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 2005-4 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-118843-21
Pooling and Servicing Agreement) (Commission 54-2173102
(State or other File Number) 54-2173103
jurisdiction 54-2173104
of Incorporation) 54-6658784
IRS EIN
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On July 25, 2005 a distribution was made to holders of BANC OF AMERICA
ALTERNATIVE LOAN TRUST, Mortgage Pass-Through Certificates, Series 2005-4
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 2005-4 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 2005-4 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 2005-4 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 2005-4
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>
CB-1 05948KZA0 SEN 3.71438% 49,341,647.69 152,728.02
CB-2 05948KZB8 SEN 3.81438% 87,413,429.51 277,856.70
CB-3 05948KZC6 SEN 1.68562% 0.00 122,788.19
CB-4 05948KZD4 SEN 1.78562% 0.00 73,421.19
CB-5 05948KZE2 SEN 5.50000% 9,000,000.00 41,250.00
CB-6 05948KZF9 SEN 3.71438% 86,604,430.81 268,068.14
CB-7 05948KZG7 SEN 1.78562% 0.00 128,868.84
CB-8 05948KZH5 SEN 5.50000% 20,000,000.00 91,666.67
CB-9 05948KZJ1 SEN 5.50000% 833,000.00 3,817.92
CB-10 05948KZK8 SEN 5.50000% 12,601,726.48 57,757.91
CB-11 05948KZL6 SEN 5.50000% 5,172,273.52 23,706.25
CB-12 05948KZM4 SEN 5.50000% 4,263,397.93 19,540.57
CB-13 05948KZN2 SEN 5.50000% 12,410,000.00 56,879.17
CB-R 05948KZP7 SEN 5.50000% 0.00 0.00
CB-IO 05948KZQ5 SEN 5.50000% 0.00 74,948.29
2-A-1 05948KZR3 SEN 5.00000% 19,924,482.29 83,018.68
3-A-1 05948KZS1 SEN 5.50000% 29,582,860.03 135,588.11
A-PO 05948KZU6 PO 0.00000% 1,240,906.88 0.00
15-IO 05948KZT9 SEN 5.50000% 0.00 4,450.90
B-1 05948KZV4 SUB 5.47050% 6,397,216.46 29,163.32
B-2 05948KZW2 SUB 5.47050% 2,665,589.96 12,151.76
B-3 05948KZX0 SUB 5.47050% 1,954,566.53 8,910.38
B-4 05948KZY8 SUB 5.47050% 1,243,543.09 5,669.00
B-5 05948KZZ5 SUB 5.47050% 711,023.44 3,241.38
B-6 05948KA25 SUB 5.47050% 1,243,962.83 5,670.92
Totals 352,604,057.45 1,681,162.31
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
CB-1 665,978.32 0.00 48,675,669.37 818,706.34 0.00
CB-2 1,464,338.40 0.00 85,949,091.11 1,742,195.10 0.00
CB-3 0.00 0.00 0.00 122,788.19 0.00
CB-4 0.00 0.00 0.00 73,421.19 0.00
CB-5 0.00 0.00 9,000,000.00 41,250.00 0.00
CB-6 1,168,954.71 0.00 85,435,476.09 1,437,022.85 0.00
CB-7 0.00 0.00 0.00 128,868.84 0.00
CB-8 0.00 0.00 20,000,000.00 91,666.67 0.00
CB-9 0.00 0.00 833,000.00 3,817.92 0.00
CB-10 (57,757.91) 0.00 12,659,484.39 0.00 0.00
CB-11 57,757.91 0.00 5,114,515.61 81,464.16 0.00
CB-12 71,419.89 0.00 4,191,978.04 90,960.46 0.00
CB-13 0.00 0.00 12,410,000.00 56,879.17 0.00
CB-R 0.00 0.00 0.00 0.00 0.00
CB-IO 0.00 0.00 0.00 74,948.29 0.00
2-A-1 255,788.41 0.00 19,668,693.88 338,807.09 0.00
3-A-1 277,018.19 0.00 29,305,841.85 412,606.30 0.00
A-PO 7,406.44 0.00 1,233,500.16 7,406.44 0.00
15-IO 0.00 0.00 0.00 4,450.90 0.00
B-1 8,929.34 0.00 6,388,287.12 38,092.66 0.00
B-2 3,720.68 0.00 2,661,869.29 15,872.44 0.00
B-3 2,728.22 0.00 1,951,838.31 11,638.60 0.00
B-4 1,735.76 0.00 1,241,807.33 7,404.76 0.00
B-5 992.46 0.00 710,030.98 4,233.84 0.00
B-6 1,736.34 0.00 1,242,226.49 7,407.26 0.00
Totals 3,930,747.16 0.00 348,673,310.02 5,611,909.47 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
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>
CB-1 50,000,000.00 49,341,647.69 57,610.43 608,367.89 0.00 0.00
CB-2 88,861,000.00 87,413,429.51 126,672.55 1,337,665.85 0.00 0.00
CB-3 0.00 0.00 0.00 0.00 0.00 0.00
CB-4 0.00 0.00 0.00 0.00 0.00 0.00
CB-5 9,000,000.00 9,000,000.00 0.00 0.00 0.00 0.00
CB-6 87,760,000.00 86,604,430.81 101,120.39 1,067,834.32 0.00 0.00
CB-7 0.00 0.00 0.00 0.00 0.00 0.00
CB-8 20,000,000.00 20,000,000.00 0.00 0.00 0.00 0.00
CB-9 833,000.00 833,000.00 0.00 0.00 0.00 0.00
CB-10 12,487,000.00 12,601,726.48 0.00 0.00 (57,757.91) 0.00
CB-11 5,287,000.00 5,172,273.52 4,996.35 52,761.57 0.00 0.00
CB-12 4,334,000.00 4,263,397.93 6,178.18 65,241.71 0.00 0.00
CB-13 12,410,000.00 12,410,000.00 0.00 0.00 0.00 0.00
CB-R 100.00 0.00 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 20,082,000.00 19,924,482.29 74,138.76 181,649.66 0.00 0.00
3-A-1 29,801,000.00 29,582,860.03 105,247.53 171,770.66 0.00 0.00
A-PO 1,249,480.28 1,240,906.88 2,479.98 4,926.47 0.00 0.00
15-IO 0.00 0.00 0.00 0.00 0.00 0.00
B-1 6,415,000.00 6,397,216.46 8,929.34 0.00 0.00 0.00
B-2 2,673,000.00 2,665,589.96 3,720.68 0.00 0.00 0.00
B-3 1,960,000.00 1,954,566.53 2,728.22 0.00 0.00 0.00
B-4 1,247,000.00 1,243,543.09 1,735.76 0.00 0.00 0.00
B-5 713,000.00 711,023.44 992.46 0.00 0.00 0.00
B-6 1,247,420.00 1,243,962.83 1,736.34 0.00 0.00 0.00
Totals 356,360,000.28 352,604,057.45 498,286.97 3,490,218.13 (57,757.91) 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>
CB-1 665,978.32 48,675,669.37 0.97351339 665,978.32
CB-2 1,464,338.40 85,949,091.11 0.96723074 1,464,338.40
CB-3 0.00 0.00 0.00000000 0.00
CB-4 0.00 0.00 0.00000000 0.00
CB-5 0.00 9,000,000.00 1.00000000 0.00
CB-6 1,168,954.71 85,435,476.09 0.97351272 1,168,954.71
CB-7 0.00 0.00 0.00000000 0.00
CB-8 0.00 20,000,000.00 1.00000000 0.00
CB-9 0.00 833,000.00 1.00000000 0.00
CB-10 (57,757.91) 12,659,484.39 1.01381312 (57,757.91)
CB-11 57,757.91 5,114,515.61 0.96737575 57,757.91
CB-12 71,419.89 4,191,978.04 0.96723074 71,419.89
CB-13 0.00 12,410,000.00 1.00000000 0.00
CB-R 0.00 0.00 0.00000000 0.00
CB-IO 0.00 0.00 0.00000000 0.00
2-A-1 255,788.41 19,668,693.88 0.97941908 255,788.41
3-A-1 277,018.19 29,305,841.85 0.98338451 277,018.19
A-PO 7,406.44 1,233,500.16 0.98721059 7,406.44
15-IO 0.00 0.00 0.00000000 0.00
B-1 8,929.34 6,388,287.12 0.99583587 8,929.34
B-2 3,720.68 2,661,869.29 0.99583587 3,720.68
B-3 2,728.22 1,951,838.31 0.99583587 2,728.22
B-4 1,735.76 1,241,807.33 0.99583587 1,735.76
B-5 992.46 710,030.98 0.99583588 992.46
B-6 1,736.34 1,242,226.49 0.99583660 1,736.34
Totals 3,930,747.16 348,673,310.02 0.97842999 3,930,747.16
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>
CB-1 50,000,000.00 986.83295380 1.15220860 12.16735780 0.00000000
CB-2 88,861,000.00 983.70972091 1.42551344 15.05346384 0.00000000
CB-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
CB-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000
CB-5 9,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CB-6 87,760,000.00 986.83262090 1.15223781 12.16766545 0.00000000
CB-7 0.00 0.00000000 0.00000000 0.00000000 0.00000000
CB-8 20,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CB-9 833,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CB-10 12,487,000.00 1009.18767358 0.00000000 0.00000000 (4.62544326)
CB-11 5,287,000.00 978.30026858 0.94502553 9.97949120 0.00000000
CB-12 4,334,000.00 983.70972081 1.42551454 15.05346331 0.00000000
CB-13 12,410,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CB-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
CB-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
2-A-1 20,082,000.00 992.15627378 3.69180161 9.04539687 0.00000000
3-A-1 29,801,000.00 992.68011241 3.53167780 5.76392269 0.00000000
A-PO 1,249,480.28 993.13842712 1.98480924 3.94281533 0.00000000
15-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 6,415,000.00 997.22781917 1.39194700 0.00000000 0.00000000
B-2 2,673,000.00 997.22781893 1.39194912 0.00000000 0.00000000
B-3 1,960,000.00 997.22782143 1.39194898 0.00000000 0.00000000
B-4 1,247,000.00 997.22781877 1.39194868 0.00000000 0.00000000
B-5 713,000.00 997.22782609 1.39194951 0.00000000 0.00000000
B-6 1,247,420.00 997.22854371 1.39194497 0.00000000 0.00000000
<FN>
(2) All classes are per 1,000 dollar 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>
CB-1 0.00000000 13.31956640 973.51338740 0.97351339 13.31956640
CB-2 0.00000000 16.47897728 967.23074363 0.96723074 16.47897728
CB-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
CB-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
CB-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CB-6 0.00000000 13.31990326 973.51271753 0.97351272 13.31990326
CB-7 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
CB-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CB-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CB-10 0.00000000 (4.62544326) 1,013.81311684 1.01381312 (4.62544326)
CB-11 0.00000000 10.92451485 967.37575374 0.96737575 10.92451485
CB-12 0.00000000 16.47897785 967.23074296 0.96723074 16.47897785
CB-13 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CB-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
CB-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2-A-1 0.00000000 12.73719799 979.41907579 0.97941908 12.73719799
3-A-1 0.00000000 9.29560048 983.38451226 0.98338451 9.29560048
A-PO 0.00000000 5.92761656 987.21058647 0.98721059 5.92761656
15-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 1.39194700 995.83587217 0.99583587 1.39194700
B-2 0.00000000 1.39194912 995.83587355 0.99583587 1.39194912
B-3 0.00000000 1.39194898 995.83587245 0.99583587 1.39194898
B-4 0.00000000 1.39194868 995.83587009 0.99583587 1.39194868
B-5 0.00000000 1.39194951 995.83587658 0.99583588 1.39194951
B-6 0.00000000 1.39194497 995.83659874 0.99583660 1.39194497
<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>
CB-1 50,000,000.00 3.71438% 49,341,647.69 152,728.02 0.00 0.00
CB-2 88,861,000.00 3.81438% 87,413,429.51 277,856.70 0.00 0.00
CB-3 0.00 1.68562% 87,413,429.51 122,788.19 0.00 0.00
CB-4 0.00 1.78562% 49,341,647.69 73,421.19 0.00 0.00
CB-5 9,000,000.00 5.50000% 9,000,000.00 41,250.00 0.00 0.00
CB-6 87,760,000.00 3.71438% 86,604,430.81 268,068.14 0.00 0.00
CB-7 0.00 1.78562% 86,604,430.81 128,868.84 0.00 0.00
CB-8 20,000,000.00 5.50000% 20,000,000.00 91,666.67 0.00 0.00
CB-9 833,000.00 5.50000% 833,000.00 3,817.92 0.00 0.00
CB-10 12,487,000.00 5.50000% 12,601,726.48 57,757.91 0.00 0.00
CB-11 5,287,000.00 5.50000% 5,172,273.52 23,706.25 0.00 0.00
CB-12 4,334,000.00 5.50000% 4,263,397.93 19,540.57 0.00 0.00
CB-13 12,410,000.00 5.50000% 12,410,000.00 56,879.17 0.00 0.00
CB-R 100.00 5.50000% 0.00 0.00 0.00 0.00
CB-IO 0.00 5.50000% 16,352,355.27 74,948.29 0.00 0.00
2-A-1 20,082,000.00 5.00000% 19,924,482.29 83,018.68 0.00 0.00
3-A-1 29,801,000.00 5.50000% 29,582,860.03 135,588.11 0.00 0.00
A-PO 1,249,480.28 0.00000% 1,240,906.88 0.00 0.00 0.00
15-IO 0.00 5.50000% 971,106.53 4,450.90 0.00 0.00
B-1 6,415,000.00 5.47050% 6,397,216.46 29,163.32 0.00 0.00
B-2 2,673,000.00 5.47050% 2,665,589.96 12,151.76 0.00 0.00
B-3 1,960,000.00 5.47050% 1,954,566.53 8,910.38 0.00 0.00
B-4 1,247,000.00 5.47050% 1,243,543.09 5,669.00 0.00 0.00
B-5 713,000.00 5.47050% 711,023.44 3,241.38 0.00 0.00
B-6 1,247,420.00 5.47050% 1,243,962.83 5,670.92 0.00 0.00
Totals 356,360,000.28 1,681,162.31 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>
CB-1 0.00 0.00 152,728.02 0.00 48,675,669.37
CB-2 0.00 0.00 277,856.70 0.00 85,949,091.11
CB-3 0.00 0.00 122,788.19 0.00 85,949,091.11
CB-4 0.00 0.00 73,421.19 0.00 48,675,669.37
CB-5 0.00 0.00 41,250.00 0.00 9,000,000.00
CB-6 0.00 0.00 268,068.14 0.00 85,435,476.09
CB-7 0.00 0.00 128,868.84 0.00 85,435,476.09
CB-8 0.00 0.00 91,666.67 0.00 20,000,000.00
CB-9 0.00 0.00 3,817.92 0.00 833,000.00
CB-10 0.00 0.00 57,757.91 0.00 12,659,484.39
CB-11 0.00 0.00 23,706.25 0.00 5,114,515.61
CB-12 0.00 0.00 19,540.57 0.00 4,191,978.04
CB-13 0.00 0.00 56,879.17 0.00 12,410,000.00
CB-R 0.00 0.00 0.00 0.00 0.00
CB-IO 0.00 0.00 74,948.29 0.00 16,085,677.08
2-A-1 0.00 0.00 83,018.68 0.00 19,668,693.88
3-A-1 0.00 0.00 135,588.11 0.00 29,305,841.85
A-PO 0.00 0.00 0.00 0.00 1,233,500.16
15-IO 0.00 0.00 4,450.90 0.00 965,134.05
B-1 0.00 0.00 29,163.32 0.00 6,388,287.12
B-2 0.00 0.00 12,151.76 0.00 2,661,869.29
B-3 0.00 0.00 8,910.38 0.00 1,951,838.31
B-4 0.00 0.00 5,669.00 0.00 1,241,807.33
B-5 0.00 0.00 3,241.38 0.00 710,030.98
B-6 0.00 0.00 5,670.92 0.00 1,242,226.49
Totals 0.00 0.00 1,681,162.31 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>
CB-1 50,000,000.00 3.71438% 986.83295380 3.05456040 0.00000000 0.00000000
CB-2 88,861,000.00 3.81438% 983.70972091 3.12686893 0.00000000 0.00000000
CB-3 0.00 1.68562% 983.70972091 1.38180068 0.00000000 0.00000000
CB-4 0.00 1.78562% 986.83295380 1.46842380 0.00000000 0.00000000
CB-5 9,000,000.00 5.50000% 1000.00000000 4.58333333 0.00000000 0.00000000
CB-6 87,760,000.00 3.71438% 986.83262090 3.05455948 0.00000000 0.00000000
CB-7 0.00 1.78562% 986.83262090 1.46842343 0.00000000 0.00000000
CB-8 20,000,000.00 5.50000% 1000.00000000 4.58333350 0.00000000 0.00000000
CB-9 833,000.00 5.50000% 1000.00000000 4.58333733 0.00000000 0.00000000
CB-10 12,487,000.00 5.50000% 1009.18767358 4.62544326 0.00000000 0.00000000
CB-11 5,287,000.00 5.50000% 978.30026858 4.48387554 0.00000000 0.00000000
CB-12 4,334,000.00 5.50000% 983.70972081 4.50866867 0.00000000 0.00000000
CB-13 12,410,000.00 5.50000% 1000.00000000 4.58333360 0.00000000 0.00000000
CB-R 100.00 5.50000% 0.00000000 0.00000000 0.00000000 0.00000000
CB-IO 0.00 5.50000% 984.62392136 4.51285934 0.00000000 0.00000000
2-A-1 20,082,000.00 5.00000% 992.15627378 4.13398466 0.00000000 0.00000000
3-A-1 29,801,000.00 5.50000% 992.68011241 4.54978390 0.00000000 0.00000000
A-PO 1,249,480.28 0.00000% 993.13842712 0.00000000 0.00000000 0.00000000
15-IO 0.00 5.50000% 992.65443722 4.54966113 0.00000000 0.00000000
B-1 6,415,000.00 5.47050% 997.22781917 4.54611380 0.00000000 0.00000000
B-2 2,673,000.00 5.47050% 997.22781893 4.54611298 0.00000000 0.00000000
B-3 1,960,000.00 5.47050% 997.22782143 4.54611224 0.00000000 0.00000000
B-4 1,247,000.00 5.47050% 997.22781877 4.54611067 0.00000000 0.00000000
B-5 713,000.00 5.47050% 997.22782609 4.54611501 0.00000000 0.00000000
B-6 1,247,420.00 5.47050% 997.22854371 4.54611919 0.00000000 0.00000000
<FN>
(5) All classes are per 1,000 dollar 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>
CB-1 0.00000000 0.00000000 3.05456040 0.00000000 973.51338740
CB-2 0.00000000 0.00000000 3.12686893 0.00000000 967.23074363
CB-3 0.00000000 0.00000000 1.38180068 0.00000000 967.23074363
CB-4 0.00000000 0.00000000 1.46842380 0.00000000 973.51338740
CB-5 0.00000000 0.00000000 4.58333333 0.00000000 1000.00000000
CB-6 0.00000000 0.00000000 3.05455948 0.00000000 973.51271753
CB-7 0.00000000 0.00000000 1.46842343 0.00000000 973.51271753
CB-8 0.00000000 0.00000000 4.58333350 0.00000000 1000.00000000
CB-9 0.00000000 0.00000000 4.58333733 0.00000000 1000.00000000
CB-10 0.00000000 0.00000000 4.62544326 0.00000000 1013.81311684
CB-11 0.00000000 0.00000000 4.48387554 0.00000000 967.37575374
CB-12 0.00000000 0.00000000 4.50866867 0.00000000 967.23074296
CB-13 0.00000000 0.00000000 4.58333360 0.00000000 1000.00000000
CB-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
CB-IO 0.00000000 0.00000000 4.51285934 0.00000000 968.56643479
2-A-1 0.00000000 0.00000000 4.13398466 0.00000000 979.41907579
3-A-1 0.00000000 0.00000000 4.54978390 0.00000000 983.38451226
A-PO 0.00000000 0.00000000 0.00000000 0.00000000 987.21058647
15-IO 0.00000000 0.00000000 4.54966113 0.00000000 986.54943372
B-1 0.00000000 0.00000000 4.54611380 0.00000000 995.83587217
B-2 0.00000000 0.00000000 4.54611298 0.00000000 995.83587355
B-3 0.00000000 0.00000000 4.54611224 0.00000000 995.83587245
B-4 0.00000000 0.00000000 4.54611067 0.00000000 995.83587009
B-5 0.00000000 0.00000000 4.54611501 0.00000000 995.83587658
B-6 0.00000000 0.00000000 4.54611919 0.00000000 995.83659874
<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 Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Class Rate Balance Balance Balance Balance Percentage
<s> <c> <c> <c> <c> <c> <c>
1-A-PO 0.00000% 0.00 0.00 833,454.54 832,417.91 99.23301823%
2-A-PO 0.00000% 0.00 0.00 187,030.90 181,573.43 96.28154617%
3-A-PO 0.00000% 0.00 0.00 220,421.44 219,508.82 98.85886773%
2-15-IO 5.50000% 481,960.89 480,100.44 0.00 0.00 98.86598085%
3-15-IO 5.50000% 489,145.64 485,033.61 0.00 0.00 98.44693769%
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,686,426.46
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 5,686,426.46
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 74,516.99
Payment of Interest and Principal 5,611,909.47
Total Withdrawals (Pool Distribution Amount) 5,686,426.46
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 73,459.18
Wells Fargo Bank, N.A. 1,057.81
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 74,516.99
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Class CB-1 Reserve Fund 0.00 0.00 0.00 0.00
Class CB-2 Reserve Fund 0.00 0.00 0.00 0.00
Class CB-6 Reserve Fund 0.00 0.00 0.00 0.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 8 0 0 0 8
1,374,312.04 0.00 0.00 0.00 1,374,312.04
60 Days 1 0 0 0 1
233,850.00 0.00 0.00 0.00 233,850.00
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 9 0 0 0 9
1,608,162.04 0.00 0.00 0.00 1,608,162.04
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 0.335711% 0.000000% 0.000000% 0.000000% 0.335711%
0.393716% 0.000000% 0.000000% 0.000000% 0.393716%
60 Days 0.041964% 0.000000% 0.000000% 0.000000% 0.041964%
0.066994% 0.000000% 0.000000% 0.000000% 0.066994%
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 0.377675% 0.000000% 0.000000% 0.000000% 0.377675%
0.460710% 0.000000% 0.000000% 0.000000% 0.460710%
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 6 0 0 0 6
764,766.59 0.00 0.00 0.00 764,766.59
60 Days 1 0 0 0 1
233,850.00 0.00 0.00 0.00 233,850.00
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 7 0 0 0 7
998,616.59 0.00 0.00 0.00 998,616.59
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.299401% 0.000000% 0.000000% 0.000000% 0.299401%
0.257098% 0.000000% 0.000000% 0.000000% 0.257098%
60 Days 0.049900% 0.000000% 0.000000% 0.000000% 0.049900%
0.078615% 0.000000% 0.000000% 0.000000% 0.078615%
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 0.349301% 0.000000% 0.000000% 0.000000% 0.349301%
0.335714% 0.000000% 0.000000% 0.000000% 0.335714%
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
3 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
609,545.45 0.00 0.00 0.00 609,545.45
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
609,545.45 0.00 0.00 0.00 609,545.45
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.743494% 0.000000% 0.000000% 0.000000% 0.743494%
1.975244% 0.000000% 0.000000% 0.000000% 1.975244%
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 0.743494% 0.000000% 0.000000% 0.000000% 0.743494%
1.975244% 0.000000% 0.000000% 0.000000% 1.975244%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
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.
3 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.
3 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 5.975016%
Weighted Average Pass-Through Rate 5.721417%
Weighted Average Maturity(Stepdown Calculation) 330
Beginning Scheduled Collateral Loan Count 2,405
Number Of Loans Paid In Full 22
Ending Scheduled Collateral Loan Count 2,383
Beginning Scheduled Collateral Balance 352,604,057.34
Ending Scheduled Collateral Balance 348,673,310.17
Ending Actual Collateral Balance at 30-Jun-2005 349,062,022.25
Monthly P&I Constant 2,248,969.76
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Non-PO Optimal Amount 5,512,447.06
Class AP Deferred Amount 0.00
Scheduled Principal 493,290.61
Unscheduled Principal 3,437,456.56
Miscellaneous Reporting
Senior % 95.616384%
Group Level Collateral Statement
Group 1 2 3
Collateral Description Fixed 15 & 30 Year Fixed 15 & 30 Year Fixed 15 & 30 Year
Weighted Average Coupon Rate 6.037537 5.335492 5.801207
Weighted Average Net Rate 5.787538 5.085490 5.551209
Weighted Average Maturity 356 177 177
Beginning Loan Count 2,024 111 270
Loans Paid In Full 20 1 1
Ending Loan Count 2,004 110 269
Beginning Scheduled Balance 300,607,845.78 20,950,212.78 31,045,998.78
Ending Scheduled Balance 297,223,817.01 20,685,846.07 30,763,647.09
Record Date 06/30/2005 06/30/2005 06/30/2005
Principal And Interest Constant 1,817,284.28 171,127.28 260,558.20
Scheduled Principal 304,841.75 77,977.54 110,471.32
Unscheduled Principal 3,079,187.02 186,389.17 171,880.37
Scheduled Interest 1,512,442.53 93,149.74 150,086.88
Servicing Fees 62,626.63 4,364.63 6,467.92
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 901.82 62.85 93.14
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 1,448,914.08 88,722.26 143,525.82
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 5.783938 5.081892 5.547611
Group Level Collateral Statement
Group Total
Collateral Description Mixed Fixed
Weighted Average Coupon Rate 5.975016
Weighted Average Net Rate 5.725017
Weighted Average Maturity 330
Beginning Loan Count 2,405
Loans Paid In Full 22
Ending Loan Count 2,383
Beginning Scheduled Balance 352,604,057.34
Ending scheduled Balance 348,673,310.17
Record Date 06/30/2005
Principal And Interest Constant 2,248,969.76
Scheduled Principal 493,290.61
Unscheduled Principal 3,437,456.56
Scheduled Interest 1,755,679.15
Servicing Fees 73,459.18
Master Servicing Fees 0.00
Trustee Fee 1,057.81
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 0.00
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 1,681,162.16
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Prepayment Penalties 0.00
Special Servicing Fee 0.00
Pass-Through Rate 5.721417
Miscellaneous Reporting
Group 1
CPR 11.633599%
Subordinate % 4.047873%
Subordinate Prepayment % 0.000000%
Senior Prepayment % 100.000000%
Senior % 95.952127%
Group 2
CPR 10.205046%
Subordinate % 4.039359%
Subordinate Prepayment % 0.000000%
Senior Prepayment % 100.000000%
Senior % 95.960641%
Group 3
CPR 6.467284%
Subordinate % 4.031449%
Subordinate Prepayment % 0.000000%
Senior Prepayment % 100.000000%
Senior % 95.968551%
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 3,061,969.00 3,052,955.28 0 0.00 0.00
2 1 185,000.00 183,627.18 0 0.00 0.00
3 1 106,000.00 104,889.40 0 0.00 0.00
Total 22 3,352,969.00 3,341,471.86 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 29,312.18
2 0 0.00 0.00 0 0.00 0.00 3,452.80
3 0 0.00 0.00 0 0.00 0.00 67,364.80
Total 0 0.00 0.00 0 0.00 0.00 100,129.78
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>
1 3301477489 WA 80.00 01-May-2005 209,600.00 209,028.46
1 3301577122 FL 44.52 01-May-2005 86,834.00 86,591.42
1 3301586586 WA 34.85 01-May-2005 51,500.00 51,356.12
1 3301653733 FL 70.00 01-May-2005 147,000.00 146,558.78
1 6040931948 MD 68.33 01-Jan-2005 205,000.00 203,549.83
1 6062634933 IL 80.00 01-May-2005 314,000.00 313,079.74
1 6084866430 FL 90.00 01-May-2005 202,635.00 202,068.96
1 6119333547 FL 90.00 01-May-2005 81,000.00 80,779.11
1 6139653684 FL 89.98 01-Apr-2005 133,000.00 132,478.91
1 6281330271 FL 48.04 01-Apr-2005 145,100.00 144,544.96
1 6282587846 MO 80.00 01-May-2005 88,000.00 87,771.41
1 6300498620 AZ 80.00 01-Apr-2005 176,000.00 175,310.47
1 6431627113 CA 36.36 01-May-2005 300,000.00 298,798.03
1 6535409210 CO 80.00 01-Apr-2005 275,920.00 274,786.43
1 6537943208 VA 63.43 01-Apr-2005 85,000.00 84,666.99
1 6690429375 FL 89.37 01-May-2005 214,500.00 213,915.10
1 6793045433 FL 60.27 01-May-2005 108,500.00 108,196.92
1 6830176605 FL 67.86 01-May-2005 135,000.00 133,382.78
1 6840699620 KY 78.60 01-May-2005 39,300.00 39,187.54
1 6940009084 NE 80.00 01-Apr-2005 64,080.00 63,822.88
2 6694099141 RI 77.08 01-May-2005 185,000.00 182,936.37
3 6550947805 VA 29.44 01-Apr-2005 106,000.00 104,515.57
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 3301477489 Loan Paid in Full (1) 6.500% 360 2
1 3301577122 Loan Paid in Full 0 6.375% 360 2
1 3301586586 Loan Paid in Full 0 6.375% 360 2
1 3301653733 Loan Paid in Full 0 6.000% 360 2
1 6040931948 Loan Paid in Full 0 6.000% 360 6
1 6062634933 Loan Paid in Full 0 6.125% 360 2
1 6084866430 Loan Paid in Full 0 6.375% 360 2
1 6119333547 Loan Paid in Full 0 6.500% 360 2
1 6139653684 Loan Paid in Full 0 6.125% 360 3
1 6281330271 Loan Paid in Full 0 6.250% 360 3
1 6282587846 Loan Paid in Full 0 6.750% 360 2
1 6300498620 Loan Paid in Full 0 6.125% 360 3
1 6431627113 Loan Paid in Full (1) 6.000% 360 2
1 6535409210 Loan Paid in Full 0 5.875% 360 3
1 6537943208 Loan Paid in Full 0 6.125% 360 3
1 6690429375 Loan Paid in Full 0 6.500% 360 2
1 6793045433 Loan Paid in Full 0 6.375% 360 2
1 6830176605 Loan Paid in Full 0 6.250% 360 2
1 6840699620 Loan Paid in Full 0 6.250% 360 2
1 6940009084 Loan Paid in Full 0 6.000% 360 3
2 6694099141 Loan Paid in Full 0 5.125% 180 2
3 6550947805 Loan Paid in Full 0 5.875% 180 3
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.976% Current Month 11.106% Current Month 2,260.147%
3 Month Average 0.585% 3 Month Average 6.734% 3 Month Average 2,290.812%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 1.994% N/A May-2005 2,176.203% N/A
Jun-2005 7.103% N/A Jun-2005 2,436.086% N/A
Jul-2005 11.106% N/A Jul-2005 2,260.147% 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 1.025% Current Month 11.634% Current Month 2,374.778%
3 Month Average 0.644% 3 Month Average 7.391% 3 Month Average 2,591.799%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 2.312% N/A May-2005 2,564.458% N/A
Jun-2005 8.228% N/A Jun-2005 2,836.162% N/A
Jul-2005 11.634% N/A Jul-2005 2,374.778% 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 0.893% Current Month 10.205% Current Month 1,991.013%
3 Month Average 0.314% 3 Month Average 3.600% 3 Month Average 760.150%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 0.171% N/A May-2005 153.271% N/A
Jun-2005 0.424% N/A Jun-2005 136.167% N/A
Jul-2005 10.205% N/A Jul-2005 1,991.013% 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.
3
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.556% Current Month 6.467% Current Month 1,315.483%
3 Month Average 0.194% 3 Month Average 2.262% 3 Month Average 498.590%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 0.096% N/A May-2005 103.954% N/A
Jun-2005 0.223% N/A Jun-2005 76.333% N/A
Jul-2005 6.467% N/A Jul-2005 1,315.483% 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%
3 0 0.00 0.00 0.000%
Total 0 0.00 0.00 0.000%
Realized Loss Loan Detail Report - Loans With Losses during Current Period
Original Current
Loan Principal Note LTV at Original
Group Number Balance Rate State Origination Term
<s> <c> <c> <c> <c> <c> <c>
No losses this period.
Realized Loss Loan Detail Report - Loans With Losses during Current Period (continued)
Prior Cumulative
Loan Principal Realized Realized
Group Number Balance Loss/(Gain) Loss/(Gain)
<s> <c> <c> <c> <c>
No losses this period.
Realized Loss Report - Collateral
Summary
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
1
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
2
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
3
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
<FN>
</FN>
<FN>
Calculation Methodology:
Monthly Default Rate (MDR): sum(Beg Principal Balance of Liquidated Loans)/ sum(Beg Principal Balance).
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR/(WAS*0.02) else if WAS is greater than 30 and
less than or equal to 60 then CDR/0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR/(0.6 -
((WAS-60)*0.0095)) else if WAS is greater than 120 then CDR/0.03
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
</FN>