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 - December 26, 2003
----------------------------------
(Date of Earliest Event Reported)
EQUITY ONE ABS, INC.
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(as depositor under a certain Pooling and Servicing Agreement dated as
of March 31, 2003, providing for the issuance of Mortgage
Pass-Through Certificates, Series 2003-2)
(Exact Name of Registrant as specified in its charter)
Delaware 333-81506-06 52-2029487
- ------------------------ --------------------- -----------------------
(State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803
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(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 478-6160
Item 5. Other Events.
- ---------------------
Attached hereto as Annex A is a copy of the Statement to Certificateholders
sent to Class AF-1, AF-2, AF-3, AF-4, AF-5, AV-1, M-1, M-2, M-3 and B
Certificateholders with respect to the December 26, 2003 Distribution Date.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
EQUITY ONE ABS, INC.
By:/s/ James H. Jenkins
-------------------------------------
James H. Jenkins,
Executive Vice President and CFO
Dated: December 30, 2003
3
Page 1 of 6
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
Statement to Certificateholders
December 26, 2003
DISTRIBUTION IN DOLLARS
BEGINNING ENDING
ORIGINAL FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ------- --------------- --------------- -------------- ------------ -------------- ----- ------ ---------------
AF1 108,000,000.00 68,174,193.89 6,460,410.64 70,960.34 6,531,370.98 0.00 0.00 61,713,783.25
AF2 25,000,000.00 25,000,000.00 0.00 50,166.67 50,166.67 0.00 0.00 25,000,000.00
AF3 49,000,000.00 49,000,000.00 0.00 121,520.00 121,520.00 0.00 0.00 49,000,000.00
AF4 23,000,000.00 23,000,000.00 0.00 78,602.50 78,602.50 0.00 0.00 23,000,000.00
AF5 17,847,000.00 17,847,000.00 0.00 74,734.31 74,734.31 0.00 0.00 17,847,000.00
AV1 198,338,000.00 172,475,012.50 5,277,345.14 210,712.96 5,488,058.10 0.00 0.00 167,197,667.36
M1 32,592,000.00 32,592,000.00 0.00 137,158.00 137,158.00 0.00 0.00 32,592,000.00
M2 26,324,000.00 26,324,000.00 0.00 124,117.66 124,117.66 0.00 0.00 26,324,000.00
M3 11,282,000.00 11,282,000.00 0.00 62,060.40 62,060.40 0.00 0.00 11,282,000.00
B 10,027,000.00 10,027,000.00 0.00 33,404.18 33,404.18 0.00 0.00 10,027,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 501,410,000.00 435,721,206.39 11,737,755.78 963,437.02 12,701,192.80 0.00 0.00 423,983,450.61
X 501,535,759.31 449,875,842.45 0.00 5.47 5.47 0.00 0.00 439,967,698.74
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
BEGINNING ENDING
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL
- ------- --------------- --------------- -------------- ------------ -------------- --------------
AF1 294751CB6 631.24253602 59.81861704 0.65704019 60.47565722 571.42391898
AF2 294751CC4 1,000.00000000 0.00000000 2.00666680 2.00666680 1,000.00000000
AF3 294751CD2 1,000.00000000 0.00000000 2.48000000 2.48000000 1,000.00000000
AF4 294751CE0 1,000.00000000 0.00000000 3.41750000 3.41750000 1,000.00000000
AF5 294751CF7 1,000.00000000 0.00000000 4.18749986 4.18749986 1,000.00000000
AV1 294751CG5 869.60145055 26.60783682 1.06239329 27.67023011 842.99361373
M1 294751CH3 1,000.00000000 0.00000000 4.20833333 4.20833333 1,000.00000000
M2 294751CJ9 1,000.00000000 0.00000000 4.71500000 4.71500000 1,000.00000000
M3 294751CK6 1,000.00000000 0.00000000 5.50083319 5.50083319 1,000.00000000
B 294751CL4 1,000.00000000 0.00000000 3.33142316 3.33142316 1,000.00000000
TOTALS 868.99185575 23.40949678 1.92145554 25.33095231 845.58235897
X N/A 896.99654332 0.00000000 0.00001091 0.00001091 877.24093561
PASS-THROUGH RATES
CURRENT
PASS-THRU
CLASS RATE
- --------- -----------
AF1 1.208750 %
AF2 2.408000 %
AF3 2.976000 %
AF4 4.101000 %
AF5 5.025000 %
AV1 1.418750 %
M1 5.050000 %
M2 5.658000 %
M3 6.601000 %
B 3.868750 %
X 0.000000 %
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
RYAN VAUGHN
JPMorgan Chase Bank - Structured Finance Services NY
4 NEW YORK PLAZA FLR 6,
New York, New York 10004
Tel: (212) 623-4484 / Fax: (212) 623-5930
Email: Ryan.M.Vaughn@JPMorgan.com
[JPMORGAN LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
Page 2 of 6
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
December 26, 2003
Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 264,468.56
Group I Curtailments 25,619.69
Group I Prepayments 5,163,311.72
Group I Liquidation Proceeds 0.00
Group II Scheduled Principal 134,045.04
Group II Curtailments 148,097.34
Group II Prepayments 4,172,601.36
Group II Liquidation Proceeds 0.00
Extra Principal Distribution Amount 1,829,612.07
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 70,960.34
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 50,166.67
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 121,520.00
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 78,602.50
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 74,734.31
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AV-1 210,712.96
Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - M-1 137,158.00
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 124,117.66
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
[JPMORGAN LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
Page 3 of 6
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
December 26, 2003
Interest Distribution - M-3 62,060.40
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - B 33,404.18
Unpaid Interest - B 0.00
Remaining Unpaid Interest - B 0.00
Sec. 4.03(a)(iii) AvailableFunds Shortfall
Class AF-1 Available Funds Shortfall 0.00
Class AF-2 Available Funds Shortfall 0.00
Class AF-3 Available Funds Shortfall 0.00
Class AF-4 Available Funds Shortfall 0.00
Class AF-5 Available Funds Shortfall 0.00
Class AV-1 Available Funds Shortfall 0.00
Class M-1 Available Funds Shortfall 0.00
Class M-2 Available Funds Shortfall 0.00
Class M-3 Available Funds Shortfall 0.00
Class B Available Funds Shortfall 0.00
Sec. 4.03(a)(v) Pool Principal Balances
Group I Beginning Pool Balance 271,931,051.60
Group I Ending Pool Balance 266,477,651.63
Group II Beginning Pool Balance 177,944,790.85
Group II Ending Pool Balance 173,490,047.11
Total Beginning Pool Balance 449,875,842.45
Total Ending Pool Balance 439,967,698.74
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 113,304.60
Group II Servicing Fee 74,143.66
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included
in Current Distribution 101,220.83
Group I Recouped Advances Included
in Current Distribution 0.00
Group I Aggregate Amount of Advances
Outstanding 513,344.80
Group II Delinquency Advances Included
in Current Distribution 91,095.64
Group II Recouped Advances Included
in Current Distribution 0.00
Group II Aggregate Amount of Advances
Outstanding 430,709.51
[JPMORGAN LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
Page 4 of 6
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
December 26, 2003
Section 4.03(a)(ix) A Group I and Group II Loans Delinquent
Group 1
Period Number Principal Balance Percentage
- ---------- ------ ----------------- ----------
0-30 days 350 36,939,959.43 13.86 %
31-60 days 34 3,111,665.90 1.17 %
61-90 days 13 1,318,680.74 0.49 %
91+days 8 592,878.40 0.22 %
Total 405 41,963,184.47 15.74 %
Group 2
Period Number Principal Balance Percentage
- ---------- ------ ----------------- ----------
0-30 days 212 25,611,239.18 14.76 %
31-60 days 30 3,145,441.56 1.81 %
61-90 days 11 1,153,661.90 0.66 %
91+days 6 749,691.77 0.43 %
Total 259 30,660,034.41 17.66 %
Sec. 4.03 (a)(ix) B Group I and Group II Loans in Foreclosure
Group 1
Number Principal Balance Percentage
------ ----------------- ----------
23 2,580,696.58 0.97 %
Group 2
Number Principal Balance Percentage
------ ----------------- ----------
19 1,886,978.16 1.09 %
Sec. 4.03(a)(x),(xi) Group I and Group II Loans in REO
Group 1
Number Principal Balance Percentage
------ ----------------- ----------
0 0.00 0.00 %
Group 2
Number Principal Balance Percentage
------ ----------------- ----------
0 0.00 0.00 %
Market Value of Group I REO Loans 0.00
Market Value of Group II REO Loans 0.00
Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the Three Largest
Loans
Group I Three Largest Loans 1,431,269.02
Group II Three Largest Loans 1,204,412.72
Sec. 4.03(a)(xiii) Net WAC Cap Carryover
Class AF-1 Net WAC Cap Carryover Amounts Due 0.00
Class AF-1 Net WAC Cap Carryover Amounts Paid 0.00
[JPMORGAN LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
Page 5 of 6
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
December 26, 2003
Class AF-1 Net WAC Cap Carryover Remaining
Amounts Due 0.00
Class AV-1 Net WAC Cap Carryover Amounts Due 0.00
Class AV-1 Net WAC Cap Carryover Amounts Paid 0.00
Class AV-1 Net WAC Cap Carryover Remaining
Amounts Due 0.00
Class B Net WAC Cap Carryover Amounts Due 0.00
Class B Net WAC Cap Carryover Amounts Paid 0.00
Class B Net WAC Cap Carryover Remaining
Amounts Due 0.00
Sec. 4.03(a)(xiv) Aggregate Principal Balance of Balloon Loans
with Original Terms <= 36 Months and 60+
Contractually Past Due
Group I Aggregate Principal Balance of
Balloon Loans 0.00
Group II Aggregate Principal Balance of
Balloon Loans 0.00
Sec. 4.03 (a)(xv),(xxii) Realized Losses
Group I Current Period Realized Losses 0.00
Group I Cumulative Realized Losses 0.00
Group II Current Period Realized Losses 0.00
Group II Cumulative Realized Losses 43,833.46
Sec. 4.03 (a)(xvi) Reserve Fund
Beginning Balance of Reserve Fund 0.00
Funds Withdrawn From Reserve Fund For
Distribution 0.00
Funds Deposited to Reserve Fund 0.00
Ending Balance of Reserve Fund 0.00
Sec. 4.03 (a)(xvii) Number of Loans Repurchased
Group I Number of Loans Repurchased 0.00
Group II Number of Loans Repurchased 0.00
Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding
Loans (as of first day of related Due Period)
Group I Weighted Average Mortgage Rate 8.03
Group II Weighted Average Mortgage Rate 7.88
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding
Loans
Group I Weighted Average Remaining Term 284.00
Group II Weighted Average Remaining Term 351.00
Sec. 4.03 (a)(xx),(xxi),(xxiii) Overcollateralization Amounts
Overcollateralization Amount 15,984,248.13
Overcollateralization Target Amount 20,061,430.37
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 4,077,182.24
[JPMORGAN LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
Page 6 of 6
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
December 26, 2003
Sec. 4.03 (a)(xxiv) Trigger Events
Has a Trigger Event Occurred and is continuing? NO
Cumulative Realized Losses as a percentage of
the Original Pool Balance 0.01 %
Senior Enhancement Percentage 21.45 %
Senior Specified Enhancement Percentage 40.00 %
Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage of
the current Pool Balance 1.88 %
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield
Maintenance Agreement 0.00
[JPMORGAN LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.