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-HE3 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-123741-01 54-2173089
Pooling and Servicing Agreement) (Commission 54-2173090
(State or other File Number) 54-2173091
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-HE3 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-HE3 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-HE3 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-HE3 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-HE3
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 004421MX8 SEN 3.31000% 364,879,652.17 1,107,105.68
A-1B 004421MY6 SEN 3.35000% 91,220,903.68 280,124.19
A-2A 004421MZ3 SEN 3.19000% 216,251,076.80 632,354.19
A-2B 004421NA7 SEN 3.30000% 119,685,000.00 362,047.13
A-2C 004421NB5 SEN 3.41000% 49,096,000.00 153,465.91
M-1 004421NC3 MEZ 3.52000% 58,358,000.00 188,301.81
M-2 004421ND1 MEZ 3.54000% 35,451,000.00 115,038.50
M-3 004421NE9 MEZ 3.56000% 22,362,000.00 72,974.66
M-4 004421NF6 MEZ 3.72000% 19,634,000.00 66,951.94
M-5 004421NG4 MEZ 3.75000% 18,544,000.00 63,745.00
M-6 004421NH2 MEZ 3.78000% 17,998,000.00 62,363.07
M-7 004421NJ8 MEZ 4.39000% 14,180,000.00 57,062.68
M-8 004421NK5 MEZ 4.44000% 13,090,000.00 53,276.30
M-9 004421NL3 MEZ 4.89000% 10,908,000.00 48,895.11
B-1 004421NM1 SUB 6.34000% 6,545,000.00 38,037.36
B-2 004421NN9 SUB 6.34000% 10,908,000.00 63,393.66
B-3 004421NP4 SUB 6.34000% 8,181,000.00 47,545.24
CE ACE05H2CE SEN 0.00000% 5,454,025.98 2,497,954.01
P ACE05HE2P SEN 0.00000% 100.00 135,656.39
R-1 ACE05H3R1 SEN 0.00000% 0.00 0.00
Totals 1,082,745,758.63 6,046,292.83
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 3,785,452.84 0.00 361,094,199.33 4,892,558.52 0.00
A-1B 946,373.49 0.00 90,274,530.19 1,226,497.68 0.00
A-2A 6,891,674.15 0.00 209,359,402.65 7,524,028.34 0.00
A-2B 0.00 0.00 119,685,000.00 362,047.13 0.00
A-2C 0.00 0.00 49,096,000.00 153,465.91 0.00
M-1 0.00 0.00 58,358,000.00 188,301.81 0.00
M-2 0.00 0.00 35,451,000.00 115,038.50 0.00
M-3 0.00 0.00 22,362,000.00 72,974.66 0.00
M-4 0.00 0.00 19,634,000.00 66,951.94 0.00
M-5 0.00 0.00 18,544,000.00 63,745.00 0.00
M-6 0.00 0.00 17,998,000.00 62,363.07 0.00
M-7 0.00 0.00 14,180,000.00 57,062.68 0.00
M-8 0.00 0.00 13,090,000.00 53,276.30 0.00
M-9 0.00 0.00 10,908,000.00 48,895.11 0.00
B-1 0.00 0.00 6,545,000.00 38,037.36 0.00
B-2 0.00 0.00 10,908,000.00 63,393.66 0.00
B-3 0.00 0.00 8,181,000.00 47,545.24 0.00
CE 0.00 0.00 5,454,025.98 2,497,954.01 0.00
P 0.00 0.00 100.00 135,656.39 0.00
R-1 0.00 0.00 0.00 0.00 0.00
Totals 11,623,500.48 0.00 1,071,122,258.15 17,669,793.31 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 368,328,000.00 364,879,652.17 0.00 3,785,452.84 0.00 0.00
A-1B 92,083,000.00 91,220,903.68 0.00 946,373.49 0.00 0.00
A-2A 220,000,000.00 216,251,076.80 0.00 6,891,674.15 0.00 0.00
A-2B 119,685,000.00 119,685,000.00 0.00 0.00 0.00 0.00
A-2C 49,096,000.00 49,096,000.00 0.00 0.00 0.00 0.00
M-1 58,358,000.00 58,358,000.00 0.00 0.00 0.00 0.00
M-2 35,451,000.00 35,451,000.00 0.00 0.00 0.00 0.00
M-3 22,362,000.00 22,362,000.00 0.00 0.00 0.00 0.00
M-4 19,634,000.00 19,634,000.00 0.00 0.00 0.00 0.00
M-5 18,544,000.00 18,544,000.00 0.00 0.00 0.00 0.00
M-6 17,998,000.00 17,998,000.00 0.00 0.00 0.00 0.00
M-7 14,180,000.00 14,180,000.00 0.00 0.00 0.00 0.00
M-8 13,090,000.00 13,090,000.00 0.00 0.00 0.00 0.00
M-9 10,908,000.00 10,908,000.00 0.00 0.00 0.00 0.00
B-1 6,545,000.00 6,545,000.00 0.00 0.00 0.00 0.00
B-2 10,908,000.00 10,908,000.00 0.00 0.00 0.00 0.00
B-3 8,181,000.00 8,181,000.00 0.00 0.00 0.00 0.00
CE 5,454,097.00 5,454,025.98 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,090,805,197.00 1,082,745,758.63 0.00 11,623,500.48 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 3,785,452.84 361,094,199.33 0.98036044 3,785,452.84
A-1B 946,373.49 90,274,530.19 0.98036044 946,373.49
A-2A 6,891,674.15 209,359,402.65 0.95163365 6,891,674.15
A-2B 0.00 119,685,000.00 1.00000000 0.00
A-2C 0.00 49,096,000.00 1.00000000 0.00
M-1 0.00 58,358,000.00 1.00000000 0.00
M-2 0.00 35,451,000.00 1.00000000 0.00
M-3 0.00 22,362,000.00 1.00000000 0.00
M-4 0.00 19,634,000.00 1.00000000 0.00
M-5 0.00 18,544,000.00 1.00000000 0.00
M-6 0.00 17,998,000.00 1.00000000 0.00
M-7 0.00 14,180,000.00 1.00000000 0.00
M-8 0.00 13,090,000.00 1.00000000 0.00
M-9 0.00 10,908,000.00 1.00000000 0.00
B-1 0.00 6,545,000.00 1.00000000 0.00
B-2 0.00 10,908,000.00 1.00000000 0.00
B-3 0.00 8,181,000.00 1.00000000 0.00
CE 0.00 5,454,025.98 0.99998698 0.00
P 0.00 100.00 1.00000000 0.00
R-1 0.00 0.00 0.00000000 0.00
Totals 11,623,500.48 1,071,122,258.15 0.98195559 11,623,500.48
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 368,328,000.00 990.63783413 0.00000000 10.27739634 0.00000000
A-1B 92,083,000.00 990.63783413 0.00000000 10.27739637 0.00000000
A-2A 220,000,000.00 982.95944000 0.00000000 31.32579159 0.00000000
A-2B 119,685,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2C 49,096,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 58,358,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 35,451,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 22,362,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 19,634,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 18,544,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 17,998,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 14,180,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-8 13,090,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-9 10,908,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 6,545,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 10,908,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 8,181,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 5,454,097.00 999.98697860 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are per $1,000 denomination.
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1A 0.00000000 10.27739634 980.36043779 0.98036044 10.27739634
A-1B 0.00000000 10.27739637 980.36043776 0.98036044 10.27739637
A-2A 0.00000000 31.32579159 951.63364841 0.95163365 31.32579159
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
B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 999.98697860 0.99998698 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1A 368,328,000.00 3.31000% 364,879,652.17 1,107,105.68 0.00 0.00
A-1B 92,083,000.00 3.35000% 91,220,903.68 280,124.19 0.00 0.00
A-2A 220,000,000.00 3.19000% 216,251,076.80 632,354.19 0.00 0.00
A-2B 119,685,000.00 3.30000% 119,685,000.00 362,047.13 0.00 0.00
A-2C 49,096,000.00 3.41000% 49,096,000.00 153,465.91 0.00 0.00
M-1 58,358,000.00 3.52000% 58,358,000.00 188,301.81 0.00 0.00
M-2 35,451,000.00 3.54000% 35,451,000.00 115,038.50 0.00 0.00
M-3 22,362,000.00 3.56000% 22,362,000.00 72,974.66 0.00 0.00
M-4 19,634,000.00 3.72000% 19,634,000.00 66,951.94 0.00 0.00
M-5 18,544,000.00 3.75000% 18,544,000.00 63,745.00 0.00 0.00
M-6 17,998,000.00 3.78000% 17,998,000.00 62,363.07 0.00 0.00
M-7 14,180,000.00 4.39000% 14,180,000.00 57,062.68 0.00 0.00
M-8 13,090,000.00 4.44000% 13,090,000.00 53,276.30 0.00 0.00
M-9 10,908,000.00 4.89000% 10,908,000.00 48,895.11 0.00 0.00
B-1 6,545,000.00 6.34000% 6,545,000.00 38,037.36 0.00 0.00
B-2 10,908,000.00 6.34000% 10,908,000.00 63,393.66 0.00 0.00
B-3 8,181,000.00 6.34000% 8,181,000.00 47,545.24 0.00 0.00
CE 5,454,097.00 0.00000% 1,082,622,625.15 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,090,805,197.00 3,412,682.43 0.00 0.00
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1A 0.00 0.00 1,107,105.68 0.00 361,094,199.33
A-1B 0.00 0.00 280,124.19 0.00 90,274,530.19
A-2A 0.00 0.00 632,354.19 0.00 209,359,402.65
A-2B 0.00 0.00 362,047.13 0.00 119,685,000.00
A-2C 0.00 0.00 153,465.91 0.00 49,096,000.00
M-1 0.00 0.00 188,301.81 0.00 58,358,000.00
M-2 0.00 0.00 115,038.50 0.00 35,451,000.00
M-3 0.00 0.00 72,974.66 0.00 22,362,000.00
M-4 0.00 0.00 66,951.94 0.00 19,634,000.00
M-5 0.00 0.00 63,745.00 0.00 18,544,000.00
M-6 0.00 0.00 62,363.07 0.00 17,998,000.00
M-7 0.00 0.00 57,062.68 0.00 14,180,000.00
M-8 0.00 0.00 53,276.30 0.00 13,090,000.00
M-9 0.00 0.00 48,895.11 0.00 10,908,000.00
B-1 0.00 0.00 38,037.36 0.00 6,545,000.00
B-2 0.00 0.00 63,393.66 0.00 10,908,000.00
B-3 0.00 0.00 47,545.24 0.00 8,181,000.00
CE 0.00 0.00 2,497,954.01 0.00 1,071,122,258.16
P 0.00 0.00 135,656.39 0.00 100.00
R-1 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 6,046,292.83 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 368,328,000.00 3.31000% 990.63783413 3.00576030 0.00000000 0.00000000
A-1B 92,083,000.00 3.35000% 990.63783413 3.04208366 0.00000000 0.00000000
A-2A 220,000,000.00 3.19000% 982.95944000 2.87433723 0.00000000 0.00000000
A-2B 119,685,000.00 3.30000% 1000.00000000 3.02500004 0.00000000 0.00000000
A-2C 49,096,000.00 3.41000% 1000.00000000 3.12583327 0.00000000 0.00000000
M-1 58,358,000.00 3.52000% 1000.00000000 3.22666661 0.00000000 0.00000000
M-2 35,451,000.00 3.54000% 1000.00000000 3.24500014 0.00000000 0.00000000
M-3 22,362,000.00 3.56000% 1000.00000000 3.26333333 0.00000000 0.00000000
M-4 19,634,000.00 3.72000% 1000.00000000 3.41000000 0.00000000 0.00000000
M-5 18,544,000.00 3.75000% 1000.00000000 3.43750000 0.00000000 0.00000000
M-6 17,998,000.00 3.78000% 1000.00000000 3.46500000 0.00000000 0.00000000
M-7 14,180,000.00 4.39000% 1000.00000000 4.02416643 0.00000000 0.00000000
M-8 13,090,000.00 4.44000% 1000.00000000 4.07000000 0.00000000 0.00000000
M-9 10,908,000.00 4.89000% 1000.00000000 4.48250000 0.00000000 0.00000000
B-1 6,545,000.00 6.34000% 1000.00000000 5.81166692 0.00000000 0.00000000
B-2 10,908,000.00 6.34000% 1000.00000000 5.81166667 0.00000000 0.00000000
B-3 8,181,000.00 6.34000% 1000.00000000 5.81166606 0.00000000 0.00000000
CE 5,454,097.00 0.00000% 198497.13438357 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are per $1,000 denomination.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1A 0.00000000 0.00000000 3.00576030 0.00000000 980.36043779
A-1B 0.00000000 0.00000000 3.04208366 0.00000000 980.36043776
A-2A 0.00000000 0.00000000 2.87433723 0.00000000 951.63364841
A-2B 0.00000000 0.00000000 3.02500004 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 3.12583327 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 3.22666661 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.24500014 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 3.26333333 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.41000000 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.43750000 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.46500000 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 4.02416643 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 4.07000000 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 4.48250000 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.81166692 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.81166667 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 5.81166606 0.00000000 1000.00000000
CE 0.00000000 0.00000000 457.99589006 0.00000000 196388.56040881
P 0.00000000 0.00000000 1356563.90000000 0.00000000 1000.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 18,042,576.92
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 93,646.47
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 18,136,223.39
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 466,430.09
Payment of Interest and Principal 17,669,793.30
Total Withdrawals (Pool Distribution Amount) 18,136,223.39
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 451,092.86
Credit Risk Manager Fee - Murray Hill Company 12,630.62
Master Servicing Fee: Wells Fargo Bank 2,706.61
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 466,430.09
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 6,110.55 6,110.55 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 8 0 0 8
606,504.50 0.00 0.00 606,504.50
30 Days 88 0 0 0 88
13,671,478.81 0.00 0.00 0.00 13,671,478.81
60 Days 1 0 0 0 1
512,800.00 0.00 0.00 0.00 512,800.00
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 89 8 0 0 97
14,184,278.81 606,504.50 0.00 0.00 14,790,783.31
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 0.118519% 0.000000% 0.000000% 0.118519%
0.056595% 0.000000% 0.000000% 0.056595%
30 Days 1.303704% 0.000000% 0.000000% 0.000000% 1.303704%
1.275729% 0.000000% 0.000000% 0.000000% 1.275729%
60 Days 0.014815% 0.000000% 0.000000% 0.000000% 0.014815%
0.047851% 0.000000% 0.000000% 0.000000% 0.047851%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.318519% 0.118519% 0.000000% 0.000000% 1.437037%
1.323580% 0.056595% 0.000000% 0.000000% 1.380175%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group I SubGrp 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 2 0 0 2
129,866.69 0.00 0.00 129,866.69
30 Days 15 0 0 0 15
1,111,304.41 0.00 0.00 0.00 1,111,304.41
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 15 2 0 0 17
1,111,304.41 129,866.69 0.00 0.00 1,241,171.10
0-29 Days 0.139665% 0.000000% 0.000000% 0.139665%
0.128794% 0.000000% 0.000000% 0.128794%
30 Days 1.047486% 0.000000% 0.000000% 0.000000% 1.047486%
1.102128% 0.000000% 0.000000% 0.000000% 1.102128%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.047486% 0.139665% 0.000000% 0.000000% 1.187151%
1.102128% 0.128794% 0.000000% 0.000000% 1.230922%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group I SubGrp 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 5 0 0 5
437,777.39 0.00 0.00 437,777.39
30 Days 44 0 0 0 44
4,623,445.05 0.00 0.00 0.00 4,623,445.05
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 44 5 0 0 49
4,623,445.05 437,777.39 0.00 0.00 5,061,222.44
0-29 Days 0.148017% 0.000000% 0.000000% 0.148017%
0.090860% 0.000000% 0.000000% 0.090860%
30 Days 1.302546% 0.000000% 0.000000% 0.000000% 1.302546%
0.959585% 0.000000% 0.000000% 0.000000% 0.959585%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.302546% 0.148017% 0.000000% 0.000000% 1.450562%
0.959585% 0.090860% 0.000000% 0.000000% 1.050445%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp II SubGrp 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 1 0 0 1
38,860.42 0.00 0.00 38,860.42
30 Days 7 0 0 0 7
567,738.12 0.00 0.00 0.00 567,738.12
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 7 1 0 0 8
567,738.12 38,860.42 0.00 0.00 606,598.54
0-29 Days 0.162075% 0.000000% 0.000000% 0.162075%
0.060731% 0.000000% 0.000000% 0.060731%
30 Days 1.134522% 0.000000% 0.000000% 0.000000% 1.134522%
0.887260% 0.000000% 0.000000% 0.000000% 0.887260%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.134522% 0.162075% 0.000000% 0.000000% 1.296596%
0.887260% 0.060731% 0.000000% 0.000000% 0.947991%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp II SubGrp 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 22 0 0 0 22
7,368,991.23 0.00 0.00 0.00 7,368,991.23
60 Days 1 0 0 0 1
512,800.00 0.00 0.00 0.00 512,800.00
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 23 0 0 0 23
7,881,791.23 0.00 0.00 0.00 7,881,791.23
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.662887% 0.000000% 0.000000% 0.000000% 1.662887%
1.733789% 0.000000% 0.000000% 0.000000% 1.733789%
60 Days 0.075586% 0.000000% 0.000000% 0.000000% 0.075586%
0.120652% 0.000000% 0.000000% 0.000000% 0.120652%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.738473% 0.000000% 0.000000% 0.000000% 1.738473%
1.854441% 0.000000% 0.000000% 0.000000% 1.854441%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 93,646.47
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-1 183,255,197.00 16.79999302% 183,255,125.98 17.10870301% 5.448304% 0.000000%
Class M-2 147,804,197.00 13.55000851% 147,804,125.98 13.79899679% 3.309706% 0.000000%
Class M-3 125,442,197.00 11.49996327% 125,442,125.98 11.71127992% 2.087717% 0.000000%
Class M-4 105,808,197.00 9.70000852% 105,808,125.98 9.87824921% 1.833031% 0.000000%
Class B-1 24,543,197.00 2.25000734% 24,543,125.98 2.29134684% 0.611041% 0.000000%
Class B-2 13,635,197.00 1.25001210% 13,635,125.98 1.27297569% 1.018371% 0.000000%
Class B-3 5,454,197.00 0.50001568% 5,454,125.98 0.50919733% 0.763778% 0.000000%
Class CE 100.00 0.00000917% 100.00 0.00000934% 0.509188% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000009% 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 Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 7.204948%
Weighted Average Net Coupon 6.682934%
Weighted Average Pass-Through Rate 6.687948%
Weighted Average Maturity(Stepdown Calculation) 348
Beginning Scheduled Collateral Loan Count 6,491
Number Of Loans Paid In Full (259)
Ending Scheduled Collateral Loan Count 6,750
Beginning Scheduled Collateral Balance 1,036,967,910.97
Ending Scheduled Collateral Balance 1,071,122,258.16
Ending Actual Collateral Balance at 31-May-2005 1,071,659,759.66
Monthly P&I Constant 7,092,442.19
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 592,242.35
Unscheduled Principal 10,908,124.64
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 123,133.48
Overcollateralized reduction Amount 0.00
Specified O/C Amount 5,454,025.98
Overcollateralized Amount 5,454,025.98
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 123,133.48
Excess Cash Amount 0.00
Group Level Collateral Statement
Group Group I SubGrp I Group I SubGrp II Grp II SubGrp I
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 8.548724 7.239667 8.377774
Weighted Average Net Rate 8.019719 6.704160 7.855142
Weighted Average Maturity 294 358 358
Beginning Loan Count 1,388 3,177 605
Loans Paid In Full (44) (201) (12)
Ending Loan Count 1,432 3,378 617
Beginning Scheduled Balance 95,754,794.56 453,468,992.51 61,802,351.64
Ending Scheduled Balance 100,765,682.05 481,534,691.06 63,951,088.33
Record Date 05/31/2005 05/31/2005 05/31/2005
Principal And Interest Constant 800,401.03 3,236,778.57 493,950.85
Scheduled Principal 78,677.36 306,689.62 42,949.28
Unscheduled Principal 465,304.59 3,831,028.18 605,682.16
Scheduled Interest 721,723.67 2,930,088.95 451,001.57
Servicing Fees 42,212.37 202,363.52 26,916.59
Master Servicing Fees 253.29 1,214.21 161.51
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 1,181.94 5,666.22 753.67
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 678,076.07 2,720,845.00 423,169.80
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 8.031724 6.722667 7.860774
Group Level Collateral Statement
Group Grp II SubGrp II Total
Collateral Description Mixed ARM Fixed Mixed & ARM & Balloon
Weighted Average Coupon Rate 6.674223 7.204948
Weighted Average Net Rate 6.168238 6.682934
Weighted Average Maturity 292 348
Beginning Loan Count 1,321 6,491
Loans Paid In Full (2) (259)
Ending Loan Count 1,323 6,750
Beginning Scheduled Balance 425,941,772.26 1,036,967,910.97
Ending scheduled Balance 424,870,796.72 1,071,122,258.16
Record Date 05/31/2005 05/31/2005
Principal And Interest Constant 2,561,311.74 7,092,442.19
Scheduled Principal 163,926.09 592,242.35
Unscheduled Principal 6,006,109.71 10,908,124.64
Scheduled Interest 2,397,385.65 6,500,199.84
Servicing Fees 179,600.38 451,092.86
Master Servicing Fees 1,077.60 2,706.61
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 5,028.79 12,630.62
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 2,211,678.88 6,033,769.75
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 6.157223 6.687948