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-RM2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-123741-02
Pooling and Servicing Agreement) (Commission 54-2173199
(State or other File Number) 54-2173200
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 June 27, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2005-RM2 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-RM2 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-RM2 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 6/30/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2005-RM2 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 2005-RM2
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-1A 004421NQ2 SEN 3.32000% 206,792,000.00 610,266.17
A-1B 004421NR0 SEN 3.35000% 51,698,000.00 153,945.16
A-2A 004421NS8 SEN 3.18000% 79,753,000.00 225,435.15
A-2B 004421PG2 SEN 3.29000% 50,184,000.00 146,760.32
A-2C 004421PH0 SEN 3.34000% 12,963,000.00 38,485.71
A-2D 004421PJ6 SEN 3.44000% 33,778,000.00 103,285.62
M-1 004421NT6 MEZ 3.53000% 20,952,000.00 65,742.72
M-2 004421NU3 MEZ 3.54000% 18,686,000.00 58,798.61
M-3 004421NV1 MEZ 3.56000% 11,042,000.00 34,941.80
M-4 004421NW9 MEZ 3.72000% 10,193,000.00 33,704.85
M-5 004421NX7 MEZ 3.75000% 9,626,000.00 32,086.67
M-6 004421NY5 MEZ 3.78000% 9,343,000.00 31,392.48
M-7 004421NZ2 MEZ 4.29000% 7,644,000.00 29,149.12
M-8 004421PA5 MEZ 4.39000% 5,946,000.00 23,202.61
M-9 004421PB3 MEZ 4.79000% 5,379,000.00 22,902.59
P ACE05RM2P SEN 0.00000% 100.00 24,035.72
M-10 004421PC1 MEZ 6.09000% 5,096,000.00 27,586.35
M-11 004421PD9 MEZ 6.09000% 5,663,000.00 30,655.71
B-1 004421PE7 SEN 6.09000% 8,777,000.00 47,512.83
B-2 004421PF4 SEN 6.09000% 6,229,000.00 33,719.65
CE AC05RM2CE SEN 0.00000% 6,512,839.08 1,473,586.08
R ACE05RM2R SEN 0.00000% 0.00 0.00
Totals 566,256,939.08 3,247,195.92
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1A 3,104,676.62 0.00 203,687,323.38 3,714,942.79 0.00
A-1B 776,169.16 0.00 50,921,830.84 930,114.32 0.00
A-2A 2,089,048.92 0.00 77,663,951.08 2,314,484.07 0.00
A-2B 0.00 0.00 50,184,000.00 146,760.32 0.00
A-2C 0.00 0.00 12,963,000.00 38,485.71 0.00
A-2D 0.00 0.00 33,778,000.00 103,285.62 0.00
M-1 0.00 0.00 20,952,000.00 65,742.72 0.00
M-2 0.00 0.00 18,686,000.00 58,798.61 0.00
M-3 0.00 0.00 11,042,000.00 34,941.80 0.00
M-4 0.00 0.00 10,193,000.00 33,704.85 0.00
M-5 0.00 0.00 9,626,000.00 32,086.67 0.00
M-6 0.00 0.00 9,343,000.00 31,392.48 0.00
M-7 0.00 0.00 7,644,000.00 29,149.12 0.00
M-8 0.00 0.00 5,946,000.00 23,202.61 0.00
M-9 0.00 0.00 5,379,000.00 22,902.59 0.00
P 0.00 0.00 100.00 24,035.72 0.00
M-10 0.00 0.00 5,096,000.00 27,586.35 0.00
M-11 0.00 0.00 5,663,000.00 30,655.71 0.00
B-1 0.00 0.00 8,777,000.00 47,512.83 0.00
B-2 0.00 0.00 6,229,000.00 33,719.65 0.00
CE (884.28) 0.00 6,511,954.80 1,472,701.80 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 5,969,010.42 0.00 560,286,160.10 9,216,206.34 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 206,792,000.00 206,792,000.00 0.00 3,104,676.62 0.00 0.00
A-1B 51,698,000.00 51,698,000.00 0.00 776,169.16 0.00 0.00
A-2A 79,753,000.00 79,753,000.00 0.00 2,089,048.92 0.00 0.00
A-2B 50,184,000.00 50,184,000.00 0.00 0.00 0.00 0.00
A-2C 12,963,000.00 12,963,000.00 0.00 0.00 0.00 0.00
A-2D 33,778,000.00 33,778,000.00 0.00 0.00 0.00 0.00
M-1 20,952,000.00 20,952,000.00 0.00 0.00 0.00 0.00
M-2 18,686,000.00 18,686,000.00 0.00 0.00 0.00 0.00
M-3 11,042,000.00 11,042,000.00 0.00 0.00 0.00 0.00
M-4 10,193,000.00 10,193,000.00 0.00 0.00 0.00 0.00
M-5 9,626,000.00 9,626,000.00 0.00 0.00 0.00 0.00
M-6 9,343,000.00 9,343,000.00 0.00 0.00 0.00 0.00
M-7 7,644,000.00 7,644,000.00 0.00 0.00 0.00 0.00
M-8 5,946,000.00 5,946,000.00 0.00 0.00 0.00 0.00
M-9 5,379,000.00 5,379,000.00 0.00 0.00 0.00 0.00
M-10 5,096,000.00 5,096,000.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
M-11 5,663,000.00 5,663,000.00 0.00 0.00 0.00 0.00
B-1 8,777,000.00 8,777,000.00 0.00 0.00 0.00 0.00
B-2 6,229,000.00 6,229,000.00 0.00 0.00 0.00 0.00
CE 6,512,839.08 6,512,839.08 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 566,256,939.08 566,256,939.08 0.00 5,969,894.70 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 3,104,676.62 203,687,323.38 0.98498648 3,104,676.62
A-1B 776,169.16 50,921,830.84 0.98498648 776,169.16
A-2A 2,089,048.92 77,663,951.08 0.97380601 2,089,048.92
A-2B 0.00 50,184,000.00 1.00000000 0.00
A-2C 0.00 12,963,000.00 1.00000000 0.00
A-2D 0.00 33,778,000.00 1.00000000 0.00
M-1 0.00 20,952,000.00 1.00000000 0.00
M-2 0.00 18,686,000.00 1.00000000 0.00
M-3 0.00 11,042,000.00 1.00000000 0.00
M-4 0.00 10,193,000.00 1.00000000 0.00
M-5 0.00 9,626,000.00 1.00000000 0.00
M-6 0.00 9,343,000.00 1.00000000 0.00
M-7 0.00 7,644,000.00 1.00000000 0.00
M-8 0.00 5,946,000.00 1.00000000 0.00
M-9 0.00 5,379,000.00 1.00000000 0.00
M-10 0.00 5,096,000.00 1.00000000 0.00
P 0.00 100.00 1.00000000 0.00
M-11 0.00 5,663,000.00 1.00000000 0.00
B-1 0.00 8,777,000.00 1.00000000 0.00
B-2 0.00 6,229,000.00 1.00000000 0.00
CE (884.28) 6,511,954.80 0.99986423 (884.28)
R 0.00 0.00 0.00000000 0.00
Totals 5,969,010.42 560,286,160.10 0.98945571 5,969,010.42
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 206,792,000.00 1000.00000000 0.00000000 15.01352383 0.00000000
A-1B 51,698,000.00 1000.00000000 0.00000000 15.01352393 0.00000000
A-2A 79,753,000.00 1000.00000000 0.00000000 26.19398543 0.00000000
A-2B 50,184,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2C 12,963,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2D 33,778,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 20,952,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 18,686,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 11,042,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 10,193,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 9,626,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 9,343,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 7,644,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-8 5,946,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-9 5,379,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-10 5,096,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-11 5,663,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 8,777,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 6,229,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 6,512,839.08 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 15.01352383 984.98647617 0.98498648 15.01352383
A-1B 0.00000000 15.01352393 984.98647607 0.98498648 15.01352393
A-2A 0.00000000 26.19398543 973.80601457 0.97380601 26.19398543
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
A-2D 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
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-11 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 (0.13577489) 999.86422511 0.99986423 (0.13577489)
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 206,792,000.00 3.32000% 206,792,000.00 610,266.17 0.00 0.00
A-1B 51,698,000.00 3.35000% 51,698,000.00 153,945.16 0.00 0.00
A-2A 79,753,000.00 3.18000% 79,753,000.00 225,435.15 0.00 0.00
A-2B 50,184,000.00 3.29000% 50,184,000.00 146,760.32 0.00 0.00
A-2C 12,963,000.00 3.34000% 12,963,000.00 38,485.71 0.00 0.00
A-2D 33,778,000.00 3.44000% 33,778,000.00 103,285.62 0.00 0.00
M-1 20,952,000.00 3.53000% 20,952,000.00 65,742.72 0.00 0.00
M-2 18,686,000.00 3.54000% 18,686,000.00 58,798.61 0.00 0.00
M-3 11,042,000.00 3.56000% 11,042,000.00 34,941.80 0.00 0.00
M-4 10,193,000.00 3.72000% 10,193,000.00 33,704.85 0.00 0.00
M-5 9,626,000.00 3.75000% 9,626,000.00 32,086.67 0.00 0.00
M-6 9,343,000.00 3.78000% 9,343,000.00 31,392.48 0.00 0.00
M-7 7,644,000.00 4.29000% 7,644,000.00 29,149.12 0.00 0.00
M-8 5,946,000.00 4.39000% 5,946,000.00 23,202.61 0.00 0.00
M-9 5,379,000.00 4.79000% 5,379,000.00 22,902.59 0.00 0.00
M-10 5,096,000.00 6.09000% 5,096,000.00 27,586.35 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
M-11 5,663,000.00 6.09000% 5,663,000.00 30,655.71 0.00 0.00
B-1 8,777,000.00 6.09000% 8,777,000.00 47,512.83 0.00 0.00
B-2 6,229,000.00 6.09000% 6,229,000.00 33,719.65 0.00 0.00
CE 6,512,839.08 0.00000% 6,512,839.08 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 566,256,939.08 1,749,574.12 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 0.00 610,266.17 0.00 203,687,323.38
A-1B 0.00 0.00 153,945.16 0.00 50,921,830.84
A-2A 0.00 0.00 225,435.15 0.00 77,663,951.08
A-2B 0.00 0.00 146,760.32 0.00 50,184,000.00
A-2C 0.00 0.00 38,485.71 0.00 12,963,000.00
A-2D 0.00 0.00 103,285.62 0.00 33,778,000.00
M-1 0.00 0.00 65,742.72 0.00 20,952,000.00
M-2 0.00 0.00 58,798.61 0.00 18,686,000.00
M-3 0.00 0.00 34,941.80 0.00 11,042,000.00
M-4 0.00 0.00 33,704.85 0.00 10,193,000.00
M-5 0.00 0.00 32,086.67 0.00 9,626,000.00
M-6 0.00 0.00 31,392.48 0.00 9,343,000.00
M-7 0.00 0.00 29,149.12 0.00 7,644,000.00
M-8 0.00 0.00 23,202.61 0.00 5,946,000.00
M-9 0.00 0.00 22,902.59 0.00 5,379,000.00
M-10 0.00 0.00 27,586.35 0.00 5,096,000.00
P 0.00 0.00 24,035.72 0.00 100.00
M-11 0.00 0.00 30,655.71 0.00 5,663,000.00
B-1 0.00 0.00 47,512.83 0.00 8,777,000.00
B-2 0.00 0.00 33,719.65 0.00 6,229,000.00
CE 0.00 0.00 1,473,586.08 0.00 6,511,954.80
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 3,247,195.92 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 206,792,000.00 3.32000% 1000.00000000 2.95111112 0.00000000 0.00000000
A-1B 51,698,000.00 3.35000% 1000.00000000 2.97777786 0.00000000 0.00000000
A-2A 79,753,000.00 3.18000% 1000.00000000 2.82666671 0.00000000 0.00000000
A-2B 50,184,000.00 3.29000% 1000.00000000 2.92444444 0.00000000 0.00000000
A-2C 12,963,000.00 3.34000% 1000.00000000 2.96888915 0.00000000 0.00000000
A-2D 33,778,000.00 3.44000% 1000.00000000 3.05777784 0.00000000 0.00000000
M-1 20,952,000.00 3.53000% 1000.00000000 3.13777778 0.00000000 0.00000000
M-2 18,686,000.00 3.54000% 1000.00000000 3.14666649 0.00000000 0.00000000
M-3 11,042,000.00 3.56000% 1000.00000000 3.16444485 0.00000000 0.00000000
M-4 10,193,000.00 3.72000% 1000.00000000 3.30666634 0.00000000 0.00000000
M-5 9,626,000.00 3.75000% 1000.00000000 3.33333368 0.00000000 0.00000000
M-6 9,343,000.00 3.78000% 1000.00000000 3.36000000 0.00000000 0.00000000
M-7 7,644,000.00 4.29000% 1000.00000000 3.81333333 0.00000000 0.00000000
M-8 5,946,000.00 4.39000% 1000.00000000 3.90222166 0.00000000 0.00000000
M-9 5,379,000.00 4.79000% 1000.00000000 4.25777840 0.00000000 0.00000000
M-10 5,096,000.00 6.09000% 1000.00000000 5.41333399 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
M-11 5,663,000.00 6.09000% 1000.00000000 5.41333392 0.00000000 0.00000000
B-1 8,777,000.00 6.09000% 1000.00000000 5.41333371 0.00000000 0.00000000
B-2 6,229,000.00 6.09000% 1000.00000000 5.41333280 0.00000000 0.00000000
CE 6,512,839.08 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 2.95111112 0.00000000 984.98647617
A-1B 0.00000000 0.00000000 2.97777786 0.00000000 984.98647607
A-2A 0.00000000 0.00000000 2.82666671 0.00000000 973.80601457
A-2B 0.00000000 0.00000000 2.92444444 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 2.96888915 0.00000000 1000.00000000
A-2D 0.00000000 0.00000000 3.05777784 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 3.13777778 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.14666649 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 3.16444485 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.30666634 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.33333368 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.36000000 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 3.81333333 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 3.90222166 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 4.25777840 0.00000000 1000.00000000
M-10 0.00000000 0.00000000 5.41333399 0.00000000 1000.00000000
P 0.00000000 0.00000000 240357.20000000 0.00000000 1000.00000000
M-11 0.00000000 0.00000000 5.41333392 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.41333371 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.41333280 0.00000000 1000.00000000
CE 0.00000000 0.00000000 226.25863497 0.00000000 999.86422511
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 9,438,728.29
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 24,035.72
Total Deposits 9,462,764.01
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 246,557.69
Payment of Interest and Principal 9,216,206.32
Total Withdrawals (Pool Distribution Amount) 9,462,764.01
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
<s> <c>
Gross Servicing Fee 235,940.38
Credit Risk Manager Fee - The Murrayhill Company 7,078.21
Master Servicing Fee: Wells Fargo Bank 3,539.10
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 246,557.69
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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GROUP I No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GROUP II No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GROUP III No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GROUP IV No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
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 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 I 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 II 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 III 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 IV 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.
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>
No REO loans this period.
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>
No REO loans this period.
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 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 Foreclosure Total Nov-04 0.000%
Loans in Foreclosure 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 I 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 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 Foreclosure Total Nov-04 0.000%
Loans in Foreclosure 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 II 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 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 Foreclosure Total Nov-04 0.000%
Loans in Foreclosure 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 III 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 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 Foreclosure Total Nov-04 0.000%
Loans in Foreclosure 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 IV 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 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 Foreclosure Total Nov-04 0.000%
Loans in Foreclosure 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.
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>
No Foreclosure loans this period.
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>
No Foreclosure loans this period.
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.349207%
Weighted Average Net Coupon 6.849207%
Weighted Average Pass-Through Rate 6.826707%
Weighted Average Maturity(Stepdown Calculation) 342
Beginning Scheduled Collateral Loan Count 3,440
Number Of Loans Paid In Full 32
Ending Scheduled Collateral Loan Count 3,408
Beginning Scheduled Collateral Balance 566,256,939.08
Ending Scheduled Collateral Balance 560,286,160.10
Ending Actual Collateral Balance at 31-May-2005 560,449,268.78
Monthly P&I Constant 3,723,017.15
Special Servicing Fee 0.00
Prepayment Penalties 24,035.72
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 255,067.72
Unscheduled Principal 5,715,711.26
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 884.28
Specified O/C Amount 6,511,954.80
Overcollateralized Amount 6,511,954.80
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Group Level Collateral Statement
Group GROUP I GROUP II GROUP III
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 8.807702 7.168379 9.723350
Weighted Average Net Rate 8.307702 6.668379 9.223350
Weighted Average Maturity 261 357 201
Beginning Loan Count 743 1,576 461
Loans Paid In Full 7 14 6
Ending Loan Count 736 1,562 455
Beginning Scheduled Balance 45,442,487.47 290,914,211.82 32,069,143.15
Ending Scheduled Balance 44,874,261.57 287,601,017.10 31,614,456.03
Record Date 05/31/2005 05/31/2005 05/31/2005
Principal And Interest Constant 364,138.77 1,915,761.97 274,384.38
Scheduled Principal 30,602.19 177,942.55 14,534.80
Unscheduled Principal 537,623.71 3,135,252.17 440,152.32
Scheduled Interest 333,536.58 1,737,819.42 259,849.58
Servicing Fees 18,934.37 121,214.25 13,362.14
Master Servicing Fees 284.02 1,818.21 200.43
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 568.03 3,636.43 400.86
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 313,750.16 1,611,150.53 245,886.15
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 8.285202 6.645879 9.200850
Group Level Collateral Statement
Group GROUP IV Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 6.895239 7.349207
Weighted Average Net Rate 6.395239 6.849207
Weighted Average Maturity 359 342
Beginning Loan Count 660 3,440
Loans Paid In Full 5 32
Ending Loan Count 655 3,408
Beginning Scheduled Balance 197,831,096.64 566,256,939.08
Ending scheduled Balance 196,196,425.40 560,286,160.10
Record Date 05/31/2005 05/31/2005
Principal And Interest Constant 1,168,732.03 3,723,017.15
Scheduled Principal 31,988.18 255,067.72
Unscheduled Principal 1,602,683.06 5,715,711.26
Scheduled Interest 1,136,743.85 3,467,949.43
Servicing Fees 82,429.62 235,940.38
Master Servicing Fees 1,236.44 3,539.10
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 2,472.89 7,078.21
Pool Insurance Fee 0.00 0.00
Spread 1 0.00 0.00
Spread 2 0.00 0.00
Spread 3 0.00 0.00
Net Interest 1,050,604.90 3,221,391.74
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 6.372739 6.826707
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 I 7 535,313.00 534,661.72 0 0.00 0.00
GROUP II 14 3,129,000.00 3,126,451.85 0 0.00 0.00
GROUP III 6 438,080.00 437,785.43 0 0.00 0.00
GROUP IV 5 1,598,320.00 1,597,987.16 0 0.00 0.00
Total 32 5,700,713.00 5,696,886.16 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 I 0 0.00 0.00 0 0.00 0.00 3,295.16
GROUP II 0 0.00 0.00 0 0.00 0.00 10,387.95
GROUP III 0 0.00 0.00 0 0.00 0.00 2,544.64
GROUP IV 0 0.00 0.00 0 0.00 0.00 5,030.63
Total 0 0.00 0.00 0 0.00 0.00 21,258.38
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 I 0110440339 CA 0.00 01-Apr-2005 192,400.00 191,875.37
GROUP I 0110440598 CA 0.00 01-Apr-2005 53,113.00 53,026.19
GROUP I 0110440938 CA 0.00 01-Apr-2005 66,600.00 66,510.66
GROUP I 0110441291 NV 0.00 01-Apr-2005 57,000.00 56,929.95
GROUP I 0110443945 IL 0.00 01-May-2005 60,000.00 59,943.77
GROUP I 0110444085 IL 0.00 01-Apr-2005 72,000.00 71,869.93
GROUP I 0110450586 MO 0.00 01-May-2005 34,200.00 34,172.68
GROUP II 0110440531 CA 0.00 01-Apr-2005 316,000.00 315,073.00
GROUP II 0110440606 CA 0.00 01-Apr-2005 212,450.00 212,450.00
GROUP II 0110440640 IL 0.00 01-Apr-2005 144,000.00 143,691.27
GROUP II 0110440939 CA 0.00 01-Apr-2005 266,400.00 266,400.00
GROUP II 0110440967 CA 0.00 01-Apr-2005 292,450.00 291,761.43
GROUP II 0110441389 IL 0.00 01-Apr-2005 275,500.00 275,013.04
GROUP II 0110444196 IL 0.00 01-May-2005 240,000.00 240,000.00
GROUP II 0110444539 IL 0.00 01-Apr-2005 288,000.00 287,484.69
GROUP II 0110450587 MO 0.00 01-May-2005 136,800.00 136,800.00
GROUP II 0110450651 IL 0.00 01-May-2005 178,500.00 178,311.84
GROUP II 0110450681 CA 0.00 01-May-2005 300,000.00 299,452.95
GROUP II 0110450813 IL 0.00 01-May-2005 184,000.00 183,698.66
GROUP II 0110450883 MI 0.00 01-May-2005 122,400.00 122,227.34
GROUP II 0110465582 CA 0.00 01-May-2005 172,500.00 172,500.00
GROUP III 0110440329 CA 0.00 01-Apr-2005 109,600.00 109,450.18
GROUP III 0110440530 CA 0.00 01-Apr-2005 79,000.00 78,902.95
GROUP III 0110450258 CA 0.00 01-May-2005 94,700.00 94,615.67
GROUP III 0110450596 CO 0.00 01-May-2005 97,980.00 97,915.68
GROUP III 0110450872 MI 0.00 01-May-2005 30,600.00 30,577.35
GROUP III 0110451490 IL 0.00 01-Feb-2005 26,200.00 26,145.85
GROUP IV 0110440330 CA 0.00 01-Apr-2005 438,400.00 438,400.00
GROUP IV 0110441292 NV 0.00 01-Apr-2005 228,000.00 228,000.00
GROUP IV 0110450326 IL 0.00 01-May-2005 370,000.00 370,000.00
GROUP IV 0110450597 CO 0.00 01-May-2005 391,920.00 391,252.43
GROUP IV 0110451413 IL 0.00 01-May-2005 170,000.00 170,000.00
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 I 0110440339 Loan Paid in Full 0 6.500% 360 2
GROUP I 0110440598 Loan Paid in Full 0 9.050% 180 2
GROUP I 0110440938 Loan Paid in Full 0 9.990% 180 2
GROUP I 0110441291 Loan Paid in Full 0 10.400% 180 2
GROUP I 0110443945 Loan Paid in Full 0 9.750% 180 1
GROUP I 0110444085 Loan Paid in Full 0 10.000% 180 2
GROUP I 0110450586 Loan Paid in Full 0 10.500% 180 1
GROUP II 0110440531 Loan Paid in Full 0 6.120% 360 2
GROUP II 0110440606 Loan Paid in Full 0 6.990% 360 2
GROUP II 0110440640 Loan Paid in Full 0 7.720% 360 2
GROUP II 0110440939 Loan Paid in Full 0 7.800% 360 2
GROUP II 0110440967 Loan Paid in Full 0 7.250% 360 2
GROUP II 0110441389 Loan Paid in Full 0 8.670% 360 2
GROUP II 0110444196 Loan Paid in Full 0 6.320% 360 1
GROUP II 0110444539 Loan Paid in Full 0 8.620% 360 2
GROUP II 0110450587 Loan Paid in Full 0 7.450% 360 1
GROUP II 0110450651 Loan Paid in Full 0 9.190% 360 1
GROUP II 0110450681 Loan Paid in Full 0 6.470% 360 1
GROUP II 0110450813 Loan Paid in Full 0 7.020% 360 1
GROUP II 0110450883 Loan Paid in Full 0 7.770% 360 1
GROUP II 0110465582 Loan Paid in Full 0 5.920% 360 1
GROUP III 0110440329 Loan Paid in Full 0 9.900% 180 2
GROUP III 0110440530 Loan Paid in Full 0 10.750% 180 2
GROUP III 0110450258 Loan Paid in Full 0 9.990% 180 1
GROUP III 0110450596 Loan Paid in Full 0 11.400% 180 1
GROUP III 0110450872 Loan Paid in Full 0 10.850% 180 1
GROUP III 0110451490 Loan Paid in Full 0 10.400% 180 4
GROUP IV 0110440330 Loan Paid in Full 0 6.350% 360 2
GROUP IV 0110441292 Loan Paid in Full 0 8.730% 360 2
GROUP IV 0110450326 Loan Paid in Full 0 7.970% 360 1
GROUP IV 0110450597 Loan Paid in Full 0 6.820% 360 1
GROUP IV 0110451413 Loan Paid in Full 0 6.130% 360 1
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.010% Current Month 11.467% Current Month 4,275.975%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 11.467% N/A Jun-2005 4,275.975% 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 I
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.184% Current Month 13.317% Current Month 5,255.433%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 13.317% N/A Jun-2005 5,255.433% 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 II
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.078% Current Month 12.200% Current Month 4,585.593%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 12.200% N/A Jun-2005 4,585.593% 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 III
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.373% Current Month 15.288% Current Month 5,817.789%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 15.288% N/A Jun-2005 5,817.789% 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 IV
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.810% Current Month 9.301% Current Month 3,375.633%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 9.301% N/A Jun-2005 3,375.633% 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 I 0 0.00 0.00 0.000%
GROUP II 0 0.00 0.00 0.000%
GROUP III 0 0.00 0.00 0.000%
GROUP IV 0 0.00 0.00 0.000%
Total 0 0.00 0.00 0.000%
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>
No losses this period.
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>
No losses this period.
Realized Loss Report - Collateral
Summary
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A 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 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A 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 I
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A 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 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A 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 II
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A 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 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A 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 III
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A 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 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A 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 IV
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A 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 0.000% 3 Month Average 0.000%
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 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A 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.
<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>