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 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 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 2004-2
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 165,600,000.00 162,078,531.18 5,201,770.00 168,876.83 5,370,646.83 0.00 0.00 156,876,761.18
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 175,000,000.00 172,332,601.96 4,630,338.28 198,852.67 4,829,190.95 0.00 0.00 167,702,263.68
AV2 76,443,000.00 75,078,040.73 1,902,435.29 87,278.22 1,989,713.51 0.00 0.00 73,175,605.44
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 17,405.21 17,405.21 0.00 0.00 7,350,000.00
B2 7,350,000.00 7,350,000.00 0.00 22,152.08 22,152.08 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 700,000,000.00 692,446,173.87 11,734,543.57 1,488,930.83 13,223,474.40 0.00 0.00 680,711,630.30
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X 700,000,000.00 694,232,971.03 0.00 4.87 4.87 0.00 0.00 684,806,308.14
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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 978.73509167 31.41165459 1.01978762 32.43144221 947.32343708 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 984.75772549 26.45907589 1.13630097 27.59537686 958.29864960 AV1 1.340000 %
AV2 294751EJ7 982.14409076 24.88697840 1.14174247 26.02872088 957.25711236 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 2.36805578 2.36805578 1,000.00000000 B1 2.750000 %
B2 294751EQ1 1,000.00000000 0.00000000 3.01388844 3.01388844 1,000.00000000 B2 3.500000 %
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TOTALS 989.20881981 16.76363367 2.12704404 18.89067771 972.44518614
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X N/A 991.76138719 0.00000000 0.00000696 0.00000696 978.29472591 X 0.000008 %
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
Aranka Paul
JPMorgan Chase Bank - Structured Finance Services
4 New York Plaza, 6th Floor
New York, New York 10004
Tel: (212) 623-4526 / Fax: (212) 623-5930
Email: aranka.paul@chase.com
Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 2 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-2
June 25, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 423,750.72
Group I Curtailments 25,832.72
Group I Prepayments 3,729,133.18
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 146,248.78
Group II-A Curtailments 16,707.47
Group II-A Prepayments 3,556,714.46
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 63,944.02
Group II-B Curtailments 987.37
Group II-B Prepayments 1,463,344.17
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 2,307,880.68
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 168,876.83
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-1 198,852.67
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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 2004-2
June 25, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 87,278.22
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 17,405.21
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 22,152.08
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
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 431,876,725.32
Group I Ending Pool Balance 427,698,008.70
Group II-A Beginning Pool Balance 172,860,417.95
Group II-A Ending Pool Balance 169,140,747.24
Group II-B Beginning Pool Balance 75,397,070.32
Group II-B Ending Pool Balance 73,868,794.76
Total Beginning Pool Balance 680,134,213.59
Total Ending Pool Balance 670,707,550.70
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 179,948.64
Group II-A Servicing Fee 72,025.17
Group II-B Servicing Fee 31,415.45
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included in
Current Distribution 39,802.90
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 39,802.90
Group II-A Delinquency Advances Included in
Current Distribution 94,620.46
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 94,620.46
Group II-B Delinquency Advances Included in
Current Distribution 23,737.58
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 23,737.58
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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 2004-2
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 230 31,945,801.29 7.47 %
31-60 days 19 2,854,357.23 0.67 %
61-90 days 4 377,001.12 0.09 %
91+days 0 0.00 0.00 %
Total 253 35,177,159.64 8.23 %
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Group 2
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Period Number Principal Balance Percentage
0-30 days 67 9,559,973.82 5.65 %
31-60 days 6 671,891.20 0.40 %
61-90 days 2 156,825.86 0.09 %
91+days 0 0.00 0.00 %
Total 75 10,388,690.88 6.14 %
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Group 3
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Period Number Principal Balance Percentage
0-30 days 35 7,176,230.03 9.71 %
31-60 days 1 124,559.13 0.17 %
61-90 days 1 185,112.52 0.25 %
91+days 0 0.00 0.00 %
Total 37 7,485,901.68 10.13 %
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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
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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 2004-2
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 1,920,160.04
Group II-A Three Largest Loans 1,234,282.66
Group II-B Three Largest Loans 2,234,734.99
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 338,988.84
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 2004-2
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
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 7.32 %
Group II-A Weighted Average Mortgage Rate 7.05 %
Group II-B Weighted Average Mortgage Rate 7.05 %
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 355.00
Group II-B Weighted Average Remaining
Term 355.00
Sec. 4.03 (a)(xxi), Overcollateralization Amounts
(xxii),(xxiii)
Overcollateralization Amount 4,094,677.84
Overcollateralization Target
Amount 30,450,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency
Amount 26,355,322.16
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 18.19 %
Senior Specified Enhancement Percentage 44.30 %
Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage of
the current Pool Balance 0.11 %
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
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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 2004-2
June 25, 2004
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JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.