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): August 25, 2005
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2005-WF1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-123741-05
Pooling and Servicing Agreement) (Commission 54-2176823
(State or other File Number) 54-2176824
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 August 25, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2005-WF1 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-WF1 Trust, relating to the
August 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-WF1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 8/25/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2005-WF1 Trust,
relating to the August 25, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 7/29/2005
Distribution Date: 8/25/2005
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Series ACE 2005-WF1
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 004421QK2 SEN 3.72000% 335,029,000.00 934,730.91
A-2A 004421QL0 SEN 3.59000% 84,673,000.00 227,982.05
A-2B 004421QM8 SEN 3.70000% 28,250,000.00 78,393.75
A-2C 004421QN6 SEN 3.83000% 27,760,000.00 79,740.60
M-1 004421QP1 MEZ 3.91000% 14,502,000.00 42,527.11
M-2 004421QQ9 MEZ 3.93000% 13,364,000.00 39,390.39
M-3 004421QR7 MEZ 3.95000% 8,530,000.00 25,270.13
M-4 004421QS5 MEZ 4.07000% 7,109,000.00 21,700.22
M-5 004421QT3 MEZ 4.09000% 7,109,000.00 21,806.86
M-6 004421QU0 MEZ 4.14000% 6,540,000.00 20,306.70
M-7 004421QV8 MEZ 4.62000% 4,550,000.00 15,765.75
M-8 004421QW6 MEZ 4.69000% 4,550,000.00 16,004.63
M-9 004421QX4 MEZ 5.34000% 5,687,000.00 22,776.44
M-10 004421QY2 MEZ 6.49000% 5,687,000.00 27,681.47
M-11 004421QZ9 MEZ 6.49000% 5,687,000.00 27,681.47
CE ACE05WFCE SEN 0.00000% 9,666,349.00 1,287,959.14
P ACE05WF1P SEN 0.00000% 100.00 91,226.31
R ACE05WFR1 RES 0.00000% 0.00 0.00
Totals 568,693,449.00 2,980,943.93
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 5,424,267.38 0.00 329,604,732.62 6,358,998.29 0.00
A-2A 4,700,755.82 0.00 79,972,244.18 4,928,737.87 0.00
A-2B 0.00 0.00 28,250,000.00 78,393.75 0.00
A-2C 0.00 0.00 27,760,000.00 79,740.60 0.00
M-1 0.00 0.00 14,502,000.00 42,527.11 0.00
M-2 0.00 0.00 13,364,000.00 39,390.39 0.00
M-3 0.00 0.00 8,530,000.00 25,270.13 0.00
M-4 0.00 0.00 7,109,000.00 21,700.22 0.00
M-5 0.00 0.00 7,109,000.00 21,806.86 0.00
M-6 0.00 0.00 6,540,000.00 20,306.70 0.00
M-7 0.00 0.00 4,550,000.00 15,765.75 0.00
M-8 0.00 0.00 4,550,000.00 16,004.63 0.00
M-9 0.00 0.00 5,687,000.00 22,776.44 0.00
M-10 0.00 0.00 5,687,000.00 27,681.47 0.00
M-11 0.00 0.00 5,687,000.00 27,681.47 0.00
CE (1,439.63) 0.00 9,667,788.63 1,286,519.51 0.00
P 0.00 0.00 100.00 91,226.31 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 10,123,583.57 0.00 558,569,865.43 13,104,527.50 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-1 335,029,000.00 335,029,000.00 0.00 5,424,267.38 0.00 0.00
A-2A 84,673,000.00 84,673,000.00 0.00 4,700,755.82 0.00 0.00
A-2B 28,250,000.00 28,250,000.00 0.00 0.00 0.00 0.00
A-2C 27,760,000.00 27,760,000.00 0.00 0.00 0.00 0.00
M-1 14,502,000.00 14,502,000.00 0.00 0.00 0.00 0.00
M-2 13,364,000.00 13,364,000.00 0.00 0.00 0.00 0.00
M-3 8,530,000.00 8,530,000.00 0.00 0.00 0.00 0.00
M-4 7,109,000.00 7,109,000.00 0.00 0.00 0.00 0.00
M-5 7,109,000.00 7,109,000.00 0.00 0.00 0.00 0.00
M-6 6,540,000.00 6,540,000.00 0.00 0.00 0.00 0.00
M-7 4,550,000.00 4,550,000.00 0.00 0.00 0.00 0.00
M-8 4,550,000.00 4,550,000.00 0.00 0.00 0.00 0.00
M-9 5,687,000.00 5,687,000.00 0.00 0.00 0.00 0.00
M-10 5,687,000.00 5,687,000.00 0.00 0.00 0.00 0.00
M-11 5,687,000.00 5,687,000.00 0.00 0.00 0.00 0.00
CE 9,666,349.00 9,666,349.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 568,693,449.00 568,693,449.00 0.00 10,125,023.20 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 5,424,267.38 329,604,732.62 0.98380956 5,424,267.38
A-2A 4,700,755.82 79,972,244.18 0.94448341 4,700,755.82
A-2B 0.00 28,250,000.00 1.00000000 0.00
A-2C 0.00 27,760,000.00 1.00000000 0.00
M-1 0.00 14,502,000.00 1.00000000 0.00
M-2 0.00 13,364,000.00 1.00000000 0.00
M-3 0.00 8,530,000.00 1.00000000 0.00
M-4 0.00 7,109,000.00 1.00000000 0.00
M-5 0.00 7,109,000.00 1.00000000 0.00
M-6 0.00 6,540,000.00 1.00000000 0.00
M-7 0.00 4,550,000.00 1.00000000 0.00
M-8 0.00 4,550,000.00 1.00000000 0.00
M-9 0.00 5,687,000.00 1.00000000 0.00
M-10 0.00 5,687,000.00 1.00000000 0.00
M-11 0.00 5,687,000.00 1.00000000 0.00
CE (1,439.63) 9,667,788.63 1.00014893 (1,439.63)
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 10,123,583.57 558,569,865.43 0.98219852 10,123,583.57
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-1 335,029,000.00 1000.00000000 0.00000000 16.19044136 0.00000000
A-2A 84,673,000.00 1000.00000000 0.00000000 55.51658522 0.00000000
A-2B 28,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2C 27,760,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 14,502,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 13,364,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 8,530,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 7,109,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 7,109,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 6,540,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 4,550,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-8 4,550,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-9 5,687,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-10 5,687,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-11 5,687,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 9,666,349.00 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(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 16.19044136 983.80955864 0.98380956 16.19044136
A-2A 0.00000000 55.51658522 944.48341478 0.94448341 55.51658522
A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-11 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 (0.14893214) 1,000.14893214 1.00014893 (0.14893214)
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 335,029,000.00 3.72000% 335,029,000.00 934,730.91 0.00 0.00
A-2A 84,673,000.00 3.59000% 84,673,000.00 227,982.05 0.00 0.00
A-2B 28,250,000.00 3.70000% 28,250,000.00 78,393.75 0.00 0.00
A-2C 27,760,000.00 3.83000% 27,760,000.00 79,740.60 0.00 0.00
M-1 14,502,000.00 3.91000% 14,502,000.00 42,527.11 0.00 0.00
M-2 13,364,000.00 3.93000% 13,364,000.00 39,390.39 0.00 0.00
M-3 8,530,000.00 3.95000% 8,530,000.00 25,270.13 0.00 0.00
M-4 7,109,000.00 4.07000% 7,109,000.00 21,700.22 0.00 0.00
M-5 7,109,000.00 4.09000% 7,109,000.00 21,806.86 0.00 0.00
M-6 6,540,000.00 4.14000% 6,540,000.00 20,306.70 0.00 0.00
M-7 4,550,000.00 4.62000% 4,550,000.00 15,765.75 0.00 0.00
M-8 4,550,000.00 4.69000% 4,550,000.00 16,004.63 0.00 0.00
M-9 5,687,000.00 5.34000% 5,687,000.00 22,776.44 0.00 0.00
M-10 5,687,000.00 6.49000% 5,687,000.00 27,681.47 0.00 0.00
M-11 5,687,000.00 6.49000% 5,687,000.00 27,681.47 0.00 0.00
CE 9,666,349.00 0.00000% 568,693,448.80 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 568,693,449.00 1,601,758.48 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 0.00 934,730.91 0.00 329,604,732.62
A-2A 0.00 0.00 227,982.05 0.00 79,972,244.18
A-2B 0.00 0.00 78,393.75 0.00 28,250,000.00
A-2C 0.00 0.00 79,740.60 0.00 27,760,000.00
M-1 0.00 0.00 42,527.11 0.00 14,502,000.00
M-2 0.00 0.00 39,390.39 0.00 13,364,000.00
M-3 0.00 0.00 25,270.13 0.00 8,530,000.00
M-4 0.00 0.00 21,700.22 0.00 7,109,000.00
M-5 0.00 0.00 21,806.86 0.00 7,109,000.00
M-6 0.00 0.00 20,306.70 0.00 6,540,000.00
M-7 0.00 0.00 15,765.75 0.00 4,550,000.00
M-8 0.00 0.00 16,004.63 0.00 4,550,000.00
M-9 0.00 0.00 22,776.44 0.00 5,687,000.00
M-10 0.00 0.00 27,681.47 0.00 5,687,000.00
M-11 0.00 0.00 27,681.47 0.00 5,687,000.00
CE 0.00 0.00 1,287,959.14 0.00 558,569,865.43
P 0.00 0.00 91,226.31 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 2,980,943.93 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-1 335,029,000.00 3.72000% 1000.00000000 2.79000000 0.00000000 0.00000000
A-2A 84,673,000.00 3.59000% 1000.00000000 2.69249997 0.00000000 0.00000000
A-2B 28,250,000.00 3.70000% 1000.00000000 2.77500000 0.00000000 0.00000000
A-2C 27,760,000.00 3.83000% 1000.00000000 2.87250000 0.00000000 0.00000000
M-1 14,502,000.00 3.91000% 1000.00000000 2.93249966 0.00000000 0.00000000
M-2 13,364,000.00 3.93000% 1000.00000000 2.94750000 0.00000000 0.00000000
M-3 8,530,000.00 3.95000% 1000.00000000 2.96250059 0.00000000 0.00000000
M-4 7,109,000.00 4.07000% 1000.00000000 3.05249965 0.00000000 0.00000000
M-5 7,109,000.00 4.09000% 1000.00000000 3.06750035 0.00000000 0.00000000
M-6 6,540,000.00 4.14000% 1000.00000000 3.10500000 0.00000000 0.00000000
M-7 4,550,000.00 4.62000% 1000.00000000 3.46500000 0.00000000 0.00000000
M-8 4,550,000.00 4.69000% 1000.00000000 3.51750110 0.00000000 0.00000000
M-9 5,687,000.00 5.34000% 1000.00000000 4.00500088 0.00000000 0.00000000
M-10 5,687,000.00 6.49000% 1000.00000000 4.86749956 0.00000000 0.00000000
M-11 5,687,000.00 6.49000% 1000.00000000 4.86749956 0.00000000 0.00000000
CE 9,666,349.00 0.00000% 58832.29012319 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) 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 2.79000000 0.00000000 983.80955864
A-2A 0.00000000 0.00000000 2.69249997 0.00000000 944.48341478
A-2B 0.00000000 0.00000000 2.77500000 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 2.87250000 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.93249966 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.94750000 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.96250059 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.05249965 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.06750035 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.10500000 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 3.46500000 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 3.51750110 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 4.00500088 0.00000000 1000.00000000
M-10 0.00000000 0.00000000 4.86749956 0.00000000 1000.00000000
M-11 0.00000000 0.00000000 4.86749956 0.00000000 1000.00000000
CE 0.00000000 0.00000000 133.24153101 0.00000000 57784.98846152
P 0.00000000 0.00000000 912263.10000000 0.00000000 1000.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 13,221,858.12
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 39,061.65
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 91,226.31
Total Deposits 13,352,146.08
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 247,618.58
Payment of Interest and Principal 13,104,527.50
Total Withdrawals (Pool Distribution Amount) 13,352,146.08
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 236,955.59
Credit Risk Manager Fee - The Murrayhill Company 7,108.66
Master Servicing Fee: Wells Fargo Bank 3,554.33
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 247,618.58
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 3 0 0 3
268,049.36 0.00 0.00 268,049.36
30 Days 28 0 0 0 28
4,033,319.40 0.00 0.00 0.00 4,033,319.40
60 Days 5 2 8 0 15
387,544.83 230,050.00 1,316,318.42 0.00 1,933,913.25
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 33 5 8 0 46
4,420,864.23 498,099.36 1,316,318.42 0.00 6,235,282.01
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 0.088417% 0.000000% 0.000000% 0.088417%
0.047946% 0.000000% 0.000000% 0.047946%
30 Days 0.825228% 0.000000% 0.000000% 0.000000% 0.825228%
0.721446% 0.000000% 0.000000% 0.000000% 0.721446%
60 Days 0.147362% 0.058945% 0.235780% 0.000000% 0.442087%
0.069321% 0.041149% 0.235452% 0.000000% 0.345922%
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 0.972591% 0.147362% 0.235780% 0.000000% 1.355732%
0.790766% 0.089096% 0.235452% 0.000000% 1.115314%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GRP I SUBGRP I 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 3 0 0 0 3
320,865.53 0.00 0.00 0.00 320,865.53
60 Days 0 0 1 0 1
0.00 0.00 152,960.00 0.00 152,960.00
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 3 0 1 0 4
320,865.53 0.00 152,960.00 0.00 473,825.53
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.551471% 0.000000% 0.000000% 0.000000% 0.551471%
0.402527% 0.000000% 0.000000% 0.000000% 0.402527%
60 Days 0.000000% 0.000000% 0.183824% 0.000000% 0.183824%
0.000000% 0.000000% 0.191889% 0.000000% 0.191889%
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 0.551471% 0.000000% 0.183824% 0.000000% 0.735294%
0.402527% 0.000000% 0.191889% 0.000000% 0.594415%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GRP I SUB GRP II 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 0 0 3
268,049.36 0.00 0.00 268,049.36
30 Days 24 0 0 0 24
3,356,505.65 0.00 0.00 0.00 3,356,505.65
60 Days 5 2 5 0 12
387,544.83 230,050.00 660,424.53 0.00 1,278,019.36
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 29 5 5 0 39
3,744,050.48 498,099.36 660,424.53 0.00 4,902,574.37
0-29 Days 0.132979% 0.000000% 0.000000% 0.132979%
0.084902% 0.000000% 0.000000% 0.084902%
30 Days 1.063830% 0.000000% 0.000000% 0.000000% 1.063830%
1.063134% 0.000000% 0.000000% 0.000000% 1.063134%
60 Days 0.221631% 0.088652% 0.221631% 0.000000% 0.531915%
0.122750% 0.072866% 0.209182% 0.000000% 0.404798%
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 1.285461% 0.221631% 0.221631% 0.000000% 1.728723%
1.185885% 0.157767% 0.209182% 0.000000% 1.552834%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GRP II SUB GRP I 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>
GRP II SUB GRP II 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 1 0 0 0 1
355,948.22 0.00 0.00 0.00 355,948.22
60 Days 0 0 2 0 2
0.00 0.00 502,933.89 0.00 502,933.89
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 1 0 2 0 3
355,948.22 0.00 502,933.89 0.00 858,882.11
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.240385% 0.000000% 0.000000% 0.000000% 0.240385%
0.272834% 0.000000% 0.000000% 0.000000% 0.272834%
60 Days 0.000000% 0.000000% 0.480769% 0.000000% 0.480769%
0.000000% 0.000000% 0.385498% 0.000000% 0.385498%
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 0.240385% 0.000000% 0.480769% 0.000000% 0.721154%
0.272834% 0.000000% 0.385498% 0.000000% 0.658332%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 39,061.65
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 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current REO Total Jan-05 0.000%
Loans in REO 0 Feb-05 0.000%
Original Principal Balance 0.00 Mar-05 0.000%
Current Principal Balance 0.00 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-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.
GRP I SUBGRP I 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current REO Total Jan-05 0.000%
Loans in REO 0 Feb-05 0.000%
Original Principal Balance 0.00 Mar-05 0.000%
Current Principal Balance 0.00 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-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.
GRP I SUB GRP II 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current REO Total Jan-05 0.000%
Loans in REO 0 Feb-05 0.000%
Original Principal Balance 0.00 Mar-05 0.000%
Current Principal Balance 0.00 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-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.
GRP II SUB GRP I 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current REO Total Jan-05 0.000%
Loans in REO 0 Feb-05 0.000%
Original Principal Balance 0.00 Mar-05 0.000%
Current Principal Balance 0.00 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-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.
GRP II SUB GRP II 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current REO Total Jan-05 0.000%
Loans in REO 0 Feb-05 0.000%
Original Principal Balance 0.00 Mar-05 0.000%
Current Principal Balance 0.00 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-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 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current Foreclosure Total Jan-05 0.000%
Loans in Foreclosure 8 Feb-05 0.000%
Original Principal Balance 1,317,260.00 Mar-05 0.000%
Current Principal Balance 1,316,318.42 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.235%
*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.
GRP I SUBGRP I 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current Foreclosure Total Jan-05 0.000%
Loans in Foreclosure 1 Feb-05 0.000%
Original Principal Balance 152,960.00 Mar-05 0.000%
Current Principal Balance 152,960.00 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.192%
*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.
GRP I SUB GRP II 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current Foreclosure Total Jan-05 0.000%
Loans in Foreclosure 5 Feb-05 0.000%
Original Principal Balance 660,800.00 Mar-05 0.000%
Current Principal Balance 660,424.53 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.209%
*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.
GRP II SUB GRP I 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current Foreclosure Total Jan-05 0.000%
Loans in Foreclosure 0 Feb-05 0.000%
Original Principal Balance 0.00 Mar-05 0.000%
Current Principal Balance 0.00 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-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.
GRP II SUB GRP II 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current Foreclosure Total Jan-05 0.000%
Loans in Foreclosure 2 Feb-05 0.000%
Original Principal Balance 503,500.00 Mar-05 0.000%
Current Principal Balance 502,933.89 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.385%
*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>
GRP I SUBGRP I 0143350809 Aug-2005 01-May-2005 IN 80.00 152,960.00
GRP I SUB GRP II 0142532027 Aug-2005 01-Mar-2005 VA 73.58 181,000.00
GRP I SUB GRP II 0142609585 Aug-2005 01-Apr-2005 FL 71.52 113,000.00
GRP I SUB GRP II 0142849173 Aug-2005 01-Apr-2005 GA 80.00 164,800.00
GRP I SUB GRP II 0143135853 Aug-2005 01-May-2005 OH 100.00 89,500.00
GRP I SUB GRP II 0143293397 Aug-2005 01-May-2005 MD 75.00 112,500.00
GRP II SUB GRP II 0142536572 Aug-2005 01-Mar-2005 NJ 95.00 342,000.00
GRP II SUB GRP II 0143528271 Aug-2005 01-Apr-2005 MO 95.00 161,500.00
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>
GRP I SUBGRP I 0143350809 152,960.00 01-Apr-2005 2 6.550% 769.09
GRP I SUB GRP II 0142532027 180,821.23 01-Apr-2005 2 9.500% 1,354.11
GRP I SUB GRP II 0142609585 112,905.73 01-Apr-2005 2 6.910% 601.58
GRP I SUB GRP II 0142849173 164,697.57 01-Apr-2005 2 8.375% 1,078.79
GRP I SUB GRP II 0143135853 89,500.00 01-Apr-2005 2 8.250% 576.91
GRP I SUB GRP II 0143293397 112,500.00 01-Apr-2005 2 8.625% 760.36
GRP II SUB GRP II 0142536572 341,539.53 01-Apr-2005 2 8.000% 2,130.23
GRP II SUB GRP II 0143528271 161,394.36 01-Apr-2005 2 8.125% 1,023.49
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 6.620093%
Weighted Average Net Coupon 6.120094%
Weighted Average Pass-Through Rate 6.097593%
Weighted Average Maturity(Stepdown Calculation) 346
Beginning Scheduled Collateral Loan Count 3,435
Number Of Loans Paid In Full 42
Ending Scheduled Collateral Loan Count 3,393
Beginning Scheduled Collateral Balance 568,693,448.80
Ending Scheduled Collateral Balance 558,569,865.43
Ending Actual Collateral Balance at 29-Jul-2005 559,060,670.32
Monthly P&I Constant 3,690,168.17
Special Servicing Fee 0.00
Prepayment Penalties 91,226.31
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 552,735.68
Unscheduled Principal 9,570,847.69
Miscellaneous Reporting
Required Overcolateralization Amount 9,667,788.63
Overcollateralization Amount 9,667,788.63
Overcollateralization Increase Amount 1,439.83
Overcollateralization Reduction Amount 0.00
Credit Enhancement Percentage 67.3%
Group Level Collateral Statement
Group GRP I SUBGRP I GRP I SUB GRP II GRP II SUB GRP I
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 6.694727 6.789286 6.434583
Weighted Average Net Rate 6.194727 6.289286 5.934583
Weighted Average Maturity 309 356 311
Beginning Loan Count 548 2,284 179
Loans Paid In Full 4 28 2
Ending Loan Count 544 2,256 177
Beginning Scheduled Balance 80,104,370.49 320,409,011.39 33,414,778.07
Ending Scheduled Balance 79,633,551.29 315,456,334.57 33,133,657.46
Record Date 07/29/2005 07/29/2005 07/29/2005
Principal And Interest Constant 542,440.33 2,098,834.05 216,113.66
Scheduled Principal 95,542.93 286,043.74 36,938.52
Unscheduled Principal 375,276.27 4,666,633.08 244,182.09
Scheduled Interest 446,897.40 1,812,790.31 179,175.14
Servicing Fees 33,376.82 133,503.75 13,922.82
Master Servicing Fees 500.65 2,002.56 208.84
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 0.00 0.00 0.00
Pool Insurance Fee 1,001.30 4,005.11 417.68
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 412,018.63 1,673,278.89 164,625.80
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 6.172227 6.266786 5.912083
Group Level Collateral Statement
Group GRP II SUB GRP II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 6.220323 6.620093
Weighted Average Net Rate 5.720323 6.120094
Weighted Average Maturity 355 346
Beginning Loan Count 424 3,435
Loans Paid In Full 8 42
Ending Loan Count 416 3,393
Beginning Scheduled Balance 134,765,288.85 568,693,448.80
Ending scheduled Balance 130,346,322.11 558,569,865.43
Record Date 07/29/2005 07/29/2005
Principal And Interest Constant 832,780.13 3,690,168.17
Scheduled Principal 134,210.49 552,735.68
Unscheduled Principal 4,284,756.25 9,570,847.69
Scheduled Interest 698,569.64 3,137,432.49
Servicing Fees 56,152.20 236,955.59
Master Servicing Fees 842.28 3,554.33
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 0.00 0.00
Pool Insurance Fee 1,684.57 7,108.66
Spread 1 0.00 0.00
Spread 2 0.00 0.00
Spread 3 0.00 0.00
Net Interest 639,890.59 2,889,813.91
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 5.697823 6.097593
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>
GRP I SUBGRP I 4 369,825.00 368,453.51 0 0.00 0.00
GRP I SUB GRP II 28 4,677,306.00 4,653,346.39 0 0.00 0.00
GRP II SUB GRP I 2 243,562.00 241,457.02 0 0.00 0.00
GRP II SUB GRP II 8 4,306,167.00 4,283,723.06 0 0.00 0.00
Total 42 9,596,860.00 9,546,979.98 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>
GRP I SUBGRP I 0 0.00 0.00 0 0.00 0.00 7,178.97
GRP I SUB GRP II 0 0.00 0.00 0 0.00 0.00 17,655.59
GRP II SUB GRP I 0 0.00 0.00 0 0.00 0.00 2,975.39
GRP II SUB GRP II 0 0.00 0.00 0 0.00 0.00 5,180.30
Total 0 0.00 0.00 0 0.00 0.00 32,990.25
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>
GRP I SUBGRP I 0142623875 AR 100.00 01-May-2005 68,600.00 68,440.38
GRP I SUBGRP I 0142710201 GA 55.17 01-May-2005 80,000.00 79,721.72
GRP I SUBGRP I 0143134187 MD 65.00 01-Mar-2005 186,225.00 185,382.71
GRP I SUBGRP I 0143481307 MS 27.34 01-May-2005 35,000.00 34,552.49
GRP I SUB GRP II 0134524164 MN 90.00 01-Mar-2004 171,900.00 169,509.64
GRP I SUB GRP II 0139930754 KY 80.00 01-Feb-2005 114,056.00 112,969.11
GRP I SUB GRP II 0140423096 CA 49.48 01-Dec-2004 240,000.00 237,754.16
GRP I SUB GRP II 0140479296 MN 80.00 01-Dec-2004 294,400.00 291,307.06
GRP I SUB GRP II 0140662909 CA 80.00 01-Dec-2004 244,000.00 241,494.74
GRP I SUB GRP II 0141148445 IL 70.00 01-Feb-2005 91,000.00 90,350.16
GRP I SUB GRP II 0141470708 OR 80.00 01-Feb-2005 83,200.00 82,702.19
GRP I SUB GRP II 0142243104 IL 77.25 01-Mar-2005 180,000.00 178,956.56
GRP I SUB GRP II 0142287283 MO 90.00 01-Mar-2005 81,000.00 80,549.60
GRP I SUB GRP II 0142371848 MD 84.19 01-Feb-2005 327,500.00 324,896.14
GRP I SUB GRP II 0142424423 WI 80.00 01-Feb-2005 100,000.00 99,253.65
GRP I SUB GRP II 0142533702 FL 84.21 01-Mar-2005 96,000.00 95,459.35
GRP I SUB GRP II 0142568559 WI 95.00 01-Mar-2005 96,900.00 96,499.00
GRP I SUB GRP II 0142594878 NJ 87.69 01-Apr-2005 399,000.00 397,087.25
GRP I SUB GRP II 0142778992 FL 90.00 01-May-2005 157,500.00 156,973.54
GRP I SUB GRP II 0142801604 VA 90.00 01-May-2005 76,500.00 76,214.28
GRP I SUB GRP II 0142862168 IL 76.32 01-Apr-2005 217,500.00 216,575.84
GRP I SUB GRP II 0142866045 CA 80.00 01-Apr-2005 260,000.00 259,093.48
GRP I SUB GRP II 0142879535 WI 90.00 01-Feb-2005 130,500.00 129,791.37
GRP I SUB GRP II 0142887108 WI 90.00 01-Mar-2005 85,500.00 85,122.78
GRP I SUB GRP II 0142957422 MN 90.00 01-May-2005 192,600.00 192,103.65
GRP I SUB GRP II 0143040533 NY 27.90 01-Apr-2005 161,000.00 160,395.03
GRP I SUB GRP II 0143103729 ME 65.13 01-May-2005 127,000.00 126,537.00
GRP I SUB GRP II 0143155661 MD 90.00 01-May-2005 109,800.00 109,445.61
GRP I SUB GRP II 0143379543 MD 85.00 01-May-2005 174,250.00 173,583.47
GRP I SUB GRP II 0143392033 FL 65.00 01-May-2005 175,500.00 174,789.16
GRP I SUB GRP II 0143440279 IL 85.00 01-May-2005 119,850.00 119,423.49
GRP I SUB GRP II 0143531747 WI 85.00 01-Apr-2005 170,850.00 170,140.18
GRP II SUB GRP I 0139001077 CA 80.00 01-Nov-2004 189,562.00 187,586.10
GRP II SUB GRP I 0141073973 OR 45.00 01-Jan-2005 54,000.00 53,620.60
GRP II SUB GRP II 0135688828 CA 80.00 01-Oct-2004 288,685.00 284,961.80
GRP II SUB GRP II 0136946985 CA 80.00 01-Jan-2005 368,232.00 364,506.75
GRP II SUB GRP II 0140847831 CA 72.05 01-Jan-2005 457,500.00 455,029.37
GRP II SUB GRP II 0141541102 CA 70.00 01-Jan-2005 805,000.00 797,669.52
GRP II SUB GRP II 0142171131 NJ 69.55 01-Apr-2005 765,000.00 761,504.48
GRP II SUB GRP II 0142946276 MD 75.00 01-Apr-2005 333,750.00 332,352.45
GRP II SUB GRP II 0143212702 CA 69.33 01-May-2005 520,000.00 518,104.30
GRP II SUB GRP II 0143293918 VA 79.59 01-May-2005 768,000.00 765,447.28
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>
GRP I SUBGRP I 0142623875 Loan Paid in Full 0 8.750% 360 3
GRP I SUBGRP I 0142710201 Loan Paid in Full 0 7.525% 360 3
GRP I SUBGRP I 0143134187 Loan Paid in Full 0 7.500% 360 5
GRP I SUBGRP I 0143481307 Loan Paid in Full 0 6.950% 180 3
GRP I SUB GRP II 0134524164 Loan Paid in Full 0 7.750% 360 17
GRP I SUB GRP II 0139930754 Loan Paid in Full 0 5.625% 360 6
GRP I SUB GRP II 0140423096 Loan Paid in Full 0 5.875% 360 8
GRP I SUB GRP II 0140479296 Loan Paid in Full 0 5.250% 360 8
GRP I SUB GRP II 0140662909 Loan Paid in Full 0 5.375% 360 8
GRP I SUB GRP II 0141148445 Loan Paid in Full 0 5.950% 360 6
GRP I SUB GRP II 0141470708 Loan Paid in Full 0 6.875% 360 6
GRP I SUB GRP II 0142243104 Loan Paid in Full 0 6.250% 360 5
GRP I SUB GRP II 0142287283 Loan Paid in Full 0 7.250% 360 5
GRP I SUB GRP II 0142371848 Loan Paid in Full 0 5.375% 360 6
GRP I SUB GRP II 0142424423 Loan Paid in Full 0 6.450% 360 6
GRP I SUB GRP II 0142533702 Loan Paid in Full 0 6.375% 360 5
GRP I SUB GRP II 0142568559 Loan Paid in Full 0 7.950% 360 5
GRP I SUB GRP II 0142594878 Loan Paid in Full 0 6.250% 360 4
GRP I SUB GRP II 0142778992 Loan Paid in Full 0 6.950% 360 3
GRP I SUB GRP II 0142801604 Loan Paid in Full 0 6.375% 360 3
GRP I SUB GRP II 0142862168 Loan Paid in Full 0 6.875% 360 4
GRP I SUB GRP II 0142866045 Loan Paid in Full 0 7.875% 360 4
GRP I SUB GRP II 0142879535 Loan Paid in Full 0 7.375% 360 6
GRP I SUB GRP II 0142887108 Loan Paid in Full 0 7.625% 360 5
GRP I SUB GRP II 0142957422 Loan Paid in Full 0 8.250% 360 3
GRP I SUB GRP II 0143040533 Loan Paid in Full 0 7.500% 360 4
GRP I SUB GRP II 0143103729 Loan Paid in Full 0 6.500% 360 3
GRP I SUB GRP II 0143155661 Loan Paid in Full 0 7.125% 360 3
GRP I SUB GRP II 0143379543 Loan Paid in Full 0 6.250% 360 3
GRP I SUB GRP II 0143392033 Loan Paid in Full 0 5.950% 360 3
GRP I SUB GRP II 0143440279 Loan Paid in Full 0 6.625% 360 3
GRP I SUB GRP II 0143531747 Loan Paid in Full 0 6.990% 360 4
GRP II SUB GRP I 0139001077 Loan Paid in Full 0 5.875% 360 9
GRP II SUB GRP I 0141073973 Loan Paid in Full 0 6.750% 360 7
GRP II SUB GRP II 0135688828 Loan Paid in Full 0 5.250% 360 10
GRP II SUB GRP II 0136946985 Loan Paid in Full 0 4.950% 360 7
GRP II SUB GRP II 0140847831 Loan Paid in Full 0 8.375% 360 7
GRP II SUB GRP II 0141541102 Loan Paid in Full 0 5.375% 360 7
GRP II SUB GRP II 0142171131 Loan Paid in Full 0 6.500% 360 4
GRP II SUB GRP II 0142946276 Loan Paid in Full 0 6.950% 360 4
GRP II SUB GRP II 0143212702 Loan Paid in Full 0 6.500% 360 3
GRP II SUB GRP II 0143293918 Loan Paid in Full 0 6.975% 360 3
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.685% Current Month 18.443% Current Month 2,152.729%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 18.443% N/A Aug-2005 2,152.729% 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.
GRP I SUBGRP I
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.469% Current Month 5.486% Current Month 669.714%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 5.486% N/A Aug-2005 669.714% 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.
GRP I SUB GRP II
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.458% Current Month 16.157% Current Month 1,978.436%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 16.157% N/A Aug-2005 1,978.436% 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.
GRP II SUB GRP I
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.732% Current Month 8.434% Current Month 896.941%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 8.434% N/A Aug-2005 896.941% 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.
GRP II SUB GRP II
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 3.183% Current Month 32.167% Current Month 3,366.211%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 32.167% N/A Aug-2005 3,366.211% 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>
GRP I SUBGRP I 0 0.00 0.00 0.000%
GRP I SUB GRP II 0 0.00 0.00 0.000%
GRP II SUB GRP I 0 0.00 0.00 0.000%
GRP II SUB GRP II 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>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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.
GRP I SUBGRP I
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>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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.
GRP I SUB GRP II
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>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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.
GRP II SUB GRP I
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>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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.
GRP II SUB GRP II
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>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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>