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): August 29, 2005
FBR SECURITIZATION TRUST
Mortgage-Backed Callable Certificates, Series 2005-1
(Exact name of registrant as specified in its charter)
New York (governing law of 333-122578-04
Pooling and Servicing Agreement) (Commission N/A
(State or other File Number) IRS EIN
jurisdiction
of Incorporation)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
Subsequent to filing the 8-K relating to the payment date on August 29, 2005, a
revision was made to holders of FBR SECURITIZATION TRUST, Mortgage-Backed
Callable Certificates, Series 2005-1 Trust which was not included in the
original 8-K filed. The 8-K is being amended because of incorrect
delinquencies. 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, N.A., 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-Backed Callable Certificates, Series
2005-1 Trust, relating to the August 29, 2005
distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FBR SECURITIZATION TRUST
Mortgage-Backed Callable Certificates, Series 2005-1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 1/31/2006
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Amended monthly report distributed to holders of
Mortgage-Backed Callable Certificates, Series 2005-1
Trust, relating to the August 29, 2005 distribution.
EX-99.1
Friedman, Billings, Ramsey & Co., Inc.
Mortgage-Backed Callable Certificates
Record Date: 7/29/2005
Distribution Date: 8/29/2005
Friedman, Billings, Ramsey & Co., Inc.
Mortgage-Backed Callable Certificates
Series 2005-1
Contact: Customer Service - CTSLink
Wells Fargo Bank, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
www.ctslink.com
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
<s> <c> <c> <c> <c> <c>
A-1 30246QAA1 SEN 3.81250% 537,920,000.00 740,573.89
A-2 30246QAB9 SEN 3.81250% 592,370,000.00 815,537.17
OWNER FBR05001O SEN 0.00000% 0.00 4,982,369.24
SERVFEE FBR05001S SEN 0.29000% 0.00 268,498.31
Totals 1,130,290,000.00 6,806,978.61
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 11,850,389.45 0.00 526,069,610.55 12,590,963.34 0.00
A-2 12,292,770.16 0.00 580,077,229.84 13,108,307.33 0.00
OWNER 0.00 0.00 0.00 4,982,369.24 0.00
SERVFEE 0.00 0.00 0.00 268,498.31 0.00
Totals 24,143,159.61 0.00 1,106,146,840.39 30,950,138.22 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 537,920,000.00 537,920,000.00 0.00 11,850,389.45 0.00 0.00
A-2 592,370,000.00 592,370,000.00 0.00 12,292,770.16 0.00 0.00
OWNER 0.00 0.00 0.00 0.00 0.00 0.00
SERVFEE 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,130,290,000.00 1,130,290,000.00 0.00 24,143,159.61 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A-1 11,850,389.45 526,069,610.55 0.97796998 11,850,389.45
A-2 12,292,770.16 580,077,229.84 0.97924816 12,292,770.16
OWNER 0.00 0.00 0.00000000 0.00
SERVFEE 0.00 0.00 0.00000000 0.00
Totals 24,143,159.61 1,106,146,840.39 0.97863985 24,143,159.61
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A-1 537,920,000.00 1000.00000000 0.00000000 22.03002203 0.00000000
A-2 592,370,000.00 1000.00000000 0.00000000 20.75184456 0.00000000
OWNER 0.00 0.00000000 0.00000000 0.00000000 0.00000000
SERVFEE 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 22.03002203 977.96997797 0.97796998 22.03002203
A-2 0.00000000 20.75184456 979.24815544 0.97924816 20.75184456
OWNER 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
SERVFEE 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 537,920,000.00 3.81250% 537,920,000.00 740,573.89 0.00 0.00
A-2 592,370,000.00 3.81250% 592,370,000.00 815,537.17 0.00 0.00
OWNER 0.00 0.00000% 1,164,063,917.48 0.00 0.00 0.00
SERVFEE 0.00 0.29000% 1,164,063,917.48 268,498.31 0.00 0.00
Totals 1,130,290,000.00 1,824,609.37 0.00 0.00
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00 0.00 740,573.89 0.00 526,069,610.55
A-2 0.00 0.00 815,537.17 0.00 580,077,229.84
OWNER 0.00 0.00 4,982,369.24 0.00 1,139,904,694.00
SERVFEE 0.00 0.00 268,498.31 0.00 1,139,904,694.00
Totals 0.00 0.00 6,806,978.61 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 537,920,000.00 3.81250% 1000.00000000 1.37673611 0.00000000 0.00000000
A-2 592,370,000.00 3.81250% 1000.00000000 1.37673611 0.00000000 0.00000000
OWNER 0.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
SERVFEE 0.00 0.29000% 1000.00000000 0.23065599 0.00000000 0.00000000
<FN>
(5) Per $1 denomination.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 0.00000000 1.37673611 0.00000000 977.96997797
A-2 0.00000000 0.00000000 1.37673611 0.00000000 979.24815544
OWNER 0.00000000 0.00000000 4.28015091 0.00000000 979.24579302
SERVFEE 0.00000000 0.00000000 0.23065599 0.00000000 979.24579302
<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 30,114,635.59
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 956,340.34
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 197,386.69
Total Deposits 31,268,362.62
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 318,224.40
Payment of Interest and Principal 30,950,138.22
Total Withdrawals (Pool Distribution Amount) 31,268,362.62
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 194,429.52
FSA Fee 106,818.96
Murrayhill Company 12,125.66
Wells Fargo Bank, NA 4,850.26
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 318,224.40
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Financial Guaranty 0.00 0.00 0.00 0.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE REO TOTAL
<s> <c> <c> <c> <c> <c>
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 77 0 0 0 77
17,475,624.76 0.00 0.00 0.00 17,475,624.76
60 Days 29 0 0 0 29
6,115,589.93 0.00 0.00 0.00 6,115,589.93
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 106 0 0 0 106
23,591,214.69 0.00 0.00 0.00 23,591,214.69
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 1.321208% 0.000000% 0.000000% 0.000000% 1.321208%
1.532117% 0.000000% 0.000000% 0.000000% 1.532117%
60 Days 0.497598% 0.000000% 0.000000% 0.000000% 0.497598%
0.536164% 0.000000% 0.000000% 0.000000% 0.536164%
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 1.818806% 0.000000% 0.000000% 0.000000% 1.818806%
2.068280% 0.000000% 0.000000% 0.000000% 2.068280%
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 956,340.34
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 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current REO Total Jan-05 0.000%
Loans in REO 0 Feb-05 0.000%
Original Principal Balance 0.00 Mar-05 0.000%
Current Principal Balance 0.00 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-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 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current Foreclosure Total Jan-05 0.000%
Loans in Foreclosure 0 Feb-05 0.000%
Original Principal Balance 0.00 Mar-05 0.000%
Current Principal Balance 0.00 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-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 7.134696%
Weighted Average Net Coupon 6.924696%
Weighted Average Pass-Through Rate 6.907196%
Weighted Average Maturity(Stepdown Calculation) 354
Beginning Scheduled Collateral Loan Count 5,928
Number Of Loans Paid In Full 100
Ending Scheduled Collateral Loan Count 5,828
Beginning Scheduled Collateral Balance 1,130,290,000.00
Ending Scheduled Collateral Balance 1,139,904,694.00
Ending Actual Collateral Balance at 29-Jul-2005 1,140,619,791.03
Monthly P&I Constant 7,963,498.79
Special Servicing Fee 0.00
Prepayment Penalties 197,386.69
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 728,727.08
Unscheduled Principal 23,430,495.59
Miscellaneous Reporting
Current LIBOR Rate Used 3.57250%
Next Month's LIBOR Rate 3.66938%
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.358675 7.667919 7.202423
Weighted Average Net Rate 7.148675 7.457919 6.992423
Weighted Average Maturity 354 354 354
Beginning Loan Count 467 2,939 641
Loans Paid In Full 4 57 7
Ending Loan Count 463 2,882 634
Beginning Scheduled Balance 64,600,518.85 489,393,596.40 98,316,643.56
Ending Scheduled Balance 64,073,916.42 478,061,523.49 97,329,817.54
Record Date 07/29/2005 07/29/2005 07/29/2005
Principal And Interest Constant 458,688.85 3,434,200.84 672,790.56
Scheduled Principal 62,543.69 307,008.77 82,692.22
Unscheduled Principal 464,058.74 11,025,064.14 904,133.80
Scheduled Interest 396,145.16 3,127,192.07 590,098.34
Servicing Fees 11,305.09 85,643.88 17,205.41
Master Servicing Fees 269.17 2,039.14 409.65
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 672.92 5,097.85 1,024.13
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 383,897.98 3,034,411.20 571,459.15
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.319160 7.134696
Weighted Average Net Rate 7.109160 6.924696
Weighted Average Maturity 354 354
Beginning Loan Count 1,881 5,928
Loans Paid In Full 32 100
Ending Loan Count 1,849 5,828
Beginning Scheduled Balance 511,753,157.86 1,164,063,916.67
Ending scheduled Balance 500,439,436.55 1,139,904,694.00
Record Date 07/29/2005 07/29/2005
Principal And Interest Constant 3,397,818.54 7,963,498.79
Scheduled Principal 276,482.40 728,727.08
Unscheduled Principal 11,037,238.91 23,430,495.59
Scheduled Interest 3,121,336.14 7,234,771.71
Servicing Fees 89,556.80 203,711.18
Master Servicing Fees 2,132.30 4,850.26
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 5,330.76 12,125.66
Pool Insurance Fee 0.00 0.00
Spread 1 0.00 0.00
Spread 2 0.00 0.00
Spread 3 0.00 0.00
Net Interest 3,024,316.28 7,014,084.61
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Miscellaneous Reporting
Group Group 1
OC Target Amount 16,065,829.36
OC Amount 16,065,829.36
Excess Cash Amount 2,315,351.54
Extra Principal Amount 0.00
OC Release Amount 8,285.89
OC Deficiency Amount 0.00
OC Increase Amount 0.00
Group Group 2
OC Target Amount 17,692,024.25
OC Amount 17,692,024.25
Excess Cash Amount 2,440,751.06
Extra Principal Amount 0.00
OC Release Amount 7,777.17
OC Deficiency Amount 0.00
OC Increase Amount 0.00
Prepayment Detail - Prepayments during Current Period
Summary
Loans Paid In Full Repurchased Loans
Original Current Original Current
Principal Principal Principal Principal
Group Count Balance Balance Count Balance Balance
<s> <c> <c> <c> <c> <c> <c>
Total 100 23,513,108.00 22,931,712.89 0 0.00 0.00
Prepayment Detail - Prepayments during Current Period (continued)
Summary
Substitution Loans Liquidated Loans Curtailments
Original Current Original Current
Principal Principal Principal Principal Curtailment
Group Count Balance Balance Count Balance Balance Amount
<s> <c> <c> <c> <c> <c> <c> <c>
Total 0 0.00 0.00 0 0.00 0.00 515,878.17
Prepayment Loan Detail - Prepayments during Current Period
First Original
Loan LTV at Payment Principal Prepayment
Group Number State Origination Date Balance Amount
<s> <c> <c> <c> <c> <c> <c>
Group 1 0501192137 MI 88.12 01-Apr-2005 70,500.00 70,115.00
Group 1 0501284884 NM 95.00 01-Apr-2005 47,500.00 47,341.35
Group 1 0503308939 CA 70.00 01-Jun-2005 280,000.00 279,487.50
Group 1 0504089548 OH 43.63 01-Jun-2005 72,000.00 71,858.46
Group 2 0410279935 CA 75.00 01-Jan-2005 150,000.00 148,949.48
Group 2 0411108666 CA 42.85 01-Feb-2005 120,000.00 119,466.82
Group 2 0411119586 VA 95.00 01-Jan-2005 156,750.00 155,798.72
Group 2 0411164520 CA 90.00 01-Jan-2005 315,000.00 313,268.79
Group 2 0411222011 MD 28.57 01-Apr-2005 50,000.00 49,713.28
Group 2 0411234218 NY 75.00 01-May-2005 483,750.00 482,435.94
Group 2 0411308530 CT 90.00 01-Feb-2005 166,500.00 165,700.55
Group 2 0412088924 CA 70.00 01-Feb-2005 231,000.00 229,717.71
Group 2 0412135226 MN 90.00 01-Mar-2005 139,500.00 139,001.96
Group 2 0412213606 GA 90.00 01-Apr-2005 120,150.00 119,734.35
Group 2 0501135658 NJ 67.50 01-Mar-2005 202,500.00 201,855.21
Group 2 0501193241 CA 87.45 01-Apr-2005 230,000.00 228,823.88
Group 2 0501203715 MO 80.00 01-Mar-2005 59,200.00 58,854.06
Group 2 0501203815 NJ 90.00 01-Apr-2005 136,800.00 136,398.78
Group 2 0501247479 NJ 73.05 01-Apr-2005 282,000.00 280,411.87
Group 2 0501273294 NV 64.28 01-Apr-2005 225,000.00 224,007.23
Group 2 0501284953 MD 80.00 01-Apr-2005 216,000.00 215,414.43
Group 2 0501316061 FL 40.29 01-Mar-2005 67,500.00 67,291.39
Group 2 0502016929 FL 70.47 01-May-2005 191,700.00 191,034.17
Group 2 0502017277 IA 100.00 01-Apr-2005 105,000.00 104,614.34
Group 2 0502017373 FL 79.61 01-Apr-2005 103,500.00 103,043.32
Group 2 0502029041 CA 90.00 01-Apr-2005 315,000.00 314,990.00
Group 2 0502029352 GA 80.00 01-Apr-2005 144,000.00 144,000.00
Group 2 0502031602 WA 80.00 01-Apr-2005 224,000.00 223,236.13
Group 2 0502073803 MD 75.00 01-Apr-2005 198,750.00 198,119.74
Group 2 0502085232 MD 90.00 01-Apr-2005 211,500.00 210,697.32
Group 2 0502085273 OH 85.00 01-Apr-2005 144,500.00 144,064.01
Group 2 0502111060 IN 85.00 01-Apr-2005 72,250.00 72,004.28
Group 2 0502180337 MN 100.00 01-Apr-2005 138,000.00 138,000.00
Group 2 0502181523 TX 75.00 01-May-2005 51,675.00 51,516.22
Group 2 0502181559 TX 75.00 01-May-2005 52,500.00 52,338.69
Group 2 0502223750 CA 90.00 01-Apr-2005 252,000.00 251,100.29
Group 2 0503010588 FL 85.00 01-May-2005 276,250.00 275,442.54
Group 2 0503011368 CT 85.00 01-May-2005 116,450.00 115,990.24
Group 2 0503011404 AL 80.00 01-Jun-2005 264,000.00 263,345.72
Group 2 0503023205 CA 90.00 01-May-2005 155,700.00 155,201.07
Group 2 0503046296 MN 90.00 01-May-2005 230,760.00 229,802.94
Group 2 0503077804 VT 85.00 01-May-2005 166,600.00 165,956.33
Group 2 0503080157 NC 80.00 01-May-2005 108,000.00 107,680.83
Group 2 0503080229 OH 96.15 01-May-2005 212,500.00 211,923.79
Group 2 0503092531 CA 81.55 01-May-2005 168,000.00 168,000.00
Group 2 0503092600 MD 80.00 01-May-2005 220,800.00 220,067.96
Group 2 0503104383 NJ 85.00 01-May-2005 354,450.00 353,721.77
Group 2 0503147045 VA 90.00 01-May-2005 248,850.00 248,544.50
Group 2 0503147555 CA 30.42 01-May-2005 78,500.00 77,733.29
Group 2 0503228651 NM 80.00 01-May-2005 90,000.00 89,071.51
Group 2 0503230940 CA 80.00 01-May-2005 352,000.00 352,000.00
Group 2 0503242782 IL 78.33 01-May-2005 282,000.00 281,929.15
Group 2 0503297655 FL 90.00 01-Jun-2005 182,700.00 182,377.40
Group 2 0503308322 VA 80.00 01-May-2005 304,000.00 304,000.00
Group 2 0503319868 MA 80.00 01-Jun-2005 215,200.00 214,693.30
Group 2 0504054344 CA 64.10 01-Jun-2005 350,000.00 349,272.62
Group 2 0504110885 AL 100.00 01-Jun-2005 82,000.00 81,853.72
Group 2 0504123999 MD 85.00 01-Jun-2005 200,600.00 200,239.54
Group 2 0504134207 WI 80.00 01-Jun-2005 72,000.00 71,848.05
Group 2 0504202722 GA 95.00 01-Jun-2005 123,500.00 123,278.50
Group 2 0504204118 FL 55.78 01-Jun-2005 106,000.00 105,779.70
Group 3 0412033706 CA 90.00 01-Feb-2005 234,000.00 233,999.98
Group 3 0412237017 OK 97.50 01-Mar-2005 97,500.00 96,994.38
Group 3 0412288737 LA 95.00 01-Mar-2005 88,350.00 88,003.76
Group 3 0501100283 GA 83.70 01-Apr-2005 113,000.00 112,714.67
Group 3 0501181949 FL 97.54 01-Mar-2005 119,000.00 118,370.05
Group 3 0501247934 AZ 90.00 01-Mar-2005 154,800.00 154,260.21
Group 3 0503080061 FL 95.00 01-May-2005 109,250.00 108,953.72
Group 4 0409169429 CA 85.00 01-Nov-2004 429,250.00 425,458.34
Group 4 0410143044 NJ 68.96 01-Jan-2005 500,000.00 496,131.59
Group 4 0412022463 FL 90.00 01-Mar-2005 630,000.00 627,415.84
Group 4 0412065884 MD 90.00 01-Feb-2005 387,000.00 385,632.54
Group 4 0412123626 CA 81.81 01-Mar-2005 450,000.00 447,839.31
Group 4 0412289867 CA 80.00 01-Mar-2005 235,920.00 234,879.06
Group 4 0501079111 MA 84.21 01-Apr-2005 400,000.00 398,190.78
Group 4 0501111803 NY 80.00 01-Apr-2005 288,729.00 287,285.27
Group 4 0501180952 CA 80.00 01-Apr-2005 304,000.00 5,138.45
Group 4 0501250062 CA 78.12 01-Apr-2005 500,000.00 496,861.58
Group 4 0501272576 IL 80.00 01-Mar-2005 158,600.00 158,599.99
Group 4 0501284342 NY 80.00 01-May-2005 216,800.00 216,150.73
Group 4 0502018481 CA 90.00 01-Apr-2005 477,000.00 477,000.00
Group 4 0502029888 CA 70.00 01-Apr-2005 427,000.00 425,387.71
Group 4 0502042226 VA 85.00 01-Apr-2005 374,000.00 374,000.00
Group 4 0502086719 NY 80.00 01-May-2005 375,200.00 375,166.83
Group 4 0502097509 FL 80.00 01-Apr-2005 680,000.00 676,688.44
Group 4 0502111287 CA 89.72 01-Apr-2005 327,500.00 326,119.21
Group 4 0502143357 CA 88.09 01-May-2005 111,000.00 110,559.17
Group 4 0502154864 NY 77.09 01-Apr-2005 300,000.00 298,890.00
Group 4 0502180375 MA 80.00 01-May-2005 277,600.00 276,423.91
Group 4 0502180648 CA 74.53 01-May-2005 600,000.00 600,000.00
Group 4 0502222495 CA 90.00 01-May-2005 205,101.00 204,528.92
Group 4 0503034230 NJ 100.00 01-May-2005 275,000.00 274,291.28
Group 4 0503080048 CA 80.00 01-May-2005 146,400.00 145,871.35
Group 4 0503091820 FL 80.00 01-May-2005 258,368.00 258,368.00
Group 4 0503116227 AZ 83.50 01-May-2005 354,875.00 128,158.45
Group 4 0503147875 CA 78.63 01-May-2005 600,000.00 597,704.90
Group 4 0503159112 AL 80.00 01-May-2005 457,600.00 456,476.99
Group 4 0504089478 CA 70.00 01-Jun-2005 191,380.00 191,161.90
Group 4 0504110747 VA 80.00 01-Jun-2005 240,000.00 239,678.13
Group 4 0504146145 CA 90.00 01-Jun-2005 432,000.00 431,102.24
Prepayment Loan Detail - Prepayments during Current Period (continued)
Current
Loan PIF Months Loan Original
Group Number Type Delinquent Rate Term Seasoning
<s> <c> <c> <c> <c> <c> <c>
Group 1 0501192137 Loan Paid in Full 0 6.600% 360 4
Group 1 0501284884 Loan Paid in Full 0 9.000% 360 4
Group 1 0503308939 Loan Paid in Full 0 8.500% 360 2
Group 1 0504089548 Loan Paid in Full 0 8.150% 360 2
Group 2 0410279935 Loan Paid in Full 0 7.125% 360 7
Group 2 0411108666 Loan Paid in Full 0 8.375% 360 6
Group 2 0411119586 Loan Paid in Full 0 7.500% 360 7
Group 2 0411164520 Loan Paid in Full 0 7.999% 360 7
Group 2 0411222011 Loan Paid in Full 0 7.500% 360 4
Group 2 0411234218 Loan Paid in Full 0 7.990% 360 3
Group 2 0411308530 Loan Paid in Full 0 7.990% 360 6
Group 2 0412088924 Loan Paid in Full 0 7.990% 360 6
Group 2 0412135226 Loan Paid in Full 0 8.675% 360 5
Group 2 0412213606 Loan Paid in Full 0 8.500% 360 4
Group 2 0501135658 Loan Paid in Full 0 9.990% 360 5
Group 2 0501193241 Loan Paid in Full 0 6.875% 360 4
Group 2 0501203715 Loan Paid in Full 0 6.999% 360 5
Group 2 0501203815 Loan Paid in Full 0 9.625% 360 4
Group 2 0501247479 Loan Paid in Full 0 6.375% 360 4
Group 2 0501273294 Loan Paid in Full 0 7.625% 360 4
Group 2 0501284953 Loan Paid in Full 0 9.999% 360 4
Group 2 0501316061 Loan Paid in Full 0 9.375% 360 5
Group 2 0502016929 Loan Paid in Full 0 6.750% 360 3
Group 2 0502017277 Loan Paid in Full 0 7.615% 360 4
Group 2 0502017373 Loan Paid in Full 0 7.625% 360 4
Group 2 0502029041 Loan Paid in Full 0 7.500% 360 4
Group 2 0502029352 Loan Paid in Full 0 7.125% 360 4
Group 2 0502031602 Loan Paid in Full 0 7.990% 360 4
Group 2 0502073803 Loan Paid in Full 0 9.250% 360 4
Group 2 0502085232 Loan Paid in Full 0 8.500% 360 4
Group 2 0502085273 Loan Paid in Full 0 9.490% 360 4
Group 2 0502111060 Loan Paid in Full 0 7.999% 360 4
Group 2 0502180337 Loan Paid in Full 0 7.799% 360 4
Group 2 0502181523 Loan Paid in Full 0 8.500% 360 3
Group 2 0502181559 Loan Paid in Full 0 8.500% 360 3
Group 2 0502223750 Loan Paid in Full 0 8.675% 360 4
Group 2 0503010588 Loan Paid in Full 0 7.625% 360 3
Group 2 0503011368 Loan Paid in Full 0 7.250% 360 3
Group 2 0503011404 Loan Paid in Full 0 6.990% 360 2
Group 2 0503023205 Loan Paid in Full 0 8.500% 360 3
Group 2 0503046296 Loan Paid in Full 0 6.999% 360 3
Group 2 0503077804 Loan Paid in Full 0 7.375% 360 3
Group 2 0503080157 Loan Paid in Full 0 8.250% 360 3
Group 2 0503080229 Loan Paid in Full 0 7.999% 360 3
Group 2 0503092531 Loan Paid in Full 0 6.990% 360 3
Group 2 0503092600 Loan Paid in Full 0 8.125% 360 3
Group 2 0503104383 Loan Paid in Full 0 9.350% 360 3
Group 2 0503147045 Loan Paid in Full 0 11.750% 360 3
Group 2 0503147555 Loan Paid in Full 0 7.000% 360 3
Group 2 0503228651 Loan Paid in Full 0 8.375% 360 3
Group 2 0503230940 Loan Paid in Full 0 6.990% 360 3
Group 2 0503242782 Loan Paid in Full 0 5.999% 360 3
Group 2 0503297655 Loan Paid in Full 0 8.675% 360 2
Group 2 0503308322 Loan Paid in Full 0 8.250% 360 3
Group 2 0503319868 Loan Paid in Full 0 7.250% 360 2
Group 2 0504054344 Loan Paid in Full 0 7.875% 360 2
Group 2 0504110885 Loan Paid in Full 0 8.625% 360 2
Group 2 0504123999 Loan Paid in Full 0 8.590% 360 2
Group 2 0504134207 Loan Paid in Full 0 7.799% 360 2
Group 2 0504202722 Loan Paid in Full 0 8.599% 360 2
Group 2 0504204118 Loan Paid in Full 0 7.875% 360 2
Group 3 0412033706 Loan Paid in Full 0 6.625% 360 6
Group 3 0412237017 Loan Paid in Full 0 6.900% 360 5
Group 3 0412288737 Loan Paid in Full 0 8.990% 360 5
Group 3 0501100283 Loan Paid in Full 0 9.450% 360 4
Group 3 0501181949 Loan Paid in Full 0 7.500% 360 5
Group 3 0501247934 Loan Paid in Full 0 8.790% 360 5
Group 3 0503080061 Loan Paid in Full 0 8.000% 360 3
Group 4 0409169429 Loan Paid in Full 0 6.750% 360 9
Group 4 0410143044 Loan Paid in Full 0 6.875% 360 7
Group 4 0412022463 Loan Paid in Full 0 7.990% 360 5
Group 4 0412065884 Loan Paid in Full 0 9.490% 360 6
Group 4 0412123626 Loan Paid in Full 0 7.990% 360 5
Group 4 0412289867 Loan Paid in Full 0 7.625% 360 5
Group 4 0501079111 Loan Paid in Full 0 7.500% 360 4
Group 4 0501111803 Loan Paid in Full 0 6.990% 360 4
Group 4 0501180952 Loan Paid in Full 0 7.990% 360 4
Group 4 0501250062 Loan Paid in Full 0 6.125% 360 4
Group 4 0501272576 Loan Paid in Full 0 7.750% 360 5
Group 4 0501284342 Loan Paid in Full 0 8.625% 360 3
Group 4 0502018481 Loan Paid in Full 0 7.625% 360 4
Group 4 0502029888 Loan Paid in Full 0 8.400% 360 4
Group 4 0502042226 Loan Paid in Full 0 7.500% 360 4
Group 4 0502086719 Loan Paid in Full 0 7.250% 360 3
Group 4 0502097509 Loan Paid in Full 0 7.125% 360 4
Group 4 0502111287 Loan Paid in Full 0 7.000% 360 4
Group 4 0502143357 Loan Paid in Full 0 7.220% 360 3
Group 4 0502154864 Loan Paid in Full 0 8.500% 360 4
Group 4 0502180375 Loan Paid in Full 0 6.890% 360 3
Group 4 0502180648 Loan Paid in Full 0 7.250% 360 3
Group 4 0502222495 Loan Paid in Full 0 7.990% 360 3
Group 4 0503034230 Loan Paid in Full 0 8.250% 360 3
Group 4 0503080048 Loan Paid in Full 0 7.700% 360 3
Group 4 0503091820 Loan Paid in Full 0 7.125% 360 3
Group 4 0503116227 Loan Paid in Full 0 7.250% 360 3
Group 4 0503147875 Loan Paid in Full 0 6.250% 360 3
Group 4 0503159112 Loan Paid in Full 0 8.490% 360 3
Group 4 0504089478 Loan Paid in Full 0 10.750% 360 2
Group 4 0504110747 Loan Paid in Full 0 9.990% 360 2
Group 4 0504146145 Loan Paid in Full 0 7.875% 360 2
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.014% Current Month 21.664% Current Month 3,327.176%
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>
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 N/A N/A Jul-2005 N/A N/A
Aug-2005 21.664% N/A Aug-2005 3,327.176% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
<FN>
Calculation Methodology:
Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled
Principal)
Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12)
PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS))
Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal
Balance))
</FN>
Realized Loss Detail Report - Loans with Losses during Current Period
Summary
# Loans Prior Realized Current
with Principal Loss/(Gain) Loss
Group Losses Balance Amount Percentage
<s> <c> <c> <c> <c>
Total 0 0.00 0.00 0.000%
Realized Loss Loan Detail Report - Loans With Losses during Current Period
Original Current
Loan Principal Note LTV at Original
Group Number Balance Rate State Origination Term
<s> <c> <c> <c> <c> <c> <c>
No losses this period.
Realized Loss Loan Detail Report - Loans With Losses during Current Period (continued)
Prior Cumulative
Loan Principal Realized Realized
Group Number Balance Loss/(Gain) Loss/(Gain)
<s> <c> <c> <c> <c>
No losses this period.
Realized Loss Report - Collateral
Summary
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
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 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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>
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 N/A N/A Jul-2005 N/A N/A
Aug-2005 0.000% N/A Aug-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>