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, 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 December 31, 2003, providing for the issuance of Mortgage
Pass-Through Certificates, Series 2004-1)
(Exact Name of Registrant as specified in its charter)
Delaware 333-104580-03 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.
- ---------------------
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 June 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: June 29, 2004
3
Page 1 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-1
Statement to Certificateholders
June 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 205,000,000.00 175,412,242.22 11,353,323.33 188,754.54 11,542,077.87 0.00 0.00 164,058,918.89
AF2 91,000,000.00 91,000,000.00 0.00 188,085.45 188,085.45 0.00 0.00 91,000,000.00
AF3 82,000,000.00 82,000,000.00 0.00 208,626.72 208,626.72 0.00 0.00 82,000,000.00
AF4 55,500,000.00 55,500,000.00 0.00 191,590.01 191,590.01 0.00 0.00 55,500,000.00
AF5 30,350,000.00 30,350,000.00 0.00 129,201.23 129,201.23 0.00 0.00 30,350,000.00
AF6 30,000,000.00 30,000,000.00 0.00 105,093.12 105,093.12 0.00 0.00 30,000,000.00
AV1 124,300,000.00 116,291,818.25 2,393,779.58 140,153.74 2,533,933.32 0.00 0.00 113,898,038.67
AV2 124,350,000.00 114,465,405.99 3,355,325.31 137,952.57 3,493,277.88 0.00 0.00 111,110,080.68
M1 58,500,000.00 58,500,000.00 0.00 230,030.23 230,030.23 0.00 0.00 58,500,000.00
M2 49,500,000.00 49,500,000.00 0.00 210,929.77 210,929.77 0.00 0.00 49,500,000.00
M3 13,500,000.00 13,500,000.00 0.00 59,157.06 59,157.06 0.00 0.00 13,500,000.00
M4 13,500,000.00 13,500,000.00 0.00 60,844.05 60,844.05 0.00 0.00 13,500,000.00
B1 11,250,000.00 11,250,000.00 0.00 25,664.10 25,664.10 0.00 0.00 11,250,000.00
B2 11,250,000.00 11,250,000.00 0.00 32,443.29 32,443.29 0.00 0.00 11,250,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 900,000,000.00 852,519,466.46 17,102,428.22 1,908,525.88 19,010,954.10 0.00 0.00 835,417,038.24
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X 900,000,000.00 863,891,490.80 0.00 5.82 5.82 0.00 0.00 849,791,849.84
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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 294751DM1 855.66947424 55.38206502 0.92075385 56.30281888 800.28740922 AF1 1.250000 %
AF2 294751DN9 1,000.00000000 0.00000000 2.06687308 2.06687308 1,000.00000000 AF2 2.481000 %
AF3 294751DP4 1,000.00000000 0.00000000 2.54422829 2.54422829 1,000.00000000 AF3 3.054000 %
AF4 294751DQ2 1,000.00000000 0.00000000 3.45207225 3.45207225 1,000.00000000 AF4 4.145000 %
AF5 294751DR0 1,000.00000000 0.00000000 4.25704217 4.25704217 1,000.00000000 AF5 5.110000 %
AF6 294751DS8 1,000.00000000 0.00000000 3.50310400 3.50310400 1,000.00000000 AF6 4.205000 %
AV1 294751DT6 935.57375905 19.25808190 1.12754417 20.38562607 916.31567715 AV1 1.400000 %
AV2 294751DU3 920.50989940 26.98291363 1.10938938 28.09230302 893.52698577 AV2 1.400000 %
M1 294751DV1 1,000.00000000 0.00000000 3.93214068 3.93214068 1,000.00000000 M1 4.720000 %
M2 294751DW9 1,000.00000000 0.00000000 4.26120747 4.26120747 1,000.00000000 M2 5.115000 %
M3 294751DX7 1,000.00000000 0.00000000 4.38200444 4.38200444 1,000.00000000 M3 5.260000 %
M4 294751DY5 1,000.00000000 0.00000000 4.50696667 4.50696667 1,000.00000000 M4 5.410000 %
B1 294751DZ2 1,000.00000000 0.00000000 2.28125333 2.28125333 1,000.00000000 B1 2.650000 %
B2 294751EA6 1,000.00000000 0.00000000 2.88384800 2.88384800 1,000.00000000 B2 3.350000 %
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TOTALS 947.24385162 19.00269802 2.12058431 21.12328233 928.24115360
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X N/A 959.87943422 0.00000000 0.00000647 0.00000647 944.21316649 X 0.000008 %
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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
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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 2004-1
June 25, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 639,845.81
Group I Curtailments 56,514.99
Group I Prepayments 8,663,583.92
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 96,789.79
Group II-A Curtailments 2,311.59
Group II-A Prepayments 1,874,386.37
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 98,191.90
Group II-B Curtailments 3,135.34
Group II-B Prepayments 2,664,881.25
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 3,002,787.25
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 188,754.54
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 188,085.45
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 208,626.72
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 191,590.01
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 129,201.23
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 105,093.12
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 140,153.74
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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 2004-1
June 25, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 137,952.57
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 230,030.23
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 210,929.77
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 59,157.06
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 60,844.05
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 25,664.10
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 32,443.29
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 636.99
Class AF-1 Interest Reduction 57.25
Class AF-2 Interest Reduction 57.05
Class AF-3 Interest Reduction 63.28
Class AF-5 Interest Reduction 39.19
Class AF-4 Interest Reduction 116.24
Class AF-6 Interest Reduction 31.88
Class AV-1 Interest Reduction 42.51
Class AV-2 Interest Reduction 41.84
Class M-1 Interest Reduction 69.77
Class M-2 Interest Reduction 63.98
Class M-3 Interest Reduction 17.94
Class M-4 Interest Reduction 18.45
Class B-1 Interest Reduction 7.78
Class B-2 Interest Reduction 9.84
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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 2004-1
June 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 628,777,917.51
Group I Ending Pool Balance 619,417,972.79
Group II-A Beginning Pool Balance 118,213,207.29
Group II-A Ending Pool Balance 116,239,719.54
Group II-B Beginning Pool Balance 116,900,366.00
Group II-B Ending Pool Balance 114,134,157.51
Total Beginning Pool Balance 863,891,490.80
Total Ending Pool Balance 849,791,849.84
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 261,990.80
Group II-A Servicing Fee 49,255.50
Group II-B Servicing Fee 48,708.49
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included in
Current Distribution 31,407.07
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 31,407.07
Group II-A Delinquency Advances Included in
Current Distribution 17,658.79
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 17,658.79
Group II-B Delinquency Advances Included
in Current Distribution 70,994.17
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 70,994.17
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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 2004-1
June 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 420 53,908,640.27 8.70 %
31-60 days 35 4,155,794.85 0.67 %
61-90 days 10 1,085,602.99 0.18 %
91+days 2 391,666.70 0.06 %
Total 467 59,541,704.81 9.61 %
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Group 2
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Period Number Principal Balance Percentage
0-30 days 66 8,119,794.37 6.99 %
31-60 days 9 839,639.93 0.72 %
61-90 days 5 718,155.21 0.62 %
91+days 2 155,527.41 0.13 %
Total 82 9,833,116.92 8.46 %
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Group 3
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Period Number Principal Balance Percentage
0-30 days 61 7,843,623.60 6.87 %
31-60 days 3 294,812.58 0.26 %
61-90 days 2 241,658.94 0.21 %
91+days 0 0.00 0.00 %
Total 66 8,380,095.12 7.34 %
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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
5 822,507.10 0.13 %
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Group 2
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Number Principal Balance Percentage
2 342,361.35 0.29 %
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Group 3
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Number Principal Balance Percentage
4 710,470.54 0.62 %
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Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO
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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 2004-1
June 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 1,473,607.27
Group II-A Three Largest Loans 975,004.31
Group II-B Three Largest Loans 1,402,886.19
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
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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 2004-1
June 25, 2004
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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
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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 2004-1
June 25, 2004
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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 7.39 %
Group II-A Weighted Average Mortgage Rate 7.29 %
Group II-B Weighted Average Mortgage Rate 7.16 %
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 328.00
Group II-A Weighted Average Remaining
Term 354.00
Group II-B Weighted Average Remaining
Term 354.00
Sec. 4.03 (a)(xxi), Overcollateralization Amounts
(xxii),(xxiii)
Overcollateralization Amount 14,374,811.59
Overcollateralization Target
Amount 39,150,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency
Amount 24,775,188.41
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 18.53 %
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 0.53 %
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 0.00
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JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.