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): May 25, 2005
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 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 May 25, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
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 2005-HE2 Trust, relating to the
May 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 2005-HE2 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 5/26/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2005-HE2 Trust,
relating to the May 25, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 4/29/2005
Distribution Date: 5/25/2005
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 3.24000% 669,743,301.66 1,808,306.91 11,401,734.21
A-2A 004421LZ4 SEN 3.11000% 145,546,251.25 377,207.37 7,781,324.69
A-2B 004421MA8 SEN 3.22000% 69,647,000.00 186,886.12 0.00
A-2C 004421MB6 SEN 3.33000% 39,120,000.00 108,558.00 0.00
M-1 004421MC4 MEZ 3.46000% 70,729,000.00 203,935.28 0.00
M-2 004421MD2 MEZ 3.47000% 39,023,000.00 112,841.51 0.00
M-3 004421ME0 MEZ 3.50000% 23,780,000.00 69,358.33 0.00
M-4 004421MF7 MEZ 3.66000% 21,341,000.00 65,090.05 0.00
M-5 004421MG5 MEZ 3.70000% 20,731,000.00 63,920.58 0.00
M-6 004421MH3 MEZ 3.77000% 18,292,000.00 57,467.37 0.00
M-7 004421MJ9 MEZ 4.25000% 15,243,000.00 53,985.63 0.00
M-8 004421MK6 MEZ 4.39000% 15,243,000.00 55,763.98 0.00
M-9 004421ML4 MEZ 5.00000% 12,195,000.00 50,812.50 0.00
M-10 004421MM2 MEZ 6.27000% 12,195,000.00 63,718.88 0.00
B-1 004421MN0 SUB 6.27000% 16,463,000.00 86,019.18 0.00
B-2 004421MP5 SUB 6.27000% 7,317,000.00 38,231.32 0.00
CE ACE05H2CE SUB 0.00000% 7,316,781.97 3,216,209.10 0.00
P ACE05HE2P SEN 0.00000% 100.00 353,924.68 0.00
R ACE05H2R1 SUB 0.00000% 0.00 0.00 0.00
Totals 1,203,925,434.88 6,972,236.79 19,183,058.90
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 658,341,567.45 13,210,041.12 0.00
A-2A 0.00 137,764,926.56 8,158,532.06 0.00
A-2B 0.00 69,647,000.00 186,886.12 0.00
A-2C 0.00 39,120,000.00 108,558.00 0.00
M-1 0.00 70,729,000.00 203,935.28 0.00
M-2 0.00 39,023,000.00 112,841.51 0.00
M-3 0.00 23,780,000.00 69,358.33 0.00
M-4 0.00 21,341,000.00 65,090.05 0.00
M-5 0.00 20,731,000.00 63,920.58 0.00
M-6 0.00 18,292,000.00 57,467.37 0.00
M-7 0.00 15,243,000.00 53,985.63 0.00
M-8 0.00 15,243,000.00 55,763.98 0.00
M-9 0.00 12,195,000.00 50,812.50 0.00
M-10 0.00 12,195,000.00 63,718.88 0.00
B-1 0.00 16,463,000.00 86,019.18 0.00
B-2 0.00 7,317,000.00 38,231.32 0.00
CE 0.00 7,316,781.97 3,216,209.10 0.00
P 0.00 100.00 353,924.68 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 1,184,742,375.98 26,155,295.69 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-1 680,337,000.00 669,743,301.66 0.00 11,401,734.21 0.00 0.00
A-2A 150,490,000.00 145,546,251.25 0.00 7,781,324.69 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 7,316,781.97 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 1,219,463,662.49 1,203,925,434.88 0.00 19,183,058.90 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 11,401,734.21 658,341,567.45 0.96766980 11,401,734.21
A-2A 7,781,324.69 137,764,926.56 0.91544240 7,781,324.69
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 0.00 7,316,781.97 0.99989334 0.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 19,183,058.90 1,184,742,375.98 0.97152741 19,183,058.90
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-1 680,337,000.00 984.42874878 0.00000000 16.75895065 0.00000000
A-2A 150,490,000.00 967.14898830 0.00000000 51.70658974 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 7,317,562.49 999.89333607 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All classes are per $1,000 denomination.
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 16.75895065 967.66979813 0.96766980 16.75895065
A-2A 0.00000000 51.70658974 915.44239856 0.91544240 51.70658974
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 0.00000000 999.89333607 0.99989334 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-1 680,337,000.00 3.24000% 669,743,301.66 1,808,306.91 0.00 0.00
A-2A 150,490,000.00 3.11000% 145,546,251.25 377,207.37 0.00 0.00
A-2B 69,647,000.00 3.22000% 69,647,000.00 186,886.12 0.00 0.00
A-2C 39,120,000.00 3.33000% 39,120,000.00 108,558.00 0.00 0.00
M-1 70,729,000.00 3.46000% 70,729,000.00 203,935.28 0.00 0.00
M-2 39,023,000.00 3.47000% 39,023,000.00 112,841.51 0.00 0.00
M-3 23,780,000.00 3.50000% 23,780,000.00 69,358.33 0.00 0.00
M-4 21,341,000.00 3.66000% 21,341,000.00 65,090.05 0.00 0.00
M-5 20,731,000.00 3.70000% 20,731,000.00 63,920.58 0.00 0.00
M-6 18,292,000.00 3.77000% 18,292,000.00 57,467.37 0.00 0.00
M-7 15,243,000.00 4.25000% 15,243,000.00 53,985.63 0.00 0.00
M-8 15,243,000.00 4.39000% 15,243,000.00 55,763.98 0.00 0.00
M-9 12,195,000.00 5.00000% 12,195,000.00 50,812.50 0.00 0.00
M-10 12,195,000.00 6.27000% 12,195,000.00 63,718.88 0.00 0.00
B-1 16,463,000.00 6.27000% 16,463,000.00 86,019.18 0.00 0.00
B-2 7,317,000.00 6.27000% 7,317,000.00 38,231.32 0.00 0.00
CE 7,317,562.49 0.00000% 1,203,925,434.88 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 3,402,103.01 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 1,808,306.91 0.00 658,341,567.45
A-2A 0.00 0.00 377,207.37 0.00 137,764,926.56
A-2B 0.00 0.00 186,886.12 0.00 69,647,000.00
A-2C 0.00 0.00 108,558.00 0.00 39,120,000.00
M-1 0.00 0.00 203,935.28 0.00 70,729,000.00
M-2 0.00 0.00 112,841.51 0.00 39,023,000.00
M-3 0.00 0.00 69,358.33 0.00 23,780,000.00
M-4 0.00 0.00 65,090.05 0.00 21,341,000.00
M-5 0.00 0.00 63,920.58 0.00 20,731,000.00
M-6 0.00 0.00 57,467.37 0.00 18,292,000.00
M-7 0.00 0.00 53,985.63 0.00 15,243,000.00
M-8 0.00 0.00 55,763.98 0.00 15,243,000.00
M-9 0.00 0.00 50,812.50 0.00 12,195,000.00
M-10 0.00 0.00 63,718.88 0.00 12,195,000.00
B-1 0.00 0.00 86,019.18 0.00 16,463,000.00
B-2 0.00 0.00 38,231.32 0.00 7,317,000.00
CE 0.00 0.00 3,216,209.10 0.00 1,184,742,375.98
P 0.00 0.00 353,924.68 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 6,972,236.79 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 3.24000% 984.42874878 2.65795762 0.00000000 0.00000000
A-2A 150,490,000.00 3.11000% 967.14898830 2.50652781 0.00000000 0.00000000
A-2B 69,647,000.00 3.22000% 1000.00000000 2.68333338 0.00000000 0.00000000
A-2C 39,120,000.00 3.33000% 1000.00000000 2.77500000 0.00000000 0.00000000
M-1 70,729,000.00 3.46000% 1000.00000000 2.88333329 0.00000000 0.00000000
M-2 39,023,000.00 3.47000% 1000.00000000 2.89166671 0.00000000 0.00000000
M-3 23,780,000.00 3.50000% 1000.00000000 2.91666653 0.00000000 0.00000000
M-4 21,341,000.00 3.66000% 1000.00000000 3.05000000 0.00000000 0.00000000
M-5 20,731,000.00 3.70000% 1000.00000000 3.08333317 0.00000000 0.00000000
M-6 18,292,000.00 3.77000% 1000.00000000 3.14166685 0.00000000 0.00000000
M-7 15,243,000.00 4.25000% 1000.00000000 3.54166699 0.00000000 0.00000000
M-8 15,243,000.00 4.39000% 1000.00000000 3.65833366 0.00000000 0.00000000
M-9 12,195,000.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000
M-10 12,195,000.00 6.27000% 1000.00000000 5.22500041 0.00000000 0.00000000
B-1 16,463,000.00 6.27000% 1000.00000000 5.22500030 0.00000000 0.00000000
B-2 7,317,000.00 6.27000% 1000.00000000 5.22499932 0.00000000 0.00000000
CE 7,317,562.49 0.00000% 164525.47368407 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 2.65795762 0.00000000 967.66979813
A-2A 0.00000000 0.00000000 2.50652781 0.00000000 915.44239856
A-2B 0.00000000 0.00000000 2.68333338 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 2.77500000 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.88333329 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.89166671 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.91666653 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.05000000 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.08333317 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.14166685 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 3.54166699 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 3.65833366 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000
M-10 0.00000000 0.00000000 5.22500041 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.22500030 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.22499932 0.00000000 1000.00000000
CE 0.00000000 0.00000000 439.51918476 0.00000000 161903.96427759
P 0.00000000 0.00000000 3539246.80000000 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 26,285,609.00
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 109,983.06
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 353,924.68
Total Deposits 26,749,516.74
Withdrawals
Reimbursement for Servicer Advances 59,979.13
Payment of Service Fee 534,241.92
Payment of Interest and Principal 26,155,295.69
Total Withdrawals (Pool Distribution Amount) 26,749,516.74
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 501,635.60
Credit Risk Manager Fee - The Murrayhill Company 14,045.80
Master Servicing Fee Wells Fargo 18,560.52
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 534,241.92
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 66 0 0 0 66
10,953,620.39 0.00 0.00 0.00 10,953,620.39
60 Days 33 0 0 0 33
5,567,822.01 0.00 0.00 0.00 5,567,822.01
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 99 0 0 0 99
16,521,442.40 0.00 0.00 0.00 16,521,442.40
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 1.032379% 0.000000% 0.000000% 0.000000% 1.032379%
0.924022% 0.000000% 0.000000% 0.000000% 0.924022%
60 Days 0.516190% 0.000000% 0.000000% 0.000000% 0.516190%
0.469688% 0.000000% 0.000000% 0.000000% 0.469688%
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 1.548569% 0.000000% 0.000000% 0.000000% 1.548569%
1.393710% 0.000000% 0.000000% 0.000000% 1.393710%
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 13 0 0 0 13
510,437.03 0.00 0.00 0.00 510,437.03
60 Days 8 0 0 0 8
403,732.46 0.00 0.00 0.00 403,732.46
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 21 0 0 0 21
914,169.49 0.00 0.00 0.00 914,169.49
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.824873% 0.000000% 0.000000% 0.000000% 0.824873%
0.404596% 0.000000% 0.000000% 0.000000% 0.404596%
60 Days 0.507614% 0.000000% 0.000000% 0.000000% 0.507614%
0.320017% 0.000000% 0.000000% 0.000000% 0.320017%
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 1.332487% 0.000000% 0.000000% 0.000000% 1.332487%
0.724613% 0.000000% 0.000000% 0.000000% 0.724613%
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 43 0 0 0 43
6,930,157.70 0.00 0.00 0.00 6,930,157.70
60 Days 20 0 0 0 20
3,565,399.90 0.00 0.00 0.00 3,565,399.90
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 63 0 0 0 63
10,495,557.60 0.00 0.00 0.00 10,495,557.60
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.103413% 0.000000% 0.000000% 0.000000% 1.103413%
0.942427% 0.000000% 0.000000% 0.000000% 0.942427%
60 Days 0.513215% 0.000000% 0.000000% 0.000000% 0.513215%
0.484856% 0.000000% 0.000000% 0.000000% 0.484856%
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 1.616628% 0.000000% 0.000000% 0.000000% 1.616628%
1.427283% 0.000000% 0.000000% 0.000000% 1.427283%
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 3 0 0 0 3
190,960.47 0.00 0.00 0.00 190,960.47
60 Days 2 0 0 0 2
238,000.00 0.00 0.00 0.00 238,000.00
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
428,960.47 0.00 0.00 0.00 428,960.47
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.937500% 0.000000% 0.000000% 0.000000% 0.937500%
0.424376% 0.000000% 0.000000% 0.000000% 0.424376%
60 Days 0.625000% 0.000000% 0.000000% 0.000000% 0.625000%
0.528913% 0.000000% 0.000000% 0.000000% 0.528913%
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 1.562500% 0.000000% 0.000000% 0.000000% 1.562500%
0.953290% 0.000000% 0.000000% 0.000000% 0.953290%
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 7 0 0 0 7
3,322,065.19 0.00 0.00 0.00 3,322,065.19
60 Days 3 0 0 0 3
1,360,689.65 0.00 0.00 0.00 1,360,689.65
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 10 0 0 0 10
4,682,754.84 0.00 0.00 0.00 4,682,754.84
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.166667% 0.000000% 0.000000% 0.000000% 1.166667%
1.191048% 0.000000% 0.000000% 0.000000% 1.191048%
60 Days 0.500000% 0.000000% 0.000000% 0.000000% 0.500000%
0.487843% 0.000000% 0.000000% 0.000000% 0.487843%
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 1.666667% 0.000000% 0.000000% 0.000000% 1.666667%
1.678892% 0.000000% 0.000000% 0.000000% 1.678892%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 109,983.06
Class P 1,219,463,562.49 99.99999180% 1,184,742,275.98 99.99999156% 0.000008% 0.000000%
Class CE 1,212,146,000.00 99.39992779% 1,177,425,494.01 99.38240734% 0.617584% 0.000000%
Class B-2 1,204,829,000.00 98.79990992% 1,170,108,494.01 98.76480471% 0.617603% 0.000000%
Class B-1 1,188,366,000.00 97.44989019% 1,153,645,494.01 97.37521991% 1.389585% 0.000000%
Class M-4 1,073,126,000.00 87.99983411% 1,038,405,494.01 87.64821070% 1.801320% 0.000000%
Class M-3 1,049,346,000.00 86.04979650% 1,014,625,494.01 85.64102328% 2.007187% 0.000000%
Class M-2 1,010,323,000.00 82.84978315% 975,602,494.01 82.34722703% 3.293796% 0.000000%
Class M-1 939,594,000.00 77.04977433% 904,873,494.01 76.37723714% 5.969990% 0.000000%
Class A1-A 0.00 0.00000000% 0.00 0.00000000% 55.568331% 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 7.129233%
Weighted Average Net Coupon 6.629233%
Weighted Average Pass-Through Rate 6.596733%
Weighted Average Maturity(Stepdown Calculation ) 353
Beginning Scheduled Collateral Loan Count 6,480
Number Of Loans Paid In Full 87
Ending Scheduled Collateral Loan Count 6,393
Beginning Scheduled Collateral Balance 1,203,925,434.88
Ending Scheduled Collateral Balance 1,184,742,375.98
Ending Actual Collateral Balance at 29-Apr-2005 1,185,429,068.39
Monthly P &I Constant 7,896,025.66
Special Servicing Fee 0.00
Prepayment Penalties 353,924.68
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 743,471.98
Unscheduled Principal 18,439,586.92
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 7,316,781.97
Overcollateralized Amount 7,316,781.97
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash 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 8.078482 7.101212 8.538875
Weighted Average Net Rate 7.578482 6.601212 8.038875
Weighted Average Maturity 329 357 324
Beginning Loan Count 1,591 3,947 328
Loans Paid In Full 15 50 8
Ending Loan Count 1,576 3,897 320
Beginning Scheduled Balance 127,192,917.23 745,193,465.45 45,686,395.51
Ending scheduled Balance 126,059,436.95 734,925,211.52 44,967,639.56
Record Date 04/29/2005 04/29/2005 04/29/2005
Principal And Interest Constant 971,832.23 4,864,438.14 357,888.23
Scheduled Principal 115,560.86 454,624.26 32,796.20
Unscheduled Principal 1,017,919.42 9,813,629.67 685,959.75
Scheduled Interest 856,271.37 4,409,813.88 325,092.03
Servicing Fees 52,997.05 310,497.28 19,036.00
Master Servicing Fees 1,960.89 11,488.40 704.33
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 1,483.92 8,693.92 533.01
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 799,829.51 4,079,134.28 304,818.69
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 7.545982 6.568712 8.006375
Group Level Collateral Statement
Group Group 2 Sub Grp 2 Total
Collateral Description Mixed ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 6.554606 7.129233
Weighted Average Net Rate 6.054607 6.629233
Weighted Average Maturity 357 353
Beginning Loan Count 614 6,480
Loans Paid In Full 14 87
Ending Loan Count 600 6,393
Beginning Scheduled Balance 285,852,656.69 1,203,925,434.88
Ending scheduled Balance 278,790,087.95 1,184,742,375.98
Record Date 04/29/2005 04/29/2005
Principal And Interest Constant 1,701,867.06 7,896,025.66
Scheduled Principal 140,490.66 743,471.98
Unscheduled Principal 6,922,078.08 18,439,586.92
Scheduled Interest 1,561,376.40 7,152,553.68
Servicing Fees 119,105.27 501,635.60
Master Servicing Fees 4,406.90 18,560.52
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 3,334.95 14,045.80
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 1,434,529.28 6,618,311.76
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 6.022106 6.596733