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): September 28, 2005
FBR SECURITIZATION TRUST
Mortgage-Backed Callable Certificates, Series 2005-1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-122578-04
Pooling and Servicing Agreement) (Commission N/A
(State or other File Number) IRS EIN
jurisdiction
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 September 28, 2005 a distribution was made to holders of FBR SECURITIZATION
TRUST, Mortgage-Backed Callable Certificates, Series 2005-1 Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Mortgage-Backed Callable Certificates,
Series 2005-1 Trust, relating to the
September 28, 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.
FBR SECURITIZATION TRUST
Mortgage-Backed Callable Certificates, Series 2005-1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 9/29/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Mortgage-Backed Callable Certificates, Series 2005-1
Trust, relating to the September 28, 2005
distribution.
EX-99.1
Friedman, Billings, Ramsey & Co., Inc.
Mortgage-Backed Callable Certificates
Record Date: 8/31/2005
Distribution Date: 9/28/2005
Friedman, Billings, Ramsey & Co., Inc.
Mortgage-Backed Callable Certificates
Series 2005-1
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 30246QAA1 SEN 3.90938% 526,069,610.55 1,713,838.35
A-2 30246QAB9 SEN 3.90938% 580,077,229.84 1,889,785.27
OWNER FBR05001O SEN 0.00000% 0.00 3,192,357.16
SERVFEE FBR05001S SEN 0.29000% 0.00 275,328.19
Totals 1,106,146,840.39 7,071,308.97
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 12,236,226.49 0.00 513,833,384.06 13,950,064.84 0.00
A-2 12,702,406.91 0.00 567,374,822.93 14,592,192.18 0.00
OWNER 0.00 0.00 0.00 3,192,357.16 0.00
SERVFEE 0.00 0.00 0.00 275,328.19 0.00
Totals 24,938,633.40 0.00 1,081,208,206.99 32,009,942.37 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 537,920,000.00 526,069,610.55 0.00 12,236,226.49 0.00 0.00
A-2 592,370,000.00 580,077,229.84 0.00 12,702,406.91 0.00 0.00
OWNER 0.00 0.00 0.00 0.00 0.00 0.00
SERVFEE 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,130,290,000.00 1,106,146,840.39 0.00 24,938,633.40 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 12,236,226.49 513,833,384.06 0.95522268 12,236,226.49
A-2 12,702,406.91 567,374,822.93 0.95780479 12,702,406.91
OWNER 0.00 0.00 0.00000000 0.00
SERVFEE 0.00 0.00 0.00000000 0.00
Totals 24,938,633.40 1,081,208,206.99 0.95657593 24,938,633.40
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-1 537,920,000.00 977.96997797 0.00000000 22.74729791 0.00000000
A-2 592,370,000.00 979.24815544 0.00000000 21.44336633 0.00000000
OWNER 0.00 0.00000000 0.00000000 0.00000000 0.00000000
SERVFEE 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 22.74729791 955.22268006 0.95522268 22.74729791
A-2 0.00000000 21.44336633 957.80478912 0.95780479 21.44336633
OWNER 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
SERVFEE 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-1 537,920,000.00 3.90938% 526,069,610.55 1,713,838.35 0.00 0.00
A-2 592,370,000.00 3.90938% 580,077,229.84 1,889,785.27 0.00 0.00
OWNER 0.00 0.00000% 1,139,904,694.00 0.00 0.00 0.00
SERVFEE 0.00 0.29000% 1,139,904,694.00 275,476.97 0.00 0.00
Totals 1,130,290,000.00 3,879,100.59 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 1,713,838.35 0.00 513,833,384.06
A-2 0.00 0.00 1,889,785.27 0.00 567,374,822.93
OWNER 0.00 0.00 3,192,357.16 0.00 1,114,966,060.60
SERVFEE 0.00 0.00 275,328.19 0.00 1,114,966,060.60
Totals 0.00 0.00 7,071,308.97 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-1 537,920,000.00 3.90938% 977.96997797 3.18604690 0.00000000 0.00000000
A-2 592,370,000.00 3.90938% 979.24815544 3.19021097 0.00000000 0.00000000
OWNER 0.00 0.00000% 979.24579302 0.00000000 0.00000000 0.00000000
SERVFEE 0.00 0.29000% 979.24579302 0.23665107 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 3.18604690 0.00000000 955.22268006
A-2 0.00000000 0.00000000 3.19021097 0.00000000 957.80478912
OWNER 0.00000000 0.00000000 2.74242429 0.00000000 957.82202666
SERVFEE 0.00000000 0.00000000 0.23652326 0.00000000 957.82202666
<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 32,139,245.67
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 828,892.96
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 459,039.21
Total Deposits 33,427,177.84
Withdrawals
Reimbursement for Servicer Advances 956,340.34
Payment of Service Fee 460,895.13
Payment of Interest and Principal 32,009,942.37
Total Withdrawals (Pool Distribution Amount) 33,427,177.84
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 199,375.78
FSA Fee 244,895.75
Murrayhill Company 11,874.01
Wells Fargo Bank, NA 4,749.59
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 460,895.13
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Financial Guaranty 0.00 0.00 0.00 0.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 19 0 0 19
2,043,310.61 0.00 0.00 2,043,310.61
30 Days 83 1 0 0 84
18,277,254.20 145,393.80 0.00 0.00 18,422,648.00
60 Days 40 3 1 0 44
9,187,939.60 516,648.81 131,861.13 0.00 9,836,449.54
90 Days 3 2 22 0 27
588,310.18 474,929.60 5,470,233.77 0.00 6,533,473.55
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 126 25 23 0 174
28,053,503.98 3,180,282.82 5,602,094.90 0.00 36,835,881.70
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 0.331936% 0.000000% 0.000000% 0.331936%
0.183148% 0.000000% 0.000000% 0.183148%
30 Days 1.450035% 0.017470% 0.000000% 0.000000% 1.467505%
1.638247% 0.013032% 0.000000% 0.000000% 1.651279%
60 Days 0.698812% 0.052411% 0.017470% 0.000000% 0.768693%
0.823543% 0.046309% 0.011819% 0.000000% 0.881671%
90 Days 0.052411% 0.034941% 0.384347% 0.000000% 0.471698%
0.052732% 0.042569% 0.490314% 0.000000% 0.585615%
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 2.201258% 0.436758% 0.401817% 0.000000% 3.039832%
2.514522% 0.285059% 0.502133% 0.000000% 3.301714%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 828,892.96
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 Oct-04 0.000%
Original Principal Balance 0.00 Nov-04 0.000%
Current Principal Balance 0.00 Dec-04 0.000%
Jan-05 0.000%
Current REO Total Feb-05 0.000%
Loans in REO 0 Mar-05 0.000%
Original Principal Balance 0.00 Apr-05 0.000%
Current Principal Balance 0.00 May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.000%
Sep-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 23 Oct-04 0.000%
Original Principal Balance 5,603,970.00 Nov-04 0.000%
Current Principal Balance 5,602,094.90 Dec-04 0.000%
Jan-05 0.000%
Current Foreclosure Total Feb-05 0.000%
Loans in Foreclosure 23 Mar-05 0.000%
Original Principal Balance 5,603,970.00 Apr-05 0.000%
Current Principal Balance 5,602,094.90 May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.502%
*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 2 0412288895 Sep-2005 01-Mar-2005 DE 95.00 176,700.00
Group 2 0501193049 Sep-2005 01-Apr-2005 MD 72.92 132,000.00
Group 2 0501250465 Sep-2005 01-Apr-2005 NV 85.00 357,000.00
Group 2 0501273539 Sep-2005 01-Apr-2005 NM 89.22 103,500.00
Group 2 0501315764 Sep-2005 01-Apr-2005 PA 80.00 93,600.00
Group 2 0502018470 Sep-2005 01-Apr-2005 CA 74.16 267,000.00
Group 2 0502028843 Sep-2005 01-Apr-2005 TN 90.00 63,000.00
Group 2 0502257420 Sep-2005 01-May-2005 IL 80.00 197,600.00
Group 2 0503011222 Sep-2005 01-May-2005 NY 85.00 450,500.00
Group 2 0503034981 Sep-2005 01-May-2005 CO 90.00 148,500.00
Group 2 0503077832 Sep-2005 01-May-2005 GA 80.00 115,120.00
Group 2 0503079495 Sep-2005 01-May-2005 CA 85.00 327,250.00
Group 2 0503103554 Sep-2005 01-May-2005 CT 90.00 193,500.00
Group 2 0503115693 Sep-2005 01-May-2005 MO 90.00 150,300.00
Group 3 0502246756 Sep-2005 01-May-2005 OK 84.21 80,000.00
Group 4 0411191055 Sep-2005 01-Apr-2005 CA 70.00 560,000.00
Group 4 0412171120 Sep-2005 01-Apr-2005 PA 85.00 233,750.00
Group 4 0501259880 Sep-2005 01-Apr-2005 GA 80.00 180,000.00
Group 4 0502073884 Sep-2005 01-Apr-2005 NJ 80.00 232,000.00
Group 4 0502085609 Sep-2005 01-May-2005 NJ 85.00 225,250.00
Group 4 0502109304 Sep-2005 01-Apr-2005 NY 80.00 480,000.00
Group 4 0502167595 Sep-2005 01-May-2005 CA 75.00 615,000.00
Group 4 0503080111 Sep-2005 01-May-2005 NH 80.00 222,400.00
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 2 0412288895 176,479.57 01-Apr-2005 3 8.375% 2,396.23
Group 2 0501193049 131,861.13 01-May-2005 2 9.199% 1,972.85
Group 2 0501250465 356,759.96 01-Apr-2005 3 7.990% 4,614.93
Group 2 0501273539 103,448.98 01-Apr-2005 3 9.490% 1,597.19
Group 2 0501315764 93,537.06 01-Apr-2005 3 7.990% 1,209.97
Group 2 0502018470 267,000.00 01-Apr-2005 3 7.050% 3,043.80
Group 2 0502028843 62,967.40 01-Apr-2005 3 9.259% 947.90
Group 2 0502257420 197,600.00 01-Apr-2005 3 7.990% 2,556.13
Group 2 0503011222 450,500.00 01-Apr-2005 3 8.990% 6,579.56
Group 2 0503034981 148,500.00 01-Apr-2005 3 7.999% 1,923.21
Group 2 0503077832 115,120.00 01-Apr-2005 3 7.875% 1,467.08
Group 2 0503079495 327,250.00 01-Apr-2005 3 8.500% 4,511.83
Group 2 0503103554 193,500.00 01-Apr-2005 3 7.990% 2,503.10
Group 2 0503115693 150,300.00 01-Apr-2005 3 8.599% 2,097.03
Group 3 0502246756 79,999.76 01-Apr-2005 3 8.599% 1,116.19
Group 4 0411191055 559,660.05 01-Apr-2005 3 8.490% 7,706.62
Group 4 0412171120 233,592.84 01-Apr-2005 3 7.990% 3,021.67
Group 4 0501259880 179,866.41 01-Apr-2005 3 7.500% 2,179.61
Group 4 0502073884 231,832.08 01-Apr-2005 3 7.625% 2,857.69
Group 4 0502085609 225,250.00 01-Apr-2005 3 8.250% 3,011.55
Group 4 0502109304 479,669.66 01-Apr-2005 3 7.875% 6,112.78
Group 4 0502167595 615,000.00 01-Apr-2005 3 6.625% 6,575.37
Group 4 0503080111 222,400.00 01-Apr-2005 3 7.990% 2,876.95
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.446173%
Weighted Average Net Coupon 7.236173%
Weighted Average Pass-Through Rate 7.218673%
Weighted Average Maturity(Stepdown Calculation) 353
Beginning Scheduled Collateral Loan Count 5,828
Number Of Loans Paid In Full 104
Ending Scheduled Collateral Loan Count 5,724
Beginning Scheduled Collateral Balance 1,139,904,694.00
Ending Scheduled Collateral Balance 1,114,966,060.60
Ending Actual Collateral Balance at 31-Aug-2005 1,115,659,425.01
Monthly P&I Constant 7,796,533.55
Special Servicing Fee 0.00
Prepayment Penalties 459,039.21
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 718,810.74
Unscheduled Principal 24,219,822.66
Miscellaneous Reporting
Current LIBOR Rate Used 3.66938%
Next Month's LIBOR Rate 3.83750%
Soldier/Sailor 0.00
Misc Adj (4,450.35)
Class A1 FSA Fee 27,407.95
Class A2 FSA Fee 30,233.18
Class M1 FSA Fee 29,059.42
Class M2 FSA Fee 17,764.63
Class M3 FSA Fee 10,213.13
Class M4 FSA Fee 11,120.00
Class M5 FSA Fee 11,760.00
Class M6 FSA Fee 11,035.79
Class B1 FSA Fee 15,949.54
Class B2 FSA Fee 16,334.75
Class B3 FSA Fee 19,501.08
Class B4 FSA Fee 44,516.29
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.352566 7.660758 7.196143
Weighted Average Net Rate 7.142566 7.450758 6.986143
Weighted Average Maturity 353 353 353
Beginning Loan Count 463 2,882 634
Loans Paid In Full 5 58 6
Ending Loan Count 458 2,824 628
Beginning Scheduled Balance 64,073,916.42 478,061,523.49 97,329,817.54
Ending Scheduled Balance 63,339,686.53 466,559,526.89 96,229,937.06
Record Date 08/31/2005 08/31/2005 08/31/2005
Principal And Interest Constant 455,167.57 3,357,769.56 666,344.05
Scheduled Principal 62,577.80 305,841.70 82,677.97
Unscheduled Principal 671,652.09 11,196,154.90 1,017,202.51
Scheduled Interest 392,589.77 3,051,927.86 583,666.08
Servicing Fees 11,204.01 83,629.97 17,022.25
Master Servicing Fees 266.97 1,991.92 405.54
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 667.44 4,979.81 1,013.85
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 380,442.42 2,961,295.36 565,213.97
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
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.312467 7.446173
Weighted Average Net Rate 7.102467 7.236173
Weighted Average Maturity 353 353
Beginning Loan Count 1,849 5,828
Loans Paid In Full 35 104
Ending Loan Count 1,814 5,724
Beginning Scheduled Balance 500,439,436.55 1,139,904,694.00
Ending scheduled Balance 488,836,910.12 1,114,966,060.60
Record Date 08/31/2005 08/31/2005
Principal And Interest Constant 3,317,252.37 7,796,533.55
Scheduled Principal 267,713.27 718,810.74
Unscheduled Principal 11,334,813.16 24,219,822.66
Scheduled Interest 3,049,539.10 7,077,722.81
Servicing Fees 87,519.37 199,375.60
Master Servicing Fees 2,085.16 4,749.59
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 5,212.91 11,874.01
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 2,954,664.13 6,861,615.88
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
Miscellaneous Reporting
Group Group 1
OC Target Amount 16,065,829.36
OC Amount 16,065,829.36
Excess Cash Amount 1,379,183.47
Extra Principal Amount 0.00
OC Release Amount 0.00
OC Deficiency Amount 0.00
OC Increase Amount 0.00
Group Group 2
OC Target Amount 17,692,024.25
OC Amount 17,692,024.25
Excess Cash Amount 1,353,986.14
Extra Principal Amount 0.00
OC Release Amount 0.00
OC Deficiency Amount 0.00
OC Increase Amount 0.00
Group
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>
Total 104 24,517,582.00 24,200,346.92 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>
Total 0 0.00 0.00 0 0.00 0.00 37,216.96
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 0412312750 NM 76.81 01-Apr-2005 169,000.00 168,204.59
Group 1 0501193546 CA 80.00 01-Mar-2005 184,000.00 182,695.86
Group 1 0502042086 IL 90.00 01-Apr-2005 171,000.00 170,398.84
Group 1 0502247150 NJ 26.94 01-May-2005 45,000.00 44,483.90
Group 1 0504189167 GA 85.00 01-Jun-2005 100,300.00 100,039.32
Group 2 0410049409 OH 90.00 01-Feb-2005 234,000.00 233,002.84
Group 2 0411246069 FL 84.53 01-Apr-2005 153,000.00 152,433.92
Group 2 0411297270 CA 75.00 01-Feb-2005 352,500.00 350,779.10
Group 2 0412022148 CA 90.00 01-Feb-2005 77,850.00 77,594.19
Group 2 0501043303 NV 75.00 01-Apr-2005 225,000.00 223,980.26
Group 2 0501100191 FL 100.00 01-Mar-2005 230,000.00 230,000.00
Group 2 0501109907 FL 80.00 01-Mar-2005 88,800.00 88,397.32
Group 2 0501111594 VA 100.00 01-Mar-2005 108,000.00 107,469.33
Group 2 0501192026 MD 80.00 01-Apr-2005 324,000.00 322,706.55
Group 2 0501192928 OH 90.00 01-Apr-2005 130,500.00 129,938.36
Group 2 0501203858 CA 100.00 01-Mar-2005 249,000.00 248,023.93
Group 2 0501204367 CA 88.85 01-Mar-2005 255,000.00 254,315.54
Group 2 0501205275 FL 49.43 01-Apr-2005 65,000.00 64,621.48
Group 2 0501248211 NJ 50.00 01-Apr-2005 135,000.00 134,548.25
Group 2 0501261598 MN 80.00 01-Apr-2005 192,000.00 191,096.56
Group 2 0501284053 MD 75.00 01-Apr-2005 218,250.00 217,474.80
Group 2 0501284295 FL 85.00 01-Apr-2005 97,750.00 97,329.58
Group 2 0501316319 CA 85.00 01-Apr-2005 238,000.00 237,073.59
Group 2 0502017840 NY 80.00 01-May-2005 50,400.00 50,228.28
Group 2 0502018065 CA 75.00 01-Apr-2005 243,750.00 242,824.94
Group 2 0502028823 MD 85.00 01-Apr-2005 263,500.00 262,305.81
Group 2 0502030469 AZ 87.94 01-Apr-2005 299,000.00 297,504.93
Group 2 0502030514 CA 65.00 01-Apr-2005 273,000.00 273,000.00
Group 2 0502030679 GA 85.00 01-May-2005 353,600.00 352,150.19
Group 2 0502109172 NY 80.00 01-Apr-2005 128,000.00 127,359.96
Group 2 0502154890 NJ 68.86 01-Apr-2005 334,000.00 332,629.97
Group 2 0502155129 MD 85.00 01-May-2005 301,750.00 300,630.21
Group 2 0502170193 CA 80.00 01-May-2005 192,400.00 191,744.48
Group 2 0502178551 VA 80.00 01-May-2005 116,000.00 115,604.81
Group 2 0502180647 ME 54.54 01-May-2005 150,000.00 149,377.99
Group 2 0502181292 CA 90.00 01-May-2005 238,500.00 0.00
Group 2 0502222053 MD 80.00 01-May-2005 272,000.00 271,065.86
Group 2 0502235457 CA 90.00 01-Apr-2005 136,800.00 136,328.78
Group 2 0502246364 CA 66.66 01-May-2005 140,000.00 139,173.04
Group 2 0502289995 WI 100.00 01-May-2005 124,000.00 123,475.64
Group 2 0503022972 VA 80.00 01-May-2005 288,000.00 286,746.12
Group 2 0503023709 WI 90.00 01-May-2005 112,500.00 112,093.29
Group 2 0503047383 AZ 90.00 01-May-2005 185,400.00 184,768.36
Group 2 0503078310 CA 78.00 01-May-2005 195,000.00 194,108.79
Group 2 0503081122 CA 65.00 01-May-2005 357,500.00 355,882.10
Group 2 0503089811 NJ 85.00 01-May-2005 306,000.00 304,761.86
Group 2 0503104043 NJ 90.00 01-May-2005 198,000.00 197,177.37
Group 2 0503104359 TX 75.00 01-May-2005 110,925.00 110,547.09
Group 2 0503105291 CA 74.68 01-May-2005 295,000.00 293,652.01
Group 2 0503147532 MI 90.00 01-May-2005 297,000.00 295,989.98
Group 2 0503159070 FL 80.00 01-May-2005 208,000.00 207,067.71
Group 2 0503161067 IL 80.00 01-May-2005 232,000.00 231,170.62
Group 2 0503242281 GA 83.10 01-May-2005 107,200.00 106,772.11
Group 2 0503285810 GA 90.00 01-Jun-2005 135,450.00 135,149.97
Group 2 0503310467 CA 59.37 01-Jun-2005 285,000.00 284,265.54
Group 2 0504011057 DE 90.00 01-Jun-2005 216,000.00 215,346.26
Group 2 0504043015 VA 85.00 01-Jun-2005 140,250.00 139,785.19
Group 2 0504043144 GA 77.14 01-Jun-2005 135,000.00 134,580.18
Group 2 0504077472 IL 81.40 01-Jun-2005 133,500.00 133,126.97
Group 2 0504078361 CA 90.00 01-Jun-2005 182,700.00 182,229.13
Group 2 0504089417 IL 56.52 01-Jun-2005 130,000.00 129,629.39
Group 2 0504122430 PA 90.00 01-Jun-2005 141,300.00 140,953.92
Group 2 0504145843 FL 58.66 01-Jun-2005 88,000.00 87,736.30
Group 3 0410190028 TN 85.00 01-Jan-2005 71,400.00 70,862.67
Group 3 0501192214 WI 86.13 01-Mar-2005 205,000.00 203,883.01
Group 3 0502280242 NV 60.81 01-May-2005 240,200.00 239,203.78
Group 3 0503147063 FL 18.01 01-May-2005 40,000.00 39,446.59
Group 3 0503244024 CA 80.00 01-May-2005 232,800.00 231,729.96
Group 3 0504111977 CA 56.09 01-Jun-2005 230,000.00 227,929.06
Group 4 0411083282 MD 80.00 01-Feb-2005 486,932.00 486,932.00
Group 4 0411308187 FL 90.00 01-Feb-2005 225,000.00 223,700.47
Group 4 0412011575 CA 85.00 01-Feb-2005 382,500.00 380,780.46
Group 4 0501078292 IL 80.00 01-May-2005 328,000.00 326,767.09
Group 4 0501078444 CA 80.00 01-Apr-2005 352,000.00 350,407.86
Group 4 0501147739 MN 82.79 01-Mar-2005 421,000.00 418,393.86
Group 4 0501179555 NY 80.00 01-Apr-2005 300,000.00 298,465.93
Group 4 0501204337 NJ 60.97 01-May-2005 500,000.00 500,000.00
Group 4 0501215909 CA 60.00 01-Apr-2005 207,000.00 206,063.69
Group 4 0501250270 CA 21.42 01-Apr-2005 75,000.00 74,557.46
Group 4 0501260986 IL 79.84 01-Mar-2005 400,000.00 397,659.72
Group 4 0501283807 OH 90.00 01-Apr-2005 78,750.00 78,464.42
Group 4 0501284791 IL 95.00 01-Apr-2005 385,553.00 385,553.00
Group 4 0501315710 CA 53.19 01-Apr-2005 500,000.00 497,901.23
Group 4 0502073781 CA 88.86 01-Apr-2005 391,000.00 389,300.04
Group 4 0502098157 CA 90.00 01-Apr-2005 203,400.00 202,565.68
Group 4 0502100255 MI 80.00 01-Apr-2005 424,000.00 421,782.46
Group 4 0502111700 CA 80.00 01-Apr-2005 376,000.00 373,779.33
Group 4 0502179518 MO 90.00 01-Apr-2005 335,700.00 328,546.30
Group 4 0502234694 AL 80.00 01-Apr-2005 147,120.00 146,367.67
Group 4 0502289556 CA 80.00 01-May-2005 360,000.00 359,999.00
Group 4 0503010830 CA 80.00 01-May-2005 224,000.00 223,070.11
Group 4 0503077865 AL 90.00 01-May-2005 539,100.00 537,263.39
Group 4 0503089799 OH 90.00 01-May-2005 130,500.00 130,128.74
Group 4 0503092572 CA 80.00 01-May-2005 280,000.00 279,045.25
Group 4 0503093143 FL 90.00 01-May-2005 202,500.00 201,811.34
Group 4 0503160976 FL 80.00 01-May-2005 220,000.00 219,275.60
Group 4 0503161166 MD 80.00 01-May-2005 224,000.00 223,191.15
Group 4 0503254546 AL 80.00 01-May-2005 452,000.00 450,384.16
Group 4 0503285588 VA 90.00 01-May-2005 508,500.00 507,226.76
Group 4 0503297504 FL 100.00 01-Jun-2005 389,900.00 388,992.83
Group 4 0503308729 IL 75.00 01-Jun-2005 412,500.00 411,135.34
Group 4 0504134543 NE 80.00 01-Jun-2005 328,000.00 326,778.62
Group 4 0504158412 VA 80.00 01-Jun-2005 283,852.00 283,852.00
Group 4 0504180618 CA 65.51 01-Jun-2005 285,000.00 283,854.41
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 0412312750 Loan Paid in Full 0 7.299% 360 5
Group 1 0501193546 Loan Paid in Full (1) 5.990% 360 6
Group 1 0502042086 Loan Paid in Full 0 8.750% 360 5
Group 1 0502247150 Loan Paid in Full 0 7.699% 240 4
Group 1 0504189167 Loan Paid in Full 0 8.209% 360 3
Group 2 0410049409 Loan Paid in Full 0 9.250% 360 7
Group 2 0411246069 Loan Paid in Full 0 8.500% 360 5
Group 2 0411297270 Loan Paid in Full 0 8.600% 360 7
Group 2 0412022148 Loan Paid in Full 0 10.490% 360 7
Group 2 0501043303 Loan Paid in Full 0 7.490% 360 5
Group 2 0501100191 Loan Paid in Full 2 7.375% 360 6
Group 2 0501109907 Loan Paid in Full (1) 8.499% 360 6
Group 2 0501111594 Loan Paid in Full 3 7.875% 360 6
Group 2 0501192026 Loan Paid in Full 0 8.125% 360 5
Group 2 0501192928 Loan Paid in Full (1) 7.750% 360 5
Group 2 0501203858 Loan Paid in Full 0 8.990% 360 6
Group 2 0501204367 Loan Paid in Full 0 6.750% 360 6
Group 2 0501205275 Loan Paid in Full 1 6.200% 360 5
Group 2 0501248211 Loan Paid in Full 1 8.990% 360 5
Group 2 0501261598 Loan Paid in Full 0 7.300% 360 5
Group 2 0501284053 Loan Paid in Full 0 8.700% 360 5
Group 2 0501284295 Loan Paid in Full 0 7.750% 360 5
Group 2 0501316319 Loan Paid in Full 0 8.250% 360 5
Group 2 0502017840 Loan Paid in Full 0 7.990% 360 4
Group 2 0502018065 Loan Paid in Full 0 8.375% 360 5
Group 2 0502028823 Loan Paid in Full 0 7.490% 360 5
Group 2 0502030469 Loan Paid in Full 0 6.990% 360 5
Group 2 0502030514 Loan Paid in Full 1 5.990% 360 5
Group 2 0502030679 Loan Paid in Full 1 7.999% 360 4
Group 2 0502109172 Loan Paid in Full 0 6.990% 360 5
Group 2 0502154890 Loan Paid in Full 1 7.990% 360 5
Group 2 0502155129 Loan Paid in Full 0 9.125% 360 4
Group 2 0502170193 Loan Paid in Full 0 7.990% 360 4
Group 2 0502178551 Loan Paid in Full 0 7.990% 360 4
Group 2 0502180647 Loan Paid in Full (1) 7.000% 360 4
Group 2 0502181292 Loan Paid in Full 0 6.990% 360 360
Group 2 0502222053 Loan Paid in Full 1 7.950% 360 4
Group 2 0502235457 Loan Paid in Full 0 8.850% 360 5
Group 2 0502246364 Loan Paid in Full 1 6.125% 360 4
Group 2 0502289995 Loan Paid in Full 0 6.900% 360 4
Group 2 0503022972 Loan Paid in Full 0 6.750% 360 4
Group 2 0503023709 Loan Paid in Full 0 7.700% 360 4
Group 2 0503047383 Loan Paid in Full 1 7.990% 360 4
Group 2 0503078310 Loan Paid in Full 0 6.499% 360 4
Group 2 0503081122 Loan Paid in Full 0 6.550% 360 4
Group 2 0503089811 Loan Paid in Full 1 7.125% 360 4
Group 2 0503104043 Loan Paid in Full 1 6.990% 360 4
Group 2 0503104359 Loan Paid in Full (2) 7.990% 360 4
Group 2 0503105291 Loan Paid in Full 0 6.500% 360 4
Group 2 0503147532 Loan Paid in Full 0 7.999% 360 4
Group 2 0503159070 Loan Paid in Full 0 6.600% 360 4
Group 2 0503161067 Loan Paid in Full 0 7.750% 360 4
Group 2 0503242281 Loan Paid in Full 0 7.259% 360 4
Group 2 0503285810 Loan Paid in Full 0 8.990% 360 3
Group 2 0503310467 Loan Paid in Full 1 8.250% 360 3
Group 2 0504011057 Loan Paid in Full 0 7.450% 360 3
Group 2 0504043015 Loan Paid in Full 0 6.990% 360 3
Group 2 0504043144 Loan Paid in Full 0 7.375% 360 3
Group 2 0504077472 Loan Paid in Full 1 7.850% 360 3
Group 2 0504078361 Loan Paid in Full 0 8.250% 360 3
Group 2 0504089417 Loan Paid in Full 1 7.750% 360 3
Group 2 0504122430 Loan Paid in Full 1 8.500% 360 3
Group 2 0504145843 Loan Paid in Full 1 7.500% 360 3
Group 3 0410190028 Loan Paid in Full 0 8.999% 360 8
Group 3 0501192214 Loan Paid in Full 0 7.550% 360 6
Group 3 0502280242 Loan Paid in Full 0 6.999% 360 4
Group 3 0503147063 Loan Paid in Full 0 8.650% 180 4
Group 3 0503244024 Loan Paid in Full 0 6.500% 360 4
Group 3 0504111977 Loan Paid in Full 0 5.750% 240 3
Group 4 0411083282 Loan Paid in Full 0 7.625% 360 7
Group 4 0411308187 Loan Paid in Full 0 7.750% 360 7
Group 4 0412011575 Loan Paid in Full 0 8.990% 360 7
Group 4 0501078292 Loan Paid in Full 0 7.500% 360 4
Group 4 0501078444 Loan Paid in Full 1 7.500% 360 5
Group 4 0501147739 Loan Paid in Full 3 6.699% 360 6
Group 4 0501179555 Loan Paid in Full 0 6.875% 360 5
Group 4 0501204337 Loan Paid in Full 0 7.500% 360 4
Group 4 0501215909 Loan Paid in Full 0 7.500% 360 5
Group 4 0501250270 Loan Paid in Full 1 7.800% 360 5
Group 4 0501260986 Loan Paid in Full 0 6.990% 360 6
Group 4 0501283807 Loan Paid in Full 0 8.599% 360 5
Group 4 0501284791 Loan Paid in Full (1) 7.250% 360 5
Group 4 0501315710 Loan Paid in Full 0 7.875% 360 5
Group 4 0502073781 Loan Paid in Full 0 7.700% 360 5
Group 4 0502098157 Loan Paid in Full 0 7.990% 360 5
Group 4 0502100255 Loan Paid in Full (1) 6.759% 360 5
Group 4 0502111700 Loan Paid in Full 0 6.480% 360 5
Group 4 0502179518 Loan Paid in Full (2) 10.499% 360 5
Group 4 0502234694 Loan Paid in Full 0 6.875% 360 5
Group 4 0502289556 Loan Paid in Full 0 6.125% 360 4
Group 4 0503010830 Loan Paid in Full 0 6.990% 360 4
Group 4 0503077865 Loan Paid in Full 0 7.990% 360 4
Group 4 0503089799 Loan Paid in Full 0 8.875% 360 4
Group 4 0503092572 Loan Paid in Full 1 7.990% 360 4
Group 4 0503093143 Loan Paid in Full 0 7.999% 360 4
Group 4 0503160976 Loan Paid in Full 0 8.159% 360 4
Group 4 0503161166 Loan Paid in Full 0 7.700% 360 4
Group 4 0503254546 Loan Paid in Full 0 7.750% 360 4
Group 4 0503285588 Loan Paid in Full 0 9.490% 360 4
Group 4 0503297504 Loan Paid in Full 0 8.750% 360 3
Group 4 0503308729 Loan Paid in Full 0 6.999% 360 3
Group 4 0504134543 Loan Paid in Full 0 6.390% 360 3
Group 4 0504158412 Loan Paid in Full 0 7.250% 360 3
Group 4 0504180618 Loan Paid in Full 0 5.990% 360 3
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.126% Current Month 22.731% Current Month 2,675.028%
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>
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 21.664% N/A Aug-2005 3,327.176% N/A
Sep-2005 22.731% N/A Sep-2005 2,675.028% 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>
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>
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-2005 0.000% N/A
Sep-2005 0.000% N/A Sep-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>
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-2005 0.000% N/A
Sep-2005 0.000% N/A Sep-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>