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-HE1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-119047-05
Pooling and Servicing Agreement) (Commission 54-2165618
(State or other File Number) 54-2165619
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-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 Pass-Through Certificates,
Series 2005-HE1 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-HE1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 5/31/05
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2005-HE1 Trust,
relating to the May 25, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 4/29/05
Distribution Date: 5/25/05
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Series ACE 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-1A 004421KP7 SEN 3.26000% 697,305,261.03 1,894,345.96 17,568,203.55
A-1B 004421KQ5 SEN 3.31000% 174,326,554.29 480,850.75 4,392,056.91
A-2A 004421KR3 SEN 3.14000% 175,551,629.86 459,360.10 9,949,234.85
A-2B 004421KS1 SEN 3.25000% 60,016,000.00 162,543.33 0.00
A-2C 004421KT9 SEN 3.37000% 47,430,000.00 133,199.25 0.00
M-1 004421KU6 SEN 3.50000% 58,509,000.00 170,651.25 0.00
M-2 004421KV4 SEN 3.52000% 49,271,000.00 144,528.27 0.00
M-3 004421KW2 SEN 3.57000% 30,024,000.00 89,321.40 0.00
M-4 004421KX0 SEN 3.74000% 29,255,000.00 91,178.08 0.00
M-5 004421KY8 SEN 3.80000% 36,953,000.00 117,017.83 0.00
M-6 004421KZ5 SEN 3.87000% 20,016,000.00 64,551.60 0.00
M-7 004421LA9 SEN 4.30000% 15,397,000.00 55,172.58 0.00
M-8 004421LB7 SEN 4.40000% 19,246,000.00 70,568.67 0.00
M-9 004421LC5 SEN 5.22000% 18,477,000.00 80,374.95 0.00
B-1 004421LD3 SEN 6.27000% 25,405,000.00 132,741.13 0.00
B-2 004421LE1 SEN 6.27000% 21,556,000.00 112,630.10 0.00
CE ACE05HE1CE SEN 0.00000% 10,778,018.64 4,038,348.48 0.00
CE-1 ACE05HE1CE1 SEN 0.00000% 0.00 19,289.81 0.00
P ACE05HE1P SEN 0.00000% 100.00 528,509.64 0.00
R ACE5HE1R1 SEN 0.00000% 0.00 0.00 0.00
Totals 1,489,516,563.82 8,845,183.18 31,909,495.31
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1A 0.00 679,737,057.48 19,462,549.51 0.00
A-1B 0.00 169,934,497.38 4,872,907.66 0.00
A-2A 0.00 165,602,395.01 10,408,594.95 0.00
A-2B 0.00 60,016,000.00 162,543.33 0.00
A-2C 0.00 47,430,000.00 133,199.25 0.00
M-1 0.00 58,509,000.00 170,651.25 0.00
M-2 0.00 49,271,000.00 144,528.27 0.00
M-3 0.00 30,024,000.00 89,321.40 0.00
M-4 0.00 29,255,000.00 91,178.08 0.00
M-5 0.00 36,953,000.00 117,017.83 0.00
M-6 0.00 20,016,000.00 64,551.60 0.00
M-7 0.00 15,397,000.00 55,172.58 0.00
M-8 0.00 19,246,000.00 70,568.67 0.00
M-9 0.00 18,477,000.00 80,374.95 0.00
B-1 0.00 25,405,000.00 132,741.13 0.00
B-2 0.00 21,556,000.00 112,630.10 0.00
CE 0.00 10,778,018.64 4,038,348.48 0.00
CE-1 0.00 0.00 19,289.81 0.00
P 0.00 100.00 528,509.64 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 1,457,607,068.51 40,754,678.49 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-1A 729,291,000.00 697,305,261.03 0.00 17,568,203.55 0.00 0.00
A-1B 182,323,000.00 174,326,554.29 0.00 4,392,056.91 0.00 0.00
A-2A 185,769,000.00 175,551,629.86 0.00 9,949,234.85 0.00 0.00
A-2B 60,016,000.00 60,016,000.00 0.00 0.00 0.00 0.00
A-2C 47,430,000.00 47,430,000.00 0.00 0.00 0.00 0.00
M-1 58,509,000.00 58,509,000.00 0.00 0.00 0.00 0.00
M-2 49,271,000.00 49,271,000.00 0.00 0.00 0.00 0.00
M-3 30,024,000.00 30,024,000.00 0.00 0.00 0.00 0.00
M-4 29,255,000.00 29,255,000.00 0.00 0.00 0.00 0.00
M-5 36,953,000.00 36,953,000.00 0.00 0.00 0.00 0.00
M-6 20,016,000.00 20,016,000.00 0.00 0.00 0.00 0.00
M-7 15,397,000.00 15,397,000.00 0.00 0.00 0.00 0.00
M-8 19,246,000.00 19,246,000.00 0.00 0.00 0.00 0.00
M-9 18,477,000.00 18,477,000.00 0.00 0.00 0.00 0.00
B-1 25,405,000.00 25,405,000.00 0.00 0.00 0.00 0.00
B-2 21,556,000.00 21,556,000.00 0.00 0.00 0.00 0.00
CE 10,778,849.00 10,778,018.64 0.00 0.00 0.00 0.00
CE-1 0.00 0.00 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 1,539,716,949.00 1,489,516,563.82 0.00 31,909,495.31 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A-1A 17,568,203.55 679,737,057.48 0.93205189 17,568,203.55
A-1B 4,392,056.91 169,934,497.38 0.93205189 4,392,056.91
A-2A 9,949,234.85 165,602,395.01 0.89144257 9,949,234.85
A-2B 0.00 60,016,000.00 1.00000000 0.00
A-2C 0.00 47,430,000.00 1.00000000 0.00
M-1 0.00 58,509,000.00 1.00000000 0.00
M-2 0.00 49,271,000.00 1.00000000 0.00
M-3 0.00 30,024,000.00 1.00000000 0.00
M-4 0.00 29,255,000.00 1.00000000 0.00
M-5 0.00 36,953,000.00 1.00000000 0.00
M-6 0.00 20,016,000.00 1.00000000 0.00
M-7 0.00 15,397,000.00 1.00000000 0.00
M-8 0.00 19,246,000.00 1.00000000 0.00
M-9 0.00 18,477,000.00 1.00000000 0.00
B-1 0.00 25,405,000.00 1.00000000 0.00
B-2 0.00 21,556,000.00 1.00000000 0.00
CE 0.00 10,778,018.64 0.99992296 0.00
CE-1 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 31,909,495.31 1,457,607,068.51 0.94667209 31,909,495.31
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A-1A 729,291,000.00 956.14132223 0.00000000 24.08942871 0.00000000
A-1B 182,323,000.00 956.14132221 0.00000000 24.08942871 0.00000000
A-2A 185,769,000.00 944.99959552 0.00000000 53.55702432 0.00000000
A-2B 60,016,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2C 47,430,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 58,509,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 49,271,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 30,024,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 29,255,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 36,953,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 20,016,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 15,397,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-8 19,246,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-9 18,477,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 25,405,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 21,556,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 10,778,849.00 999.92296395 0.00000000 0.00000000 0.00000000
CE-1 0.00 0.00000000 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-1A 0.00000000 24.08942871 932.05189352 0.93205189 24.08942871
A-1B 0.00000000 24.08942871 932.05189351 0.93205189 24.08942871
A-2A 0.00000000 53.55702432 891.44257120 0.89144257 53.55702432
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
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 999.92296395 0.99992296 0.00000000
CE-1 0.00000000 0.00000000 0.00000000 0.00000000 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-1A 729,291,000.00 3.26000% 697,305,261.03 1,894,345.96 0.00 0.00
A-1B 182,323,000.00 3.31000% 174,326,554.29 480,850.75 0.00 0.00
A-2A 185,769,000.00 3.14000% 175,551,629.86 459,360.10 0.00 0.00
A-2B 60,016,000.00 3.25000% 60,016,000.00 162,543.33 0.00 0.00
A-2C 47,430,000.00 3.37000% 47,430,000.00 133,199.25 0.00 0.00
M-1 58,509,000.00 3.50000% 58,509,000.00 170,651.25 0.00 0.00
M-2 49,271,000.00 3.52000% 49,271,000.00 144,528.27 0.00 0.00
M-3 30,024,000.00 3.57000% 30,024,000.00 89,321.40 0.00 0.00
M-4 29,255,000.00 3.74000% 29,255,000.00 91,178.08 0.00 0.00
M-5 36,953,000.00 3.80000% 36,953,000.00 117,017.83 0.00 0.00
M-6 20,016,000.00 3.87000% 20,016,000.00 64,551.60 0.00 0.00
M-7 15,397,000.00 4.30000% 15,397,000.00 55,172.58 0.00 0.00
M-8 19,246,000.00 4.40000% 19,246,000.00 70,568.67 0.00 0.00
M-9 18,477,000.00 5.22000% 18,477,000.00 80,374.95 0.00 0.00
B-1 25,405,000.00 6.27000% 25,405,000.00 132,741.13 0.00 0.00
B-2 21,556,000.00 6.27000% 21,556,000.00 112,630.10 0.00 0.00
CE 10,778,849.00 0.00000% 1,489,516,563.82 0.00 0.00 0.00
CE-1 0.00 0.00000% 0.00 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 1,539,716,949.00 4,259,035.25 0.00 0.00
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1A 0.00 0.00 1,894,345.96 0.00 679,737,057.48
A-1B 0.00 0.00 480,850.75 0.00 169,934,497.38
A-2A 0.00 0.00 459,360.10 0.00 165,602,395.01
A-2B 0.00 0.00 162,543.33 0.00 60,016,000.00
A-2C 0.00 0.00 133,199.25 0.00 47,430,000.00
M-1 0.00 0.00 170,651.25 0.00 58,509,000.00
M-2 0.00 0.00 144,528.27 0.00 49,271,000.00
M-3 0.00 0.00 89,321.40 0.00 30,024,000.00
M-4 0.00 0.00 91,178.08 0.00 29,255,000.00
M-5 0.00 0.00 117,017.83 0.00 36,953,000.00
M-6 0.00 0.00 64,551.60 0.00 20,016,000.00
M-7 0.00 0.00 55,172.58 0.00 15,397,000.00
M-8 0.00 0.00 70,568.67 0.00 19,246,000.00
M-9 0.00 0.00 80,374.95 0.00 18,477,000.00
B-1 0.00 0.00 132,741.13 0.00 25,405,000.00
B-2 0.00 0.00 112,630.10 0.00 21,556,000.00
CE 0.00 0.00 4,038,348.48 0.00 1,457,607,068.51
CE-1 0.00 0.00 19,289.81 0.00 0.00
P 0.00 0.00 528,509.64 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 8,845,183.18 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1A 729,291,000.00 3.26000% 956.14132223 2.59751726 0.00000000 0.00000000
A-1B 182,323,000.00 3.31000% 956.14132221 2.63735650 0.00000000 0.00000000
A-2A 185,769,000.00 3.14000% 944.99959552 2.47274895 0.00000000 0.00000000
A-2B 60,016,000.00 3.25000% 1000.00000000 2.70833328 0.00000000 0.00000000
A-2C 47,430,000.00 3.37000% 1000.00000000 2.80833333 0.00000000 0.00000000
M-1 58,509,000.00 3.50000% 1000.00000000 2.91666667 0.00000000 0.00000000
M-2 49,271,000.00 3.52000% 1000.00000000 2.93333340 0.00000000 0.00000000
M-3 30,024,000.00 3.57000% 1000.00000000 2.97500000 0.00000000 0.00000000
M-4 29,255,000.00 3.74000% 1000.00000000 3.11666655 0.00000000 0.00000000
M-5 36,953,000.00 3.80000% 1000.00000000 3.16666658 0.00000000 0.00000000
M-6 20,016,000.00 3.87000% 1000.00000000 3.22500000 0.00000000 0.00000000
M-7 15,397,000.00 4.30000% 1000.00000000 3.58333312 0.00000000 0.00000000
M-8 19,246,000.00 4.40000% 1000.00000000 3.66666684 0.00000000 0.00000000
M-9 18,477,000.00 5.22000% 1000.00000000 4.35000000 0.00000000 0.00000000
B-1 25,405,000.00 6.27000% 1000.00000000 5.22500020 0.00000000 0.00000000
B-2 21,556,000.00 6.27000% 1000.00000000 5.22500000 0.00000000 0.00000000
CE 10,778,849.00 0.00000% 138188.83294682 0.00000000 0.00000000 0.00000000
CE-1 0.00 0.00000% 0.00000000 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-1A 0.00000000 0.00000000 2.59751726 0.00000000 932.05189352
A-1B 0.00000000 0.00000000 2.63735650 0.00000000 932.05189351
A-2A 0.00000000 0.00000000 2.47274895 0.00000000 891.44257120
A-2B 0.00000000 0.00000000 2.70833328 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 2.80833333 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.91666667 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.93333340 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.97500000 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.11666655 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.16666658 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.22500000 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 3.58333312 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 3.66666684 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 4.35000000 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.22500020 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.22500000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 374.65488940 0.00000000 135228.45236166
CE-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 5285096.40000000 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 41,211,358.06
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 162,040.21
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 528,509.64
Total Deposits 41,901,907.91
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 618,719.79
Payment of Interest and Principal 40,754,678.49
Total Withdrawals (Pool Distribution Amount) 41,373,398.28
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 601,342.10
Credit Risk Manager Fee - The Murrayhill Company 17,377.69
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 618,719.79
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 19 14 0 33
2,727,034.06 2,981,046.35 0.00 5,708,080.41
30 Days 69 1 0 0 70
12,767,584.15 141,902.68 0.00 0.00 12,909,486.83
60 Days 39 0 0 0 39
6,255,981.41 0.00 0.00 0.00 6,255,981.41
90 Days 5 0 11 0 16
517,660.00 0.00 1,981,445.00 0.00 2,499,105.00
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 113 20 25 0 158
19,541,225.56 2,868,936.74 4,962,491.35 0.00 27,372,653.65
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 0.219577% 0.161794% 0.000000% 0.381371%
0.186999% 0.204418% 0.000000% 0.391417%
30 Days 0.797411% 0.011557% 0.000000% 0.000000% 0.808968%
0.875504% 0.009731% 0.000000% 0.000000% 0.885235%
60 Days 0.450711% 0.000000% 0.000000% 0.000000% 0.450711%
0.428988% 0.000000% 0.000000% 0.000000% 0.428988%
90 Days 0.057783% 0.000000% 0.127124% 0.000000% 0.184907%
0.035497% 0.000000% 0.135872% 0.000000% 0.171370%
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 1.305905% 0.231134% 0.288917% 0.000000% 1.825956%
1.339989% 0.196730% 0.340290% 0.000000% 1.877009%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 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 13 9 0 22
2,419,469.95 2,057,651.77 0.00 4,477,121.72
30 Days 40 1 0 0 41
6,805,338.27 141,902.68 0.00 0.00 6,947,240.95
60 Days 30 0 0 0 30
5,511,043.58 0.00 0.00 0.00 5,511,043.58
90 Days 2 0 9 0 11
405,850.00 0.00 1,403,731.00 0.00 1,809,581.00
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 72 14 18 0 104
12,722,231.85 2,561,372.63 3,461,382.77 0.00 18,744,987.25
0-29 Days 0.258913% 0.179247% 0.000000% 0.438160%
0.263097% 0.223752% 0.000000% 0.486849%
30 Days 0.796654% 0.019916% 0.000000% 0.000000% 0.816570%
0.740022% 0.015431% 0.000000% 0.000000% 0.755453%
60 Days 0.597491% 0.000000% 0.000000% 0.000000% 0.597491%
0.599279% 0.000000% 0.000000% 0.000000% 0.599279%
90 Days 0.039833% 0.000000% 0.179247% 0.000000% 0.219080%
0.044133% 0.000000% 0.152644% 0.000000% 0.196776%
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 1.433977% 0.278829% 0.358494% 0.000000% 2.071301%
1.383434% 0.278527% 0.376396% 0.000000% 2.038357%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 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 5 1 0 6
212,772.10 91,811.97 0.00 304,584.07
30 Days 15 0 0 0 15
805,645.69 0.00 0.00 0.00 805,645.69
60 Days 8 0 0 0 8
320,243.89 0.00 0.00 0.00 320,243.89
90 Days 3 0 1 0 4
111,810.00 0.00 65,714.00 0.00 177,524.00
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 26 5 2 0 33
1,237,699.58 212,772.10 157,525.97 0.00 1,607,997.65
0-29 Days 0.193723% 0.038745% 0.000000% 0.232468%
0.115634% 0.049897% 0.000000% 0.165531%
30 Days 0.581170% 0.000000% 0.000000% 0.000000% 0.581170%
0.437840% 0.000000% 0.000000% 0.000000% 0.437840%
60 Days 0.309957% 0.000000% 0.000000% 0.000000% 0.309957%
0.174041% 0.000000% 0.000000% 0.000000% 0.174041%
90 Days 0.116234% 0.000000% 0.038745% 0.000000% 0.154979%
0.060765% 0.000000% 0.035713% 0.000000% 0.096478%
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 1.007361% 0.193723% 0.077489% 0.000000% 1.278574%
0.672647% 0.115634% 0.085610% 0.000000% 0.873891%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 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 2 0 2
0.00 788,411.87 0.00 788,411.87
30 Days 10 0 0 0 10
4,569,598.23 0.00 0.00 0.00 4,569,598.23
60 Days 1 0 0 0 1
424,693.94 0.00 0.00 0.00 424,693.94
90 Days 0 0 1 0 1
0.00 0.00 512,000.00 0.00 512,000.00
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 3 0 14
4,994,292.17 0.00 1,300,411.87 0.00 6,294,704.04
0-29 Days 0.000000% 0.307220% 0.000000% 0.307220%
0.000000% 0.262502% 0.000000% 0.262502%
30 Days 1.536098% 0.000000% 0.000000% 0.000000% 1.536098%
1.521449% 0.000000% 0.000000% 0.000000% 1.521449%
60 Days 0.153610% 0.000000% 0.000000% 0.000000% 0.153610%
0.141402% 0.000000% 0.000000% 0.000000% 0.141402%
90 Days 0.000000% 0.000000% 0.153610% 0.000000% 0.153610%
0.000000% 0.000000% 0.170471% 0.000000% 0.170471%
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 1.689708% 0.000000% 0.460829% 0.000000% 2.150538%
1.662851% 0.000000% 0.432972% 0.000000% 2.095823%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 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 1 2 0 3
94,792.01 43,170.74 0.00 137,962.75
30 Days 4 0 0 0 4
587,001.96 0.00 0.00 0.00 587,001.96
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 4 1 2 0 7
587,001.96 94,792.01 43,170.74 0.00 724,964.71
0-29 Days 0.250000% 0.500000% 0.000000% 0.750000%
0.174410% 0.079431% 0.000000% 0.253841%
30 Days 1.000000% 0.000000% 0.000000% 0.000000% 1.000000%
1.080038% 0.000000% 0.000000% 0.000000% 1.080038%
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 1.000000% 0.250000% 0.500000% 0.000000% 1.750000%
1.080038% 0.174410% 0.079431% 0.000000% 1.333879%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 162,040.21
<s> <c> <c> <c> <c> <c> <c>
Class M-1 276,378,949.00 17.94998419% 276,378,118.64 18.96108523% 4.014045% 0.000000%
Class M-2 227,107,949.00 14.74998045% 227,107,118.64 15.58081897% 3.380266% 0.000000%
Class M-3 197,083,949.00 12.80001166% 197,083,118.64 13.52100459% 2.059814% 0.000000%
Class M-4 167,828,949.00 10.89998711% 167,828,118.64 11.51394791% 2.007057% 0.000000%
Class B-1 32,334,949.00 2.10005800% 32,334,118.64 2.21830144% 1.742925% 0.000000%
Class B-2 10,778,949.00 0.70006042% 10,778,118.64 0.73943924% 1.478862% 0.000000%
Class CE 100.00 0.00000649% 100.00 0.00000686% 0.739432% 0.000000%
Class CE-1 100.00 0.00000649% 100.00 0.00000686% 0.000000% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000007% 0.000000%
Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 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 7.198625%
Weighted Average Net Coupon 6.714166%
Weighted Average Pass-Through Rate 6.700166%
Weighted Average Maturity(Stepdown Calculation ) 349
Beginning Scheduled Collateral Loan Count 8,804
Number Of Loans Paid In Full 151
Ending Scheduled Collateral Loan Count 8,653
Beginning Scheduled Collateral Balance 1,489,516,563.82
Ending Scheduled Collateral Balance 1,457,607,068.51
Ending Actual Collateral Balance at 29-Apr-2005 1,458,312,456.60
Monthly P &I Constant 9,843,450.94
Special Servicing Fee 0.00
Prepayment Penalties 528,509.64
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 908,057.95
Unscheduled Principal 31,001,437.36
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 10,778,018.65
Overcollateralized Amount 10,778,018.65
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed ARM Mixed Fixed Mixed ARM
Weighted Average Coupon Rate 7.097773 8.441156 6.509168
Weighted Average Net Rate 6.614071 7.955778 6.022472
Weighted Average Maturity 355 318 355
Beginning Loan Count 5,107 2,619 668
Loans Paid In Full 86 38 17
Ending Loan Count 5,021 2,581 651
Beginning Scheduled Balance 938,358,318.52 186,660,659.31 308,633,065.20
Ending scheduled Balance 919,164,153.45 183,894,563.92 300,228,243.52
Record Date 04/29/2005 04/29/2005 04/29/2005
Principal And Interest Constant 6,111,160.12 1,477,022.99 1,813,926.03
Scheduled Principal 560,948.37 163,996.50 139,805.67
Unscheduled Principal 18,633,216.70 2,602,098.89 8,265,016.01
Scheduled Interest 5,550,211.75 1,313,026.49 1,674,120.36
Servicing Fees 378,237.64 75,500.81 125,175.42
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 10,947.51 2,177.71 3,600.72
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 5,161,026.60 1,235,347.97 1,545,344.22
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 6.600071 7.941778 6.008472
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed Fixed Mixed Fixed & Arm
Weighted Average Coupon Rate 8.549993 7.198625
Weighted Average Net Rate 8.068223 6.714166
Weighted Average Maturity 315 349
Beginning Loan Count 410 8,804
Loans Paid In Full 10 151
Ending Loan Count 400 8,653
Beginning Scheduled Balance 55,864,520.79 1,489,516,563.82
Ending scheduled Balance 54,320,107.62 1,457,607,068.51
Record Date 04/29/2005 04/29/2005
Principal And Interest Constant 441,341.80 9,843,450.94
Scheduled Principal 43,307.41 908,057.95
Unscheduled Principal 1,501,105.76 31,001,437.36
Scheduled Interest 398,034.39 8,935,392.99
Servicing Fees 22,428.23 601,342.10
Master Servicing Fees 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 651.75 17,377.69
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 374,954.41 8,316,673.20
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 8.054223 6.700166