
651,999.12 71,084.67 0.00 0.00 723,083.79
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 100 3 0 0 103
17,716,445.62 525,771.75 0.00 0.00 18,242,217.37
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 4.297115% 0.061387% 0.000000% 0.000000% 4.358502%
3.919743% 0.052549% 0.000000% 0.000000% 3.972292%
60 Days 1.227747% 0.000000% 0.000000% 0.000000% 1.227747%
1.282567% 0.000000% 0.000000% 0.000000% 1.282567%
90 Days 0.368324% 0.061387% 0.000000% 0.000000% 0.429711%
0.448537% 0.098020% 0.000000% 0.000000% 0.546557%
120 Days 0.245549% 0.061387% 0.000000% 0.000000% 0.306937%
0.215908% 0.023540% 0.000000% 0.000000% 0.239447%
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 6.138735% 0.184162% 0.000000% 0.000000% 6.322897%
5.866755% 0.174108% 0.000000% 0.000000% 6.040863%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group II 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 6 0 0 0 6
1,070,390.37 0.00 0.00 0.00 1,070,390.37
60 Days 1 0 0 0 1
79,718.77 0.00 0.00 0.00 79,718.77
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 7 0 0 0 7
1,150,109.14 0.00 0.00 0.00 1,150,109.14
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 4.081633% 0.000000% 0.000000% 0.000000% 4.081633%
2.866982% 0.000000% 0.000000% 0.000000% 2.866982%
60 Days 0.680272% 0.000000% 0.000000% 0.000000% 0.680272%
0.213522% 0.000000% 0.000000% 0.000000% 0.213522%
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 4.761905% 0.000000% 0.000000% 0.000000% 4.761905%
3.080504% 0.000000% 0.000000% 0.000000% 3.080504%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group II 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 9 0 0 0 9
3,673,375.29 0.00 0.00 0.00 3,673,375.29
60 Days 7 0 0 0 7
2,827,216.71 0.00 0.00 0.00 2,827,216.71
90 Days 1 0 0 0 1
500,000.00 0.00 0.00 0.00 500,000.00
120 Days 1 0 0 0 1
377,704.68 0.00 0.00 0.00 377,704.68
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 0 0 18
7,378,296.68 0.00 0.00 0.00 7,378,296.68
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.132701% 0.000000% 0.000000% 0.000000% 2.132701%
2.096195% 0.000000% 0.000000% 0.000000% 2.096195%
60 Days 1.658768% 0.000000% 0.000000% 0.000000% 1.658768%
1.613338% 0.000000% 0.000000% 0.000000% 1.613338%
90 Days 0.236967% 0.000000% 0.000000% 0.000000% 0.236967%
0.285323% 0.000000% 0.000000% 0.000000% 0.285323%
120 Days 0.236967% 0.000000% 0.000000% 0.000000% 0.236967%
0.215535% 0.000000% 0.000000% 0.000000% 0.215535%
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 4.265403% 0.000000% 0.000000% 0.000000% 4.265403%
4.210391% 0.000000% 0.000000% 0.000000% 4.210391%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 326,141.90
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 6.808251%
Weighted Average Net Coupon 6.308251%
Weighted Average Pass-Through Rate 6.303251%
Weighted Average Maturity(Stepdown Calculation ) 348
Beginning Scheduled Collateral Loan Count 5,508
Number Of Loans Paid In Full 138
Ending Scheduled Collateral Loan Count 5,370
Beginning Scheduled Collateral Balance 974,204,571.91
Ending Scheduled Collateral Balance 948,132,277.88
Ending Actual Collateral Balance at 30-Nov-2004 949,003,468.98
Monthly P &I Constant 6,338,052.26
Special Servicing Fee 0.00
Prepayment Penalties 570,025.32
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 806,456.22
Unscheduled Principal 25,265,837.81
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 15,874,550.04
Overcollateralized Amount 15,874,550.04
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Group Level Collateral Statement
Group Group IA Sub Grp 1 Group IA Sub Grp 2 Group IB Sub Grp 1
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 7.631719 6.878890 7.422740
Weighted Average Net Rate 7.131719 6.378890 6.922740
Weighted Average Maturity 322 353 325
Beginning Loan Count 727 1,847 684
Loans Paid In Full 19 50 17
Ending Loan Count 708 1,797 667
Beginning Scheduled Balance 72,565,669.56 304,883,644.87 69,794,813.00
Ending scheduled Balance 71,411,436.19 294,409,991.05 68,199,035.47
Record Date 11/30/2004 11/30/2004 11/30/2004
Principal And Interest Constant 542,894.66 1,983,816.34 510,212.50
Scheduled Principal 81,393.99 236,098.68 78,488.55
Unscheduled Principal 1,072,839.38 10,237,555.14 1,517,288.98
Scheduled Interest 461,500.67 1,747,717.66 431,723.95
Servicing Fees 30,235.70 127,034.85 29,081.17
Master Servicing Fees 302.36 1,270.35 290.81
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 0.00 0.00 0.00
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 430,962.61 1,619,412.46 402,351.97
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 7.126719 6.373890 6.917740
Group Level Collateral Statement
Group Group IB Sub Grp 2 Group II Sub Grp 1 Group II Sub Grp 2
Collateral Description Mixed ARM Mixed Fixed Mixed ARM
Weighted Average Coupon Rate 6.732985 6.787874 6.280075
Weighted Average Net Rate 6.232985 6.287874 5.780075
Weighted Average Maturity 353 341 353
Beginning Loan Count 1,666 151 433
Loans Paid In Full 37 4 11
Ending Loan Count 1,629 147 422
Beginning Scheduled Balance 309,561,104.41 37,869,721.12 179,529,618.95
Ending scheduled Balance 301,710,787.31 37,295,663.61 175,105,364.25
Record Date 11/30/2004 11/30/2004 11/30/2004
Principal And Interest Constant 1,984,352.97 252,697.00 1,064,078.79
Scheduled Principal 247,461.12 38,484.59 124,529.29
Unscheduled Principal 7,602,855.98 535,572.92 4,299,725.41
Scheduled Interest 1,736,891.85 214,212.41 939,549.50
Servicing Fees 128,983.79 15,779.05 74,804.01
Master Servicing Fees 1,289.84 157.79 748.04
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 0.00 0.00 0.00
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 1,606,618.22 198,275.57 863,997.45
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 6.227985 6.282874 5.775075
Group Level Collateral Statement
Group Total
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 6.808251
Weighted Average Net Rate 6.308251
Weighted Average Maturity 348.00
Record Date 11/30/2004
Principal And Interest Constant 6,338,052.26
Beginning Loan Count 5,508
Loans Paid In Full 138
Ending Loan Count 5,370
Beginning Scheduled Balance 974,204,571.91
Ending Scheduled Balance 948,132,277.88
Scheduled Principal 806,456.22
Unscheduled Principal 25,265,837.81
Scheduled Interest 5,531,596.04
Servicing Fee 405,918.57
Master Servicing Fee 4,059.19
Trustee Fee 0.00
Fry Amount 0.00
Special Hazard Fee 0.00
Other Fee 0.00
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 5,121,618.28
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Prepayment Penalties 0.00
Special Servicing Fee 0.00
Pass-Through Rate 6.303251