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): December 27, 2005
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2005-SN1
(Exact name of registrant as specified in its charter)
New York (governing law of 333-119047-08
Pooling and Servicing Agreement) (Commission 54-2169419
(State or other File Number) 54-2169420
jurisdiction IRS EIN
of Incorporation)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On December 27, 2005 a distribution was made to holders of ACE SECURITIES CORP
. HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2005-SN1 Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Asset Backed Pass-Through Certificates,
Series 2005-SN1 Trust, relating to the
December 27, 2005 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 12/31/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2005-SN1 Trust,
relating to the December 27, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 11/30/2005
Distribution Date: 12/27/2005
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Series ACE 2005-SN1
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
Class CUSIP Certificate Beginning Interest
Pass-Through Certificate Distribution
Rate Balance
<s> <c> <c> <c> <c>
A-1 004421MQ3 4.25000% 65,198,567.81 230,911.59
A-2 004421MV2 5.23000% 58,680,000.00 255,747.00
M-1 004421MR1 5.52000% 4,543,000.00 20,897.80
M-2 004421MS9 5.77000% 2,478,000.00 11,915.05
M-3 004421MT7 6.00000% 1,239,000.00 6,195.00
M-4 004421MU4 6.00000% 1,239,000.00 6,195.00
CE-1 A05SN1CE1 0.00000% 826,050.35 206,728.42
CE-2 A05SN1CE2 0.00000% 0.00 7,175.34
R ACE05SN1R 0.00000% 0.00 0.00
Totals 134,203,618.16 745,765.20
Certificateholder Distribution Summary (continued)
Class Principal Current Ending Total Cummulative
Distribution Realized Certificate Distribution Realized
Loss Balance Losses
<s> <c> <c> <c> <c> <c>
A-1 2,692,069.69 0.00 62,506,498.12 2,922,981.28 0.00
A-2 0.00 0.00 58,680,000.00 255,747.00 0.00
M-1 0.00 0.00 4,543,000.00 20,897.80 0.00
M-2 0.00 0.00 2,478,000.00 11,915.05 0.00
M-3 0.00 0.00 1,239,000.00 6,195.00 0.00
M-4 0.00 0.00 1,239,000.00 6,195.00 0.00
CE-1 0.00 0.00 826,050.35 206,728.42 0.00
CE-2 0.00 0.00 0.00 7,175.34 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 2,692,069.69 0.00 131,511,548.47 3,437,834.89 0.00
Principal Distribution Statement
Class Original Beginning Scheduled UnScheduled Accretion Realized
Face Certificate Principal Principal Loss
Amount Balance Distribution Distribution
<s> <c> <c> <c> <c> <c> <c>
A-1 97,031,000.00 65,198,567.81 0.00 2,692,069.69 0.00 0.00
A-2 58,680,000.00 58,680,000.00 0.00 0.00 0.00 0.00
M-1 4,543,000.00 4,543,000.00 0.00 0.00 0.00 0.00
M-2 2,478,000.00 2,478,000.00 0.00 0.00 0.00 0.00
M-3 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00
M-4 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00
CE-1 69.19 826,050.35 0.00 0.00 0.00 0.00
CE-2 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 165,210,069.19 134,203,618.16 0.00 2,692,069.69 0.00 0.00
Principal Distribution Statement (continued)
Class Total Ending Ending Total
Principal Certificate Certificate Principal
Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A-1 2,692,069.69 62,506,498.12 0.644191 2,692,069.69
A-2 0.00 58,680,000.00 1.000000 0.00
M-1 0.00 4,543,000.00 1.000000 0.00
M-2 0.00 2,478,000.00 1.000000 0.00
M-3 0.00 1,239,000.00 1.000000 0.00
M-4 0.00 1,239,000.00 1.000000 0.00
CE-1 0.00 826,050.35 11,938.869056 0.00
CE-2 0.00 0.00 0.000000 0.00
R 0.00 0.00 0.000000 0.00
Totals 2,692,069.69 131,511,548.47 0.796026 2,692,069.69
Principal Distribution Factors Statement
Class Original Beginning Scheduled UnScheduled Accretion
Face Certificate Principal Principal
Amount Balance Distribution Distribution
<s> <c> <c> <c> <c> <c>
A-1 97,031,000.00 671.935441 0.000000 27.744429 0.000000
A-2 58,680,000.00 1000.000000 0.000000 0.000000 0.000000
M-1 4,543,000.00 1000.000000 0.000000 0.000000 0.000000
M-2 2,478,000.00 1000.000000 0.000000 0.000000 0.000000
M-3 1,239,000.00 1000.000000 0.000000 0.000000 0.000000
M-4 1,239,000.00 1000.000000 0.000000 0.000000 0.000000
CE-1 69.19 11938869.056222 0.000000 0.000000 0.000000
CE-2 0.00 0.000000 0.000000 0.000000 0.000000
R 0.00 0.000000 0.000000 0.000000 0.000000
Principal Distribution Factors Statement (continued)
Class Realized Total Ending Ending Total
Loss Principal Certificate Certificate Principal
Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1 0.000000 27.744429 644.191012 0.644191 27.744429
A-2 0.000000 0.000000 1,000.000000 1.000000 0.000000
M-1 0.000000 0.000000 1,000.000000 1.000000 0.000000
M-2 0.000000 0.000000 1,000.000000 1.000000 0.000000
M-3 0.000000 0.000000 1,000.000000 1.000000 0.000000
M-4 0.000000 0.000000 1,000.000000 1.000000 0.000000
CE-1 0.000000 0.000000 11,938,869.056222 11938.869056 0.000000
CE-2 0.000000 0.000000 0.000000 0.000000 0.000000
R 0.000000 0.000000 0.000000 0.000000 0.000000
<FN>
All Classes are per $1,000 denomination
</FN>
Interest Distribution Statement
Class Accrual Accrual Current Beginning Current Payment of
Dates Days Certificate Certificate/ Accrued Unpaid Interest
Rate Notional Balance Interest Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 11/01/05 - 11/30/05 30 4.25000% 65,198,567.81 230,911.59 0.00
A-2 11/01/05 - 11/30/05 30 5.23000% 58,680,000.00 255,747.00 0.00
M-1 11/01/05 - 11/30/05 30 5.52000% 4,543,000.00 20,897.80 0.00
M-2 11/01/05 - 11/30/05 30 5.77000% 2,478,000.00 11,915.05 0.00
M-3 11/01/05 - 11/30/05 30 6.00000% 1,239,000.00 6,195.00 0.00
M-4 11/01/05 - 11/30/05 30 6.00000% 1,239,000.00 6,195.00 0.00
CE-1 N/A N/A 0.00000% 826,050.35 0.00 0.00
CE-2 N/A N/A 0.00000% 0.00 0.00 0.00
R N/A N/A 0.00000% 0.00 0.00 0.00
Totals 531,861.44 0.00
Interest Distribution Statement (continued)
Class Current Non-Supported Total Remaining Ending
Interest Interest Interest Unpaid Interest Certificate/Notional
Shortfall(1) Shortfall Distribution Shortfall(2) Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00 0.00 230,911.59 0.00 62,506,498.12
A-2 0.00 0.00 255,747.00 0.00 58,680,000.00
M-1 0.00 0.00 20,897.80 0.00 4,543,000.00
M-2 0.00 0.00 11,915.05 0.00 2,478,000.00
M-3 0.00 0.00 6,195.00 0.00 1,239,000.00
M-4 0.00 0.00 6,195.00 0.00 1,239,000.00
CE-1 0.00 0.00 206,728.42 0.00 826,050.35
CE-2 0.00 0.00 7,175.34 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 745,765.20 0.00
<FN>
(1,2) Amount also includes coupon cap or basis risk shortfalls,if applicable
</FN>
Interest Distribution Factors Statement
Class Accrual Original Current Beginning Current Payment of
Dates Face Certificate Certificate/Notional Accrued Unpaid Interest
Amount Rate Balance Interest Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 11/01/05 - 11/30/05 97,031,000.00 4.25000% 671.935441 2.379771 0.000000
A-2 11/01/05 - 11/30/05 58,680,000.00 5.23000% 1000.000000 4.358333 0.000000
M-1 11/01/05 - 11/30/05 4,543,000.00 5.52000% 1000.000000 4.600000 0.000000
M-2 11/01/05 - 11/30/05 2,478,000.00 5.77000% 1000.000000 4.808333 0.000000
M-3 11/01/05 - 11/30/05 1,239,000.00 6.00000% 1000.000000 5.000000 0.000000
M-4 11/01/05 - 11/30/05 1,239,000.00 6.00000% 1000.000000 5.000000 0.000000
CE-1 N/A 69.19 0.00000% 11938869.056222 0.000000 0.000000
CE-2 N/A 0.00 0.00000% 0.000000 0.000000 0.000000
R N/A 0.00 0.00000% 0.000000 0.000000 0.000000
Interest Distribution Factors Statement (continued)
Class Current Non-Supported Total Remaining Unpaid Ending
Interest Interest Interest Interest Certificate/
Shortfall(1) Shortfall Distribution Shortfall(2) Notional Balance
<s> <c> <c> <c> <c> <c>
A-1 0.000000 0.000000 2.379771 0.000000 644.191012
A-2 0.000000 0.000000 4.358333 0.000000 1000.000000
M-1 0.000000 0.000000 4.600000 0.000000 1000.000000
M-2 0.000000 0.000000 4.808333 0.000000 1000.000000
M-3 0.000000 0.000000 5.000000 0.000000 1000.000000
M-4 0.000000 0.000000 5.000000 0.000000 1000.000000
CE-1 0.000000 0.000000 2987836.681601 0.000000 11938869.056222
CE-2 0.000000 0.000000 0.000000 0.000000 0.000000
R 0.000000 0.000000 0.000000 0.000000 0.000000
<FN>
(1,2) Amount also includes coupon cap or basis risk shortfalls,if applicable.
All Classes are per $1,000 denomination.
</FN>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Class Rate Balance Balance Balance Balance Percentage
<s> <c> <c> <c> <c> <c> <c>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 3,376,500.32
Reserve Funds and Credit Enhancements 0.00
Proceeds from Repurchased Loans 0.00
Servicer Advances 228,017.13
Realized Loss (Gains, Subsequent Expenses & Recoveries) (22,585.34)
Prepayment Penalties 0.00
Swap/Cap Payments 0.00
Total Deposits 3,581,932.11
Withdrawals
Swap Payments 0.00
Reserve Funds and Credit Enhancements 0.00
Reimbursement for Servicer Advances 86,569.11
Total Administration Fees 57,528.11
Payment of Interest and Principal 3,437,834.89
Total Withdrawals (Pool Distribution Amount) 3,581,932.11
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
ADMINISTRATION FEES
<s> <c>
Gross Servicing Fee* 45,785.29
Credit Risk Manager Fee- Risk Management Group, LLC 2,795.91
Master Servicing Fee 8,946.91
Supported Prepayment/Curtailment Interest Shortfall 0.00
Total Administration Fees 57,528.11
<FN>
*Servicer Payees include: OCWEN FEDERAL BANK FSB; WASHINGTON MUTUAL MTG SEC CORP
</FN>
Reserve Accounts
Account Name Beginning Current Withdrawals Current Deposits Ending Balance
Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
OTHER ACCOUNTS
Account Name Funds In (A) Funds Out(B) Net Amount(A - B)
<s> <c> <c> <c>
Financial Guaranty 0.00 0.00 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.389001%
Weighted Average Net Coupon 6.979606%
Weighted Average Pass-Through Rate 6.874606%
Weighted Average Remaining Term 261
Beginning Scheduled Collateral Loan Count 1,523
Number Of Loans Paid In Full 34
Ending Scheduled Collateral Loan Count 1,489
Beginning Scheduled Collateral Balance 134,203,618.16
Ending Scheduled Collateral Balance 131,511,548.47
Ending Actual Collateral Balance at 30-Nov-2005 131,717,703.84
Monthly P&I Constant 1,135,203.35
Special Servicing Fee 0.00
Prepayment Penalty Waived Amount 0.00
Prepayment Penalty Waived Count 0
Prepayment Penalty Paid Amount 0.00
Prepayment Penalty Paid Count 0
Realized Loss Amount 22,585.34
Cumulative Realized Loss 28,292.70
Scheduled Principal 308,844.42
Unscheduled Principal 2,383,225.27
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 22,585.34
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 826,050.35
Overcollateralized Amount 826,050.35
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Extra principal distribution Amount 22,585.34
Excess Cash Amount 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 7.389001%
Weighted Average Net Rate 6.979606%
Weighted Average Pass Through Rate 6.874606%
Weighted Average Remaining Term 261
Record Date 11/30/2005
Principal and Interest Constant 1,135,203.35
Beginning Loan Count 1,523
Loans Paid in Full 34
Ending Loan Count 1,489
Beginning Scheduled Balance 134,203,618.16
Ending Scheduled Balance 131,511,548.47
Ending Actual Balance at 30-Nov-2005 131,717,703.84
Scheduled Principal 308,844.42
Unscheduled Principal 2,383,225.27
Scheduled Interest 826,358.93
Servicing Fee 45,785.29
Master Servicing Fee 8,946.91
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 2,795.91
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 768,830.82
Realized Loss Amount 22,585.34
Cumulative Realized Loss 28,292.70
Percentage of Cumulative Losses 0.0171
Special Servicing Fee 0.00
Prepayment Penalty Waived Amount 0.00
Prepayment Penalty Waived Count 0
Prepayment Penalty Paid Amount 0.00
Prepayment Penalty Paid Count 0
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 22,585.34
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 826,050.35
Overcollateralized Amount 826,050.35
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Additional Reporting - Deal Level
Miscellaneous Reporting
<s> <c>
Overcollateralization Amount 826,050.35
Overcollateralization Increase Amount 22,585.34
Overcollateralization Reduction Amount 0.00
Overcollateralization Target Amount 826,050.35
Ocwen 0.00
Ocwen Servicing Fee 0.00
Specified Overcollateralization Amount 826,050.35
Ocwen Service Fee Strip 7175.34
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 10 0 0 10
696,552.44 0.00 0.00 696,552.44
30 Days 82 2 0 0 84
4,757,788.96 154,161.14 0.00 0.00 4,911,950.10
60 Days 36 1 1 0 38
1,965,763.64 225,900.56 76,993.66 0.00 2,268,657.86
90 Days 12 1 1 0 14
614,598.07 62,558.84 62,332.78 0.00 739,489.69
120 Days 14 0 1 0 15
487,614.78 0.00 47,008.88 0.00 534,623.66
150 Days 4 1 3 0 8
106,383.68 81,632.63 554,425.38 0.00 742,441.69
180+ Days 16 2 4 0 22
621,699.44 124,711.31 376,288.00 0.00 1,122,698.75
Totals 164 17 10 0 191
8,553,848.57 1,345,516.92 1,117,048.70 0.00 11,016,414.19
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 0.671592% 0.000000% 0.000000% 0.671592%
0.528822% 0.000000% 0.000000% 0.528822%
30 Days 5.507052% 0.134318% 0.000000% 0.000000% 5.641370%
3.612110% 0.117039% 0.000000% 0.000000% 3.729150%
60 Days 2.417730% 0.067159% 0.067159% 0.000000% 2.552048%
1.492407% 0.171504% 0.058454% 0.000000% 1.722364%
90 Days 0.805910% 0.067159% 0.067159% 0.000000% 0.940228%
0.466602% 0.047495% 0.047323% 0.000000% 0.561420%
120 Days 0.940228% 0.000000% 0.067159% 0.000000% 1.007388%
0.370197% 0.000000% 0.035689% 0.000000% 0.405886%
150 Days 0.268637% 0.067159% 0.201478% 0.000000% 0.537273%
0.080766% 0.061975% 0.420919% 0.000000% 0.563661%
180+ Days 1.074547% 0.134318% 0.268637% 0.000000% 1.477502%
0.471994% 0.094681% 0.285678% 0.000000% 0.852352%
Totals 11.014103% 1.141706% 0.671592% 0.000000% 12.827401%
6.494077% 1.021516% 0.848063% 0.000000% 8.363655%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 228,017.13
180+ Delinquency Summary
Summary
Days Number of Aggregate Percentage of
Delinquent Loans Outstanding Balance(%)
Balance($)
<s> <c> <c> <c>
180 - 209 6 190,612.76 0.145
210 - 239 9 589,211.05 0.447
240 - 269 1 33,060.64 0.025
270 - 299 4 119,280.62 0.091
300 - 329 2 190,533.68 0.145
Total 22 1,122,698.75 0.853
<FN>
This report includes all loans greater than 180 days delinquent
regardless of status (REO, Foreclosure, Bankruptcy).
</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 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%
Current REO Total May-05 0.000%
Loans in REO 0 Jun-05 0.000%
Original Principal Balance 0.00 Jul-05 0.000%
Current Principal Balance 0.00 Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.000%
Dec-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 9 Jan-05 0.000%
Original Principal Balance 1,149,727.00 Feb-05 0.000%
Current Principal Balance 1,040,293.49 Mar-05 0.000%
Apr-05 0.000%
Current Foreclosure Total May-05 0.000%
Loans in Foreclosure 10 Jun-05 0.000%
Original Principal Balance 1,221,679.00 Jul-05 0.000%
Current Principal Balance 1,117,048.70 Aug-05 0.316%
Sep-05 0.389%
Oct-05 0.342%
Nov-05 0.391%
Dec-05 0.848%
*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>
Summary 0000260161 Dec-2005 01-Jan-1999 CA 80.00 240,000.00
Summary 0000260452 Dec-2005 29-Dec-1993 FL 65.85 27,000.00
Summary 0000260615 Dec-2005 01-Mar-1994 MN 68.97 240,000.00
Summary 0000260733 Dec-2005 01-Jan-1990 NJ 75.00 78,000.00
Summary 0000368263 Dec-2005 10-Nov-1997 IN 94.14 77,192.00
Summary 0000368460 Dec-2005 01-Aug-1999 PA 93.96 78,459.00
Summary 0000368754 Dec-2005 01-Jan-2000 VA 78.72 62,977.00
Summary 0000369322 Dec-2005 09-Nov-1996 OH 81.00 40,499.00
Summary 0000369422 Jul-2005 05-Jan-1999 OH 89.94 71,952.00
Summary 0000417430 Dec-2005 01-Jun-1999 VA 74.84 305,600.00
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
Summary 0000260161 223,903.57 01-Mar-2005 7 7.875% 12,569.47
Summary 0000260452 17,778.48 28-Apr-2005 6 8.750% 979.77
Summary 0000260615 199,768.05 01-May-2005 5 7.250% 7,984.73
Summary 0000260733 57,850.74 01-Mar-2005 7 9.625% 3,966.54
Summary 0000368263 76,186.69 10-May-2005 5 7.250% 3,055.97
Summary 0000368460 76,993.66 01-Aug-2005 2 6.999% 1,702.16
Summary 0000368754 62,332.78 01-Jul-2005 3 9.000% 2,237.59
Summary 0000369322 47,008.88 09-Jun-2005 4 10.000% 2,265.47
Summary 0000369422 76,755.21 05-Dec-2004 10 7.500% 4,093.96
Summary 0000417430 278,470.64 01-May-2005 5 7.250% 11,240.24
Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period
Summary 12 Month Bankruptcy History*
New Bankruptcy Loans Month Bankruptcy Percentage
<s> <c> <s> <c>
Loans in Bankruptcy 13 Jan-05 0.000%
Original Principal Balance 1,124,517.00 Feb-05 0.000%
Current Principal Balance 1,005,744.27 Mar-05 0.000%
Apr-05 0.000%
Current Bankruptcy Total May-05 0.045%
Loans in Bankruptcy 17 Jun-05 0.046%
Original Principal Balance 1,477,288.00 Jul-05 0.048%
Current Principal Balance 1,345,516.92 Aug-05 0.464%
Sep-05 0.577%
Oct-05 0.719%
Nov-05 0.660%
Dec-05 1.022%
*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.
Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period
Group Loan Month Loan First State LTV at Original
Number Entered Payment Origination Principal
Bankruptcy Date Balance
<s> <c> <c> <c> <c> <c> <c>
Summary 0000260415 Dec-2005 13-Jul-1995 DC 80.00 68,400.00
Summary 0000260441 Dec-2005 01-Mar-1994 NC 85.00 73,950.00
Summary 0000260628 Dec-2005 01-Dec-1993 MD 89.98 276,000.00
Summary 0000367640 Dec-2005 20-Mar-1999 KS 90.46 81,415.00
Summary 0000367760 Jul-2005 08-Jan-2001 PA 94.81 75,845.00
Summary 0000367794 Dec-2005 12-Jan-2001 KY 90.72 77,112.00
Summary 0000367911 Dec-2005 01-Nov-2000 VA 91.04 92,406.00
Summary 0000368006 Dec-2005 02-Aug-2000 PA 100.00 14,784.00
Summary 0000368038 Dec-2005 05-Jul-2000 OH 90.44 58,785.00
Summary 0000368076 Jul-2005 03-Jul-2000 OH 95.32 97,226.00
Summary 0000368103 Dec-2005 16-Jun-1999 IN 94.46 68,956.00
Summary 0000368294 Dec-2005 05-Jan-1998 IN 92.31 129,240.00
Summary 0000368627 Dec-2005 02-Sep-1999 KY 95.72 72,744.00
Summary 0000368968 Dec-2005 10-Jan-2000 OH 95.46 47,730.00
Summary 0000369787 Dec-2005 25-Aug-2000 IN 96.92 62,995.00
Summary 0000417258 Aug-2005 01-Jul-2004 MA 76.25 100,650.00
Summary 0000417484 May-2005 01-Dec-1998 NY 85.00 79,050.00
Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period (continued)
Group Loan Current Paid To Months Current Approximate
Number Principal Date Delinquent Loan Rate Delinquent
Balance Interest
<s> <c> <c> <c> <c> <c> <c>
Summary 0000260415 61,773.88 13-Nov-2005 0 9.990% 994.22
Summary 0000260441 44,523.12 01-Dec-2005 (1) 7.950% 284.27
Summary 0000260628 225,900.56 01-Aug-2005 2 6.875% 4,894.09
Summary 0000367640 81,632.63 01-May-2005 5 10.250% 4,701.78
Summary 0000367760 74,717.91 08-Nov-2005 0 7.250% 860.39
Summary 0000367794 76,039.80 12-Nov-2005 0 7.375% 891.47
Summary 0000367911 87,087.41 01-Oct-2005 0 6.375% 872.60
Summary 0000368006 12,545.36 01-Nov-2005 0 10.500% 212.78
Summary 0000368038 57,854.53 05-Sep-2005 1 6.875% 943.31
Summary 0000368076 96,306.61 03-Sep-2005 1 6.999% 1,600.13
Summary 0000368103 64,907.86 16-Mar-2005 7 8.500% 3,938.18
Summary 0000368294 125,366.28 05-Nov-2005 0 7.625% 1,522.76
Summary 0000368627 59,803.45 02-Mar-2005 7 6.500% 2,734.20
Summary 0000368968 45,750.55 10-Nov-2005 0 8.000% 583.77
Summary 0000369787 62,558.84 25-Jul-2005 3 6.875% 1,697.86
Summary 0000417258 98,835.32 01-Nov-2005 0 5.875% 927.10
Summary 0000417484 69,912.81 01-Oct-2005 0 8.250% 931.41
Realized Loss Detail Report - Loans with Losses during Current Period
Summary
# Loans Prior Realized Current
with Principal Loss/(Gain) Loss
Group Losses Balance Amount Percentage
<s> <c> <c> <c> <c>
Total 1 97,261.60 22,585.34 0.017%
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>
Summary 0000368923 102,113.00 10.250% OH 95.43 362
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>
Summary 0000368923 97,261.60 22,585.34 22,585.34
Realized Loss Report - Collateral
Summary
MDR SDA
<s> <c> <s> <c>
Current Month 0.072% Current Month 1.444%
3 Month Average 0.024% 3 Month Average 0.481%
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>
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 0.000% N/A Apr-2005 0.000% N/A
May-2005 0.029% N/A May-2005 0.585% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
Aug-2005 0.055% N/A Aug-2005 1.089% N/A
Sep-2005 0.000% N/A Sep-2005 0.000% N/A
Oct-2005 0.000% N/A Oct-2005 0.000% N/A
Nov-2005 0.000% N/A Nov-2005 0.000% N/A
Dec-2005 0.072% N/A Dec-2005 1.444% 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 www. monthly bond remittance report can be viewed online at
ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.866% Current Month 23.221%
3 Month Average 0.289% 3 Month Average 7.740%
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>
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 0.000% N/A Apr-2005 0.000% N/A
May-2005 0.351% N/A May-2005 4.571% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
Aug-2005 0.653% N/A Aug-2005 4.785% N/A
Sep-2005 0.000% N/A Sep-2005 0.000% N/A
Oct-2005 0.000% N/A Oct-2005 0.000% N/A
Nov-2005 0.000% N/A Nov-2005 0.000% N/A
Dec-2005 0.866% N/A Dec-2005 23.221% 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 www. monthly bond remittance report can be viewed online at
ctslink.com. www.ctslink.com.
<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>
Prepayment Detail - Prepayments during Current Period
Summary
Loans Paid In Full Repurchased Loans
Original Current Original Current
Principal Principal Principal Principal
Group Count Balance Balance Count Balance Balance
<s> <c> <c> <c> <c> <c> <c>
Total 33 2,684,096.00 2,279,221.48 0 0.00 0.00
Prepayment Detail - Prepayments during Current Period (continued)
Summary
Substitution Loans Liquidated Loans Curtailments
Original Current Original Current
Principal Principal Principal Principal Curtailment
Group Count Balance Balance Count Balance Balance Amount
<s> <c> <c> <c> <c> <c> <c> <c>
Total 0 0.00 0.00 1 102,113.00 97,261.60 12,483.62
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>
Summary 0000367776 FL 56.72 28-Dec-2000 38,000.00 30,336.89
Summary 0000367811 FL 88.06 04-Feb-2001 59,000.00 44,392.85
Summary 0000367931 KS 100.00 12-Oct-2000 10,301.00 7,774.01
Summary 0000367945 KS 88.31 01-Oct-2000 73,296.00 71,858.90
Summary 0000367951 MI 95.39 29-Sep-2000 71,546.00 67,880.91
Summary 0000368119 IN 102.29 10-May-1997 59,331.00 35,729.80
Summary 0000368181 IN 69.06 10-Apr-1999 50,066.00 42,659.71
Summary 0000368216 IN 55.41 02-Jan-2000 46,541.00 36,380.06
Summary 0000368537 KY 99.15 16-Apr-1999 66,430.00 55,016.84
Summary 0000368590 KY 95.27 05-Jan-1999 71,451.00 49,291.75
Summary 0000368784 VA 95.94 14-Aug-1999 55,644.00 48,124.69
Summary 0000368816 NJ 80.12 05-Mar-1999 32,049.00 8,991.72
Summary 0000368923 OH 95.43 03-Apr-2000 102,113.00 97,261.60
Summary 0000369049 OH 94.29 08-Sep-1998 75,431.00 52,632.36
Summary 0000369106 OH 100.00 20-Oct-1997 14,164.00 252.05
Summary 0000369267 OH 93.26 01-Apr-2000 130,568.00 117,905.94
Summary 0000369364 OH 71.29 18-Jun-1996 23,952.00 10,735.28
Summary 0000369374 OH 93.99 01-Aug-1999 93,052.00 90,815.09
Summary 0000369436 OH 76.12 20-Jun-1997 37,297.00 23,910.33
Summary 0000369524 OH 61.52 02-Oct-1995 33,836.00 29,815.15
Summary 0000369555 OH 85.43 15-May-1998 37,591.00 32,297.06
Summary 0000369639 PA 33.00 21-May-1999 21,452.00 9,782.12
Summary 0000369732 PA 91.02 13-Sep-2000 38,229.00 31,973.80
Summary 0000369774 IA 94.96 10-Aug-2000 110,150.00 106,492.80
Summary 0000369855 IN 91.35 01-Dec-1999 45,675.00 35,405.51
Summary 0000407758 MD 96.89 01-Sep-2000 87,203.00 90,631.50
Summary 0000416966 CA 89.84 01-Jul-2004 283,000.00 181,629.44
Summary 0000416969 TX 62.27 01-Aug-2004 63,516.00 60,051.82
Summary 0000417080 NY 86.48 01-Sep-2003 307,000.00 290,778.59
Summary 0000417135 AZ 89.42 01-Jul-2003 123,400.00 118,947.94
Summary 0000417143 NY 79.97 01-Nov-2002 47,100.00 38,831.68
Summary 0000417233 FL 89.89 01-Sep-2003 244,500.00 234,771.37
Summary 0000417350 WA 89.90 01-Oct-2002 157,325.00 147,434.96
Summary 0000417369 SC 74.15 01-Apr-2004 76,000.00 69,947.13
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>
Summary 0000367776 Loan Paid in Full (2) 13.250% 180 59
Summary 0000367811 Loan Paid in Full 0 10.990% 144 58
Summary 0000367931 Loan Paid in Full 0 15.930% 120 62
Summary 0000367945 Loan Paid in Full 0 6.500% 360 62
Summary 0000367951 Loan Paid in Full 0 7.125% 240 62
Summary 0000368119 Loan Paid in Full 0 7.000% 180 103
Summary 0000368181 Loan Paid in Full 0 6.375% 240 80
Summary 0000368216 Loan Paid in Full 0 8.000% 180 71
Summary 0000368537 Loan Paid in Full 0 8.740% 240 80
Summary 0000368590 Loan Paid in Full 0 8.500% 180 83
Summary 0000368784 Loan Paid in Full 0 10.740% 240 76
Summary 0000368816 Loan Paid in Full 0 8.500% 120 81
Summary 0000368923 Liquidation 0 10.250% 362 68
Summary 0000369049 Loan Paid in Full 0 7.375% 180 87
Summary 0000369106 Loan Paid in Full (1) 10.250% 120 97
Summary 0000369267 Loan Paid in Full 0 6.625% 240 68
Summary 0000369364 Loan Paid in Full 1 10.990% 148 113
Summary 0000369374 Loan Paid in Full 0 11.500% 360 76
Summary 0000369436 Loan Paid in Full 0 6.125% 180 101
Summary 0000369524 Loan Paid in Full 0 10.690% 418 122
Summary 0000369555 Loan Paid in Full 0 12.500% 240 91
Summary 0000369639 Loan Paid in Full 0 9.000% 120 78
Summary 0000369732 Loan Paid in Full 0 11.000% 180 63
Summary 0000369774 Loan Paid in Full 0 7.875% 360 64
Summary 0000369855 Loan Paid in Full 0 10.500% 180 72
Summary 0000407758 Loan Paid in Full 0 6.125% 406 63
Summary 0000416966 Loan Paid in Full 0 5.875% 360 17
Summary 0000416969 Loan Paid in Full 0 7.375% 180 16
Summary 0000417080 Loan Paid in Full (1) 5.925% 360 27
Summary 0000417135 Loan Paid in Full 0 5.625% 360 29
Summary 0000417143 Loan Paid in Full 0 6.375% 180 37
Summary 0000417233 Loan Paid in Full (1) 5.800% 360 27
Summary 0000417350 Loan Paid in Full 0 7.100% 360 38
Summary 0000417369 Loan Paid in Full 0 5.375% 180 20
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.780% Current Month 19.387% Current Month 323.123%
3 Month Average 1.986% 3 Month Average 21.382% 3 Month Average 356.372%
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>
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 25.822% N/A Apr-2005 430.359% N/A
May-2005 25.376% N/A May-2005 422.931% N/A
Jun-2005 27.724% N/A Jun-2005 462.065% N/A
Jul-2005 25.515% N/A Jul-2005 425.250% N/A
Aug-2005 27.973% N/A Aug-2005 466.224% N/A
Sep-2005 20.865% N/A Sep-2005 347.748% N/A
Oct-2005 22.635% N/A Oct-2005 377.248% N/A
Nov-2005 22.125% N/A Nov-2005 368.745% N/A
Dec-2005 19.387% N/A Dec-2005 323.123% 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>
Modifications
Loan Beginning Current Prior Modified Prior Modified
Number Balance Balance Rate Rate Payment Payment
<s> <c> <c> <c> <c> <c> <c>
No Modifications this Period
Substitutions
Loans Repurchased Loans Substituted
Loan Current Current Current Loan Current Current Current
Number Balance Rate Payment Number Balance Rate Payment
<s> <c> <c> <c> <c> <c> <c> <c>
No Substitutions this Period
Repurchases
Loan Current Current Current
Number Balance Rate Payment
<s> <c> <c> <c>
No Repurchases this Period