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 - July 25, 2003
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(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
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(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.
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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 July 25, 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
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James H. Jenkins,
Senior Vice President and CFO
Dated: July 28, 2003
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ANNEX A
Page 1 of 6
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Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
Statement to Certificateholders
July 25, 2003
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DISTRIBUTION IN DOLLARS
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ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
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AF1 108,000,000.00 100,572,952.22 4,104,483.37 94,287.14 4,198,770.51 0.00 0.00 96,468,468.85
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 198,338,000.00 193,929,988.75 3,493,205.14 215,747.11 3,708,952.25 0.00 0.00 190,436,783.61
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 31,626.83 31,626.83 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
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TOTALS 501,410,000.00 489,574,940.97 7,597,688.51 990,020.62 8,587,709.13 0.00 0.00 481,977,252.46
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X 501,535,759.31 493,845,805.27 0.00 6.75 6.75 0.00 0.00 488,332,432.38
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
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CURRENT
BEGINNING ENDING RATE
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS PASS-THRU
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AF1 294751CB6 931.23103907 38.00447565 0.87302907 38.87750472 893.22656343 AF1 1.125000 %
AF2 294751CC4 1,000.00000000 0.00000000 2.00666680 2.00666680 1,000.00000000 AF2 2.408000 %
AF3 294751CD2 1,000.00000000 0.00000000 2.48000000 2.48000000 1,000.00000000 AF3 2.976000 %
AF4 294751CE0 1,000.00000000 0.00000000 3.41750000 3.41750000 1,000.00000000 AF4 4.101000 %
AF5 294751CF7 1,000.00000000 0.00000000 4.18749986 4.18749986 1,000.00000000 AF5 5.025000 %
AV1 294751CG5 977.77525613 17.61238462 1.08777496 18.70015958 960.16287151 AV1 1.335000 %
M1 294751CH3 1,000.00000000 0.00000000 4.20833333 4.20833333 1,000.00000000 M1 5.050000 %
M2 294751CJ9 1,000.00000000 0.00000000 4.71500000 4.71500000 1,000.00000000 M2 5.658000 %
M3 294751CK6 1,000.00000000 0.00000000 5.50083319 5.50083319 1,000.00000000 M3 6.601000 %
B 294751CL4 1,000.00000000 0.00000000 3.15416675 3.15416675 1,000.00000000 B 3.785000 %
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TOTALS 976.39644397 15.15264656 1.97447323 17.12711978 961.24379741
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X N/A 984.66718694 0.00000000 0.00001346 0.00001346 973.67420631 X 0.000000 %
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
Peggy L Remy
JPMorgan Chase Bank - Structured Finance Services
4 New York Plaza, 6th Floor
New York, New York 10004
Tel: (212) 623-4483 / Fax: (212) 623-5930
Email: Peggy.l.remy@jpmorgan.com
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JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 2 of 6
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Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
July 25, 2003
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 278,709.46
Group I Curtailments 31,649.83
Group I Prepayments 2,668,118.61
Group I Liquidation Proceeds 0.00
Group II Scheduled Principal 141,254.59
Group II Curtailments 9,439.61
Group II Prepayments 2,384,200.79
Group II Liquidation Proceeds 0.00
Extra Principal Distribution Amount 2,084,315.62
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 94,287.14
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-1 215,747.11
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 Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 3 of 6
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Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
July 25, 2003
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Interest Distribution - M-3 62,060.40
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - B 31,626.83
Unpaid Interest - B 0.00
Remaining Unpaid Interest - B 0.00
Sec. 4.03(a)(iii) Available Funds 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 298,448,542.13
Group I Ending Pool Balance 295,470,064.23
Group II Beginning Pool Balance 195,397,263.14
Group II Ending Pool Balance 192,862,368.15
Total Beginning Pool Balance 493,845,805.27
Total Ending Pool Balance 488,332,432.38
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 124,353.56
Group II Servicing Fee 81,415.53
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included in
Current Distribution 135,388.81
Group I Recouped Advances Included
in Current Distribution 0.00
Group I Aggregate Amount of Advances
Outstanding 309,719.50
Group II Delinquency Advances Included
in Current Distribution 42,388.85
Group II Recouped Advances Included in
Current Distribution 0.00
Group II Aggregate Amount of Advances
Outstanding 226,530.58
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 4 of 6
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Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
July 25, 2003
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Section 4.03(a)(ix) A Group I and Group II Loans Delinquent
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Group 1
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Period Number Principal Balance Percentage
0-30 days 296 30,495,363.74 10.32 %
31-60 days 30 3,341,069.72 1.13 %
61-90 days 3 424,838.64 0.14 %
91+days 3 238,806.99 0.08 %
Total 332 34,500,079.09 11.67 %
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Group 2
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Period Number Principal Balance Percentage
0-30 days 149 16,853,471.69 8.74 %
31-60 days 22 2,648,820.79 1.37 %
61-90 days 6 550,872.67 0.29 %
91+days 3 443,777.18 0.23 %
Total 180 20,496,942.33 10.63 %
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Sec. 4.03 (a)(ix) B Group I and Group II Loans in Foreclosure
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Group 1
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Number Principal Balance Percentage
1 72,769.87 0.02 %
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Group 2
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Number Principal Balance Percentage
1 50,376.73 0.03 %
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Sec. 4.03(a)(x),(xi) Group I and Group II Loans in REO
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Group 1
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Number Principal Balance Percentage
0 0.00 0.00 %
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Group 2
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Number Principal Balance Percentage
0 0.00 0.00 %
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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 1,440,870.21
Group II Three Largest Loans 1,217,044.20
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 Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 5 of 6
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Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
July 25, 2003
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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), Realized Losses
(xxii)
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 0.00
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 8.05
Group II Weighted Average Mortgage Rate 7.89
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 289.00
Group II Weighted Average Remaining Term 356.00
Sec. 4.03 (a)(xx), Overcollateralization Amounts
(xxi),(xxiii)
Overcollateralization Amount 6,355,179.92
Overcollateralization Target
Amount 20,061,430.37
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency
Amount 13,706,250.45
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 6 of 6
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Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-2
July 25, 2003
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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 0.00 %
Senior Enhancement Percentage 17.30 %
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 0.36 %
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield
Maintenance Agreement 0.00
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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