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 - May 25, 2004
---------------------------------
(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, 2004, providing for the issuance of Mortgage
Pass-Through Certificates, Series 2004-2)
(Exact Name of Registrant as specified in its charter)
Delaware 333-104580-04 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, AF-6, AV-1, AV-2, M-1, M-2, M-3,
M-4, B-1 and B-2 Certificateholders with respect to the May 25, 2004
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: May 28, 2004
3
Page 1 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-2
Statement to Certificateholders
May 25, 2004
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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 LOSES INTEREST BALANCE
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AF1 165,600,000.00 165,600,000.00 3,521,468.82 105,754.00 3,627,222.82 0.00 0.00 162,078,531.18
AF2 34,400,000.00 34,400,000.00 0.00 81,098.00 81,098.00 0.00 0.00 34,400,000.00
AF3 70,500,000.00 70,500,000.00 0.00 206,506.25 206,506.25 0.00 0.00 70,500,000.00
AF4 18,400,000.00 18,400,000.00 0.00 70,901.33 70,901.33 0.00 0.00 18,400,000.00
AF5 13,057,000.00 13,057,000.00 0.00 56,569.45 56,569.45 0.00 0.00 13,057,000.00
AF6 22,000,000.00 22,000,000.00 0.00 85,360.00 85,360.00 0.00 0.00 22,000,000.00
AV1 175,000,000.00 175,000,000.00 2,667,398.04 123,763.89 2,791,161.93 0.00 0.00 172,332,601.96
AV2 76,443,000.00 76,443,000.00 1,364,959.27 54,465.64 1,419,424.91 0.00 0.00 75,078,040.73
M1 58,800,000.00 58,800,000.00 0.00 254,408.00 254,408.00 0.00 0.00 58,800,000.00
M2 35,700,000.00 35,700,000.00 0.00 165,410.00 165,410.00 0.00 0.00 35,700,000.00
M3 8,050,000.00 8,050,000.00 0.00 38,110.04 38,110.04 0.00 0.00 8,050,000.00
M4 7,350,000.00 7,350,000.00 0.00 36,002.75 36,002.75 0.00 0.00 7,350,000.00
B1 7,350,000.00 7,350,000.00 0.00 10,667.71 10,667.71 0.00 0.00 7,350,000.00
B2 7,350,000.00 7,350,000.00 0.00 13,577.08 13,577.08 0.00 0.00 7,350,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 700,000,000.00 700,000,000.00 7,553,826.13 1,302,594.14 8,856,420.27 0.00 0.00 692,446,173.87
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X 700,000,000.00 700,000,000.00 0.00 0.00 0.00 0.00 0.00 694,232,971.03
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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 294751EB4 1,000.00000000 21.26490833 0.63861111 21.90351944 978.73509167 AF1 1.210000 %
AF2 294751EC2 1,000.00000000 0.00000000 2.35750000 2.35750000 1,000.00000000 AF2 2.829000 %
AF3 294751ED0 1,000.00000000 0.00000000 2.92916667 2.92916667 1,000.00000000 AF3 3.515000 %
AF4 294751EE8 1,000.00000000 0.00000000 3.85333315 3.85333315 1,000.00000000 AF4 4.624000 %
AF5 294751EF5 1,000.00000000 0.00000000 4.33249981 4.33249981 1,000.00000000 AF5 5.199000 %
AF6 294751EG3 1,000.00000000 0.00000000 3.88000000 3.88000000 1,000.00000000 AF6 4.656000 %
AV1 294751EH1 1,000.00000000 15.24227451 0.70722223 15.94949674 984.75772549 AV1 1.340000 %
AV2 294751EJ7 1,000.00000000 17.85590924 0.71250003 18.56840927 982.14409076 AV2 1.350000 %
M1 294751EK4 1,000.00000000 0.00000000 4.32666667 4.32666667 1,000.00000000 M1 5.192000 %
M2 294751EL2 1,000.00000000 0.00000000 4.63333333 4.63333333 1,000.00000000 M2 5.560000 %
M3 294751EM0 1,000.00000000 0.00000000 4.73416646 4.73416646 1,000.00000000 M3 5.681000 %
M4 294751EN8 1,000.00000000 0.00000000 4.89833333 4.89833333 1,000.00000000 M4 5.878000 %
B1 294751EP3 1,000.00000000 0.00000000 1.45138912 1.45138912 1,000.00000000 B1 2.750000 %
B2 294751EQ1 1,000.00000000 0.00000000 1.84722177 1.84722177 1,000.00000000 B2 3.500000 %
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TOTALS 1,000.00000000 10.79118019 1.86084877 12.65202896 989.20881981
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X N/A 1,000.00000000 0.00000000 0.00000000 0.00000000 991.76138719 X 0.000000 %
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[LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 2 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-2
May 25, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 345,713.21
Group I Curtailments 11,310.03
Group I Prepayments 2,331,470.30
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 116,533.05
Group II-A Curtailments 9,123.78
Group II-A Prepayments 1,910,789.54
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 51,078.80
Group II-B Curtailments -3,287.93
Group II-B Prepayments 994,298.20
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 1,786,797.15
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 105,754.00
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 81,098.00
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 206,506.25
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 70,901.33
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 56,569.45
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 85,360.00
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 123,763.89
[LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 3 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-2
May 25, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 54,465.64
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 254,408.00
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 165,410.00
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 38,110.04
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 36,002.75
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 10,667.71
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 13,577.08
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 0.00
Class AF-1 Interest Reduction 0.00
Class AF-2 Interest Reduction 0.00
Class AF-3 Interest Reduction 0.00
Class AF-5 Interest Reduction 0.00
Class AF-4 Interest Reduction 0.00
Class AF-6 Interest Reduction 0.00
Class AV-1 Interest Reduction 0.00
Class AV-2 Interest Reduction 0.00
Class M-1 Interest Reduction 0.00
Class M-2 Interest Reduction 0.00
Class M-3 Interest Reduction 0.00
Class M-4 Interest Reduction 0.00
Class B-1 Interest Reduction 0.00
Class B-2 Interest Reduction 0.00
[LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 4 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-2
May 25, 2004
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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
Group I Beginning Pool Balance 352,980,433.91
Group I Ending Pool Balance 431,876,725.32
Group II-A Beginning Pool Balance 138,465,685.74
Group II-A Ending Pool Balance 172,860,417.95
Group II-B Beginning Pool Balance 60,686,291.29
Group II-B Ending Pool Balance 75,397,070.32
Total Beginning Pool Balance 552,132,410.94
Total Ending Pool Balance 680,134,213.59
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 147,075.18
Group II-A Servicing Fee 57,694.04
Group II-B Servicing Fee 25,285.95
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included
in Current Distribution 0.00
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 0.00
Group II-A Delinquency Advances Included
in Current Distribution 0.00
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 0.00
Group II-B Delinquency Advances Included
in Current Distribution 0.00
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 0.00
[LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 5 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-2
May 25, 2004
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Section 4.03(a)(ix) A Group I,Group II-A, and Group II-B Loans Delinquent
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Group 1
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Period Number Principal Balance Percentage
0-30 days 140 19,474,753.60 4.51 %
31-60 days 6 814,094.73 0.19 %
61-90 days 2 276,203.98 0.06 %
91+days 0 0.00 0.00 %
Total 148 20,565,052.31 4.76 %
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Group 2
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Period Number Principal Balance Percentage
0-30 days 46 6,500,390.14 3.76 %
31-60 days 5 450,288.08 0.26 %
61-90 days 1 106,000.00 0.06 %
91+days 0 0.00 0.00 %
Total 52 7,056,678.22 4.08 %
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Group 3
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Period Number Principal Balance Percentage
0-30 days 19 4,712,346.39 6.25 %
31-60 days 2 625,112.52 0.83 %
61-90 days 0 0.00 0.00 %
91+days 0 0.00 0.00 %
Total 21 5,337,458.91 7.08 %
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Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B 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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Group 3
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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,Group II-A, and Group II-B Loans in REO
[LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 6 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-2
May 25, 2004
- --------------------------------------------------------------------------------
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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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Group 3
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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-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 2,061,398.42
Group II-A Three Largest Loans 1,096,250.57
Group II-B Three Largest Loans 2,237,064.46
Sec. 4.03(a)(xiii) Net WAC Cap Carryover
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
[LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 7 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-2
May 25, 2004
- --------------------------------------------------------------------------------
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
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
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 7.34 %
Group II-A Weighted Average Mortgage Rate 7.06 %
Group II-B Weighted Average Mortgage Rate 7.07 %
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 329.00
Group II-A Weighted Average Remaining
Term 356.00
Group II-B Weighted Average Remaining
Term 356.00
Sec. 4.03 (a)(xxi),(xxii),(xxiii) Overcollateralization Amounts
Overcollateralization Amount 1,786,797.16
Overcollateralization Target
Amount 30,450,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency
Amount 28,663,202.84
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 17.95 %
Senior Specified Enhancement Percentage 43.70 %
Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage
of the current Pool Balance 0.05 %
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under
Yield Maintenance Agreement 0.00
Sec. 4.03 (a)(xxvii) Pre-Funded Amount 14,098,757.44
[LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 8 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-2
May 25, 2004
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[LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.