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-HE1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-06 54-2147330
Pooling and Servicing Agreement) (Commission 54-2147331
(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-HE1 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-HE1 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-HE1 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-HE1 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-HE1
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 004421EG4 SEN 2.39000% 144,460,151.71 297,307.02 12,326,662.27
A-2A 004421EH2 SEN 2.30000% 13,993,807.46 27,715.51 4,182,303.23
A-2B 004421EJ8 SEN 2.63000% 20,230,000.00 45,815.33 0.00
A-3 004421EK5 SEN 2.62000% 22,346,000.00 50,415.06 0.00
M-1 004421EL3 MEZ 2.68000% 24,543,000.00 56,639.79 0.00
M-2 004421EM1 MEZ 3.28000% 20,453,000.00 57,768.36 0.00
M-3 004421EN9 MEZ 3.53000% 5,335,000.00 16,216.92 0.00
M-4 004421EP4 MEZ 3.98000% 5,335,000.00 18,284.23 0.00
M-5 004421EQ2 MEZ 4.13000% 5,335,000.00 18,973.33 0.00
M-6 004421ER0 MEZ 5.18000% 4,446,000.00 19,831.63 0.00
B 004427BU3 JUN 5.68000% 8,892,000.00 43,491.76 0.00
CE ACE4HE1CE JUN 0.00000% 2,134,184.32 876,647.40 0.00
P ACE04HE1P SEN 0.00000% 100.00 374,658.43 0.00
R ACE4HE1R1 RES 0.00000% 0.00 0.00 0.00
Totals 277,503,243.49 1,903,764.77 16,508,965.50
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 132,133,489.44 12,623,969.29 0.00
A-2A 0.00 9,811,504.23 4,210,018.74 0.00
A-2B 0.00 20,230,000.00 45,815.33 0.00
A-3 0.00 22,346,000.00 50,415.06 0.00
M-1 0.00 24,543,000.00 56,639.79 0.00
M-2 0.00 20,453,000.00 57,768.36 0.00
M-3 0.00 5,335,000.00 16,216.92 0.00
M-4 0.00 5,335,000.00 18,284.23 0.00
M-5 0.00 5,335,000.00 18,973.33 0.00
M-6 0.00 4,446,000.00 19,831.63 0.00
B 0.00 8,892,000.00 43,491.76 0.00
CE 0.00 2,134,184.32 876,647.40 0.00
P 0.00 100.00 374,658.43 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 260,994,277.99 18,412,730.27 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-1 201,112,000.00 144,460,151.71 0.00 12,326,662.27 0.00 0.00
A-2A 35,535,000.00 13,993,807.46 0.00 4,182,303.23 0.00 0.00
A-2B 20,230,000.00 20,230,000.00 0.00 0.00 0.00 0.00
A-3 22,346,000.00 22,346,000.00 0.00 0.00 0.00 0.00
M-1 24,543,000.00 24,543,000.00 0.00 0.00 0.00 0.00
M-2 20,453,000.00 20,453,000.00 0.00 0.00 0.00 0.00
M-3 5,335,000.00 5,335,000.00 0.00 0.00 0.00 0.00
M-4 5,335,000.00 5,335,000.00 0.00 0.00 0.00 0.00
M-5 5,335,000.00 5,335,000.00 0.00 0.00 0.00 0.00
M-6 4,446,000.00 4,446,000.00 0.00 0.00 0.00 0.00
B 8,892,000.00 8,892,000.00 0.00 0.00 0.00 0.00
CE 2,135,286.85 2,134,184.32 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
0.00 0.00 0.00 0.00 0.00 0.00
Totals 355,697,386.85 277,503,243.49 0.00 16,508,965.50 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 12,326,662.27 132,133,489.44 0.65701445 12,326,662.27
A-2A 4,182,303.23 9,811,504.23 0.27610818 4,182,303.23
A-2B 0.00 20,230,000.00 1.00000000 0.00
A-3 0.00 22,346,000.00 1.00000000 0.00
M-1 0.00 24,543,000.00 1.00000000 0.00
M-2 0.00 20,453,000.00 1.00000000 0.00
M-3 0.00 5,335,000.00 1.00000000 0.00
M-4 0.00 5,335,000.00 1.00000000 0.00
M-5 0.00 5,335,000.00 1.00000000 0.00
M-6 0.00 4,446,000.00 1.00000000 0.00
B 0.00 8,892,000.00 1.00000000 0.00
CE 0.00 2,134,184.32 0.99948366 0.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 16,508,965.50 260,994,277.99 0.73375371 16,508,965.50
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-1 201,112,000.00 718.30697179 0.00000000 61.29252491 0.00000000
A-2A 35,535,000.00 393.80350246 0.00000000 117.69532095 0.00000000
A-2B 20,230,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 22,346,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 24,543,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 20,453,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 5,335,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 5,335,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 5,335,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 4,446,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 8,892,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 2,135,286.85 999.48366188 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-1 0.00000000 61.29252491 657.01444688 0.65701445 61.29252491
A-2A 0.00000000 117.69532095 276.10818151 0.27610818 117.69532095
A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 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 999.48366188 0.99948366 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-1 201,112,000.00 2.39000% 144,460,151.71 297,307.02 0.00 0.00
A-2A 35,535,000.00 2.30000% 13,993,807.46 27,715.51 0.00 0.00
A-2B 20,230,000.00 2.63000% 20,230,000.00 45,815.33 0.00 0.00
A-3 22,346,000.00 2.62000% 22,346,000.00 50,415.06 0.00 0.00
M-1 24,543,000.00 2.68000% 24,543,000.00 56,639.79 0.00 0.00
M-2 20,453,000.00 3.28000% 20,453,000.00 57,768.36 0.00 0.00
M-3 5,335,000.00 3.53000% 5,335,000.00 16,216.92 0.00 0.00
M-4 5,335,000.00 3.98000% 5,335,000.00 18,284.23 0.00 0.00
M-5 5,335,000.00 4.13000% 5,335,000.00 18,973.33 0.00 0.00
M-6 4,446,000.00 5.18000% 4,446,000.00 19,831.63 0.00 0.00
B 8,892,000.00 5.68000% 8,892,000.00 43,491.76 0.00 0.00
CE 2,135,286.85 0.00000% 2,134,184.32 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 355,697,386.85 652,458.94 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 0.00 297,307.02 0.00 132,133,489.44
A-2A 0.00 0.00 27,715.51 0.00 9,811,504.23
A-2B 0.00 0.00 45,815.33 0.00 20,230,000.00
A-3 0.00 0.00 50,415.06 0.00 22,346,000.00
M-1 0.00 0.00 56,639.79 0.00 24,543,000.00
M-2 0.00 0.00 57,768.36 0.00 20,453,000.00
M-3 0.00 0.00 16,216.92 0.00 5,335,000.00
M-4 0.00 0.00 18,284.23 0.00 5,335,000.00
M-5 0.00 0.00 18,973.33 0.00 5,335,000.00
M-6 0.00 0.00 19,831.63 0.00 4,446,000.00
B 0.00 0.00 43,491.76 0.00 8,892,000.00
CE 0.00 0.00 876,647.40 0.00 2,134,184.32
P 0.00 0.00 374,658.43 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,903,764.77 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-1 201,112,000.00 2.39000% 718.30697179 1.47831566 0.00000000 0.00000000
A-2A 35,535,000.00 2.30000% 393.80350246 0.77994963 0.00000000 0.00000000
A-2B 20,230,000.00 2.63000% 1000.00000000 2.26472219 0.00000000 0.00000000
A-3 22,346,000.00 2.62000% 1000.00000000 2.25611116 0.00000000 0.00000000
M-1 24,543,000.00 2.68000% 1000.00000000 2.30777778 0.00000000 0.00000000
M-2 20,453,000.00 3.28000% 1000.00000000 2.82444434 0.00000000 0.00000000
M-3 5,335,000.00 3.53000% 1000.00000000 3.03972259 0.00000000 0.00000000
M-4 5,335,000.00 3.98000% 1000.00000000 3.42722212 0.00000000 0.00000000
M-5 5,335,000.00 4.13000% 1000.00000000 3.55638800 0.00000000 0.00000000
M-6 4,446,000.00 5.18000% 1000.00000000 4.46055556 0.00000000 0.00000000
B 8,892,000.00 5.68000% 1000.00000000 4.89111111 0.00000000 0.00000000
CE 2,135,286.85 0.00000% 999.48366188 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-1 0.00000000 0.00000000 1.47831566 0.00000000 657.01444688
A-2A 0.00000000 0.00000000 0.77994963 0.00000000 276.10818151
A-2B 0.00000000 0.00000000 2.26472219 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 2.25611116 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.30777778 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.82444434 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 3.03972259 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.42722212 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.55638800 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 4.46055556 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.89111111 0.00000000 1000.00000000
CE 0.00000000 0.00000000 410.55252132 0.00000000 999.48366188
P 0.00000000 0.00000000 3746584.30000000 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 18,298,900.04
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 197,350.86
Realized Loss (Gains, Subsequent Expenses & Recoveries) (135,276.82)
Prepayment Penalties 374,658.43
Total Deposits 18,735,632.51
Withdrawals
Reimbursement for Servicer Advances 200,932.91
Payment of Service Fee 121,969.33
Payment of Interest and Principal 18,412,730.27
Total Withdrawals (Pool Distribution Amount) 18,735,632.51
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 114,453.69
Credit Risk Manager Fee: The Murrayhill Company 3,468.74
Master Servicing Fee: Wells Fargo 4,046.90
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 121,969.33
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
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 11 2 0 13
754,707.94 89,519.11 0.00 844,227.05
30 Days 60 2 4 0 66
4,783,228.27 268,785.90 272,138.57 0.00 5,324,152.74
60 Days 40 1 15 0 56
3,786,327.45 233,243.74 1,336,645.25 0.00 5,356,216.44
90 Days 8 3 14 0 25
326,362.99 171,658.05 833,338.82 0.00 1,331,359.86
120 Days 8 8 16 4 36
812,247.70 560,203.12 967,154.66 198,465.69 2,538,071.17
150 Days 3 4 21 2 30
410,439.43 208,609.48 2,009,131.05 99,377.54 2,727,557.50
180+ Days 4 16 80 27 127
133,480.83 968,065.19 5,792,733.40 2,157,881.21 9,052,160.63
Totals 123 45 152 33 353
10,252,086.67 3,165,273.42 11,300,660.86 2,455,724.44 27,173,745.39
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 0.404263% 0.073502% 0.000000% 0.477766%
0.288947% 0.034273% 0.000000% 0.323220%
30 Days 2.205072% 0.073502% 0.147005% 0.000000% 2.425579%
1.831301% 0.102907% 0.104191% 0.000000% 2.038398%
60 Days 1.470048% 0.036751% 0.551268% 0.000000% 2.058067%
1.449628% 0.089299% 0.511746% 0.000000% 2.050674%
90 Days 0.294010% 0.110254% 0.514517% 0.000000% 0.918780%
0.124951% 0.065721% 0.319051% 0.000000% 0.509723%
120 Days 0.294010% 0.294010% 0.588019% 0.147005% 1.323043%
0.310976% 0.214479% 0.370284% 0.075984% 0.971723%
150 Days 0.110254% 0.147005% 0.771775% 0.073502% 1.102536%
0.157140% 0.079868% 0.769213% 0.038048% 1.044269%
180+ Days 0.147005% 0.588019% 2.940096% 0.992282% 4.667402%
0.051104% 0.370632% 2.217799% 0.826164% 3.465699%
Totals 4.520397% 1.653804% 5.586182% 1.212789% 12.973172%
3.925101% 1.211853% 4.326557% 0.940196% 10.403706%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp I, Sub Grp I 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 7 1 0 8
453,809.60 41,840.83 0.00 495,650.43
30 Days 48 2 2 0 52
3,884,174.81 268,785.90 82,075.94 0.00 4,235,036.65
60 Days 23 1 8 0 32
1,647,925.59 233,243.74 557,271.06 0.00 2,438,440.39
90 Days 3 2 12 0 17
152,555.36 116,963.28 746,050.09 0.00 1,015,568.73
120 Days 3 3 13 4 23
495,820.79 157,759.81 803,966.88 198,465.69 1,656,013.17
150 Days 1 3 13 2 19
49,849.33 167,492.74 1,195,631.27 99,377.54 1,512,350.88
180 Days 1 11 57 22 91
42,427.60 720,149.15 3,945,968.46 1,467,145.20 6,175,690.41
Totals 79 29 106 28 242
6,272,753.48 2,118,204.22 7,372,804.53 1,764,988.43 17,528,750.66
0-29 Days 0.445860% 0.063694% 0.000000% 0.509554%
0.306850% 0.028291% 0.000000% 0.335142%
30 Days 3.057325% 0.127389% 0.127389% 0.000000% 3.312102%
2.626345% 0.181744% 0.055497% 0.000000% 2.863586%
60 Days 1.464968% 0.063694% 0.509554% 0.000000% 2.038217%
1.114270% 0.157711% 0.376807% 0.000000% 1.648789%
90 Days 0.191083% 0.127389% 0.764331% 0.000000% 1.082803%
0.103153% 0.079087% 0.504453% 0.000000% 0.686693%
120 Days 0.191083% 0.191083% 0.828025% 0.254777% 1.464968%
0.335257% 0.106672% 0.543615% 0.134196% 1.119739%
150 Days 0.063694% 0.191083% 0.828025% 0.127389% 1.210191%
0.033706% 0.113253% 0.808445% 0.067196% 1.022599%
180 Days 0.063694% 0.700637% 3.630573% 1.401274% 5.796178%
0.028688% 0.486940% 2.668128% 0.992033% 4.175789%
Totals 5.031847% 1.847134% 6.751592% 1.783439% 15.414013%
4.241419% 1.432257% 4.985236% 1.193424% 11.852336%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp I, Sub Grp II 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 3 1 0 4
199,002.55 47,678.28 0.00 246,680.83
30 Days 11 0 2 0 13
798,909.38 0.00 190,062.63 0.00 988,972.01
60 Days 13 0 6 0 19
797,452.52 0.00 352,357.57 0.00 1,149,810.09
90 Days 5 1 2 0 8
173,807.63 54,694.77 87,288.73 0.00 315,791.13
120 Days 4 5 3 0 12
245,989.12 402,443.31 163,187.78 0.00 811,620.21
150 Days 1 1 7 0 9
25,345.23 41,116.74 339,288.35 0.00 405,750.32
180 Days 3 5 21 3 32
91,053.23 247,916.04 1,101,805.28 152,013.39 1,592,787.94
Totals 37 15 42 3 97
2,132,557.11 945,173.41 2,281,668.62 152,013.39 5,511,412.53
0-29 Days 0.297324% 0.099108% 0.000000% 0.396432%
0.293104% 0.070224% 0.000000% 0.363328%
30 Days 1.090188% 0.000000% 0.198216% 0.000000% 1.288404%
1.176688% 0.000000% 0.279937% 0.000000% 1.456625%
60 Days 1.288404% 0.000000% 0.594648% 0.000000% 1.883053%
1.174542% 0.000000% 0.518976% 0.000000% 1.693518%
90 Days 0.495540% 0.099108% 0.198216% 0.000000% 0.792864%
0.255996% 0.080558% 0.128565% 0.000000% 0.465118%
120 Days 0.396432% 0.495540% 0.297324% 0.000000% 1.189296%
0.362309% 0.592746% 0.240354% 0.000000% 1.195409%
150 Days 0.099108% 0.099108% 0.693756% 0.000000% 0.891972%
0.037330% 0.060560% 0.499727% 0.000000% 0.597616%
180 Days 0.297324% 0.495540% 2.081269% 0.297324% 3.171457%
0.134109% 0.365147% 1.622813% 0.223896% 2.345966%
Totals 3.666997% 1.486620% 4.162537% 0.297324% 9.613479%
3.140974% 1.392115% 3.360596% 0.223896% 8.117580%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp II, Sub Grp I 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
100,144.08 0.00 0.00 0.00 100,144.08
60 Days 3 0 1 0 4
1,243,267.16 0.00 427,016.62 0.00 1,670,283.78
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 1 0 1 0 2
335,244.87 0.00 474,211.43 0.00 809,456.30
180 Days 0 0 2 1 3
0.00 0.00 744,959.66 499,276.66 1,244,236.32
Totals 5 0 4 1 10
1,678,656.11 0.00 1,646,187.71 499,276.66 3,824,120.48
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.136364% 0.000000% 0.000000% 0.000000% 1.136364%
0.286664% 0.000000% 0.000000% 0.000000% 0.286664%
60 Days 3.409091% 0.000000% 1.136364% 0.000000% 4.545455%
3.558867% 0.000000% 1.222340% 0.000000% 4.781207%
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 1.136364% 0.000000% 1.136364% 0.000000% 2.272727%
0.959642% 0.000000% 1.357436% 0.000000% 2.317078%
180 Days 0.000000% 0.000000% 2.272727% 1.136364% 3.409091%
0.000000% 0.000000% 2.132456% 1.429185% 3.561641%
Totals 5.681818% 0.000000% 4.545455% 1.136364% 11.363636%
4.805172% 0.000000% 4.712231% 1.429185% 10.946589%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp II, Sub Grp II 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 1 0 0 1
101,895.79 0.00 0.00 101,895.79
30 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 1 0 0 0 1
97,682.18 0.00 0.00 0.00 97,682.18
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 1 0 0 0 1
70,437.79 0.00 0.00 0.00 70,437.79
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 0 1 1
0.00 0.00 0.00 39,445.96 39,445.96
Totals 2 1 0 1 4
168,119.97 101,895.79 0.00 39,445.96 309,461.72
0-29 Days 1.851852% 0.000000% 0.000000% 1.851852%
0.973121% 0.000000% 0.000000% 0.973121%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 1.851852% 0.000000% 0.000000% 0.000000% 1.851852%
0.932880% 0.000000% 0.000000% 0.000000% 0.932880%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 1.851852% 0.000000% 0.000000% 0.000000% 1.851852%
0.672692% 0.000000% 0.000000% 0.000000% 0.672692%
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% 1.851852% 1.851852%
0.000000% 0.000000% 0.000000% 0.376715% 0.376715%
Totals 3.703704% 1.851852% 0.000000% 1.851852% 7.407407%
1.605573% 0.973121% 0.000000% 0.376715% 2.955409%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 197,350.86
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.724678%
Weighted Average Net Coupon 7.229749%
Weighted Average Pass-Through Rate 7.197248%
Weighted Average Maturity(Stepdown Calculation ) 336
Beginning Scheduled Collateral Loan Count 2,843
Number Of Loans Paid In Full 122
Ending Scheduled Collateral Loan Count 2,721
Beginning Scheduled Collateral Balance 277,503,243.49
Ending Scheduled Collateral Balance 260,994,277.99
Ending Actual Collateral Balance at 30-Nov-2004 261,192,950.68
Monthly P &I Constant 2,025,824.23
Special Servicing Fee 0.00
Prepayment Penalties 374,658.43
Realized Loss Amount 135,276.82
Cumulative Realized Loss 301,862.23
Ending Scheduled Balance for Premium Loans 260,994,277.99
Scheduled Principal 233,178.21
Unscheduled Principal 16,275,787.29
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 135,276.82
Overcollateralized reduction Amount 0.00
Specified O/C Amount 2,134,184.32
Overcollateralized Amount 2,134,184.32
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 135,276.82
Excess Cash Amount 0.00
Group Level Collateral Statement
Group Grp I, Sub Grp I Grp I, Sub Grp II Grp II, Sub Grp I
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.719716 8.211950 7.067961
Weighted Average Net Rate 7.227322 7.711952 6.573407
Weighted Average Maturity 346 312 348
Beginning Loan Count 1,641 1,049 97
Loans Paid In Full 71 40 9
Ending Loan Count 1,570 1,009 88
Beginning Scheduled Balance 157,174,999.03 70,788,798.76 38,870,319.53
Ending scheduled Balance 147,776,957.25 67,845,880.85 34,904,417.22
Record Date 11/30/2004 11/30/2004 11/30/2004
Principal And Interest Constant 1,128,694.78 561,164.12 258,781.00
Scheduled Principal 117,572.77 76,735.72 29,836.08
Unscheduled Principal 9,280,469.01 2,866,182.19 3,936,066.23
Scheduled Interest 1,011,122.01 484,428.40 228,944.92
Servicing Fees 64,493.40 29,495.24 16,019.57
Master Servicing Fees 2,292.13 1,032.31 566.88
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 1,964.64 884.85 485.88
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 942,371.84 453,016.00 211,872.59
Realized Loss Amount 34,247.52 81,056.33 0.00
Cumulative Realized Loss 71,325.99 210,563.27 0.00
Percentage of Cumulative Losses 0.0357 0.2476 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 7.194822 7.679450 6.540907
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.665185 7.724678
Weighted Average Net Rate 7.165184 7.229749
Weighted Average Maturity 315 336
Beginning Loan Count 56 2,843
Loans Paid In Full 2 122
Ending Loan Count 54 2,721
Beginning Scheduled Balance 10,669,126.17 277,503,243.49
Ending scheduled Balance 10,467,022.67 260,994,277.99
Record Date 11/30/2004 11/30/2004
Principal And Interest Constant 77,184.33 2,025,824.23
Scheduled Principal 9,033.64 233,178.21
Unscheduled Principal 193,069.86 16,275,787.29
Scheduled Interest 68,150.69 1,792,646.02
Servicing Fees 4,445.48 114,453.69
Master Servicing Fees 155.58 4,046.90
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 133.37 3,468.74
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 63,416.26 1,670,676.69
Realized Loss Amount 19,972.97 135,276.82
Cumulative Realized Loss 19,972.97 301,862.23
Percentage of Cumulative Losses 0.1448 0.0849
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 7.132685 7.197248