UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 25, 2005
IMPAC SECURED ASSETS CORPORATION
Mortgage Pass-Through Certificates, Series 2005-1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-117991-03
Pooling and Servicing Agreement) (Commission 54-2176762
(State or other File Number) 54-2176763
jurisdiction 54-2176764
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
Subsequent to filing the 8-K relating to the payment date on July 25, 2005, a
revision was made to the IMPAC SECURED ASSETS CORPORATION, Mortgage Pass-Through
Certificates, Series 2005-1 Trust which was not included in the original 8-K
filed. The 8-K is being amended because the deal delinquencies were updated.
This revision was not previously disclosed in a 1934 Act filing. The revised
data has been and will continue to be available on the Wells Fargo Bank, website
at www.ctslink.com.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Amended monthly report distributed to
holders of Mortgage Pass-Through
Certificates, Series 2005-1 Trust,
relating to the July 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.
IMPAC SECURED ASSETS CORPORATION
Mortgage Pass-Through Certificates, Series 2005-1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Trustee
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 10/24/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Amended monthly report distributed to holders of
Mortgage Pass-Through Certificates, Series 2005-1
Trust, relating to the July 25, 2005 distribution.
EX-99.1
Impac Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
Record Date: 6/30/2005
Distribution Date: 7/25/2005
Impac Mortgage Pass-Through Certificates
Mortgage Pass-Through 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>
1A1 45254TRN6 SEN 4.29462% 25,200,000.00 90,187.08
1AX 45254TSK1 SEN 0.86000% 0.00 18,060.00
2A1 45254TRP1 SEN 5.25384% 18,136,000.00 79,403.06
3A1 45254TRQ9 SEN 4.98739% 62,836,000.00 261,156.23
3AX 45254TSL9 SEN 0.35000% 0.00 30,423.17
4A1 45254TRR7 SEN 5.15033% 11,922,000.00 51,168.52
5A1 45254TRS5 SEN 3.46000% 45,000,000.00 194,625.00
5A2 45254TRT3 SEN 3.30000% 115,719,000.00 477,340.88
5A3 45254TRU0 SEN 3.47000% 160,394,000.00 695,708.97
5A4 45254TRV8 SEN 3.57000% 19,837,000.00 88,522.61
5A5 45254TRW6 SEN 3.54000% 37,884,000.00 167,636.70
5A6 45254TRX4 SEN 3.50000% 50,000,000.00 218,750.00
5A7 45254TRY2 SEN 3.54000% 12,500,000.00 55,312.50
5AX 45254TRZ9 SEN 0.57894% 0.00 286,231.08
B1 45254TSD7 SUB 5.63615% 30,745,000.00 144,402.73
B2 45254TSE5 SUB 5.63615% 13,946,000.00 65,501.40
B3 45254TSF2 SUB 5.63615% 8,875,000.00 41,683.99
B4 45254TSG0 SUB 5.63615% 8,874,000.00 41,679.29
B5 45254TSH8 SUB 5.63615% 6,973,000.00 32,750.70
B6 45254TSJ4 SUB 5.63615% 5,072,171.20 23,822.91
R1 45254TSA3 SEN 4.29462% 100.00 0.36
R2 45254TSB1 SEN 4.29462% 100.00 0.36
R3 45254TSC9 SEN 4.29462% 100.00 0.36
Totals 633,913,471.20 3,064,367.90
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
1A1 1,367.26 0.00 25,198,632.74 91,554.34 0.00
1AX 0.00 0.00 0.00 18,060.00 0.00
2A1 1,736.79 0.00 18,134,263.21 81,139.85 0.00
3A1 511,831.58 0.00 62,324,168.42 772,987.81 0.00
3AX 0.00 0.00 0.00 30,423.17 0.00
4A1 394,263.03 0.00 11,527,736.97 445,431.55 0.00
5A1 944,260.97 0.00 44,055,739.03 1,138,885.97 0.00
5A2 6,210,089.64 0.00 109,508,910.36 6,687,430.52 0.00
5A3 0.00 0.00 160,394,000.00 695,708.97 0.00
5A4 0.00 0.00 19,837,000.00 88,522.61 0.00
5A5 794,941.84 0.00 37,089,058.16 962,578.54 0.00
5A6 1,049,178.86 0.00 48,950,821.14 1,267,928.86 0.00
5A7 262,294.71 0.00 12,237,705.29 317,607.21 0.00
5AX 0.00 0.00 0.00 286,231.08 0.00
B1 2,026.67 0.00 30,742,973.33 146,429.40 0.00
B2 919.30 0.00 13,945,080.70 66,420.70 0.00
B3 585.03 0.00 8,874,414.97 42,269.02 0.00
B4 584.96 0.00 8,873,415.04 42,264.25 0.00
B5 459.65 0.00 6,972,540.35 33,210.35 0.00
B6 334.35 0.00 5,071,836.85 24,157.26 0.00
R1 100.00 0.00 0.00 100.36 0.00
R2 100.00 0.00 0.00 100.36 0.00
R3 100.00 0.00 0.00 100.36 0.00
Totals 10,175,174.64 0.00 623,738,296.56 13,239,542.54 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>
1A1 25,200,000.00 25,200,000.00 568.17 799.09 0.00 0.00
1AX 0.00 0.00 0.00 0.00 0.00 0.00
2A1 18,136,000.00 18,136,000.00 3.72 1,733.07 0.00 0.00
3A1 62,836,000.00 62,836,000.00 951.67 510,879.91 0.00 0.00
3AX 0.00 0.00 0.00 0.00 0.00 0.00
4A1 11,922,000.00 11,922,000.00 1,261.77 393,001.26 0.00 0.00
5A1 45,000,000.00 45,000,000.00 3,482.10 940,778.87 0.00 0.00
5A2 115,719,000.00 115,719,000.00 22,900.59 6,187,189.05 0.00 0.00
5A3 160,394,000.00 160,394,000.00 0.00 0.00 0.00 0.00
5A4 19,837,000.00 19,837,000.00 0.00 0.00 0.00 0.00
5A5 37,884,000.00 37,884,000.00 2,931.46 792,010.37 0.00 0.00
5A6 50,000,000.00 50,000,000.00 3,869.00 1,045,309.86 0.00 0.00
5A7 12,500,000.00 12,500,000.00 967.25 261,327.46 0.00 0.00
5AX 0.00 0.00 0.00 0.00 0.00 0.00
B1 30,745,000.00 30,745,000.00 2,026.67 0.00 0.00 0.00
B2 13,946,000.00 13,946,000.00 919.30 0.00 0.00 0.00
B3 8,875,000.00 8,875,000.00 585.03 0.00 0.00 0.00
B4 8,874,000.00 8,874,000.00 584.96 0.00 0.00 0.00
B5 6,973,000.00 6,973,000.00 459.65 0.00 0.00 0.00
B6 5,072,171.20 5,072,171.20 334.35 0.00 0.00 0.00
R1 100.00 100.00 41.56 58.44 0.00 0.00
R2 100.00 100.00 41.56 58.44 0.00 0.00
R3 100.00 100.00 41.56 58.44 0.00 0.00
Totals 633,913,471.20 633,913,471.20 41,970.37 10,133,204.26 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>
1A1 1,367.26 25,198,632.74 0.99994574 1,367.26
1AX 0.00 0.00 0.00000000 0.00
2A1 1,736.79 18,134,263.21 0.99990424 1,736.79
3A1 511,831.58 62,324,168.42 0.99185449 511,831.58
3AX 0.00 0.00 0.00000000 0.00
4A1 394,263.03 11,527,736.97 0.96692979 394,263.03
5A1 944,260.97 44,055,739.03 0.97901642 944,260.97
5A2 6,210,089.64 109,508,910.36 0.94633475 6,210,089.64
5A3 0.00 160,394,000.00 1.00000000 0.00
5A4 0.00 19,837,000.00 1.00000000 0.00
5A5 794,941.84 37,089,058.16 0.97901642 794,941.84
5A6 1,049,178.86 48,950,821.14 0.97901642 1,049,178.86
5A7 262,294.71 12,237,705.29 0.97901642 262,294.71
5AX 0.00 0.00 0.00000000 0.00
B1 2,026.67 30,742,973.33 0.99993408 2,026.67
B2 919.30 13,945,080.70 0.99993408 919.30
B3 585.03 8,874,414.97 0.99993408 585.03
B4 584.96 8,873,415.04 0.99993408 584.96
B5 459.65 6,972,540.35 0.99993408 459.65
B6 334.35 5,071,836.85 0.99993408 334.35
R1 100.00 0.00 0.00000000 100.00
R2 100.00 0.00 0.00000000 100.00
R3 100.00 0.00 0.00000000 100.00
Totals 10,175,174.64 623,738,296.56 0.98394864 10,175,174.64
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>
1A1 25,200,000.00 1000.00000000 0.02254643 0.03170992 0.00000000
1AX 0.00 0.00000000 0.00000000 0.00000000 0.00000000
2A1 18,136,000.00 1000.00000000 0.00020512 0.09555966 0.00000000
3A1 62,836,000.00 1000.00000000 0.01514530 8.13036969 0.00000000
3AX 0.00 0.00000000 0.00000000 0.00000000 0.00000000
4A1 11,922,000.00 1000.00000000 0.10583543 32.96437343 0.00000000
5A1 45,000,000.00 1000.00000000 0.07738000 20.90619711 0.00000000
5A2 115,719,000.00 1000.00000000 0.19789827 53.46735670 0.00000000
5A3 160,394,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
5A4 19,837,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
5A5 37,884,000.00 1000.00000000 0.07737990 20.90619708 0.00000000
5A6 50,000,000.00 1000.00000000 0.07738000 20.90619720 0.00000000
5A7 12,500,000.00 1000.00000000 0.07738000 20.90619680 0.00000000
5AX 0.00 0.00000000 0.00000000 0.00000000 0.00000000
B1 30,745,000.00 1000.00000000 0.06591869 0.00000000 0.00000000
B2 13,946,000.00 1000.00000000 0.06591854 0.00000000 0.00000000
B3 8,875,000.00 1000.00000000 0.06591887 0.00000000 0.00000000
B4 8,874,000.00 1000.00000000 0.06591841 0.00000000 0.00000000
B5 6,973,000.00 1000.00000000 0.06591854 0.00000000 0.00000000
B6 5,072,171.20 1000.00000000 0.06591852 0.00000000 0.00000000
R1 100.00 1000.00000000 415.60000000 584.40000000 0.00000000
R2 100.00 1000.00000000 415.60000000 584.40000000 0.00000000
R3 100.00 1000.00000000 415.60000000 584.40000000 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>
1A1 0.00000000 0.05425635 999.94574365 0.99994574 0.05425635
1AX 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2A1 0.00000000 0.09576478 999.90423522 0.99990424 0.09576478
3A1 0.00000000 8.14551499 991.85448501 0.99185449 8.14551499
3AX 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
4A1 0.00000000 33.07020886 966.92979114 0.96692979 33.07020886
5A1 0.00000000 20.98357711 979.01642289 0.97901642 20.98357711
5A2 0.00000000 53.66525497 946.33474503 0.94633475 53.66525497
5A3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
5A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
5A5 0.00000000 20.98357724 979.01642276 0.97901642 20.98357724
5A6 0.00000000 20.98357720 979.01642280 0.97901642 20.98357720
5A7 0.00000000 20.98357680 979.01642320 0.97901642 20.98357680
5AX 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B1 0.00000000 0.06591869 999.93408131 0.99993408 0.06591869
B2 0.00000000 0.06591854 999.93408146 0.99993408 0.06591854
B3 0.00000000 0.06591887 999.93408113 0.99993408 0.06591887
B4 0.00000000 0.06591841 999.93408159 0.99993408 0.06591841
B5 0.00000000 0.06591854 999.93408146 0.99993408 0.06591854
B6 0.00000000 0.06591852 999.93408148 0.99993408 0.06591852
R1 0.00000000 1000.00000000 0.00000000 0.00000000 1,000.00000000
R2 0.00000000 1000.00000000 0.00000000 0.00000000 1,000.00000000
R3 0.00000000 1000.00000000 0.00000000 0.00000000 1,000.00000000
<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>
1A1 25,200,000.00 4.29462% 25,200,000.00 90,187.08 0.00 0.00
1AX 0.00 0.86000% 25,200,000.00 18,060.00 0.00 0.00
2A1 18,136,000.00 5.25384% 18,136,000.00 79,403.06 0.00 0.00
3A1 62,836,000.00 4.98739% 62,836,000.00 261,156.23 0.00 0.00
3AX 0.00 0.35000% 62,836,000.00 18,327.17 0.00 0.00
4A1 11,922,000.00 5.15033% 11,922,000.00 51,168.52 0.00 0.00
5A1 45,000,000.00 3.46000% 45,000,000.00 194,625.00 0.00 0.00
5A2 115,719,000.00 3.30000% 115,719,000.00 477,340.88 0.00 0.00
5A3 160,394,000.00 3.47000% 160,394,000.00 695,708.97 0.00 0.00
5A4 19,837,000.00 3.57000% 19,837,000.00 88,522.61 0.00 0.00
5A5 37,884,000.00 3.54000% 37,884,000.00 167,636.70 0.00 0.00
5A6 50,000,000.00 3.50000% 50,000,000.00 218,750.00 0.00 0.00
5A7 12,500,000.00 3.54000% 12,500,000.00 55,312.50 0.00 0.00
5AX 0.00 0.57894% 441,334,000.00 212,922.21 0.00 0.00
B1 30,745,000.00 5.63615% 30,745,000.00 144,402.73 0.00 0.00
B2 13,946,000.00 5.63615% 13,946,000.00 65,501.40 0.00 0.00
B3 8,875,000.00 5.63615% 8,875,000.00 41,683.99 0.00 0.00
B4 8,874,000.00 5.63615% 8,874,000.00 41,679.29 0.00 0.00
B5 6,973,000.00 5.63615% 6,973,000.00 32,750.70 0.00 0.00
B6 5,072,171.20 5.63615% 5,072,171.20 23,822.91 0.00 0.00
R1 100.00 4.29462% 100.00 0.36 0.00 0.00
R2 100.00 4.29462% 100.00 0.36 0.00 0.00
R3 100.00 4.29462% 100.00 0.36 0.00 0.00
Totals 633,913,471.20 2,978,963.03 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>
1A1 0.00 0.00 90,187.08 0.00 25,198,632.74
1AX 0.00 0.00 18,060.00 0.00 25,198,632.74
2A1 0.00 0.00 79,403.06 0.00 18,134,263.21
3A1 0.00 0.00 261,156.23 0.00 62,324,168.42
3AX 0.00 0.00 30,423.17 0.00 62,324,168.42
4A1 0.00 0.00 51,168.52 0.00 11,527,736.97
5A1 0.00 0.00 194,625.00 0.00 44,055,739.03
5A2 0.00 0.00 477,340.88 0.00 109,508,910.36
5A3 0.00 0.00 695,708.97 0.00 160,394,000.00
5A4 0.00 0.00 88,522.61 0.00 19,837,000.00
5A5 0.00 0.00 167,636.70 0.00 37,089,058.16
5A6 0.00 0.00 218,750.00 0.00 48,950,821.14
5A7 0.00 0.00 55,312.50 0.00 12,237,705.29
5AX 0.00 0.00 286,231.08 0.00 432,073,233.98
B1 0.00 0.00 144,402.73 0.00 30,742,973.33
B2 0.00 0.00 65,501.40 0.00 13,945,080.70
B3 0.00 0.00 41,683.99 0.00 8,874,414.97
B4 0.00 0.00 41,679.29 0.00 8,873,415.04
B5 0.00 0.00 32,750.70 0.00 6,972,540.35
B6 0.00 0.00 23,822.91 0.00 5,071,836.85
R1 0.00 0.00 0.36 0.00 0.00
R2 0.00 0.00 0.36 0.00 0.00
R3 0.00 0.00 0.36 0.00 0.00
Totals 0.00 0.00 3,064,367.90 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>
1A1 25,200,000.00 4.29462% 1000.00000000 3.57885238 0.00000000 0.00000000
1AX 0.00 0.86000% 1000.00000000 0.71666667 0.00000000 0.00000000
2A1 18,136,000.00 5.25384% 1000.00000000 4.37820137 0.00000000 0.00000000
3A1 62,836,000.00 4.98739% 1000.00000000 4.15615618 0.00000000 0.00000000
3AX 0.00 0.35000% 1000.00000000 0.29166672 0.00000000 0.00000000
4A1 11,922,000.00 5.15033% 1000.00000000 4.29194095 0.00000000 0.00000000
5A1 45,000,000.00 3.46000% 1000.00000000 4.32500000 0.00000000 0.00000000
5A2 115,719,000.00 3.30000% 1000.00000000 4.12500004 0.00000000 0.00000000
5A3 160,394,000.00 3.47000% 1000.00000000 4.33749997 0.00000000 0.00000000
5A4 19,837,000.00 3.57000% 1000.00000000 4.46249987 0.00000000 0.00000000
5A5 37,884,000.00 3.54000% 1000.00000000 4.42500000 0.00000000 0.00000000
5A6 50,000,000.00 3.50000% 1000.00000000 4.37500000 0.00000000 0.00000000
5A7 12,500,000.00 3.54000% 1000.00000000 4.42500000 0.00000000 0.00000000
5AX 0.00 0.57894% 1000.00000000 0.48245141 0.00000000 0.00000000
B1 30,745,000.00 5.63615% 1000.00000000 4.69678745 0.00000000 0.00000000
B2 13,946,000.00 5.63615% 1000.00000000 4.69678761 0.00000000 0.00000000
B3 8,875,000.00 5.63615% 1000.00000000 4.69678761 0.00000000 0.00000000
B4 8,874,000.00 5.63615% 1000.00000000 4.69678724 0.00000000 0.00000000
B5 6,973,000.00 5.63615% 1000.00000000 4.69678761 0.00000000 0.00000000
B6 5,072,171.20 5.63615% 1000.00000000 4.69678744 0.00000000 0.00000000
R1 100.00 4.29462% 1000.00000000 3.60000000 0.00000000 0.00000000
R2 100.00 4.29462% 1000.00000000 3.60000000 0.00000000 0.00000000
R3 100.00 4.29462% 1000.00000000 3.60000000 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>
1A1 0.00000000 0.00000000 3.57885238 0.00000000 999.94574365
1AX 0.00000000 0.00000000 0.71666667 0.00000000 999.94574365
2A1 0.00000000 0.00000000 4.37820137 0.00000000 999.90423522
3A1 0.00000000 0.00000000 4.15615618 0.00000000 991.85448501
3AX 0.00000000 0.00000000 0.48416783 0.00000000 991.85448501
4A1 0.00000000 0.00000000 4.29194095 0.00000000 966.92979114
5A1 0.00000000 0.00000000 4.32500000 0.00000000 979.01642289
5A2 0.00000000 0.00000000 4.12500004 0.00000000 946.33474503
5A3 0.00000000 0.00000000 4.33749997 0.00000000 1000.00000000
5A4 0.00000000 0.00000000 4.46249987 0.00000000 1000.00000000
5A5 0.00000000 0.00000000 4.42500000 0.00000000 979.01642276
5A6 0.00000000 0.00000000 4.37500000 0.00000000 979.01642280
5A7 0.00000000 0.00000000 4.42500000 0.00000000 979.01642320
5AX 0.00000000 0.00000000 0.64855887 0.00000000 979.01642289
B1 0.00000000 0.00000000 4.69678745 0.00000000 999.93408131
B2 0.00000000 0.00000000 4.69678761 0.00000000 999.93408146
B3 0.00000000 0.00000000 4.69678761 0.00000000 999.93408113
B4 0.00000000 0.00000000 4.69678724 0.00000000 999.93408159
B5 0.00000000 0.00000000 4.69678761 0.00000000 999.93408146
B6 0.00000000 0.00000000 4.69678744 0.00000000 999.93408148
R1 0.00000000 0.00000000 3.60000000 0.00000000 0.00000000
R2 0.00000000 0.00000000 3.60000000 0.00000000 0.00000000
R3 0.00000000 0.00000000 3.60000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 13,439,753.48
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 13,439,753.48
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 200,210.94
Payment of Interest and Principal 13,239,542.54
Total Withdrawals (Pool Distribution Amount) 13,439,753.48
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 198,097.89
Wells Fargo Bank, N.A. 2,113.05
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 200,210.94
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 0.00 0.00 0.00 0.00
Reserve Fund 200.00 200.00 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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 2 0 0 0 2
484,600.00 0.00 0.00 0.00 484,600.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 2 0 0 0 2
484,600.00 0.00 0.00 0.00 484,600.00
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 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.093197% 0.000000% 0.000000% 0.000000% 0.093197%
0.077693% 0.000000% 0.000000% 0.000000% 0.077693%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.093197% 0.000000% 0.000000% 0.000000% 0.093197%
0.077693% 0.000000% 0.000000% 0.000000% 0.077693%
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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
3 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
4 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
5 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 2 0 0 0 2
484,600.00 0.00 0.00 0.00 484,600.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 2 0 0 0 2
484,600.00 0.00 0.00 0.00 484,600.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.114220% 0.000000% 0.000000% 0.000000% 0.114220%
0.098833% 0.000000% 0.000000% 0.000000% 0.098833%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.114220% 0.000000% 0.000000% 0.000000% 0.114220%
0.098833% 0.000000% 0.000000% 0.000000% 0.098833%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
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 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current REO Total Dec-04 0.000%
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
1 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current REO Total Dec-04 0.000%
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
2 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current REO Total Dec-04 0.000%
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
3 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current REO Total Dec-04 0.000%
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
4 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current REO Total Dec-04 0.000%
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
5 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current REO Total Dec-04 0.000%
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
1 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
2 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
3 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
4 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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.
5 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Aug-04 0.000%
Original Principal Balance 0.00 Sep-04 0.000%
Current Principal Balance 0.00 Oct-04 0.000%
Nov-04 0.000%
Current Foreclosure Total Dec-04 0.000%
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-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 Mixed Fixed & Arm
Weighted Average Gross Coupon 6.085347%
Weighted Average Net Coupon 5.710348%
Weighted Average Pass-Through Rate 5.639186%
Weighted Average Maturity(Stepdown Calculation) 358
Beginning Scheduled Collateral Loan Count 2,180
Number Of Loans Paid In Full 34
Ending Scheduled Collateral Loan Count 2,146
Beginning Scheduled Collateral Balance 633,913,471.20
Ending Scheduled Collateral Balance 623,738,296.56
Ending Actual Collateral Balance at 30-Jun-2005 623,738,296.56
Monthly P&I Constant 3,256,622.44
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 41,970.36
Unscheduled Principal 10,133,004.28
Group Level Collateral Statement
Group 1 2 3
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 5.568799 5.662841 5.754107
Weighted Average Net Rate 5.193799 5.287841 5.379107
Weighted Average Maturity 358 358 359
Beginning Loan Count 90 54 217
Loans Paid In Full 0 0 1
Ending Loan Count 90 54 216
Beginning Scheduled Balance 28,749,443.71 20,608,783.47 71,396,416.14
Ending Scheduled Balance 28,747,878.87 20,607,046.17 70,884,454.91
Record Date 06/30/2005 06/30/2005 06/30/2005
Principal And Interest Constant 134,206.97 97,257.78 343,433.53
Scheduled Principal 790.42 4.23 1,081.32
Unscheduled Principal 774.42 1,733.07 510,879.91
Scheduled Interest 133,416.55 97,253.55 342,352.21
Servicing Fees 8,984.20 6,440.24 22,311.38
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 95.83 68.70 237.99
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 842.70 515.22 2,244.34
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 123,493.82 90,229.39 317,558.50
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 5.154625 5.253841 5.337386
Group Level Collateral Statement
Group 4 5 Total
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 5.559330 6.194130 6.085347
Weighted Average Net Rate 5.184330 5.819130 5.710348
Weighted Average Maturity 358 358 358
Beginning Loan Count 36 1,783 2,180
Loans Paid In Full 1 32 34
Ending Loan Count 35 1,751 2,146
Beginning Scheduled Balance 13,572,299.67 499,586,328.21 633,913,271.20
Ending scheduled Balance 13,177,861.98 490,321,054.63 623,738,296.56
Record Date 06/30/2005 06/30/2005 06/30/2005
Principal And Interest Constant 64,313.84 2,617,410.32 3,256,622.44
Scheduled Principal 1,436.43 38,657.96 41,970.36
Unscheduled Principal 393,001.26 9,226,615.62 10,133,004.28
Scheduled Interest 62,877.41 2,578,752.36 3,214,652.08
Servicing Fees 4,241.34 156,120.73 198,097.89
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 45.24 1,665.29 2,113.05
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 339.31 31,537.36 35,478.93
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 58,251.52 2,389,428.98 2,978,962.21
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 5.150330 5.739378 5.639186
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>
1 0 0.00 0.00 0 0.00 0.00
2 0 0.00 0.00 0 0.00 0.00
3 1 504,000.00 504,000.00 0 0.00 0.00
4 1 392,000.00 392,000.00 0 0.00 0.00
5 32 9,217,475.00 9,195,581.27 0 0.00 0.00
Total 34 10,113,475.00 10,091,581.27 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>
1 0 0.00 0.00 0 0.00 0.00 774.42
2 0 0.00 0.00 0 0.00 0.00 1,733.07
3 0 0.00 0.00 0 0.00 0.00 7,364.36
4 0 0.00 0.00 0 0.00 0.00 1,001.26
5 0 0.00 0.00 0 0.00 0.00 33,544.15
Total 0 0.00 0.00 0 0.00 0.00 44,417.26
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>
3 1103406594 CA 0.00 01-Jun-2005 504,000.00 503,515.55
4 1103372003 MD 0.00 01-Jun-2005 392,000.00 392,000.00
5 1103182178 NJ 0.00 01-May-2005 251,800.00 251,800.00
5 1103217819 FL 0.00 01-Sep-2004 100,000.00 100,000.00
5 1103375501 CA 0.00 01-May-2005 202,020.00 201,650.25
5 1103378165 NJ 0.00 01-Apr-2005 232,000.00 231,251.25
5 1103382127 NJ 0.00 01-May-2005 244,200.00 243,449.40
5 1103384230 NV 0.00 01-May-2005 184,388.00 184,388.00
5 1103386730 FL 0.00 01-Jun-2005 262,500.00 262,500.00
5 1103390271 FL 0.00 01-Jun-2005 106,700.00 106,700.00
5 1103395797 CA 0.00 01-May-2005 232,400.00 232,400.00
5 1103397870 FL 0.00 01-May-2005 131,220.00 130,887.38
5 1103398026 CA 0.00 01-May-2005 178,500.00 178,500.00
5 1103398205 VA 0.00 01-May-2005 183,158.00 183,158.00
5 1103398397 FL 0.00 01-Jun-2005 146,065.00 146,065.00
5 1103398631 FL 0.00 01-May-2005 136,207.00 136,207.00
5 1103400007 CA 0.00 01-May-2005 231,200.00 230,737.96
5 1103407164 CA 0.00 01-May-2005 611,000.00 611,000.00
5 1103409308 GA 0.00 01-May-2005 164,000.00 163,584.29
5 1103411047 IL 0.00 01-May-2005 253,300.00 252,906.58
5 1103411090 CA 0.00 01-May-2005 232,000.00 232,000.00
5 1103411327 CA 0.00 01-May-2005 264,517.00 264,517.00
5 1103411473 FL 0.00 01-May-2005 261,100.00 260,316.30
5 1103412482 NJ 0.00 01-Jun-2005 374,500.00 374,500.00
5 1103414631 CA 0.00 01-May-2005 344,000.00 343,671.90
5 1103414657 AZ 0.00 01-May-2005 600,000.00 599,427.73
5 1103414690 AZ 0.00 01-May-2005 644,000.00 643,385.76
5 1103414715 CA 0.00 01-May-2005 306,400.00 306,400.00
5 1103414851 NJ 0.00 01-Jun-2005 268,500.00 268,500.00
5 2503104923 CA 0.00 01-Jun-2005 682,500.00 682,500.00
5 2503105015 AZ 0.00 01-Jun-2005 119,750.00 119,750.00
5 2503106582 CA 0.00 01-Jun-2005 436,000.00 436,000.00
5 2503106666 CA 0.00 01-Jun-2005 298,550.00 298,550.00
5 3900011670 CA 0.00 01-Sep-2002 535,000.00 516,367.67
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>
3 1103406594 Loan Paid in Full (1) 6.000% 360 1
4 1103372003 Loan Paid in Full (1) 5.750% 360 1
5 1103182178 Loan Paid in Full (1) 6.625% 360 2
5 1103217819 Loan Paid in Full (1) 6.625% 360 10
5 1103375501 Loan Paid in Full (1) 8.500% 360 2
5 1103378165 Loan Paid in Full (1) 7.125% 360 3
5 1103382127 Loan Paid in Full (1) 5.875% 360 2
5 1103384230 Loan Paid in Full (1) 6.375% 360 2
5 1103386730 Loan Paid in Full (1) 5.125% 360 1
5 1103390271 Loan Paid in Full (1) 5.750% 360 1
5 1103395797 Loan Paid in Full (1) 5.750% 360 2
5 1103397870 Loan Paid in Full (1) 6.875% 360 2
5 1103398026 Loan Paid in Full (1) 5.500% 360 2
5 1103398205 Loan Paid in Full (1) 11.250% 360 2
5 1103398397 Loan Paid in Full (1) 6.875% 360 1
5 1103398631 Loan Paid in Full (1) 6.500% 360 2
5 1103400007 Loan Paid in Full (1) 5.625% 360 2
5 1103407164 Loan Paid in Full (1) 5.875% 360 2
5 1103409308 Loan Paid in Full (1) 6.875% 360 2
5 1103411047 Loan Paid in Full (1) 6.490% 360 2
5 1103411090 Loan Paid in Full (1) 6.420% 360 2
5 1103411327 Loan Paid in Full (1) 6.740% 360 2
5 1103411473 Loan Paid in Full (1) 6.000% 360 2
5 1103412482 Loan Paid in Full (1) 6.000% 360 1
5 1103414631 Loan Paid in Full (1) 6.250% 360 2
5 1103414657 Loan Paid in Full (1) 6.250% 360 2
5 1103414690 Loan Paid in Full (1) 6.250% 360 2
5 1103414715 Loan Paid in Full (1) 6.250% 360 2
5 1103414851 Loan Paid in Full (1) 6.400% 360 1
5 2503104923 Loan Paid in Full (1) 6.000% 360 1
5 2503105015 Loan Paid in Full (1) 6.250% 360 1
5 2503106582 Loan Paid in Full (1) 6.375% 360 1
5 2503106666 Loan Paid in Full (1) 5.625% 360 1
5 3900011670 Loan Paid in Full (1) 6.625% 360 34
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.599% Current Month 17.583% Current Month 4,956.730%
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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 17.583% N/A Jul-2005 4,956.730% 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.
1
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.003% Current Month 0.032% Current Month 8.822%
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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.032% N/A Jul-2005 8.822% 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.
2
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.008% Current Month 0.101% Current Month 32.128%
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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.101% N/A Jul-2005 32.128% 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.
3
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.716% Current Month 8.257% Current Month 2,714.502%
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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 8.257% N/A Jul-2005 2,714.502% 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.
4
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.896% Current Month 29.717% Current Month 6,212.349%
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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 29.717% N/A Jul-2005 6,212.349% 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.
5
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.847% Current Month 20.045% Current Month 5,572.012%
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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 20.045% N/A Jul-2005 5,572.012% 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>
1 0 0.00 0.00 0.000%
2 0 0.00 0.00 0.000%
3 0 0.00 0.00 0.000%
4 0 0.00 0.00 0.000%
5 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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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.
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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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.
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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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.
3
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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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.
4
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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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.
5
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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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>
Aug-2004 N/A N/A Aug-2004 N/A N/A
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
*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>