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-SD2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-123741-04
Pooling and Servicing Agreement) (Commission 54-2176704
(State or other File Number) 54-2176705
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 July 25, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2005-SD2 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-SD2 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-SD2 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 7/26/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2005-SD2 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-SD2
Contact: Customer Service - CTSLink
Wells Fargo Bank, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
www.ctslink.com
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
<s> <c> <c> <c> <c> <c>
A-1 004421QD8 SEN 3.72563% 113,125,000.00 304,389.15
M-1 004421QE6 SEN 4.02563% 18,371,000.00 53,411.84
M-2 004421QF3 SEN 4.82563% 10,636,000.00 37,068.34
M-3 004421QG1 SEN 6.32563% 5,640,000.00 25,766.40
M-4 004421QH9 SEN 6.32563% 3,142,000.00 14,354.26
M-5 004421QJ5 SEN 6.32563% 2,417,000.00 11,042.09
CE-1 SEN 0.00000% 7,818,982.03 0.00
CE-2 SEN 0.00000% 0.00 0.00
P ACE05SD2P SEN 0.00000% 100.00 85,026.00
R ACE5SD2R1 SEN 0.00000% 0.00 0.00
Totals 161,150,082.03 531,058.08
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 7,736,963.69 0.00 105,388,036.31 8,041,352.84 0.00
M-1 0.00 0.00 18,371,000.00 53,411.84 0.00
M-2 0.00 0.00 10,636,000.00 37,068.34 0.00
M-3 0.00 0.00 5,640,000.00 25,766.40 0.00
M-4 0.00 0.00 3,142,000.00 14,354.26 0.00
M-5 0.00 0.00 2,417,000.00 11,042.09 0.00
CE-1 0.00 0.00 8,611,579.52 0.00 0.00
CE-2 0.00 0.00 0.00 0.00 0.00
P 0.00 0.00 100.00 85,026.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 7,736,963.69 0.00 154,205,715.83 8,268,021.77 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
This report has been compiled from information provided to Wells Fargo Bank, N.A. by various
third parties, which may include the Servicer, Master Servicer, Special Servicer and others.
Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received
from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly
disclaims any responsibility for the accuracy or completeness of information furnished by
third parties.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 113,125,000.00 113,125,000.00 0.00 7,736,963.69 0.00 0.00
M-1 18,371,000.00 18,371,000.00 0.00 0.00 0.00 0.00
M-2 10,636,000.00 10,636,000.00 0.00 0.00 0.00 0.00
M-3 5,640,000.00 5,640,000.00 0.00 0.00 0.00 0.00
M-4 3,142,000.00 3,142,000.00 0.00 0.00 0.00 0.00
M-5 2,417,000.00 2,417,000.00 0.00 0.00 0.00 0.00
CE-1 7,818,982.03 7,818,982.03 0.00 0.00 0.00 0.00
CE-2 0.00 0.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 161,150,082.03 161,150,082.03 0.00 7,736,963.69 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A-1 7,736,963.69 105,388,036.31 0.93160695 7,736,963.69
M-1 0.00 18,371,000.00 1.00000000 0.00
M-2 0.00 10,636,000.00 1.00000000 0.00
M-3 0.00 5,640,000.00 1.00000000 0.00
M-4 0.00 3,142,000.00 1.00000000 0.00
M-5 0.00 2,417,000.00 1.00000000 0.00
CE-1 0.00 8,611,579.52 1.10136837 0.00
CE-2 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 7,736,963.69 154,205,715.83 0.95690746 7,736,963.69
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A-1 113,125,000.00 1000.00000000 0.00000000 68.39304919 0.00000000
M-1 18,371,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 10,636,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 5,640,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 3,142,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 2,417,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE-1 7,818,982.03 1000.00000000 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 68.39304919 931.60695081 0.93160695 68.39304919
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
CE-1 0.00000000 0.00000000 1,101.36837340 1.10136837 0.00000000
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 113,125,000.00 3.72563% 113,125,000.00 304,389.15 0.00 0.00
M-1 18,371,000.00 4.02563% 18,371,000.00 53,411.84 0.00 0.00
M-2 10,636,000.00 4.82563% 10,636,000.00 37,068.34 0.00 0.00
M-3 5,640,000.00 6.32563% 5,640,000.00 25,766.40 0.00 0.00
M-4 3,142,000.00 6.32563% 3,142,000.00 14,354.26 0.00 0.00
M-5 2,417,000.00 6.32563% 2,417,000.00 11,042.09 0.00 0.00
CE-1 7,818,982.03 0.00000% 7,818,982.03 0.00 0.00 0.00
CE-2 0.00 0.00000% 0.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 161,150,082.03 446,032.08 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-1 0.00 0.00 304,389.15 0.00 105,388,036.31
M-1 0.00 0.00 53,411.84 0.00 18,371,000.00
M-2 0.00 0.00 37,068.34 0.00 10,636,000.00
M-3 0.00 0.00 25,766.40 0.00 5,640,000.00
M-4 0.00 0.00 14,354.26 0.00 3,142,000.00
M-5 0.00 0.00 11,042.09 0.00 2,417,000.00
CE-1 0.00 0.00 0.00 0.00 8,611,579.52
CE-2 0.00 0.00 0.00 0.00 0.00
P 0.00 0.00 85,026.00 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 531,058.08 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 113,125,000.00 3.72563% 1000.00000000 2.69073282 0.00000000 0.00000000
M-1 18,371,000.00 4.02563% 1000.00000000 2.90739971 0.00000000 0.00000000
M-2 10,636,000.00 4.82563% 1000.00000000 3.48517676 0.00000000 0.00000000
M-3 5,640,000.00 6.32563% 1000.00000000 4.56851064 0.00000000 0.00000000
M-4 3,142,000.00 6.32563% 1000.00000000 4.56851050 0.00000000 0.00000000
M-5 2,417,000.00 6.32563% 1000.00000000 4.56851055 0.00000000 0.00000000
CE-1 7,818,982.03 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 denomination.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 0.00000000 2.69073282 0.00000000 931.60695081
M-1 0.00000000 0.00000000 2.90739971 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.48517676 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 4.56851064 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 4.56851050 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 4.56851055 0.00000000 1000.00000000
CE-1 0.00000000 0.00000000 0.00000000 0.00000000 1101.36837340
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 850260.00000000 0.00000000 1000.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 7,892,430.15
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 366,842.79
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 85,026.00
Total Deposits 8,344,298.94
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 76,277.17
Payment of Interest and Principal 8,268,021.77
Total Withdrawals (Pool Distribution Amount) 8,344,298.94
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 66,541.02
Credit Risk Manager Fee- Risk Management Group, LLC 2,685.83
Master Servicing Fee 7,050.32
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 76,277.17
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 205 0 0 0 205
19,602,250.10 0.00 0.00 0.00 19,602,250.10
60 Days 105 0 0 0 105
10,047,277.85 0.00 0.00 0.00 10,047,277.85
90 Days 29 0 0 0 29
2,423,539.10 0.00 0.00 0.00 2,423,539.10
120 Days 29 0 0 0 29
2,904,338.31 0.00 0.00 0.00 2,904,338.31
150 Days 21 0 0 0 21
1,791,427.86 0.00 0.00 0.00 1,791,427.86
180+ Days 103 0 0 0 103
8,311,930.02 0.00 0.00 0.00 8,311,930.02
Totals 492 0 0 0 492
45,080,763.24 0.00 0.00 0.00 45,080,763.24
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 12.991128% 0.000000% 0.000000% 0.000000% 12.991128%
12.709031% 0.000000% 0.000000% 0.000000% 12.709031%
60 Days 6.653992% 0.000000% 0.000000% 0.000000% 6.653992%
6.514108% 0.000000% 0.000000% 0.000000% 6.514108%
90 Days 1.837769% 0.000000% 0.000000% 0.000000% 1.837769%
1.571291% 0.000000% 0.000000% 0.000000% 1.571291%
120 Days 1.837769% 0.000000% 0.000000% 0.000000% 1.837769%
1.883015% 0.000000% 0.000000% 0.000000% 1.883015%
150 Days 1.330798% 0.000000% 0.000000% 0.000000% 1.330798%
1.161464% 0.000000% 0.000000% 0.000000% 1.161464%
180+ Days 6.527250% 0.000000% 0.000000% 0.000000% 6.527250%
5.389003% 0.000000% 0.000000% 0.000000% 5.389003%
Totals 31.178707% 0.000000% 0.000000% 0.000000% 31.178707%
29.227911% 0.000000% 0.000000% 0.000000% 29.227911%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
1 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 144 0 0 0 144
8,438,700.20 0.00 0.00 0.00 8,438,700.20
60 Days 83 0 0 0 83
5,461,683.99 0.00 0.00 0.00 5,461,683.99
90 Days 24 0 0 0 24
1,696,326.95 0.00 0.00 0.00 1,696,326.95
120 Days 24 0 0 0 24
2,182,449.80 0.00 0.00 0.00 2,182,449.80
150 Days 17 0 0 0 17
1,090,624.21 0.00 0.00 0.00 1,090,624.21
180+ Days 81 0 0 0 81
6,645,104.93 0.00 0.00 0.00 6,645,104.93
Totals 373 0 0 0 373
25,514,890.08 0.00 0.00 0.00 25,514,890.08
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 11.774325% 0.000000% 0.000000% 0.000000% 11.774325%
9.713580% 0.000000% 0.000000% 0.000000% 9.713580%
60 Days 6.786590% 0.000000% 0.000000% 0.000000% 6.786590%
6.286810% 0.000000% 0.000000% 0.000000% 6.286810%
90 Days 1.962388% 0.000000% 0.000000% 0.000000% 1.962388%
1.952600% 0.000000% 0.000000% 0.000000% 1.952600%
120 Days 1.962388% 0.000000% 0.000000% 0.000000% 1.962388%
2.512164% 0.000000% 0.000000% 0.000000% 2.512164%
150 Days 1.390025% 0.000000% 0.000000% 0.000000% 1.390025%
1.255391% 0.000000% 0.000000% 0.000000% 1.255391%
180+ Days 6.623058% 0.000000% 0.000000% 0.000000% 6.623058%
7.649017% 0.000000% 0.000000% 0.000000% 7.649017%
Totals 30.498774% 0.000000% 0.000000% 0.000000% 30.498774%
29.369561% 0.000000% 0.000000% 0.000000% 29.369561%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
2 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 61 0 0 0 61
11,163,549.90 0.00 0.00 0.00 11,163,549.90
60 Days 22 0 0 0 22
4,585,593.86 0.00 0.00 0.00 4,585,593.86
90 Days 5 0 0 0 5
727,212.15 0.00 0.00 0.00 727,212.15
120 Days 5 0 0 0 5
721,888.51 0.00 0.00 0.00 721,888.51
150 Days 4 0 0 0 4
700,803.65 0.00 0.00 0.00 700,803.65
180+ Days 22 0 0 0 22
1,666,825.09 0.00 0.00 0.00 1,666,825.09
Totals 119 0 0 0 119
19,565,873.16 0.00 0.00 0.00 19,565,873.16
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 17.183099% 0.000000% 0.000000% 0.000000% 17.183099%
16.572115% 0.000000% 0.000000% 0.000000% 16.572115%
60 Days 6.197183% 0.000000% 0.000000% 0.000000% 6.197183%
6.807242% 0.000000% 0.000000% 0.000000% 6.807242%
90 Days 1.408451% 0.000000% 0.000000% 0.000000% 1.408451%
1.079535% 0.000000% 0.000000% 0.000000% 1.079535%
120 Days 1.408451% 0.000000% 0.000000% 0.000000% 1.408451%
1.071632% 0.000000% 0.000000% 0.000000% 1.071632%
150 Days 1.126761% 0.000000% 0.000000% 0.000000% 1.126761%
1.040332% 0.000000% 0.000000% 0.000000% 1.040332%
180+ Days 6.197183% 0.000000% 0.000000% 0.000000% 6.197183%
2.474376% 0.000000% 0.000000% 0.000000% 2.474376%
Totals 33.521127% 0.000000% 0.000000% 0.000000% 33.521127%
29.045232% 0.000000% 0.000000% 0.000000% 29.045232%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 366,842.79
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 29,654,082.03 18.40153083% 30,446,679.52 19.74419648% 11.913307% 0.000000%
Class M-2 19,018,082.03 11.80147214% 19,810,679.52 12.84691648% 6.897280% 0.000000%
Class M-3 13,378,082.03 8.30162905% 14,170,679.52 9.18946450% 3.657452% 0.000000%
Class M-4 10,236,082.03 6.35189378% 11,028,679.52 7.15192654% 2.037538% 0.000000%
Class CE-1 100.00 0.00006205% 100.00 0.00006485% 5.584475% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000065% 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 1 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 2 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 1 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 2 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 Mixed Fixed & Arm
Weighted Average Gross Coupon 9.791427%
Weighted Average Net Coupon 9.295931%
Weighted Average Pass-Through Rate 9.223143%
Weighted Average Maturity(Stepdown Calculation) 297
Beginning Scheduled Collateral Loan Count 1,627
Number Of Loans Paid In Full 49
Ending Scheduled Collateral Loan Count 1,578
Beginning Scheduled Collateral Balance 161,150,082.03
Ending Scheduled Collateral Balance 154,205,715.83
Ending Actual Collateral Balance at 30-Jun-2005 154,238,744.15
Monthly P&I Constant 1,391,101.26
Special Servicing Fee 0.00
Prepayment Penalties 85,026.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 267,479.34
Unscheduled Principal 6,676,886.86
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 792,597.49
Overcollateralized reduction Amount 0.00
Specified O/C Amount 11,763,671.93
Overcollateralized Amount 8,611,579.52
Overcollateralized Deficiency Amount 3,152,092.40
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 792,597.49
Excess Cash Amount 0.00
Prepayment Detail - Prepayments during Current Period
Summary Loans Paid In Full Repurchased Loans
Original Current Original Current
Principal Principal Principal Principal
Group Count Balance Balance Count Balance Balance
<s> <c> <c> <c> <c> <c> <c>
Group 1 31 2,503,311.00 2,379,717.01 0 0.00 0.00
Group 2 18 4,440,166.00 4,368,044.56 0 0.00 0.00
Total 49 6,943,477.00 6,747,761.57 0 0.00 0.00
Prepayment Detail - Prepayments during Current Period (continued)
Summary Substitution Loans Liquidated Loans Curtailments
Original Current Original Current
Principal Principal Principal Principal Curtailment
Group Count Balance Balance Count Balance Balance Amount
<s> <c> <c> <c> <c> <c> <c> <c>
Group 1 0 0.00 0.00 0 0.00 0.00 21,221.56
Group 2 0 0.00 0.00 0 0.00 0.00 3,858.76
Total 0 0.00 0.00 0 0.00 0.00 25,080.32
Prepayment Loan Detail - Prepayments during Current Period
First Original
Loan LTV at Payment Principal Prepayment
Group Number State Origination Date Balance Amount
<s> <c> <c> <c> <c> <c> <c>
Group 1 0110252111 IL 73.16 01-Oct-1999 139,000.00 134,211.48
Group 1 0110260258 CA 95.00 01-Dec-1997 249,650.00 227,330.19
Group 1 0110268674 OH 92.69 01-Nov-2003 203,000.00 200,382.07
Group 1 0110287192 IN 100.32 15-Sep-2001 15,000.00 13,023.25
Group 1 0110367504 OH 79.38 15-Jul-1999 142,889.00 135,537.49
Group 1 0110367961 MI 100.00 20-Oct-2000 70,231.00 66,801.33
Group 1 0110368695 KY 89.39 02-Aug-1998 39,330.00 0.00
Group 1 0110369234 OH 100.00 15-Jun-1997 17,952.00 0.00
Group 1 0110369279 OH 100.00 22-May-1998 10,504.00 0.00
Group 1 0110369289 OH 90.46 15-Nov-1997 59,249.00 0.00
Group 1 0110369580 FL 90.00 19-Dec-1998 41,400.00 40,465.57
Group 1 0110369630 TN 95.72 12-Feb-2000 153,151.00 150,215.51
Group 1 0110369836 KS 75.88 01-Mar-2000 56,302.00 54,909.01
Group 1 0110407757 FL 74.29 01-May-2001 52,000.00 43,032.64
Group 1 0110407767 SC 85.00 01-Oct-2003 131,750.00 129,832.64
Group 1 0110408626 IL 83.86 01-May-1999 187,000.00 178,635.26
Group 1 0110408854 PA 84.47 01-Jan-2001 198,500.00 192,377.44
Group 1 0110408882 AL 89.98 01-Mar-2001 44,900.00 44,143.21
Group 1 0110409002 CT 100.00 01-Sep-2001 43,000.00 37,542.62
Group 1 0110409203 AR 90.00 01-Aug-2004 62,100.00 61,511.64
Group 1 0110409977 KS 85.00 30-Sep-2002 140,250.00 137,634.27
Group 1 0110411153 IN 96.43 01-Jul-2002 67,500.00 66,324.99
Group 1 0110411194 TN 85.00 08-Jun-2002 52,700.00 51,668.19
Group 1 0110411272 PA 86.96 01-Apr-2002 100,000.00 97,495.16
Group 1 0110423645 MD 95.00 01-May-2004 10,150.00 9,483.02
Group 1 0110426228 WA 100.00 01-May-2004 35,814.00 35,039.06
Group 1 0110426252 MN 100.01 01-Mar-2004 32,946.00 32,181.66
Group 1 0110435173 CA 95.00 01-Oct-2004 56,643.00 56,433.24
Group 1 0110465026 IL 85.00 01-Feb-2005 13,350.00 13,074.47
Group 1 0110475891 MD 100.00 01-Dec-2004 48,400.00 48,153.73
Group 1 0110475922 AZ 100.00 01-Jan-2005 28,650.00 28,593.55
Group 2 0110172945 WA 79.12 01-Nov-1999 144,000.00 138,906.23
Group 2 0110206903 CT 73.68 01-Apr-1987 119,000.00 75,344.40
Group 2 0110306006 VA 85.00 01-May-2004 270,567.00 267,247.52
Group 2 0110331776 NY 80.00 01-Sep-2004 212,000.00 208,838.63
Group 2 0110370009 MO 80.00 01-Jul-1999 45,600.00 43,825.44
Group 2 0110370165 NM 80.00 01-Jun-1999 128,800.00 120,859.40
Group 2 0110388179 CA 70.00 01-Dec-2004 390,600.00 389,388.72
Group 2 0110407769 NV 95.00 01-Jan-2003 121,600.00 118,243.80
Group 2 0110423436 CA 80.00 01-Dec-2004 404,000.00 403,998.20
Group 2 0110423534 CA 75.00 01-Aug-2004 95,999.00 95,141.39
Group 2 0110426261 CA 90.00 01-Aug-2004 369,000.00 368,895.80
Group 2 0110426300 CA 80.00 01-Jun-2004 214,000.00 214,000.00
Group 2 0110426341 CA 86.15 01-Jan-2005 318,750.00 318,750.00
Group 2 0110433503 FL 85.00 01-Aug-2004 89,250.00 88,632.40
Group 2 0110435176 CA 68.50 01-Nov-2004 650,000.00 650,000.00
Group 2 0110465892 CA 80.00 01-Nov-2004 336,000.00 334,034.12
Group 2 0110475942 CT 80.00 01-Feb-2005 296,000.00 295,412.19
Group 2 0110475943 NY 73.44 01-Jan-2005 235,000.00 234,255.61
Prepayment Loan Detail - Prepayments during Current Period (continued)
Current
Loan PIF Months Loan Original
Group Number Type Delinquent Rate Term Seasoning
<s> <c> <c> <c> <c> <c> <c>
Group 1 0110252111 Loan Paid in Full 0 9.625% 360 69
Group 1 0110260258 Loan Paid in Full 0 7.750% 360 91
Group 1 0110268674 Loan Paid in Full 0 8.250% 360 20
Group 1 0110287192 Loan Paid in Full 0 11.100% 180 46
Group 1 0110367504 Loan Paid in Full 10 12.250% 362 72
Group 1 0110367961 Loan Paid in Full 2 11.990% 240 56
Group 1 0110368695 Loan Paid in Full 0 10.000% 180 83
Group 1 0110369234 Loan Paid in Full 0 14.500% 182 97
Group 1 0110369279 Loan Paid in Full 1 13.990% 84 0
Group 1 0110369289 Loan Paid in Full 2 10.000% 242 92
Group 1 0110369580 Loan Paid in Full 1 9.500% 362 78
Group 1 0110369630 Loan Paid in Full 0 7.500% 360 65
Group 1 0110369836 Loan Paid in Full 0 7.500% 360 64
Group 1 0110407757 Loan Paid in Full 0 7.510% 180 50
Group 1 0110407767 Loan Paid in Full 0 8.375% 360 21
Group 1 0110408626 Loan Paid in Full 0 9.790% 180 74
Group 1 0110408854 Loan Paid in Full 0 9.950% 185 54
Group 1 0110408882 Loan Paid in Full 0 12.550% 366 52
Group 1 0110409002 Loan Paid in Full 0 9.500% 186 46
Group 1 0110409203 Loan Paid in Full 0 7.360% 360 11
Group 1 0110409977 Loan Paid in Full 0 9.450% 180 33
Group 1 0110411153 Loan Paid in Full 0 10.500% 180 36
Group 1 0110411194 Loan Paid in Full 0 9.750% 180 37
Group 1 0110411272 Loan Paid in Full 0 8.990% 180 39
Group 1 0110423645 Loan Paid in Full 0 12.000% 120 14
Group 1 0110426228 Loan Paid in Full 0 9.900% 240 14
Group 1 0110426252 Loan Paid in Full 0 9.730% 240 16
Group 1 0110435173 Loan Paid in Full 0 10.500% 180 9
Group 1 0110465026 Loan Paid in Full 0 13.250% 120 5
Group 1 0110475891 Loan Paid in Full 0 8.990% 360 7
Group 1 0110475922 Loan Paid in Full 0 10.625% 360 6
Group 2 0110172945 Loan Paid in Full 0 9.125% 360 68
Group 2 0110206903 Loan Paid in Full 0 4.875% 360 219
Group 2 0110306006 Loan Paid in Full 0 6.850% 360 14
Group 2 0110331776 Loan Paid in Full 0 6.250% 360 10
Group 2 0110370009 Loan Paid in Full 0 11.250% 360 72
Group 2 0110370165 Loan Paid in Full 0 9.000% 360 73
Group 2 0110388179 Loan Paid in Full 0 9.500% 360 7
Group 2 0110407769 Loan Paid in Full 0 8.250% 360 30
Group 2 0110423436 Loan Paid in Full 0 6.875% 360 7
Group 2 0110423534 Loan Paid in Full 0 7.350% 360 11
Group 2 0110426261 Loan Paid in Full 0 6.450% 360 11
Group 2 0110426300 Loan Paid in Full 0 5.600% 360 13
Group 2 0110426341 Loan Paid in Full 0 5.990% 360 6
Group 2 0110433503 Loan Paid in Full 0 8.490% 360 11
Group 2 0110435176 Loan Paid in Full 0 7.000% 360 8
Group 2 0110465892 Loan Paid in Full 0 6.990% 360 8
Group 2 0110475942 Loan Paid in Full 0 8.100% 360 5
Group 2 0110475943 Loan Paid in Full 0 8.350% 360 6
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 4.150% Current Month 39.869% Current Month 664.487%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 39.869% N/A Jul-2005 664.487% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
Group 1
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.588% Current Month 26.994% Current Month 449.907%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 26.994% N/A Jul-2005 449.907% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
Group 2
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 6.092% Current Month 52.964% Current Month 1,533.545%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 52.964% N/A Jul-2005 1,533.545% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
<FN>
Calculation Methodology:
Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled
Principal)
Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12)
PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS))
Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal
Balance))
</FN>
Realized Loss Detail Report - Loans with Losses during Current Period
Summary
# Loans Prior Realized Current
with Principal Loss/(Gain) Loss
Group Losses Balance Amount Percentage
<s> <c> <c> <c> <c>
Group 1 0 0.00 0.00 0.000%
Group 2 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 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A 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 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A 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 1
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 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A 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 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A 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 2
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 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A 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 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A 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>