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-HE3 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-13 54-2162534
Pooling and Servicing Agreement) (Commission 54-2162535
(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-HE3 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-HE3 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-HE3 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-HE3 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-HE3
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 004421HJ5 SEN 2.53000% 458,432,067.87 998,745.20 4,748,708.42
A-1B 004421HK2 SEN 2.63000% 50,937,335.32 115,358.92 527,638.82
A-2A 004421HL0 SEN 2.55000% 98,854,915.72 217,068.92 1,530,180.44
A-2B 004421HM8 SEN 2.36000% 163,947,666.18 333,178.09 4,237,865.32
A-2C 004421HN6 SEN 2.52000% 59,533,000.00 129,186.61 0.00
A-2D 004421HP1 SEN 2.72000% 50,300,000.00 117,813.78 0.00
M-1 004421HQ9 MEZ 2.80000% 36,485,000.00 87,969.39 0.00
M-2 004421HR7 MEZ 2.85000% 33,721,000.00 82,756.95 0.00
M-3 004421HS5 MEZ 2.90000% 21,006,000.00 52,456.65 0.00
M-4 004421HT3 MEZ 3.18000% 18,795,000.00 51,466.97 0.00
M-5 004421HU0 MEZ 3.28000% 16,584,000.00 46,840.59 0.00
M-6 004421HV8 MEZ 3.48000% 14,926,000.00 44,728.25 0.00
M-7 004421HW6 MEZ 4.03000% 13,267,000.00 46,040.18 0.00
M-8 004421HX4 MEZ 4.18000% 11,056,000.00 39,795.46 0.00
M-9 004421HY2 MEZ 4.53000% 9,398,000.00 36,660.03 0.00
M-10 004421HZ9 MEZ 5.68000% 6,500,000.00 31,792.22 0.00
M-11 004421JA2 MEZ 5.68000% 15,613,000.00 76,364.92 0.00
B 004421JB0 MEZ 5.68000% 9,950,000.00 48,666.56 0.00
P 111300653 SEN 0.00000% 100.00 139,073.81 0.00
CE-1 111300976 SUB 0.00000% 5,527,983.78 3,248,786.35 0.00
CE-2 111300984 SUB 0.00000% 0.00 287,393.86 0.00
R 111300661 SEN 0.00000% 0.00 0.00 0.00
Totals 1,094,834,068.87 6,232,143.71 11,044,393.00
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1A 0.00 453,683,359.45 5,747,453.62 0.00
A-1B 0.00 50,409,696.50 642,997.74 0.00
A-2A 0.00 97,324,735.28 1,747,249.36 0.00
A-2B 0.00 159,709,800.86 4,571,043.41 0.00
A-2C 0.00 59,533,000.00 129,186.61 0.00
A-2D 0.00 50,300,000.00 117,813.78 0.00
M-1 0.00 36,485,000.00 87,969.39 0.00
M-2 0.00 33,721,000.00 82,756.95 0.00
M-3 0.00 21,006,000.00 52,456.65 0.00
M-4 0.00 18,795,000.00 51,466.97 0.00
M-5 0.00 16,584,000.00 46,840.59 0.00
M-6 0.00 14,926,000.00 44,728.25 0.00
M-7 0.00 13,267,000.00 46,040.18 0.00
M-8 0.00 11,056,000.00 39,795.46 0.00
M-9 0.00 9,398,000.00 36,660.03 0.00
M-10 0.00 6,500,000.00 31,792.22 0.00
M-11 0.00 15,613,000.00 76,364.92 0.00
B 0.00 9,950,000.00 48,666.56 0.00
P 0.00 100.00 139,073.81 0.00
CE-1 0.00 5,527,983.78 3,248,786.35 0.00
CE-2 0.00 0.00 287,393.86 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 1,083,789,675.87 17,276,536.71 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 464,234,000.00 458,432,067.87 0.00 4,748,708.42 0.00 0.00
A-1B 51,582,000.00 50,937,335.32 0.00 527,638.82 0.00 0.00
A-2A 100,000,000.00 98,854,915.72 0.00 1,530,180.44 0.00 0.00
A-2B 167,119,000.00 163,947,666.18 0.00 4,237,865.32 0.00 0.00
A-2C 59,533,000.00 59,533,000.00 0.00 0.00 0.00 0.00
A-2D 50,300,000.00 50,300,000.00 0.00 0.00 0.00 0.00
M-1 36,485,000.00 36,485,000.00 0.00 0.00 0.00 0.00
M-2 33,721,000.00 33,721,000.00 0.00 0.00 0.00 0.00
M-3 21,006,000.00 21,006,000.00 0.00 0.00 0.00 0.00
M-4 18,795,000.00 18,795,000.00 0.00 0.00 0.00 0.00
M-5 16,584,000.00 16,584,000.00 0.00 0.00 0.00 0.00
M-6 14,926,000.00 14,926,000.00 0.00 0.00 0.00 0.00
M-7 13,267,000.00 13,267,000.00 0.00 0.00 0.00 0.00
M-8 11,056,000.00 11,056,000.00 0.00 0.00 0.00 0.00
M-9 9,398,000.00 9,398,000.00 0.00 0.00 0.00 0.00
M-10 6,500,000.00 6,500,000.00 0.00 0.00 0.00 0.00
M-11 15,613,000.00 15,613,000.00 0.00 0.00 0.00 0.00
B 9,950,000.00 9,950,000.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
CE-1 5,527,655.90 5,527,983.78 0.00 0.00 0.00 0.00
CE-2 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,105,596,755.90 1,094,834,068.87 0.00 11,044,393.00 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 4,748,708.42 453,683,359.45 0.97727301 4,748,708.42
A-1B 527,638.82 50,409,696.50 0.97727301 527,638.82
A-2A 1,530,180.44 97,324,735.28 0.97324735 1,530,180.44
A-2B 4,237,865.32 159,709,800.86 0.95566513 4,237,865.32
A-2C 0.00 59,533,000.00 1.00000000 0.00
A-2D 0.00 50,300,000.00 1.00000000 0.00
M-1 0.00 36,485,000.00 1.00000000 0.00
M-2 0.00 33,721,000.00 1.00000000 0.00
M-3 0.00 21,006,000.00 1.00000000 0.00
M-4 0.00 18,795,000.00 1.00000000 0.00
M-5 0.00 16,584,000.00 1.00000000 0.00
M-6 0.00 14,926,000.00 1.00000000 0.00
M-7 0.00 13,267,000.00 1.00000000 0.00
M-8 0.00 11,056,000.00 1.00000000 0.00
M-9 0.00 9,398,000.00 1.00000000 0.00
M-10 0.00 6,500,000.00 1.00000000 0.00
M-11 0.00 15,613,000.00 1.00000000 0.00
B 0.00 9,950,000.00 1.00000000 0.00
P 0.00 100.00 1.00000000 0.00
CE-1 0.00 5,527,983.78 1.00005932 0.00
CE-2 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 11,044,393.00 1,083,789,675.87 0.98027574 11,044,393.00
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 464,234,000.00 987.50213873 0.00000000 10.22912673 0.00000000
A-1B 51,582,000.00 987.50213873 0.00000000 10.22912683 0.00000000
A-2A 100,000,000.00 988.54915720 0.00000000 15.30180440 0.00000000
A-2B 167,119,000.00 981.02349930 0.00000000 25.35836931 0.00000000
A-2C 59,533,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2D 50,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 36,485,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 33,721,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 21,006,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 18,795,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 16,584,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 14,926,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 13,267,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-8 11,056,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-9 9,398,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-10 6,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-11 15,613,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 9,950,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE-1 5,527,655.90 1000.05931628 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
</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 10.22912673 977.27301199 0.97727301 10.22912673
A-1B 0.00000000 10.22912683 977.27301190 0.97727301 10.22912683
A-2A 0.00000000 15.30180440 973.24735280 0.97324735 15.30180440
A-2B 0.00000000 25.35836931 955.66513000 0.95566513 25.35836931
A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-2D 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
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
M-10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-11 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE-1 0.00000000 0.00000000 1,000.05931628 1.00005932 0.00000000
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 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 464,234,000.00 2.53000% 458,432,067.87 998,745.20 0.00 0.00
A-1B 51,582,000.00 2.63000% 50,937,335.32 115,358.92 0.00 0.00
A-2A 100,000,000.00 2.55000% 98,854,915.72 217,068.92 0.00 0.00
A-2B 167,119,000.00 2.36000% 163,947,666.18 333,178.09 0.00 0.00
A-2C 59,533,000.00 2.52000% 59,533,000.00 129,186.61 0.00 0.00
A-2D 50,300,000.00 2.72000% 50,300,000.00 117,813.78 0.00 0.00
M-1 36,485,000.00 2.80000% 36,485,000.00 87,969.39 0.00 0.00
M-2 33,721,000.00 2.85000% 33,721,000.00 82,756.95 0.00 0.00
M-3 21,006,000.00 2.90000% 21,006,000.00 52,456.65 0.00 0.00
M-4 18,795,000.00 3.18000% 18,795,000.00 51,466.97 0.00 0.00
M-5 16,584,000.00 3.28000% 16,584,000.00 46,840.59 0.00 0.00
M-6 14,926,000.00 3.48000% 14,926,000.00 44,728.25 0.00 0.00
M-7 13,267,000.00 4.03000% 13,267,000.00 46,040.18 0.00 0.00
M-8 11,056,000.00 4.18000% 11,056,000.00 39,795.46 0.00 0.00
M-9 9,398,000.00 4.53000% 9,398,000.00 36,660.03 0.00 0.00
M-10 6,500,000.00 5.68000% 6,500,000.00 31,792.22 0.00 0.00
M-11 15,613,000.00 5.68000% 15,613,000.00 76,364.92 0.00 0.00
B 9,950,000.00 5.68000% 9,950,000.00 48,666.56 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
CE-1 5,527,655.90 0.00000% 5,527,983.78 0.00 0.00 0.00
CE-2 0.00 0.00000% 0.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,105,596,755.90 2,556,889.69 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 0.00 998,745.20 0.00 453,683,359.45
A-1B 0.00 0.00 115,358.92 0.00 50,409,696.50
A-2A 0.00 0.00 217,068.92 0.00 97,324,735.28
A-2B 0.00 0.00 333,178.09 0.00 159,709,800.86
A-2C 0.00 0.00 129,186.61 0.00 59,533,000.00
A-2D 0.00 0.00 117,813.78 0.00 50,300,000.00
M-1 0.00 0.00 87,969.39 0.00 36,485,000.00
M-2 0.00 0.00 82,756.95 0.00 33,721,000.00
M-3 0.00 0.00 52,456.65 0.00 21,006,000.00
M-4 0.00 0.00 51,466.97 0.00 18,795,000.00
M-5 0.00 0.00 46,840.59 0.00 16,584,000.00
M-6 0.00 0.00 44,728.25 0.00 14,926,000.00
M-7 0.00 0.00 46,040.18 0.00 13,267,000.00
M-8 0.00 0.00 39,795.46 0.00 11,056,000.00
M-9 0.00 0.00 36,660.03 0.00 9,398,000.00
M-10 0.00 0.00 31,792.22 0.00 6,500,000.00
M-11 0.00 0.00 76,364.92 0.00 15,613,000.00
B 0.00 0.00 48,666.56 0.00 9,950,000.00
P 0.00 0.00 139,073.81 0.00 100.00
CE-1 0.00 0.00 3,248,786.35 0.00 5,527,983.78
CE-2 0.00 0.00 287,393.86 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 6,232,143.71 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 464,234,000.00 2.53000% 987.50213873 2.15138314 0.00000000 0.00000000
A-1B 51,582,000.00 2.63000% 987.50213873 2.23641813 0.00000000 0.00000000
A-2A 100,000,000.00 2.55000% 988.54915720 2.17068920 0.00000000 0.00000000
A-2B 167,119,000.00 2.36000% 981.02349930 1.99365775 0.00000000 0.00000000
A-2C 59,533,000.00 2.52000% 1000.00000000 2.17000000 0.00000000 0.00000000
A-2D 50,300,000.00 2.72000% 1000.00000000 2.34222227 0.00000000 0.00000000
M-1 36,485,000.00 2.80000% 1000.00000000 2.41111114 0.00000000 0.00000000
M-2 33,721,000.00 2.85000% 1000.00000000 2.45416654 0.00000000 0.00000000
M-3 21,006,000.00 2.90000% 1000.00000000 2.49722222 0.00000000 0.00000000
M-4 18,795,000.00 3.18000% 1000.00000000 2.73833307 0.00000000 0.00000000
M-5 16,584,000.00 3.28000% 1000.00000000 2.82444465 0.00000000 0.00000000
M-6 14,926,000.00 3.48000% 1000.00000000 2.99666689 0.00000000 0.00000000
M-7 13,267,000.00 4.03000% 1000.00000000 3.47027813 0.00000000 0.00000000
M-8 11,056,000.00 4.18000% 1000.00000000 3.59944465 0.00000000 0.00000000
M-9 9,398,000.00 4.53000% 1000.00000000 3.90083316 0.00000000 0.00000000
M-10 6,500,000.00 5.68000% 1000.00000000 4.89111077 0.00000000 0.00000000
M-11 15,613,000.00 5.68000% 1000.00000000 4.89111125 0.00000000 0.00000000
B 9,950,000.00 5.68000% 1000.00000000 4.89111156 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
CE-1 5,527,655.90 0.00000% 1000.05931628 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000% 0.00000000 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-1A 0.00000000 0.00000000 2.15138314 0.00000000 977.27301199
A-1B 0.00000000 0.00000000 2.23641813 0.00000000 977.27301190
A-2A 0.00000000 0.00000000 2.17068920 0.00000000 973.24735280
A-2B 0.00000000 0.00000000 1.99365775 0.00000000 955.66513000
A-2C 0.00000000 0.00000000 2.17000000 0.00000000 1000.00000000
A-2D 0.00000000 0.00000000 2.34222227 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.41111114 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.45416654 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.49722222 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.73833307 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.82444465 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 2.99666689 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 3.47027813 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 3.59944465 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 3.90083316 0.00000000 1000.00000000
M-10 0.00000000 0.00000000 4.89111077 0.00000000 1000.00000000
M-11 0.00000000 0.00000000 4.89111125 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.89111156 0.00000000 1000.00000000
P 0.00000000 0.00000000 1390738.10000000 0.00000000 1000.00000000
CE-1 0.00000000 0.00000000 587.73310220 0.00000000 1000.05931628
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
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 17,596,155.46
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 22,759.23
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 139,073.81
Total Deposits 17,757,988.50
Withdrawals
Reimbursement for Servicer Advances 8,848.41
Payment of Service Fee 472,603.38
Payment of Interest and Principal 17,276,536.71
Total Withdrawals (Pool Distribution Amount) 17,757,988.50
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 456,180.86
Credit Risk Manager Fee - The Murrayhill Company 13,685.43
Master Servicing Fee - Wells Fargo 2,737.09
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 472,603.38
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
Reserve Fund 0.00 0.00 0.00 0.00
Reserve Fund 0.00 139,073.81 139,073.81 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 12 0 0 0 12
2,530,756.04 0.00 0.00 0.00 2,530,756.04
60 Days 5 0 0 0 5
563,277.09 0.00 0.00 0.00 563,277.09
90 Days 1 0 1 0 2
80,376.09 0.00 146,826.28 0.00 227,202.37
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 18 0 1 0 19
3,174,409.22 0.00 146,826.28 0.00 3,321,235.50
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 0.206363% 0.000000% 0.000000% 0.000000% 0.206363%
0.233357% 0.000000% 0.000000% 0.000000% 0.233357%
60 Days 0.085985% 0.000000% 0.000000% 0.000000% 0.085985%
0.051939% 0.000000% 0.000000% 0.000000% 0.051939%
90 Days 0.017197% 0.000000% 0.017197% 0.000000% 0.034394%
0.007411% 0.000000% 0.013539% 0.000000% 0.020950%
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 0.309544% 0.000000% 0.017197% 0.000000% 0.326741%
0.292707% 0.000000% 0.013539% 0.000000% 0.306246%
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 1 0 0 0 1
81,386.78 0.00 0.00 0.00 81,386.78
60 Days 1 0 0 0 1
151,195.95 0.00 0.00 0.00 151,195.95
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 2 0 0 0 2
232,582.73 0.00 0.00 0.00 232,582.73
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.058789% 0.000000% 0.000000% 0.000000% 0.058789%
0.050020% 0.000000% 0.000000% 0.000000% 0.050020%
60 Days 0.058789% 0.000000% 0.000000% 0.000000% 0.058789%
0.092924% 0.000000% 0.000000% 0.000000% 0.092924%
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 0.117578% 0.000000% 0.000000% 0.000000% 0.117578%
0.142943% 0.000000% 0.000000% 0.000000% 0.142943%
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 4 0 0 0 4
1,089,891.11 0.00 0.00 0.00 1,089,891.11
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 4 0 0 0 4
1,089,891.11 0.00 0.00 0.00 1,089,891.11
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.156250% 0.000000% 0.000000% 0.000000% 0.156250%
0.234489% 0.000000% 0.000000% 0.000000% 0.234489%
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 0.156250% 0.000000% 0.000000% 0.000000% 0.156250%
0.234489% 0.000000% 0.000000% 0.000000% 0.234489%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 2 Sub Grp 3 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
144,439.53 0.00 0.00 0.00 144,439.53
60 Days 1 0 0 0 1
3,568.11 0.00 0.00 0.00 3,568.11
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 3 0 0 0 3
148,007.64 0.00 0.00 0.00 148,007.64
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.328947% 0.000000% 0.000000% 0.000000% 0.328947%
0.167388% 0.000000% 0.000000% 0.000000% 0.167388%
60 Days 0.164474% 0.000000% 0.000000% 0.000000% 0.164474%
0.004135% 0.000000% 0.000000% 0.000000% 0.004135%
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 0.493421% 0.000000% 0.000000% 0.000000% 0.493421%
0.171523% 0.000000% 0.000000% 0.000000% 0.171523%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 2 Sub Grp 4 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 5 0 0 0 5
1,215,038.62 0.00 0.00 0.00 1,215,038.62
60 Days 3 0 0 0 3
408,513.03 0.00 0.00 0.00 408,513.03
90 Days 1 0 1 0 2
80,376.09 0.00 146,826.28 0.00 227,202.37
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 9 0 1 0 10
1,703,927.74 0.00 146,826.28 0.00 1,850,754.02
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.528541% 0.000000% 0.000000% 0.000000% 0.528541%
0.327763% 0.000000% 0.000000% 0.000000% 0.327763%
60 Days 0.317125% 0.000000% 0.000000% 0.000000% 0.317125%
0.110199% 0.000000% 0.000000% 0.000000% 0.110199%
90 Days 0.105708% 0.000000% 0.105708% 0.000000% 0.211416%
0.021682% 0.000000% 0.039607% 0.000000% 0.061289%
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 0.951374% 0.000000% 0.105708% 0.000000% 1.057082%
0.459644% 0.000000% 0.039607% 0.000000% 0.499251%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 22,759.23
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.187092%
Weighted Average Net Coupon 6.687092%
Weighted Average Pass-Through Rate 6.669092%
Weighted Average Maturity(Stepdown Calculation ) 343
Beginning Scheduled Collateral Loan Count 5,857
Number Of Loans Paid In Full 42
Ending Scheduled Collateral Loan Count 5,815
Beginning Scheduled Collateral Balance 1,094,834,068.87
Ending Scheduled Collateral Balance 1,083,789,675.87
Ending Actual Collateral Balance at 30-Nov-2004 1,084,500,724.14
Monthly P &I Constant 7,310,164.01
Special Servicing Fee 0.00
Prepayment Penalties 139,073.81
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 752,936.20
Unscheduled Principal 10,291,456.80
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Coupon Rate 7.187092%
Weighted Average Net Rate 6.687092%
Weighted Average Pass Through Rate 6.669092%
Weighted Average Maturity 343
Record Date 11/30/2004
Principal and Interest Constant 7,310,164.01
Beginning Loan Count 5,857
Loans Paid in Full 42
Ending Loan Count 5,815
Beginning Scheduled Balance 1,094,834,068.87
Ending Scheduled Balance 1,083,789,675.87
Ending Actual Balance at 30-Nov-2004 1,084,500,724.14
Scheduled Principal 752,936.20
Unscheduled Principal 10,291,456.80
Scheduled Interest 6,557,227.81
Servicing Fee 456,180.86
Master Servicing Fee 2,737.09
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 13,685.43
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 6,084,624.43
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 139,073.81
Miscellaneous Reporting
Credit Enhancement Percentage 19.637489%
Required Overcollateralization Amount 5,527,983.78
Overcollateralization Reduction Amount 0.00
Overcollateralization Increase Amount 0.00
Group Level Collateral Statement
Group Group 1 Sub Grp 1 Group 1 Sub Grp 2 Group 2 Sub Grp 3
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 8.041142 7.009861 8.559723
Weighted Average Net Rate 7.541142 6.509861 8.059723
Weighted Average Maturity 312 358 264
Beginning Loan Count 1,706 2,582 611
Loans Paid In Full 5 22 3
Ending Loan Count 1,701 2,560 608
Beginning Scheduled Balance 162,970,772.18 469,364,514.80 86,459,090.34
Ending scheduled Balance 162,584,740.94 464,474,198.80 86,231,880.43
Record Date 11/30/2004 11/30/2004 11/30/2004
Principal And Interest Constant 1,231,543.15 3,083,082.88 676,063.23
Scheduled Principal 139,483.94 341,266.22 59,341.66
Unscheduled Principal 246,547.30 4,549,049.78 167,868.25
Scheduled Interest 1,092,059.21 2,741,816.66 616,721.57
Servicing Fees 67,904.49 195,568.55 36,024.62
Master Servicing Fees 407.43 1,173.41 216.15
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 2,037.13 5,867.06 1,080.74
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 1,021,710.16 2,539,207.64 579,400.06
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 7.523142 6.491861 8.041723
Group Level Collateral Statement
Group Group 2 Sub Grp 4 Total
Collateral Description Fixed 15/30 & ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 6.722579 7.187092
Weighted Average Net Rate 6.222579 6.687092
Weighted Average Maturity 358 343
Beginning Loan Count 958 5,857
Loans Paid In Full 12 42
Ending Loan Count 946 5,815
Beginning Scheduled Balance 376,039,691.55 1,094,834,068.87
Ending scheduled Balance 370,498,855.70 1,083,789,675.87
Record Date 11/30/2004 11/30/2004
Principal And Interest Constant 2,319,474.75 7,310,164.01
Scheduled Principal 212,844.38 752,936.20
Unscheduled Principal 5,327,991.47 10,291,456.80
Scheduled Interest 2,106,630.37 6,557,227.81
Servicing Fees 156,683.20 456,180.86
Master Servicing Fees 940.10 2,737.09
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 4,700.50 13,685.43
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 1,944,306.57 6,084,624.43
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 6.204579 6.669092