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): April 25, 2005
ABFC 2005-HE1 TRUST
Asset Backed Certificates, Series 2005-HE1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-121564-01
Pooling and Servicing Agreement) (Commission 54-2169415
(State or other File Number) 54-2169416
jurisdiction 54-6654323
of Incorporation) IRS EIN
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 April 25, 2005 a distribution was made to holders of ABFC 2005-HE1 TRUST,
Asset Backed Certificates, Series 2005-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 Certificates, Series
2005-HE1 Trust, relating to the April 25
2005 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.
ABFC 2005-HE1 Trust
Asset Backed Certificates, Series 2005-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: 4/26/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 2005-HE1 Trust, relating to the
April 25, 2005 distribution.
EX-99.1
Asset Backed Funding Corporation
Asset Backed Certificates
Record Date: 3/31/2005
Distribution Date: 4/25/2005
Asset Backed Funding Corporation
Asset Backed Certificates
Series 2005-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-1SS 04542BKK7 SEN 3.06500% 488,803,000.00 1,082,019.75 15,726,015.24
A-1MZ 04542BKL5 SEN 3.11000% 54,312,000.00 121,990.79 1,747,352.90
A-2SS 04542BKM3 SEN 3.06000% 434,010,000.00 959,162.10 11,213,386.53
A-2MZ 04542BKN1 SEN 3.11000% 108,503,000.00 243,709.79 2,803,359.55
A-3A 04542BKP6 SEN 2.92000% 136,544,000.00 287,956.12 6,687,565.52
A-3B 04542BKQ4 SEN 3.02000% 140,672,000.00 306,821.26 0.00
A-3C 04542BKR2 SEN 3.17000% 28,080,000.00 64,287.60 0.00
M1 04542BKS0 SUB 3.27000% 92,610,000.00 218,713.95 0.00
M2 04542BKT8 SUB 3.29000% 56,991,000.00 135,416.95 0.00
M3 04542BKU5 SUB 3.34000% 31,166,000.00 75,179.32 0.00
M4 04542BKV3 SUB 3.52000% 31,167,000.00 79,233.44 0.00
M5 04542BKW1 SUB 3.55000% 31,167,000.00 79,908.73 0.00
M6 04542BKX9 SUB 3.63000% 26,714,000.00 70,035.20 0.00
M7 04542BKY7 SUB 4.09000% 20,481,000.00 60,498.60 0.00
M8 04542BKZ4 SUB 4.18000% 18,700,000.00 56,453.22 0.00
M9 04542BLA8 SUB 4.80000% 12,467,000.00 43,218.93 0.00
B1 04542BLB6 SUB 6.35000% 11,576,000.00 53,088.82 0.00
B2 04542BLC4 SUB 6.35000% 17,809,000.00 81,674.05 0.00
B3 04542BLD2 SUB 6.35000% 21,372,000.00 98,014.37 0.00
CE ABF5HE1CE SUB 0.00000% 17,809,818.04 5,779,213.22 0.00
P ABF04HE1P SEN 0.00000% 0.00 502,566.24 0.00
Totals 1,780,953,818.04 10,399,162.45 38,177,679.74
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1SS 0.00 473,076,984.76 16,808,034.99 0.00
A-1MZ 0.00 52,564,647.10 1,869,343.69 0.00
A-2SS 0.00 422,796,613.47 12,172,548.63 0.00
A-2MZ 0.00 105,699,640.45 3,047,069.34 0.00
A-3A 0.00 129,856,434.48 6,975,521.64 0.00
A-3B 0.00 140,672,000.00 306,821.26 0.00
A-3C 0.00 28,080,000.00 64,287.60 0.00
M1 0.00 92,610,000.00 218,713.95 0.00
M2 0.00 56,991,000.00 135,416.95 0.00
M3 0.00 31,166,000.00 75,179.32 0.00
M4 0.00 31,167,000.00 79,233.44 0.00
M5 0.00 31,167,000.00 79,908.73 0.00
M6 0.00 26,714,000.00 70,035.20 0.00
M7 0.00 20,481,000.00 60,498.60 0.00
M8 0.00 18,700,000.00 56,453.22 0.00
M9 0.00 12,467,000.00 43,218.93 0.00
B1 0.00 11,576,000.00 53,088.82 0.00
B2 0.00 17,809,000.00 81,674.05 0.00
B3 0.00 21,372,000.00 98,014.37 0.00
CE 0.00 17,809,538.18 5,779,213.22 0.00
P 0.00 0.00 502,566.24 0.00
Totals 0.00 1,742,775,858.44 48,576,842.19 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-1SS 488,803,000.00 488,803,000.00 0.00 15,726,015.24 0.00 0.00
A-1MZ 54,312,000.00 54,312,000.00 0.00 1,747,352.90 0.00 0.00
A-2SS 434,010,000.00 434,010,000.00 0.00 11,213,386.53 0.00 0.00
A-2MZ 108,503,000.00 108,503,000.00 0.00 2,803,359.55 0.00 0.00
A-3A 136,544,000.00 136,544,000.00 0.00 6,687,565.52 0.00 0.00
A-3B 140,672,000.00 140,672,000.00 0.00 0.00 0.00 0.00
A-3C 28,080,000.00 28,080,000.00 0.00 0.00 0.00 0.00
M1 92,610,000.00 92,610,000.00 0.00 0.00 0.00 0.00
M2 56,991,000.00 56,991,000.00 0.00 0.00 0.00 0.00
M3 31,166,000.00 31,166,000.00 0.00 0.00 0.00 0.00
M4 31,167,000.00 31,167,000.00 0.00 0.00 0.00 0.00
M5 31,167,000.00 31,167,000.00 0.00 0.00 0.00 0.00
M6 26,714,000.00 26,714,000.00 0.00 0.00 0.00 0.00
M7 20,481,000.00 20,481,000.00 0.00 0.00 0.00 0.00
M8 18,700,000.00 18,700,000.00 0.00 0.00 0.00 0.00
M9 12,467,000.00 12,467,000.00 0.00 0.00 0.00 0.00
B1 11,576,000.00 11,576,000.00 0.00 0.00 0.00 0.00
B2 17,809,000.00 17,809,000.00 0.00 0.00 0.00 0.00
B3 21,372,000.00 21,372,000.00 0.00 0.00 0.00 0.00
CE 17,809,818.04 17,809,818.04 0.00 0.00 0.00 0.00
P 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,780,953,818.04 1,780,953,818.04 0.00 38,177,679.74 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-1SS 15,726,015.24 473,076,984.76 0.96782750 15,726,015.24
A-1MZ 1,747,352.90 52,564,647.10 0.96782750 1,747,352.90
A-2SS 11,213,386.53 422,796,613.47 0.97416330 11,213,386.53
A-2MZ 2,803,359.55 105,699,640.45 0.97416330 2,803,359.55
A-3A 6,687,565.52 129,856,434.48 0.95102263 6,687,565.52
A-3B 0.00 140,672,000.00 1.00000000 0.00
A-3C 0.00 28,080,000.00 1.00000000 0.00
M1 0.00 92,610,000.00 1.00000000 0.00
M2 0.00 56,991,000.00 1.00000000 0.00
M3 0.00 31,166,000.00 1.00000000 0.00
M4 0.00 31,167,000.00 1.00000000 0.00
M5 0.00 31,167,000.00 1.00000000 0.00
M6 0.00 26,714,000.00 1.00000000 0.00
M7 0.00 20,481,000.00 1.00000000 0.00
M8 0.00 18,700,000.00 1.00000000 0.00
M9 0.00 12,467,000.00 1.00000000 0.00
B1 0.00 11,576,000.00 1.00000000 0.00
B2 0.00 17,809,000.00 1.00000000 0.00
B3 0.00 21,372,000.00 1.00000000 0.00
CE 0.00 17,809,538.18 0.99998429 0.00
P 0.00 0.00 0.00000000 0.00
Totals 38,177,679.74 1,742,775,858.44 0.97856320 38,177,679.74
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-1SS 488,803,000.00 1000.00000000 0.00000000 32.17250148 0.00000000
A-1MZ 54,312,000.00 1000.00000000 0.00000000 32.17250147 0.00000000
A-2SS 434,010,000.00 1000.00000000 0.00000000 25.83670084 0.00000000
A-2MZ 108,503,000.00 1000.00000000 0.00000000 25.83670083 0.00000000
A-3A 136,544,000.00 1000.00000000 0.00000000 48.97736642 0.00000000
A-3B 140,672,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3C 28,080,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M1 92,610,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M2 56,991,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M3 31,166,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M4 31,167,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M5 31,167,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M6 26,714,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M7 20,481,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M8 18,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M9 12,467,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B1 11,576,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B2 17,809,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B3 21,372,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 17,809,818.04 1000.00000000 0.00000000 0.00000000 0.00000000
P 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-1SS 0.00000000 32.17250148 967.82749852 0.96782750 32.17250148
A-1MZ 0.00000000 32.17250147 967.82749853 0.96782750 32.17250147
A-2SS 0.00000000 25.83670084 974.16329916 0.97416330 25.83670084
A-2MZ 0.00000000 25.83670083 974.16329917 0.97416330 25.83670083
A-3A 0.00000000 48.97736642 951.02263358 0.95102263 48.97736642
A-3B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 999.98428620 0.99998429 0.00000000
P 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-1SS 488,803,000.00 3.06500% 488,803,000.00 1,082,019.75 0.00 0.00
A-1MZ 54,312,000.00 3.11000% 54,312,000.00 121,990.79 0.00 0.00
A-2SS 434,010,000.00 3.06000% 434,010,000.00 959,162.10 0.00 0.00
A-2MZ 108,503,000.00 3.11000% 108,503,000.00 243,709.79 0.00 0.00
A-3A 136,544,000.00 2.92000% 136,544,000.00 287,956.12 0.00 0.00
A-3B 140,672,000.00 3.02000% 140,672,000.00 306,821.26 0.00 0.00
A-3C 28,080,000.00 3.17000% 28,080,000.00 64,287.60 0.00 0.00
M1 92,610,000.00 3.27000% 92,610,000.00 218,713.95 0.00 0.00
M2 56,991,000.00 3.29000% 56,991,000.00 135,416.95 0.00 0.00
M3 31,166,000.00 3.34000% 31,166,000.00 75,179.32 0.00 0.00
M4 31,167,000.00 3.52000% 31,167,000.00 79,233.44 0.00 0.00
M5 31,167,000.00 3.55000% 31,167,000.00 79,908.73 0.00 0.00
M6 26,714,000.00 3.63000% 26,714,000.00 70,035.20 0.00 0.00
M7 20,481,000.00 4.09000% 20,481,000.00 60,498.60 0.00 0.00
M8 18,700,000.00 4.18000% 18,700,000.00 56,453.22 0.00 0.00
M9 12,467,000.00 4.80000% 12,467,000.00 43,218.93 0.00 0.00
B1 11,576,000.00 6.35000% 11,576,000.00 53,088.82 0.00 0.00
B2 17,809,000.00 6.35000% 17,809,000.00 81,674.05 0.00 0.00
B3 21,372,000.00 6.35000% 21,372,000.00 98,014.37 0.00 0.00
CE 17,809,818.04 0.00000% 17,809,818.04 0.00 0.00 0.00
P 0.00 0.00000% 0.01 0.00 0.00 0.00
Totals 1,780,953,818.04 4,117,382.99 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-1SS 0.00 0.00 1,082,019.75 0.00 473,076,984.76
A-1MZ 0.00 0.00 121,990.79 0.00 52,564,647.10
A-2SS 0.00 0.00 959,162.10 0.00 422,796,613.47
A-2MZ 0.00 0.00 243,709.79 0.00 105,699,640.45
A-3A 0.00 0.00 287,956.12 0.00 129,856,434.48
A-3B 0.00 0.00 306,821.26 0.00 140,672,000.00
A-3C 0.00 0.00 64,287.60 0.00 28,080,000.00
M1 0.00 0.00 218,713.95 0.00 92,610,000.00
M2 0.00 0.00 135,416.95 0.00 56,991,000.00
M3 0.00 0.00 75,179.32 0.00 31,166,000.00
M4 0.00 0.00 79,233.44 0.00 31,167,000.00
M5 0.00 0.00 79,908.73 0.00 31,167,000.00
M6 0.00 0.00 70,035.20 0.00 26,714,000.00
M7 0.00 0.00 60,498.60 0.00 20,481,000.00
M8 0.00 0.00 56,453.22 0.00 18,700,000.00
M9 0.00 0.00 43,218.93 0.00 12,467,000.00
B1 0.00 0.00 53,088.82 0.00 11,576,000.00
B2 0.00 0.00 81,674.05 0.00 17,809,000.00
B3 0.00 0.00 98,014.37 0.00 21,372,000.00
CE 0.00 0.00 5,779,213.22 0.00 17,809,538.18
P 0.00 0.00 502,566.24 0.00 0.01
Totals 0.00 0.00 10,399,162.45 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-1SS 488,803,000.00 3.06500% 1000.00000000 2.21361111 0.00000000 0.00000000
A-1MZ 54,312,000.00 3.11000% 1000.00000000 2.24611117 0.00000000 0.00000000
A-2SS 434,010,000.00 3.06000% 1000.00000000 2.21000000 0.00000000 0.00000000
A-2MZ 108,503,000.00 3.11000% 1000.00000000 2.24611108 0.00000000 0.00000000
A-3A 136,544,000.00 2.92000% 1000.00000000 2.10888886 0.00000000 0.00000000
A-3B 140,672,000.00 3.02000% 1000.00000000 2.18111110 0.00000000 0.00000000
A-3C 28,080,000.00 3.17000% 1000.00000000 2.28944444 0.00000000 0.00000000
M1 92,610,000.00 3.27000% 1000.00000000 2.36166667 0.00000000 0.00000000
M2 56,991,000.00 3.29000% 1000.00000000 2.37611114 0.00000000 0.00000000
M3 31,166,000.00 3.34000% 1000.00000000 2.41222229 0.00000000 0.00000000
M4 31,167,000.00 3.52000% 1000.00000000 2.54222222 0.00000000 0.00000000
M5 31,167,000.00 3.55000% 1000.00000000 2.56388905 0.00000000 0.00000000
M6 26,714,000.00 3.63000% 1000.00000000 2.62166654 0.00000000 0.00000000
M7 20,481,000.00 4.09000% 1000.00000000 2.95388897 0.00000000 0.00000000
M8 18,700,000.00 4.18000% 1000.00000000 3.01888877 0.00000000 0.00000000
M9 12,467,000.00 4.80000% 1000.00000000 3.46666640 0.00000000 0.00000000
B1 11,576,000.00 6.35000% 1000.00000000 4.58611092 0.00000000 0.00000000
B2 17,809,000.00 6.35000% 1000.00000000 4.58611096 0.00000000 0.00000000
B3 21,372,000.00 6.35000% 1000.00000000 4.58611127 0.00000000 0.00000000
CE 17,809,818.04 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
P 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-1SS 0.00000000 0.00000000 2.21361111 0.00000000 967.82749852
A-1MZ 0.00000000 0.00000000 2.24611117 0.00000000 967.82749853
A-2SS 0.00000000 0.00000000 2.21000000 0.00000000 974.16329916
A-2MZ 0.00000000 0.00000000 2.24611108 0.00000000 974.16329917
A-3A 0.00000000 0.00000000 2.10888886 0.00000000 951.02263358
A-3B 0.00000000 0.00000000 2.18111110 0.00000000 1000.00000000
A-3C 0.00000000 0.00000000 2.28944444 0.00000000 1000.00000000
M1 0.00000000 0.00000000 2.36166667 0.00000000 1000.00000000
M2 0.00000000 0.00000000 2.37611114 0.00000000 1000.00000000
M3 0.00000000 0.00000000 2.41222229 0.00000000 1000.00000000
M4 0.00000000 0.00000000 2.54222222 0.00000000 1000.00000000
M5 0.00000000 0.00000000 2.56388905 0.00000000 1000.00000000
M6 0.00000000 0.00000000 2.62166654 0.00000000 1000.00000000
M7 0.00000000 0.00000000 2.95388897 0.00000000 1000.00000000
M8 0.00000000 0.00000000 3.01888877 0.00000000 1000.00000000
M9 0.00000000 0.00000000 3.46666640 0.00000000 1000.00000000
B1 0.00000000 0.00000000 4.58611092 0.00000000 1000.00000000
B2 0.00000000 0.00000000 4.58611096 0.00000000 1000.00000000
B3 0.00000000 0.00000000 4.58611127 0.00000000 1000.00000000
CE 0.00000000 0.00000000 324.49591607 0.00000000 999.98428620
P 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 48,597,706.65
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 502,566.24
Total Deposits 49,100,272.89
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 523,430.70
Payment of Interest and Principal 48,576,842.19
Total Withdrawals (Pool Distribution Amount) 49,100,272.89
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 501,168.77
Credit Risk Manager Fee 22,261.93
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 523,430.70
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Class A1 Reserve Fund 0.00 0.00 0.00 0.00
Class A2 Reserve Fund 0.00 0.00 0.00 0.00
Class A3 Reserve Fund 0.00 0.00 0.00 0.00
Class MB Reserve Fund 0.00 0.00 0.00 0.00
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 20 0 0 0 20
4,367,665.15 0.00 0.00 0.00 4,367,665.15
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 20 0 0 0 20
4,367,665.15 0.00 0.00 0.00 4,367,665.15
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 0.215262% 0.000000% 0.000000% 0.000000% 0.215262%
0.250556% 0.000000% 0.000000% 0.000000% 0.250556%
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 0.215262% 0.000000% 0.000000% 0.000000% 0.215262%
0.250556% 0.000000% 0.000000% 0.000000% 0.250556%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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
104,806.18 0.00 0.00 0.00 104,806.18
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 1 0 0 0 1
104,806.18 0.00 0.00 0.00 104,806.18
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.179856% 0.000000% 0.000000% 0.000000% 0.179856%
0.119147% 0.000000% 0.000000% 0.000000% 0.119147%
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 0.179856% 0.000000% 0.000000% 0.000000% 0.179856%
0.119147% 0.000000% 0.000000% 0.000000% 0.119147%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 1 0 0 0 1
282,714.77 0.00 0.00 0.00 282,714.77
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 1 0 0 0 1
282,714.77 0.00 0.00 0.00 282,714.77
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.028369% 0.000000% 0.000000% 0.000000% 0.028369%
0.047913% 0.000000% 0.000000% 0.000000% 0.047913%
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 0.028369% 0.000000% 0.000000% 0.000000% 0.028369%
0.047913% 0.000000% 0.000000% 0.000000% 0.047913%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 15 0 0 0 15
3,062,830.54 0.00 0.00 0.00 3,062,830.54
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 15 0 0 0 15
3,062,830.54 0.00 0.00 0.00 3,062,830.54
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.443393% 0.000000% 0.000000% 0.000000% 0.443393%
0.512213% 0.000000% 0.000000% 0.000000% 0.512213%
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 0.443393% 0.000000% 0.000000% 0.000000% 0.443393%
0.512213% 0.000000% 0.000000% 0.000000% 0.512213%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
5 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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
6 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 3 0 0 0 3
917,313.66 0.00 0.00 0.00 917,313.66
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 3 0 0 0 3
917,313.66 0.00 0.00 0.00 917,313.66
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.302115% 0.000000% 0.000000% 0.000000% 0.302115%
0.271164% 0.000000% 0.000000% 0.000000% 0.271164%
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 0.302115% 0.000000% 0.000000% 0.000000% 0.302115%
0.271164% 0.000000% 0.000000% 0.000000% 0.271164%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 326,597.14
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.020788%
Weighted Average Net Coupon 6.683102%
Weighted Average Pass-Through Rate 6.668102%
Weighted Average Maturity(Stepdown Calculation ) 354
Beginning Scheduled Collateral Loan Count 9,463
Number Of Loans Paid In Full 172
Ending Scheduled Collateral Loan Count 9,291
Beginning Scheduled Collateral Balance 1,780,953,818.04
Ending Scheduled Collateral Balance 1,742,775,858.43
Ending Actual Collateral Balance at 31-Mar-2005 1,743,189,556.51
Monthly P &I Constant 11,712,487.23
Special Servicing Fee 0.00
Prepayment Penalties 502,566.24
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 1,292,738.36
Unscheduled Principal 36,885,220.76
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 279.37
Specified O/C Amount 17,809,538.18
Overcollateralized Amount 17,809,538.18
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 5,756,673.36
Miscellaneous Reporting
Cap Carryover Amount 0.00
Group Level Collateral Statement
Group 1 2 3
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.084218 7.083451 7.247322
Weighted Average Net Rate 6.784218 6.783451 6.931013
Weighted Average Maturity 347 356 346
Beginning Loan Count 563 3,604 579
Loans Paid In Full 7 79 8
Ending Loan Count 556 3,525 571
Beginning Scheduled Balance 89,248,655.15 606,162,221.84 84,742,744.32
Ending scheduled Balance 87,957,240.92 589,980,159.25 82,869,841.18
Record Date 03/31/2005 03/31/2005 03/31/2005
Principal And Interest Constant 611,363.01 4,027,616.17 587,529.28
Scheduled Principal 84,482.27 449,516.07 75,730.98
Unscheduled Principal 1,206,931.96 15,732,546.52 1,797,172.16
Scheduled Interest 526,880.74 3,578,100.10 511,798.30
Servicing Fees 22,312.16 151,540.56 22,337.42
Master Servicing Fees 0.00 0.00 0.00
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 1,115.61 7,577.03 1,059.28
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 503,452.97 3,418,982.51 488,401.60
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 6.769218 6.768451 6.916013
Group Level Collateral Statement
Group 4 5 6
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.056217 7.023177 6.775482
Weighted Average Net Rate 6.678890 6.680913 6.427266
Weighted Average Maturity 355 347 355
Beginning Loan Count 3,444 264 1,009
Loans Paid In Full 61 1 16
Ending Loan Count 3,383 263 993
Beginning Scheduled Balance 609,896,682.68 46,188,538.16 344,714,975.40
Ending scheduled Balance 597,752,730.63 46,018,982.78 338,196,903.67
Record Date 03/31/2005 03/31/2005 03/31/2005
Principal And Interest Constant 4,018,419.51 313,632.29 2,153,926.97
Scheduled Principal 432,116.67 43,307.04 207,585.33
Unscheduled Principal 11,711,835.38 126,248.34 6,310,486.40
Scheduled Interest 3,586,302.84 270,325.25 1,946,341.64
Servicing Fees 191,775.55 13,173.93 100,029.15
Master Servicing Fees 0.00 0.00 0.00
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 7,623.71 577.36 4,308.94
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 3,386,903.58 256,573.96 1,842,003.55
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 6.663890 6.665912 6.412266
Group Level Collateral Statement
Group Total
Collateral Description Fixed & Mixed ARM
Weighted Average Coupon Rate 7.020788
Weighted Average Net Rate 6.683102
Weighted Average Maturity 354.00
Record Date 03/31/2005
Principal And Interest Constant 11,712,487.23
Beginning Loan Count 9,463
Loans Paid In Full 172
Ending Loan Count 9,291
Beginning Scheduled Balance 1,780,953,817.55
Ending Scheduled Balance 1,742,775,858.43
Scheduled Principal 1,292,738.36
Unscheduled Principal 36,885,220.76
Scheduled Interest 10,419,748.87
Servicing Fee 501,168.77
Master Servicing Fee 0.00
Trustee Fee 0.00
Fry Amount 0.00
Special Hazard Fee 0.00
Other Fee 22,261.93
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 9,896,318.17
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 6.668102
Miscellaneous Reporting
Group 1
Group 1 Available Funds 21,651,780.11
Group 2 Available Funds 18,077,052.90
Group 3 Available Funds 8,848,010.63
Group
Group