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 MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 2005-B Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-118843-14
Pooling and Servicing Agreement) (Commission 54-2168069
(State or other File Number) 54-2168070
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
MORTGAGE SECURITIES, INC., Mortgage Pass-Through Certificates, Series 2005-B
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-B 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 MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 2005-B 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-B Trust,
relating to the July 25, 2005 distribution.
EX-99.1
Banc of America Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 6/30/2005
Distribution Date: 7/25/2005
Banc of America Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Series 2005-B
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>
1A1 05949AW63 SEN 4.08469% 44,189,674.99 150,417.54
1AR 05949AW71 SEN 4.07198% 0.00 0.00
1ALR 05949AW89 SEN 4.07198% 0.00 0.10
2A1 05949AW97 SEN 4.41476% 216,210,070.41 795,430.07
2A2 05949AX21 SEN 4.76076% 24,229,887.49 96,127.28
1IO 05949AX62 SEN 0.61100% 0.00 23,408.34
2IO 05949AX70 SEN 0.31113% 0.00 64,634.74
B1 05949AX39 SUB 4.38839% 5,084,953.30 18,595.65
B2 05949AX47 SUB 4.38839% 2,157,736.81 7,890.83
B3 05949AX54 SUB 4.38839% 1,386,261.07 5,069.55
B4 05949AX88 SUB 4.38839% 616,781.38 2,255.57
B5 05949AX96 SUB 4.38839% 462,087.02 1,689.85
B6 05949AY20 SUB 4.38839% 925,078.26 3,383.01
Totals 295,262,530.73 1,168,902.53
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
1A1 1,968,782.11 0.00 42,220,892.87 2,119,199.65 0.00
1AR 0.00 0.00 0.00 0.00 0.00
1ALR 0.00 0.00 0.00 0.10 0.00
2A1 2,201,662.26 0.00 214,008,408.15 2,997,092.33 0.00
2A2 246,732.40 0.00 23,983,155.09 342,859.68 0.00
1IO 0.00 0.00 0.00 23,408.34 0.00
2IO 0.00 0.00 0.00 64,634.74 0.00
B1 2,639.69 0.00 5,082,313.61 21,235.34 0.00
B2 1,120.12 0.00 2,156,616.69 9,010.95 0.00
B3 719.63 0.00 1,385,541.43 5,789.18 0.00
B4 320.18 0.00 616,461.20 2,575.75 0.00
B5 239.88 0.00 461,847.14 1,929.73 0.00
B6 480.22 0.00 924,598.03 3,863.23 0.00
Totals 4,422,696.49 0.00 290,839,834.21 5,591,599.02 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>
1A1 50,048,000.00 44,189,674.99 28,502.47 1,940,279.64 0.00 0.00
1AR 50.00 0.00 0.00 0.00 0.00 0.00
1ALR 50.00 0.00 0.00 0.00 0.00 0.00
2A1 223,082,000.00 216,210,070.41 106,750.64 2,094,911.62 0.00 0.00
2A2 25,000,000.00 24,229,887.49 11,963.16 234,769.24 0.00 0.00
1IO 0.00 0.00 0.00 0.00 0.00 0.00
2IO 0.00 0.00 0.00 0.00 0.00 0.00
B1 5,095,000.00 5,084,953.30 2,639.69 0.00 0.00 0.00
B2 2,162,000.00 2,157,736.81 1,120.12 0.00 0.00 0.00
B3 1,389,000.00 1,386,261.07 719.63 0.00 0.00 0.00
B4 618,000.00 616,781.38 320.18 0.00 0.00 0.00
B5 463,000.00 462,087.02 239.88 0.00 0.00 0.00
B6 926,906.00 925,078.26 480.22 0.00 0.00 0.00
Totals 308,784,006.00 295,262,530.73 152,735.99 4,269,960.50 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>
1A1 1,968,782.11 42,220,892.87 0.84360799 1,968,782.11
1AR 0.00 0.00 0.00000000 0.00
1ALR 0.00 0.00 0.00000000 0.00
2A1 2,201,662.26 214,008,408.15 0.95932620 2,201,662.26
2A2 246,732.40 23,983,155.09 0.95932620 246,732.40
1IO 0.00 0.00 0.00000000 0.00
2IO 0.00 0.00 0.00000000 0.00
B1 2,639.69 5,082,313.61 0.99751003 2,639.69
B2 1,120.12 2,156,616.69 0.99751003 1,120.12
B3 719.63 1,385,541.43 0.99751003 719.63
B4 320.18 616,461.20 0.99751003 320.18
B5 239.88 461,847.14 0.99751002 239.88
B6 480.22 924,598.03 0.99751003 480.22
Totals 4,422,696.49 290,839,834.21 0.94188763 4,422,696.49
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>
1A1 50,048,000.00 882.94587176 0.56950268 38.76837516 0.00000000
1AR 50.00 0.00000000 0.00000000 0.00000000 0.00000000
1ALR 50.00 0.00000000 0.00000000 0.00000000 0.00000000
2A1 223,082,000.00 969.19549946 0.47852646 9.39076940 0.00000000
2A2 25,000,000.00 969.19549960 0.47852640 9.39076960 0.00000000
1IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
2IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
B1 5,095,000.00 998.02812561 0.51809421 0.00000000 0.00000000
B2 2,162,000.00 998.02812673 0.51809436 0.00000000 0.00000000
B3 1,389,000.00 998.02812815 0.51809215 0.00000000 0.00000000
B4 618,000.00 998.02812298 0.51809061 0.00000000 0.00000000
B5 463,000.00 998.02812095 0.51809935 0.00000000 0.00000000
B6 926,906.00 998.02812799 0.51808921 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>
1A1 0.00000000 39.33787784 843.60799373 0.84360799 39.33787784
1AR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
1ALR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2A1 0.00000000 9.86929586 959.32620359 0.95932620 9.86929586
2A2 0.00000000 9.86929600 959.32620360 0.95932620 9.86929600
1IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B1 0.00000000 0.51809421 997.51003140 0.99751003 0.51809421
B2 0.00000000 0.51809436 997.51003238 0.99751003 0.51809436
B3 0.00000000 0.51809215 997.51002880 0.99751003 0.51809215
B4 0.00000000 0.51809061 997.51003236 0.99751003 0.51809061
B5 0.00000000 0.51809935 997.51002160 0.99751002 0.51809935
B6 0.00000000 0.51808921 997.51002799 0.99751003 0.51808921
<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>
1A1 50,048,000.00 4.08469% 44,189,674.99 150,417.54 0.00 0.00
1AR 50.00 4.07198% 0.00 0.00 0.00 0.00
1ALR 50.00 4.07198% 0.00 0.00 0.00 0.00
2A1 223,082,000.00 4.41476% 216,210,070.41 795,430.07 0.00 0.00
2A2 25,000,000.00 4.76076% 24,229,887.49 96,127.28 0.00 0.00
1IO 0.00 0.61100% 45,973,830.15 23,408.34 0.00 0.00
2IO 0.00 0.31113% 249,288,701.09 64,634.74 0.00 0.00
B1 5,095,000.00 4.38839% 5,084,953.30 18,595.65 0.00 0.00
B2 2,162,000.00 4.38839% 2,157,736.81 7,890.83 0.00 0.00
B3 1,389,000.00 4.38839% 1,386,261.07 5,069.55 0.00 0.00
B4 618,000.00 4.38839% 616,781.38 2,255.57 0.00 0.00
B5 463,000.00 4.38839% 462,087.02 1,689.85 0.00 0.00
B6 926,906.00 4.38839% 925,078.26 3,383.01 0.00 0.00
Totals 308,784,006.00 1,168,902.43 0.00 0.00
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
1A1 0.00 0.00 150,417.54 0.00 42,220,892.87
1AR 0.00 0.00 0.00 0.00 0.00
1ALR 0.00 0.00 0.10 0.00 0.00
2A1 0.00 0.00 795,430.07 0.00 214,008,408.15
2A2 0.00 0.00 96,127.28 0.00 23,983,155.09
1IO 0.00 0.00 23,408.34 0.00 44,003,897.25
2IO 0.00 0.00 64,634.74 0.00 246,835,937.49
B1 0.00 0.00 18,595.65 0.00 5,082,313.61
B2 0.00 0.00 7,890.83 0.00 2,156,616.69
B3 0.00 0.00 5,069.55 0.00 1,385,541.43
B4 0.00 0.00 2,255.57 0.00 616,461.20
B5 0.00 0.00 1,689.85 0.00 461,847.14
B6 0.00 0.00 3,383.01 0.00 924,598.03
Totals 0.00 0.00 1,168,902.53 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>
1A1 50,048,000.00 4.08469% 882.94587176 3.00546555 0.00000000 0.00000000
1AR 50.00 4.07198% 0.00000000 0.00000000 0.00000000 0.00000000
1ALR 50.00 4.07198% 0.00000000 0.00000000 0.00000000 0.00000000
2A1 223,082,000.00 4.41476% 969.19549946 3.56563985 0.00000000 0.00000000
2A2 25,000,000.00 4.76076% 969.19549960 3.84509120 0.00000000 0.00000000
1IO 0.00 0.61100% 886.89638997 0.45157804 0.00000000 0.00000000
2IO 0.00 0.31113% 970.19407221 0.25154867 0.00000000 0.00000000
B1 5,095,000.00 4.38839% 998.02812561 3.64978410 0.00000000 0.00000000
B2 2,162,000.00 4.38839% 998.02812673 3.64978261 0.00000000 0.00000000
B3 1,389,000.00 4.38839% 998.02812815 3.64978402 0.00000000 0.00000000
B4 618,000.00 4.38839% 998.02812298 3.64978964 0.00000000 0.00000000
B5 463,000.00 4.38839% 998.02812095 3.64978402 0.00000000 0.00000000
B6 926,906.00 4.38839% 998.02812799 3.64978757 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>
1A1 0.00000000 0.00000000 3.00546555 0.00000000 843.60799373
1AR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
1ALR 0.00000000 0.00000000 2.00000000 0.00000000 0.00000000
2A1 0.00000000 0.00000000 3.56563985 0.00000000 959.32620359
2A2 0.00000000 0.00000000 3.84509120 0.00000000 959.32620360
1IO 0.00000000 0.00000000 0.45157804 0.00000000 848.89376170
2IO 0.00000000 0.00000000 0.25154867 0.00000000 960.64828576
B1 0.00000000 0.00000000 3.64978410 0.00000000 997.51003140
B2 0.00000000 0.00000000 3.64978261 0.00000000 997.51003238
B3 0.00000000 0.00000000 3.64978402 0.00000000 997.51002880
B4 0.00000000 0.00000000 3.64978964 0.00000000 997.51003236
B5 0.00000000 0.00000000 3.64978402 0.00000000 997.51002160
B6 0.00000000 0.00000000 3.64978757 0.00000000 997.51002799
<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 5,661,465.92
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 11,985.73
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 5,673,451.65
Withdrawals
Reimbursement for Servicer Advances 13,705.06
Payment of Service Fee 68,147.57
Payment of Interest and Principal 5,591,599.02
Total Withdrawals (Pool Distribution Amount) 5,673,451.65
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 66,302.18
Trustee Fee - Wells Fargo Bank, N.A. 1,845.39
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 68,147.57
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 4 0 0 0 4
1,718,076.10 0.00 0.00 0.00 1,718,076.10
60 Days 1 0 0 0 1
364,500.00 0.00 0.00 0.00 364,500.00
90 Days 1 0 0 0 1
474,827.04 0.00 0.00 0.00 474,827.04
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 6 0 0 0 6
2,557,403.14 0.00 0.00 0.00 2,557,403.14
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 0.711744% 0.000000% 0.000000% 0.000000% 0.711744%
0.590483% 0.000000% 0.000000% 0.000000% 0.590483%
60 Days 0.177936% 0.000000% 0.000000% 0.000000% 0.177936%
0.125274% 0.000000% 0.000000% 0.000000% 0.125274%
90 Days 0.177936% 0.000000% 0.000000% 0.000000% 0.177936%
0.163193% 0.000000% 0.000000% 0.000000% 0.163193%
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 1.067616% 0.000000% 0.000000% 0.000000% 1.067616%
0.878950% 0.000000% 0.000000% 0.000000% 0.878950%
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 2 0 0 0 2
853,842.27 0.00 0.00 0.00 853,842.27
60 Days 1 0 0 0 1
364,500.00 0.00 0.00 0.00 364,500.00
90 Days 1 0 0 0 1
474,827.04 0.00 0.00 0.00 474,827.04
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 4 0 0 0 4
1,693,169.31 0.00 0.00 0.00 1,693,169.31
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.247191% 0.000000% 0.000000% 0.000000% 2.247191%
1.939095% 0.000000% 0.000000% 0.000000% 1.939095%
60 Days 1.123596% 0.000000% 0.000000% 0.000000% 1.123596%
0.827788% 0.000000% 0.000000% 0.000000% 0.827788%
90 Days 1.123596% 0.000000% 0.000000% 0.000000% 1.123596%
1.078343% 0.000000% 0.000000% 0.000000% 1.078343%
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 4.494382% 0.000000% 0.000000% 0.000000% 4.494382%
3.845225% 0.000000% 0.000000% 0.000000% 3.845225%
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
864,233.83 0.00 0.00 0.00 864,233.83
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 2 0 0 0 2
864,233.83 0.00 0.00 0.00 864,233.83
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.422833% 0.000000% 0.000000% 0.000000% 0.422833%
0.349994% 0.000000% 0.000000% 0.000000% 0.349994%
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 0.422833% 0.000000% 0.000000% 0.000000% 0.422833%
0.349994% 0.000000% 0.000000% 0.000000% 0.349994%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 11,985.73
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 ARM
Weighted Average Gross Coupon 5.027593%
Weighted Average Net Coupon 4.758129%
Weighted Average Pass-Through Rate 4.750629%
Weighted Average Maturity(Stepdown Calculation) 353
Beginning Scheduled Collateral Loan Count 571
Number Of Loans Paid In Full 9
Ending Scheduled Collateral Loan Count 562
Beginning Scheduled Collateral Balance 295,262,531.24
Ending Scheduled Collateral Balance 290,839,834.74
Ending Actual Collateral Balance at 30-Jun-2005 290,961,246.51
Monthly P&I Constant 1,389,785.76
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 152,736.00
Unscheduled Principal 4,269,960.50
Miscellaneous Reporting
Total Senior Percentage 96.398833%
Aggregate Senior Percentage 3.601167%
Group Level Collateral Statement
Group 1 2 Total
Collateral Description 3 Year LIBOR Arm 5 Year LIBOR Arm Mixed ARM
Weighted Average Coupon Rate 5.078188 5.018262 5.027593
Weighted Average Net Rate 4.703188 4.768262 4.758129
Weighted Average Maturity 353 353 353
Beginning Loan Count 93 478 571
Loans Paid In Full 4 5 9
Ending Loan Count 89 473 562
Beginning Scheduled Balance 45,973,830.15 249,288,701.09 295,262,531.24
Ending Scheduled Balance 44,003,897.25 246,835,937.49 290,839,834.74
Record Date 06/30/2005 06/30/2005 06/30/2005
Principal And Interest Constant 224,206.38 1,165,579.38 1,389,785.76
Scheduled Principal 29,653.26 123,082.74 152,736.00
Unscheduled Principal 1,940,279.64 2,329,680.86 4,269,960.50
Scheduled Interest 194,553.12 1,042,496.64 1,237,049.76
Servicing Fees 14,366.82 51,935.15 66,301.97
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 287.34 1,558.05 1,845.39
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 179,898.96 989,003.44 1,168,902.40
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 4.695688 4.760762 4.750629
Miscellaneous Reporting
Group 1
CPR 40.416227%
Subordinate Percentage 3.880806%
Subordinate Prepayment Percentage 0.000000%
Senior Prepayment Percentage 100.000000%
Senior Percentage 96.119194%
Group 2
CPR 10.660545%
Subordinate Percentage 3.549596%
Subordinate Prepayment Percentage 0.000000%
Senior Prepayment Percentage 100.000000%
Senior Percentage 96.450404%
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 4 1,742,223.00 1,738,860.96 0 0.00 0.00
2 5 3,225,200.00 2,275,130.40 0 0.00 0.00
Total 9 4,967,423.00 4,013,991.36 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 0.00 202,265.52
2 0 0.00 0.00 0 0.00 0.00 61,970.24
Total 0 0.00 0.00 0 0.00 0.00 264,235.76
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 6304836270 CA 80.00 01-Mar-2005 520,000.00 520,000.00
1 6473309513 WA 90.00 01-Mar-2005 434,223.00 432,024.60
1 6888722615 NJ 80.00 01-Mar-2005 364,000.00 361,989.52
1 6950333515 CA 80.00 01-Mar-2005 424,000.00 424,000.00
2 6266116695 MA 57.14 01-Mar-2005 800,000.00 795,477.48
2 6457000245 CA 80.00 01-Mar-2005 604,000.00 600,170.22
2 6643194373 MO 57.46 01-Feb-2005 948,200.00 (598.75)
2 6889856354 CA 62.23 01-Mar-2005 445,000.00 444,700.00
2 6890569509 CA 80.00 01-Mar-2005 428,000.00 427,961.67
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 6304836270 Loan Paid in Full 0 4.875% 360 4
1 6473309513 Loan Paid in Full 0 6.000% 360 4
1 6888722615 Loan Paid in Full 0 5.500% 360 4
1 6950333515 Loan Paid in Full 0 5.625% 360 4
2 6266116695 Loan Paid in Full (1) 5.375% 360 4
2 6457000245 Loan Paid in Full 0 4.750% 360 4
2 6643194373 Loan Paid in Full 0 6.125% 360 5
2 6889856354 Loan Paid in Full 0 5.750% 360 4
2 6890569509 Loan Paid in Full 0 5.500% 360 4
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.447% Current Month 16.046% Current Month 1,775.922%
3 Month Average 1.448% 3 Month Average 16.019% 3 Month Average 2,472.131%
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 1.867% N/A Mar-2005 1,844.475% N/A
Apr-2005 13.461% N/A Apr-2005 4,453.860% N/A
May-2005 19.151% N/A May-2005 3,808.636% N/A
Jun-2005 12.860% N/A Jun-2005 1,831.834% N/A
Jul-2005 16.046% N/A Jul-2005 1,775.922% 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 4.223% Current Month 40.416% Current Month 4,370.902%
3 Month Average 4.292% 3 Month Average 40.025% 3 Month Average 6,072.037%
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 10.037% N/A Mar-2005 8,529.306% N/A
Apr-2005 21.222% N/A Apr-2005 6,630.883% N/A
May-2005 53.093% N/A May-2005 10,152.243% N/A
Jun-2005 26.567% N/A Jun-2005 3,692.966% N/A
Jul-2005 40.416% N/A Jul-2005 4,370.902% 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 0.935% Current Month 10.661% Current Month 1,184.847%
3 Month Average 0.902% 3 Month Average 10.303% 3 Month Average 1,555.591%
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 0.138% N/A Mar-2005 141.298% N/A
Apr-2005 11.828% N/A Apr-2005 3,959.721% N/A
May-2005 10.206% N/A May-2005 2,044.980% N/A
Jun-2005 10.042% N/A Jun-2005 1,436.945% N/A
Jul-2005 10.661% N/A Jul-2005 1,184.847% 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 N/A N/A Feb-2005 N/A 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 N/A N/A Feb-2005 N/A 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 N/A N/A Feb-2005 N/A 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 N/A N/A Feb-2005 N/A 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 N/A N/A Feb-2005 N/A 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 N/A N/A Feb-2005 N/A 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.
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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)
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