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 - November 25, 2003
----------------------------------
(Date of Earliest Event Reported)
EQUITY ONE ABS, INC.
----------------------------------------------------------------------
(as depositor under a certain Pooling and Servicing Agreement dated as
of September 30, 2003, providing for the issuance of Mortgage
Pass-Through Certificates, Series 2003-4)
(Exact Name of Registrant as specified in its charter)
Delaware 333-104580-02 52-2029487
- ------------------------ --------------------- -----------------------
(State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803
-----------------------------------------------------------------------
(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, AF-6, AV-1, AV-2, M-1, M-2, M-3,
M-4, B-1 and B-2 Certificateholders with respect to the November 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
-------------------------------------
James H. Jenkins,
Executive Vice President and CFO
Dated: November 26, 2003
3
ANNEX A
Page 1 of 7
- --------------------------------------------------------------------------------
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4
Statement to Certificateholders
November 25, 2003
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------
AF1 229,470,000.00 229,470,000.00 5,872,644.80 202,379.79 6,075,024.59 0.00 0.00 223,597,355.20
AF2 62,500,000.00 62,500,000.00 0.00 147,864.58 147,864.58 0.00 0.00 62,500,000.00
AF3 93,440,000.00 93,440,000.00 0.00 274,947.20 274,947.20 0.00 0.00 93,440,000.00
AF4 37,200,000.00 37,200,000.00 0.00 145,638.00 145,638.00 0.00 0.00 37,200,000.00
AF5 16,407,000.00 16,407,000.00 0.00 77,974.27 77,974.27 0.00 0.00 16,407,000.00
AF6 48,780,000.00 48,780,000.00 0.00 196,461.45 196,461.45 0.00 0.00 48,780,000.00
AV1 300,000,000.00 300,000,000.00 2,522,040.61 302,083.33 2,824,123.94 0.00 0.00 297,477,959.39
AV2 53,981,000.00 53,981,000.00 612,761.25 55,480.47 668,241.72 0.00 0.00 53,368,238.75
M1 65,138,000.00 65,138,000.00 0.00 291,438.27 291,438.27 0.00 0.00 65,138,000.00
M2 47,601,000.00 47,601,000.00 0.00 239,234.69 239,234.69 0.00 0.00 47,601,000.00
M3 15,032,000.00 15,032,000.00 0.00 78,654.94 78,654.94 0.00 0.00 15,032,000.00
M4 12,526,000.00 12,526,000.00 0.00 66,805.33 66,805.33 0.00 0.00 12,526,000.00
B1 10,021,000.00 10,021,000.00 0.00 26,931.44 26,931.44 0.00 0.00 10,021,000.00
B2 10,020,000.00 10,020,000.00 0.00 40,845.42 40,845.42 0.00 0.00 10,020,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------
TOTALS 1,002,116,000.00 1,002,116,000.00 9,007,446.66 2,146,739.18 11,154,185.84 0.00 0.00 993,108,553.34
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
X 1,002,116,603.26 1,002,116,603.26 0.00 0.00 0.00 0.00 0.00 996,343,813.98
- -----------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------- ----------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
- -------------------------------------------------------------------------------------------- ----------------------
CURRENT
BEGINNING ENDING RATE
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS PASS-THRU
- -------------------------------------------------------------------------------------------- ----------------------
AF1 294751CX8 1,000.00000000 25.59221162 0.88194444 26.47415606 974.40778838 AF1 1.270000 %
AF2 294751CY6 1,000.00000000 0.00000000 2.36583328 2.36583328 1,000.00000000 AF2 2.839000 %
AF3 294751CZ3 1,000.00000000 0.00000000 2.94250000 2.94250000 1,000.00000000 AF3 3.531000 %
AF4 294751DA7 1,000.00000000 0.00000000 3.91500000 3.91500000 1,000.00000000 AF4 4.698000 %
AF5 294751DB5 1,000.00000000 0.00000000 4.75250015 4.75250015 1,000.00000000 AF5 5.703000 %
AF6 294751DC3 1,000.00000000 0.00000000 4.02750000 4.02750000 1,000.00000000 AF6 4.833000 %
AV1 294751DD1 1,000.00000000 8.40680203 1.00694443 9.41374647 991.59319797 AV1 1.450000 %
AV2 294751DE9 1,000.00000000 11.35142458 1.02777774 12.37920231 988.64857542 AV2 1.480000 %
M1 294751DF6 1,000.00000000 0.00000000 4.47416669 4.47416669 1,000.00000000 M1 5.369000 %
M2 294751DG4 1,000.00000000 0.00000000 5.02583328 5.02583328 1,000.00000000 M2 6.031000 %
M3 294751DH2 1,000.00000000 0.00000000 5.23250000 5.23250000 1,000.00000000 M3 6.279000 %
M4 294751DJ8 1,000.00000000 0.00000000 5.33333307 5.33333307 1,000.00000000 M4 6.400000 %
B1 294751DK5 1,000.00000000 0.00000000 2.68750025 2.68750025 1,000.00000000 B1 3.870000 %
B2 294751DL3 1,000.00000000 0.00000000 4.07638922 4.07638922 1,000.00000000 B2 5.870000 %
- -------------------------------------------------------------------------------------------- ----------------------
TOTALS 1,000.00000000 8.98842715 2.14220627 11.13063342 991.01157285
- --------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------- ----------------------
X N/A 1,000.00000000 0.00000000 0.00000000 0.00000000 994.23940362 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: /JPMCHASE@CHASE
- --------------------------------------------------------------------------------
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
[LOGO]
Page 2 of 7
- --------------------------------------------------------------------------------
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4
November 25, 2003
- --------------------------------------------------------------------------------
Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 645,503.56
Group I Curtailments 47,812.94
Group I Prepayments 3,070,407.25
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 240,759.03
Group II-A Curtailments 13,427.07
Group II-A Prepayments 1,362,166.41
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 43,347.02
Group II-B Curtailments 1,147.90
Group II-B Prepayments 348,218.10
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 3,234,657.38
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 202,379.79
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 147,864.58
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 274,947.20
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 145,638.00
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 77,974.27
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 196,461.45
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 302,083.33
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
[LOGO]
Page 3 of 7
- --------------------------------------------------------------------------------
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4
November 25, 2003
- --------------------------------------------------------------------------------
Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 55,480.47
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 291,438.27
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 239,234.69
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 78,654.94
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 66,805.33
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 26,931.44
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 40,845.42
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 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 AF-6 Available Funds Shortfall 0.00
Class AV-1 Available Funds Shortfall 0.00
Class AV-2 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 M-4 Available Funds Shortfall 0.00
Class B-1 Available Funds Shortfall 0.00
Class B-2 Available Funds Shortfall 0.00
Sec. 4.03(a)(v) Pool Principal Balances Copyright
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
[LOGO]
Page 4 of 7
- --------------------------------------------------------------------------------
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4
November 25, 2003
- --------------------------------------------------------------------------------
Group I Beginning Pool Balance 648,134,611.86
Group I Ending Pool Balance 644,370,888.11
Group II-A Beginning Pool Balance 300,000,893.40
Group II-A Ending Pool Balance 298,384,540.89
Group II-B Beginning Pool Balance 53,981,098.00
Group II-B Ending Pool Balance 53,588,384.98
Total Beginning Pool Balance 1,002,116,603.26
Total Ending Pool Balance 996,343,813.98
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 270,056.09
Group II-A Servicing Fee 125,000.37
Group II-B Servicing Fee 22,492.12
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included
in Current Distribution 96,647.99
Group I Recouped Advances Included in
Current Distribution 0.00
Group I Recouped Advances From Liquidations 0.00
Group I Aggregate Amount of Advances
Outstanding 96,647.99
Group II-A Delinquency Advances Included
in Current Distribution 100,489.50
Group II-A Recouped Advances Included
in Current Distribution 0.00
Group II-A Recouped Advances From
Liquidations 0.00
Group II-A Aggregate Amount of Advances
Outstanding 100,489.50
Group II-B Delinquency Advances Included
in Current Distribution 5,161.12
Group II-B Recouped Advances Included in
Current Distribution 0.00
Group II-B Recouped Advances From
Liquidations 0.00
Group II-B Aggregate Amount of Advances
Outstanding 5,161.12
Section 4.03(a)(ix) A Group I,Group II-A, and Group II-B
Loans Delinquent
--------------------------------------------------------
Group 1
--------------------------------------------------------
Period Number Principal Balance Percentage
0-30 days 212 50,848,107.25 7.89 %
31-60 days 22 2,677,424.20 0.42 %
61-90 days 4 265,977.29 0.04 %
91+days 0 0.00 0.00 %
Total 238 53,791,508.74 8.35 %
--------------------------------------------------------
--------------------------------------------------------
Group 2
--------------------------------------------------------
Period Number Principal Balance Percentage
0-30 days 91 21,545,156.26 7.22 %
31-60 days 15 1,721,666.75 0.58 %
61-90 days 1 301,404.13 0.10 %
91+days 0 0.00 0.00 %
Total 107 23,568,227.14 7.90 %
--------------------------------------------------------
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
[LOGO]
Page 5 of 7
- --------------------------------------------------------------------------------
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4
November 25, 2003
- --------------------------------------------------------------------------------
--------------------------------------------------------
Group 3
--------------------------------------------------------
Period Number Principal Balance Percentage
0-30 days 23 4,471,858.67 8.34 %
31-60 days 3 320,106.99 0.60 %
61-90 days 0 0.00 0.00 %
91+days 0 0.00 0.00 %
Total 26 4,791,965.66 8.94 %
Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure
--------------------------------------------------------
Group 1
--------------------------------------------------------
Number Principal Balance Percentage
0 0.00 0.00 %
--------------------------------------------------------
--------------------------------------------------------
Group 2
--------------------------------------------------------
Number Principal Balance Percentage
0 0.00 0.00 %
--------------------------------------------------------
--------------------------------------------------------
Group 3
--------------------------------------------------------
Number Principal Balance Percentage
0 0.00 0.00 %
--------------------------------------------------------
Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B 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 %
--------------------------------------------------------
--------------------------------------------------------
Group 3
--------------------------------------------------------
Number Principal Balance Percentage
0 0.00 0.00 %
--------------------------------------------------------
Market Value of Group I REO Loans 0.00
Market Value of Group II-A REO Loans 0.00
Market Value of Group II-B REO Loans 0.00
Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the
Three Largest Loans
Group I Three Largest Loans 1,490,684.63
Group II-A Three Largest Loans 1,188,769.80
Group II-B Three Largest Loans 1,485,466.27
Sec. 4.03(a)(xiii) Net WAC Cap Carryover
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
[LOGO]
Page 6 of 7
- --------------------------------------------------------------------------------
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4
November 25, 2003
- --------------------------------------------------------------------------------
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 AV-2 Net WAC Cap Carryover Amounts
Due 0.00
Class AV-2 Net WAC Cap Carryover Amounts
Paid 0.00
Class AV-2 Net WAC Cap Carryover Remaining
Amounts Due 0.00
Class B-1 Net WAC Cap Carryover Amounts Due 0.00
Class B-1 Net WAC Cap Carryover Amounts
Paid 0.00
Class B-1 Net WAC Cap Carryover Remaining
Amounts Due 0.00
Class B-2 Net WAC Cap Carryover Amounts Due 0.00
Class B-2 Net WAC Cap Carryover Amounts
Paid 0.00
Class B-2 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-A Aggregate Principal Balance of
Balloon Loans 0.00
Group II-B 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-A Current Period Realized Losses 0.00
Group II-A Cumulative Realized Losses 0.00
Group II-B Current Period Realized Losses 0.00
Group II-B 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
Excess Reserve Fund
Beginning Balance of Excess Reserve Fund 0.00
Funds Withdrawn From Excess Reserve Fund
For Distribution 0.00
Funds Deposited to Excess Reserve Fund 0.00
Ending Balance of Excess Reserve Fund 0.00
Sec. 4.03 (a)(xvii) Number of Loans Repurchased
Group I Number of Loans Repurchased 0.00
Group II-A Number of Loans Repurchased 0.00
Group II-B Number of Loans Repurchased 0.00
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
[LOGO]
Page 7 of 7
- --------------------------------------------------------------------------------
Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-4
November 25, 2003
- --------------------------------------------------------------------------------
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 7.29 %
Group II-A Weighted Average Mortgage Rate 7.27 %
Group II-B Weighted Average Mortgage Rate 7.26 %
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 325.00
Group II-A Weighted Average Remaining
Term 357.00
Group II-B Weighted Average Remaining
Term 357.00
Sec. 4.03 (a)(xxi), Overcollateralization Amounts
(xxii),(xxiii)
Overcollateralization Amount 3,235,260.64
Overcollateralization Target
Amount 34,573,022.81
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency
Amount 31,337,762.17
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 16.09 %
Senior Specified Enhancement Percentage 38.90 %
Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage
of the current Pool Balance 0.06 %
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.
[LOGO]