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 - July 26, 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 July 26, 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: July 28, 2004
3
Page 1 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-2
Statement to Certificateholders
July 26, 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 165,600,000.00 156,876,761.18 7,442,562.41 190,474.53 7,633,036.94 0.00 0.00 149,434,198.77
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 175,000,000.00 167,702,263.68 4,507,327.81 222,391.84 4,729,719.65 0.00 0.00 163,194,935.87
AV2 76,443,000.00 73,175,605.44 593,139.44 97,669.11 690,808.55 0.00 0.00 72,582,466.00
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 18,671.04 18,671.04 0.00 0.00 7,350,000.00
B2 7,350,000.00 7,350,000.00 0.00 23,417.92 23,417.92 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 700,000,000.00 680,711,630.30 12,543,029.66 1,546,990.26 14,090,019.92 0.00 0.00 668,168,600.64
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X 700,000,000.00 684,806,308.14 0.00 5.95 5.95 0.00 0.00 674,538,922.38
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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 947.32343708 44.94300972 1.15020851 46.09321824 902.38042736 AF1 1.410000 %
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 958.29864960 25.75615891 1.27081051 27.02696943 932.54249069 AV1 1.540000 %
AV2 294751EJ7 957.25711236 7.75923813 1.27767238 9.03691051 949.49787423 AV2 1.550000 %
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 2.54027755 2.54027755 1,000.00000000 B1 2.950000 %
B2 294751EQ1 1,000.00000000 0.00000000 3.18611156 3.18611156 1,000.00000000 B2 3.700000 %
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TOTALS 972.44518614 17.91861380 2.20998609 20.12859989 954.52657234
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X N/A 978.29472591 0.00000000 0.00000850 0.00000850 963.62703197 X 0.000010 %
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
Mark McDermott
JPMorgan Chase Bank - Structured Finance Services
4 New York Plaza, 6th Floor
New York, New York 10004
Tel: (212) 623-4482 / Fax: (212) 623-5930
Email: mark.w.mcdermott@chase.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 2004-2
July 26, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 435,779.52
Group I Curtailments 22,681.79
Group I Prepayments 5,629,346.31
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 144,393.40
Group II-A Curtailments 11,262.49
Group II-A Prepayments 3,533,878.07
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 63,016.46
Group II-B Curtailments 1,531.36
Group II-B Prepayments 417,119.44
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 2,275,643.90
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 190,474.53
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-1 222,391.84
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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
July 26, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 97,669.11
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 18,671.04
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 23,417.92
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
July 26, 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 441,684,664.69
Group I Ending Pool Balance 435,596,857.07
Group II-A Beginning Pool Balance 169,244,471.77
Group II-A Ending Pool Balance 165,554,937.81
Group II-B Beginning Pool Balance 73,868,794.76
Group II-B Ending Pool Balance 73,387,127.50
Total Beginning Pool Balance 684,797,931.22
Total Ending Pool Balance 674,538,922.38
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 184,035.28
Group II-A Servicing Fee 70,518.53
Group II-B Servicing Fee 30,778.66
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 39,802.90
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 94,620.46
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 15,558.25
Group II-B Recouped Advances From
Liquidations 0.00
Group II-B Aggregate Amount of Advances
Outstanding 8,179.33
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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
July 26, 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 206 29,758,350.48 6.83 %
31-60 days 19 2,245,426.41 0.52 %
61-90 days 5 759,869.36 0.17 %
91+days 2 189,030.32 0.04 %
Total 232 32,952,676.57 7.56 %
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Group 2
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Period Number Principal Balance Percentage
0-30 days 64 9,262,126.57 5.59 %
31-60 days 14 2,025,742.91 1.22 %
61-90 days 3 279,062.57 0.17 %
91+days 0 0.00 0.00 %
Total 81 11,566,932.05 6.98 %
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Group 3
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Period Number Principal Balance Percentage
0-30 days 20 3,668,721.33 5.00 %
31-60 days 5 1,659,797.90 2.26 %
61-90 days 0 0.00 0.00 %
91+days 0 0.00 0.00 %
Total 25 5,328,519.23 7.26 %
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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
1 140,889.41 0.03 %
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Group 2
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Number Principal Balance Percentage
2 156,825.86 0.09 %
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Group 3
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Number Principal Balance Percentage
1 185,112.52 0.25 %
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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
July 26, 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 1,516,380.91
Group II-A Three Largest Loans 1,233,288.78
Group II-B Three Largest Loans 2,232,394.05
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 2004-2
July 26, 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 7.31 %
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 327.00
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 6,370,321.74
Overcollateralization Target
Amount 30,450,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency
Amount 24,079,678.26
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 18.47 %
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 0.25 %
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.
Page 8 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-2
July 26, 2004
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Sec. 4.03 (a)(xxvii) Unutilized Funding Amount Distributed 0.00
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JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.