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 - August 25, 2004
---------------------------------
(Date of Earliest Event Reported)
POPULAR 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 8.01. 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 August 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.
POPULAR ABS, INC.
By: /s/ James H. Jenkins
-------------------------------------
James H. Jenkins,
Executive Vice President and CFO
Dated: August 26, 2004
3
Page 1 of 8
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Equity One Mortgage Pass-Through Certificates, Series 2004-1
Statement to Certificateholders
August 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
- -----------------------------------------------------------------------------------------------------------------------
AF1 205,000,000.00 149,895,062.99 13,051,687.50 199,780.74 13,251,468.24 0.00 0.00 136,843,375.49
AF2 91,000,000.00 91,000,000.00 0.00 188,067.81 188,067.81 0.00 0.00 91,000,000.00
AF3 82,000,000.00 82,000,000.00 0.00 208,607.15 208,607.15 0.00 0.00 82,000,000.00
AF4 55,500,000.00 55,500,000.00 0.00 191,554.07 191,554.07 0.00 0.00 55,500,000.00
AF5 30,350,000.00 30,350,000.00 0.00 129,189.11 129,189.11 0.00 0.00 30,350,000.00
AF6 30,000,000.00 30,000,000.00 0.00 105,083.27 105,083.27 0.00 0.00 30,000,000.00
AV1 124,300,000.00 109,701,439.78 2,856,494.98 159,917.76 3,016,412.74 0.00 0.00 106,844,944.80
AV2 124,350,000.00 107,146,109.90 3,522,406.58 156,192.71 3,678,599.29 0.00 0.00 103,623,703.32
M1 58,500,000.00 58,500,000.00 0.00 230,008.65 230,008.65 0.00 0.00 58,500,000.00
M2 49,500,000.00 49,500,000.00 0.00 210,909.99 210,909.99 0.00 0.00 49,500,000.00
M3 13,500,000.00 13,500,000.00 0.00 59,151.51 59,151.51 0.00 0.00 13,500,000.00
M4 13,500,000.00 13,500,000.00 0.00 60,838.34 60,838.34 0.00 0.00 13,500,000.00
B1 11,250,000.00 11,250,000.00 0.00 28,113.83 28,113.83 0.00 0.00 11,250,000.00
B2 11,250,000.00 11,250,000.00 0.00 34,673.73 34,673.73 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 900,000,000.00 813,092,612.67 19,430,589.06 1,962,088.67 21,392,677.73 0.00 0.00 793,662,023.61
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X 900,000,000.00 830,333,393.89 0.00 7.54 7.54 0.00 0.00 813,654,503.39
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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 731.19542922 63.66676829 0.97454020 64.64130849 667.52866093 AF1 1.600000 %
AF2 294751DN9 1,000.00000000 0.00000000 2.06667923 2.06667923 1,000.00000000 AF2 2.481000 %
AF3 294751DP4 1,000.00000000 0.00000000 2.54398963 2.54398963 1,000.00000000 AF3 3.054000 %
AF4 294751DQ2 1,000.00000000 0.00000000 3.45142468 3.45142468 1,000.00000000 AF4 4.145000 %
AF5 294751DR0 1,000.00000000 0.00000000 4.25664283 4.25664283 1,000.00000000 AF5 5.110000 %
AF6 294751DS8 1,000.00000000 0.00000000 3.50277567 3.50277567 1,000.00000000 AF6 4.205000 %
AV1 294751DT6 882.55381963 22.98065149 1.28654674 24.26719823 859.57316814 AV1 1.750000 %
AV2 294751DU3 861.64945637 28.32655070 1.25607326 29.58262396 833.32290567 AV2 1.750000 %
M1 294751DV1 1,000.00000000 0.00000000 3.93177179 3.93177179 1,000.00000000 M1 4.720000 %
M2 294751DW9 1,000.00000000 0.00000000 4.26080788 4.26080788 1,000.00000000 M2 5.115000 %
M3 294751DX7 1,000.00000000 0.00000000 4.38159333 4.38159333 1,000.00000000 M3 5.260000 %
M4 294751DY5 1,000.00000000 0.00000000 4.50654370 4.50654370 1,000.00000000 M4 5.410000 %
B1 294751DZ2 1,000.00000000 0.00000000 2.49900711 2.49900711 1,000.00000000 B1 3.000000 %
B2 294751EA6 1,000.00000000 0.00000000 3.08210933 3.08210933 1,000.00000000 B2 3.700000 %
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TOTALS 903.43623630 21.58954340 2.18009852 23.76964192 881.84669290
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X N/A 922.59265988 0.00000000 0.00000838 0.00000838 904.06055932 X 0.000011 %
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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 (R) 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 2004-1
August 25, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 628,957.76
Group I Curtailments -75,896.89
Group I Prepayments 10,650,287.93
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 93,557.60
Group II-A Curtailments 8,283.34
Group II-A Prepayments 2,350,126.26
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 94,330.48
Group II-B Curtailments 3,104.88
Group II-B Prepayments 2,926,139.14
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 2,751,698.56
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 199,780.74
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 188,067.81
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 208,607.15
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 191,554.07
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 129,189.11
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 105,083.27
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 159,917.76
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JPMORGAN Copyright (R) 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
August 25, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 156,192.71
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 230,008.65
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 210,909.99
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 59,151.51
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 60,838.34
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 28,113.83
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 34,673.73
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Reductions
Net Prepayment Interest Shortfalls 0.00
Relief Act Reductions 855.35
Class AF-1 Interest Reduction 79.34
Class AF-2 Interest Reduction 74.69
Class AF-3 Interest Reduction 82.85
Class AF-5 Interest Reduction 51.31
Class AF-4 Interest Reduction 152.18
Class AF-6 Interest Reduction 41.73
Class AV-1 Interest Reduction 63.51
Class AV-2 Interest Reduction 62.03
Class M-1 Interest Reduction 91.35
Class M-2 Interest Reduction 83.76
Class M-3 Interest Reduction 23.49
Class M-4 Interest Reduction 24.16
Class B-1 Interest Reduction 11.17
Class B-2 Interest Reduction 13.77
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JPMORGAN Copyright (R) 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
August 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 607,072,447.25
Group I Ending Pool Balance 595,869,098.45
Group II-A Beginning Pool Balance 112,581,872.47
Group II-A Ending Pool Balance 110,129,905.27
Group II-B Beginning Pool Balance 110,679,074.17
Group II-B Ending Pool Balance 107,655,499.67
Total Beginning Pool Balance 830,333,393.89
Total Ending Pool Balance 813,654,503.39
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 252,946.85
Group II-A Servicing Fee 46,909.11
Group II-B Servicing Fee 46,116.28
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 70,994.17
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JPMORGAN Copyright (R) 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
August 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 398 50,661,972.37 8.50 %
31-60 days 41 5,114,949.86 0.86 %
61-90 days 23 3,127,381.88 0.52 %
91+days 7 987,427.63 0.17 %
Total 469 59,891,731.74 10.05 %
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Group 2
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Period Number Principal Balance Percentage
0-30 days 65 9,261,349.69 8.41 %
31-60 days 6 795,824.75 0.72 %
61-90 days 6 550,250.85 0.50 %
91+days 6 788,947.44 0.72 %
Total 83 11,396,372.73 10.35 %
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Group 3
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Period Number Principal Balance Percentage
0-30 days 48 5,992,191.49 5.57 %
31-60 days 7 709,147.04 0.66 %
61-90 days 6 626,146.04 0.58 %
91+days 1 112,445.45 0.10 %
Total 62 7,439,930.02 6.91 %
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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
13 1,606,805.12 0.27 %
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Group 2
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Number Principal Balance Percentage
5 524,160.47 0.48 %
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Group 3
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Number Principal Balance Percentage
5 803,766.84 0.75 %
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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 (R) 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
August 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 1,450,818.58
Group II-A Three Largest Loans 973,125.69
Group II-B Three Largest Loans 1,399,886.54
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 (R) 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
August 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 (R) 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
August 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 7.37 %
Group II-A Weighted Average Mortgage Rate 7.28 %
Group II-B Weighted Average Mortgage Rate 7.15 %
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 326.00
Group II-A Weighted Average Remaining
Term 352.00
Group II-B Weighted Average Remaining
Term 352.00
Sec. 4.03 (a)(xxi), Overcollateralization Amounts
(xxii),(xxiii)
Overcollateralization Amount 19,992,479.78
Overcollateralization Target
Amount 39,150,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency
Amount 19,157,520.22
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 19.43 %
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 1.12 %
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 (R) 2001 J.P. Morgan Chase & Co. All rights reserved.