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): November 25, 2005
FIRST NLC TRUST
Callable Mortgage-Backed Notes, Series 2005-3 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-127901-03 Pending
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
of Incorporation)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On November 25, 2005 a distribution was made to holders of FIRST NLC TRUST,
Callable Mortgage-Backed Notes, Series 2005-3 Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Callable Mortgage-Backed Notes, Series
2005-3 Trust, relating to the November
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.
FIRST NLC TRUST
Callable Mortgage-Backed Notes, Series 2005-3 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 11/27/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Callable
Mortgage-Backed Notes, Series 2005-3 Trust, relating
to the November 25, 2005 distribution.
EX-99.1
FIRST NLC
Callable Mortgage-Backed Notes
Record Date: 10/31/2005
Distribution Date: 11/25/2005
FIRST NLC
Callable Mortgage-Backed Notes
Series 2005-3
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>
AV-1 32113JBQ7 SEN 4.23125% 131,406,000.00 139,002.91
AV-2 32113JBR5 SEN 4.35125% 120,761,000.00 131,365.33
AV-3 32113JBS3 SEN 4.41125% 14,443,000.00 15,927.92
AV-4 32113JBT1 SEN 4.47125% 32,243,000.00 36,041.63
M-1 32113JBU8 MEZ 4.59125% 31,468,000.00 36,119.36
M-2 32113JBV6 MEZ 4.80125% 26,056,000.00 31,275.34
M-3 32113JBW4 MEZ 4.85125% 6,414,000.00 7,778.98
M-4 32113JBX2 MEZ 5.72125% 6,414,000.00 9,174.02
M-5 32113JBY0 MEZ 5.82125% 4,810,000.00 7,000.05
M-6 32113JBZ7 MEZ 6.32125% 5,812,000.00 9,184.78
M-7 32113JCA1 MEZ 6.37125% 8,418,000.00 13,408.30
OT NLC0503OT SEN 0.00000% 0.00 0.00
N 32113JCB9 SEN 5.00000% 11,600,000.00 14,500.00
Totals 399,845,000.00 450,778.62
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
AV-1 4,369,774.34 0.00 127,036,225.66 4,508,777.25 0.00
AV-2 0.00 0.00 120,761,000.00 131,365.33 0.00
AV-3 0.00 0.00 14,443,000.00 15,927.92 0.00
AV-4 0.00 0.00 32,243,000.00 36,041.63 0.00
M-1 0.00 0.00 31,468,000.00 36,119.36 0.00
M-2 0.00 0.00 26,056,000.00 31,275.34 0.00
M-3 0.00 0.00 6,414,000.00 7,778.98 0.00
M-4 0.00 0.00 6,414,000.00 9,174.02 0.00
M-5 0.00 0.00 4,810,000.00 7,000.05 0.00
M-6 0.00 0.00 5,812,000.00 9,184.78 0.00
M-7 0.00 0.00 8,418,000.00 13,408.30 0.00
OT 0.00 0.00 0.00 0.00 0.00
N 1,860,432.97 0.00 9,739,567.03 1,874,932.97 0.00
Totals 6,230,207.31 0.00 393,614,792.69 6,680,985.93 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>
AV-1 131,406,000.00 131,406,000.00 0.00 4,369,774.34 0.00 0.00
AV-2 120,761,000.00 120,761,000.00 0.00 0.00 0.00 0.00
AV-3 14,443,000.00 14,443,000.00 0.00 0.00 0.00 0.00
AV-4 32,243,000.00 32,243,000.00 0.00 0.00 0.00 0.00
M-1 31,468,000.00 31,468,000.00 0.00 0.00 0.00 0.00
M-2 26,056,000.00 26,056,000.00 0.00 0.00 0.00 0.00
M-3 6,414,000.00 6,414,000.00 0.00 0.00 0.00 0.00
M-4 6,414,000.00 6,414,000.00 0.00 0.00 0.00 0.00
M-5 4,810,000.00 4,810,000.00 0.00 0.00 0.00 0.00
M-6 5,812,000.00 5,812,000.00 0.00 0.00 0.00 0.00
M-7 8,418,000.00 8,418,000.00 0.00 0.00 0.00 0.00
OT 0.00 0.00 0.00 0.00 0.00 0.00
N 11,600,000.00 11,600,000.00 0.00 0.00 0.00 0.00
Totals 399,845,000.00 399,845,000.00 0.00 4,369,774.34 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>
AV-1 4,369,774.34 127,036,225.66 0.96674601 4,369,774.34
AV-2 0.00 120,761,000.00 1.00000000 0.00
AV-3 0.00 14,443,000.00 1.00000000 0.00
AV-4 0.00 32,243,000.00 1.00000000 0.00
M-1 0.00 31,468,000.00 1.00000000 0.00
M-2 0.00 26,056,000.00 1.00000000 0.00
M-3 0.00 6,414,000.00 1.00000000 0.00
M-4 0.00 6,414,000.00 1.00000000 0.00
M-5 0.00 4,810,000.00 1.00000000 0.00
M-6 0.00 5,812,000.00 1.00000000 0.00
M-7 0.00 8,418,000.00 1.00000000 0.00
OT 0.00 0.00 0.00000000 0.00
N 1,860,432.97 9,739,567.03 0.83961785 1,860,432.97
Totals 6,230,207.31 393,614,792.69 0.98441844 6,230,207.31
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>
AV-1 131,406,000.00 1000.00000000 0.00000000 33.25399403 0.00000000
AV-2 120,761,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
AV-3 14,443,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
AV-4 32,243,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 31,468,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 26,056,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 6,414,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 6,414,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 4,810,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 5,812,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 8,418,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
OT 0.00 0.00000000 0.00000000 0.00000000 0.00000000
N 11,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
All Classes Per $1000 Denominations
</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>
AV-1 0.00000000 33.25399403 966.74600597 0.96674601 33.25399403
AV-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
AV-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
AV-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
OT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
N 0.00000000 160.38215259 839.61784741 0.83961785 160.38215259
<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>
AV-1 131,406,000.00 4.23125% 131,406,000.00 139,002.91 0.00 0.00
AV-2 120,761,000.00 4.35125% 120,761,000.00 131,365.33 0.00 0.00
AV-3 14,443,000.00 4.41125% 14,443,000.00 15,927.92 0.00 0.00
AV-4 32,243,000.00 4.47125% 32,243,000.00 36,041.63 0.00 0.00
M-1 31,468,000.00 4.59125% 31,468,000.00 36,119.36 0.00 0.00
M-2 26,056,000.00 4.80125% 26,056,000.00 31,275.34 0.00 0.00
M-3 6,414,000.00 4.85125% 6,414,000.00 7,778.98 0.00 0.00
M-4 6,414,000.00 5.72125% 6,414,000.00 9,174.02 0.00 0.00
M-5 4,810,000.00 5.82125% 4,810,000.00 7,000.05 0.00 0.00
M-6 5,812,000.00 6.32125% 5,812,000.00 9,184.78 0.00 0.00
M-7 8,418,000.00 6.37125% 8,418,000.00 13,408.30 0.00 0.00
OT 0.00 0.00000% 0.00 0.00 0.00 0.00
N 11,600,000.00 5.00000% 11,600,000.00 14,500.00 0.00 0.00
Totals 399,845,000.00 450,778.62 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>
AV-1 0.00 0.00 139,002.91 0.00 127,036,225.66
AV-2 0.00 0.00 131,365.33 0.00 120,761,000.00
AV-3 0.00 0.00 15,927.92 0.00 14,443,000.00
AV-4 0.00 0.00 36,041.63 0.00 32,243,000.00
M-1 0.00 0.00 36,119.36 0.00 31,468,000.00
M-2 0.00 0.00 31,275.34 0.00 26,056,000.00
M-3 0.00 0.00 7,778.98 0.00 6,414,000.00
M-4 0.00 0.00 9,174.02 0.00 6,414,000.00
M-5 0.00 0.00 7,000.05 0.00 4,810,000.00
M-6 0.00 0.00 9,184.78 0.00 5,812,000.00
M-7 0.00 0.00 13,408.30 0.00 8,418,000.00
OT 0.00 0.00 0.00 0.00 0.00
N 0.00 0.00 14,500.00 0.00 9,739,567.03
Totals 0.00 0.00 450,778.62 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>
AV-1 131,406,000.00 4.23125% 1000.00000000 1.05781250 0.00000000 0.00000000
AV-2 120,761,000.00 4.35125% 1000.00000000 1.08781254 0.00000000 0.00000000
AV-3 14,443,000.00 4.41125% 1000.00000000 1.10281244 0.00000000 0.00000000
AV-4 32,243,000.00 4.47125% 1000.00000000 1.11781255 0.00000000 0.00000000
M-1 31,468,000.00 4.59125% 1000.00000000 1.14781238 0.00000000 0.00000000
M-2 26,056,000.00 4.80125% 1000.00000000 1.20031240 0.00000000 0.00000000
M-3 6,414,000.00 4.85125% 1000.00000000 1.21281260 0.00000000 0.00000000
M-4 6,414,000.00 5.72125% 1000.00000000 1.43031182 0.00000000 0.00000000
M-5 4,810,000.00 5.82125% 1000.00000000 1.45531185 0.00000000 0.00000000
M-6 5,812,000.00 6.32125% 1000.00000000 1.58031315 0.00000000 0.00000000
M-7 8,418,000.00 6.37125% 1000.00000000 1.59281302 0.00000000 0.00000000
OT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
N 11,600,000.00 5.00000% 1000.00000000 1.25000000 0.00000000 0.00000000
<FN>
All Classes Per $1000 Denominations
</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>
AV-1 0.00000000 0.00000000 1.05781250 0.00000000 966.74600597
AV-2 0.00000000 0.00000000 1.08781254 0.00000000 1000.00000000
AV-3 0.00000000 0.00000000 1.10281244 0.00000000 1000.00000000
AV-4 0.00000000 0.00000000 1.11781255 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.14781238 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 1.20031240 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 1.21281260 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 1.43031182 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 1.45531185 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 1.58031315 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 1.59281302 0.00000000 1000.00000000
OT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
N 0.00000000 0.00000000 1.25000000 0.00000000 839.61784741
<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 6,786,395.75
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 71,301.87
Total Deposits 6,857,697.62
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 176,711.69
Payment of Interest and Principal 6,680,985.93
Total Withdrawals (Pool Distribution Amount) 6,857,697.62
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 166,689.78
Credit Risk Manager's Fee 4,175.79
Wells Fargo Bank, NA 5,846.12
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 176,711.69
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 26 0 0 0 26
5,840,865.95 0.00 0.00 0.00 5,840,865.95
60 Days 6 0 0 0 6
965,133.95 0.00 0.00 0.00 965,133.95
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 32 0 0 0 32
6,805,999.90 0.00 0.00 0.00 6,805,999.90
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 1.332650% 0.000000% 0.000000% 0.000000% 1.332650%
1.472433% 0.000000% 0.000000% 0.000000% 1.472433%
60 Days 0.307535% 0.000000% 0.000000% 0.000000% 0.307535%
0.243302% 0.000000% 0.000000% 0.000000% 0.243302%
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 1.640185% 0.000000% 0.000000% 0.000000% 1.640185%
1.715736% 0.000000% 0.000000% 0.000000% 1.715736%
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 9 0 0 0 9
975,029.22 0.00 0.00 0.00 975,029.22
60 Days 3 0 0 0 3
293,236.85 0.00 0.00 0.00 293,236.85
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 12 0 0 0 12
1,268,266.07 0.00 0.00 0.00 1,268,266.07
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.384615% 0.000000% 0.000000% 0.000000% 1.384615%
1.265281% 0.000000% 0.000000% 0.000000% 1.265281%
60 Days 0.461538% 0.000000% 0.000000% 0.000000% 0.461538%
0.380529% 0.000000% 0.000000% 0.000000% 0.380529%
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 1.846154% 0.000000% 0.000000% 0.000000% 1.846154%
1.645811% 0.000000% 0.000000% 0.000000% 1.645811%
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 17 0 0 0 17
4,865,836.73 0.00 0.00 0.00 4,865,836.73
60 Days 3 0 0 0 3
671,897.10 0.00 0.00 0.00 671,897.10
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 20 0 0 0 20
5,537,733.83 0.00 0.00 0.00 5,537,733.83
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.306687% 0.000000% 0.000000% 0.000000% 1.306687%
1.522377% 0.000000% 0.000000% 0.000000% 1.522377%
60 Days 0.230592% 0.000000% 0.000000% 0.000000% 0.230592%
0.210217% 0.000000% 0.000000% 0.000000% 0.210217%
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 1.537279% 0.000000% 0.000000% 0.000000% 1.537279%
1.732594% 0.000000% 0.000000% 0.000000% 1.732594%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
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 A 100,992,000.00 24.48453483% 99,131,567.03 25.00147741% 74.270144% 0.000000%
Class M-1 69,524,000.00 16.85542221% 67,663,567.03 17.06509030% 7.936387% 35.202255%
Class M-2 43,468,000.00 10.53839671% 41,607,567.03 10.49363667% 6.571454% 29.148022%
Class M-3 37,054,000.00 8.98338436% 35,193,567.03 8.87599377% 1.617643% 7.175139%
Class M-4 30,640,000.00 7.42837202% 28,779,567.03 7.25835086% 1.617643% 7.175139%
<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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current REO Total Apr-05 0.000%
Loans in REO 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current REO Total Apr-05 0.000%
Loans in REO 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current REO Total Apr-05 0.000%
Loans in REO 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current Foreclosure Total Apr-05 0.000%
Loans in Foreclosure 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current Foreclosure Total Apr-05 0.000%
Loans in Foreclosure 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current Foreclosure Total Apr-05 0.000%
Loans in Foreclosure 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 7.222298%
Weighted Average Net Coupon 6.723322%
Weighted Average Pass-Through Rate 6.693322%
Weighted Average Maturity(Stepdown Calculation) 360
Beginning Scheduled Collateral Loan Count 1,980
Number Of Loans Paid In Full 29
Ending Scheduled Collateral Loan Count 1,951
Beginning Scheduled Collateral Balance 412,472,610.50
Ending Scheduled Collateral Balance 396,502,836.16
Ending Actual Collateral Balance at 31-Oct-2005 396,681,176.83
Monthly P&I Constant 2,607,638.93
Special Servicing Fee 0.00
Prepayment Penalties 71,301.87
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 4,692,112.12
Scheduled Principal 194,930.86
Unscheduled Principal 4,178,756.76
Miscellaneous Reporting
OC Target Amount 12,627,610.50
OC Amount 12,627,610.50
Excess Cash Amount 1,799,717.82
Extra Principal Amount 0.00
OC Release Amount 3,913.28
OC Deficiency Amount 0.00
OC Increase Amount 0.00
Soldier/Sailor 0.00
MIsc. Adj 0.00
Current Libor Rate Used 4.12125%
Next Month's Libor Rate 4.19375%
Group Level Collateral Statement
Group 1 2 Total
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 8.137470 7.002618 7.222298
Weighted Average Net Rate 7.637975 6.503767 6.723322
Weighted Average Maturity 360 360 360
Beginning Loan Count 656 1,324 1,980
Loans Paid In Full 6 23 29
Ending Loan Count 650 1,301 1,951
Beginning Scheduled Balance 77,599,993.51 323,276,530.27 400,876,523.78
Ending Scheduled Balance 77,006,133.52 319,496,702.64 396,502,836.16
Record Date 10/31/2005 10/31/2005 10/31/2005
Principal And Interest Constant 589,031.85 2,018,607.08 2,607,638.93
Scheduled Principal 62,808.81 132,122.05 194,930.86
Unscheduled Principal 531,051.18 3,647,705.58 4,178,756.76
Scheduled Interest 526,223.04 1,886,485.03 2,412,708.07
Servicing Fees 32,300.68 134,389.10 166,689.78
Master Servicing Fees 1,131.67 4,714.45 5,846.12
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 808.33 3,367.46 4,175.79
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 491,982.36 1,744,014.02 2,235,996.38
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 7.607975 6.473767 6.693322
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 6 526,160.00 524,547.64 0 0.00 0.00
2 23 5,517,338.00 3,641,332.51 0 0.00 0.00
Total 29 6,043,498.00 4,165,880.15 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 6,917.43
2 0 0.00 0.00 0 0.00 0.00 9,994.02
Total 0 0.00 0.00 0 0.00 0.00 16,911.45
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>
1 4410500038 NJ 20.00 01-May-2005 48,760.00 48,359.90
1 4410500353 CA 19.57 01-May-2005 184,000.00 183,526.93
1 4410500634 FL 20.00 01-Aug-2005 44,000.00 43,589.13
1 4410500933 CA 20.00 01-Jul-2005 59,000.00 58,886.95
1 4410501065 WA 20.00 01-Aug-2005 50,400.00 50,302.27
1 4410501644 FL 80.00 09-Jul-2005 140,000.00 139,468.57
2 4410500023 NY 73.87 01-Jun-2005 277,000.00 274,463.07
2 4410500027 NJ 80.00 01-Jun-2005 195,040.00 194,157.83
2 4410500268 NJ 80.00 01-Jun-2005 271,200.00 271,200.00
2 4410500277 NC 95.00 01-Jul-2005 149,150.00 148,735.64
2 4410500285 CA 69.87 01-Jul-2005 276,000.00 274,768.93
2 4410500764 OR 80.00 01-Aug-2005 223,200.00 55,714.80
2 4410500773 CA 80.00 01-Aug-2005 131,989.00 32,963.33
2 4410500781 OR 80.00 01-Aug-2005 108,000.00 26,971.64
2 4410500783 CA 80.00 01-Aug-2005 200,000.00 49,910.73
2 4410500803 CA 80.00 01-Aug-2005 391,172.00 97,627.30
2 4410500815 FL 80.00 01-Jul-2005 237,600.00 43,068.90
2 4410500822 CO 80.00 01-Jul-2005 252,000.00 251,076.38
2 4410500846 ID 80.00 01-Aug-2005 96,000.00 23,488.33
2 4410500852 CA 80.00 01-Aug-2005 408,000.00 76,425.96
2 4410500857 CA 80.00 01-Aug-2005 356,000.00 88,867.63
2 4410500873 NV 80.00 01-Aug-2005 284,937.00 71,064.09
2 4410501043 CA 76.71 01-Jul-2005 280,000.00 280,000.00
2 4410501060 WA 80.00 01-Aug-2005 201,600.00 201,600.00
2 4410501212 CA 82.48 01-Aug-2005 269,700.00 269,700.00
2 4410501545 CA 75.00 01-Aug-2005 360,000.00 358,528.03
2 4410501760 CA 75.00 01-Sep-2005 210,000.00 209,339.26
2 4410501796 CA 80.00 01-Sep-2005 156,000.00 155,641.71
2 4410502454 CA 85.00 01-Sep-2005 182,750.00 182,398.00
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>
1 4410500038 Loan Paid in Full 0 11.100% 240 6
1 4410500353 Loan Paid in Full 0 10.990% 360 6
1 4410500634 Loan Paid in Full 0 10.500% 180 3
1 4410500933 Loan Paid in Full 0 10.750% 360 4
1 4410501065 Loan Paid in Full 0 9.625% 360 3
1 4410501644 Loan Paid in Full 0 6.290% 360 4
2 4410500023 Loan Paid in Full 0 6.500% 360 5
2 4410500027 Loan Paid in Full 0 7.500% 360 5
2 4410500268 Loan Paid in Full 0 8.500% 360 5
2 4410500277 Loan Paid in Full 0 8.990% 360 4
2 4410500285 Loan Paid in Full 0 6.625% 360 4
2 4410500764 Loan Paid in Full 0 6.500% 360 3
2 4410500773 Loan Paid in Full 0 6.875% 360 3
2 4410500781 Loan Paid in Full 0 7.125% 360 3
2 4410500783 Loan Paid in Full 0 6.000% 360 3
2 4410500803 Loan Paid in Full 0 6.500% 360 3
2 4410500815 Loan Paid in Full 0 7.750% 360 4
2 4410500822 Loan Paid in Full 0 7.625% 360 4
2 4410500846 Loan Paid in Full 0 6.500% 360 3
2 4410500852 Loan Paid in Full 0 6.125% 360 3
2 4410500857 Loan Paid in Full 0 6.500% 360 3
2 4410500873 Loan Paid in Full 0 7.250% 360 3
2 4410501043 Loan Paid in Full 0 6.125% 360 4
2 4410501060 Loan Paid in Full 0 5.750% 360 3
2 4410501212 Loan Paid in Full 0 6.750% 360 3
2 4410501545 Loan Paid in Full 0 5.900% 360 3
2 4410501760 Loan Paid in Full 0 6.625% 360 2
2 4410501796 Loan Paid in Full 0 7.375% 360 2
2 4410502454 Loan Paid in Full 0 8.250% 360 2
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.043% Current Month 11.821% Current Month 2,366.534%
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 11.821% N/A Nov-2005 2,366.534% 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 0.685% Current Month 7.916% Current Month 1,582.932%
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 7.916% N/A Nov-2005 1,582.932% 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 1.129% Current Month 12.736% Current Month 2,550.244%
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 12.736% N/A Nov-2005 2,550.244% 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%
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-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>