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-SD1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-119047-04
Pooling and Servicing Agreement) (Commission 54-2165616
(State or other File Number) 54-2165617
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-SD1 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-SD1 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-SD1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 7/27/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2005-SD1 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-SD1
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 004421KJ1 SEN 3.71438% 77,619,113.11 224,238.69
M-1 004421KK8 SEN 4.06438% 15,279,000.00 48,299.74
M-2 004421KL6 SEN 4.56438% 7,826,000.00 27,782.87
M-3 004421KM4 SEN 6.81438% 7,081,000.00 37,529.82
M-4 004421KN2 SEN 6.31438% 1,863,000.00 9,149.54
CE ACE05SD1C SEN 0.00000% 8,569,896.53 396,496.81
P ACE05SD1P SEN 0.00000% 100.00 41,288.79
R-1 ACE5SD1R1 SEN 0.00000% 0.00 0.00
Totals 118,238,109.64 784,786.26
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 6,867,614.21 0.00 70,751,498.90 7,091,852.90 0.00
M-1 0.00 0.00 15,279,000.00 48,299.74 0.00
M-2 0.00 0.00 7,826,000.00 27,782.87 0.00
M-3 0.00 0.00 7,081,000.00 37,529.82 0.00
M-4 0.00 0.00 1,863,000.00 9,149.54 0.00
CE 0.00 0.00 8,569,896.53 396,496.81 0.00
P 0.00 0.00 100.00 41,288.79 0.00
R-1 0.00 0.00 0.00 0.00 0.00
Totals 6,867,614.21 0.00 111,370,495.43 7,652,400.47 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 112,394,000.00 77,619,113.11 0.00 6,867,614.21 0.00 0.00
M-1 15,279,000.00 15,279,000.00 0.00 0.00 0.00 0.00
M-2 7,826,000.00 7,826,000.00 0.00 0.00 0.00 0.00
M-3 7,081,000.00 7,081,000.00 0.00 0.00 0.00 0.00
M-4 1,863,000.00 1,863,000.00 0.00 0.00 0.00 0.00
CE 4,598,579.00 8,569,896.53 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
Totals 149,041,679.00 118,238,109.64 0.00 6,867,614.21 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 6,867,614.21 70,751,498.90 0.62949534 6,867,614.21
M-1 0.00 15,279,000.00 1.00000000 0.00
M-2 0.00 7,826,000.00 1.00000000 0.00
M-3 0.00 7,081,000.00 1.00000000 0.00
M-4 0.00 1,863,000.00 1.00000000 0.00
CE 0.00 8,569,896.53 1.86359667 0.00
P 0.00 100.00 1.00000000 0.00
R-1 0.00 0.00 0.00000000 0.00
Totals 6,867,614.21 111,370,495.43 0.74724397 6,867,614.21
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-1 112,394,000.00 690.59836922 0.00000000 61.10303228 0.00000000
M-1 15,279,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 7,826,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 7,081,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 1,863,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 4,598,579.00 1863.59667410 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are per $1,000 denomination
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 61.10303228 629.49533694 0.62949534 61.10303228
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
CE 0.00000000 0.00000000 1,863.59667410 1.86359667 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 112,394,000.00 3.71438% 77,619,113.11 224,238.69 0.00 0.00
M-1 15,279,000.00 4.06438% 15,279,000.00 48,299.74 0.00 0.00
M-2 7,826,000.00 4.56438% 7,826,000.00 27,782.87 0.00 0.00
M-3 7,081,000.00 6.81438% 7,081,000.00 37,529.82 0.00 0.00
M-4 1,863,000.00 6.31438% 1,863,000.00 9,149.54 0.00 0.00
CE 4,598,579.00 0.00000% 8,569,896.53 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 149,041,679.00 347,000.66 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 0.00 224,238.69 0.00 70,751,498.90
M-1 0.00 0.00 48,299.74 0.00 15,279,000.00
M-2 0.00 0.00 27,782.87 0.00 7,826,000.00
M-3 0.00 0.00 37,529.82 0.00 7,081,000.00
M-4 0.00 0.00 9,149.54 0.00 1,863,000.00
CE 0.00 0.00 396,496.81 0.00 8,569,896.53
P 0.00 0.00 41,288.79 0.00 100.00
R-1 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 784,786.26 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-1 112,394,000.00 3.71438% 690.59836922 1.99511264 0.00000000 0.00000000
M-1 15,279,000.00 4.06438% 1000.00000000 3.16118463 0.00000000 0.00000000
M-2 7,826,000.00 4.56438% 1000.00000000 3.55007283 0.00000000 0.00000000
M-3 7,081,000.00 6.81438% 1000.00000000 5.30007344 0.00000000 0.00000000
M-4 1,863,000.00 6.31438% 1000.00000000 4.91118626 0.00000000 0.00000000
CE 4,598,579.00 0.00000% 1863.59667410 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are per $1,000 denomination
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 0.00000000 1.99511264 0.00000000 629.49533694
M-1 0.00000000 0.00000000 3.16118463 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.55007283 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 5.30007344 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 4.91118626 0.00000000 1000.00000000
CE 0.00000000 0.00000000 86.22159367 0.00000000 1863.59667410
P 0.00000000 0.00000000 412887.90000000 0.00000000 1000.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 7,875,610.88
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) (10,372.68)
Prepayment Penalties 41,288.79
Total Deposits 7,906,526.99
Withdrawals
Reimbursement for Servicer Advances 197,717.09
Payment of Service Fee 56,409.44
Payment of Interest and Principal 7,652,400.46
Total Withdrawals (Pool Distribution Amount) 7,906,526.99
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 49,265.88
Credit Risk Manager Fee- Risk Management Group, LLC 1,970.64
Master Servicing Fee 5,172.92
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 56,409.44
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 34 0 0 34
3,930,109.71 0.00 0.00 3,930,109.71
30 Days 90 10 0 0 100
5,910,921.47 761,202.27 0.00 0.00 6,672,123.74
60 Days 35 10 5 0 50
3,531,458.41 666,856.71 499,843.40 0.00 4,698,158.52
90 Days 18 9 6 0 33
1,107,808.18 763,367.32 664,499.32 0.00 2,535,674.82
120 Days 8 10 8 0 26
536,627.92 586,877.56 698,215.68 0.00 1,821,721.16
150 Days 7 7 5 0 19
610,583.37 370,489.23 265,744.37 0.00 1,246,816.97
180+ Days 11 32 15 1 59
661,271.90 2,879,553.37 1,922,365.76 57,394.29 5,520,585.32
Totals 169 112 39 1 321
12,358,671.25 9,958,456.17 4,050,668.53 57,394.29 26,425,190.24
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 3.065825% 0.000000% 0.000000% 3.065825%
3.518592% 0.000000% 0.000000% 3.518592%
30 Days 8.115419% 0.901713% 0.000000% 0.000000% 9.017133%
5.291994% 0.681497% 0.000000% 0.000000% 5.973492%
60 Days 3.155996% 0.901713% 0.450857% 0.000000% 4.508566%
3.161683% 0.597031% 0.447505% 0.000000% 4.206219%
90 Days 1.623084% 0.811542% 0.541028% 0.000000% 2.975654%
0.991811% 0.683436% 0.594920% 0.000000% 2.270167%
120 Days 0.721371% 0.901713% 0.721371% 0.000000% 2.344454%
0.480438% 0.525426% 0.625106% 0.000000% 1.630970%
150 Days 0.631199% 0.631199% 0.450857% 0.000000% 1.713255%
0.546650% 0.331696% 0.237919% 0.000000% 1.116264%
180+ Days 0.991885% 2.885482% 1.352570% 0.090171% 5.320108%
0.592031% 2.578038% 1.721077% 0.051385% 4.942530%
Totals 15.238954% 10.099188% 3.516682% 0.090171% 28.944995%
11.064606% 8.915715% 3.626527% 0.051385% 23.658233%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 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
254,280.28 0.00 0.00 254,280.28
30 Days 12 2 0 0 14
1,428,060.59 380,586.72 0.00 0.00 1,808,647.31
60 Days 4 1 3 0 8
352,184.37 182,006.04 326,509.48 0.00 860,699.89
90 Days 4 1 1 0 6
479,224.86 119,040.60 313,703.68 0.00 911,969.14
120 Days 1 1 2 0 4
104,558.49 91,166.95 281,355.69 0.00 477,081.13
150 Days 0 0 1 0 1
0.00 0.00 49,661.53 0.00 49,661.53
180+ Days 1 0 6 0 7
47,448.24 0.00 1,459,407.61 0.00 1,506,855.85
Totals 22 7 13 0 42
2,411,476.55 1,027,080.59 2,430,637.99 0.00 5,869,195.13
0-29 Days 0.925926% 0.000000% 0.000000% 0.925926%
0.768729% 0.000000% 0.000000% 0.768729%
30 Days 5.555556% 0.925926% 0.000000% 0.000000% 6.481481%
4.317252% 1.150574% 0.000000% 0.000000% 5.467826%
60 Days 1.851852% 0.462963% 1.388889% 0.000000% 3.703704%
1.064709% 0.550233% 0.987090% 0.000000% 2.602032%
90 Days 1.851852% 0.462963% 0.462963% 0.000000% 2.777778%
1.448772% 0.359879% 0.948376% 0.000000% 2.757027%
120 Days 0.462963% 0.462963% 0.925926% 0.000000% 1.851852%
0.316097% 0.275612% 0.850583% 0.000000% 1.442292%
150 Days 0.000000% 0.000000% 0.462963% 0.000000% 0.462963%
0.000000% 0.000000% 0.150135% 0.000000% 0.150135%
180+ Days 0.462963% 0.000000% 2.777778% 0.000000% 3.240741%
0.143444% 0.000000% 4.412019% 0.000000% 4.555463%
Totals 10.185185% 3.240741% 6.018519% 0.000000% 19.444444%
7.290274% 3.105027% 7.348202% 0.000000% 17.743503%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 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 32 0 0 32
3,675,829.43 0.00 0.00 3,675,829.43
30 Days 78 8 0 0 86
4,482,860.88 380,615.55 0.00 0.00 4,863,476.43
60 Days 31 9 2 0 42
3,179,274.04 484,850.67 173,333.92 0.00 3,837,458.63
90 Days 14 8 5 0 27
628,583.32 644,326.72 350,795.64 0.00 1,623,705.68
120 Days 7 9 6 0 22
432,069.43 495,710.61 416,859.99 0.00 1,344,640.03
150 Days 7 7 4 0 18
610,583.37 370,489.23 216,082.84 0.00 1,197,155.44
180+ Days 10 32 9 1 52
613,823.66 2,879,553.37 462,958.15 57,394.29 4,013,729.47
Totals 147 105 26 1 279
9,947,194.70 8,931,375.58 1,620,030.54 57,394.29 20,555,995.11
0-29 Days 3.583427% 0.000000% 0.000000% 3.583427%
4.675584% 0.000000% 0.000000% 4.675584%
30 Days 8.734602% 0.895857% 0.000000% 0.000000% 9.630459%
5.702113% 0.484136% 0.000000% 0.000000% 6.186248%
60 Days 3.471445% 1.007839% 0.223964% 0.000000% 4.703247%
4.043975% 0.616721% 0.220477% 0.000000% 4.881173%
90 Days 1.567749% 0.895857% 0.559910% 0.000000% 3.023516%
0.799546% 0.819571% 0.446205% 0.000000% 2.065322%
120 Days 0.783875% 1.007839% 0.671892% 0.000000% 2.463606%
0.549584% 0.630534% 0.530238% 0.000000% 1.710356%
150 Days 0.783875% 0.783875% 0.447928% 0.000000% 2.015677%
0.776650% 0.471255% 0.274853% 0.000000% 1.522759%
180+ Days 1.119821% 3.583427% 1.007839% 0.111982% 5.823068%
0.780772% 3.662736% 0.588874% 0.073004% 5.105387%
Totals 16.461366% 11.758119% 2.911534% 0.111982% 31.243001%
12.652640% 11.360538% 2.060648% 0.073004% 26.146830%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 195,222.35
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 21,368,679.00 14.33738478% 25,339,996.53 22.75288121% 13.719073% 0.000000%
Class M-2 13,542,679.00 9.08650459% 17,513,996.53 15.72588544% 7.026996% 0.000000%
Class M-3 6,461,679.00 4.33548457% 10,432,996.53 9.36782807% 6.358057% 0.000000%
Class M-4 4,598,679.00 3.08549865% 8,569,996.53 7.69503314% 1.672795% 0.000000%
Class CE 100.00 0.00006710% 100.00 0.00008979% 7.694943% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000090% 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 1 Jan-05 0.000%
Original Principal Balance 59,132.00 Feb-05 0.000%
Current Principal Balance 57,394.29 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.048%
Jul-05 0.051%
*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 1 Jan-05 0.000%
Original Principal Balance 59,132.00 Feb-05 0.000%
Current Principal Balance 57,394.29 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.070%
Jul-05 0.073%
*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>
Group 2 8000005409 Jun-2005 16-Mar-1999 MI 84.47 59,132.00
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>
Group 2 8000005409 57,394.29 16-Sep-2004 8 10.500% 3,343.12
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 12 Aug-04 0.000%
Original Principal Balance 1,019,978.00 Sep-04 0.000%
Current Principal Balance 968,156.67 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 39 Jan-05 0.032%
Original Principal Balance 4,222,678.00 Feb-05 0.924%
Current Principal Balance 4,050,668.53 Mar-05 3.528%
Apr-05 3.050%
May-05 3.132%
Jun-05 2.768%
Jul-05 3.627%
*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 2 Aug-04 0.000%
Original Principal Balance 179,100.00 Sep-04 0.000%
Current Principal Balance 177,437.93 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 13 Jan-05 0.077%
Original Principal Balance 2,444,170.00 Feb-05 1.666%
Current Principal Balance 2,430,637.99 Mar-05 5.028%
Apr-05 6.184%
May-05 6.003%
Jun-05 6.718%
Jul-05 7.348%
*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 10 Aug-04 0.000%
Original Principal Balance 840,878.00 Sep-04 0.000%
Current Principal Balance 790,718.74 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 26 Jan-05 0.010%
Original Principal Balance 1,778,508.00 Feb-05 0.566%
Current Principal Balance 1,620,030.54 Mar-05 2.813%
Apr-05 1.565%
May-05 1.791%
Jun-05 1.010%
Jul-05 2.061%
*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>
Group 1 0001219957 Feb-2005 01-Feb-2004 GA 100.00 285,000.00
Group 1 0002460158 Mar-2005 01-Sep-2003 CT 80.00 524,800.00
Group 1 0041058678 Apr-2005 01-May-2004 IN 80.00 50,000.00
Group 1 0051052036 Mar-2005 01-May-2004 GA 80.00 176,000.00
Group 1 0209039536 Mar-2005 01-Nov-2002 UT 80.00 102,400.00
Group 1 0261045257 Feb-2005 01-May-2004 MI 95.00 132,050.00
Group 1 0831018700 Jul-2005 01-May-2004 IN 90.00 49,500.00
Group 1 1000160918 Mar-2005 01-May-2004 NY 80.00 288,000.00
Group 1 6000087932 Jun-2005 01-May-2004 NY 80.00 316,000.00
Group 1 6000093194 Jul-2005 01-May-2004 FL 80.00 129,600.00
Group 1 6000094043 May-2005 01-May-2004 FL 85.00 107,270.00
Group 1 6000094382 Apr-2005 01-May-2004 RI 69.04 133,250.00
Group 1 8000009977 May-2005 01-Jun-2004 MA 90.00 150,300.00
Group 2 0000124283 Jul-2005 01-Aug-2002 NJ 77.16 14,267.00
Group 2 0000222333 Mar-2005 04-Oct-2003 TX 91.21 21,891.00
Group 2 0000254247 Jun-2005 01-Apr-2004 IL 105.40 64,291.00
Group 2 0001206081 Jul-2005 01-Feb-2004 MS 80.00 94,400.00
Group 2 0005009147 Feb-2005 30-Apr-1992 OH 70.00 77,000.00
Group 2 0030821664 Jul-2005 01-Jun-1997 TN 75.00 247,500.00
Group 2 0061051147 Feb-2005 01-Apr-2004 OH 90.00 76,500.00
Group 2 0137021713 May-2005 01-May-2004 NY 84.51 29,663.00
Group 2 1001001769 Apr-2005 01-May-1999 OH 93.46 75,144.00
Group 2 6000092910 Mar-2005 01-May-2004 NC 62.92 60,400.00
Group 2 7000097554 Jun-2005 01-May-2004 CA 100.00 42,000.00
Group 2 8000000297 Apr-2005 02-Apr-1996 OH 83.83 39,817.00
Group 2 8000002254 Jun-2005 03-Oct-1999 OH 101.26 55,695.00
Group 2 8000002715 May-2005 13-Jun-1998 OH 77.42 57,288.00
Group 2 8000003220 Apr-2005 22-Dec-1997 OH 94.04 61,126.00
Group 2 8000005749 Jul-2005 02-Dec-1999 OH 85.48 115,399.00
Group 2 8000005905 Jul-2005 10-May-2000 MI 84.39 21,941.00
Group 2 8000007454 Mar-2005 03-Jan-2000 KY 61.10 26,882.00
Group 2 8000007792 Feb-2005 14-Sep-1999 KY 88.41 60,386.00
Group 2 8000008504 Mar-2005 02-Feb-2000 PA 79.60 58,105.00
Group 2 8000034353 Feb-2005 11-Sep-1999 IN 95.69 62,201.00
Group 2 8000034688 Mar-2005 05-Dec-1998 IN 8.66 64,945.00
Group 2 8000034696 May-2005 21-Jan-1999 IN 61.33 42,316.00
Group 2 8000035064 Jul-2005 09-Jan-2000 IN 95.74 38,007.00
Group 2 8000040744 Feb-2005 01-Aug-2000 IL 96.49 125,914.00
Group 2 8000073306 May-2005 28-Dec-2000 GA 93.22 145,430.00
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>
Group 1 0001219957 283,086.04 01-Sep-2004 8 7.250% 11,110.42
Group 1 0002460158 524,800.00 01-Oct-2004 7 6.250% 17,602.62
Group 1 0041058678 49,661.53 01-Dec-2004 5 7.150% 1,921.77
Group 1 0051052036 174,629.13 01-Jan-2005 4 6.840% 5,522.39
Group 1 0209039536 100,522.11 01-Aug-2004 9 7.500% 4,094.21
Group 1 0261045257 131,695.08 01-Sep-2004 8 9.150% 6,622.65
Group 1 0831018700 49,076.49 01-Mar-2005 2 7.420% 1,130.64
Group 1 1000160918 286,549.30 01-Sep-2004 8 5.990% 9,139.91
Group 1 6000087932 313,703.68 01-Feb-2005 3 7.750% 9,476.33
Group 1 6000093194 128,361.44 01-Mar-2005 2 6.850% 2,715.73
Group 1 6000094043 106,726.56 01-Jan-2005 4 9.000% 4,531.82
Group 1 6000094382 132,755.08 01-Nov-2004 6 9.250% 6,769.00
Group 1 8000009977 149,071.55 01-Mar-2005 2 7.150% 3,305.77
Group 2 0000124283 11,666.98 01-Feb-2005 3 10.500% 474.36
Group 2 0000222333 20,739.18 04-Sep-2004 8 11.250% 1,266.84
Group 2 0000254247 63,812.12 01-Dec-2004 5 7.500% 2,588.83
Group 2 0001206081 93,783.43 01-Jan-2005 4 9.250% 4,099.45
Group 2 0005009147 23,569.47 28-Sep-2004 8 10.250% 1,261.88
Group 2 0030821664 227,088.17 01-Feb-2005 3 8.375% 7,431.76
Group 2 0061051147 76,132.91 01-Sep-2004 8 7.200% 2,960.63
Group 2 0137021713 29,027.51 01-Mar-2005 2 7.125% 635.39
Group 2 1001001769 69,715.09 01-Nov-2004 6 11.250% 4,353.36
Group 2 6000092910 60,068.07 01-Dec-2004 5 8.000% 2,626.32
Group 2 7000097554 41,571.96 01-Dec-2004 5 10.490% 2,416.99
Group 2 8000000297 36,184.00 10-Nov-2004 6 10.500% 2,108.48
Group 2 8000002254 55,687.62 15-Jan-2005 4 10.750% 2,851.27
Group 2 8000002715 50,630.69 13-Dec-2004 5 10.250% 2,877.58
Group 2 8000003220 43,507.04 22-Oct-2004 7 8.750% 2,074.24
Group 2 8000005749 112,544.47 02-Nov-2004 6 9.990% 6,221.20
Group 2 8000005905 18,182.42 10-Feb-2005 3 9.740% 696.30
Group 2 8000007454 24,895.30 15-Sep-2004 8 13.000% 1,804.06
Group 2 8000007792 55,670.69 14-Aug-2004 9 7.375% 2,199.03
Group 2 8000008504 58,105.75 15-Feb-2005 3 11.490% 2,657.94
Group 2 8000034353 60,672.88 11-Jan-2005 4 11.000% 3,180.16
Group 2 8000034688 48,591.27 05-Jan-2005 4 8.500% 1,928.44
Group 2 8000034696 33,188.93 21-Jan-2005 4 10.000% 1,574.72
Group 2 8000035064 35,752.32 09-Feb-2005 3 12.000% 1,712.32
Group 2 8000040744 124,935.86 01-Jan-2005 4 10.000% 5,926.12
Group 2 8000073306 144,306.41 28-Mar-2005 2 11.250% 5,163.39
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 8.118070%
Weighted Average Net Coupon 7.618070%
Weighted Average Pass-Through Rate 7.545570%
Weighted Average Maturity(Stepdown Calculation) 275
Beginning Scheduled Collateral Loan Count 1,158
Number Of Loans Paid In Full 49
Ending Scheduled Collateral Loan Count 1,109
Beginning Scheduled Collateral Balance 118,238,109.64
Ending Scheduled Collateral Balance 111,370,495.43
Ending Actual Collateral Balance at 30-Jun-2005 111,695,538.11
Monthly P&I Constant 1,040,713.13
Special Servicing Fee 0.00
Prepayment Penalties 41,288.79
Realized Loss Amount 10,372.68
Cumulative Realized Loss 37,554.40
Scheduled Principal 240,825.38
Unscheduled Principal 6,626,788.83
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 8,452.07
Overcollateralized reduction Amount 0.00
Specified O/C Amount 8,569,896.53
Overcollateralized Amount 8,569,896.53
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 8,452.07
Excess Cash Amount 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 8.118070%
Weighted Average Net Rate 7.618070%
Weighted Average Pass Through Rate 7.545570%
Weighted Average Maturity 275
Record Date 06/30/2005
Principal and Interest Constant 1,040,713.13
Beginning Loan Count 1,158
Loans Paid in Full 49
Ending Loan Count 1,109
Beginning Scheduled Balance 118,238,109.64
Ending Scheduled Balance 111,370,495.43
Ending Actual Balance at 30-Jun-2005 111,695,538.11
Scheduled Principal 240,825.38
Unscheduled Principal 6,626,788.83
Scheduled Interest 799,887.75
Servicing Fee 49,265.88
Master Servicing Fee 5,172.92
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 1,970.64
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 743,478.31
Realized Loss Amount 10,372.68
Cumulative Realized Loss 37,554.40
Percentage of Cumulative Losses 0.0252
Special Servicing Fee 0.00
Prepayment Penalties 41,288.79
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 8,452.07
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 8,569,896.53
Overcollateralized Amount 8,569,896.53
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Miscellaneous Reporting
Interest Arrearage Amount 400.59
Group Level Collateral Statement
Group Group 1 Group 2 Total
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.385520 8.445061 8.118070
Weighted Average Net Rate 6.885520 7.945061 7.618070
Weighted Average Maturity 336 244 275
Beginning Loan Count 230 928 1,158
Loans Paid In Full 14 35 49
Ending Loan Count 216 893 1,109
Beginning Scheduled Balance 36,490,097.92 81,748,011.72 118,238,109.64
Ending Scheduled Balance 33,060,788.54 78,309,706.89 111,370,495.43
Record Date 06/30/2005 06/30/2005 06/30/2005
Principal And Interest Constant 251,859.96 788,853.17 1,040,713.13
Scheduled Principal 27,277.99 213,547.39 240,825.38
Unscheduled Principal 3,402,031.39 3,224,757.44 6,626,788.83
Scheduled Interest 224,581.97 575,305.78 799,887.75
Servicing Fees 15,204.21 34,061.67 49,265.88
Master Servicing Fees 1,596.44 3,576.48 5,172.92
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 608.17 1,362.47 1,970.64
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 207,173.15 536,305.16 743,478.31
Realized Loss Amount 0.00 10,372.68 10,372.68
Cumulative Realized Loss 3,116.95 34,437.45 37,554.40
Percentage of Cumulative Losses 0.0063 0.0346 0.0252
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.813020 7.872561 7.545570
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 14 3,432,270.00 3,402,909.98 0 0.00 0.00
Group 2 33 3,366,818.00 3,112,131.63 0 0.00 0.00
Total 47 6,799,088.00 6,515,041.61 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 0.00 546.63
Group 2 0 0.00 0.00 2 172,067.00 160,807.25 (42,655.41)
Total 0 0.00 0.00 2 172,067.00 160,807.25 (42,108.78)
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 0000126165 NC 70.00 01-Aug-2000 192,500.00 183,967.74
Group 1 0001198396 CA 85.00 01-Jan-2004 59,500.00 58,508.99
Group 1 0001234051 WA 85.00 01-Feb-2004 294,950.00 292,403.35
Group 1 0001249500 CA 85.00 01-Feb-2004 569,500.00 569,500.00
Group 1 0001275052 NY 100.00 01-Feb-2004 380,000.00 374,720.02
Group 1 0001332128 CA 90.00 01-Apr-2004 166,500.00 165,474.07
Group 1 0001358361 CA 85.00 01-Apr-2004 637,500.00 637,500.00
Group 1 0001382405 CA 85.00 01-Apr-2004 153,000.00 152,888.35
Group 1 0031026020 CA 80.25 01-May-2004 130,000.00 128,168.73
Group 1 0091024929 MO 90.00 01-May-2004 63,900.00 63,384.15
Group 1 0131026007 OH 95.00 01-May-2004 88,350.00 87,095.34
Group 1 0331024517 NY 60.00 01-May-2004 277,800.00 275,395.60
Group 1 0611007923 NY 90.00 01-May-2004 241,200.00 238,192.10
Group 1 1000069916 IL 90.00 01-Apr-2004 177,570.00 174,286.32
Group 2 0000133642 NJ 84.87 28-Oct-2000 40,400.00 36,680.22
Group 2 0000269429 TX 91.35 01-Nov-2002 61,110.00 60,430.19
Group 2 0000270513 CA 100.00 01-Jul-2003 65,800.00 64,450.65
Group 2 0000274543 FL 71.77 01-Oct-2003 40,000.00 39,557.77
Group 2 0000275607 IN 95.52 01-Sep-2001 23,200.00 18,741.98
Group 2 0001301192 NC 100.00 01-Apr-2004 26,600.00 25,458.07
Group 2 0001309293 NJ 85.00 01-Mar-2004 314,500.00 309,451.53
Group 2 0001342933 HI 100.00 01-Apr-2004 61,800.00 61,282.43
Group 2 0001350899 CA 100.00 01-Mar-2004 66,000.00 64,525.75
Group 2 0001352076 WA 100.00 01-Apr-2004 71,700.00 71,142.95
Group 2 0004173571 FL 80.00 01-Oct-1990 82,800.00 68,764.44
Group 2 0004317855 WA 86.23 15-Apr-1991 59,500.00 1,165.74
Group 2 0020598983 NJ 85.00 27-Aug-1994 170,000.00 148,987.44
Group 2 0030411292 AZ 94.97 01-Jan-1996 221,000.00 188,864.71
Group 2 0030716948 FL 79.94 01-Feb-1997 267,100.00 241,028.97
Group 2 0031736507 MA 70.00 01-Oct-1998 105,000.00 96,727.51
Group 2 0031737752 AL 74.73 01-Aug-1998 111,350.00 102,118.13
Group 2 0080081318 FL 85.00 01-Oct-1999 84,150.00 81,372.63
Group 2 0091025268 MO 85.00 01-Jun-2004 93,500.00 92,582.59
Group 2 0091025269 MO 85.00 01-Jun-2004 93,500.00 92,582.59
Group 2 0271010551 NY 84.55 01-Apr-2004 186,000.00 183,662.01
Group 2 0281008977 NY 95.00 01-Apr-2004 79,800.00 79,148.15
Group 2 0331023635 NY 72.61 01-Apr-2004 334,000.00 329,199.59
Group 2 0371019142 FL 65.00 01-Jun-2004 69,550.00 69,091.22
Group 2 0511028773 CA 88.42 01-Jun-2004 47,975.00 47,518.10
Group 2 0631002243 CA 80.00 01-Apr-2004 280,000.00 275,975.81
Group 2 6000092322 MD 80.00 01-May-2004 156,000.00 151,617.40
Group 2 6000105918 MD 95.00 01-Aug-2004 21,250.00 20,722.61
Group 2 8000000712 OH 109.67 02-Aug-1997 57,029.00 50,836.36
Group 2 8000001210 OH 59.69 12-Jun-1999 39,397.00 38,111.63
Group 2 8000001712 OH 101.17 08-May-1998 45,527.00 21,039.28
Group 2 8000004669 OH 98.89 05-Dec-1998 79,110.00 69,245.19
Group 2 8000034956 IN 100.00 15-Jan-1999 16,067.00 8,722.75
Group 2 8000035713 IN 90.33 10-Apr-1999 47,875.00 43,429.16
Group 2 8000036485 PA 73.80 10-May-2000 20,295.00 13,177.30
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 0000126165 Loan Paid in Full 1 11.750% 360 59
Group 1 0001198396 Loan Paid in Full 0 6.990% 360 18
Group 1 0001234051 Loan Paid in Full 0 9.990% 360 17
Group 1 0001249500 Loan Paid in Full 0 6.500% 300 17
Group 1 0001275052 Loan Paid in Full 0 8.000% 360 17
Group 1 0001332128 Loan Paid in Full 0 6.375% 300 15
Group 1 0001358361 Loan Paid in Full 0 6.000% 300 15
Group 1 0001382405 Loan Paid in Full 0 6.500% 300 15
Group 1 0031026020 Loan Paid in Full (1) 6.500% 360 14
Group 1 0091024929 Loan Paid in Full 0 9.750% 360 14
Group 1 0131026007 Loan Paid in Full (1) 8.800% 360 14
Group 1 0331024517 Loan Paid in Full (1) 8.990% 360 14
Group 1 0611007923 Loan Paid in Full (1) 7.200% 360 14
Group 1 1000069916 Loan Paid in Full 0 5.870% 360 15
Group 2 0000133642 Loan Paid in Full 0 11.350% 240 56
Group 2 0000269429 Loan Paid in Full 0 12.000% 360 32
Group 2 0000270513 Loan Paid in Full 0 9.990% 180 24
Group 2 0000274543 Loan Paid in Full 0 9.849% 180 21
Group 2 0000275607 Loan Paid in Full 0 10.650% 180 46
Group 2 0001301192 Loan Paid in Full 0 9.500% 240 15
Group 2 0001309293 Loan Paid in Full 0 6.500% 360 16
Group 2 0001342933 Loan Paid in Full 0 9.650% 360 15
Group 2 0001350899 Loan Paid in Full 0 10.500% 240 16
Group 2 0001352076 Loan Paid in Full 0 10.150% 360 15
Group 2 0004173571 Loan Paid in Full 1 10.375% 360 177
Group 2 0004317855 Loan Paid in Full 2 10.600% 180 171
Group 2 0020598983 Loan Paid in Full 0 9.600% 180 130
Group 2 0030411292 Loan Paid in Full 0 8.250% 360 114
Group 2 0030716948 Loan Paid in Full 0 8.125% 360 101
Group 2 0031736507 Loan Paid in Full 0 7.625% 360 81
Group 2 0031737752 Loan Paid in Full (1) 7.500% 360 83
Group 2 0080081318 Loan Paid in Full 0 11.500% 360 69
Group 2 0091025268 Loan Paid in Full (2) 8.000% 360 13
Group 2 0091025269 Loan Paid in Full 0 8.000% 360 13
Group 2 0271010551 Loan Paid in Full (1) 7.450% 360 15
Group 2 0281008977 Loan Paid in Full (1) 9.950% 360 15
Group 2 0331023635 Loan Paid in Full 0 6.750% 360 15
Group 2 0371019142 Loan Paid in Full (1) 11.600% 360 13
Group 2 0511028773 Loan Paid in Full (1) 8.150% 360 13
Group 2 0631002243 Loan Paid in Full (1) 6.750% 360 15
Group 2 6000092322 Liquidation 6 6.950% 240 14
Group 2 6000105918 Loan Paid in Full 0 12.249% 180 11
Group 2 8000000712 Loan Paid in Full 0 12.750% 245 95
Group 2 8000001210 Loan Paid in Full 0 12.250% 244 73
Group 2 8000001712 Loan Paid in Full 0 11.000% 124 86
Group 2 8000004669 Loan Paid in Full 0 6.500% 240 79
Group 2 8000034956 Liquidation 5 12.000% 120 78
Group 2 8000035713 Loan Paid in Full 0 6.875% 240 75
Group 2 8000036485 Loan Paid in Full 0 13.250% 120 62
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 5.616% Current Month 50.022% Current Month 833.702%
3 Month Average 4.044% 3 Month Average 38.352% 3 Month Average 639.208%
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 45.965% N/A Jan-2005 766.080% N/A
Feb-2005 27.282% N/A Feb-2005 454.696% N/A
Mar-2005 30.825% N/A Mar-2005 513.750% N/A
Apr-2005 41.963% N/A Apr-2005 699.384% N/A
May-2005 26.049% N/A May-2005 434.142% N/A
Jun-2005 38.987% N/A Jun-2005 649.779% N/A
Jul-2005 50.022% N/A Jul-2005 833.702% 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 9.330% Current Month 69.129% Current Month 1,955.677%
3 Month Average 6.707% 3 Month Average 54.536% 3 Month Average 1,621.357%
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 51.856% N/A Jan-2005 2,252.969% N/A
Feb-2005 35.419% N/A Feb-2005 1,404.836% N/A
Mar-2005 37.198% N/A Mar-2005 1,359.864% N/A
Apr-2005 45.912% N/A Apr-2005 1,551.220% N/A
May-2005 34.790% N/A May-2005 1,121.505% N/A
Jun-2005 59.691% N/A Jun-2005 1,786.889% N/A
Jul-2005 69.129% N/A Jul-2005 1,955.677% 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 3.955% Current Month 38.384% Current Month 639.736%
3 Month Average 2.820% 3 Month Average 28.715% 3 Month Average 478.584%
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 42.800% N/A Jan-2005 713.330% N/A
Feb-2005 22.957% N/A Feb-2005 382.620% N/A
Mar-2005 27.532% N/A Mar-2005 458.862% N/A
Apr-2005 39.979% N/A Apr-2005 666.309% N/A
May-2005 21.523% N/A May-2005 358.711% N/A
Jun-2005 26.238% N/A Jun-2005 437.304% N/A
Jul-2005 38.384% N/A Jul-2005 639.736% 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 3 163,490.97 10,372.68 0.013%
Total 3 163,490.97 10,372.68 0.009%
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>
Group 2 2000000948 14,894.00 14.0000% OH 100.00 120
Group 2 6000092322 156,000.00 6.9500% MD 80.00 240
Group 2 8000034956 16,067.00 12.0000% IN 100.00 120
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>
Group 2 2000000948 0.00 (270.68) 11,174.84
Group 2 6000092322 154,165.88 1,119.85 1,119.85
Group 2 8000034956 9,325.09 9,523.51 9,523.51
Realized Loss Report - Collateral
Summary
MDR SDA
<s> <c> <s> <c>
Current Month 0.136% Current Month 2.700%
3 Month Average 0.075% 3 Month Average 1.489%
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 0.000% N/A Jan-2005 0.000% 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 0.069% N/A May-2005 1.374% N/A
Jun-2005 0.020% N/A Jun-2005 0.393% N/A
Jul-2005 0.136% N/A Jul-2005 2.700% 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 1.620% Current Month 6.619%
3 Month Average 0.893% 3 Month Average 36.414%
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 0.000% N/A Jan-2005 0.000% 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 0.825% N/A May-2005 3.539% N/A
Jun-2005 0.236% N/A Jun-2005 99.084% N/A
Jul-2005 1.620% N/A Jul-2005 6.619% 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 0.071% 3 Month Average 2.729%
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 0.000% N/A Jan-2005 0.000% 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 0.214% N/A May-2005 8.188% 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 0.847% 3 Month Average 1.180%
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 0.000% N/A Jan-2005 0.000% 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 2.540% N/A May-2005 3.539% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
Group 2
MDR SDA
<s> <c> <s> <c>
Current Month 0.197% Current Month 5.287%
3 Month Average 0.075% 3 Month Average 2.012%
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 0.000% N/A Jan-2005 0.000% 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 0.029% N/A Jun-2005 0.749% N/A
Jul-2005 0.197% N/A Jul-2005 5.287% 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 2.335% Current Month 6.619%
3 Month Average 0.894% 3 Month Average 35.234%
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 0.000% N/A Jan-2005 0.000% 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 0.346% N/A Jun-2005 99.084% N/A
Jul-2005 2.335% N/A Jul-2005 6.619% 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>