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
BANC OF AMERICA ALTERNATIVE LOAN TRUST
Mortgage Pass-Through Certificates, Series 2005-1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-118843-11
Pooling and Servicing Agreement) (Commission 54-2165628
(State or other File Number) 54-2165629
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 BANC OF AMERICA
ALTERNATIVE LOAN TRUST, Mortgage Pass-Through Certificates, Series 2005-1
Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Mortgage Pass-Through Certificates,
Series 2005-1 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.
BANC OF AMERICA ALTERNATIVE LOAN TRUST
Mortgage Pass-Through Certificates, Series 2005-1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Trustee
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 7/25/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 2005-1 Trust,
relating to the July 25, 2005 distribution.
EX-99.1
Banc of America Alternative Loan Trust
Mortgage Pass-Through Certificates
Record Date: 6/30/2005
Distribution Date: 7/25/2005
Banc of America Alternative Loan Trust
Mortgage Pass-Through Certificates
Series 2005-1
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>
1-CB-1 05949AK66 SEN 5.25000% 173,761,004.26 760,204.39
1-CB-R 05949AL32 SEN 5.50000% 0.00 0.00
1-CB-LR 05949AL40 SEN 5.50000% 0.00 0.00
1-CB-2 05949AK74 SEN 5.50000% 23,189,000.00 106,282.92
1-CB-3 05949AK82 SEN 5.50000% 0.00 36,200.21
1-CB-4 05949AK90 SEN 5.50000% 10,000,000.00 45,833.33
1-CB-5 05949AL24 SEN 5.50000% 4,639,000.00 21,262.08
CB-IO 05949AL57 SEN 5.50000% 0.00 67,246.09
2-A-1 05949AL99 SEN 5.50000% 41,024,641.61 188,029.61
30-PO 05949AL65 PO 0.00000% 270,200.96 0.00
15-IO 05949AL81 SEN 5.50000% 0.00 1,409.14
15-PO 05949AL73 PO 0.00000% 1,664,094.05 0.00
B-1 05949AM23 SUB 5.50000% 5,807,951.60 26,619.78
B-2 05949AM31 SUB 5.50000% 2,073,984.77 9,505.76
B-3 05949AM49 SUB 5.50000% 1,381,994.64 6,334.14
B-4 05949AM56 SUB 5.50000% 1,106,985.65 5,073.68
B-5 05949AM64 SUB 5.50000% 828,998.22 3,799.58
B-6 05949AM72 SUB 5.50000% 1,106,912.43 5,073.35
Totals 266,854,768.19 1,282,874.06
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
1-CB-1 3,934,737.42 0.00 169,826,266.84 4,694,941.81 0.00
1-CB-R 0.00 0.00 0.00 0.00 0.00
1-CB-LR 0.00 0.00 0.00 0.00 0.00
1-CB-2 0.00 0.00 23,189,000.00 106,282.92 0.00
1-CB-3 0.00 0.00 0.00 36,200.21 0.00
1-CB-4 0.00 0.00 10,000,000.00 45,833.33 0.00
1-CB-5 0.00 0.00 4,639,000.00 21,262.08 0.00
CB-IO 0.00 0.00 0.00 67,246.09 0.00
2-A-1 375,694.05 0.00 40,648,947.56 563,723.66 0.00
30-PO 732.86 0.00 269,468.10 732.86 0.00
15-IO 0.00 0.00 0.00 1,409.14 0.00
15-PO 6,948.72 0.00 1,657,145.33 6,948.72 0.00
B-1 8,557.22 0.00 5,799,394.38 35,177.00 0.00
B-2 3,055.73 0.00 2,070,929.04 12,561.49 0.00
B-3 2,036.18 0.00 1,379,958.46 8,370.32 0.00
B-4 1,630.99 0.00 1,105,354.66 6,704.67 0.00
B-5 1,221.42 0.00 827,776.80 5,021.00 0.00
B-6 1,630.54 0.00 1,105,281.70 6,703.89 0.00
Totals 4,336,245.13 0.00 262,518,522.87 5,619,119.19 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>
1-CB-1 183,469,000.00 173,761,004.26 215,932.79 3,718,804.62 0.00 0.00
1-CB-R 50.00 0.00 0.00 0.00 0.00 0.00
1-CB-LR 50.00 0.00 0.00 0.00 0.00 0.00
1-CB-2 23,189,000.00 23,189,000.00 0.00 0.00 0.00 0.00
1-CB-3 0.00 0.00 0.00 0.00 0.00 0.00
1-CB-4 10,000,000.00 10,000,000.00 0.00 0.00 0.00 0.00
1-CB-5 4,639,000.00 4,639,000.00 0.00 0.00 0.00 0.00
CB-IO 0.00 0.00 0.00 0.00 0.00 0.00
2-A-1 42,857,000.00 41,024,641.61 154,021.28 221,672.77 0.00 0.00
30-PO 272,074.89 270,200.96 308.21 424.65 0.00 0.00
15-IO 0.00 0.00 0.00 0.00 0.00 0.00
15-PO 1,719,983.14 1,664,094.05 6,419.36 529.36 0.00 0.00
B-1 5,850,000.00 5,807,951.60 8,557.22 0.00 0.00 0.00
B-2 2,089,000.00 2,073,984.77 3,055.73 0.00 0.00 0.00
B-3 1,392,000.00 1,381,994.64 2,036.18 0.00 0.00 0.00
B-4 1,115,000.00 1,106,985.65 1,630.99 0.00 0.00 0.00
B-5 835,000.00 828,998.22 1,221.42 0.00 0.00 0.00
B-6 1,114,926.00 1,106,912.43 1,630.54 0.00 0.00 0.00
Totals 278,542,084.03 266,854,768.19 394,813.72 3,941,431.40 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>
1-CB-1 3,934,737.42 169,826,266.84 0.92564012 3,934,737.42
1-CB-R 0.00 0.00 0.00000000 0.00
1-CB-LR 0.00 0.00 0.00000000 0.00
1-CB-2 0.00 23,189,000.00 1.00000000 0.00
1-CB-3 0.00 0.00 0.00000000 0.00
1-CB-4 0.00 10,000,000.00 1.00000000 0.00
1-CB-5 0.00 4,639,000.00 1.00000000 0.00
CB-IO 0.00 0.00 0.00000000 0.00
2-A-1 375,694.05 40,648,947.56 0.94847860 375,694.05
30-PO 732.86 269,468.10 0.99041885 732.86
15-IO 0.00 0.00 0.00000000 0.00
15-PO 6,948.72 1,657,145.33 0.96346603 6,948.72
B-1 8,557.22 5,799,394.38 0.99134947 8,557.22
B-2 3,055.73 2,070,929.04 0.99134947 3,055.73
B-3 2,036.18 1,379,958.46 0.99134947 2,036.18
B-4 1,630.99 1,105,354.66 0.99134947 1,630.99
B-5 1,221.42 827,776.80 0.99134946 1,221.42
B-6 1,630.54 1,105,281.70 0.99134983 1,630.54
Totals 4,336,245.13 262,518,522.87 0.94247346 4,336,245.13
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>
1-CB-1 183,469,000.00 947.08645199 1.17694428 20.26938949 0.00000000
1-CB-R 50.00 0.00000000 0.00000000 0.00000000 0.00000000
1-CB-LR 50.00 0.00000000 0.00000000 0.00000000 0.00000000
1-CB-2 23,189,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
1-CB-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
1-CB-4 10,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
1-CB-5 4,639,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CB-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
2-A-1 42,857,000.00 957.24482838 3.59384185 5.17238187 0.00000000
30-PO 272,074.89 993.11244783 1.13281310 1.56078350 0.00000000
15-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
15-PO 1,719,983.14 967.50602451 3.73222263 0.30777046 0.00000000
B-1 5,850,000.00 992.81223932 1.46277265 0.00000000 0.00000000
B-2 2,089,000.00 992.81224031 1.46277166 0.00000000 0.00000000
B-3 1,392,000.00 992.81224138 1.46277299 0.00000000 0.00000000
B-4 1,115,000.00 992.81224215 1.46277130 0.00000000 0.00000000
B-5 835,000.00 992.81223952 1.46277844 0.00000000 0.00000000
B-6 1,114,926.00 992.81246468 1.46246477 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>
1-CB-1 0.00000000 21.44633382 925.64011817 0.92564012 21.44633382
1-CB-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
1-CB-LR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
1-CB-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
1-CB-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
1-CB-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
1-CB-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CB-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2-A-1 0.00000000 8.76622372 948.47860466 0.94847860 8.76622372
30-PO 0.00000000 2.69359660 990.41885122 0.99041885 2.69359660
15-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
15-PO 0.00000000 4.03999309 963.46603142 0.96346603 4.03999309
B-1 0.00000000 1.46277265 991.34946667 0.99134947 1.46277265
B-2 0.00000000 1.46277166 991.34946865 0.99134947 1.46277166
B-3 0.00000000 1.46277299 991.34946839 0.99134947 1.46277299
B-4 0.00000000 1.46277130 991.34947085 0.99134947 1.46277130
B-5 0.00000000 1.46277844 991.34946108 0.99134946 1.46277844
B-6 0.00000000 1.46246477 991.34982950 0.99134983 1.46246477
<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>
1-CB-1 183,469,000.00 5.25000% 173,761,004.26 760,204.39 0.00 0.00
1-CB-R 50.00 5.50000% 0.00 0.00 0.00 0.00
1-CB-LR 50.00 5.50000% 0.00 0.00 0.00 0.00
1-CB-2 23,189,000.00 5.50000% 23,189,000.00 106,282.92 0.00 0.00
1-CB-3 0.00 5.50000% 7,898,227.47 36,200.21 0.00 0.00
1-CB-4 10,000,000.00 5.50000% 10,000,000.00 45,833.33 0.00 0.00
1-CB-5 4,639,000.00 5.50000% 4,639,000.00 21,262.08 0.00 0.00
CB-IO 0.00 5.50000% 14,671,873.53 67,246.09 0.00 0.00
2-A-1 42,857,000.00 5.50000% 41,024,641.61 188,029.61 0.00 0.00
30-PO 272,074.89 0.00000% 270,200.96 0.00 0.00 0.00
15-IO 0.00 5.50000% 307,449.61 1,409.14 0.00 0.00
15-PO 1,719,983.14 0.00000% 1,664,094.05 0.00 0.00 0.00
B-1 5,850,000.00 5.50000% 5,807,951.60 26,619.78 0.00 0.00
B-2 2,089,000.00 5.50000% 2,073,984.77 9,505.76 0.00 0.00
B-3 1,392,000.00 5.50000% 1,381,994.64 6,334.14 0.00 0.00
B-4 1,115,000.00 5.50000% 1,106,985.65 5,073.68 0.00 0.00
B-5 835,000.00 5.50000% 828,998.22 3,799.58 0.00 0.00
B-6 1,114,926.00 5.50000% 1,106,912.43 5,073.35 0.00 0.00
Totals 278,542,084.03 1,282,874.06 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>
1-CB-1 0.00 0.00 760,204.39 0.00 169,826,266.84
1-CB-R 0.00 0.00 0.00 0.00 0.00
1-CB-LR 0.00 0.00 0.00 0.00 0.00
1-CB-2 0.00 0.00 106,282.92 0.00 23,189,000.00
1-CB-3 0.00 0.00 36,200.21 0.00 7,719,375.77
1-CB-4 0.00 0.00 45,833.33 0.00 10,000,000.00
1-CB-5 0.00 0.00 21,262.08 0.00 4,639,000.00
CB-IO 0.00 0.00 67,246.09 0.00 14,301,348.29
2-A-1 0.00 0.00 188,029.61 0.00 40,648,947.56
30-PO 0.00 0.00 0.00 0.00 269,468.10
15-IO 0.00 0.00 1,409.14 0.00 301,880.66
15-PO 0.00 0.00 0.00 0.00 1,657,145.33
B-1 0.00 0.00 26,619.78 0.00 5,799,394.38
B-2 0.00 0.00 9,505.76 0.00 2,070,929.04
B-3 0.00 0.00 6,334.14 0.00 1,379,958.46
B-4 0.00 0.00 5,073.68 0.00 1,105,354.66
B-5 0.00 0.00 3,799.58 0.00 827,776.80
B-6 0.00 0.00 5,073.35 0.00 1,105,281.70
Totals 0.00 0.00 1,282,874.06 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>
1-CB-1 183,469,000.00 5.25000% 947.08645199 4.14350321 0.00000000 0.00000000
1-CB-R 50.00 5.50000% 0.00000000 0.00000000 0.00000000 0.00000000
1-CB-LR 50.00 5.50000% 0.00000000 0.00000000 0.00000000 0.00000000
1-CB-2 23,189,000.00 5.50000% 1000.00000000 4.58333348 0.00000000 0.00000000
1-CB-3 0.00 5.50000% 947.08645243 4.34081300 0.00000000 0.00000000
1-CB-4 10,000,000.00 5.50000% 1000.00000000 4.58333300 0.00000000 0.00000000
1-CB-5 4,639,000.00 5.50000% 1000.00000000 4.58333261 0.00000000 0.00000000
CB-IO 0.00 5.50000% 940.37902457 4.31007072 0.00000000 0.00000000
2-A-1 42,857,000.00 5.50000% 957.24482838 4.38737219 0.00000000 0.00000000
30-PO 272,074.89 0.00000% 993.11244783 0.00000000 0.00000000 0.00000000
15-IO 0.00 5.50000% 841.82126818 3.85833640 0.00000000 0.00000000
15-PO 1,719,983.14 0.00000% 967.50602451 0.00000000 0.00000000 0.00000000
B-1 5,850,000.00 5.50000% 992.81223932 4.55038974 0.00000000 0.00000000
B-2 2,089,000.00 5.50000% 992.81224031 4.55038775 0.00000000 0.00000000
B-3 1,392,000.00 5.50000% 992.81224138 4.55038793 0.00000000 0.00000000
B-4 1,115,000.00 5.50000% 992.81224215 4.55038565 0.00000000 0.00000000
B-5 835,000.00 5.50000% 992.81223952 4.55039521 0.00000000 0.00000000
B-6 1,114,926.00 5.50000% 992.81246468 4.55039169 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>
1-CB-1 0.00000000 0.00000000 4.14350321 0.00000000 925.64011817
1-CB-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
1-CB-LR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
1-CB-2 0.00000000 0.00000000 4.58333348 0.00000000 1000.00000000
1-CB-3 0.00000000 0.00000000 4.34081300 0.00000000 925.64011871
1-CB-4 0.00000000 0.00000000 4.58333300 0.00000000 1000.00000000
1-CB-5 0.00000000 0.00000000 4.58333261 0.00000000 1000.00000000
CB-IO 0.00000000 0.00000000 4.31007072 0.00000000 916.63058078
2-A-1 0.00000000 0.00000000 4.38737219 0.00000000 948.47860466
30-PO 0.00000000 0.00000000 0.00000000 0.00000000 990.41885122
15-IO 0.00000000 0.00000000 3.85833640 0.00000000 826.57304408
15-PO 0.00000000 0.00000000 0.00000000 0.00000000 963.46603142
B-1 0.00000000 0.00000000 4.55038974 0.00000000 991.34946667
B-2 0.00000000 0.00000000 4.55038775 0.00000000 991.34946865
B-3 0.00000000 0.00000000 4.55038793 0.00000000 991.34946839
B-4 0.00000000 0.00000000 4.55038565 0.00000000 991.34947085
B-5 0.00000000 0.00000000 4.55039521 0.00000000 991.34946108
B-6 0.00000000 0.00000000 4.55039169 0.00000000 991.34982950
<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 5,677,048.92
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 5,677,048.92
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 57,929.73
Payment of Interest and Principal 5,619,119.19
Total Withdrawals (Pool Distribution Amount) 5,677,048.92
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 55,594.75
Trustee Fee: Wells Fargo Bank, N.A. 2,334.98
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 57,929.73
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 2 0 0 2
439,135.16 0.00 0.00 439,135.16
30 Days 10 0 0 0 10
1,475,632.09 0.00 0.00 0.00 1,475,632.09
60 Days 1 0 0 0 1
92,969.29 0.00 0.00 0.00 92,969.29
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 11 2 0 0 13
1,568,601.38 439,135.16 0.00 0.00 2,007,736.54
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 0.103413% 0.000000% 0.000000% 0.103413%
0.167070% 0.000000% 0.000000% 0.167070%
30 Days 0.517063% 0.000000% 0.000000% 0.000000% 0.517063%
0.561409% 0.000000% 0.000000% 0.000000% 0.561409%
60 Days 0.051706% 0.000000% 0.000000% 0.000000% 0.051706%
0.035370% 0.000000% 0.000000% 0.000000% 0.035370%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.568769% 0.103413% 0.000000% 0.000000% 0.672182%
0.596779% 0.167070% 0.000000% 0.000000% 0.763850%
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 2 0 0 2
439,135.16 0.00 0.00 439,135.16
30 Days 8 0 0 0 8
1,220,653.64 0.00 0.00 0.00 1,220,653.64
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 8 2 0 0 10
1,220,653.64 439,135.16 0.00 0.00 1,659,788.80
0-29 Days 0.129955% 0.000000% 0.000000% 0.129955%
0.201101% 0.000000% 0.000000% 0.201101%
30 Days 0.519818% 0.000000% 0.000000% 0.000000% 0.519818%
0.558995% 0.000000% 0.000000% 0.000000% 0.558995%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.519818% 0.129955% 0.000000% 0.000000% 0.649773%
0.558995% 0.201101% 0.000000% 0.000000% 0.760096%
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 2 0 0 0 2
254,978.45 0.00 0.00 0.00 254,978.45
60 Days 1 0 0 0 1
92,969.29 0.00 0.00 0.00 92,969.29
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 3 0 0 0 3
347,947.74 0.00 0.00 0.00 347,947.74
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.506329% 0.000000% 0.000000% 0.000000% 0.506329%
0.573260% 0.000000% 0.000000% 0.000000% 0.573260%
60 Days 0.253165% 0.000000% 0.000000% 0.000000% 0.253165%
0.209020% 0.000000% 0.000000% 0.000000% 0.209020%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.759494% 0.000000% 0.000000% 0.000000% 0.759494%
0.782280% 0.000000% 0.000000% 0.000000% 0.782280%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 9,958.52
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.
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.
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.
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.
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
Weighted Average Gross Coupon 6.029363%
Weighted Average Pass-Through Rate 5.768863%
Weighted Average Maturity(Stepdown Calculation) 323
Beginning Scheduled Collateral Loan Count 1,956
Number Of Loans Paid In Full 22
Ending Scheduled Collateral Loan Count 1,934
Beginning Scheduled Collateral Balance 266,854,768.34
Ending Scheduled Collateral Balance 262,518,522.87
Ending Actual Collateral Balance at 30-Jun-2005 262,844,421.64
Monthly P&I Constant 1,735,617.63
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 5,536,899.23
Class AP Deferred Amount 0.00
Scheduled Principal 394,814.07
Unscheduled Principal 3,941,431.40
Group Level Collateral Statement
Group 1 2 Total
Collateral Description Fixed 15 & 30 Year Fixed 15 & 30 Year Mixed Fixed
Weighted Average Coupon Rate 6.117092 5.593680 6.029363
Weighted Average Net Rate 5.867092 5.343679 5.779363
Weighted Average Maturity 353 174 323
Beginning Loan Count 1,559 397 1,956
Loans Paid In Full 20 2 22
Ending Loan Count 1,539 395 1,934
Beginning Scheduled Balance 222,127,519.92 44,727,248.42 266,854,768.34
Ending Scheduled Balance 218,181,570.53 44,336,952.34 262,518,522.87
Record Date 06/30/2005 06/30/2005 06/30/2005
Principal And Interest Constant 1,359,032.10 376,585.53 1,735,617.63
Scheduled Principal 226,720.12 168,093.95 394,814.07
Unscheduled Principal 3,719,229.27 222,202.13 3,941,431.40
Scheduled Interest 1,132,311.98 208,491.58 1,340,803.56
Servicing Fees 46,276.57 9,318.18 55,594.75
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 1,943.62 391.36 2,334.98
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 0.00 0.00 0.00
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 1,084,091.79 198,782.04 1,282,873.83
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 5.856592 5.333180 5.768863
Miscellaneous Reporting
Group 1
CPR 18.358617%
Subordinate % 4.628342%
Subordinate Prepayment % 0.000000%
Senior Prepayment % 100.000000%
Senior % 95.371658%
Group 2
CPR 5.822589%
Subordinate % 4.733775%
Subordinate Prepayment % 0.000000%
Senior Prepayment % 100.000000%
Senior % 95.266225%
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>
1 20 3,574,226.00 3,554,599.59 0 0.00 0.00
2 2 215,950.00 212,160.49 0 0.00 0.00
Total 22 3,790,176.00 3,766,760.08 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>
1 0 0.00 0.00 0 0.00 0.00 168,113.66
2 0 0.00 0.00 0 0.00 0.00 10,810.71
Total 0 0.00 0.00 0 0.00 0.00 178,924.37
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>
1 3301036038 KS 80.00 01-Feb-2005 80,000.00 79,538.54
1 3301038513 TX 70.00 01-Jan-2005 50,050.00 49,676.48
1 3301135566 FL 75.00 01-Jan-2005 101,250.00 100,550.46
1 3301144584 AZ 77.08 01-Jan-2005 119,480.00 118,634.77
1 3301160440 OK 45.13 01-Jan-2005 30,900.00 30,691.51
1 3301160481 CA 42.52 01-Jan-2005 182,000.00 180,772.09
1 6151347769 CA 69.98 01-Jan-2005 356,900.00 354,492.11
1 6217037438 AR 80.00 01-Feb-2005 148,000.00 147,083.46
1 6249208049 CA 69.44 01-Feb-2005 300,000.00 298,310.54
1 6259827316 CA 78.14 01-Jan-2005 351,638.00 349,265.62
1 6263085117 CA 42.51 01-Feb-2005 108,000.00 107,346.75
1 6505370921 OR 80.00 01-Feb-2005 311,920.00 310,363.32
1 6518975096 CA 80.00 01-Jan-2005 277,968.00 276,169.87
1 6559893026 IL 80.00 01-Jan-2005 216,000.00 214,398.48
1 6611946200 MA 79.68 01-Jan-2005 183,200.00 181,963.99
1 6650693077 MO 80.00 01-Feb-2005 144,000.00 143,149.46
1 6827005320 KS 90.00 01-Feb-2005 62,100.00 61,758.55
1 6882331017 CA 69.97 01-Jan-2005 272,900.00 271,058.82
1 6907125774 CT 80.00 01-Jan-2005 163,920.00 162,697.25
1 6983890762 FL 30.81 01-Jan-2005 114,000.00 113,193.54
2 3301248658 MO 70.00 01-Feb-2005 36,050.00 35,288.96
2 6544000802 CA 76.55 01-Feb-2005 179,900.00 176,102.46
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>
1 3301036038 Loan Paid in Full 0 6.250% 360 5
1 3301038513 Loan Paid in Full 0 6.250% 360 6
1 3301135566 Loan Paid in Full 0 6.125% 360 6
1 3301144584 Loan Paid in Full 0 6.000% 360 6
1 3301160440 Loan Paid in Full 0 6.250% 360 6
1 3301160481 Loan Paid in Full 0 6.250% 360 6
1 6151347769 Loan Paid in Full 0 6.250% 360 6
1 6217037438 Loan Paid in Full 0 5.875% 360 5
1 6249208049 Loan Paid in Full 0 6.375% 360 5
1 6259827316 Loan Paid in Full 0 6.250% 360 6
1 6263085117 Loan Paid in Full 0 6.000% 360 5
1 6505370921 Loan Paid in Full 0 7.000% 360 5
1 6518975096 Loan Paid in Full 0 6.500% 360 6
1 6559893026 Loan Paid in Full 0 5.750% 360 6
1 6611946200 Loan Paid in Full 0 6.250% 360 6
1 6650693077 Loan Paid in Full (1) 6.125% 360 5
1 6827005320 Loan Paid in Full 0 6.500% 360 5
1 6882331017 Loan Paid in Full 0 6.250% 360 6
1 6907125774 Loan Paid in Full (1) 6.250% 360 6
1 6983890762 Loan Paid in Full 0 6.000% 360 6
2 3301248658 Loan Paid in Full 0 5.875% 180 5
2 6544000802 Loan Paid in Full 0 5.875% 180 5
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.479% Current Month 16.375% Current Month 1,488.454%
3 Month Average 0.968% 3 Month Average 10.936% 3 Month Average 1,178.121%
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 5.867% N/A Feb-2005 5,940.581% N/A
Mar-2005 6.405% N/A Mar-2005 2,155.414% N/A
Apr-2005 12.134% N/A Apr-2005 2,425.010% N/A
May-2005 6.979% N/A May-2005 996.275% N/A
Jun-2005 9.454% N/A Jun-2005 1,049.636% N/A
Jul-2005 16.375% N/A Jul-2005 1,488.454% 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.
1
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.676% Current Month 18.359% Current Month 1,665.508%
3 Month Average 1.077% 3 Month Average 12.073% 3 Month Average 1,297.829%
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 5.860% N/A Feb-2005 5,808.078% N/A
Mar-2005 7.226% N/A Mar-2005 2,414.105% N/A
Apr-2005 12.493% N/A Apr-2005 2,485.328% N/A
May-2005 7.926% N/A May-2005 1,127.705% N/A
Jun-2005 9.935% N/A Jun-2005 1,100.275% N/A
Jul-2005 18.359% N/A Jul-2005 1,665.508% 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.
2
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.499% Current Month 5.823% Current Month 534.393%
3 Month Average 0.427% 3 Month Average 4.986% 3 Month Average 543.731%
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 5.900% N/A Feb-2005 6,696.789% N/A
Mar-2005 2.202% N/A Mar-2005 768.961% N/A
Apr-2005 10.323% N/A Apr-2005 2,111.427% N/A
May-2005 2.116% N/A May-2005 307.250% N/A
Jun-2005 7.020% N/A Jun-2005 789.551% N/A
Jul-2005 5.823% N/A Jul-2005 534.393% 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>
1 0 0.00 0.00 0.000%
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 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% 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 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% 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.
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 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% 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 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% 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.
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 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% 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 0.000% N/A Feb-2005 0.000% N/A
Mar-2005 0.000% N/A Mar-2005 0.000% N/A
Apr-2005 0.000% N/A Apr-2005 0.000% 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>