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): July 25, 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
Pooling and Servicing Agreement) (Commission 54-2173089
(State or other File Number) 54-2173090
jurisdiction 54-2173091
of Incorporation) IRS EIN
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 July 25, 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
July 25, 2005 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2005-HE3 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 7/27/2005
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 July 25, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 6/30/2005
Distribution Date: 7/25/2005
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 3.53438% 361,094,199.33 992,634.31
A-1B 004421MY6 SEN 3.57438% 90,274,530.19 250,969.81
A-2A 004421MZ3 SEN 3.41438% 209,359,402.65 555,980.88
A-2B 004421NA7 SEN 3.52438% 119,685,000.00 328,078.66
A-2C 004421NB5 SEN 3.63438% 49,096,000.00 138,781.63
M-1 004421NC3 MEZ 3.74438% 58,358,000.00 169,955.74
M-2 004421ND1 MEZ 3.76438% 35,451,000.00 103,795.25
M-3 004421NE9 MEZ 3.78438% 22,362,000.00 65,820.46
M-4 004421NF6 MEZ 3.94438% 19,634,000.00 60,234.19
M-5 004421NG4 MEZ 3.97438% 18,544,000.00 57,322.92
M-6 004421NH2 MEZ 4.00438% 17,998,000.00 56,055.09
M-7 004421NJ8 MEZ 4.61438% 14,180,000.00 50,891.48
M-8 004421NK5 MEZ 4.66438% 13,090,000.00 47,488.57
M-9 004421NL3 MEZ 5.11438% 10,908,000.00 43,390.40
B-1 004421NM1 SUB 6.56438% 6,545,000.00 33,416.34
B-2 004421NN9 SUB 6.56438% 10,908,000.00 55,692.20
B-3 004421NP4 SUB 6.56438% 8,181,000.00 41,769.15
CE ACE05H2CE SEN 0.00000% 5,454,025.98 2,914,539.10
P ACE05HE2P SEN 0.00000% 100.00 247,205.23
R-1 ACE05H3R1 SEN 0.00000% 0.00 0.00
Totals 1,071,122,258.15 6,214,021.41
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 8,530,958.94 0.00 352,563,240.39 9,523,593.25 0.00
A-1B 2,132,762.90 0.00 88,141,767.30 2,383,732.71 0.00
A-2A 6,271,543.01 0.00 203,087,859.64 6,827,523.89 0.00
A-2B 0.00 0.00 119,685,000.00 328,078.66 0.00
A-2C 0.00 0.00 49,096,000.00 138,781.63 0.00
M-1 0.00 0.00 58,358,000.00 169,955.74 0.00
M-2 0.00 0.00 35,451,000.00 103,795.25 0.00
M-3 0.00 0.00 22,362,000.00 65,820.46 0.00
M-4 0.00 0.00 19,634,000.00 60,234.19 0.00
M-5 0.00 0.00 18,544,000.00 57,322.92 0.00
M-6 0.00 0.00 17,998,000.00 56,055.09 0.00
M-7 0.00 0.00 14,180,000.00 50,891.48 0.00
M-8 0.00 0.00 13,090,000.00 47,488.57 0.00
M-9 0.00 0.00 10,908,000.00 43,390.40 0.00
B-1 0.00 0.00 6,545,000.00 33,416.34 0.00
B-2 0.00 0.00 10,908,000.00 55,692.20 0.00
B-3 0.00 0.00 8,181,000.00 41,769.15 0.00
CE 0.00 0.00 5,454,025.98 2,914,539.10 0.00
P 0.00 0.00 100.00 247,205.23 0.00
R-1 0.00 0.00 0.00 0.00 0.00
Totals 16,935,264.85 0.00 1,054,186,993.31 23,149,286.26 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 368,328,000.00 361,094,199.33 0.00 8,530,958.94 0.00 0.00
A-1B 92,083,000.00 90,274,530.19 0.00 2,132,762.90 0.00 0.00
A-2A 220,000,000.00 209,359,402.65 0.00 6,271,543.01 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 1,071,122,258.15 0.00 16,935,264.85 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 8,530,958.94 352,563,240.39 0.95719913 8,530,958.94
A-1B 2,132,762.90 88,141,767.30 0.95719913 2,132,762.90
A-2A 6,271,543.01 203,087,859.64 0.92312663 6,271,543.01
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 16,935,264.85 1,054,186,993.31 0.96643012 16,935,264.85
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 368,328,000.00 980.36043779 0.00000000 23.16130987 0.00000000
A-1B 92,083,000.00 980.36043776 0.00000000 23.16130991 0.00000000
A-2A 220,000,000.00 951.63364841 0.00000000 28.50701368 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 23.16130987 957.19912792 0.95719913 23.16130987
A-1B 0.00000000 23.16130991 957.19912796 0.95719913 23.16130991
A-2A 0.00000000 28.50701368 923.12663473 0.92312663 28.50701368
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 3.53438% 361,094,199.33 992,634.31 0.00 0.00
A-1B 92,083,000.00 3.57438% 90,274,530.19 250,969.81 0.00 0.00
A-2A 220,000,000.00 3.41438% 209,359,402.65 555,980.88 0.00 0.00
A-2B 119,685,000.00 3.52438% 119,685,000.00 328,078.66 0.00 0.00
A-2C 49,096,000.00 3.63438% 49,096,000.00 138,781.63 0.00 0.00
M-1 58,358,000.00 3.74438% 58,358,000.00 169,955.74 0.00 0.00
M-2 35,451,000.00 3.76438% 35,451,000.00 103,795.25 0.00 0.00
M-3 22,362,000.00 3.78438% 22,362,000.00 65,820.46 0.00 0.00
M-4 19,634,000.00 3.94438% 19,634,000.00 60,234.19 0.00 0.00
M-5 18,544,000.00 3.97438% 18,544,000.00 57,322.92 0.00 0.00
M-6 17,998,000.00 4.00438% 17,998,000.00 56,055.09 0.00 0.00
M-7 14,180,000.00 4.61438% 14,180,000.00 50,891.48 0.00 0.00
M-8 13,090,000.00 4.66438% 13,090,000.00 47,488.57 0.00 0.00
M-9 10,908,000.00 5.11438% 10,908,000.00 43,390.40 0.00 0.00
B-1 6,545,000.00 6.56438% 6,545,000.00 33,416.34 0.00 0.00
B-2 10,908,000.00 6.56438% 10,908,000.00 55,692.20 0.00 0.00
B-3 8,181,000.00 6.56438% 8,181,000.00 41,769.15 0.00 0.00
CE 5,454,097.00 0.00000% 1,071,122,258.16 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 3,052,277.08 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 0.00 992,634.31 0.00 352,563,240.39
A-1B 0.00 0.00 250,969.81 0.00 88,141,767.30
A-2A 0.00 0.00 555,980.88 0.00 203,087,859.64
A-2B 0.00 0.00 328,078.66 0.00 119,685,000.00
A-2C 0.00 0.00 138,781.63 0.00 49,096,000.00
M-1 0.00 0.00 169,955.74 0.00 58,358,000.00
M-2 0.00 0.00 103,795.25 0.00 35,451,000.00
M-3 0.00 0.00 65,820.46 0.00 22,362,000.00
M-4 0.00 0.00 60,234.19 0.00 19,634,000.00
M-5 0.00 0.00 57,322.92 0.00 18,544,000.00
M-6 0.00 0.00 56,055.09 0.00 17,998,000.00
M-7 0.00 0.00 50,891.48 0.00 14,180,000.00
M-8 0.00 0.00 47,488.57 0.00 13,090,000.00
M-9 0.00 0.00 43,390.40 0.00 10,908,000.00
B-1 0.00 0.00 33,416.34 0.00 6,545,000.00
B-2 0.00 0.00 55,692.20 0.00 10,908,000.00
B-3 0.00 0.00 41,769.15 0.00 8,181,000.00
CE 0.00 0.00 2,914,539.10 0.00 1,054,186,993.31
P 0.00 0.00 247,205.23 0.00 100.00
R-1 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 6,214,021.41 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 3.53438% 980.36043779 2.69497380 0.00000000 0.00000000
A-1B 92,083,000.00 3.57438% 980.36043776 2.72547387 0.00000000 0.00000000
A-2A 220,000,000.00 3.41438% 951.63364841 2.52718582 0.00000000 0.00000000
A-2B 119,685,000.00 3.52438% 1000.00000000 2.74118444 0.00000000 0.00000000
A-2C 49,096,000.00 3.63438% 1000.00000000 2.82674006 0.00000000 0.00000000
M-1 58,358,000.00 3.74438% 1000.00000000 2.91229549 0.00000000 0.00000000
M-2 35,451,000.00 3.76438% 1000.00000000 2.92785112 0.00000000 0.00000000
M-3 22,362,000.00 3.78438% 1000.00000000 2.94340667 0.00000000 0.00000000
M-4 19,634,000.00 3.94438% 1000.00000000 3.06785118 0.00000000 0.00000000
M-5 18,544,000.00 3.97438% 1000.00000000 3.09118421 0.00000000 0.00000000
M-6 17,998,000.00 4.00438% 1000.00000000 3.11451772 0.00000000 0.00000000
M-7 14,180,000.00 4.61438% 1000.00000000 3.58896192 0.00000000 0.00000000
M-8 13,090,000.00 4.66438% 1000.00000000 3.62785103 0.00000000 0.00000000
M-9 10,908,000.00 5.11438% 1000.00000000 3.97785112 0.00000000 0.00000000
B-1 6,545,000.00 6.56438% 1000.00000000 5.10562872 0.00000000 0.00000000
B-2 10,908,000.00 6.56438% 1000.00000000 5.10562890 0.00000000 0.00000000
B-3 8,181,000.00 6.56438% 1000.00000000 5.10562890 0.00000000 0.00000000
CE 5,454,097.00 0.00000% 196388.56040881 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 2.69497380 0.00000000 957.19912792
A-1B 0.00000000 0.00000000 2.72547387 0.00000000 957.19912796
A-2A 0.00000000 0.00000000 2.52718582 0.00000000 923.12663473
A-2B 0.00000000 0.00000000 2.74118444 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 2.82674006 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.91229549 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.92785112 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.94340667 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.06785118 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.09118421 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.11451772 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 3.58896192 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 3.62785103 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 3.97785112 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.10562872 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.10562890 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 5.10562890 0.00000000 1000.00000000
CE 0.00000000 0.00000000 534.37610296 0.00000000 193283.50656580
P 0.00000000 0.00000000 2472052.30000000 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 23,245,437.76
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 211,765.03
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 247,205.23
Total Deposits 23,704,408.02
Withdrawals
Reimbursement for Servicer Advances 93,646.47
Payment of Service Fee 461,475.27
Payment of Interest and Principal 23,149,286.28
Total Withdrawals (Pool Distribution Amount) 23,704,408.02
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 446,300.97
Credit Risk Manager Fee - Murray Hill Company 12,496.44
Master Servicing Fee: Wells Fargo Bank 2,677.86
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 461,475.27
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 9 0 0 9
651,139.08 0.00 0.00 651,139.08
30 Days 142 0 0 0 142
22,761,858.62 0.00 0.00 0.00 22,761,858.62
60 Days 55 0 0 0 55
8,948,504.92 0.00 0.00 0.00 8,948,504.92
90 Days 1 0 0 0 1
512,800.00 0.00 0.00 0.00 512,800.00
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 198 9 0 0 207
32,223,163.54 651,139.08 0.00 0.00 32,874,302.62
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 0.135054% 0.000000% 0.000000% 0.135054%
0.061733% 0.000000% 0.000000% 0.061733%
30 Days 2.130852% 0.000000% 0.000000% 0.000000% 2.130852%
2.158005% 0.000000% 0.000000% 0.000000% 2.158005%
60 Days 0.825330% 0.000000% 0.000000% 0.000000% 0.825330%
0.848389% 0.000000% 0.000000% 0.000000% 0.848389%
90 Days 0.015006% 0.000000% 0.000000% 0.000000% 0.015006%
0.048618% 0.000000% 0.000000% 0.000000% 0.048618%
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 2.971188% 0.135054% 0.000000% 0.000000% 3.106242%
3.055011% 0.061733% 0.000000% 0.000000% 3.116744%
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
129,764.04 0.00 0.00 129,764.04
30 Days 14 0 0 0 14
606,508.92 0.00 0.00 0.00 606,508.92
60 Days 11 0 0 0 11
936,207.00 0.00 0.00 0.00 936,207.00
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 25 2 0 0 27
1,542,715.92 129,764.04 0.00 0.00 1,672,479.96
0-29 Days 0.141143% 0.000000% 0.000000% 0.141143%
0.129858% 0.000000% 0.000000% 0.129858%
30 Days 0.988003% 0.000000% 0.000000% 0.000000% 0.988003%
0.606950% 0.000000% 0.000000% 0.000000% 0.606950%
60 Days 0.776288% 0.000000% 0.000000% 0.000000% 0.776288%
0.936887% 0.000000% 0.000000% 0.000000% 0.936887%
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 1.764291% 0.141143% 0.000000% 0.000000% 1.905434%
1.543837% 0.129858% 0.000000% 0.000000% 1.673696%
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 6 0 0 6
482,562.63 0.00 0.00 482,562.63
30 Days 96 0 0 0 96
12,321,163.55 0.00 0.00 0.00 12,321,163.55
60 Days 27 0 0 0 27
3,014,475.92 0.00 0.00 0.00 3,014,475.92
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 123 6 0 0 129
15,335,639.47 482,562.63 0.00 0.00 15,818,202.10
0-29 Days 0.180288% 0.000000% 0.000000% 0.180288%
0.102220% 0.000000% 0.000000% 0.102220%
30 Days 2.884615% 0.000000% 0.000000% 0.000000% 2.884615%
2.609952% 0.000000% 0.000000% 0.000000% 2.609952%
60 Days 0.811298% 0.000000% 0.000000% 0.000000% 0.811298%
0.638547% 0.000000% 0.000000% 0.000000% 0.638547%
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 3.695913% 0.180288% 0.000000% 0.000000% 3.876202%
3.248499% 0.102220% 0.000000% 0.000000% 3.350718%
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
38,812.41 0.00 0.00 38,812.41
30 Days 5 0 0 0 5
321,953.34 0.00 0.00 0.00 321,953.34
60 Days 3 0 0 0 3
299,000.00 0.00 0.00 0.00 299,000.00
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 8 1 0 0 9
620,953.34 38,812.41 0.00 0.00 659,765.75
0-29 Days 0.164204% 0.000000% 0.000000% 0.164204%
0.061624% 0.000000% 0.000000% 0.061624%
30 Days 0.821018% 0.000000% 0.000000% 0.000000% 0.821018%
0.511174% 0.000000% 0.000000% 0.000000% 0.511174%
60 Days 0.492611% 0.000000% 0.000000% 0.000000% 0.492611%
0.474731% 0.000000% 0.000000% 0.000000% 0.474731%
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 1.313629% 0.164204% 0.000000% 0.000000% 1.477833%
0.985905% 0.061624% 0.000000% 0.000000% 1.047529%
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 27 0 0 0 27
9,512,232.81 0.00 0.00 0.00 9,512,232.81
60 Days 14 0 0 0 14
4,698,822.00 0.00 0.00 0.00 4,698,822.00
90 Days 1 0 0 0 1
512,800.00 0.00 0.00 0.00 512,800.00
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 42 0 0 0 42
14,723,854.81 0.00 0.00 0.00 14,723,854.81
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.061069% 0.000000% 0.000000% 0.000000% 2.061069%
2.266059% 0.000000% 0.000000% 0.000000% 2.266059%
60 Days 1.068702% 0.000000% 0.000000% 0.000000% 1.068702%
1.119381% 0.000000% 0.000000% 0.000000% 1.119381%
90 Days 0.076336% 0.000000% 0.000000% 0.000000% 0.076336%
0.122162% 0.000000% 0.000000% 0.000000% 0.122162%
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 3.206107% 0.000000% 0.000000% 0.000000% 3.206107%
3.507602% 0.000000% 0.000000% 0.000000% 3.507602%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 211,765.03
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 17.38355028% 5.535830% 0.000000%
Class M-2 147,804,197.00 13.55000851% 147,804,125.98 14.02067441% 3.362876% 0.000000%
Class M-3 125,442,197.00 11.49996327% 125,442,125.98 11.89941887% 2.121256% 0.000000%
Class M-4 105,808,197.00 9.70000852% 105,808,125.98 10.03694095% 1.862478% 0.000000%
Class B-1 24,543,197.00 2.25000734% 24,543,125.98 2.32815678% 0.620858% 0.000000%
Class B-2 13,635,197.00 1.25001210% 13,635,125.98 1.29342575% 1.034731% 0.000000%
Class B-3 5,454,197.00 0.50001568% 5,454,125.98 0.51737747% 0.776048% 0.000000%
Class CE 100.00 0.00000917% 100.00 0.00000949% 0.517368% 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>
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 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current REO Total Dec-04 0.000%
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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 SubGrp I 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current REO Total Dec-04 0.000%
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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 SubGrp II 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current REO Total Dec-04 0.000%
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
Grp II SubGrp I 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current REO Total Dec-04 0.000%
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
Grp II SubGrp II 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current REO Total Dec-04 0.000%
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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 SubGrp I 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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 SubGrp II 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
Grp II SubGrp I 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
Grp II SubGrp II 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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 Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 7.201745%
Weighted Average Net Coupon 6.701745%
Weighted Average Pass-Through Rate 6.684745%
Weighted Average Maturity(Stepdown Calculation) 347
Beginning Scheduled Collateral Loan Count 6,750
Number Of Loans Paid In Full 86
Ending Scheduled Collateral Loan Count 6,664
Beginning Scheduled Collateral Balance 1,071,122,258.16
Ending Scheduled Collateral Balance 1,054,186,993.31
Ending Actual Collateral Balance at 30-Jun-2005 1,054,764,174.75
Monthly P&I Constant 7,019,546.16
Special Servicing Fee 0.00
Prepayment Penalties 247,205.23
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 591,254.76
Unscheduled Principal 16,344,010.09
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
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 0.00
Excess Cash Amount 0.00
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Coupon Rate 7.201745%
Weighted Average Net Rate 6.701745%
Weighted Average Pass Through Rate 6.684745%
Weighted Average Maturity 347
Record Date 06/30/2005
Principal and Interest Constant 7,019,546.16
Beginning Loan Count 6,750
Loans Paid in Full 86
Ending Loan Count 6,664
Beginning Scheduled Balance 1,071,122,258.16
Ending Scheduled Balance 1,054,186,993.31
Ending Actual Balance at 30-Jun-2005 1,054,764,174.75
Scheduled Principal 591,254.76
Unscheduled Principal 16,344,010.09
Scheduled Interest 6,428,291.40
Servicing Fee 446,300.97
Master Servicing Fee 2,677.86
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 12,496.44
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 5,966,816.13
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 247,205.23
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
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 Overcollateralization Amount 0.00
Miscellaneous Reporting
Over Collateralization Amount 5,454,025.98
OC Deficiency Amount 0.00
OC Increase Amount 0.00
OC Reduction Amount 0.00
Target OC Amount 5,454,025.98
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 8.546841 7.234658 8.366595
Weighted Average Net Rate 8.046841 6.734658 7.866596
Weighted Average Maturity 293 357 357
Beginning Loan Count 1,432 3,378 617
Loans Paid In Full 15 50 8
Ending Loan Count 1,417 3,328 609
Beginning Scheduled Balance 100,765,682.05 481,534,691.06 63,951,088.33
Ending Scheduled Balance 99,857,759.45 471,778,891.82 62,946,015.40
Record Date 06/30/2005 06/30/2005 06/30/2005
Principal And Interest Constant 796,718.82 3,209,420.76 488,787.82
Scheduled Principal 79,028.62 306,305.05 42,910.42
Unscheduled Principal 828,893.98 9,449,494.19 962,162.51
Scheduled Interest 717,690.20 2,903,115.71 445,877.40
Servicing Fees 41,985.70 200,639.46 26,646.28
Master Servicing Fees 251.93 1,203.87 159.90
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 1,175.62 5,617.90 746.09
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 674,276.95 2,695,654.48 418,325.13
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 8.029841 6.717658 7.849595
Group Level Collateral Statement
Group Grp II SubGrp II Total
Collateral Description Mixed ARM Fixed Mixed & ARM & Balloon
Weighted Average Coupon Rate 6.670098 7.201745
Weighted Average Net Rate 6.170098 6.701745
Weighted Average Maturity 291 347
Beginning Loan Count 1,323 6,750
Loans Paid In Full 13 86
Ending Loan Count 1,310 6,664
Beginning Scheduled Balance 424,870,796.72 1,071,122,258.16
Ending scheduled Balance 419,604,326.64 1,054,186,993.31
Record Date 06/30/2005 06/30/2005
Principal And Interest Constant 2,524,618.76 7,019,546.16
Scheduled Principal 163,010.67 591,254.76
Unscheduled Principal 5,103,459.41 16,344,010.09
Scheduled Interest 2,361,608.09 6,428,291.40
Servicing Fees 177,029.53 446,300.97
Master Servicing Fees 1,062.16 2,677.86
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 4,956.83 12,496.44
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 2,178,559.57 5,966,816.13
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 6.153098 6.684745
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 SubGrp I 15 815,962.00 814,065.22 0 0.00 0.00
Group I SubGrp II 50 9,448,727.00 9,428,472.66 0 0.00 0.00
Grp II SubGrp I 8 960,260.00 958,086.67 0 0.00 0.00
Grp II SubGrp II 13 5,100,596.00 5,093,811.91 0 0.00 0.00
Total 86 16,325,545.00 16,294,436.46 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 SubGrp I 0 0.00 0.00 0 0.00 0.00 15,526.15
Group I SubGrp II 0 0.00 0.00 0 0.00 0.00 27,632.42
Grp II SubGrp I 0 0.00 0.00 0 0.00 0.00 4,739.06
Grp II SubGrp II 0 0.00 0.00 0 0.00 0.00 11,558.58
Total 0 0.00 0.00 0 0.00 0.00 59,456.21
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 SubGrp I 0000426421 AZ 100.00 01-Feb-2005 28,897.00 28,822.72
Group I SubGrp I 0000433642 CA 100.00 01-Mar-2005 44,805.00 44,442.59
Group I SubGrp I 0000434042 CA 100.00 01-Apr-2005 58,800.00 58,691.23
Group I SubGrp I 0000434713 WA 95.00 01-Apr-2005 56,250.00 56,159.37
Group I SubGrp I 0000435696 CA 100.00 01-Feb-2005 63,000.00 62,869.39
Group I SubGrp I 0000436179 TX 100.00 01-Apr-2005 23,256.00 23,210.86
Group I SubGrp I 0000437124 CO 95.00 01-Apr-2005 39,600.00 39,541.19
Group I SubGrp I 0000437595 CA 100.00 01-Apr-2005 33,000.00 32,941.91
Group I SubGrp I 0000439856 CA 100.00 01-Apr-2005 57,600.00 57,472.46
Group I SubGrp I 0000439944 PA 90.00 01-Apr-2005 52,200.00 52,106.37
Group I SubGrp I 0000440144 FL 100.00 01-Apr-2005 26,000.00 25,946.84
Group I SubGrp I 0000442139 CA 100.00 01-May-2005 80,000.00 79,917.39
Group I SubGrp I 0000442672 IL 100.00 01-Apr-2005 25,000.00 24,962.58
Group I SubGrp I 0000443030 VA 77.47 01-May-2005 111,554.00 110,683.46
Group I SubGrp I 0000443626 CA 83.45 01-Apr-2005 116,000.00 115,599.47
Group I SubGrp II 0000433628 AZ 99.15 01-Dec-2004 116,000.00 116,000.00
Group I SubGrp II 0000433878 CA 85.00 01-Apr-2005 289,000.00 287,905.05
Group I SubGrp II 0000433922 NC 71.17 01-Mar-2005 63,000.00 62,799.09
Group I SubGrp II 0000434097 CA 70.00 01-Apr-2005 222,600.00 222,041.79
Group I SubGrp II 0000434107 CA 80.00 01-Apr-2005 112,000.00 111,770.84
Group I SubGrp II 0000434199 MA 70.00 01-Apr-2005 315,000.00 314,044.39
Group I SubGrp II 0000434219 MA 78.38 01-Apr-2005 290,000.00 289,999.96
Group I SubGrp II 0000434233 CA 78.66 01-Mar-2005 276,900.00 275,817.53
Group I SubGrp II 0000434235 CA 85.00 01-Apr-2005 276,250.00 275,139.55
Group I SubGrp II 0000434309 NJ 75.00 01-Apr-2005 217,500.00 216,993.94
Group I SubGrp II 0000434320 FL 90.00 01-Apr-2005 207,000.00 206,421.63
Group I SubGrp II 0000434342 MD 90.00 01-Apr-2005 189,000.00 188,450.32
Group I SubGrp II 0000434365 NY 70.00 01-Apr-2005 179,900.00 179,303.77
Group I SubGrp II 0000434447 FL 70.00 01-Apr-2005 141,400.00 141,065.90
Group I SubGrp II 0000434557 IL 80.00 01-Apr-2005 110,400.00 110,049.80
Group I SubGrp II 0000434867 RI 92.73 01-Apr-2005 306,000.00 304,979.67
Group I SubGrp II 0000435063 IL 62.35 01-Apr-2005 265,000.00 264,284.31
Group I SubGrp II 0000435329 AZ 80.00 01-Apr-2005 124,000.00 124,000.00
Group I SubGrp II 0000435529 FL 57.14 01-Apr-2005 80,000.00 80,000.00
Group I SubGrp II 0000436180 TX 80.00 01-Apr-2005 93,024.00 92,668.15
Group I SubGrp II 0000437139 CO 90.00 01-May-2005 90,000.00 89,819.77
Group I SubGrp II 0000438036 CA 75.00 01-Apr-2005 337,500.00 336,381.51
Group I SubGrp II 0000438050 CA 85.00 01-Apr-2005 331,500.00 330,687.31
Group I SubGrp II 0000438054 FL 80.00 01-Mar-2005 328,000.00 326,325.52
Group I SubGrp II 0000438121 IL 55.77 01-Apr-2005 290,000.00 289,038.92
Group I SubGrp II 0000438124 DC 75.00 01-Apr-2005 288,750.00 287,696.32
Group I SubGrp II 0000438256 CA 79.96 01-Apr-2005 238,295.00 237,562.27
Group I SubGrp II 0000438282 AZ 70.00 01-Apr-2005 231,000.00 230,118.09
Group I SubGrp II 0000438516 CA 54.73 01-Apr-2005 180,603.00 179,897.51
Group I SubGrp II 0000438538 NJ 78.89 01-Apr-2005 177,500.00 177,076.27
Group I SubGrp II 0000438823 ID 85.00 01-Apr-2005 140,250.00 139,779.70
Group I SubGrp II 0000438859 CA 85.00 01-Apr-2005 136,000.00 135,666.93
Group I SubGrp II 0000438861 IL 85.00 01-Apr-2005 136,000.00 135,657.96
Group I SubGrp II 0000438899 FL 78.82 01-Apr-2005 134,000.00 133,637.47
Group I SubGrp II 0000439015 MD 90.00 01-Apr-2005 123,291.00 123,018.30
Group I SubGrp II 0000439030 AZ 84.97 01-Apr-2005 122,354.00 121,949.33
Group I SubGrp II 0000439214 IL 85.00 01-Apr-2005 107,950.00 107,678.50
Group I SubGrp II 0000439216 IL 80.00 01-Apr-2005 107,920.00 107,562.35
Group I SubGrp II 0000439297 FL 79.37 01-Apr-2005 100,000.00 99,660.74
Group I SubGrp II 0000439772 FL 85.00 01-Apr-2005 63,750.00 63,581.64
Group I SubGrp II 0000439782 OH 90.00 01-Apr-2005 63,000.00 62,874.43
Group I SubGrp II 0000439863 IL 69.51 01-Apr-2005 57,000.00 56,828.37
Group I SubGrp II 0000441463 CA 90.00 01-Apr-2005 333,900.00 332,993.02
Group I SubGrp II 0000441481 CA 31.82 01-Apr-2005 175,000.00 174,592.82
Group I SubGrp II 0000442205 NV 64.58 01-Apr-2005 155,000.00 154,546.97
Group I SubGrp II 0000442281 CA 66.56 01-May-2005 201,000.00 200,490.99
Group I SubGrp II 0000442694 CA 76.00 01-Apr-2005 342,000.00 340,691.54
Group I SubGrp II 0000443365 OH 90.00 01-Apr-2005 43,290.00 43,189.29
Group I SubGrp II 0000443569 CA 84.65 01-Mar-2005 292,900.00 292,900.00
Group I SubGrp II 0000443584 CA 89.82 01-Apr-2005 247,000.00 246,222.24
Grp II SubGrp I 0000426391 CA 100.00 01-Mar-2005 95,400.00 95,196.52
Grp II SubGrp I 0000434697 TX 59.72 01-Apr-2005 63,300.00 62,996.71
Grp II SubGrp I 0000434992 FL 53.92 01-Apr-2005 137,500.00 137,165.82
Grp II SubGrp I 0000435161 MA 90.00 01-Apr-2005 378,000.00 376,561.58
Grp II SubGrp I 0000435328 AZ 100.00 01-Apr-2005 31,000.00 30,955.18
Grp II SubGrp I 0000435787 CA 100.00 01-Apr-2005 110,000.00 109,769.26
Grp II SubGrp I 0000439392 CA 100.00 01-Mar-2005 93,400.00 93,211.13
Grp II SubGrp I 0000439957 FL 100.00 01-Apr-2005 51,660.00 51,567.25
Grp II SubGrp II 0000426392 CA 80.00 01-Mar-2005 381,600.00 381,600.00
Grp II SubGrp II 0000433643 CA 80.00 01-Mar-2005 179,216.00 178,293.42
Grp II SubGrp II 0000434109 CA 80.00 01-Apr-2005 660,000.00 659,812.50
Grp II SubGrp II 0000434112 NY 93.75 01-Mar-2005 600,000.00 597,723.06
Grp II SubGrp II 0000434162 CA 80.00 01-Apr-2005 384,000.00 382,456.46
Grp II SubGrp II 0000436219 MD 89.99 01-Mar-2005 416,650.00 416,650.00
Grp II SubGrp II 0000437436 CA 80.00 01-Apr-2005 220,000.00 220,000.00
Grp II SubGrp II 0000437918 ID 90.00 01-Apr-2005 410,400.00 408,490.08
Grp II SubGrp II 0000437949 AZ 76.34 01-Apr-2005 389,320.00 387,796.24
Grp II SubGrp II 0000437974 CA 80.00 01-Mar-2005 373,600.00 373,600.00
Grp II SubGrp II 0000441489 NJ 65.00 01-Apr-2005 585,000.00 585,000.00
Grp II SubGrp II 0000442159 CA 80.00 01-May-2005 320,000.00 320,000.00
Grp II SubGrp II 0000443593 FL 90.00 01-May-2005 180,810.00 180,479.07
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 SubGrp I 0000426421 Loan Paid in Full (1) 10.250% 180 5
Group I SubGrp I 0000433642 Loan Paid in Full 0 8.500% 240 4
Group I SubGrp I 0000434042 Loan Paid in Full 0 9.850% 360 3
Group I SubGrp I 0000434713 Loan Paid in Full 0 10.500% 360 3
Group I SubGrp I 0000435696 Loan Paid in Full 0 11.250% 180 5
Group I SubGrp I 0000436179 Loan Paid in Full 0 9.625% 180 3
Group I SubGrp I 0000437124 Loan Paid in Full 0 10.875% 360 3
Group I SubGrp I 0000437595 Loan Paid in Full 0 10.625% 360 3
Group I SubGrp I 0000439856 Loan Paid in Full 0 8.990% 180 3
Group I SubGrp I 0000439944 Loan Paid in Full 0 9.995% 360 3
Group I SubGrp I 0000440144 Loan Paid in Full (1) 9.500% 180 3
Group I SubGrp I 0000442139 Loan Paid in Full (1) 11.250% 180 2
Group I SubGrp I 0000442672 Loan Paid in Full 0 10.875% 180 3
Group I SubGrp I 0000443030 Loan Paid in Full (1) 9.260% 180 2
Group I SubGrp I 0000443626 Loan Paid in Full 0 6.800% 360 3
Group I SubGrp II 0000433628 Loan Paid in Full 0 9.750% 360 7
Group I SubGrp II 0000433878 Loan Paid in Full 0 6.300% 360 3
Group I SubGrp II 0000433922 Loan Paid in Full 0 8.990% 360 4
Group I SubGrp II 0000434097 Loan Paid in Full 0 8.500% 360 3
Group I SubGrp II 0000434107 Loan Paid in Full 0 9.400% 360 3
Group I SubGrp II 0000434199 Loan Paid in Full 0 7.438% 360 3
Group I SubGrp II 0000434219 Loan Paid in Full (2) 6.500% 360 3
Group I SubGrp II 0000434233 Loan Paid in Full 0 7.300% 360 4
Group I SubGrp II 0000434235 Loan Paid in Full 0 5.990% 360 3
Group I SubGrp II 0000434309 Loan Paid in Full 0 8.750% 360 3
Group I SubGrp II 0000434320 Loan Paid in Full 0 7.850% 360 3
Group I SubGrp II 0000434342 Loan Paid in Full 0 7.650% 360 3
Group I SubGrp II 0000434365 Loan Paid in Full 0 6.990% 360 3
Group I SubGrp II 0000434447 Loan Paid in Full 0 8.675% 360 3
Group I SubGrp II 0000434557 Loan Paid in Full 0 7.213% 360 3
Group I SubGrp II 0000434867 Loan Paid in Full 0 7.600% 360 3
Group I SubGrp II 0000435063 Loan Paid in Full 0 8.025% 360 3
Group I SubGrp II 0000435329 Loan Paid in Full 0 6.000% 360 3
Group I SubGrp II 0000435529 Loan Paid in Full 1 7.750% 360 3
Group I SubGrp II 0000436180 Loan Paid in Full 0 6.250% 360 3
Group I SubGrp II 0000437139 Loan Paid in Full 0 8.500% 360 2
Group I SubGrp II 0000438036 Loan Paid in Full 0 6.990% 360 3
Group I SubGrp II 0000438050 Loan Paid in Full 0 8.495% 360 3
Group I SubGrp II 0000438054 Loan Paid in Full (1) 6.250% 360 4
Group I SubGrp II 0000438121 Loan Paid in Full (1) 6.990% 360 3
Group I SubGrp II 0000438124 Loan Paid in Full 0 6.495% 360 3
Group I SubGrp II 0000438256 Loan Paid in Full 0 7.370% 360 3
Group I SubGrp II 0000438282 Loan Paid in Full 0 6.260% 360 3
Group I SubGrp II 0000438516 Loan Paid in Full 0 6.140% 360 3
Group I SubGrp II 0000438538 Loan Paid in Full 0 8.625% 360 3
Group I SubGrp II 0000438823 Loan Paid in Full 0 7.495% 360 3
Group I SubGrp II 0000438859 Loan Paid in Full 0 8.500% 360 3
Group I SubGrp II 0000438861 Loan Paid in Full 0 8.370% 360 3
Group I SubGrp II 0000438899 Loan Paid in Full 0 8.010% 360 3
Group I SubGrp II 0000439015 Loan Paid in Full 0 8.995% 360 3
Group I SubGrp II 0000439030 Loan Paid in Full 0 7.000% 360 3
Group I SubGrp II 0000439214 Loan Paid in Full 0 8.370% 360 3
Group I SubGrp II 0000439216 Loan Paid in Full 0 6.990% 360 3
Group I SubGrp II 0000439297 Loan Paid in Full (1) 6.870% 360 3
Group I SubGrp II 0000439772 Loan Paid in Full 0 8.130% 360 3
Group I SubGrp II 0000439782 Loan Paid in Full 0 9.495% 360 3
Group I SubGrp II 0000439863 Loan Paid in Full 0 7.495% 360 3
Group I SubGrp II 0000441463 Loan Paid in Full 0 7.990% 360 3
Group I SubGrp II 0000441481 Loan Paid in Full (1) 8.750% 360 3
Group I SubGrp II 0000442205 Loan Paid in Full 0 7.625% 360 3
Group I SubGrp II 0000442281 Loan Paid in Full 0 6.880% 360 2
Group I SubGrp II 0000442694 Loan Paid in Full 0 6.249% 360 3
Group I SubGrp II 0000443365 Loan Paid in Full 0 8.750% 360 3
Group I SubGrp II 0000443569 Loan Paid in Full 0 4.250% 360 4
Group I SubGrp II 0000443584 Loan Paid in Full (1) 7.250% 360 3
Grp II SubGrp I 0000426391 Loan Paid in Full 0 10.250% 240 4
Grp II SubGrp I 0000434697 Loan Paid in Full 0 6.850% 360 3
Grp II SubGrp I 0000434992 Loan Paid in Full 0 8.538% 360 3
Grp II SubGrp I 0000435161 Loan Paid in Full 0 6.450% 360 3
Grp II SubGrp I 0000435328 Loan Paid in Full 0 11.000% 360 3
Grp II SubGrp I 0000435787 Loan Paid in Full 0 9.250% 360 3
Grp II SubGrp I 0000439392 Loan Paid in Full 0 10.500% 180 4
Grp II SubGrp I 0000439957 Loan Paid in Full 0 9.990% 180 3
Grp II SubGrp II 0000426392 Loan Paid in Full 0 5.750% 360 4
Grp II SubGrp II 0000433643 Loan Paid in Full 0 5.875% 360 4
Grp II SubGrp II 0000434109 Loan Paid in Full 0 6.750% 360 3
Grp II SubGrp II 0000434112 Loan Paid in Full 1 7.450% 360 4
Grp II SubGrp II 0000434162 Loan Paid in Full 0 5.990% 360 3
Grp II SubGrp II 0000436219 Loan Paid in Full 0 8.750% 360 4
Grp II SubGrp II 0000437436 Loan Paid in Full 0 6.990% 360 3
Grp II SubGrp II 0000437918 Loan Paid in Full (1) 6.490% 360 3
Grp II SubGrp II 0000437949 Loan Paid in Full (1) 6.130% 360 3
Grp II SubGrp II 0000437974 Loan Paid in Full 0 5.870% 360 4
Grp II SubGrp II 0000441489 Loan Paid in Full 0 7.125% 360 3
Grp II SubGrp II 0000442159 Loan Paid in Full (1) 7.100% 360 2
Grp II SubGrp II 0000443593 Loan Paid in Full (1) 8.500% 360 2
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.527% Current Month 16.858% Current Month 2,745.248%
3 Month Average 1.084% 3 Month Average 12.199% 3 Month Average 3,112.557%
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>
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 8.291% N/A May-2005 3,829.585% N/A
Jun-2005 11.449% N/A Jun-2005 2,762.838% N/A
Jul-2005 16.858% N/A Jul-2005 2,745.248% 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 SubGrp I
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.823% Current Month 9.444% Current Month 1,472.851%
3 Month Average 0.571% 3 Month Average 6.618% 3 Month Average 1,581.075%
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>
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 5.030% N/A May-2005 2,050.559% N/A
Jun-2005 5.378% N/A Jun-2005 1,219.814% N/A
Jul-2005 9.444% N/A Jul-2005 1,472.851% 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 SubGrp II
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.964% Current Month 21.178% Current Month 3,572.792%
3 Month Average 1.176% 3 Month Average 13.056% 3 Month Average 3,486.069%
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>
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 8.919% N/A May-2005 4,579.393% N/A
Jun-2005 9.071% N/A Jun-2005 2,306.020% N/A
Jul-2005 21.178% N/A Jul-2005 3,572.792% 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.
Grp II SubGrp I
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.506% Current Month 16.643% Current Month 2,609.845%
3 Month Average 1.364% 3 Month Average 15.140% 3 Month Average 4,179.744%
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>
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 18.080% N/A May-2005 7,486.034% N/A
Jun-2005 10.695% N/A Jun-2005 2,443.354% N/A
Jul-2005 16.643% N/A Jul-2005 2,609.845% 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.
Grp II SubGrp II
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.202% Current Month 13.504% Current Month 2,150.120%
3 Month Average 1.061% 3 Month Average 11.941% 3 Month Average 2,913.008%
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>
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 6.817% N/A May-2005 2,970.099% N/A
Jun-2005 15.502% N/A Jun-2005 3,618.804% N/A
Jul-2005 13.504% N/A Jul-2005 2,150.120% 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 SubGrp I 0 0.00 0.00 0.000%
Group I SubGrp II 0 0.00 0.00 0.000%
Grp II SubGrp I 0 0.00 0.00 0.000%
Grp II SubGrp II 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>
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-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>
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-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 SubGrp 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>
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-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>
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-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 SubGrp 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>
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-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>
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-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.
Grp II SubGrp 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>
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-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>
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-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.
Grp II SubGrp 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>
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-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>
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-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>