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 26, 2005
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2005-SD2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-123741-04
Pooling and Servicing Agreement) (Commission 54-2176704
(State or other File Number) 54-2176705
jurisdiction IRS EIN
of Incorporation)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On September 26, 2005 a distribution was made to holders of ACE SECURITIES
CORP. HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2005-SD2 Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Asset Backed Pass-Through Certificates,
Series 2005-SD2 Trust, relating to the
September 26, 2005 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2005-SD2 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 10/5/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2005-SD2 Trust,
relating to the September 26, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 8/31/2005
Distribution Date: 9/26/2005
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Series ACE 2005-SD2
Contact: Customer Service - CTSLink
Wells Fargo Bank, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
www.ctslink.com
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
<s> <c> <c> <c> <c> <c>
A-1 004421QD8 SEN 4.04125% 97,109,327.25 348,838.28
M-1 004421QE6 SEN 4.34125% 18,371,000.00 70,891.65
M-2 004421QF3 SEN 5.14125% 10,636,000.00 48,606.52
M-3 004421QG1 SEN 6.64125% 5,640,000.00 33,294.80
M-4 004421QH9 SEN 6.64125% 3,142,000.00 18,548.27
M-5 004421QJ5 SEN 6.64125% 2,417,000.00 14,268.36
CE-1 SEN 0.00000% 9,318,458.78 0.00
CE-2 SEN 0.00000% 0.00 31,816.33
P ACE05SD2P SEN 0.00000% 100.00 43,096.60
R ACE5SD2R1 SEN 0.00000% 0.00 0.00
Totals 146,633,886.03 609,360.81
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 4,446,012.58 0.00 92,663,314.67 4,794,850.86 0.00
M-1 0.00 0.00 18,371,000.00 70,891.65 0.00
M-2 0.00 0.00 10,636,000.00 48,606.52 0.00
M-3 0.00 0.00 5,640,000.00 33,294.80 0.00
M-4 0.00 0.00 3,142,000.00 18,548.27 0.00
M-5 0.00 0.00 2,417,000.00 14,268.36 0.00
CE-1 0.00 0.00 9,900,318.44 0.00 0.00
CE-2 0.00 0.00 0.00 31,816.33 0.00
P 0.00 0.00 100.00 43,096.60 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 4,446,012.58 0.00 142,769,733.11 5,055,373.39 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
This report has been compiled from information provided to Wells Fargo Bank, N.A. by various
third parties, which may include the Servicer, Master Servicer, Special Servicer and others.
Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received
from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly
disclaims any responsibility for the accuracy or completeness of information furnished by
third parties.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 113,125,000.00 97,109,327.25 0.00 4,446,012.58 0.00 0.00
M-1 18,371,000.00 18,371,000.00 0.00 0.00 0.00 0.00
M-2 10,636,000.00 10,636,000.00 0.00 0.00 0.00 0.00
M-3 5,640,000.00 5,640,000.00 0.00 0.00 0.00 0.00
M-4 3,142,000.00 3,142,000.00 0.00 0.00 0.00 0.00
M-5 2,417,000.00 2,417,000.00 0.00 0.00 0.00 0.00
CE-1 7,818,982.03 9,318,458.78 0.00 0.00 0.00 0.00
CE-2 0.00 0.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 161,150,082.03 146,633,886.03 0.00 4,446,012.58 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 4,446,012.58 92,663,314.67 0.81912322 4,446,012.58
M-1 0.00 18,371,000.00 1.00000000 0.00
M-2 0.00 10,636,000.00 1.00000000 0.00
M-3 0.00 5,640,000.00 1.00000000 0.00
M-4 0.00 3,142,000.00 1.00000000 0.00
M-5 0.00 2,417,000.00 1.00000000 0.00
CE-1 0.00 9,900,318.44 1.26619020 0.00
CE-2 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 4,446,012.58 142,769,733.11 0.88594266 4,446,012.58
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A-1 113,125,000.00 858.42499227 0.00000000 39.30176866 0.00000000
M-1 18,371,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 10,636,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 5,640,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 3,142,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 2,417,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE-1 7,818,982.03 1191.77390922 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 39.30176866 819.12322360 0.81912322 39.30176866
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE-1 0.00000000 0.00000000 1,266.19020251 1.26619020 0.00000000
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 113,125,000.00 4.04125% 97,109,327.25 348,838.28 0.00 0.00
M-1 18,371,000.00 4.34125% 18,371,000.00 70,891.65 0.00 0.00
M-2 10,636,000.00 5.14125% 10,636,000.00 48,606.52 0.00 0.00
M-3 5,640,000.00 6.64125% 5,640,000.00 33,294.80 0.00 0.00
M-4 3,142,000.00 6.64125% 3,142,000.00 18,548.27 0.00 0.00
M-5 2,417,000.00 6.64125% 2,417,000.00 14,268.36 0.00 0.00
CE-1 7,818,982.03 0.00000% 9,318,458.78 0.00 0.00 0.00
CE-2 0.00 0.00000% 0.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 161,150,082.03 534,447.88 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 0.00 348,838.28 0.00 92,663,314.67
M-1 0.00 0.00 70,891.65 0.00 18,371,000.00
M-2 0.00 0.00 48,606.52 0.00 10,636,000.00
M-3 0.00 0.00 33,294.80 0.00 5,640,000.00
M-4 0.00 0.00 18,548.27 0.00 3,142,000.00
M-5 0.00 0.00 14,268.36 0.00 2,417,000.00
CE-1 0.00 0.00 0.00 0.00 9,900,318.44
CE-2 0.00 0.00 31,816.33 0.00 0.00
P 0.00 0.00 43,096.60 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 609,360.81 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 113,125,000.00 4.04125% 858.42499227 3.08365330 0.00000000 0.00000000
M-1 18,371,000.00 4.34125% 1000.00000000 3.85888901 0.00000000 0.00000000
M-2 10,636,000.00 5.14125% 1000.00000000 4.57000000 0.00000000 0.00000000
M-3 5,640,000.00 6.64125% 1000.00000000 5.90333333 0.00000000 0.00000000
M-4 3,142,000.00 6.64125% 1000.00000000 5.90333227 0.00000000 0.00000000
M-5 2,417,000.00 6.64125% 1000.00000000 5.90333471 0.00000000 0.00000000
CE-1 7,818,982.03 0.00000% 1191.77390922 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 denomination.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 0.00000000 3.08365330 0.00000000 819.12322360
M-1 0.00000000 0.00000000 3.85888901 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.57000000 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 5.90333333 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 5.90333227 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 5.90333471 0.00000000 1000.00000000
CE-1 0.00000000 0.00000000 0.00000000 0.00000000 1266.19020251
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 430966.00000000 0.00000000 1000.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,060,894.26
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 399,712.80
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 43,096.60
Total Deposits 5,503,703.66
Withdrawals
Reimbursement for Servicer Advances 380,481.91
Payment of Service Fee 67,848.36
Payment of Interest and Principal 5,055,373.39
Total Withdrawals (Pool Distribution Amount) 5,503,703.66
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 58,989.23
Credit Risk Manager Fee- Risk Management Group, LLC 2,443.90
Master Servicing Fee 6,415.23
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 67,848.36
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 80 0 0 80
5,527,786.57 0.00 0.00 5,527,786.57
30 Days 176 17 2 0 195
14,098,206.45 1,026,979.21 77,294.53 0.00 15,202,480.19
60 Days 86 16 3 0 105
9,488,207.49 1,334,506.39 723,875.79 0.00 11,546,589.67
90 Days 53 12 15 0 80
5,963,843.37 1,127,926.66 1,747,917.46 0.00 8,839,687.49
120 Days 28 18 3 0 49
1,957,187.69 1,201,713.31 289,375.05 0.00 3,448,276.05
150 Days 11 8 1 0 20
822,464.03 732,202.24 100,485.36 0.00 1,655,151.63
180+ Days 31 62 10 1 104
2,456,231.03 4,911,785.19 754,614.97 62,582.22 8,185,213.41
Totals 385 213 34 1 633
34,786,140.06 15,862,899.57 3,693,563.16 62,582.22 54,405,185.01
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 5.301524% 0.000000% 0.000000% 5.301524%
3.870169% 0.000000% 0.000000% 3.870169%
30 Days 11.663353% 1.126574% 0.132538% 0.000000% 12.922465%
9.870576% 0.719019% 0.054116% 0.000000% 10.643711%
60 Days 5.699139% 1.060305% 0.198807% 0.000000% 6.958250%
6.642978% 0.934328% 0.506807% 0.000000% 8.084113%
90 Days 3.512260% 0.795229% 0.994036% 0.000000% 5.301524%
4.175465% 0.789695% 1.223769% 0.000000% 6.188930%
120 Days 1.855533% 1.192843% 0.198807% 0.000000% 3.247184%
1.370286% 0.841355% 0.202600% 0.000000% 2.414241%
150 Days 0.728960% 0.530152% 0.066269% 0.000000% 1.325381%
0.575832% 0.512637% 0.070353% 0.000000% 1.158821%
180+ Days 2.054341% 4.108681% 0.662691% 0.066269% 6.891981%
1.719681% 3.438888% 0.528329% 0.043816% 5.730713%
Totals 25.513585% 14.115308% 2.253148% 0.066269% 41.948310%
24.354818% 11.106091% 2.585974% 0.043816% 38.090698%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
1 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 76 0 0 76
5,224,328.07 0.00 0.00 5,224,328.07
30 Days 131 14 2 0 147
7,510,075.73 762,634.58 77,294.53 0.00 8,350,004.84
60 Days 64 12 2 0 78
4,706,002.65 949,799.53 273,427.23 0.00 5,929,229.41
90 Days 34 11 7 0 52
2,224,178.83 846,614.49 594,504.66 0.00 3,665,297.98
120 Days 24 14 2 0 40
1,463,046.77 606,893.00 106,494.86 0.00 2,176,434.63
150 Days 10 7 0 0 17
708,294.40 520,817.76 0.00 0.00 1,229,112.16
180+ Days 27 44 9 1 81
1,839,328.54 3,759,128.40 664,895.12 62,582.22 6,325,934.28
Totals 290 178 22 1 491
18,450,926.92 12,670,215.83 1,716,616.40 62,582.22 32,900,341.37
0-29 Days 6.451613% 0.000000% 0.000000% 6.451613%
6.345666% 0.000000% 0.000000% 6.345666%
30 Days 11.120543% 1.188455% 0.169779% 0.000000% 12.478778%
9.122021% 0.926325% 0.093885% 0.000000% 10.142230%
60 Days 5.432937% 1.018676% 0.169779% 0.000000% 6.621392%
5.716088% 1.153662% 0.332115% 0.000000% 7.201865%
90 Days 2.886248% 0.933786% 0.594228% 0.000000% 4.414261%
2.701571% 1.028330% 0.722108% 0.000000% 4.452009%
120 Days 2.037351% 1.188455% 0.169779% 0.000000% 3.395586%
1.777072% 0.737155% 0.129353% 0.000000% 2.643579%
150 Days 0.848896% 0.594228% 0.000000% 0.000000% 1.443124%
0.860321% 0.632605% 0.000000% 0.000000% 1.492926%
180+ Days 2.292020% 3.735144% 0.764007% 0.084890% 6.876061%
2.234118% 4.565979% 0.807607% 0.076015% 7.683718%
Totals 24.617997% 15.110357% 1.867572% 0.084890% 41.680815%
22.411190% 15.389721% 2.085067% 0.076015% 39.961993%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
2 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 4 0 0 4
303,458.50 0.00 0.00 303,458.50
30 Days 45 3 0 0 48
6,588,130.72 264,344.63 0.00 0.00 6,852,475.35
60 Days 22 4 1 0 27
4,782,204.84 384,706.86 450,448.56 0.00 5,617,360.26
90 Days 19 1 8 0 28
3,739,664.54 281,312.17 1,153,412.80 0.00 5,174,389.51
120 Days 4 4 1 0 9
494,140.92 594,820.31 182,880.19 0.00 1,271,841.42
150 Days 1 1 1 0 3
114,169.63 211,384.48 100,485.36 0.00 426,039.47
180+ Days 4 18 1 0 23
616,902.49 1,152,656.79 89,719.85 0.00 1,859,279.13
Totals 95 35 12 0 142
16,335,213.14 3,192,683.74 1,976,946.76 0.00 21,504,843.64
0-29 Days 1.208459% 0.000000% 0.000000% 1.208459%
0.501571% 0.000000% 0.000000% 0.501571%
30 Days 13.595166% 0.906344% 0.000000% 0.000000% 14.501511%
10.889193% 0.436922% 0.000000% 0.000000% 11.326115%
60 Days 6.646526% 1.208459% 0.302115% 0.000000% 8.157100%
7.904268% 0.635863% 0.744524% 0.000000% 9.284655%
90 Days 5.740181% 0.302115% 2.416918% 0.000000% 8.459215%
6.181105% 0.464967% 1.906419% 0.000000% 8.552491%
120 Days 1.208459% 1.208459% 0.302115% 0.000000% 2.719033%
0.816741% 0.983149% 0.302274% 0.000000% 2.102163%
150 Days 0.302115% 0.302115% 0.302115% 0.000000% 0.906344%
0.188705% 0.349387% 0.166087% 0.000000% 0.704179%
180+ Days 1.208459% 5.438066% 0.302115% 0.000000% 6.948640%
1.019647% 1.905169% 0.148293% 0.000000% 3.073110%
Totals 28.700906% 10.574018% 3.625378% 0.000000% 42.900302%
26.999660% 5.277028% 3.267597% 0.000000% 35.544285%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 399,712.80
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current
Original $ Original % Current $ Current % Class% Prepayment%
<s> <c> <c> <c> <c> <c> <c> <c>
Class M-1 29,654,082.03 18.40153083% 31,735,418.44 22.22839376% 12.867573% 0.000000%
Class M-2 19,018,082.03 11.80147214% 21,099,418.44 14.77863549% 7.449758% 0.000000%
Class M-3 13,378,082.03 8.30162905% 15,459,418.44 10.82821835% 3.950417% 0.000000%
Class M-4 10,236,082.03 6.35189378% 12,317,418.44 8.62747178% 2.200747% 0.000000%
Class CE-1 100.00 0.00006205% 100.00 0.00007004% 6.934466% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000070% 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 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 1 Mar-05 0.000%
Original Principal Balance 63,640.00 Apr-05 0.000%
Current Principal Balance 62,582.22 May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.043%
Sep-05 0.044%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 1 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 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 1 Mar-05 0.000%
Original Principal Balance 63,640.00 Apr-05 0.000%
Current Principal Balance 62,582.22 May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.074%
Sep-05 0.076%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 2 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 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>
Group 1 0110408800 Aug-2005 01-May-2001 MI 74.00 63,640.00
REO Loan Detail - All Mortgage Loans in REO during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
Group 1 0110408800 62,582.22 01-Jul-2004 13 10.850% 1,623.08
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 25 Oct-04 0.000%
Original Principal Balance 3,028,445.00 Nov-04 0.000%
Current Principal Balance 2,903,038.10 Dec-04 0.000%
Jan-05 0.000%
Current Foreclosure Total Feb-05 0.000%
Loans in Foreclosure 34 Mar-05 0.000%
Original Principal Balance 3,874,494.00 Apr-05 0.000%
Current Principal Balance 3,693,563.16 May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.559%
Sep-05 2.586%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 1 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 13 Oct-04 0.000%
Original Principal Balance 1,031,178.00 Nov-04 0.000%
Current Principal Balance 926,091.34 Dec-04 0.000%
Jan-05 0.000%
Current Foreclosure Total Feb-05 0.000%
Loans in Foreclosure 22 Mar-05 0.000%
Original Principal Balance 1,877,227.00 Apr-05 0.000%
Current Principal Balance 1,716,616.40 May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.974%
Sep-05 2.085%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Group 2 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 12 Oct-04 0.000%
Original Principal Balance 1,997,267.00 Nov-04 0.000%
Current Principal Balance 1,976,946.76 Dec-04 0.000%
Jan-05 0.000%
Current Foreclosure Total Feb-05 0.000%
Loans in Foreclosure 12 Mar-05 0.000%
Original Principal Balance 1,997,267.00 Apr-05 0.000%
Current Principal Balance 1,976,946.76 May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.000%
Sep-05 3.268%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period
Month
Loan First Original
Loan Entered Payment LTV at Principal
Group Number FC Date State Origination Balance
<s> <c> <c> <c> <c> <c> <c>
Group 1 0110206231 Sep-2005 01-Feb-1998 NY 90.00 60,300.00
Group 1 0110259823 Sep-2005 14-Sep-2000 IN 85.00 38,250.00
Group 1 0110260476 Sep-2005 24-Apr-1992 VA 75.00 84,750.00
Group 1 0110260666 Sep-2005 01-Jan-1994 MA 86.22 255,900.00
Group 1 0110367578 Aug-2005 20-Jan-2001 MI 74.27 63,499.00
Group 1 0110367710 Sep-2005 06-Aug-2000 OH 91.82 53,253.00
Group 1 0110370033 Sep-2005 01-Jul-1999 FL 80.00 34,400.00
Group 1 0110408621 Aug-2005 14-Oct-1998 MD 80.00 48,800.00
Group 1 0110408678 Aug-2005 20-Jan-2000 OH 85.00 68,000.00
Group 1 0110408707 Aug-2005 15-Jul-1998 AL 80.00 192,000.00
Group 1 0110408736 Sep-2005 20-Mar-2002 SC 53.19 25,000.00
Group 1 0110408821 Aug-2005 01-Dec-2001 NY 85.00 153,000.00
Group 1 0110408933 Sep-2005 04-Sep-2000 WI 70.00 45,500.00
Group 1 0110409067 Sep-2005 07-Mar-2001 PA 85.00 43,775.00
Group 1 0110409073 Aug-2005 16-Feb-2001 KS 100.00 50,000.00
Group 1 0110409096 Sep-2005 02-Feb-2001 PA 100.00 121,000.00
Group 1 0110409146 Aug-2005 01-May-2000 MD 75.00 51,750.00
Group 1 0110409823 Sep-2005 24-Jul-2002 SC 90.00 62,550.00
Group 1 0110410131 Sep-2005 07-Apr-2002 OH 90.00 76,500.00
Group 1 0110410369 Aug-2005 01-Jun-2002 NY 75.00 30,000.00
Group 1 0110410977 Sep-2005 21-Apr-2003 CT 80.25 130,000.00
Group 1 0110411322 Aug-2005 01-Mar-2002 MN 90.00 189,000.00
Group 2 0110173065 Sep-2005 01-Jul-2002 ID 80.00 90,720.00
Group 2 0110207375 Sep-2005 01-May-2003 KS 71.88 460,000.00
Group 2 0110259584 Sep-2005 01-Jun-2003 CO 80.00 144,000.00
Group 2 0110306007 Sep-2005 01-Apr-2004 AZ 90.00 189,000.00
Group 2 0110401680 Sep-2005 01-Jan-2005 CA 77.14 113,400.00
Group 2 0110407770 Sep-2005 01-Jul-2003 TX 47.20 50,500.00
Group 2 0110423508 Sep-2005 01-Oct-2004 GA 80.00 100,872.00
Group 2 0110433467 Sep-2005 01-May-2004 IL 90.00 184,500.00
Group 2 0110433469 Sep-2005 01-Sep-2004 FL 85.00 109,650.00
Group 2 0110433473 Sep-2005 01-Oct-2004 GA 85.00 106,250.00
Group 2 0110433486 Sep-2005 01-Sep-2004 NC 85.00 57,375.00
Group 2 0110436357 Sep-2005 01-Jan-2005 CA 85.00 391,000.00
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
Group 1 0110206231 57,965.04 01-Apr-2003 27 10.000% 1,378.83
Group 1 0110259823 36,008.01 14-May-2004 14 12.210% 1,052.37
Group 1 0110260476 51,048.84 24-Apr-2005 3 11.100% 1,363.47
Group 1 0110260666 212,083.02 01-May-2005 2 7.000% 3,453.85
Group 1 0110367578 62,293.95 20-Mar-2005 4 13.250% 2,647.48
Group 1 0110367710 44,081.79 06-Jun-2005 1 8.000% 835.46
Group 1 0110370033 33,212.74 01-Jun-2005 1 11.250% 893.79
Group 1 0110408621 40,801.61 14-Jan-2005 6 8.640% 833.70
Group 1 0110408678 65,994.13 20-Sep-2004 10 10.700% 1,687.23
Group 1 0110408707 157,309.04 15-Apr-2005 3 8.250% 3,099.84
Group 1 0110408736 22,504.95 20-Apr-2005 3 10.800% 581.36
Group 1 0110408821 150,760.51 01-Nov-2004 8 11.000% 3,968.03
Group 1 0110408933 44,200.91 04-Mar-2005 4 10.240% 1,079.23
Group 1 0110409067 42,743.35 07-Apr-2005 3 10.000% 1,018.04
Group 1 0110409073 46,786.48 16-Nov-2004 8 11.200% 1,256.19
Group 1 0110409096 118,771.22 02-Apr-2005 3 11.750% 3,348.68
Group 1 0110409146 50,739.83 01-Dec-2004 7 12.450% 1,519.37
Group 1 0110409823 61,344.21 24-Apr-2005 2 8.740% 1,268.79
Group 1 0110410131 74,825.34 07-Apr-2005 3 9.300% 1,652.39
Group 1 0110410369 29,574.89 01-Sep-2004 10 9.900% 697.07
Group 1 0110410977 127,301.92 21-Apr-2005 3 7.500% 2,236.40
Group 1 0110411322 186,264.62 01-Jan-2005 7 9.990% 4,432.10
Group 2 0110173065 89,719.85 01-Dec-2003 19 10.250% 2,190.22
Group 2 0110207375 450,448.56 01-May-2005 2 8.750% 8,184.43
Group 2 0110259584 141,367.69 01-Apr-2005 3 9.375% 2,906.78
Group 2 0110306007 187,069.30 01-Apr-2005 3 7.400% 3,229.59
Group 2 0110401680 113,364.19 01-Apr-2005 3 6.250% 1,629.60
Group 2 0110407770 49,760.29 01-Apr-2005 3 8.400% 982.77
Group 2 0110423508 100,485.36 01-Feb-2005 5 7.400% 1,740.38
Group 2 0110433467 182,880.19 01-Mar-2005 4 7.499% 3,197.36
Group 2 0110433469 109,142.07 01-Apr-2005 3 8.990% 2,316.54
Group 2 0110433473 105,764.83 01-Apr-2005 3 8.240% 2,045.16
Group 2 0110433486 57,059.01 01-Apr-2005 3 7.990% 1,068.44
Group 2 0110436357 389,885.42 01-Apr-2005 3 7.750% 7,061.53
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 8.450239%
Weighted Average Net Coupon 7.967492%
Weighted Average Pass-Through Rate 7.894992%
Weighted Average Maturity(Stepdown Calculation) 295
Beginning Scheduled Collateral Loan Count 1,540
Number Of Loans Paid In Full 31
Ending Scheduled Collateral Loan Count 1,509
Beginning Scheduled Collateral Balance 146,633,886.03
Ending Scheduled Collateral Balance 142,769,733.11
Ending Actual Collateral Balance at 31-Aug-2005 142,830,631.25
Monthly P&I Constant 1,199,285.82
Special Servicing Fee 0.00
Prepayment Penalties 43,096.60
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 166,709.71
Unscheduled Principal 3,697,443.21
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 581,859.66
Overcollateralized reduction Amount 0.00
Specified O/C Amount 11,763,955.99
Overcollateralized Amount 9,900,318.44
Overcollateralized Deficiency Amount 1,863,637.55
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 581,859.66
Excess Cash Amount 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 8.450239%
Weighted Average Net Rate 7.967492%
Weighted Average Pass Through Rate 7.894992%
Weighted Average Maturity 295
Record Date 08/31/2005
Principal and Interest Constant 1,199,285.82
Beginning Loan Count 1,540
Loans Paid in Full 31
Ending Loan Count 1,509
Beginning Scheduled Balance 146,633,886.03
Ending Scheduled Balance 142,769,733.11
Ending Actual Balance at 31-Aug-2005 142,830,631.25
Scheduled Principal 166,709.71
Unscheduled Principal 3,697,443.21
Scheduled Interest 1,032,576.11
Servicing Fee 58,989.23
Master Servicing Fee 6,415.23
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 2,443.90
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 964,727.75
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 43,096.60
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 581,859.66
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 11,763,955.99
Overcollateralized Amount 9,900,318.44
Overcollateralized Deficiency Amount 1,863,637.55
Base Overcollateralization Amount 0.00
Prepayment Detail - Prepayments during Current Period
Summary Loans Paid In Full Repurchased Loans
Original Current Original Current
Principal Principal Principal Principal
Group Count Balance Balance Count Balance Balance
<s> <c> <c> <c> <c> <c> <c>
Group 1 24 1,817,080.00 1,693,478.94 0 0.00 0.00
Group 2 7 2,004,810.00 1,984,864.12 0 0.00 0.00
Total 31 3,821,890.00 3,678,343.06 0 0.00 0.00
Prepayment Detail - Prepayments during Current Period (continued)
Summary Substitution Loans Liquidated Loans Curtailments
Original Current Original Current
Principal Principal Principal Principal Curtailment
Group Count Balance Balance Count Balance Balance Amount
<s> <c> <c> <c> <c> <c> <c> <c>
Group 1 0 0.00 0.00 0 0.00 0.00 11,013.43
Group 2 0 0.00 0.00 0 0.00 0.00 9,513.65
Total 0 0.00 0.00 0 0.00 0.00 20,527.08
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 0110259949 NJ 90.00 01-Jul-1994 270,000.00 226,646.03
Group 1 0110260330 NJ 80.00 23-Aug-1997 144,000.00 147,556.60
Group 1 0110305933 CA 100.00 01-Jul-2004 37,700.00 37,105.14
Group 1 0110367695 OH 90.00 23-Jun-1997 54,000.00 52,450.83
Group 1 0110367706 KS 33.57 15-Aug-2000 20,814.00 15,513.56
Group 1 0110367963 NJ 79.97 29-Sep-2000 71,177.00 69,921.44
Group 1 0110369381 OH 80.75 15-Apr-1999 43,603.00 43,486.42
Group 1 0110369713 OH 105.24 02-Sep-2000 110,500.00 109,435.20
Group 1 0110407822 NJ 85.26 01-Jan-1998 81,000.00 73,501.84
Group 1 0110407849 GA 90.00 01-Oct-1998 146,700.00 140,574.90
Group 1 0110408778 MO 72.31 01-Sep-1999 47,000.00 40,923.68
Group 1 0110408893 AZ 100.00 25-May-2001 25,000.00 22,985.58
Group 1 0110408943 MD 35.71 16-Jul-2000 35,000.00 357.32
Group 1 0110410138 IL 90.00 01-Mar-2002 95,400.00 93,284.18
Group 1 0110410435 IN 96.15 01-Feb-2003 75,000.00 73,000.12
Group 1 0110411175 CA 12.47 01-Jun-2002 28,000.00 24,716.75
Group 1 0110411284 CO 100.00 19-Feb-2002 71,000.00 69,893.17
Group 1 0110423609 IL 95.00 01-Oct-2004 14,000.00 13,295.91
Group 1 0110426224 HI 100.00 01-Mar-2004 21,600.00 21,043.19
Group 1 0110426242 CA 100.00 01-Aug-2004 51,200.00 50,898.31
Group 1 0110433457 PA 39.47 01-May-2004 60,000.00 58,816.93
Group 1 0110433482 CA 85.78 01-Jul-2004 193,000.00 191,058.97
Group 1 0110475897 FL 100.00 01-Mar-2005 35,000.00 34,923.34
Group 1 0110549881 UT 0.00 01-Jul-1998 86,386.00 79,606.96
Group 2 0110206060 CA 80.00 01-Jan-2003 600,000.00 591,760.69
Group 2 0110401705 CO 80.00 01-Jan-2005 118,400.00 118,400.00
Group 2 0110407604 CA 85.00 01-Nov-2004 157,250.00 153,090.44
Group 2 0110407787 FL 80.00 01-Oct-2003 128,000.00 125,635.61
Group 2 0110408375 KY 80.00 01-Feb-2005 52,000.00 51,769.04
Group 2 0110426259 CA 65.00 01-Feb-2004 341,250.00 335,437.79
Group 2 0110475951 MD 100.00 01-Feb-2005 607,910.00 607,910.00
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 0110259949 Loan Paid in Full 14 7.250% 360 134
Group 1 0110260330 Loan Paid in Full 3 9.650% 180 96
Group 1 0110305933 Loan Paid in Full 0 12.150% 240 14
Group 1 0110367695 Loan Paid in Full 0 11.240% 364 98
Group 1 0110367706 Loan Paid in Full 3 13.740% 180 61
Group 1 0110367963 Loan Paid in Full 0 13.250% 360 59
Group 1 0110369381 Loan Paid in Full 0 12.500% 363 77
Group 1 0110369713 Loan Paid in Full 0 11.500% 360 60
Group 1 0110407822 Loan Paid in Full 0 9.875% 360 92
Group 1 0110407849 Loan Paid in Full 17 9.750% 180 83
Group 1 0110408778 Loan Paid in Full 6 9.300% 240 72
Group 1 0110408893 Loan Paid in Full 0 10.900% 240 51
Group 1 0110408943 Loan Paid in Full (2) 11.900% 360 62
Group 1 0110410138 Loan Paid in Full 0 10.100% 180 42
Group 1 0110410435 Loan Paid in Full 0 7.250% 360 31
Group 1 0110411175 Loan Paid in Full 1 9.740% 180 39
Group 1 0110411284 Loan Paid in Full 0 11.900% 360 42
Group 1 0110423609 Loan Paid in Full 0 11.999% 120 11
Group 1 0110426224 Loan Paid in Full 0 9.900% 240 18
Group 1 0110426242 Loan Paid in Full (1) 10.500% 360 13
Group 1 0110433457 Loan Paid in Full (1) 6.200% 360 16
Group 1 0110433482 Loan Paid in Full 0 7.875% 360 14
Group 1 0110475897 Loan Paid in Full 0 11.000% 360 6
Group 1 0110549881 Loan Paid in Full 0 8.250% 364 86
Group 2 0110206060 Loan Paid in Full 1 11.900% 360 32
Group 2 0110401705 Loan Paid in Full 0 6.000% 360 8
Group 2 0110407604 Loan Paid in Full (1) 6.550% 360 10
Group 2 0110407787 Loan Paid in Full (1) 7.450% 360 23
Group 2 0110408375 Loan Paid in Full 0 8.400% 360 7
Group 2 0110426259 Loan Paid in Full 0 6.900% 360 19
Group 2 0110475951 Loan Paid in Full 0 8.250% 360 7
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.523% Current Month 26.410% Current Month 440.168%
3 Month Average 3.820% 3 Month Average 36.921% 3 Month Average 615.346%
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 39.867% N/A Jul-2005 664.449% N/A
Aug-2005 44.485% N/A Aug-2005 741.419% N/A
Sep-2005 26.410% N/A Sep-2005 440.168% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
Group 1
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.026% Current Month 21.780% Current Month 362.999%
3 Month Average 2.522% 3 Month Average 26.329% 3 Month Average 438.813%
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 26.989% N/A Jul-2005 449.824% N/A
Aug-2005 30.217% N/A Aug-2005 503.615% N/A
Sep-2005 21.780% N/A Sep-2005 362.999% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
Group 2
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 3.191% Current Month 32.241% Current Month 812.711%
3 Month Average 5.476% 3 Month Average 48.042% 3 Month Average 1,305.089%
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 52.964% N/A Jul-2005 1,533.545% N/A
Aug-2005 58.920% N/A Aug-2005 1,569.011% N/A
Sep-2005 32.241% N/A Sep-2005 812.711% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
<FN>
Calculation Methodology:
Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled
Principal)
Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12)
PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS))
Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal
Balance))
</FN>
Realized Loss Detail Report - Loans with Losses during Current Period
Summary
# Loans Prior Realized Current
with Principal Loss/(Gain) Loss
Group Losses Balance Amount Percentage
<s> <c> <c> <c> <c>
Group 1 0 0.00 0.00 0.000%
Group 2 0 0.00 0.00 0.000%
Total 0 0.00 0.00 0.000%
Realized Loss Loan Detail Report - Loans With Losses during Current Period
Original Current
Loan Principal Note LTV at Original
Group Number Balance Rate State Origination Term
<s> <c> <c> <c> <c> <c> <c>
No losses this period.
Realized Loss Loan Detail Report - Loans With Losses during Current Period (continued)
Prior Cumulative
Loan Principal Realized Realized
Group Number Balance Loss/(Gain) Loss/(Gain)
<s> <c> <c> <c> <c>
No losses this period.
Realized Loss Report - Collateral
Summary
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
Aug-2005 0.000% N/A Aug-2005 0.000% N/A
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 0.000% N/A Jul-2005 0.000% 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.
Group 1
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
Aug-2005 0.000% N/A Aug-2005 0.000% N/A
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 0.000% N/A Jul-2005 0.000% 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.
Group 2
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
Aug-2005 0.000% N/A Aug-2005 0.000% N/A
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 0.000% N/A Jul-2005 0.000% 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>