UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 26, 2004
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
Subsequent to filing the 8-K relating to the payment date on Novemember 26, 2004
a revision was made to the First Franklin Asset Backed Certificates, Series
2004-FF2 Trust which was not included in the original 8-K filed. The 8-K is
being amended because an addtional page was added to the materials being
reported. This revision was not previously disclosed in a 1934 Act filing.
The revised data has been and will continue to be available on the Wells Fargo
Bank, website at www.ctslink.com.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Amended Monthly report distributed to holders of
Asset Backed Certificates, Series
2004-FF2 Trust, relating to the November
26, 2004 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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: 2/1/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Amended monthly report distributed to holders of Asset Backed
Certificates, Series 2004-FF2 Trust, relating to the
November 26, 2004 distribution.
EX-99.1
First Franklin Mortgage Loan Trust
Asset Backed Certificates
Record Date: 10/31/2004
Distribution Date: 11/26/2004
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 2.15250% 265,844,910.13 508,649.93 14,165,839.44
A-2 32027NHC8 SEN 2.02250% 81,946,844.67 147,322.22 8,706,255.13
A-3 32027NHD6 SEN 2.13250% 184,000,000.00 348,782.22 0.00
A-4 32027NHE4 SEN 2.30250% 30,836,000.00 63,111.01 0.00
A-5 32027NHF1 SEN 2.01250% 16,389,368.93 29,318.76 1,741,251.03
A-6 32027NHG9 SEN 2.15250% 42,877,119.14 82,038.22 1,183,758.09
M-1 32027NHH7 MEZ 2.38250% 26,374,000.00 55,854.27 0.00
M-2 32027NHJ3 MEZ 2.43250% 24,176,000.00 52,273.88 0.00
M-3 32027NHK0 MEZ 2.48250% 15,385,000.00 33,949.57 0.00
M-4 32027NHL8 MEZ 2.83250% 10,989,000.00 27,667.86 0.00
M-5 32027NHM6 MEZ 2.93250% 15,385,000.00 40,103.57 0.00
M-6 32027NHN4 MEZ 3.18250% 9,670,000.00 27,355.36 0.00
M-7 32027NHP9 MEZ 3.60750% 12,308,000.00 39,467.65 0.00
M-8 32027NHQ7 MEZ 3.73250% 9,670,000.00 32,082.91 0.00
M-9 32027NHR5 MEZ 4.83250% 8,791,000.00 37,762.23 0.00
B 32027NHS3 SUB 5.43250% 10,549,000.00 50,939.95 0.00
C FFM04FF2C SEN 0.00000% 6,153,851.87 2,452,279.38 0.00
P FFM04FF2P SEN 0.00000% 100.00 522,467.69 0.00
R 32027NHT1 RES 0.00000% 0.00 0.00 0.00
Totals 771,345,194.74 4,551,426.68 25,797,103.69
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 251,679,070.68 14,674,489.37 0.00
A-2 0.00 73,240,589.54 8,853,577.35 0.00
A-3 0.00 184,000,000.00 348,782.22 0.00
A-4 0.00 30,836,000.00 63,111.01 0.00
A-5 0.00 14,648,117.91 1,770,569.79 0.00
A-6 0.00 41,693,361.05 1,265,796.31 0.00
M-1 0.00 26,374,000.00 55,854.27 0.00
M-2 0.00 24,176,000.00 52,273.88 0.00
M-3 0.00 15,385,000.00 33,949.57 0.00
M-4 0.00 10,989,000.00 27,667.86 0.00
M-5 0.00 15,385,000.00 40,103.57 0.00
M-6 0.00 9,670,000.00 27,355.36 0.00
M-7 0.00 12,308,000.00 39,467.65 0.00
M-8 0.00 9,670,000.00 32,082.91 0.00
M-9 0.00 8,791,000.00 37,762.23 0.00
B 0.00 10,549,000.00 50,939.95 0.00
C 0.00 6,153,851.87 2,452,279.38 0.00
P 0.00 100.00 522,467.69 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 745,548,091.05 30,348,530.37 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-1 314,835,000.00 265,844,910.13 129,600.57 14,036,238.87 0.00 0.00
A-2 125,000,000.00 81,946,844.67 88,948.03 8,617,307.11 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 16,389,368.93 17,789.60 1,723,461.42 0.00 0.00
A-6 50,000,000.00 42,877,119.14 16,834.50 1,166,923.59 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 879,121,695.34 771,345,194.74 253,172.70 25,543,930.99 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 14,165,839.44 251,679,070.68 0.79939991 14,165,839.44
A-2 8,706,255.13 73,240,589.54 0.58592472 8,706,255.13
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 1,741,251.03 14,648,117.91 0.58592472 1,741,251.03
A-6 1,183,758.09 41,693,361.05 0.83386722 1,183,758.09
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 25,797,103.69 745,548,091.05 0.84806017 25,797,103.69
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-1 314,835,000.00 844.39439748 0.41164601 44.58284139 0.00000000
A-2 125,000,000.00 655.57475736 0.71158424 68.93845688 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 25,000,000.00 655.57475720 0.71158400 68.93845680 0.00000000
A-6 50,000,000.00 857.54238280 0.33669000 23.33847180 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 44.99448740 799.39991005 0.79939991 44.99448740
A-2 0.00000000 69.65004104 585.92471632 0.58592472 69.65004104
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 69.65004120 585.92471640 0.58592472 69.65004120
A-6 0.00000000 23.67516180 833.86722100 0.83386722 23.67516180
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 2.15250% 265,844,910.13 508,649.93 0.00 0.00
A-2 125,000,000.00 2.02250% 81,946,844.67 147,322.22 0.00 0.00
A-3 184,000,000.00 2.13250% 184,000,000.00 348,782.22 0.00 0.00
A-4 30,836,000.00 2.30250% 30,836,000.00 63,111.01 0.00 0.00
A-5 25,000,000.00 2.01250% 16,389,368.93 29,318.76 0.00 0.00
A-6 50,000,000.00 2.15250% 42,877,119.14 82,038.22 0.00 0.00
M-1 26,374,000.00 2.38250% 26,374,000.00 55,854.27 0.00 0.00
M-2 24,176,000.00 2.43250% 24,176,000.00 52,273.88 0.00 0.00
M-3 15,385,000.00 2.48250% 15,385,000.00 33,949.57 0.00 0.00
M-4 10,989,000.00 2.83250% 10,989,000.00 27,667.86 0.00 0.00
M-5 15,385,000.00 2.93250% 15,385,000.00 40,103.57 0.00 0.00
M-6 9,670,000.00 3.18250% 9,670,000.00 27,355.36 0.00 0.00
M-7 12,308,000.00 3.60750% 12,308,000.00 39,467.65 0.00 0.00
M-8 9,670,000.00 3.73250% 9,670,000.00 32,082.91 0.00 0.00
M-9 8,791,000.00 4.83250% 8,791,000.00 37,762.23 0.00 0.00
B 10,549,000.00 5.43250% 10,549,000.00 50,939.95 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 1,576,679.61 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 0.00 508,649.93 0.00 251,679,070.68
A-2 0.00 0.00 147,322.22 0.00 73,240,589.54
A-3 0.00 0.00 348,782.22 0.00 184,000,000.00
A-4 0.00 0.00 63,111.01 0.00 30,836,000.00
A-5 0.00 0.00 29,318.76 0.00 14,648,117.91
A-6 0.00 0.00 82,038.22 0.00 41,693,361.05
M-1 0.00 0.00 55,854.27 0.00 26,374,000.00
M-2 0.00 0.00 52,273.88 0.00 24,176,000.00
M-3 0.00 0.00 33,949.57 0.00 15,385,000.00
M-4 0.00 0.00 27,667.86 0.00 10,989,000.00
M-5 0.00 0.00 40,103.57 0.00 15,385,000.00
M-6 0.00 0.00 27,355.36 0.00 9,670,000.00
M-7 0.00 0.00 39,467.65 0.00 12,308,000.00
M-8 0.00 0.00 32,082.91 0.00 9,670,000.00
M-9 0.00 0.00 37,762.23 0.00 8,791,000.00
B 0.00 0.00 50,939.95 0.00 10,549,000.00
C 0.00 0.00 2,452,279.38 0.00 6,153,851.87
P 0.00 0.00 522,467.69 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 4,551,426.68 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 2.15250% 844.39439748 1.61560795 0.00000000 0.00000000
A-2 125,000,000.00 2.02250% 655.57475736 1.17857776 0.00000000 0.00000000
A-3 184,000,000.00 2.13250% 1000.00000000 1.89555554 0.00000000 0.00000000
A-4 30,836,000.00 2.30250% 1000.00000000 2.04666656 0.00000000 0.00000000
A-5 25,000,000.00 2.01250% 655.57475720 1.17275040 0.00000000 0.00000000
A-6 50,000,000.00 2.15250% 857.54238280 1.64076440 0.00000000 0.00000000
M-1 26,374,000.00 2.38250% 1000.00000000 2.11777774 0.00000000 0.00000000
M-2 24,176,000.00 2.43250% 1000.00000000 2.16222204 0.00000000 0.00000000
M-3 15,385,000.00 2.48250% 1000.00000000 2.20666688 0.00000000 0.00000000
M-4 10,989,000.00 2.83250% 1000.00000000 2.51777778 0.00000000 0.00000000
M-5 15,385,000.00 2.93250% 1000.00000000 2.60666688 0.00000000 0.00000000
M-6 9,670,000.00 3.18250% 1000.00000000 2.82888935 0.00000000 0.00000000
M-7 12,308,000.00 3.60750% 1000.00000000 3.20666640 0.00000000 0.00000000
M-8 9,670,000.00 3.73250% 1000.00000000 3.31777766 0.00000000 0.00000000
M-9 8,791,000.00 4.83250% 1000.00000000 4.29555568 0.00000000 0.00000000
B 10,549,000.00 5.43250% 1000.00000000 4.82888899 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 1.61560795 0.00000000 799.39991005
A-2 0.00000000 0.00000000 1.17857776 0.00000000 585.92471632
A-3 0.00000000 0.00000000 1.89555554 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 2.04666656 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 1.17275040 0.00000000 585.92471640
A-6 0.00000000 0.00000000 1.64076440 0.00000000 833.86722100
M-1 0.00000000 0.00000000 2.11777774 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.16222204 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.20666688 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.51777778 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.60666688 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 2.82888935 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 3.20666640 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 3.31777766 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 4.29555568 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.82888899 0.00000000 1000.00000000
C 0.00000000 0.00000000 398.51164149 0.00000000 1000.04168782
P 0.00000000 0.00000000 5224676.90000000 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 30,168,973.17
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) (17,981.26)
Prepayment Penalties 522,467.69
Total Deposits 30,673,459.60
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 324,929.23
Payment of Interest and Principal 30,348,530.37
Total Withdrawals (Pool Distribution Amount) 30,673,459.60
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 321,393.79
Trustee Fee 3,535.44
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 324,929.23
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 56 0 0 0 56
8,628,485.11 0.00 0.00 0.00 8,628,485.11
60 Days 25 0 0 0 25
4,458,160.37 0.00 0.00 0.00 4,458,160.37
90 Days 14 0 0 0 14
1,917,907.53 0.00 0.00 0.00 1,917,907.53
120 Days 15 0 0 0 15
2,501,721.28 0.00 0.00 0.00 2,501,721.28
150 Days 29 0 0 0 29
3,957,653.66 0.00 0.00 0.00 3,957,653.66
180+ Days 5 0 0 0 5
1,163,953.26 0.00 0.00 0.00 1,163,953.26
Totals 144 0 0 0 144
22,627,881.21 0.00 0.00 0.00 22,627,881.21
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 1.525054% 0.000000% 0.000000% 0.000000% 1.525054%
1.157334% 0.000000% 0.000000% 0.000000% 1.157334%
60 Days 0.680828% 0.000000% 0.000000% 0.000000% 0.680828%
0.597971% 0.000000% 0.000000% 0.000000% 0.597971%
90 Days 0.381264% 0.000000% 0.000000% 0.000000% 0.381264%
0.257248% 0.000000% 0.000000% 0.000000% 0.257248%
120 Days 0.408497% 0.000000% 0.000000% 0.000000% 0.408497%
0.335555% 0.000000% 0.000000% 0.000000% 0.335555%
150 Days 0.789760% 0.000000% 0.000000% 0.000000% 0.789760%
0.530838% 0.000000% 0.000000% 0.000000% 0.530838%
180+ Days 0.136166% 0.000000% 0.000000% 0.000000% 0.136166%
0.156120% 0.000000% 0.000000% 0.000000% 0.156120%
Totals 3.921569% 0.000000% 0.000000% 0.000000% 3.921569%
3.035067% 0.000000% 0.000000% 0.000000% 3.035067%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 141,607.53
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 6.803717%
Weighted Average Net Coupon 6.303717%
Weighted Average Pass-Through Rate 6.298217%
Weighted Average Maturity(Stepdown Calculation ) 348
Beginning Scheduled Collateral Loan Count 3,799
Number Of Loans Paid In Full 127
Ending Scheduled Collateral Loan Count 3,672
Beginning Scheduled Collateral Balance 771,345,194.74
Ending Scheduled Collateral Balance 745,548,091.05
Ending Actual Collateral Balance at 31-Oct-2004 745,548,091.05
Monthly P &I Constant 4,626,518.32
Special Servicing Fee 0.00
Prepayment Penalties 522,467.69
Realized Loss Amount 17,981.26
Cumulative Realized Loss 51,769.32
Ending Scheduled Balance for Premium Loans 745,548,091.05
Scheduled Principal 253,172.70
Unscheduled Principal 25,543,930.99
Miscellaneous Reporting
Credit Enhancement Percentage 19.0000%
Excess Cash Amount 2,470,260.64
Extra Principal Distribution 0.00
Overcollateralized Amount 6,153,851.87
Overcollateralized Target Amount 6,153,851.87
Overcollateralized Deficiency Amount 17,981.26
Overcollateralized Release Amount 0.00
Overcollateralized Increase Amount 17,981.26
Overcollateralized Reduction Amount 0.00
Trigger Event Not in Trigger
Stepdown Date Not in Stepdown
Dividend Account Deposit N/A
Dividend Account Withdrawal N/A
Dividend Account Balance N/A
Soldier/Sailor Adjustment 431.07
Cap Payment 0.00
Miscellaneous Bond Adjustment 1,045.16
Next Month A-1 Coupon Rate 2.4000%
Next Month A-2 Coupon Rate 2.2700%
Next Month A-3 Coupon Rate 2.3800%
Next Month A-4 Coupon Rate 2.5500%
Next Month A-5 Coupon Rate 2.2600%
Next Month A-6 Coupon Rate 2.4000%
Next Month M-1 Coupon Rate 2.6300%
Next Month M-2 Coupon Rate 2.6800%
Next Month M-3 Coupon Rate 2.7300%
Next Month M-4 Coupon Rate 3.0800%
Next Month M-5 Coupon Rate 3.1800%
Next Month M-6 Coupon Rate 3.4300%
Next Month M-7 Coupon Rate 3.8550%
Next Month M-8 Coupon Rate 3.9800%
Next Month M-9 Coupon Rate 5.0800%
Next Month B Coupon Rate 5.6800%