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-HE1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-119047-05
Pooling and Servicing Agreement) (Commission 54-2165618
(State or other File Number) 54-2165619
jurisdiction IRS EIN
of Incorporation)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On June 27, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2005-HE1 Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Asset Backed Pass-Through Certificates,
Series 2005-HE1 Trust, relating to the
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-HE1 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-HE1 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-HE1
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 004421KP7 SEN 3.33000% 679,737,057.48 2,074,897.37
A-1B 004421KQ5 SEN 3.38000% 169,934,497.38 526,513.72
A-2A 004421KR3 SEN 3.21000% 165,602,395.01 487,285.05
A-2B 004421KS1 SEN 3.32000% 60,016,000.00 182,648.69
A-2C 004421KT9 SEN 3.44000% 47,430,000.00 149,562.60
M-1 004421KU6 SEN 3.57000% 58,509,000.00 191,470.70
M-2 004421KV4 SEN 3.59000% 49,271,000.00 162,142.65
M-3 004421KW2 SEN 3.64000% 30,024,000.00 100,180.08
M-4 004421KX0 SEN 3.81000% 29,255,000.00 102,173.09
M-5 004421KY8 SEN 3.87000% 36,953,000.00 131,090.77
M-6 004421KZ5 SEN 3.94000% 20,016,000.00 72,291.12
M-7 004421LA9 SEN 4.37000% 15,397,000.00 61,677.82
M-8 004421LB7 SEN 4.47000% 19,246,000.00 78,860.49
M-9 004421LC5 SEN 5.29000% 18,477,000.00 89,598.05
B-1 004421LD3 SEN 6.34000% 25,405,000.00 147,645.39
B-2 004421LE1 SEN 6.34000% 21,556,000.00 125,276.29
CE ACE05HE1CE SEN 0.00000% 10,778,018.64 3,429,056.85
CE-1 ACE05HE1CE1 SEN 0.00000% 0.00 18,865.33
P ACE05HE1P SEN 0.00000% 100.00 862,125.21
R ACE5HE1R1 SEN 0.00000% 0.00 0.00
Totals 1,457,607,068.51 8,993,361.27
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 25,440,326.39 0.00 654,296,731.09 27,515,223.76 0.00
A-1B 6,360,090.32 0.00 163,574,407.06 6,886,604.04 0.00
A-2A 12,209,047.03 0.00 153,393,347.98 12,696,332.08 0.00
A-2B 0.00 0.00 60,016,000.00 182,648.69 0.00
A-2C 0.00 0.00 47,430,000.00 149,562.60 0.00
M-1 0.00 0.00 58,509,000.00 191,470.70 0.00
M-2 0.00 0.00 49,271,000.00 162,142.65 0.00
M-3 0.00 0.00 30,024,000.00 100,180.08 0.00
M-4 0.00 0.00 29,255,000.00 102,173.09 0.00
M-5 0.00 0.00 36,953,000.00 131,090.77 0.00
M-6 0.00 0.00 20,016,000.00 72,291.12 0.00
M-7 0.00 0.00 15,397,000.00 61,677.82 0.00
M-8 0.00 0.00 19,246,000.00 78,860.49 0.00
M-9 0.00 0.00 18,477,000.00 89,598.05 0.00
B-1 0.00 0.00 25,405,000.00 147,645.39 0.00
B-2 0.00 0.00 21,556,000.00 125,276.29 0.00
CE 0.00 0.00 10,778,018.64 3,429,056.85 0.00
CE-1 0.00 0.00 0.00 18,865.33 0.00
P 0.00 0.00 100.00 862,125.21 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 44,009,463.74 0.00 1,413,597,604.77 53,002,825.01 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-1A 729,291,000.00 679,737,057.48 0.00 25,440,326.39 0.00 0.00
A-1B 182,323,000.00 169,934,497.38 0.00 6,360,090.32 0.00 0.00
A-2A 185,769,000.00 165,602,395.01 0.00 12,209,047.03 0.00 0.00
A-2B 60,016,000.00 60,016,000.00 0.00 0.00 0.00 0.00
A-2C 47,430,000.00 47,430,000.00 0.00 0.00 0.00 0.00
M-1 58,509,000.00 58,509,000.00 0.00 0.00 0.00 0.00
M-2 49,271,000.00 49,271,000.00 0.00 0.00 0.00 0.00
M-3 30,024,000.00 30,024,000.00 0.00 0.00 0.00 0.00
M-4 29,255,000.00 29,255,000.00 0.00 0.00 0.00 0.00
M-5 36,953,000.00 36,953,000.00 0.00 0.00 0.00 0.00
M-6 20,016,000.00 20,016,000.00 0.00 0.00 0.00 0.00
M-7 15,397,000.00 15,397,000.00 0.00 0.00 0.00 0.00
M-8 19,246,000.00 19,246,000.00 0.00 0.00 0.00 0.00
M-9 18,477,000.00 18,477,000.00 0.00 0.00 0.00 0.00
B-1 25,405,000.00 25,405,000.00 0.00 0.00 0.00 0.00
B-2 21,556,000.00 21,556,000.00 0.00 0.00 0.00 0.00
CE 10,778,849.00 10,778,018.64 0.00 0.00 0.00 0.00
CE-1 0.00 0.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,539,716,949.00 1,457,607,068.51 0.00 44,009,463.74 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 25,440,326.39 654,296,731.09 0.89716825 25,440,326.39
A-1B 6,360,090.32 163,574,407.06 0.89716825 6,360,090.32
A-2A 12,209,047.03 153,393,347.98 0.82572091 12,209,047.03
A-2B 0.00 60,016,000.00 1.00000000 0.00
A-2C 0.00 47,430,000.00 1.00000000 0.00
M-1 0.00 58,509,000.00 1.00000000 0.00
M-2 0.00 49,271,000.00 1.00000000 0.00
M-3 0.00 30,024,000.00 1.00000000 0.00
M-4 0.00 29,255,000.00 1.00000000 0.00
M-5 0.00 36,953,000.00 1.00000000 0.00
M-6 0.00 20,016,000.00 1.00000000 0.00
M-7 0.00 15,397,000.00 1.00000000 0.00
M-8 0.00 19,246,000.00 1.00000000 0.00
M-9 0.00 18,477,000.00 1.00000000 0.00
B-1 0.00 25,405,000.00 1.00000000 0.00
B-2 0.00 21,556,000.00 1.00000000 0.00
CE 0.00 10,778,018.64 0.99992296 0.00
CE-1 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 44,009,463.74 1,413,597,604.77 0.91808927 44,009,463.74
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A-1A 729,291,000.00 932.05189352 0.00000000 34.88364232 0.00000000
A-1B 182,323,000.00 932.05189351 0.00000000 34.88364233 0.00000000
A-2A 185,769,000.00 891.44257120 0.00000000 65.72165986 0.00000000
A-2B 60,016,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2C 47,430,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 58,509,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 49,271,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 30,024,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 29,255,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 36,953,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 20,016,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 15,397,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-8 19,246,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-9 18,477,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 25,405,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 21,556,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 10,778,849.00 999.92296395 0.00000000 0.00000000 0.00000000
CE-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All classes are per $1,000 denomination.
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1A 0.00000000 34.88364232 897.16825121 0.89716825 34.88364232
A-1B 0.00000000 34.88364233 897.16825118 0.89716825 34.88364233
A-2A 0.00000000 65.72165986 825.72091135 0.82572091 65.72165986
A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 999.92296395 0.99992296 0.00000000
CE-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1A 729,291,000.00 3.33000% 679,737,057.48 2,074,897.37 0.00 0.00
A-1B 182,323,000.00 3.38000% 169,934,497.38 526,513.72 0.00 0.00
A-2A 185,769,000.00 3.21000% 165,602,395.01 487,285.05 0.00 0.00
A-2B 60,016,000.00 3.32000% 60,016,000.00 182,648.69 0.00 0.00
A-2C 47,430,000.00 3.44000% 47,430,000.00 149,562.60 0.00 0.00
M-1 58,509,000.00 3.57000% 58,509,000.00 191,470.70 0.00 0.00
M-2 49,271,000.00 3.59000% 49,271,000.00 162,142.65 0.00 0.00
M-3 30,024,000.00 3.64000% 30,024,000.00 100,180.08 0.00 0.00
M-4 29,255,000.00 3.81000% 29,255,000.00 102,173.09 0.00 0.00
M-5 36,953,000.00 3.87000% 36,953,000.00 131,090.77 0.00 0.00
M-6 20,016,000.00 3.94000% 20,016,000.00 72,291.12 0.00 0.00
M-7 15,397,000.00 4.37000% 15,397,000.00 61,677.82 0.00 0.00
M-8 19,246,000.00 4.47000% 19,246,000.00 78,860.49 0.00 0.00
M-9 18,477,000.00 5.29000% 18,477,000.00 89,598.05 0.00 0.00
B-1 25,405,000.00 6.34000% 25,405,000.00 147,645.39 0.00 0.00
B-2 21,556,000.00 6.34000% 21,556,000.00 125,276.29 0.00 0.00
CE 10,778,849.00 0.00000% 1,457,607,068.51 0.00 0.00 0.00
CE-1 0.00 0.00000% 0.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,539,716,949.00 4,683,313.88 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 2,074,897.37 0.00 654,296,731.09
A-1B 0.00 0.00 526,513.72 0.00 163,574,407.06
A-2A 0.00 0.00 487,285.05 0.00 153,393,347.98
A-2B 0.00 0.00 182,648.69 0.00 60,016,000.00
A-2C 0.00 0.00 149,562.60 0.00 47,430,000.00
M-1 0.00 0.00 191,470.70 0.00 58,509,000.00
M-2 0.00 0.00 162,142.65 0.00 49,271,000.00
M-3 0.00 0.00 100,180.08 0.00 30,024,000.00
M-4 0.00 0.00 102,173.09 0.00 29,255,000.00
M-5 0.00 0.00 131,090.77 0.00 36,953,000.00
M-6 0.00 0.00 72,291.12 0.00 20,016,000.00
M-7 0.00 0.00 61,677.82 0.00 15,397,000.00
M-8 0.00 0.00 78,860.49 0.00 19,246,000.00
M-9 0.00 0.00 89,598.05 0.00 18,477,000.00
B-1 0.00 0.00 147,645.39 0.00 25,405,000.00
B-2 0.00 0.00 125,276.29 0.00 21,556,000.00
CE 0.00 0.00 3,429,056.85 0.00 1,413,597,604.77
CE-1 0.00 0.00 18,865.33 0.00 0.00
P 0.00 0.00 862,125.21 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 8,993,361.27 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1A 729,291,000.00 3.33000% 932.05189352 2.84508841 0.00000000 0.00000000
A-1B 182,323,000.00 3.38000% 932.05189351 2.88780746 0.00000000 0.00000000
A-2A 185,769,000.00 3.21000% 891.44257120 2.62306978 0.00000000 0.00000000
A-2B 60,016,000.00 3.32000% 1000.00000000 3.04333328 0.00000000 0.00000000
A-2C 47,430,000.00 3.44000% 1000.00000000 3.15333333 0.00000000 0.00000000
M-1 58,509,000.00 3.57000% 1000.00000000 3.27249996 0.00000000 0.00000000
M-2 49,271,000.00 3.59000% 1000.00000000 3.29083335 0.00000000 0.00000000
M-3 30,024,000.00 3.64000% 1000.00000000 3.33666667 0.00000000 0.00000000
M-4 29,255,000.00 3.81000% 1000.00000000 3.49250009 0.00000000 0.00000000
M-5 36,953,000.00 3.87000% 1000.00000000 3.54750007 0.00000000 0.00000000
M-6 20,016,000.00 3.94000% 1000.00000000 3.61166667 0.00000000 0.00000000
M-7 15,397,000.00 4.37000% 1000.00000000 4.00583360 0.00000000 0.00000000
M-8 19,246,000.00 4.47000% 1000.00000000 4.09750026 0.00000000 0.00000000
M-9 18,477,000.00 5.29000% 1000.00000000 4.84916653 0.00000000 0.00000000
B-1 25,405,000.00 6.34000% 1000.00000000 5.81166660 0.00000000 0.00000000
B-2 21,556,000.00 6.34000% 1000.00000000 5.81166682 0.00000000 0.00000000
CE 10,778,849.00 0.00000% 135228.45236166 0.00000000 0.00000000 0.00000000
CE-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All classes are per $1,000 denomination.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1A 0.00000000 0.00000000 2.84508841 0.00000000 897.16825121
A-1B 0.00000000 0.00000000 2.88780746 0.00000000 897.16825118
A-2A 0.00000000 0.00000000 2.62306978 0.00000000 825.72091135
A-2B 0.00000000 0.00000000 3.04333328 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 3.15333333 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 3.27249996 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.29083335 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 3.33666667 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.49250009 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.54750007 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.61166667 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 4.00583360 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 4.09750026 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 4.84916653 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.81166660 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.81166682 0.00000000 1000.00000000
CE 0.00000000 0.00000000 318.12829459 0.00000000 131145.50586709
CE-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 8621252.10000000 0.00000000 1000.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 53,273,237.76
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 335,063.59
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 862,125.21
Total Deposits 54,470,426.56
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 605,476.36
Payment of Interest and Principal 53,002,825.01
Total Withdrawals (Pool Distribution Amount) 53,608,301.37
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 588,470.95
Credit Risk Manager Fee - The Murrayhill Company 17,005.41
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 605,476.36
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 10,808.86 10,808.86 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 16 1 0 17
1,905,225.34 258,933.50 0.00 2,164,158.84
30 Days 154 5 0 0 159
22,824,486.72 639,426.53 0.00 0.00 23,463,913.25
60 Days 58 1 1 0 60
9,599,530.26 141,902.68 322,999.41 0.00 10,064,432.35
90 Days 67 2 23 0 92
10,582,876.50 413,152.76 4,382,521.22 0.00 15,378,550.48
120 Days 1 0 0 0 1
208,250.00 0.00 0.00 0.00 208,250.00
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 280 24 25 0 329
43,215,143.48 3,099,707.31 4,964,454.13 0.00 51,279,304.92
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 0.189708% 0.011857% 0.000000% 0.201565%
0.134737% 0.018312% 0.000000% 0.153048%
30 Days 1.825943% 0.059284% 0.000000% 0.000000% 1.885226%
1.614138% 0.045220% 0.000000% 0.000000% 1.659358%
60 Days 0.687693% 0.011857% 0.011857% 0.000000% 0.711406%
0.678875% 0.010035% 0.022842% 0.000000% 0.711752%
90 Days 0.794404% 0.023714% 0.272706% 0.000000% 1.090823%
0.748417% 0.029218% 0.309930% 0.000000% 1.087565%
120 Days 0.011857% 0.000000% 0.000000% 0.000000% 0.011857%
0.014727% 0.000000% 0.000000% 0.000000% 0.014727%
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 3.319896% 0.284562% 0.296419% 0.000000% 3.900877%
3.056157% 0.219210% 0.351084% 0.000000% 3.626451%
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 10 1 0 11
1,597,963.73 258,933.50 0.00 1,856,897.23
30 Days 112 3 0 0 115
17,085,827.67 616,308.76 0.00 0.00 17,702,136.43
60 Days 36 1 1 0 38
5,919,432.75 141,902.68 322,999.41 0.00 6,384,334.84
90 Days 49 2 16 0 67
9,697,445.30 413,152.76 2,880,360.18 0.00 12,990,958.24
120 Days 1 0 0 0 1
208,250.00 0.00 0.00 0.00 208,250.00
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 198 16 18 0 232
32,910,955.72 2,769,327.93 3,462,293.09 0.00 39,142,576.74
0-29 Days 0.204708% 0.020471% 0.000000% 0.225179%
0.179187% 0.029035% 0.000000% 0.208223%
30 Days 2.292733% 0.061412% 0.000000% 0.000000% 2.354145%
1.915915% 0.069110% 0.000000% 0.000000% 1.985024%
60 Days 0.736950% 0.020471% 0.020471% 0.000000% 0.777892%
0.663774% 0.015912% 0.036219% 0.000000% 0.715906%
90 Days 1.003071% 0.040942% 0.327533% 0.000000% 1.371546%
1.087420% 0.046329% 0.322988% 0.000000% 1.456737%
120 Days 0.020471% 0.000000% 0.000000% 0.000000% 0.020471%
0.023352% 0.000000% 0.000000% 0.000000% 0.023352%
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 4.053224% 0.327533% 0.368475% 0.000000% 4.749232%
3.690461% 0.310538% 0.388243% 0.000000% 4.389242%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 5 0 0 5
212,505.38 0.00 0.00 212,505.38
30 Days 32 2 0 0 34
1,780,846.91 23,117.77 0.00 0.00 1,803,964.68
60 Days 14 0 0 0 14
936,901.21 0.00 0.00 0.00 936,901.21
90 Days 18 0 2 0 20
885,431.20 0.00 157,591.58 0.00 1,043,022.78
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 64 7 2 0 73
3,603,179.32 235,623.15 157,591.58 0.00 3,996,394.05
0-29 Days 0.197550% 0.000000% 0.000000% 0.197550%
0.118171% 0.000000% 0.000000% 0.118171%
30 Days 1.264322% 0.079020% 0.000000% 0.000000% 1.343343%
0.990303% 0.012855% 0.000000% 0.000000% 1.003158%
60 Days 0.553141% 0.000000% 0.000000% 0.000000% 0.553141%
0.520997% 0.000000% 0.000000% 0.000000% 0.520997%
90 Days 0.711181% 0.000000% 0.079020% 0.000000% 0.790202%
0.492375% 0.000000% 0.087634% 0.000000% 0.580010%
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 2.528645% 0.276571% 0.079020% 0.000000% 2.884235%
2.003675% 0.131027% 0.087634% 0.000000% 2.222336%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 3 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 7 0 0 0 7
3,182,448.02 0.00 0.00 0.00 3,182,448.02
60 Days 5 0 0 0 5
2,427,111.89 0.00 0.00 0.00 2,427,111.89
90 Days 0 0 3 0 3
0.00 0.00 1,301,232.35 0.00 1,301,232.35
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 12 0 3 0 15
5,609,559.91 0.00 1,301,232.35 0.00 6,910,792.26
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.118211% 0.000000% 0.000000% 0.000000% 1.118211%
1.100781% 0.000000% 0.000000% 0.000000% 1.100781%
60 Days 0.798722% 0.000000% 0.000000% 0.000000% 0.798722%
0.839517% 0.000000% 0.000000% 0.000000% 0.839517%
90 Days 0.000000% 0.000000% 0.479233% 0.000000% 0.479233%
0.000000% 0.000000% 0.450085% 0.000000% 0.450085%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.916933% 0.000000% 0.479233% 0.000000% 2.396166%
1.940298% 0.000000% 0.450085% 0.000000% 2.390383%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 4 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 1 0 0 1
94,756.23 0.00 0.00 94,756.23
30 Days 3 0 0 0 3
775,364.12 0.00 0.00 0.00 775,364.12
60 Days 3 0 0 0 3
316,084.41 0.00 0.00 0.00 316,084.41
90 Days 0 0 2 0 2
0.00 0.00 43,337.11 0.00 43,337.11
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 6 1 2 0 9
1,091,448.53 94,756.23 43,337.11 0.00 1,229,541.87
0-29 Days 0.255102% 0.000000% 0.000000% 0.255102%
0.177731% 0.000000% 0.000000% 0.177731%
30 Days 0.765306% 0.000000% 0.000000% 0.000000% 0.765306%
1.454322% 0.000000% 0.000000% 0.000000% 1.454322%
60 Days 0.765306% 0.000000% 0.000000% 0.000000% 0.765306%
0.592868% 0.000000% 0.000000% 0.000000% 0.592868%
90 Days 0.000000% 0.000000% 0.510204% 0.000000% 0.510204%
0.000000% 0.000000% 0.081286% 0.000000% 0.081286%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.530612% 0.255102% 0.510204% 0.000000% 2.295918%
2.047190% 0.177731% 0.081286% 0.000000% 2.306206%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 335,063.59
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-1 276,378,949.00 17.94998419% 276,378,118.64 19.55139976% 4.139014% 0.000000%
Class M-2 227,107,949.00 14.74998045% 227,107,118.64 16.06589583% 3.485504% 0.000000%
Class M-3 197,083,949.00 12.80001166% 197,083,118.64 13.94195335% 2.123942% 0.000000%
Class M-4 167,828,949.00 10.89998711% 167,828,118.64 11.87241108% 2.069542% 0.000000%
Class B-1 32,334,949.00 2.10005800% 32,334,118.64 2.28736371% 1.797188% 0.000000%
Class B-2 10,778,949.00 0.70006042% 10,778,118.64 0.76246017% 1.524904% 0.000000%
Class CE 100.00 0.00000649% 100.00 0.00000707% 0.762453% 0.000000%
Class CE-1 100.00 0.00000649% 100.00 0.00000707% 0.000000% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000007% 0.000000%
Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.192648%
Weighted Average Net Coupon 6.708180%
Weighted Average Pass-Through Rate 6.694180%
Weighted Average Maturity(Stepdown Calculation) 348
Beginning Scheduled Collateral Loan Count 8,653
Number Of Loans Paid In Full 219
Ending Scheduled Collateral Loan Count 8,434
Beginning Scheduled Collateral Balance 1,457,607,068.51
Ending Scheduled Collateral Balance 1,413,597,604.77
Ending Actual Collateral Balance at 31-May-2005 1,414,035,549.54
Monthly P&I Constant 9,629,932.56
Special Servicing Fee 0.00
Prepayment Penalties 862,125.21
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 893,220.00
Unscheduled Principal 43,116,243.74
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 10,778,018.65
Overcollateralized Amount 10,778,018.65
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed ARM Mixed Fixed Mixed ARM
Weighted Average Coupon Rate 7.090864 8.430571 6.497612
Weighted Average Net Rate 6.607090 7.944939 6.011286
Weighted Average Maturity 354 317 354
Beginning Loan Count 5,021 2,581 651
Loans Paid In Full 136 50 25
Ending Loan Count 4,885 2,531 626
Beginning Scheduled Balance 919,164,153.45 183,894,563.92 300,228,243.52
Ending Scheduled Balance 891,480,637.65 179,777,663.01 289,043,666.63
Record Date 05/31/2005 05/31/2005 05/31/2005
Principal And Interest Constant 5,982,711.55 1,455,525.35 1,761,445.55
Scheduled Principal 551,321.20 163,578.52 135,806.75
Unscheduled Principal 27,132,194.60 3,953,322.39 11,048,770.14
Scheduled Interest 5,431,390.35 1,291,946.83 1,625,638.80
Servicing Fees 370,556.73 74,420.90 121,673.97
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 10,723.58 2,145.44 3,502.66
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 5,050,110.04 1,215,380.49 1,500,462.17
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.593090 7.930939 5.997286
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed Fixed Mixed Fixed & Arm
Weighted Average Coupon Rate 8.565592 7.192648
Weighted Average Net Rate 8.083575 6.708180
Weighted Average Maturity 314 348
Beginning Loan Count 400 8,653
Loans Paid In Full 8 219
Ending Loan Count 392 8,434
Beginning Scheduled Balance 54,320,107.62 1,457,607,068.51
Ending scheduled Balance 53,295,637.48 1,413,597,604.77
Record Date 05/31/2005 05/31/2005
Principal And Interest Constant 430,250.11 9,629,932.56
Scheduled Principal 42,513.53 893,220.00
Unscheduled Principal 981,956.61 43,116,243.74
Scheduled Interest 387,736.58 8,736,712.56
Servicing Fees 21,819.35 588,470.95
Master Servicing Fees 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 633.73 17,005.41
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 365,283.50 8,131,236.20
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 8.069575 6.694180