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 - June 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 June 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: June 27, 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
June 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 108,000,000.00 104,969,923.19 4,396,970.97 119,228.34 4,516,199.31 0.00 0.00 100,572,952.22
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 198,338,000.00 197,102,268.77 3,172,280.02 257,218.46 3,429,498.48 0.00 0.00 193,929,988.75
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 32,874.63 32,874.63 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 501,410,000.00 497,144,191.96 7,569,250.99 1,057,680.97 8,626,931.96 0.00 0.00 489,574,940.97
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X 501,535,759.31 499,362,226.07 0.00 7.14 7.14 0.00 0.00 493,845,805.27
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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 971.94373324 40.71269417 1.10396611 41.81666028 931.23103907 AF1 1.410000 %
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 993.76956897 15.99431284 1.29686928 17.29118212 977.77525613 AV1 1.620000 %
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 3.27861075 3.27861075 1,000.00000000 B 4.070000 %
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TOTALS 991.49237542 15.09593145 2.10941339 17.20534485 976.39644397
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X N/A 995.66624473 0.00000000 0.00001424 0.00001424 984.66718694 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
June 25, 2003
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 280,488.59
Group I Curtailments 23,755.43
Group I Prepayments 2,900,239.77
Group I Liquidation Proceeds 0.00
Group II Scheduled Principal 141,868.16
Group II Curtailments 8,578.04
Group II Prepayments 2,161,490.81
Group II Liquidation Proceeds 0.00
Extra Principal Distribution Amount 2,052,830.19
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 119,228.34
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-1 257,218.46
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
June 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 32,874.63
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 301,653,025.92
Group I Ending Pool Balance 298,448,542.13
Group II Beginning Pool Balance 197,709,200.15
Group II Ending Pool Balance 195,397,263.14
Total Beginning Pool Balance 499,362,226.07
Total Ending Pool Balance 493,845,805.27
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 125,688.76
Group II Servicing Fee 82,378.83
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included
in Current Distribution 32,761.52
Group I Recouped Advances Included
in Current Distribution 0.00
Group I Aggregate Amount of Advances
Outstanding 174,330.69
Group II Delinquency Advances Included
in Current Distribution 42,895.78
Group II Recouped Advances Included
in Current Distribution 0.00
Group II Aggregate Amount of Advances
Outstanding 184,141.73
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
June 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 224 22,921,275.15 7.68 %
31-60 days 17 1,606,195.04 0.54 %
61-90 days 5 337,441.88 0.11 %
91+days 0 0.00 0.00 %
Total 246 24,864,912.07 8.33 %
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Group 2
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Period Number Principal Balance Percentage
0-30 days 144 16,385,764.38 8.39 %
31-60 days 16 1,520,393.97 0.78 %
61-90 days 5 561,578.18 0.29 %
91+days 0 0.00 0.00 %
Total 165 18,467,736.53 9.46 %
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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
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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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 1,442,758.44
Group II Three Largest Loans 1,263,997.17
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
June 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 8.06
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 290.00
Group II Weighted Average Remaining Term 357.00
Sec. 4.03 (a)(xx), Overcollateralization Amounts
(xxi),(xxiii)
Overcollateralization Amount 4,270,864.30
Overcollateralization Target
Amount 20,061,430.37
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency
Amount 15,790,566.07
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
June 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 16.69 %
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 0.18 %
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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