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-SD2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-123741-04
Pooling and Servicing Agreement) (Commission 54-2176704
(State or other File Number) 54-2176705
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-SD2 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-SD2 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-SD2 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 9/1/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2005-SD2 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-SD2
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 004421QD8 SEN 3.86000% 105,388,036.31 350,298.12
M-1 004421QE6 SEN 4.16000% 18,371,000.00 65,809.00
M-2 004421QF3 SEN 4.96000% 10,636,000.00 45,427.54
M-3 004421QG1 SEN 6.46000% 5,640,000.00 31,374.07
M-4 004421QH9 SEN 6.46000% 3,142,000.00 17,478.25
M-5 004421QJ5 SEN 6.46000% 2,417,000.00 13,445.23
CE-1 SEN 0.00000% 8,611,579.52 0.00
CE-2 SEN 0.00000% 0.00 33,642.81
P ACE05SD2P SEN 0.00000% 100.00 105,291.38
R ACE5SD2R1 SEN 0.00000% 0.00 0.00
Totals 154,205,715.83 662,766.40
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 8,278,709.06 0.00 97,109,327.25 8,629,007.18 0.00
M-1 0.00 0.00 18,371,000.00 65,809.00 0.00
M-2 0.00 0.00 10,636,000.00 45,427.54 0.00
M-3 0.00 0.00 5,640,000.00 31,374.07 0.00
M-4 0.00 0.00 3,142,000.00 17,478.25 0.00
M-5 0.00 0.00 2,417,000.00 13,445.23 0.00
CE-1 0.00 0.00 9,318,458.78 0.00 0.00
CE-2 0.00 0.00 0.00 33,642.81 0.00
P 0.00 0.00 100.00 105,291.38 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 8,278,709.06 0.00 146,633,886.03 8,941,475.46 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>
A-1 113,125,000.00 105,388,036.31 0.00 9,686,355.73 0.00 0.00
M-1 18,371,000.00 18,371,000.00 0.00 0.00 0.00 0.00
M-2 10,636,000.00 10,636,000.00 0.00 0.00 0.00 0.00
M-3 5,640,000.00 5,640,000.00 0.00 0.00 0.00 0.00
M-4 3,142,000.00 3,142,000.00 0.00 0.00 0.00 0.00
M-5 2,417,000.00 2,417,000.00 0.00 0.00 0.00 0.00
CE-1 7,818,982.03 8,611,579.52 0.00 0.00 0.00 0.00
CE-2 0.00 0.00 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 161,150,082.03 154,205,715.83 0.00 9,686,355.73 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 8,278,709.06 97,109,327.25 0.85842499 8,278,709.06
M-1 0.00 18,371,000.00 1.00000000 0.00
M-2 0.00 10,636,000.00 1.00000000 0.00
M-3 0.00 5,640,000.00 1.00000000 0.00
M-4 0.00 3,142,000.00 1.00000000 0.00
M-5 0.00 2,417,000.00 1.00000000 0.00
CE-1 0.00 9,318,458.78 1.19177391 0.00
CE-2 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 8,278,709.06 146,633,886.03 0.90992126 8,278,709.06
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-1 113,125,000.00 931.60695081 0.00000000 85.62524402 0.00000000
M-1 18,371,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 10,636,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 5,640,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 3,142,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 2,417,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE-1 7,818,982.03 1101.36837340 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000000 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>
</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 73.18195854 858.42499227 0.85842499 73.18195854
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
CE-1 0.00000000 0.00000000 1,191.77390922 1.19177391 0.00000000
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
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-1 113,125,000.00 3.86000% 105,388,036.31 350,298.12 0.00 0.00
M-1 18,371,000.00 4.16000% 18,371,000.00 65,809.00 0.00 0.00
M-2 10,636,000.00 4.96000% 10,636,000.00 45,427.54 0.00 0.00
M-3 5,640,000.00 6.46000% 5,640,000.00 31,374.07 0.00 0.00
M-4 3,142,000.00 6.46000% 3,142,000.00 17,478.25 0.00 0.00
M-5 2,417,000.00 6.46000% 2,417,000.00 13,445.23 0.00 0.00
CE-1 7,818,982.03 0.00000% 8,611,579.52 0.00 0.00 0.00
CE-2 0.00 0.00000% 0.00 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 161,150,082.03 523,832.21 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 0.00 350,298.12 0.00 97,109,327.25
M-1 0.00 0.00 65,809.00 0.00 18,371,000.00
M-2 0.00 0.00 45,427.54 0.00 10,636,000.00
M-3 0.00 0.00 31,374.07 0.00 5,640,000.00
M-4 0.00 0.00 17,478.25 0.00 3,142,000.00
M-5 0.00 0.00 13,445.23 0.00 2,417,000.00
CE-1 0.00 0.00 0.00 0.00 9,318,458.78
CE-2 0.00 0.00 33,642.81 0.00 0.00
P 0.00 0.00 105,291.38 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 662,766.40 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-1 113,125,000.00 3.86000% 931.60695081 3.09655797 0.00000000 0.00000000
M-1 18,371,000.00 4.16000% 1000.00000000 3.58222198 0.00000000 0.00000000
M-2 10,636,000.00 4.96000% 1000.00000000 4.27111132 0.00000000 0.00000000
M-3 5,640,000.00 6.46000% 1000.00000000 5.56277837 0.00000000 0.00000000
M-4 3,142,000.00 6.46000% 1000.00000000 5.56277849 0.00000000 0.00000000
M-5 2,417,000.00 6.46000% 1000.00000000 5.56277617 0.00000000 0.00000000
CE-1 7,818,982.03 0.00000% 1101.36837340 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000% 0.00000000 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) Per $1 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 3.09655797 0.00000000 858.42499227
M-1 0.00000000 0.00000000 3.58222198 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.27111132 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 5.56277837 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 5.56277849 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 5.56277617 0.00000000 1000.00000000
CE-1 0.00000000 0.00000000 0.00000000 0.00000000 1191.77390922
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1052913.80000000 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 8,893,433.43
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 380,481.91
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 105,291.38
Total Deposits 9,379,206.72
Withdrawals
Reimbursement for Servicer Advances 366,842.79
Payment of Service Fee 70,888.47
Payment of Interest and Principal 8,941,475.46
Total Withdrawals (Pool Distribution Amount) 9,379,206.72
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 61,571.70
Credit Risk Manager Fee- Risk Management Group, LLC 2,570.14
Master Servicing Fee 6,746.63
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 70,888.47
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 47 0 0 47
3,827,037.70 0.00 0.00 3,827,037.70
30 Days 186 16 0 0 202
16,601,434.06 1,076,264.18 0.00 0.00 17,677,698.24
60 Days 98 5 0 0 103
9,722,080.79 345,947.30 0.00 0.00 10,068,028.09
90 Days 55 12 0 0 67
5,444,483.38 1,366,659.34 0.00 0.00 6,811,142.72
120 Days 14 14 0 0 28
1,150,417.42 1,147,118.43 0.00 0.00 2,297,535.85
150 Days 8 6 1 0 15
491,310.96 499,097.69 40,801.61 0.00 1,031,210.26
180+ Days 45 53 9 1 108
3,704,264.64 4,340,259.59 778,754.77 62,582.22 8,885,861.22
Totals 406 153 10 1 570
37,113,991.25 12,602,384.23 819,556.38 62,582.22 50,598,514.08
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 3.051948% 0.000000% 0.000000% 3.051948%
2.609204% 0.000000% 0.000000% 2.609204%
30 Days 12.077922% 1.038961% 0.000000% 0.000000% 13.116883%
11.318554% 0.733777% 0.000000% 0.000000% 12.052331%
60 Days 6.363636% 0.324675% 0.000000% 0.000000% 6.688312%
6.628337% 0.235861% 0.000000% 0.000000% 6.864197%
90 Days 3.571429% 0.779221% 0.000000% 0.000000% 4.350649%
3.711949% 0.931763% 0.000000% 0.000000% 4.643712%
120 Days 0.909091% 0.909091% 0.000000% 0.000000% 1.818182%
0.784334% 0.782084% 0.000000% 0.000000% 1.566418%
150 Days 0.519481% 0.389610% 0.064935% 0.000000% 0.974026%
0.334967% 0.340276% 0.027818% 0.000000% 0.703060%
180+ Days 2.922078% 3.441558% 0.584416% 0.064935% 7.012987%
2.525500% 2.959110% 0.530941% 0.042667% 6.058217%
Totals 26.363636% 9.935065% 0.649351% 0.064935% 37.012987%
25.303640% 8.592075% 0.558759% 0.042667% 34.497140%
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 41 0 0 41
3,354,153.09 0.00 0.00 3,354,153.09
30 Days 143 15 0 0 158
9,044,136.27 1,036,971.14 0.00 0.00 10,081,107.41
60 Days 68 5 0 0 73
4,196,272.60 345,947.30 0.00 0.00 4,542,219.90
90 Days 44 6 0 0 50
3,322,713.20 475,762.47 0.00 0.00 3,798,475.67
120 Days 13 11 0 0 24
1,049,932.06 701,179.51 0.00 0.00 1,751,111.57
150 Days 8 5 1 0 14
491,310.96 391,225.55 40,801.61 0.00 923,338.12
180+ Days 39 36 9 1 85
2,930,080.97 3,150,350.92 778,754.77 62,582.22 6,921,768.88
Totals 315 119 10 1 445
21,034,446.06 9,455,589.98 819,556.38 62,582.22 31,372,174.64
0-29 Days 3.410982% 0.000000% 0.000000% 3.410982%
3.985883% 0.000000% 0.000000% 3.985883%
30 Days 11.896839% 1.247920% 0.000000% 0.000000% 13.144759%
10.747531% 1.232277% 0.000000% 0.000000% 11.979808%
60 Days 5.657238% 0.415973% 0.000000% 0.000000% 6.073211%
4.986609% 0.411104% 0.000000% 0.000000% 5.397713%
90 Days 3.660566% 0.499168% 0.000000% 0.000000% 4.159734%
3.948521% 0.565369% 0.000000% 0.000000% 4.513890%
120 Days 1.081531% 0.915141% 0.000000% 0.000000% 1.996672%
1.247679% 0.833241% 0.000000% 0.000000% 2.080920%
150 Days 0.665557% 0.415973% 0.083195% 0.000000% 1.164725%
0.583846% 0.464910% 0.048486% 0.000000% 1.097242%
180+ Days 3.244592% 2.995008% 0.748752% 0.083195% 7.071547%
3.481940% 3.743696% 0.925427% 0.074369% 8.225432%
Totals 26.206323% 9.900166% 0.831947% 0.083195% 37.021631%
24.996126% 11.236479% 0.973914% 0.074369% 37.280888%
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 6 0 0 6
472,884.61 0.00 0.00 472,884.61
30 Days 43 1 0 0 44
7,557,297.79 39,293.04 0.00 0.00 7,596,590.83
60 Days 30 0 0 0 30
5,525,808.19 0.00 0.00 0.00 5,525,808.19
90 Days 11 6 0 0 17
2,121,770.18 890,896.87 0.00 0.00 3,012,667.05
120 Days 1 3 0 0 4
100,485.36 445,938.92 0.00 0.00 546,424.28
150 Days 0 1 0 0 1
0.00 107,872.14 0.00 0.00 107,872.14
180+ Days 6 17 0 0 23
774,183.67 1,189,908.67 0.00 0.00 1,964,092.34
Totals 91 34 0 0 125
16,079,545.19 3,146,794.25 0.00 0.00 19,226,339.44
0-29 Days 1.775148% 0.000000% 0.000000% 1.775148%
0.756329% 0.000000% 0.000000% 0.756329%
30 Days 12.721893% 0.295858% 0.000000% 0.000000% 13.017751%
12.087095% 0.062845% 0.000000% 0.000000% 12.149940%
60 Days 8.875740% 0.000000% 0.000000% 0.000000% 8.875740%
8.837943% 0.000000% 0.000000% 0.000000% 8.837943%
90 Days 3.254438% 1.775148% 0.000000% 0.000000% 5.029586%
3.393546% 1.424895% 0.000000% 0.000000% 4.818441%
120 Days 0.295858% 0.887574% 0.000000% 0.000000% 1.183432%
0.160716% 0.713232% 0.000000% 0.000000% 0.873948%
150 Days 0.000000% 0.295858% 0.000000% 0.000000% 0.295858%
0.000000% 0.172530% 0.000000% 0.000000% 0.172530%
180+ Days 1.775148% 5.029586% 0.000000% 0.000000% 6.804734%
1.238224% 1.903132% 0.000000% 0.000000% 3.141357%
Totals 26.923077% 10.059172% 0.000000% 0.000000% 36.982249%
25.717523% 5.032963% 0.000000% 0.000000% 30.750486%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 380,481.91
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current
Original $ Original % Current $ Current % Class% Prepayment%
<s> <c> <c> <c> <c> <c> <c> <c>
Class M-1 29,654,082.03 18.40153083% 31,153,558.78 21.24581134% 12.528482% 0.000000%
Class M-2 19,018,082.03 11.80147214% 20,517,558.78 13.99237198% 7.253439% 0.000000%
Class M-3 13,378,082.03 8.30162905% 14,877,558.78 10.14605777% 3.846314% 0.000000%
Class M-4 10,236,082.03 6.35189378% 11,735,558.78 8.00330612% 2.142752% 0.000000%
Class CE-1 100.00 0.00006205% 100.00 0.00006820% 6.354915% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000068% 0.000000%
Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
REO Detail - All Mortgage Loans in REO during Current Period
Summary 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 1 Sep-04 0.000%
Original Principal Balance 63,640.00 Oct-04 0.000%
Current Principal Balance 62,582.22 Nov-04 0.000%
Dec-04 0.000%
Current REO Total Jan-05 0.000%
Loans in REO 1 Feb-05 0.000%
Original Principal Balance 63,640.00 Mar-05 0.000%
Current Principal Balance 62,582.22 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.043%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 1 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 1 Sep-04 0.000%
Original Principal Balance 63,640.00 Oct-04 0.000%
Current Principal Balance 62,582.22 Nov-04 0.000%
Dec-04 0.000%
Current REO Total Jan-05 0.000%
Loans in REO 1 Feb-05 0.000%
Original Principal Balance 63,640.00 Mar-05 0.000%
Current Principal Balance 62,582.22 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.074%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 2 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 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>
Group 1 0110408800 Aug-2005 01-May-2001 MI 74.00 63,640.00
REO Loan Detail - All Mortgage Loans in REO during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
Group 1 0110408800 62,582.22 01-Jul-2004 12 10.850% 1,081.28
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 10 Sep-04 0.000%
Original Principal Balance 879,050.00 Oct-04 0.000%
Current Principal Balance 819,556.38 Nov-04 0.000%
Dec-04 0.000%
Current Foreclosure Total Jan-05 0.000%
Loans in Foreclosure 10 Feb-05 0.000%
Original Principal Balance 879,050.00 Mar-05 0.000%
Current Principal Balance 819,556.38 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.559%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 1 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 10 Sep-04 0.000%
Original Principal Balance 879,050.00 Oct-04 0.000%
Current Principal Balance 819,556.38 Nov-04 0.000%
Dec-04 0.000%
Current Foreclosure Total Jan-05 0.000%
Loans in Foreclosure 10 Feb-05 0.000%
Original Principal Balance 879,050.00 Mar-05 0.000%
Current Principal Balance 819,556.38 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.974%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 2 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 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.
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period
Month
Loan First Original
Loan Entered Payment LTV at Principal
Group Number FC Date State Origination Balance
<s> <c> <c> <c> <c> <c> <c>
Group 1 0110206213 Aug-2005 01-Jul-1998 FL 75.00 49,500.00
Group 1 0110408621 Aug-2005 14-Oct-1998 MD 80.00 48,800.00
Group 1 0110408678 Aug-2005 20-Jan-2000 OH 85.00 68,000.00
Group 1 0110408707 Aug-2005 15-Jul-1998 AL 80.00 192,000.00
Group 1 0110408778 Aug-2005 01-Sep-1999 MO 72.31 47,000.00
Group 1 0110408821 Aug-2005 01-Dec-2001 NY 85.00 153,000.00
Group 1 0110409073 Aug-2005 16-Feb-2001 KS 100.00 50,000.00
Group 1 0110409146 Aug-2005 01-May-2000 MD 75.00 51,750.00
Group 1 0110410369 Aug-2005 01-Jun-2002 NY 75.00 30,000.00
Group 1 0110411322 Aug-2005 01-Mar-2002 MN 90.00 189,000.00
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
Group 1 0110206213 47,346.30 01-Nov-2004 7 10.500% 788.78
Group 1 0110408621 40,801.61 14-Jan-2005 5 8.640% 556.14
Group 1 0110408678 65,994.13 20-Sep-2004 9 10.700% 1,124.28
Group 1 0110408707 160,025.11 15-Nov-2004 7 8.250% 2,066.69
Group 1 0110408778 41,262.90 01-Dec-2004 6 9.300% 606.09
Group 1 0110408821 150,760.51 01-Nov-2004 7 11.000% 2,643.92
Group 1 0110409073 46,786.48 16-Nov-2004 7 11.200% 837.82
Group 1 0110409146 50,739.83 01-Dec-2004 6 12.450% 1,012.45
Group 1 0110410369 29,574.89 01-Sep-2004 9 9.900% 464.44
Group 1 0110411322 186,264.62 01-Jan-2005 6 9.990% 2,953.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 8.413579%
Weighted Average Net Coupon 7.934440%
Weighted Average Pass-Through Rate 7.861949%
Weighted Average Maturity(Stepdown Calculation) 296
Beginning Scheduled Collateral Loan Count 1,578
Number Of Loans Paid In Full 38
Ending Scheduled Collateral Loan Count 1,540
Beginning Scheduled Collateral Balance 154,205,715.83
Ending Scheduled Collateral Balance 146,633,886.03
Ending Actual Collateral Balance at 29-Jul-2005 146,674,517.22
Monthly P&I Constant 1,282,934.60
Special Servicing Fee 0.00
Prepayment Penalties 105,291.38
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 201,729.25
Unscheduled Principal 7,373,002.49
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 706,879.26
Overcollateralized reduction Amount 0.00
Specified O/C Amount 11,763,671.93
Overcollateralized Amount 9,318,458.78
Overcollateralized Deficiency Amount 2,445,213.14
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 706,879.26
Excess Cash Amount 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 8.413579%
Weighted Average Net Rate 7.934440%
Weighted Average Pass Through Rate 7.861949%
Weighted Average Maturity 296
Record Date 07/29/2005
Principal and Interest Constant 1,282,934.60
Beginning Loan Count 1,578
Loans Paid in Full 38
Ending Loan Count 1,540
Beginning Scheduled Balance 154,205,715.83
Ending Scheduled Balance 146,633,886.03
Ending Actual Balance at 29-Jul-2005 146,674,517.22
Scheduled Principal 201,729.25
Unscheduled Principal 7,373,002.49
Scheduled Interest 1,081,205.35
Servicing Fee 61,571.70
Master Servicing Fee 6,746.63
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 2,570.14
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 1,010,316.88
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 105,291.38
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 706,879.26
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 11,763,671.93
Overcollateralized Amount 9,318,458.78
Overcollateralized Deficiency Amount 2,445,213.14
Base Overcollateralization Amount 0.00
Prepayment Detail - Prepayments during Current Period
Summary Loans Paid In Full Repurchased Loans
Original Current Original Current
Principal Principal Principal Principal
Group Count Balance Balance Count Balance Balance
<s> <c> <c> <c> <c> <c> <c>
Group 1 21 2,999,300.19 2,567,139.50 0 0.00 0.00
Group 2 17 4,831,100.00 4,804,950.47 0 0.00 0.00
Total 38 7,830,400.19 7,372,089.97 0 0.00 0.00
Prepayment Detail - Prepayments during Current Period (continued)
Summary Substitution Loans Liquidated Loans Curtailments
Original Current Original Current
Principal Principal Principal Principal Curtailment
Group Count Balance Balance Count Balance Balance Amount
<s> <c> <c> <c> <c> <c> <c> <c>
Group 1 0 0.00 0.00 0 0.00 0.00 1,571.96
Group 2 0 0.00 0.00 0 0.00 0.00 3,332.93
Total 0 0.00 0.00 0 0.00 0.00 4,904.89
Prepayment Loan Detail - Prepayments during Current Period
First Original
Loan LTV at Payment Principal Prepayment
Group Number State Origination Date Balance Amount
<s> <c> <c> <c> <c> <c> <c>
Group 1 0110259873 PA 65.21 01-Sep-1994 153,250.00 140,207.81
Group 1 0110260173 FL 65.85 01-Jan-1999 405,000.00 373,132.36
Group 1 0110260200 MD 75.00 01-Oct-1998 487,500.00 446,452.25
Group 1 0110260516 CA 60.00 01-Feb-1998 441,000.00 400,808.52
Group 1 0110260556 IL 62.26 01-May-1994 330,000.00 118,098.29
Group 1 0110260656 VA 83.19 01-Dec-1993 217,950.00 179,730.60
Group 1 0110367591 MI 99.18 03-Jun-2000 92,242.00 90,518.12
Group 1 0110367799 KY 100.00 13-Jan-2001 48,067.00 44,678.57
Group 1 0110367816 OH 100.00 10-Dec-2000 20,614.00 17,848.48
Group 1 0110367941 MI 90.21 26-Oct-2000 68,562.00 66,935.83
Group 1 0110368331 IN 100.00 05-Apr-1997 23,739.00 7,450.26
Group 1 0110368410 PA 80.07 01-Apr-2000 41,636.00 39,882.57
Group 1 0110368535 KY 97.35 05-May-1999 63,275.00 56,632.39
Group 1 0110368702 KY 94.05 03-Nov-1997 96,398.00 91,368.24
Group 1 0110408810 IL 39.68 30-Nov-2000 25,000.00 20,153.90
Group 1 0110409779 SC 86.21 20-Oct-2002 125,001.00 111,768.84
Group 1 0110423596 MI 95.00 01-Nov-2004 6,200.00 5,947.23
Group 1 0110463973 FL 100.00 01-Apr-2005 18,800.00 18,691.46
Group 1 0110475899 MD 100.00 01-Jan-2005 50,400.00 50,243.39
Group 1 0110475966 MD 90.00 01-Feb-2005 208,350.00 207,308.21
Group 1 0110549584 AZ 0.00 15-Jan-2000 76,316.19 73,339.29
Group 2 0110290809 CA 70.00 01-Sep-2004 224,000.00 224,007.44
Group 2 0110388976 CA 80.00 01-Mar-2004 448,000.00 442,122.28
Group 2 0110408950 PA 90.00 01-Aug-2003 189,000.00 187,983.23
Group 2 0110423517 IL 57.56 01-Dec-2004 118,000.00 117,187.16
Group 2 0110423533 PA 75.00 01-Sep-2004 86,250.00 85,705.73
Group 2 0110426263 NJ 95.00 01-Sep-2004 351,500.00 348,390.97
Group 2 0110426271 CA 31.76 01-Dec-2004 108,000.00 107,283.86
Group 2 0110426298 CA 90.00 01-Oct-2004 342,000.00 340,759.99
Group 2 0110426319 CA 90.00 01-Sep-2004 414,000.00 414,000.00
Group 2 0110426369 CA 80.00 01-Jul-2004 346,400.00 345,740.60
Group 2 0110428521 CA 75.00 01-Feb-2005 228,750.00 228,062.36
Group 2 0110433494 NY 80.00 01-Sep-2004 486,000.00 484,293.01
Group 2 0110436341 IL 85.00 01-Sep-2004 119,000.00 117,929.61
Group 2 0110465867 CA 80.00 01-May-2004 263,200.00 263,200.00
Group 2 0110465879 VA 90.00 01-Feb-2005 283,500.00 281,844.19
Group 2 0110465905 NY 72.73 01-Aug-2004 400,000.00 395,621.40
Group 2 0110475945 MA 55.72 01-Nov-2004 423,500.00 422,769.16
Prepayment Loan Detail - Prepayments during Current Period (continued)
Current
Loan PIF Months Loan Original
Group Number Type Delinquent Rate Term Seasoning
<s> <c> <c> <c> <c> <c> <c>
Group 1 0110259873 Loan Paid in Full 33 8.625% 360 131
Group 1 0110260173 Loan Paid in Full 0 7.250% 360 79
Group 1 0110260200 Loan Paid in Full 4 7.375% 360 82
Group 1 0110260516 Loan Paid in Full 0 7.600% 360 90
Group 1 0110260556 Loan Paid in Full 2 7.250% 180 135
Group 1 0110260656 Loan Paid in Full 0 7.125% 360 140
Group 1 0110367591 Loan Paid in Full 1 10.500% 360 62
Group 1 0110367799 Loan Paid in Full 0 12.750% 240 55
Group 1 0110367816 Loan Paid in Full 0 12.990% 180 56
Group 1 0110367941 Loan Paid in Full 0 9.000% 360 57
Group 1 0110368331 Loan Paid in Full 0 11.990% 180 100
Group 1 0110368410 Loan Paid in Full 0 9.000% 313 64
Group 1 0110368535 Loan Paid in Full 2 12.250% 244 75
Group 1 0110368702 Loan Paid in Full 2 9.750% 256 93
Group 1 0110408810 Loan Paid in Full 1 10.950% 180 56
Group 1 0110409779 Loan Paid in Full 0 8.500% 180 33
Group 1 0110423596 Loan Paid in Full 0 11.990% 120 9
Group 1 0110463973 Loan Paid in Full 1 12.525% 180 4
Group 1 0110475899 Loan Paid in Full 1 9.375% 360 7
Group 1 0110475966 Loan Paid in Full 0 6.990% 360 6
Group 1 0110549584 Loan Paid in Full 0 10.250% 360 67
Group 2 0110290809 Loan Paid in Full 2 15.000% 360 11
Group 2 0110388976 Loan Paid in Full 2 6.875% 360 17
Group 2 0110408950 Loan Paid in Full 9 16.000% 360 24
Group 2 0110423517 Loan Paid in Full 0 10.250% 360 8
Group 2 0110423533 Loan Paid in Full 0 9.300% 360 11
Group 2 0110426263 Loan Paid in Full 0 7.250% 360 11
Group 2 0110426271 Loan Paid in Full 0 6.850% 360 8
Group 2 0110426298 Loan Paid in Full 0 6.990% 360 10
Group 2 0110426319 Loan Paid in Full 0 7.400% 360 11
Group 2 0110426369 Loan Paid in Full 2 6.225% 360 13
Group 2 0110428521 Loan Paid in Full 0 9.600% 360 6
Group 2 0110433494 Loan Paid in Full 2 10.750% 360 11
Group 2 0110436341 Loan Paid in Full 0 7.625% 360 11
Group 2 0110465867 Loan Paid in Full 1 6.500% 360 15
Group 2 0110465879 Loan Paid in Full (1) 6.999% 360 6
Group 2 0110465905 Loan Paid in Full 0 6.250% 360 12
Group 2 0110475945 Loan Paid in Full 0 14.000% 360 9
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 4.786% Current Month 44.485% Current Month 741.419%
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 39.867% N/A Jul-2005 664.449% N/A
Aug-2005 44.485% N/A Aug-2005 741.419% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
Group 1
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.954% Current Month 30.217% Current Month 503.615%
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 26.989% N/A Jul-2005 449.824% N/A
Aug-2005 30.217% N/A Aug-2005 503.615% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
Group 2
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 7.146% Current Month 58.920% Current Month 1,569.011%
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 52.964% N/A Jul-2005 1,533.545% N/A
Aug-2005 58.920% N/A Aug-2005 1,569.011% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
<FN>
Calculation Methodology:
Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled
Principal)
Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12)
PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS))
Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal
Balance))
</FN>
Realized Loss Detail Report - Loans with Losses during Current Period
Summary
# Loans Prior Realized Current
with Principal Loss/(Gain) Loss
Group Losses Balance Amount Percentage
<s> <c> <c> <c> <c>
Group 1 0 0.00 0.00 0.000%
Group 2 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 0.000% N/A Jul-2005 0.000% 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 0.000% N/A Jul-2005 0.000% 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.
Group 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>
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 0.000% N/A Jul-2005 0.000% 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 0.000% N/A Jul-2005 0.000% 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.
Group 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>
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 0.000% N/A Jul-2005 0.000% 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 0.000% N/A Jul-2005 0.000% 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>