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-HE3 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-123741-01
Pooling and Servicing Agreement) (Commission 54-2173089
(State or other File Number) 54-2173090
jurisdiction 54-2173091
of Incorporation) IRS EIN
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On August 25, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2005-HE3 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-HE3 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-HE3 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-HE3 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-HE3
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-1A 004421MX8 SEN 3.68000% 352,563,240.39 1,117,233.74
A-1B 004421MY6 SEN 3.72000% 88,141,767.30 282,347.46
A-2A 004421MZ3 SEN 3.56000% 203,087,859.64 622,577.12
A-2B 004421NA7 SEN 3.67000% 119,685,000.00 378,237.85
A-2C 004421NB5 SEN 3.78000% 49,096,000.00 159,807.48
M-1 004421NC3 MEZ 3.89000% 58,358,000.00 195,483.09
M-2 004421ND1 MEZ 3.91000% 35,451,000.00 119,361.55
M-3 004421NE9 MEZ 3.93000% 22,362,000.00 75,676.74
M-4 004421NF6 MEZ 4.09000% 19,634,000.00 69,149.86
M-5 004421NG4 MEZ 4.12000% 18,544,000.00 65,789.99
M-6 004421NH2 MEZ 4.15000% 17,998,000.00 64,317.85
M-7 004421NJ8 MEZ 4.76000% 14,180,000.00 58,122.24
M-8 004421NK5 MEZ 4.81000% 13,090,000.00 54,218.05
M-9 004421NL3 MEZ 5.26000% 10,908,000.00 49,407.18
B-1 004421NM1 SUB 6.71000% 6,545,000.00 37,817.37
B-2 004421NN9 SUB 6.71000% 10,908,000.00 63,027.03
B-3 004421NP4 SUB 6.71000% 8,181,000.00 47,270.27
CE ACE05H2CE SEN 0.00000% 5,454,025.98 2,404,307.19
P ACE05HE2P SEN 0.00000% 100.00 361,468.62
R-1 ACE05H3R1 SEN 0.00000% 0.00 0.00
Totals 1,054,186,993.31 6,225,620.68
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1A 9,652,772.06 0.00 342,910,468.33 10,770,005.80 0.00
A-1B 2,413,219.22 0.00 85,728,548.07 2,695,566.68 0.00
A-2A 8,806,713.47 0.00 194,281,146.17 9,429,290.59 0.00
A-2B 0.00 0.00 119,685,000.00 378,237.85 0.00
A-2C 0.00 0.00 49,096,000.00 159,807.48 0.00
M-1 0.00 0.00 58,358,000.00 195,483.09 0.00
M-2 0.00 0.00 35,451,000.00 119,361.55 0.00
M-3 0.00 0.00 22,362,000.00 75,676.74 0.00
M-4 0.00 0.00 19,634,000.00 69,149.86 0.00
M-5 0.00 0.00 18,544,000.00 65,789.99 0.00
M-6 0.00 0.00 17,998,000.00 64,317.85 0.00
M-7 0.00 0.00 14,180,000.00 58,122.24 0.00
M-8 0.00 0.00 13,090,000.00 54,218.05 0.00
M-9 0.00 0.00 10,908,000.00 49,407.18 0.00
B-1 0.00 0.00 6,545,000.00 37,817.37 0.00
B-2 0.00 0.00 10,908,000.00 63,027.03 0.00
B-3 0.00 0.00 8,181,000.00 47,270.27 0.00
CE 0.00 0.00 5,454,025.98 2,404,307.19 0.00
P 0.00 0.00 100.00 361,468.62 0.00
R-1 0.00 0.00 0.00 0.00 0.00
Totals 20,872,704.75 0.00 1,033,314,288.55 27,098,325.43 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-1A 368,328,000.00 352,563,240.39 0.00 9,652,772.06 0.00 0.00
A-1B 92,083,000.00 88,141,767.30 0.00 2,413,219.22 0.00 0.00
A-2A 220,000,000.00 203,087,859.64 0.00 8,806,713.47 0.00 0.00
A-2B 119,685,000.00 119,685,000.00 0.00 0.00 0.00 0.00
A-2C 49,096,000.00 49,096,000.00 0.00 0.00 0.00 0.00
M-1 58,358,000.00 58,358,000.00 0.00 0.00 0.00 0.00
M-2 35,451,000.00 35,451,000.00 0.00 0.00 0.00 0.00
M-3 22,362,000.00 22,362,000.00 0.00 0.00 0.00 0.00
M-4 19,634,000.00 19,634,000.00 0.00 0.00 0.00 0.00
M-5 18,544,000.00 18,544,000.00 0.00 0.00 0.00 0.00
M-6 17,998,000.00 17,998,000.00 0.00 0.00 0.00 0.00
M-7 14,180,000.00 14,180,000.00 0.00 0.00 0.00 0.00
M-8 13,090,000.00 13,090,000.00 0.00 0.00 0.00 0.00
M-9 10,908,000.00 10,908,000.00 0.00 0.00 0.00 0.00
B-1 6,545,000.00 6,545,000.00 0.00 0.00 0.00 0.00
B-2 10,908,000.00 10,908,000.00 0.00 0.00 0.00 0.00
B-3 8,181,000.00 8,181,000.00 0.00 0.00 0.00 0.00
CE 5,454,097.00 5,454,025.98 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,090,805,197.00 1,054,186,993.31 0.00 20,872,704.75 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-1A 9,652,772.06 342,910,468.33 0.93099213 9,652,772.06
A-1B 2,413,219.22 85,728,548.07 0.93099213 2,413,219.22
A-2A 8,806,713.47 194,281,146.17 0.88309612 8,806,713.47
A-2B 0.00 119,685,000.00 1.00000000 0.00
A-2C 0.00 49,096,000.00 1.00000000 0.00
M-1 0.00 58,358,000.00 1.00000000 0.00
M-2 0.00 35,451,000.00 1.00000000 0.00
M-3 0.00 22,362,000.00 1.00000000 0.00
M-4 0.00 19,634,000.00 1.00000000 0.00
M-5 0.00 18,544,000.00 1.00000000 0.00
M-6 0.00 17,998,000.00 1.00000000 0.00
M-7 0.00 14,180,000.00 1.00000000 0.00
M-8 0.00 13,090,000.00 1.00000000 0.00
M-9 0.00 10,908,000.00 1.00000000 0.00
B-1 0.00 6,545,000.00 1.00000000 0.00
B-2 0.00 10,908,000.00 1.00000000 0.00
B-3 0.00 8,181,000.00 1.00000000 0.00
CE 0.00 5,454,025.98 0.99998698 0.00
P 0.00 100.00 1.00000000 0.00
R-1 0.00 0.00 0.00000000 0.00
Totals 20,872,704.75 1,033,314,288.55 0.94729498 20,872,704.75
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-1A 368,328,000.00 957.19912792 0.00000000 26.20700045 0.00000000
A-1B 92,083,000.00 957.19912796 0.00000000 26.20700042 0.00000000
A-2A 220,000,000.00 923.12663473 0.00000000 40.03051577 0.00000000
A-2B 119,685,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2C 49,096,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 58,358,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 35,451,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 22,362,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 19,634,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 18,544,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 17,998,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 14,180,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-8 13,090,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-9 10,908,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 6,545,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 10,908,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 8,181,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 5,454,097.00 999.98697860 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are per $1,000 denomination.
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1A 0.00000000 26.20700045 930.99212748 0.93099213 26.20700045
A-1B 0.00000000 26.20700042 930.99212743 0.93099213 26.20700042
A-2A 0.00000000 40.03051577 883.09611895 0.88309612 40.03051577
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
B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 999.98697860 0.99998698 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1A 368,328,000.00 3.68000% 352,563,240.39 1,117,233.74 0.00 0.00
A-1B 92,083,000.00 3.72000% 88,141,767.30 282,347.46 0.00 0.00
A-2A 220,000,000.00 3.56000% 203,087,859.64 622,577.12 0.00 0.00
A-2B 119,685,000.00 3.67000% 119,685,000.00 378,237.85 0.00 0.00
A-2C 49,096,000.00 3.78000% 49,096,000.00 159,807.48 0.00 0.00
M-1 58,358,000.00 3.89000% 58,358,000.00 195,483.09 0.00 0.00
M-2 35,451,000.00 3.91000% 35,451,000.00 119,361.55 0.00 0.00
M-3 22,362,000.00 3.93000% 22,362,000.00 75,676.74 0.00 0.00
M-4 19,634,000.00 4.09000% 19,634,000.00 69,149.86 0.00 0.00
M-5 18,544,000.00 4.12000% 18,544,000.00 65,789.99 0.00 0.00
M-6 17,998,000.00 4.15000% 17,998,000.00 64,317.85 0.00 0.00
M-7 14,180,000.00 4.76000% 14,180,000.00 58,122.24 0.00 0.00
M-8 13,090,000.00 4.81000% 13,090,000.00 54,218.05 0.00 0.00
M-9 10,908,000.00 5.26000% 10,908,000.00 49,407.18 0.00 0.00
B-1 6,545,000.00 6.71000% 6,545,000.00 37,817.37 0.00 0.00
B-2 10,908,000.00 6.71000% 10,908,000.00 63,027.03 0.00 0.00
B-3 8,181,000.00 6.71000% 8,181,000.00 47,270.27 0.00 0.00
CE 5,454,097.00 0.00000% 1,054,186,993.31 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,090,805,197.00 3,459,844.87 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-1A 0.00 0.00 1,117,233.74 0.00 342,910,468.33
A-1B 0.00 0.00 282,347.46 0.00 85,728,548.07
A-2A 0.00 0.00 622,577.12 0.00 194,281,146.17
A-2B 0.00 0.00 378,237.85 0.00 119,685,000.00
A-2C 0.00 0.00 159,807.48 0.00 49,096,000.00
M-1 0.00 0.00 195,483.09 0.00 58,358,000.00
M-2 0.00 0.00 119,361.55 0.00 35,451,000.00
M-3 0.00 0.00 75,676.74 0.00 22,362,000.00
M-4 0.00 0.00 69,149.86 0.00 19,634,000.00
M-5 0.00 0.00 65,789.99 0.00 18,544,000.00
M-6 0.00 0.00 64,317.85 0.00 17,998,000.00
M-7 0.00 0.00 58,122.24 0.00 14,180,000.00
M-8 0.00 0.00 54,218.05 0.00 13,090,000.00
M-9 0.00 0.00 49,407.18 0.00 10,908,000.00
B-1 0.00 0.00 37,817.37 0.00 6,545,000.00
B-2 0.00 0.00 63,027.03 0.00 10,908,000.00
B-3 0.00 0.00 47,270.27 0.00 8,181,000.00
CE 0.00 0.00 2,404,307.19 0.00 1,033,314,288.56
P 0.00 0.00 361,468.62 0.00 100.00
R-1 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 6,225,620.68 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-1A 368,328,000.00 3.68000% 957.19912792 3.03325769 0.00000000 0.00000000
A-1B 92,083,000.00 3.72000% 957.19912796 3.06622786 0.00000000 0.00000000
A-2A 220,000,000.00 3.56000% 923.12663473 2.82989600 0.00000000 0.00000000
A-2B 119,685,000.00 3.67000% 1000.00000000 3.16027781 0.00000000 0.00000000
A-2C 49,096,000.00 3.78000% 1000.00000000 3.25500000 0.00000000 0.00000000
M-1 58,358,000.00 3.89000% 1000.00000000 3.34972223 0.00000000 0.00000000
M-2 35,451,000.00 3.91000% 1000.00000000 3.36694451 0.00000000 0.00000000
M-3 22,362,000.00 3.93000% 1000.00000000 3.38416689 0.00000000 0.00000000
M-4 19,634,000.00 4.09000% 1000.00000000 3.52194459 0.00000000 0.00000000
M-5 18,544,000.00 4.12000% 1000.00000000 3.54777772 0.00000000 0.00000000
M-6 17,998,000.00 4.15000% 1000.00000000 3.57361096 0.00000000 0.00000000
M-7 14,180,000.00 4.76000% 1000.00000000 4.09888858 0.00000000 0.00000000
M-8 13,090,000.00 4.81000% 1000.00000000 4.14194423 0.00000000 0.00000000
M-9 10,908,000.00 5.26000% 1000.00000000 4.52944444 0.00000000 0.00000000
B-1 6,545,000.00 6.71000% 1000.00000000 5.77805500 0.00000000 0.00000000
B-2 10,908,000.00 6.71000% 1000.00000000 5.77805556 0.00000000 0.00000000
B-3 8,181,000.00 6.71000% 1000.00000000 5.77805525 0.00000000 0.00000000
CE 5,454,097.00 0.00000% 193283.50656580 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are per $1,000 denomination.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1A 0.00000000 0.00000000 3.03325769 0.00000000 930.99212748
A-1B 0.00000000 0.00000000 3.06622786 0.00000000 930.99212743
A-2A 0.00000000 0.00000000 2.82989600 0.00000000 883.09611895
A-2B 0.00000000 0.00000000 3.16027781 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 3.25500000 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 3.34972223 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.36694451 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 3.38416689 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.52194459 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.54777772 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.57361096 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 4.09888858 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 4.14194423 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 4.52944444 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.77805500 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.77805556 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 5.77805525 0.00000000 1000.00000000
CE 0.00000000 0.00000000 440.82589474 0.00000000 189456.52938699
P 0.00000000 0.00000000 3614686.20000000 0.00000000 1000.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 27,106,526.18
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 296,274.74
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 361,468.62
Total Deposits 27,764,269.54
Withdrawals
Reimbursement for Servicer Advances 211,765.03
Payment of Service Fee 454,179.08
Payment of Interest and Principal 27,098,325.43
Total Withdrawals (Pool Distribution Amount) 27,764,269.54
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 439,244.71
Credit Risk Manager Fee - Murray Hill Company 12,298.89
Master Servicing Fee: Wells Fargo Bank 2,635.48
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 454,179.08
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 5,519.79 5,519.79 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 8 0 0 8
551,112.05 0.00 0.00 551,112.05
30 Days 186 2 0 0 188
23,746,034.44 183,379.53 0.00 0.00 23,929,413.97
60 Days 86 1 0 0 87
13,574,031.60 432,000.00 0.00 0.00 14,006,031.60
90 Days 43 0 0 0 43
6,500,504.92 0.00 0.00 0.00 6,500,504.92
120 Days 1 0 0 0 1
512,800.00 0.00 0.00 0.00 512,800.00
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 316 11 0 0 327
44,333,370.96 1,166,491.58 0.00 0.00 45,499,862.54
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 0.121729% 0.000000% 0.000000% 0.121729%
0.053303% 0.000000% 0.000000% 0.053303%
30 Days 2.830189% 0.030432% 0.000000% 0.000000% 2.860621%
2.296689% 0.017736% 0.000000% 0.000000% 2.314425%
60 Days 1.308582% 0.015216% 0.000000% 0.000000% 1.323798%
1.312865% 0.041783% 0.000000% 0.000000% 1.354647%
90 Days 0.654291% 0.000000% 0.000000% 0.000000% 0.654291%
0.628721% 0.000000% 0.000000% 0.000000% 0.628721%
120 Days 0.015216% 0.000000% 0.000000% 0.000000% 0.015216%
0.049597% 0.000000% 0.000000% 0.000000% 0.049597%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 4.808278% 0.167377% 0.000000% 0.000000% 4.975654%
4.287873% 0.112822% 0.000000% 0.000000% 4.400694%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 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 1 0 0 1
29,927.81 0.00 0.00 29,927.81
30 Days 25 1 0 0 26
1,399,917.95 99,818.53 0.00 0.00 1,499,736.48
60 Days 7 0 0 0 7
290,783.45 0.00 0.00 0.00 290,783.45
90 Days 9 0 0 0 9
796,207.00 0.00 0.00 0.00 796,207.00
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 41 2 0 0 43
2,486,908.40 129,746.34 0.00 0.00 2,616,654.74
0-29 Days 0.071225% 0.000000% 0.000000% 0.071225%
0.030313% 0.000000% 0.000000% 0.030313%
30 Days 1.780627% 0.071225% 0.000000% 0.000000% 1.851852%
1.417944% 0.101104% 0.000000% 0.000000% 1.519048%
60 Days 0.498575% 0.000000% 0.000000% 0.000000% 0.498575%
0.294528% 0.000000% 0.000000% 0.000000% 0.294528%
90 Days 0.641026% 0.000000% 0.000000% 0.000000% 0.641026%
0.806460% 0.000000% 0.000000% 0.000000% 0.806460%
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 2.920228% 0.142450% 0.000000% 0.000000% 3.062678%
2.518932% 0.131417% 0.000000% 0.000000% 2.650349%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group I SubGrp 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 6 0 0 6
482,385.30 0.00 0.00 482,385.30
30 Days 123 1 0 0 124
14,925,961.45 83,561.00 0.00 0.00 15,009,522.45
60 Days 58 0 0 0 58
6,793,322.15 0.00 0.00 0.00 6,793,322.15
90 Days 23 0 0 0 23
2,569,975.92 0.00 0.00 0.00 2,569,975.92
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 204 7 0 0 211
24,289,259.52 565,946.30 0.00 0.00 24,855,205.82
0-29 Days 0.183318% 0.000000% 0.000000% 0.183318%
0.104585% 0.000000% 0.000000% 0.104585%
30 Days 3.758020% 0.030553% 0.000000% 0.000000% 3.788573%
3.236068% 0.018117% 0.000000% 0.000000% 3.254185%
60 Days 1.772075% 0.000000% 0.000000% 0.000000% 1.772075%
1.472847% 0.000000% 0.000000% 0.000000% 1.472847%
90 Days 0.702719% 0.000000% 0.000000% 0.000000% 0.702719%
0.557191% 0.000000% 0.000000% 0.000000% 0.557191%
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 6.232814% 0.213871% 0.000000% 0.000000% 6.446685%
5.266106% 0.122702% 0.000000% 0.000000% 5.388808%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp II 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 1 0 0 1
38,798.94 0.00 0.00 38,798.94
30 Days 15 0 0 0 15
1,302,901.46 0.00 0.00 0.00 1,302,901.46
60 Days 3 0 0 0 3
143,477.18 0.00 0.00 0.00 143,477.18
90 Days 1 0 0 0 1
125,000.00 0.00 0.00 0.00 125,000.00
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 19 1 0 0 20
1,571,378.64 38,798.94 0.00 0.00 1,610,177.58
0-29 Days 0.165563% 0.000000% 0.000000% 0.165563%
0.062192% 0.000000% 0.000000% 0.062192%
30 Days 2.483444% 0.000000% 0.000000% 0.000000% 2.483444%
2.088457% 0.000000% 0.000000% 0.000000% 2.088457%
60 Days 0.496689% 0.000000% 0.000000% 0.000000% 0.496689%
0.229984% 0.000000% 0.000000% 0.000000% 0.229984%
90 Days 0.165563% 0.000000% 0.000000% 0.000000% 0.165563%
0.200366% 0.000000% 0.000000% 0.000000% 0.200366%
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 3.145695% 0.165563% 0.000000% 0.000000% 3.311258%
2.518807% 0.062192% 0.000000% 0.000000% 2.580999%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp II SubGrp 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 23 0 0 0 23
6,117,253.58 0.00 0.00 0.00 6,117,253.58
60 Days 18 1 0 0 19
6,346,448.82 432,000.00 0.00 0.00 6,778,448.82
90 Days 10 0 0 0 10
3,009,322.00 0.00 0.00 0.00 3,009,322.00
120 Days 1 0 0 0 1
512,800.00 0.00 0.00 0.00 512,800.00
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 52 1 0 0 53
15,985,824.40 432,000.00 0.00 0.00 16,417,824.40
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.781565% 0.000000% 0.000000% 0.000000% 1.781565%
1.486312% 0.000000% 0.000000% 0.000000% 1.486312%
60 Days 1.394268% 0.077459% 0.000000% 0.000000% 1.471727%
1.542000% 0.104963% 0.000000% 0.000000% 1.646963%
90 Days 0.774593% 0.000000% 0.000000% 0.000000% 0.774593%
0.731177% 0.000000% 0.000000% 0.000000% 0.731177%
120 Days 0.077459% 0.000000% 0.000000% 0.000000% 0.077459%
0.124595% 0.000000% 0.000000% 0.000000% 0.124595%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 4.027885% 0.077459% 0.000000% 0.000000% 4.105345%
3.884084% 0.104963% 0.000000% 0.000000% 3.989047%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 296,274.74
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-1 183,255,197.00 16.79999302% 183,255,125.98 17.73469389% 5.647652% 0.000000%
Class M-2 147,804,197.00 13.55000851% 147,804,125.98 14.30388872% 3.430805% 0.000000%
Class M-3 125,442,197.00 11.49996327% 125,442,125.98 12.13978432% 2.164104% 0.000000%
Class M-4 105,808,197.00 9.70000852% 105,808,125.98 10.23968478% 1.900100% 0.000000%
Class B-1 24,543,197.00 2.25000734% 24,543,125.98 2.37518500% 0.633399% 0.000000%
Class B-2 13,635,197.00 1.25001210% 13,635,125.98 1.31955264% 1.055632% 0.000000%
Class B-3 5,454,197.00 0.50001568% 5,454,125.98 0.52782837% 0.791724% 0.000000%
Class CE 100.00 0.00000917% 100.00 0.00000968% 0.527819% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000010% 0.000000%
Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
REO Detail - All Mortgage Loans in REO during Current Period
Summary 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 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.
Group 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.
Group I SubGrp 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 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 II SubGrp 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 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.
Group 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 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.
Group I SubGrp 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 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 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 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 SubGrp 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 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>
No Foreclosure loans this period.
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
No Foreclosure loans this period.
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 7.192270%
Weighted Average Net Coupon 6.692269%
Weighted Average Pass-Through Rate 6.675269%
Weighted Average Maturity(Stepdown Calculation) 346
Beginning Scheduled Collateral Loan Count 6,664
Number Of Loans Paid In Full 92
Ending Scheduled Collateral Loan Count 6,572
Beginning Scheduled Collateral Balance 1,054,186,993.31
Ending Scheduled Collateral Balance 1,033,314,288.56
Ending Actual Collateral Balance at 29-Jul-2005 1,033,924,622.89
Monthly P&I Constant 6,909,502.23
Special Servicing Fee 0.00
Prepayment Penalties 361,468.62
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 584,844.57
Unscheduled Principal 20,287,860.18
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 5,454,025.98
Overcollateralized Amount 5,454,025.98
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 0.00
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Coupon Rate 7.192270%
Weighted Average Net Rate 6.692269%
Weighted Average Pass Through Rate 6.675269%
Weighted Average Maturity 346
Record Date 07/29/2005
Principal and Interest Constant 6,909,502.23
Beginning Loan Count 6,664
Loans Paid in Full 92
Ending Loan Count 6,572
Beginning Scheduled Balance 1,054,186,993.31
Ending Scheduled Balance 1,033,314,288.56
Ending Actual Balance at 29-Jul-2005 1,033,924,622.89
Scheduled Principal 584,844.57
Unscheduled Principal 20,287,860.18
Scheduled Interest 6,324,657.66
Servicing Fee 439,244.71
Master Servicing Fee 2,635.48
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 12,298.87
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 5,870,478.73
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 361,468.62
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 5,454,025.98
Overcollateralized Amount 5,454,025.98
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Miscellaneous Reporting
Over Collateralization Amount 5,454,025.98
OC Deficiency Amount 0.00
OC Increase Amount 0.00
OC Reduction Amount 0.00
Target OC Amount 5,454,025.98
Group Level Collateral Statement
Group Group I SubGrp I Group I SubGrp II Grp II SubGrp I
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 8.538548 7.232630 8.369421
Weighted Average Net Rate 8.038548 6.732630 7.869421
Weighted Average Maturity 292 356 356
Beginning Loan Count 1,417 3,328 609
Loans Paid In Full 13 55 5
Ending Loan Count 1,404 3,273 604
Beginning Scheduled Balance 99,857,759.45 471,778,891.82 62,946,015.40
Ending Scheduled Balance 98,655,047.70 460,915,612.29 62,346,836.81
Record Date 07/29/2005 07/29/2005 07/29/2005
Principal And Interest Constant 789,233.22 3,145,122.34 481,530.24
Scheduled Principal 78,699.69 301,620.35 42,512.15
Unscheduled Principal 1,124,012.06 10,561,659.18 556,666.44
Scheduled Interest 710,533.53 2,843,501.99 439,018.09
Servicing Fees 41,607.40 196,574.53 26,227.50
Master Servicing Fees 249.63 1,179.48 157.38
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 1,165.05 5,504.06 734.37
Pool Insurance Fee 0.00 0.00 0.00
Spread 1 0.00 0.00 0.00
Spread 2 0.00 0.00 0.00
Spread 3 0.00 0.00 0.00
Net Interest 667,511.45 2,640,243.92 411,898.84
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 8.021548 6.715630 7.852421
Group Level Collateral Statement
Group Grp II SubGrp II Total
Collateral Description Mixed ARM Fixed Mixed & ARM & Balloon
Weighted Average Coupon Rate 6.668008 7.192270
Weighted Average Net Rate 6.168008 6.692269
Weighted Average Maturity 290 346
Beginning Loan Count 1,310 6,664
Loans Paid In Full 19 92
Ending Loan Count 1,291 6,572
Beginning Scheduled Balance 419,604,326.64 1,054,186,993.31
Ending scheduled Balance 411,396,791.76 1,033,314,288.56
Record Date 07/29/2005 07/29/2005
Principal And Interest Constant 2,493,616.43 6,909,502.23
Scheduled Principal 162,012.38 584,844.57
Unscheduled Principal 8,045,522.50 20,287,860.18
Scheduled Interest 2,331,604.05 6,324,657.66
Servicing Fees 174,835.14 439,244.57
Master Servicing Fees 1,049.00 2,635.49
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 4,895.39 12,298.87
Pool Insurance Fee 0.00 0.00
Spread 1 0.00 0.00
Spread 2 0.00 0.00
Spread 3 0.00 0.00
Net Interest 2,150,824.52 5,870,478.73
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 6.151008 6.675269
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 I SubGrp I 13 1,117,761.00 1,114,465.22 0 0.00 0.00
Group I SubGrp II 55 10,500,344.00 10,471,403.22 0 0.00 0.00
Grp II SubGrp I 5 554,550.00 553,243.02 0 0.00 0.00
Grp II SubGrp II 19 8,054,502.00 8,036,921.48 0 0.00 0.00
Total 92 20,227,157.00 20,176,032.94 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 I SubGrp I 0 0.00 0.00 0 0.00 0.00 10,242.43
Group I SubGrp II 0 0.00 0.00 0 0.00 0.00 97,481.20
Grp II SubGrp I 0 0.00 0.00 0 0.00 0.00 3,745.53
Grp II SubGrp II 0 0.00 0.00 0 0.00 0.00 11,979.59
Total 0 0.00 0.00 0 0.00 0.00 123,448.75
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 I SubGrp I 0000434429 CA 94.82 01-Mar-2005 148,865.00 148,198.30
Group I SubGrp I 0000434570 IL 51.71 01-Apr-2005 106,000.00 105,735.13
Group I SubGrp I 0000434770 TX 100.00 01-Apr-2005 30,059.00 29,975.19
Group I SubGrp I 0000436234 AZ 100.00 01-Feb-2005 33,737.00 33,596.46
Group I SubGrp I 0000437441 CA 99.99 01-Apr-2005 51,300.00 51,201.66
Group I SubGrp I 0000437557 CA 100.00 01-Apr-2005 31,200.00 31,138.58
Group I SubGrp I 0000438138 CA 80.00 01-Apr-2005 284,000.00 282,820.42
Group I SubGrp I 0000438734 PA 67.56 01-Apr-2005 152,000.00 151,153.26
Group I SubGrp I 0000439469 FL 100.00 01-Apr-2005 87,000.00 86,842.04
Group I SubGrp I 0000439630 CA 100.00 01-Mar-2005 75,000.00 74,796.34
Group I SubGrp I 0000440046 FL 97.87 01-Apr-2005 37,600.00 37,466.94
Group I SubGrp I 0000441585 NV 100.00 01-Apr-2005 32,000.00 31,941.78
Group I SubGrp I 0000443070 CO 100.00 01-Apr-2005 49,000.00 48,903.53
Group I SubGrp II 0000434040 CA 75.00 01-Apr-2005 217,500.00 216,641.35
Group I SubGrp II 0000434059 NY 70.00 01-Apr-2005 252,000.00 251,357.06
Group I SubGrp II 0000434071 ME 66.49 01-Apr-2005 123,000.00 122,743.19
Group I SubGrp II 0000434104 DC 75.00 01-Apr-2005 281,250.00 280,254.58
Group I SubGrp II 0000434239 CA 80.00 01-Apr-2005 272,000.00 270,827.25
Group I SubGrp II 0000434241 NJ 80.00 01-Feb-2005 272,000.00 270,411.76
Group I SubGrp II 0000434248 CA 90.00 01-Mar-2005 264,600.00 263,285.93
Group I SubGrp II 0000434260 NJ 80.00 01-Apr-2005 252,000.00 250,677.87
Group I SubGrp II 0000434318 CA 80.96 01-Apr-2005 210,500.00 209,519.48
Group I SubGrp II 0000434363 CA 61.43 01-Apr-2005 180,000.00 178,907.55
Group I SubGrp II 0000434634 TX 80.00 01-Apr-2005 88,000.00 87,639.65
Group I SubGrp II 0000434792 PA 53.09 01-Apr-2005 67,900.00 67,637.14
Group I SubGrp II 0000434966 MD 80.00 01-Apr-2005 194,400.00 193,669.53
Group I SubGrp II 0000435134 CA 80.00 01-Apr-2005 152,000.00 152,000.00
Group I SubGrp II 0000435228 OH 80.00 01-Apr-2005 100,800.00 100,800.00
Group I SubGrp II 0000435345 AZ 78.55 01-Apr-2005 216,000.00 214,832.48
Group I SubGrp II 0000435738 CA 80.00 01-Apr-2005 152,000.00 152,000.00
Group I SubGrp II 0000435972 CA 85.00 01-Mar-2005 245,650.00 245,650.00
Group I SubGrp II 0000436938 OH 95.00 01-Apr-2005 78,850.00 78,581.39
Group I SubGrp II 0000437020 MI 61.43 01-May-2005 86,000.00 85,708.50
Group I SubGrp II 0000437566 NV 90.00 01-May-2005 108,000.00 107,676.39
Group I SubGrp II 0000437841 CA 85.00 01-Apr-2005 510,000.00 507,940.48
Group I SubGrp II 0000438006 CA 80.00 01-Apr-2005 352,000.00 350,315.81
Group I SubGrp II 0000438018 NV 77.04 01-Apr-2005 346,700.00 345,428.02
Group I SubGrp II 0000438029 CA 85.00 01-Apr-2005 340,000.00 338,690.45
Group I SubGrp II 0000438078 VA 95.00 01-Apr-2005 311,600.00 310,456.82
Group I SubGrp II 0000438096 CA 75.00 01-Apr-2005 300,000.00 298,693.95
Group I SubGrp II 0000438166 VA 80.00 01-Apr-2005 268,000.00 266,887.64
Group I SubGrp II 0000438182 RI 70.00 01-Apr-2005 263,200.00 262,107.58
Group I SubGrp II 0000438218 NJ 60.98 01-Apr-2005 250,000.00 248,829.92
Group I SubGrp II 0000438335 VA 83.71 01-Apr-2005 215,968.00 214,932.68
Group I SubGrp II 0000438377 CA 64.38 01-Apr-2005 206,000.00 205,184.68
Group I SubGrp II 0000438387 WI 77.79 01-Apr-2005 204,600.00 203,937.98
Group I SubGrp II 0000438390 IL 90.00 01-Apr-2005 204,300.00 204,300.00
Group I SubGrp II 0000438484 AZ 95.00 01-Mar-2005 188,100.00 187,437.38
Group I SubGrp II 0000438499 CA 77.08 01-Apr-2005 185,000.00 185,000.00
Group I SubGrp II 0000438503 CA 80.00 01-Apr-2005 184,000.00 183,222.01
Group I SubGrp II 0000438909 VA 80.00 01-Apr-2005 132,000.00 131,351.93
Group I SubGrp II 0000438958 FL 74.42 01-Apr-2005 128,000.00 127,494.18
Group I SubGrp II 0000439162 FL 90.00 01-Apr-2005 111,600.00 111,273.57
Group I SubGrp II 0000439190 CA 27.25 01-Apr-2005 109,000.00 108,620.38
Group I SubGrp II 0000439231 FL 77.87 01-Apr-2005 106,676.00 106,176.24
Group I SubGrp II 0000439333 UT 80.00 01-Apr-2005 97,600.00 97,260.06
Group I SubGrp II 0000439401 AZ 79.15 01-Apr-2005 92,600.00 92,329.44
Group I SubGrp II 0000439525 WI 46.09 01-May-2005 82,000.00 81,735.36
Group I SubGrp II 0000441492 CA 84.38 01-Apr-2005 270,000.00 269,973.39
Group I SubGrp II 0000442285 FL 87.13 01-May-2005 197,000.00 196,607.33
Group I SubGrp II 0000442422 CA 80.00 01-Apr-2005 256,000.00 256,000.00
Group I SubGrp II 0000442645 IL 90.00 01-May-2005 41,850.00 41,742.13
Group I SubGrp II 0000442733 AZ 90.00 01-May-2005 174,600.00 173,962.84
Group I SubGrp II 0000442852 PA 90.00 01-May-2005 58,500.00 58,349.07
Group I SubGrp II 0000443144 CA 78.46 01-Apr-2005 255,000.00 253,776.39
Group I SubGrp II 0000443223 AZ 80.00 01-May-2005 120,000.00 119,714.13
Group I SubGrp II 0000443400 SC 67.34 01-Apr-2005 40,000.00 39,758.87
Group I SubGrp II 0000447493 IA 80.00 01-May-2005 84,000.00 83,866.17
Grp II SubGrp I 0000435149 VA 85.00 01-Apr-2005 121,550.00 121,041.03
Grp II SubGrp I 0000438672 PA 80.00 01-Apr-2005 160,000.00 159,533.94
Grp II SubGrp I 0000439024 FL 100.00 01-Apr-2005 123,000.00 122,751.29
Grp II SubGrp I 0000439506 CA 100.00 01-Mar-2005 84,000.00 83,747.05
Grp II SubGrp I 0000439740 TX 100.00 01-Apr-2005 66,000.00 65,847.60
Grp II SubGrp II 0000426435 CA 95.00 01-Feb-2005 413,250.00 413,250.00
Grp II SubGrp II 0000433574 GA 80.00 01-Feb-2005 171,819.00 171,819.00
Grp II SubGrp II 0000433913 NV 95.00 01-Mar-2005 233,484.00 232,211.59
Grp II SubGrp II 0000434113 NV 75.00 01-Apr-2005 591,750.00 591,749.98
Grp II SubGrp II 0000434154 NJ 92.73 01-Apr-2005 408,000.00 406,733.64
Grp II SubGrp II 0000434184 CA 90.00 01-Apr-2005 332,999.00 331,864.55
Grp II SubGrp II 0000434925 WA 88.58 01-Apr-2005 487,200.00 485,448.42
Grp II SubGrp II 0000435788 CA 80.00 01-Apr-2005 440,000.00 440,000.00
Grp II SubGrp II 0000437442 CA 79.98 01-Apr-2005 205,050.00 205,050.00
Grp II SubGrp II 0000437779 CA 68.92 01-Apr-2005 672,000.00 669,710.66
Grp II SubGrp II 0000437830 CA 85.00 01-Apr-2005 522,750.00 520,359.07
Grp II SubGrp II 0000437857 FL 80.00 01-Apr-2005 492,000.00 492,000.00
Grp II SubGrp II 0000437863 CA 85.00 01-Apr-2005 484,500.00 482,773.19
Grp II SubGrp II 0000437928 CA 90.00 01-Apr-2005 405,000.00 400,692.30
Grp II SubGrp II 0000437964 CA 80.00 01-Apr-2005 380,000.00 378,539.29
Grp II SubGrp II 0000441511 CA 90.00 01-Apr-2005 495,000.00 495,000.00
Grp II SubGrp II 0000442231 CA 88.27 01-Apr-2005 392,800.00 392,800.00
Grp II SubGrp II 0000442691 IL 80.00 01-May-2005 360,000.00 358,718.96
Grp II SubGrp II 0000443122 AZ 84.99 01-Apr-2005 566,900.00 564,822.26
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 I SubGrp I 0000434429 Loan Paid in Full 0 7.550% 360 5
Group I SubGrp I 0000434570 Loan Paid in Full 0 9.500% 360 4
Group I SubGrp I 0000434770 Loan Paid in Full (1) 9.800% 360 4
Group I SubGrp I 0000436234 Loan Paid in Full 0 9.125% 180 6
Group I SubGrp I 0000437441 Loan Paid in Full 0 10.750% 360 4
Group I SubGrp I 0000437557 Loan Paid in Full 0 10.625% 360 4
Group I SubGrp I 0000438138 Loan Paid in Full 0 7.000% 360 4
Group I SubGrp I 0000438734 Loan Paid in Full 0 7.823% 360 4
Group I SubGrp I 0000439469 Loan Paid in Full 2 11.000% 180 4
Group I SubGrp I 0000439630 Loan Paid in Full 0 9.990% 180 5
Group I SubGrp I 0000440046 Loan Paid in Full (1) 10.500% 180 4
Group I SubGrp I 0000441585 Loan Paid in Full 0 10.990% 180 4
Group I SubGrp I 0000443070 Loan Paid in Full 0 10.625% 180 4
Group I SubGrp II 0000434040 Loan Paid in Full 0 7.250% 360 4
Group I SubGrp II 0000434059 Loan Paid in Full 0 9.400% 360 4
Group I SubGrp II 0000434071 Loan Paid in Full 0 10.350% 360 4
Group I SubGrp II 0000434104 Loan Paid in Full 1 7.800% 360 4
Group I SubGrp II 0000434239 Loan Paid in Full 0 6.800% 360 4
Group I SubGrp II 0000434241 Loan Paid in Full 0 7.000% 360 6
Group I SubGrp II 0000434248 Loan Paid in Full 0 7.025% 360 5
Group I SubGrp II 0000434260 Loan Paid in Full 0 5.800% 360 4
Group I SubGrp II 0000434318 Loan Paid in Full 0 6.400% 360 4
Group I SubGrp II 0000434363 Loan Paid in Full 0 4.990% 360 4
Group I SubGrp II 0000434634 Loan Paid in Full 0 7.790% 360 4
Group I SubGrp II 0000434792 Loan Paid in Full 0 7.350% 360 4
Group I SubGrp II 0000434966 Loan Paid in Full 0 7.500% 360 4
Group I SubGrp II 0000435134 Loan Paid in Full 0 5.250% 360 4
Group I SubGrp II 0000435228 Loan Paid in Full 0 5.625% 360 4
Group I SubGrp II 0000435345 Loan Paid in Full (1) 5.750% 360 4
Group I SubGrp II 0000435738 Loan Paid in Full 0 5.875% 360 4
Group I SubGrp II 0000435972 Loan Paid in Full 0 7.375% 360 5
Group I SubGrp II 0000436938 Loan Paid in Full 0 7.990% 360 4
Group I SubGrp II 0000437020 Loan Paid in Full 0 6.875% 360 3
Group I SubGrp II 0000437566 Loan Paid in Full 0 7.500% 360 3
Group I SubGrp II 0000437841 Loan Paid in Full 0 7.135% 360 4
Group I SubGrp II 0000438006 Loan Paid in Full 0 6.260% 360 4
Group I SubGrp II 0000438018 Loan Paid in Full 0 7.620% 360 4
Group I SubGrp II 0000438029 Loan Paid in Full 0 7.375% 360 4
Group I SubGrp II 0000438078 Loan Paid in Full 0 7.620% 360 4
Group I SubGrp II 0000438096 Loan Paid in Full 0 6.750% 360 4
Group I SubGrp II 0000438166 Loan Paid in Full 0 6.995% 360 4
Group I SubGrp II 0000438182 Loan Paid in Full 0 6.995% 360 4
Group I SubGrp II 0000438218 Loan Paid in Full 0 6.375% 360 4
Group I SubGrp II 0000438335 Loan Paid in Full 0 6.250% 360 4
Group I SubGrp II 0000438377 Loan Paid in Full 0 7.245% 360 4
Group I SubGrp II 0000438387 Loan Paid in Full 1 8.245% 360 4
Group I SubGrp II 0000438390 Loan Paid in Full 0 7.990% 360 4
Group I SubGrp II 0000438484 Loan Paid in Full 0 8.740% 360 5
Group I SubGrp II 0000438499 Loan Paid in Full 0 7.000% 360 4
Group I SubGrp II 0000438503 Loan Paid in Full 2 6.900% 360 4
Group I SubGrp II 0000438909 Loan Paid in Full 0 6.125% 360 4
Group I SubGrp II 0000438958 Loan Paid in Full 0 7.245% 360 4
Group I SubGrp II 0000439162 Loan Paid in Full 0 8.740% 360 4
Group I SubGrp II 0000439190 Loan Paid in Full (1) 7.880% 360 4
Group I SubGrp II 0000439231 Loan Paid in Full 1 6.370% 360 4
Group I SubGrp II 0000439333 Loan Paid in Full 0 7.880% 360 4
Group I SubGrp II 0000439401 Loan Paid in Full 0 8.745% 360 4
Group I SubGrp II 0000439525 Loan Paid in Full 0 7.125% 360 3
Group I SubGrp II 0000441492 Loan Paid in Full 0 6.150% 360 4
Group I SubGrp II 0000442285 Loan Paid in Full 0 9.495% 360 3
Group I SubGrp II 0000442422 Loan Paid in Full (1) 7.620% 360 4
Group I SubGrp II 0000442645 Loan Paid in Full 0 8.250% 360 3
Group I SubGrp II 0000442733 Loan Paid in Full 0 6.995% 360 3
Group I SubGrp II 0000442852 Loan Paid in Full 0 8.245% 360 3
Group I SubGrp II 0000443144 Loan Paid in Full 0 6.245% 360 4
Group I SubGrp II 0000443223 Loan Paid in Full 0 8.635% 360 3
Group I SubGrp II 0000443400 Loan Paid in Full 0 9.995% 360 4
Group I SubGrp II 0000447493 Loan Paid in Full 0 10.550% 360 3
Grp II SubGrp I 0000435149 Loan Paid in Full 0 6.950% 360 4
Grp II SubGrp I 0000438672 Loan Paid in Full 0 8.760% 360 4
Grp II SubGrp I 0000439024 Loan Paid in Full 2 10.500% 180 4
Grp II SubGrp I 0000439506 Loan Paid in Full (1) 9.500% 180 5
Grp II SubGrp I 0000439740 Loan Paid in Full 0 9.875% 180 4
Grp II SubGrp II 0000426435 Loan Paid in Full 0 7.875% 360 6
Grp II SubGrp II 0000433574 Loan Paid in Full 1 7.125% 360 6
Grp II SubGrp II 0000433913 Loan Paid in Full (1) 6.875% 360 5
Grp II SubGrp II 0000434113 Loan Paid in Full 0 7.550% 360 4
Grp II SubGrp II 0000434154 Loan Paid in Full 0 8.450% 360 4
Grp II SubGrp II 0000434184 Loan Paid in Full 0 7.990% 360 4
Grp II SubGrp II 0000434925 Loan Paid in Full 0 7.750% 360 4
Grp II SubGrp II 0000435788 Loan Paid in Full 0 6.125% 360 4
Grp II SubGrp II 0000437442 Loan Paid in Full 0 7.500% 360 4
Grp II SubGrp II 0000437779 Loan Paid in Full 0 7.990% 360 4
Grp II SubGrp II 0000437830 Loan Paid in Full 0 6.495% 360 4
Grp II SubGrp II 0000437857 Loan Paid in Full 2 6.870% 360 4
Grp II SubGrp II 0000437863 Loan Paid in Full 0 7.765% 360 4
Grp II SubGrp II 0000437928 Loan Paid in Full (1) 6.370% 360 4
Grp II SubGrp II 0000437964 Loan Paid in Full 0 7.385% 360 4
Grp II SubGrp II 0000441511 Loan Paid in Full 0 8.800% 360 4
Grp II SubGrp II 0000442231 Loan Paid in Full 0 7.100% 360 4
Grp II SubGrp II 0000442691 Loan Paid in Full 0 6.625% 360 3
Grp II SubGrp II 0000443122 Loan Paid in Full 0 7.625% 360 4
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.926% Current Month 20.810% Current Month 2,556.421%
3 Month Average 1.487% 3 Month Average 16.372% 3 Month Average 2,688.169%
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 8.291% N/A May-2005 3,829.585% N/A
Jun-2005 11.449% N/A Jun-2005 2,762.838% N/A
Jul-2005 16.858% N/A Jul-2005 2,745.248% N/A
Aug-2005 20.810% N/A Aug-2005 2,556.421% 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 I SubGrp I
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.127% Current Month 12.711% Current Month 1,511.352%
3 Month Average 0.803% 3 Month Average 9.178% 3 Month Average 1,401.339%
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 5.030% N/A May-2005 2,050.559% N/A
Jun-2005 5.378% N/A Jun-2005 1,219.814% N/A
Jul-2005 9.444% N/A Jul-2005 1,472.851% N/A
Aug-2005 12.711% N/A Aug-2005 1,511.352% 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 I SubGrp II
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.240% Current Month 23.805% Current Month 3,003.734%
3 Month Average 1.664% 3 Month Average 18.018% 3 Month Average 2,960.849%
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 8.919% N/A May-2005 4,579.393% N/A
Jun-2005 9.071% N/A Jun-2005 2,306.020% N/A
Jul-2005 21.178% N/A Jul-2005 3,572.792% N/A
Aug-2005 23.805% N/A Aug-2005 3,003.734% 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 SubGrp I
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.885% Current Month 10.118% Current Month 1,207.714%
3 Month Average 1.110% 3 Month Average 12.485% 3 Month Average 2,086.971%
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 18.080% N/A May-2005 7,486.034% N/A
Jun-2005 10.695% N/A Jun-2005 2,443.354% N/A
Jul-2005 16.643% N/A Jul-2005 2,609.845% N/A
Aug-2005 10.118% N/A Aug-2005 1,207.714% 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 II SubGrp II
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.918% Current Month 20.738% Current Month 2,504.352%
3 Month Average 1.505% 3 Month Average 16.582% 3 Month Average 2,757.759%
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 6.817% N/A May-2005 2,970.099% N/A
Jun-2005 15.502% N/A Jun-2005 3,618.804% N/A
Jul-2005 13.504% N/A Jul-2005 2,150.120% N/A
Aug-2005 20.738% N/A Aug-2005 2,504.352% 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 I SubGrp I 0 0.00 0.00 0.000%
Group I SubGrp II 0 0.00 0.00 0.000%
Grp II SubGrp I 0 0.00 0.00 0.000%
Grp II SubGrp 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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
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 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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
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 I SubGrp 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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
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 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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
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 SubGrp 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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
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 0.000% N/A May-2005 0.000% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
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>