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): June 27, 2005
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2005-SD1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-119047-04 54-2165616
Pooling and Servicing Agreement) (Commission 54-2165617
(State or other File Number) IRS EIN
jurisdiction
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 June 27, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2005-SD1 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-SD1 Trust, relating to the
June 27, 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-SD1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 6/28/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2005-SD1 Trust,
relating to the June 27, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 5/31/2005
Distribution Date: 6/27/2005
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Series ACE 2005-SD1
Contact: Customer Service - CTSLink
Wells Fargo Bank, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
www.ctslink.com
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
<s> <c> <c> <c> <c> <c>
A-1 004421KJ1 SEN 3.49000% 83,130,551.42 265,948.49
M-1 004421KK8 SEN 3.84000% 15,279,000.00 53,782.08
M-2 004421KL6 SEN 4.34000% 7,826,000.00 31,134.44
M-3 004421KM4 SEN 6.59000% 7,081,000.00 42,775.14
M-4 004421KN2 SEN 6.09000% 1,863,000.00 10,400.20
CE ACE05SD1C SEN 0.00000% 8,272,533.69 0.00
P ACE05SD1P SEN 0.00000% 100.00 47,376.74
R-1 ACE5SD1R1 SEN 0.00000% 0.00 0.00
Totals 123,452,185.11 451,417.09
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 5,563,430.90 0.00 77,619,113.11 5,829,379.39 0.00
M-1 0.00 0.00 15,279,000.00 53,782.08 0.00
M-2 0.00 0.00 7,826,000.00 31,134.44 0.00
M-3 0.00 0.00 7,081,000.00 42,775.14 0.00
M-4 0.00 0.00 1,863,000.00 10,400.20 0.00
CE 0.00 0.00 8,569,896.53 0.00 0.00
P 0.00 0.00 100.00 47,376.74 0.00
R-1 0.00 0.00 0.00 0.00 0.00
Totals 5,563,430.90 0.00 118,238,109.64 6,014,847.99 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-1 112,394,000.00 83,130,551.42 0.00 5,511,438.31 0.00 0.00
M-1 15,279,000.00 15,279,000.00 0.00 0.00 0.00 0.00
M-2 7,826,000.00 7,826,000.00 0.00 0.00 0.00 0.00
M-3 7,081,000.00 7,081,000.00 0.00 0.00 0.00 0.00
M-4 1,863,000.00 1,863,000.00 0.00 0.00 0.00 0.00
CE 4,598,579.00 8,272,533.69 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
Totals 149,041,679.00 123,452,185.11 0.00 5,511,438.31 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-1 5,563,430.90 77,619,113.11 0.69059837 5,563,430.90
M-1 0.00 15,279,000.00 1.00000000 0.00
M-2 0.00 7,826,000.00 1.00000000 0.00
M-3 0.00 7,081,000.00 1.00000000 0.00
M-4 0.00 1,863,000.00 1.00000000 0.00
CE 0.00 8,569,896.53 1.86359667 0.00
P 0.00 100.00 1.00000000 0.00
R-1 0.00 0.00 0.00000000 0.00
Totals 5,563,430.90 118,238,109.64 0.79332245 5,563,430.90
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-1 112,394,000.00 739.63513551 0.00000000 49.03676629 0.00000000
M-1 15,279,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 7,826,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 7,081,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 1,863,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 4,598,579.00 1798.93260288 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 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 49.49935851 690.59836922 0.69059837 49.49935851
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
CE 0.00000000 0.00000000 1,863.59667410 1.86359667 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-1 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-1 112,394,000.00 3.49000% 83,130,551.42 265,948.49 0.00 0.00
M-1 15,279,000.00 3.84000% 15,279,000.00 53,782.08 0.00 0.00
M-2 7,826,000.00 4.34000% 7,826,000.00 31,134.44 0.00 0.00
M-3 7,081,000.00 6.59000% 7,081,000.00 42,775.14 0.00 0.00
M-4 1,863,000.00 6.09000% 1,863,000.00 10,400.20 0.00 0.00
CE 4,598,579.00 0.00000% 8,272,533.69 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 149,041,679.00 404,040.35 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 0.00 265,948.49 0.00 77,619,113.11
M-1 0.00 0.00 53,782.08 0.00 15,279,000.00
M-2 0.00 0.00 31,134.44 0.00 7,826,000.00
M-3 0.00 0.00 42,775.14 0.00 7,081,000.00
M-4 0.00 0.00 10,400.20 0.00 1,863,000.00
CE 0.00 0.00 0.00 0.00 8,569,896.53
P 0.00 0.00 47,376.74 0.00 100.00
R-1 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 451,417.09 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-1 112,394,000.00 3.49000% 739.63513551 2.36621608 0.00000000 0.00000000
M-1 15,279,000.00 3.84000% 1000.00000000 3.52000000 0.00000000 0.00000000
M-2 7,826,000.00 4.34000% 1000.00000000 3.97833376 0.00000000 0.00000000
M-3 7,081,000.00 6.59000% 1000.00000000 6.04083322 0.00000000 0.00000000
M-4 1,863,000.00 6.09000% 1000.00000000 5.58250134 0.00000000 0.00000000
CE 4,598,579.00 0.00000% 1798.93260288 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 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 2.36621608 0.00000000 690.59836922
M-1 0.00000000 0.00000000 3.52000000 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.97833376 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 6.04083322 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 5.58250134 0.00000000 1000.00000000
CE 0.00000000 0.00000000 0.00000000 0.00000000 1863.59667410
P 0.00000000 0.00000000 473767.40000000 0.00000000 1000.00000000
R-1 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 6,030,326.66
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 197,717.09
Realized Loss (Gains, Subsequent Expenses & Recoveries) (24,085.77)
Prepayment Penalties 47,376.74
Total Deposits 6,251,334.72
Withdrawals
Reimbursement for Servicer Advances 177,589.75
Payment of Service Fee 58,896.98
Payment of Interest and Principal 6,014,847.99
Total Withdrawals (Pool Distribution Amount) 6,251,334.72
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 51,438.41
Credit Risk Manager Fee- Risk Management Group, LLC 2,057.54
Master Servicing Fee 5,401.03
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 58,896.98
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
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 38 0 0 38
4,362,868.51 0.00 0.00 4,362,868.51
30 Days 92 11 0 0 103
7,982,484.32 826,361.71 0.00 0.00 8,808,846.03
60 Days 33 12 1 0 46
2,279,656.22 947,164.10 313,703.68 0.00 3,540,524.00
90 Days 14 9 4 0 27
1,040,422.65 689,866.64 292,651.85 0.00 2,022,941.14
120 Days 13 4 7 0 24
946,294.81 184,999.19 606,219.29 0.00 1,737,513.29
150 Days 9 13 4 0 26
498,160.64 812,225.33 438,053.43 0.00 1,748,439.40
180+ Days 5 34 12 1 52
445,321.96 2,796,082.34 1,631,840.00 57,394.29 4,930,638.59
Totals 166 121 28 1 316
13,192,340.60 10,619,567.82 3,282,468.25 57,394.29 27,151,770.96
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 3.281520% 0.000000% 0.000000% 3.281520%
3.678416% 0.000000% 0.000000% 3.678416%
30 Days 7.944732% 0.949914% 0.000000% 0.000000% 8.894646%
6.730182% 0.696721% 0.000000% 0.000000% 7.426903%
60 Days 2.849741% 1.036269% 0.086356% 0.000000% 3.972366%
1.922021% 0.798572% 0.264489% 0.000000% 2.985082%
90 Days 1.208981% 0.777202% 0.345423% 0.000000% 2.331606%
0.877200% 0.581639% 0.246740% 0.000000% 1.705580%
120 Days 1.122625% 0.345423% 0.604491% 0.000000% 2.072539%
0.797839% 0.155976% 0.511115% 0.000000% 1.464930%
150 Days 0.777202% 1.122625% 0.345423% 0.000000% 2.245250%
0.420009% 0.684802% 0.369331% 0.000000% 1.474142%
180+ Days 0.431779% 2.936097% 1.036269% 0.086356% 4.490501%
0.375459% 2.357429% 1.375835% 0.048390% 4.157114%
Totals 14.335060% 10.449050% 2.417962% 0.086356% 27.288428%
11.122709% 8.953556% 2.767510% 0.048390% 22.892166%
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 3 0 0 3
429,522.05 0.00 0.00 429,522.05
30 Days 12 2 0 0 14
1,782,914.23 380,860.46 0.00 0.00 2,163,774.69
60 Days 4 1 1 0 6
667,927.34 119,040.60 313,703.68 0.00 1,100,671.62
90 Days 5 1 1 0 7
633,036.52 91,166.95 174,629.13 0.00 898,832.60
120 Days 0 0 3 0 3
0.00 0.00 305,898.11 0.00 305,898.11
150 Days 0 0 2 0 2
0.00 0.00 332,154.34 0.00 332,154.34
180+ Days 1 0 5 0 6
47,448.24 0.00 1,326,652.53 0.00 1,374,100.77
Totals 22 7 12 0 41
3,131,326.33 1,020,590.06 2,453,037.79 0.00 6,604,954.18
0-29 Days 1.304348% 0.000000% 0.000000% 1.304348%
1.176342% 0.000000% 0.000000% 1.176342%
30 Days 5.217391% 0.869565% 0.000000% 0.000000% 6.086957%
4.882908% 1.043071% 0.000000% 0.000000% 5.925980%
60 Days 1.739130% 0.434783% 0.434783% 0.000000% 2.608696%
1.829268% 0.326019% 0.859148% 0.000000% 3.014435%
90 Days 2.173913% 0.434783% 0.434783% 0.000000% 3.043478%
1.733712% 0.249681% 0.478261% 0.000000% 2.461654%
120 Days 0.000000% 0.000000% 1.304348% 0.000000% 1.304348%
0.000000% 0.000000% 0.837770% 0.000000% 0.837770%
150 Days 0.000000% 0.000000% 0.869565% 0.000000% 0.869565%
0.000000% 0.000000% 0.909679% 0.000000% 0.909679%
180+ Days 0.434783% 0.000000% 2.173913% 0.000000% 2.608696%
0.129948% 0.000000% 3.633334% 0.000000% 3.763281%
Totals 9.565217% 3.043478% 5.217391% 0.000000% 17.826087%
8.575836% 2.795114% 6.718191% 0.000000% 18.089140%
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 35 0 0 35
3,933,346.46 0.00 0.00 3,933,346.46
30 Days 80 9 0 0 89
6,199,570.09 445,501.25 0.00 0.00 6,645,071.34
60 Days 29 11 0 0 40
1,611,728.88 828,123.50 0.00 0.00 2,439,852.38
90 Days 9 8 3 0 20
407,386.13 598,699.69 118,022.72 0.00 1,124,108.54
120 Days 13 4 4 0 21
946,294.81 184,999.19 300,321.18 0.00 1,431,615.18
150 Days 9 13 2 0 24
498,160.64 812,225.33 105,899.09 0.00 1,416,285.06
180+ Days 4 34 7 1 46
397,873.72 2,796,082.34 305,187.47 57,394.29 3,556,537.82
Totals 144 114 16 1 275
10,061,014.27 9,598,977.76 829,430.46 57,394.29 20,546,816.78
0-29 Days 3.771552% 0.000000% 0.000000% 3.771552%
4.791278% 0.000000% 0.000000% 4.791278%
30 Days 8.620690% 0.969828% 0.000000% 0.000000% 9.590517%
7.551804% 0.542673% 0.000000% 0.000000% 8.094477%
60 Days 3.125000% 1.185345% 0.000000% 0.000000% 4.310345%
1.963275% 1.008752% 0.000000% 0.000000% 2.972027%
90 Days 0.969828% 0.862069% 0.323276% 0.000000% 2.155172%
0.496244% 0.729287% 0.143766% 0.000000% 1.369296%
120 Days 1.400862% 0.431034% 0.431034% 0.000000% 2.262931%
1.152698% 0.225351% 0.365826% 0.000000% 1.743875%
150 Days 0.969828% 1.400862% 0.215517% 0.000000% 2.586207%
0.606818% 0.989386% 0.128998% 0.000000% 1.725202%
180+ Days 0.431034% 3.663793% 0.754310% 0.107759% 4.956897%
0.484657% 3.405957% 0.371754% 0.069913% 4.332281%
Totals 15.517241% 12.284483% 1.724138% 0.107759% 29.633621%
12.255497% 11.692682% 1.010344% 0.069913% 25.028436%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 197,717.09
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current
Original $ Original % Current $ Current % Class% Prepayment%
<s> <c> <c> <c> <c> <c> <c> <c>
Class M-1 21,368,679.00 14.33738478% 25,339,996.53 21.43132752% 12.922230% 0.000000%
Class M-2 13,542,679.00 9.08650459% 17,513,996.53 14.81248016% 6.618847% 0.000000%
Class M-3 6,461,679.00 4.33548457% 10,432,996.53 8.82371730% 5.988763% 0.000000%
Class M-4 4,598,679.00 3.08549865% 8,569,996.53 7.24808317% 1.575634% 0.000000%
Class CE 100.00 0.00006710% 100.00 0.00008458% 7.247999% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000085% 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>
REO Detail - All Mortgage Loans in REO during Current Period
Summary 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 1 Jul-04 0.000%
Original Principal Balance 59,132.00 Aug-04 0.000%
Current Principal Balance 57,394.29 Sep-04 0.000%
Oct-04 0.000%
Current REO Total Nov-04 0.000%
Loans in REO 1 Dec-04 0.000%
Original Principal Balance 59,132.00 Jan-05 0.000%
Current Principal Balance 57,394.29 Feb-05 0.000%
Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.048%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 1 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Jul-04 0.000%
Original Principal Balance 0.00 Aug-04 0.000%
Current Principal Balance 0.00 Sep-04 0.000%
Oct-04 0.000%
Current REO Total Nov-04 0.000%
Loans in REO 0 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 2 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 1 Jul-04 0.000%
Original Principal Balance 59,132.00 Aug-04 0.000%
Current Principal Balance 57,394.29 Sep-04 0.000%
Oct-04 0.000%
Current REO Total Nov-04 0.000%
Loans in REO 1 Dec-04 0.000%
Original Principal Balance 59,132.00 Jan-05 0.000%
Current Principal Balance 57,394.29 Feb-05 0.000%
Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.070%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
REO Loan Detail - All Mortgage Loans in REO during Current Period
Month
Loan First Original
Loan Entered Payment LTV at Principal
Group Number REO Date State Origination Balance
<s> <c> <c> <c> <c> <c> <c>
Group 2 8000005409 Jun-2005 16-Mar-1999 MI 84.47 59,132.00
REO Loan Detail - All Mortgage Loans in REO during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
Group 2 8000005409 57,394.29 16-Sep-2004 7 10.500% 2,866.47
Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period
Summary 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 6 Jul-04 0.000%
Original Principal Balance 600,573.00 Aug-04 0.000%
Current Principal Balance 591,118.95 Sep-04 0.000%
Oct-04 0.000%
Current Foreclosure Total Nov-04 0.000%
Loans in Foreclosure 28 Dec-04 0.000%
Original Principal Balance 3,402,700.00 Jan-05 0.032%
Current Principal Balance 3,282,468.25 Feb-05 0.924%
Mar-05 3.528%
Apr-05 3.050%
May-05 3.132%
Jun-05 2.768%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 1 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 1 Jul-04 0.000%
Original Principal Balance 316,000.00 Aug-04 0.000%
Current Principal Balance 313,703.68 Sep-04 0.000%
Oct-04 0.000%
Current Foreclosure Total Nov-04 0.000%
Loans in Foreclosure 12 Dec-04 0.000%
Original Principal Balance 2,465,070.00 Jan-05 0.077%
Current Principal Balance 2,453,037.79 Feb-05 1.666%
Mar-05 5.028%
Apr-05 6.184%
May-05 6.003%
Jun-05 6.718%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 2 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 5 Jul-04 0.000%
Original Principal Balance 284,573.00 Aug-04 0.000%
Current Principal Balance 277,415.27 Sep-04 0.000%
Oct-04 0.000%
Current Foreclosure Total Nov-04 0.000%
Loans in Foreclosure 16 Dec-04 0.000%
Original Principal Balance 937,630.00 Jan-05 0.010%
Current Principal Balance 829,430.46 Feb-05 0.566%
Mar-05 2.813%
Apr-05 1.565%
May-05 1.791%
Jun-05 1.010%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period
Month
Loan First Original
Loan Entered Payment LTV at Principal
Group Number FC Date State Origination Balance
<s> <c> <c> <c> <c> <c> <c>
Group 1 0001219957 Feb-2005 01-Feb-2004 GA 100.00 285,000.00
Group 1 0002460158 Mar-2005 01-Sep-2003 CT 80.00 524,800.00
Group 1 0041058678 Apr-2005 01-May-2004 IN 80.00 50,000.00
Group 1 0051052036 Mar-2005 01-May-2004 GA 80.00 176,000.00
Group 1 0209039536 Mar-2005 01-Nov-2002 UT 80.00 102,400.00
Group 1 0261045257 Feb-2005 01-May-2004 MI 95.00 132,050.00
Group 1 1000160918 Mar-2005 01-May-2004 NY 80.00 288,000.00
Group 1 6000087932 Jun-2005 01-May-2004 NY 80.00 316,000.00
Group 1 6000094043 May-2005 01-May-2004 FL 85.00 107,270.00
Group 1 6000094382 Apr-2005 01-May-2004 RI 69.04 133,250.00
Group 1 8000007692 Apr-2005 01-May-2004 NY 53.33 200,000.00
Group 1 8000009977 May-2005 01-Jun-2004 MA 90.00 150,300.00
Group 2 0000222333 Mar-2005 04-Oct-2003 TX 91.21 21,891.00
Group 2 0000254247 Jun-2005 01-Apr-2004 IL 105.40 64,291.00
Group 2 0005009147 Feb-2005 30-Apr-1992 OH 70.00 77,000.00
Group 2 0061051147 Feb-2005 01-Apr-2004 OH 90.00 76,500.00
Group 2 0137021713 May-2005 01-May-2004 NY 84.51 29,663.00
Group 2 1001001769 Apr-2005 01-May-1999 OH 93.46 75,144.00
Group 2 7000097554 Jun-2005 01-May-2004 CA 100.00 42,000.00
Group 2 8000000297 Apr-2005 02-Apr-1996 OH 83.83 39,817.00
Group 2 8000002254 Jun-2005 03-Oct-1999 OH 101.26 55,695.00
Group 2 8000002715 May-2005 13-Jun-1998 OH 77.42 57,288.00
Group 2 8000003220 Apr-2005 22-Dec-1997 OH 94.04 61,126.00
Group 2 8000007454 Mar-2005 03-Jan-2000 KY 61.10 26,882.00
Group 2 8000007792 Feb-2005 14-Sep-1999 KY 88.41 60,386.00
Group 2 8000034353 Feb-2005 11-Sep-1999 IN 95.69 62,201.00
Group 2 8000034696 May-2005 21-Jan-1999 IN 61.33 42,316.00
Group 2 8000073306 May-2005 28-Dec-2000 GA 93.22 145,430.00
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
Group 1 0001219957 283,086.04 01-Sep-2004 7 7.250% 9,527.46
Group 1 0002460158 524,800.00 01-Oct-2004 6 6.250% 15,087.96
Group 1 0041058678 49,661.53 01-Dec-2004 4 7.150% 1,647.98
Group 1 0051052036 174,629.13 01-Jan-2005 3 6.840% 4,603.95
Group 1 0209039536 100,522.11 01-Aug-2004 8 7.500% 3,510.96
Group 1 0261045257 131,695.08 01-Sep-2004 7 9.150% 5,678.20
Group 1 1000160918 286,549.30 01-Sep-2004 7 5.990% 7,838.53
Group 1 6000087932 313,703.68 01-Feb-2005 2 7.750% 7,583.94
Group 1 6000094043 106,788.76 01-Dec-2004 4 9.000% 4,534.93
Group 1 6000094382 132,755.08 01-Nov-2004 5 9.250% 5,803.70
Group 1 8000007692 199,399.26 01-Nov-2004 5 10.350% 9,810.20
Group 1 8000009977 149,447.82 01-Dec-2004 4 7.150% 4,967.67
Group 2 0000222333 20,739.18 04-Sep-2004 7 11.250% 1,088.93
Group 2 0000254247 63,812.12 01-Dec-2004 4 7.500% 2,220.33
Group 2 0005009147 23,569.47 28-Sep-2004 7 10.250% 1,096.74
Group 2 0061051147 76,132.91 01-Sep-2004 7 7.200% 2,538.77
Group 2 0137021713 29,146.17 01-Jan-2005 3 7.125% 796.76
Group 2 1001001769 69,715.09 01-Nov-2004 5 11.250% 3,734.98
Group 2 7000097554 41,571.96 01-Dec-2004 4 10.490% 2,073.25
Group 2 8000000297 36,184.00 10-Nov-2004 5 10.500% 1,807.88
Group 2 8000002254 55,687.62 15-Jan-2005 3 10.750% 2,376.52
Group 2 8000002715 50,630.69 13-Dec-2004 4 10.250% 2,469.53
Group 2 8000003220 43,507.04 22-Oct-2004 6 8.750% 1,783.80
Group 2 8000007454 24,895.30 15-Sep-2004 7 13.000% 1,548.51
Group 2 8000007792 55,670.69 14-Aug-2004 8 7.375% 1,888.83
Group 2 8000034353 60,672.88 11-Aug-2004 8 11.000% 3,181.90
Group 2 8000034696 33,188.93 21-Jan-2005 3 10.000% 1,315.82
Group 2 8000073306 144,306.41 28-Dec-2004 4 11.250% 7,751.06
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 8.129903%
Weighted Average Net Coupon 7.629903%
Weighted Average Pass-Through Rate 7.557401%
Weighted Average Maturity(Stepdown Calculation) 276
Beginning Scheduled Collateral Loan Count 1,191
Number Of Loans Paid In Full 33
Ending Scheduled Collateral Loan Count 1,158
Beginning Scheduled Collateral Balance 123,452,185.11
Ending Scheduled Collateral Balance 118,238,109.64
Ending Actual Collateral Balance at 31-May-2005 118,607,258.39
Monthly P&I Constant 1,075,045.00
Special Servicing Fee 0.00
Prepayment Penalties 47,376.74
Realized Loss Amount 24,085.77
Cumulative Realized Loss 27,181.72
Scheduled Principal 244,221.18
Unscheduled Principal 4,969,854.29
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 320,728.98
Overcollateralized reduction Amount 0.00
Specified O/C Amount 8,569,896.53
Overcollateralized Amount 8,569,896.53
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 320,728.98
Excess Cash Amount 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 8.129903%
Weighted Average Net Rate 7.629903%
Weighted Average Pass Through Rate 7.557401%
Weighted Average Maturity 276
Record Date 05/31/2005
Principal and Interest Constant 1,075,045.00
Beginning Loan Count 1,191
Loans Paid in Full 33
Ending Loan Count 1,158
Beginning Scheduled Balance 123,452,185.11
Ending Scheduled Balance 118,238,109.64
Ending Actual Balance at 31-May-2005 118,607,258.39
Scheduled Principal 244,221.18
Unscheduled Principal 4,969,854.29
Scheduled Interest 830,823.82
Servicing Fee 51,438.41
Master Servicing Fee 5,401.03
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 2,057.54
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 771,926.84
Realized Loss Amount 24,085.77
Cumulative Realized Loss 27,181.72
Percentage of Cumulative Losses 0.0182
Special Servicing Fee 0.00
Prepayment Penalties 47,376.74
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 320,728.98
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 8,569,896.53
Overcollateralized Amount 8,569,896.53
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Miscellaneous Reporting
Interest Arrearage Amount 11025.52
Group Level Collateral Statement
Group Group 1 Group 2 Total
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.291090 8.443653 8.129903
Weighted Average Net Rate 6.791090 7.943653 7.629903
Weighted Average Maturity 337 245 276
Beginning Loan Count 240 951 1,191
Loans Paid In Full 10 23 33
Ending Loan Count 230 928 1,158
Beginning Scheduled Balance 39,389,468.66 84,062,716.45 123,452,185.11
Ending Scheduled Balance 36,490,097.92 81,748,011.72 118,238,109.64
Record Date 05/31/2005 05/31/2005 05/31/2005
Principal And Interest Constant 268,552.33 806,492.67 1,075,045.00
Scheduled Principal 29,225.52 214,995.66 244,221.18
Unscheduled Principal 2,870,145.22 2,099,709.07 4,969,854.29
Scheduled Interest 239,326.81 591,497.01 830,823.82
Servicing Fees 16,412.28 35,026.13 51,438.41
Master Servicing Fees 1,723.29 3,677.74 5,401.03
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 656.49 1,401.05 2,057.54
Pool Insurance Fee 0.00 0.00 0.00
Spread 1 0.00 0.00 0.00
Spread 2 0.00 0.00 0.00
Spread 3 0.00 0.00 0.00
Net Interest 220,534.75 551,392.09 771,926.84
Realized Loss Amount 21.00 24,064.77 24,085.77
Cumulative Realized Loss 3,116.95 24,064.77 27,181.72
Percentage of Cumulative Losses 0.0063 0.0242 0.0182
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.718590 7.871153 7.557401
Prepayment Detail - Prepayments during Current Period
Summary Loans Paid In Full Repurchased Loans
Original Current Original Current
Principal Principal Principal Principal
Group Count Balance Balance Count Balance Balance
<s> <c> <c> <c> <c> <c> <c>
Group 1 10 2,895,500.00 2,868,862.92 0 0.00 0.00
Group 2 21 2,227,931.00 2,006,742.24 0 0.00 0.00
Total 31 5,123,431.00 4,875,605.16 0 0.00 0.00
Prepayment Detail - Prepayments during Current Period (continued)
Summary Substitution Loans Liquidated Loans Curtailments
Original Current Original Current
Principal Principal Principal Principal Curtailment
Group Count Balance Balance Count Balance Balance Amount
<s> <c> <c> <c> <c> <c> <c> <c>
Group 1 0 0.00 0.00 0 0.00 0.00 3,269.35
Group 2 0 0.00 0.00 2 27,076.00 24,287.18 72,549.00
Total 0 0.00 0.00 2 27,076.00 24,287.18 75,818.35
Prepayment Loan Detail - Prepayments during Current Period
First Original
Loan LTV at Payment Principal Prepayment
Group Number State Origination Date Balance Amount
<s> <c> <c> <c> <c> <c> <c>
Group 1 0001108709 NJ 90.00 01-Feb-2004 539,100.00 530,686.62
Group 1 0001344475 CA 65.18 01-Apr-2004 175,000.00 173,315.63
Group 1 0001362824 CA 82.43 01-Apr-2004 474,000.00 474,000.00
Group 1 0011066189 MI 80.00 01-May-2004 124,800.00 123,573.74
Group 1 0021055018 CA 90.00 01-Apr-2004 201,600.00 198,916.98
Group 1 0021055291 CA 80.00 01-May-2004 504,000.00 497,980.22
Group 1 0041058776 IL 79.84 01-May-2004 196,000.00 193,855.88
Group 1 0641002420 TX 79.96 01-Apr-2004 439,000.00 434,200.82
Group 1 1000155738 AZ 90.00 01-May-2004 106,200.00 105,309.96
Group 1 5000090917 FL 70.00 01-May-2004 135,800.00 135,036.02
Group 2 0000133394 MO 71.42 01-Oct-2000 149,000.00 135,953.53
Group 2 0000270519 MO 100.36 01-Aug-2003 50,798.00 49,460.93
Group 2 0001199193 OR 100.00 01-Jan-2004 94,000.00 91,577.14
Group 2 0001203329 OR 100.00 01-Jan-2004 20,800.00 20,258.83
Group 2 0001242717 AZ 100.00 01-Jan-2004 20,700.00 20,161.57
Group 2 0001310549 UT 100.00 01-Apr-2004 90,000.00 89,253.51
Group 2 0001326485 CA 100.00 01-Mar-2004 58,000.00 57,530.01
Group 2 0001377305 MI 100.00 01-Apr-2004 37,980.00 37,128.55
Group 2 0004447611 NC 70.00 06-Sep-1991 45,500.00 1,474.85
Group 2 0004525846 FL 80.00 12-Mar-1992 44,000.00 19,965.69
Group 2 0007003411 CO 94.96 01-Aug-1994 205,000.00 174,099.92
Group 2 0031236417 CA 70.00 01-Mar-1998 245,000.00 222,675.04
Group 2 0031404098 IN 80.00 01-May-1998 256,000.00 234,742.69
Group 2 0031989353 VT 80.00 01-May-1999 148,000.00 135,790.71
Group 2 0080038474 IL 80.00 01-Nov-1998 260,000.00 237,703.88
Group 2 0080509078 CT 80.00 27-Feb-2000 108,000.00 103,987.82
Group 2 1000152356 NY 95.00 01-May-2004 12,182.00 11,899.62
Group 2 1000157012 CA 70.00 01-Apr-2004 227,500.00 224,245.26
Group 2 2000000759 NE 100.00 25-Aug-2000 13,168.00 8,876.25
Group 2 2000000948 OH 100.00 15-Sep-2000 14,894.00 12,272.25
Group 2 5000088256 IL 95.00 01-Apr-2004 9,950.00 9,307.21
Group 2 8000000736 OH 100.00 07-Dec-1997 55,807.00 53,244.02
Group 2 8000006832 KY 98.59 11-Jul-1996 88,728.00 75,550.79
Prepayment Loan Detail - Prepayments during Current Period (continued)
Current
Loan PIF Months Loan Original
Group Number Type Delinquent Rate Term Seasoning
<s> <c> <c> <c> <c> <c> <c>
Group 1 0001108709 Loan Paid in Full 0 6.650% 360 16
Group 1 0001344475 Loan Paid in Full 0 8.100% 360 14
Group 1 0001362824 Loan Paid in Full 0 5.375% 300 14
Group 1 0011066189 Loan Paid in Full 0 8.450% 360 13
Group 1 0021055018 Loan Paid in Full 0 6.800% 360 14
Group 1 0021055291 Loan Paid in Full 0 6.990% 360 13
Group 1 0041058776 Loan Paid in Full 0 7.450% 360 13
Group 1 0641002420 Loan Paid in Full 0 7.990% 360 14
Group 1 1000155738 Loan Paid in Full 0 7.990% 360 13
Group 1 5000090917 Loan Paid in Full 6 9.950% 360 13
Group 2 0000133394 Loan Paid in Full 0 12.200% 240 56
Group 2 0000270519 Loan Paid in Full 0 9.249% 180 22
Group 2 0001199193 Loan Paid in Full 0 9.900% 240 17
Group 2 0001203329 Loan Paid in Full 0 10.050% 240 17
Group 2 0001242717 Loan Paid in Full 0 10.300% 240 17
Group 2 0001310549 Loan Paid in Full 0 9.200% 360 14
Group 2 0001326485 Loan Paid in Full 0 9.650% 360 15
Group 2 0001377305 Loan Paid in Full 0 9.450% 240 14
Group 2 0004447611 Loan Paid in Full (2) 11.500% 180 165
Group 2 0004525846 Loan Paid in Full 0 10.000% 240 159
Group 2 0007003411 Loan Paid in Full 0 7.500% 360 130
Group 2 0031236417 Loan Paid in Full (1) 7.250% 360 87
Group 2 0031404098 Loan Paid in Full 0 7.625% 360 85
Group 2 0031989353 Loan Paid in Full 0 7.625% 360 73
Group 2 0080038474 Loan Paid in Full 0 6.875% 360 79
Group 2 0080509078 Loan Paid in Full 1 9.900% 360 63
Group 2 1000152356 Liquidation 5 11.999% 180 13
Group 2 1000157012 Loan Paid in Full 0 6.900% 360 14
Group 2 2000000759 Loan Paid in Full 0 11.250% 120 57
Group 2 2000000948 Liquidation 10 14.000% 120 57
Group 2 5000088256 Loan Paid in Full 5 10.650% 120 14
Group 2 8000000736 Loan Paid in Full 3 11.750% 245 90
Group 2 8000006832 Loan Paid in Full 0 8.250% 244 107
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 4.034% Current Month 38.987% Current Month 649.779%
3 Month Average 3.650% 3 Month Average 35.666% 3 Month Average 594.435%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jul-2004 N/A N/A Jul-2004 N/A N/A
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 45.965% N/A Jan-2005 766.080% N/A
Feb-2005 27.282% N/A Feb-2005 454.696% N/A
Mar-2005 30.825% N/A Mar-2005 513.750% N/A
Apr-2005 41.963% N/A Apr-2005 699.384% N/A
May-2005 26.049% N/A May-2005 434.142% N/A
Jun-2005 38.987% N/A Jun-2005 649.779% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
Group 1
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 7.292% Current Month 59.691% Current Month 1,786.889%
3 Month Average 5.262% 3 Month Average 46.798% 3 Month Average 1,486.538%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jul-2004 N/A N/A Jul-2004 N/A N/A
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 51.856% N/A Jan-2005 2,252.969% N/A
Feb-2005 35.419% N/A Feb-2005 1,404.836% N/A
Mar-2005 37.198% N/A Mar-2005 1,359.864% N/A
Apr-2005 45.912% N/A Apr-2005 1,551.220% N/A
May-2005 34.790% N/A May-2005 1,121.505% N/A
Jun-2005 59.691% N/A Jun-2005 1,786.889% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
Group 2
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.504% Current Month 26.238% Current Month 437.304%
3 Month Average 2.889% 3 Month Average 29.246% 3 Month Average 487.441%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jul-2004 N/A N/A Jul-2004 N/A N/A
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 42.800% N/A Jan-2005 713.330% N/A
Feb-2005 22.957% N/A Feb-2005 382.620% N/A
Mar-2005 27.532% N/A Mar-2005 458.862% N/A
Apr-2005 39.979% N/A Apr-2005 666.309% N/A
May-2005 21.523% N/A May-2005 358.711% N/A
Jun-2005 26.238% N/A Jun-2005 437.304% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
<FN>
Calculation Methodology:
Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled
Principal)
Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12)
PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS))
Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal
Balance))
</FN>
Realized Loss Detail Report - Loans with Losses during Current Period
Summary
# Loans Prior Realized Current
with Principal Loss/(Gain) Loss
Group Losses Balance Amount Percentage
<s> <c> <c> <c> <c>
Group 1 1 0.00 21.00 0.000%
Group 2 2 24,566.28 24,064.77 0.029%
Total 3 24,566.28 24,085.77 0.020%
Realized Loss Loan Detail Report - Loans With Losses during Current Period
Original Current
Loan Principal Note LTV at Original
Group Number Balance Rate State Origination Term
<s> <c> <c> <c> <c> <c> <c>
Group 1 3000403935 96,500.00 6.7500% MD 74.23 360
Group 2 1000152356 12,182.00 11.9990% NY 95.00 180
Group 2 2000000948 14,894.00 14.0000% OH 100.00 120
Realized Loss Loan Detail Report - Loans With Losses during Current Period (continued)
Prior Cumulative
Loan Principal Realized Realized
Group Number Balance Loss/(Gain) Loss/(Gain)
<s> <c> <c> <c> <c>
Group 1 3000403935 0.00 21.00 3,116.95
Group 2 1000152356 12,031.96 12,619.25 12,619.25
Group 2 2000000948 12,534.32 11,445.52 11,445.52
Realized Loss Report - Collateral
Summary
MDR SDA
<s> <c> <s> <c>
Current Month 0.020% Current Month 0.393%
3 Month Average 0.030% 3 Month Average 0.589%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jul-2004 N/A N/A Jul-2004 N/A N/A
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 0.000% N/A Jan-2005 0.000% N/A
Feb-2005 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% N/A
May-2005 0.069% N/A May-2005 1.374% N/A
Jun-2005 0.020% N/A Jun-2005 0.393% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.236% Current Month 99.084%
3 Month Average 0.353% 3 Month Average 34.208%
12 Month Average 0.000% 12 Month Average 0.000%
CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jul-2004 N/A N/A Jul-2004 N/A N/A
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 0.000% N/A Jan-2005 0.000% N/A
Feb-2005 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% N/A
May-2005 0.825% N/A May-2005 3.539% N/A
Jun-2005 0.236% N/A Jun-2005 99.084% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
Group 1
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.071% 3 Month Average 2.729%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jul-2004 N/A N/A Jul-2004 N/A N/A
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 0.000% N/A Jan-2005 0.000% N/A
Feb-2005 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% N/A
May-2005 0.214% N/A May-2005 8.188% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.847% 3 Month Average 1.180%
12 Month Average 0.000% 12 Month Average 0.000%
CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jul-2004 N/A N/A Jul-2004 N/A N/A
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 0.000% N/A Jan-2005 0.000% N/A
Feb-2005 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% N/A
May-2005 2.540% N/A May-2005 3.539% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
Group 2
MDR SDA
<s> <c> <s> <c>
Current Month 0.029% Current Month 0.749%
3 Month Average 0.010% 3 Month Average 0.250%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jul-2004 N/A N/A Jul-2004 N/A N/A
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 0.000% N/A Jan-2005 0.000% N/A
Feb-2005 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% N/A
May-2005 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.029% N/A Jun-2005 0.749% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.346% Current Month 99.084%
3 Month Average 0.115% 3 Month Average 33.028%
12 Month Average 0.000% 12 Month Average 0.000%
CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jul-2004 N/A N/A Jul-2004 N/A N/A
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 0.000% N/A Jan-2005 0.000% N/A
Feb-2005 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% N/A
May-2005 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.346% N/A Jun-2005 99.084% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
<FN>
</FN>
<FN>
Calculation Methodology:
Monthly Default Rate (MDR): sum(Beg Principal Balance of Liquidated Loans)/ sum(Beg Principal Balance).
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR/(WAS*0.02) else if WAS is greater than 30 and
less than or equal to 60 then CDR/0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR/(0.6 -
((WAS-60)*0.0095)) else if WAS is greater than 120 then CDR/0.03
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
</FN>