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
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series ACE 2005-HE2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-119047-07
Pooling and Servicing Agreement) (Commission 54-2169417
(State or other File Number) 54-2169418
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
On April 25, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series ACE
2005-HE2 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 ACE 2005-HE2 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.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series ACE 2005-HE2 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: 5/3/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series ACE 2005-HE2 Trust,
relating to the April 25, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 3/31/2005
Distribution Date: 4/25/2005
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Series ACE 2005-HE2
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 004421LY7 SEN 3.07000% 680,337,000.00 1,566,475.94 10,593,698.34
A-2A 004421LZ4 SEN 2.94000% 150,490,000.00 331,830.45 4,943,748.75
A-2B 004421MA8 SEN 3.05000% 69,647,000.00 159,317.51 0.00
A-2C 004421MB6 SEN 3.16000% 39,120,000.00 92,714.40 0.00
M-1 004421MC4 MEZ 3.29000% 70,729,000.00 174,523.81 0.00
M-2 004421MD2 MEZ 3.30000% 39,023,000.00 96,581.93 0.00
M-3 004421ME0 MEZ 3.33000% 23,780,000.00 59,390.55 0.00
M-4 004421MF7 MEZ 3.49000% 21,341,000.00 55,860.07 0.00
M-5 004421MG5 MEZ 3.53000% 20,731,000.00 54,885.32 0.00
M-6 004421MH3 MEZ 3.60000% 18,292,000.00 49,388.40 0.00
M-7 004421MJ9 MEZ 4.08000% 15,243,000.00 46,643.58 0.00
M-8 004421MK6 MEZ 4.22000% 15,243,000.00 48,244.10 0.00
M-9 004421ML4 MEZ 4.83000% 12,195,000.00 44,176.39 0.00
M-10 004421MM2 MEZ 6.10000% 12,195,000.00 55,792.13 0.00
B-1 004421MN0 SUB 6.10000% 16,463,000.00 75,318.23 0.00
B-2 004421MP5 SUB 6.10000% 7,317,000.00 33,475.28 0.00
CE ACE05H2CE SUB 0.00000% 7,317,562.49 3,762,271.26 780.52
P ACE05HE2P SEN 0.00000% 100.00 214,578.58 0.00
R ACE05H2R1 SUB 0.00000% 0.00 0.00 0.00
Totals 1,219,463,662.49 6,921,467.93 15,538,227.61
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 669,743,301.66 12,160,174.28 0.00
A-2A 0.00 145,546,251.25 5,275,579.20 0.00
A-2B 0.00 69,647,000.00 159,317.51 0.00
A-2C 0.00 39,120,000.00 92,714.40 0.00
M-1 0.00 70,729,000.00 174,523.81 0.00
M-2 0.00 39,023,000.00 96,581.93 0.00
M-3 0.00 23,780,000.00 59,390.55 0.00
M-4 0.00 21,341,000.00 55,860.07 0.00
M-5 0.00 20,731,000.00 54,885.32 0.00
M-6 0.00 18,292,000.00 49,388.40 0.00
M-7 0.00 15,243,000.00 46,643.58 0.00
M-8 0.00 15,243,000.00 48,244.10 0.00
M-9 0.00 12,195,000.00 44,176.39 0.00
M-10 0.00 12,195,000.00 55,792.13 0.00
B-1 0.00 16,463,000.00 75,318.23 0.00
B-2 0.00 7,317,000.00 33,475.28 0.00
CE 0.00 7,316,781.97 3,763,051.78 0.00
P 0.00 100.00 214,578.58 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 1,203,925,434.88 22,459,695.54 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-1 680,337,000.00 680,337,000.00 0.00 10,593,698.34 0.00 0.00
A-2A 150,490,000.00 150,490,000.00 0.00 4,943,748.75 0.00 0.00
A-2B 69,647,000.00 69,647,000.00 0.00 0.00 0.00 0.00
A-2C 39,120,000.00 39,120,000.00 0.00 0.00 0.00 0.00
M-1 70,729,000.00 70,729,000.00 0.00 0.00 0.00 0.00
M-2 39,023,000.00 39,023,000.00 0.00 0.00 0.00 0.00
M-3 23,780,000.00 23,780,000.00 0.00 0.00 0.00 0.00
M-4 21,341,000.00 21,341,000.00 0.00 0.00 0.00 0.00
M-5 20,731,000.00 20,731,000.00 0.00 0.00 0.00 0.00
M-6 18,292,000.00 18,292,000.00 0.00 0.00 0.00 0.00
M-7 15,243,000.00 15,243,000.00 0.00 0.00 0.00 0.00
M-8 15,243,000.00 15,243,000.00 0.00 0.00 0.00 0.00
M-9 12,195,000.00 12,195,000.00 0.00 0.00 0.00 0.00
M-10 12,195,000.00 12,195,000.00 0.00 0.00 0.00 0.00
B-1 16,463,000.00 16,463,000.00 0.00 0.00 0.00 0.00
B-2 7,317,000.00 7,317,000.00 0.00 0.00 0.00 0.00
CE 7,317,562.49 7,317,562.49 0.00 780.52 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 1,219,463,662.49 1,219,463,662.49 0.00 15,538,227.61 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 10,593,698.34 669,743,301.66 0.98442875 10,593,698.34
A-2A 4,943,748.75 145,546,251.25 0.96714899 4,943,748.75
A-2B 0.00 69,647,000.00 1.00000000 0.00
A-2C 0.00 39,120,000.00 1.00000000 0.00
M-1 0.00 70,729,000.00 1.00000000 0.00
M-2 0.00 39,023,000.00 1.00000000 0.00
M-3 0.00 23,780,000.00 1.00000000 0.00
M-4 0.00 21,341,000.00 1.00000000 0.00
M-5 0.00 20,731,000.00 1.00000000 0.00
M-6 0.00 18,292,000.00 1.00000000 0.00
M-7 0.00 15,243,000.00 1.00000000 0.00
M-8 0.00 15,243,000.00 1.00000000 0.00
M-9 0.00 12,195,000.00 1.00000000 0.00
M-10 0.00 12,195,000.00 1.00000000 0.00
B-1 0.00 16,463,000.00 1.00000000 0.00
B-2 0.00 7,317,000.00 1.00000000 0.00
CE 780.52 7,316,781.97 0.99989334 780.52
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 15,538,227.61 1,203,925,434.88 0.98725815 15,538,227.61
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-1 680,337,000.00 1000.00000000 0.00000000 15.57125122 0.00000000
A-2A 150,490,000.00 1000.00000000 0.00000000 32.85101170 0.00000000
A-2B 69,647,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2C 39,120,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 70,729,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 39,023,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 23,780,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 21,341,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 20,731,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 18,292,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 15,243,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-8 15,243,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-9 12,195,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-10 12,195,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 16,463,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 7,317,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 7,317,562.49 1000.00000000 0.00000000 0.10666393 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 15.57125122 984.42874878 0.98442875 15.57125122
A-2A 0.00000000 32.85101170 967.14898830 0.96714899 32.85101170
A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
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
B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.10666393 999.89333607 0.99989334 0.10666393
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-1 680,337,000.00 3.07000% 680,337,000.00 1,566,475.94 0.00 0.00
A-2A 150,490,000.00 2.94000% 150,490,000.00 331,830.45 0.00 0.00
A-2B 69,647,000.00 3.05000% 69,647,000.00 159,317.51 0.00 0.00
A-2C 39,120,000.00 3.16000% 39,120,000.00 92,714.40 0.00 0.00
M-1 70,729,000.00 3.29000% 70,729,000.00 174,523.81 0.00 0.00
M-2 39,023,000.00 3.30000% 39,023,000.00 96,581.93 0.00 0.00
M-3 23,780,000.00 3.33000% 23,780,000.00 59,390.55 0.00 0.00
M-4 21,341,000.00 3.49000% 21,341,000.00 55,860.07 0.00 0.00
M-5 20,731,000.00 3.53000% 20,731,000.00 54,885.32 0.00 0.00
M-6 18,292,000.00 3.60000% 18,292,000.00 49,388.40 0.00 0.00
M-7 15,243,000.00 4.08000% 15,243,000.00 46,643.58 0.00 0.00
M-8 15,243,000.00 4.22000% 15,243,000.00 48,244.10 0.00 0.00
M-9 12,195,000.00 4.83000% 12,195,000.00 44,176.39 0.00 0.00
M-10 12,195,000.00 6.10000% 12,195,000.00 55,792.13 0.00 0.00
B-1 16,463,000.00 6.10000% 16,463,000.00 75,318.23 0.00 0.00
B-2 7,317,000.00 6.10000% 7,317,000.00 33,475.28 0.00 0.00
CE 7,317,562.49 0.00000% 1,219,463,662.49 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,219,463,662.49 2,944,618.09 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 1,566,475.94 0.00 669,743,301.66
A-2A 0.00 0.00 331,830.45 0.00 145,546,251.25
A-2B 0.00 0.00 159,317.51 0.00 69,647,000.00
A-2C 0.00 0.00 92,714.40 0.00 39,120,000.00
M-1 0.00 0.00 174,523.81 0.00 70,729,000.00
M-2 0.00 0.00 96,581.93 0.00 39,023,000.00
M-3 0.00 0.00 59,390.55 0.00 23,780,000.00
M-4 0.00 0.00 55,860.07 0.00 21,341,000.00
M-5 0.00 0.00 54,885.32 0.00 20,731,000.00
M-6 0.00 0.00 49,388.40 0.00 18,292,000.00
M-7 0.00 0.00 46,643.58 0.00 15,243,000.00
M-8 0.00 0.00 48,244.10 0.00 15,243,000.00
M-9 0.00 0.00 44,176.39 0.00 12,195,000.00
M-10 0.00 0.00 55,792.13 0.00 12,195,000.00
B-1 0.00 0.00 75,318.23 0.00 16,463,000.00
B-2 0.00 0.00 33,475.28 0.00 7,317,000.00
CE 0.00 0.00 3,762,271.26 0.00 1,203,925,434.88
P 0.00 0.00 214,578.58 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 6,921,467.93 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-1 680,337,000.00 3.07000% 1000.00000000 2.30250000 0.00000000 0.00000000
A-2A 150,490,000.00 2.94000% 1000.00000000 2.20500000 0.00000000 0.00000000
A-2B 69,647,000.00 3.05000% 1000.00000000 2.28749996 0.00000000 0.00000000
A-2C 39,120,000.00 3.16000% 1000.00000000 2.37000000 0.00000000 0.00000000
M-1 70,729,000.00 3.29000% 1000.00000000 2.46750004 0.00000000 0.00000000
M-2 39,023,000.00 3.30000% 1000.00000000 2.47500013 0.00000000 0.00000000
M-3 23,780,000.00 3.33000% 1000.00000000 2.49750000 0.00000000 0.00000000
M-4 21,341,000.00 3.49000% 1000.00000000 2.61750012 0.00000000 0.00000000
M-5 20,731,000.00 3.53000% 1000.00000000 2.64749988 0.00000000 0.00000000
M-6 18,292,000.00 3.60000% 1000.00000000 2.70000000 0.00000000 0.00000000
M-7 15,243,000.00 4.08000% 1000.00000000 3.06000000 0.00000000 0.00000000
M-8 15,243,000.00 4.22000% 1000.00000000 3.16500033 0.00000000 0.00000000
M-9 12,195,000.00 4.83000% 1000.00000000 3.62250021 0.00000000 0.00000000
M-10 12,195,000.00 6.10000% 1000.00000000 4.57500041 0.00000000 0.00000000
B-1 16,463,000.00 6.10000% 1000.00000000 4.57500030 0.00000000 0.00000000
B-2 7,317,000.00 6.10000% 1000.00000000 4.57500068 0.00000000 0.00000000
CE 7,317,562.49 0.00000% 166648.88945690 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 2.30250000 0.00000000 984.42874878
A-2A 0.00000000 0.00000000 2.20500000 0.00000000 967.14898830
A-2B 0.00000000 0.00000000 2.28749996 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 2.37000000 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.46750004 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.47500013 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.49750000 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.61750012 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.64749988 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 2.70000000 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 3.06000000 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 3.16500033 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 3.62250021 0.00000000 1000.00000000
M-10 0.00000000 0.00000000 4.57500041 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 4.57500030 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 4.57500068 0.00000000 1000.00000000
CE 0.00000000 0.00000000 514.14268961 0.00000000 164525.47368407
P 0.00000000 0.00000000 2145785.80000000 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 22,924,593.88
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 59,979.13
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 22,984,573.01
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 524,877.49
Payment of Interest and Principal 22,459,695.52
Total Withdrawals (Pool Distribution Amount) 22,984,573.01
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 508,109.86
Credit Risk Manager Fee - The Murrayhill Company 14,227.09
Master Servicing Fee Wells Fargo 2,540.54
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 524,877.49
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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 55 0 0 0 55
8,796,978.72 0.00 0.00 0.00 8,796,978.72
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 55 0 0 0 55
8,796,978.72 0.00 0.00 0.00 8,796,978.72
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 0.848765% 0.000000% 0.000000% 0.000000% 0.848765%
0.730292% 0.000000% 0.000000% 0.000000% 0.730292%
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 0.848765% 0.000000% 0.000000% 0.000000% 0.848765%
0.730292% 0.000000% 0.000000% 0.000000% 0.730292%
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 11 0 0 0 11
575,699.19 0.00 0.00 0.00 575,699.19
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 11 0 0 0 11
575,699.19 0.00 0.00 0.00 575,699.19
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.691389% 0.000000% 0.000000% 0.000000% 0.691389%
0.452273% 0.000000% 0.000000% 0.000000% 0.452273%
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 0.691389% 0.000000% 0.000000% 0.000000% 0.691389%
0.452273% 0.000000% 0.000000% 0.000000% 0.452273%
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 34 0 0 0 34
5,628,742.06 0.00 0.00 0.00 5,628,742.06
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 34 0 0 0 34
5,628,742.06 0.00 0.00 0.00 5,628,742.06
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.861414% 0.000000% 0.000000% 0.000000% 0.861414%
0.754928% 0.000000% 0.000000% 0.000000% 0.754928%
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 0.861414% 0.000000% 0.000000% 0.000000% 0.861414%
0.754928% 0.000000% 0.000000% 0.000000% 0.754928%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 2 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 5 0 0 0 5
425,547.82 0.00 0.00 0.00 425,547.82
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 5 0 0 0 5
425,547.82 0.00 0.00 0.00 425,547.82
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.524390% 0.000000% 0.000000% 0.000000% 1.524390%
0.930859% 0.000000% 0.000000% 0.000000% 0.930859%
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 1.524390% 0.000000% 0.000000% 0.000000% 1.524390%
0.930859% 0.000000% 0.000000% 0.000000% 0.930859%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 2 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 5 0 0 0 5
2,166,989.65 0.00 0.00 0.00 2,166,989.65
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 5 0 0 0 5
2,166,989.65 0.00 0.00 0.00 2,166,989.65
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.814332% 0.000000% 0.000000% 0.000000% 0.814332%
0.757746% 0.000000% 0.000000% 0.000000% 0.757746%
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 0.814332% 0.000000% 0.000000% 0.000000% 0.814332%
0.757746% 0.000000% 0.000000% 0.000000% 0.757746%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 59,979.13
Class P 1,219,463,562.49 99.99999180% 1,203,925,334.88 99.99999169% 0.000008% 0.000000%
Class CE 1,212,146,000.00 99.39992779% 1,196,608,552.91 99.39224791% 0.607744% 0.000000%
Class B-2 1,204,829,000.00 98.79990992% 1,189,291,552.91 98.78448602% 0.607762% 0.000000%
Class B-1 1,188,366,000.00 97.44989019% 1,172,828,552.91 97.41704253% 1.367443% 0.000000%
Class M-4 1,073,126,000.00 87.99983411% 1,057,588,552.91 87.84502115% 1.772618% 0.000000%
Class M-3 1,049,346,000.00 86.04979650% 1,033,808,552.91 85.86981577% 1.975205% 0.000000%
Class M-2 1,010,323,000.00 82.84978315% 994,785,552.91 82.62850207% 3.241314% 0.000000%
Class M-1 939,594,000.00 77.04977433% 924,056,552.91 76.75363657% 5.874865% 0.000000%
Class A1-A 0.00 0.00000000% 0.00 0.00000000% 55.629965% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.132341%
Weighted Average Net Coupon 6.632341%
Weighted Average Pass-Through Rate 6.599841%
Weighted Average Maturity(Stepdown Calculation ) 354
Beginning Scheduled Collateral Loan Count 6,550
Number Of Loans Paid In Full 70
Ending Scheduled Collateral Loan Count 6,480
Beginning Scheduled Collateral Balance 1,219,463,662.49
Ending Scheduled Collateral Balance 1,203,925,434.88
Ending Actual Collateral Balance at 31-Mar-2005 1,204,583,758.10
Monthly P &I Constant 7,996,151.26
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 748,125.43
Unscheduled Principal 14,790,102.18
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 780.52
Specified O/C Amount 7,316,781.97
Overcollateralized Amount 7,316,781.97
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Group Level Collateral Statement
Group Group 1 Sub Grp 1 Group 1 Sub Grp 2 Group 2 Sub Grp 1
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 8.081522 7.105414 8.538627
Weighted Average Net Rate 7.581522 6.605414 8.038627
Weighted Average Maturity 330 358 325
Beginning Loan Count 1,606 3,991 329
Loans Paid In Full 15 44 1
Ending Loan Count 1,591 3,947 328
Beginning Scheduled Balance 127,933,325.89 755,047,287.30 45,833,571.52
Ending scheduled Balance 127,192,917.23 745,193,465.45 45,686,395.51
Record Date 03/31/2005 03/31/2005 03/31/2005
Principal And Interest Constant 977,128.72 4,928,720.03 357,690.57
Scheduled Principal 115,548.74 457,950.65 31,560.76
Unscheduled Principal 624,859.92 9,395,871.20 115,615.25
Scheduled Interest 861,579.98 4,470,769.38 326,129.81
Servicing Fees 53,305.55 314,603.04 19,097.32
Master Servicing Fees 1,972.31 11,640.31 706.60
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 1,492.56 8,808.89 534.73
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 804,809.56 4,135,717.14 305,791.16
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 7.549022 6.572914 8.006127
Group Level Collateral Statement
Group Group 2 Sub Grp 2 Total
Collateral Description Mixed ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 6.562737 7.132341
Weighted Average Net Rate 6.062737 6.632341
Weighted Average Maturity 358 354
Beginning Loan Count 624 6,550
Loans Paid In Full 10 70
Ending Loan Count 614 6,480
Beginning Scheduled Balance 290,649,477.78 1,219,463,662.49
Ending scheduled Balance 285,852,656.69 1,203,925,434.88
Record Date 03/31/2005 03/31/2005
Principal And Interest Constant 1,732,611.94 7,996,151.26
Scheduled Principal 143,065.28 748,125.43
Unscheduled Principal 4,653,755.81 14,790,102.18
Scheduled Interest 1,589,546.66 7,248,025.83
Servicing Fees 121,103.95 508,109.86
Master Servicing Fees 4,480.85 18,800.07
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 3,390.91 14,227.09
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 1,460,570.95 6,706,888.81
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 6.030237 6.599841