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 June 30, 2004, providing for the issuance of Mortgage
Pass-Through Certificates, Series 2004-3)
(Exact Name of Registrant as specified in its charter)
Delaware 333-104580-05 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 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 2004-3
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 149,220,000.00 149,220,000.00 4,321,063.51 217,916.29 4,538,979.80 0.00 0.00 144,898,936.49
AF2 37,640,000.00 37,640,000.00 0.00 119,193.33 119,193.33 0.00 0.00 37,640,000.00
AF3 45,490,000.00 45,490,000.00 0.00 161,679.04 161,679.04 0.00 0.00 45,490,000.00
AF4 43,000,000.00 43,000,000.00 0.00 182,750.00 182,750.00 0.00 0.00 43,000,000.00
AF5 17,629,000.00 17,629,000.00 0.00 83,737.75 83,737.75 0.00 0.00 17,629,000.00
AF6 20,700,000.00 20,700,000.00 0.00 87,285.00 87,285.00 0.00 0.00 20,700,000.00
AV1 179,385,000.00 179,385,000.00 3,618,364.24 288,278.12 3,906,642.36 0.00 0.00 175,766,635.76
AV2 34,668,000.00 34,668,000.00 1,498,170.73 56,348.30 1,554,519.03 0.00 0.00 33,169,829.27
M1 41,040,000.00 41,040,000.00 0.00 194,940.00 194,940.00 0.00 0.00 41,040,000.00
M2 34,580,000.00 34,580,000.00 0.00 164,255.00 164,255.00 0.00 0.00 34,580,000.00
M3 10,340,000.00 10,340,000.00 0.00 49,115.00 49,115.00 0.00 0.00 10,340,000.00
M4 8,730,000.00 8,730,000.00 0.00 41,467.50 41,467.50 0.00 0.00 8,730,000.00
B1 8,080,000.00 8,080,000.00 0.00 23,576.38 23,576.38 0.00 0.00 8,080,000.00
B2 6,790,000.00 6,790,000.00 0.00 24,480.46 24,480.46 0.00 0.00 6,790,000.00
B3 7,110,000.00 7,110,000.00 0.00 32,151.67 32,151.67 0.00 0.00 7,110,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 644,402,000.00 644,402,000.00 9,437,598.48 1,727,173.84 11,164,772.32 0.00 0.00 634,964,401.52
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X 637,292,000.00 637,292,000.00 0.00 2.32 2.32 0.00 0.00 638,529,196.02
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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 294751ER9 1,000.00000000 28.95766995 1.46036919 30.41803914 971.04233005 AF1 1.593130 %
AF2 294751ES7 1,000.00000000 0.00000000 3.16666658 3.16666658 1,000.00000000 AF2 3.800000 %
AF3 264751ET5 1,000.00000000 0.00000000 3.55416663 3.55416663 1,000.00000000 AF3 4.265000 %
AF4 294751EU2 1,000.00000000 0.00000000 4.25000000 4.25000000 1,000.00000000 AF4 5.100000 %
AF5 294751EV0 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.00000000 AF5 5.700000 %
AF6 294751EW8 1,000.00000000 0.00000000 4.21666667 4.21666667 1,000.00000000 AF6 5.060000 %
AV1 294751EX6 1,000.00000000 20.17094094 1.60703582 21.77797675 979.82905906 AV1 1.753130 %
AV2 264751EY4 1,000.00000000 43.21480126 1.62536922 44.84017047 956.78519874 AV2 1.773130 %
M1 294751EZ1 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.00000000 M1 5.700000 %
M2 294751FA5 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.00000000 M2 5.700000 %
M3 294751FB3 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.00000000 M3 5.700000 %
M4 294751FC1 1,000.00000000 0.00000000 4.75000000 4.75000000 1,000.00000000 M4 5.700000 %
B1 294751FD9 1,000.00000000 0.00000000 2.91786881 2.91786881 1,000.00000000 B1 3.183130 %
B2 294751FE7 1,000.00000000 0.00000000 3.60536966 3.60536966 1,000.00000000 B2 3.933130 %
B3 294751FF4 1,000.00000000 0.00000000 4.52203516 4.52203516 1,000.00000000 B3 4.933130 %
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TOTALS 1,000.00000000 14.64551395 2.68027387 17.32578782 985.35448605
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X N/A 1,000.00000000 0.00000000 0.00000364 0.00000364 1,001.94133305 X 0.000004 %
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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.
Page 2 of 8
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Equity One Mortgage Pass-Through Certificates Series 2004-3
August 25, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 461,071.39
Group I Curtailments 31,298.64
Group I Prepayments 3,087,175.44
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 158,575.96
Group II-A Curtailments 7,905.15
Group II-A Prepayments 2,830,952.11
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 31,560.84
Group II-B Curtailments 6,590.19
Group II-B Prepayments 1,202,925.44
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 1,619,543.32
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 217,916.29
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 119,193.33
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 161,679.04
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 182,750.00
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 83,737.75
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 87,285.00
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 288,278.12
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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 2004-3
August 25, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 56,348.30
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 194,940.00
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 164,255.00
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 49,115.00
Unpaid Interest - M-3 0.00
Remaining Unpaid Interest - M-3 0.00
Interest Distribution - M-4 41,467.50
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 23,576.38
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 24,480.46
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Interest Distribution - B-3 32,151.67
Unpaid Interest - B-3 0.00
Remaining Unpaid Interest - B-3 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
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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 2004-3
August 25, 2004
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Class M-4 Interest Reduction 0.00
Class B-1 Interest Reduction 0.00
Class B-2 Interest Reduction 0.00
Class B-3 Interest Reduction 0.00
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
Class B-3 Available Funds Shortfall 0.00
Sec. 4.03(a)(v) Pool Principal Balances
Group I Beginning Pool Balance 432,292,567.36
Group I Ending Pool Balance 4 28,713,021.89
Group II-A Beginning Pool Balance 179,385,762.97
Group II-A Ending Pool Balance 176,388,329.75
Group II-B Beginning Pool Balance 34,668,920.86
Group II-B Ending Pool Balance 33,427,844.39
Total Beginning Pool Balance 646,347,251.19
Total Ending Pool Balance 638,529,196.03
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 180,121.90
Group II-A Servicing Fee 74,744.07
Group II-B Servicing Fee 14,445.38
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
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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 2004-3
August 25, 2004
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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
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 50 6,615,619.63 1.54 %
31-60 days 80 11,000,559.48 2.57 %
61-90 days 4 550,351.58 0.13 %
91+days 1 290,000.00 0.07 %
Total 135 18,456,530.69 4.31 %
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Group 2
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Period Number Principal Balance Percentage
0-30 days 2 315,397.65 0.18 %
31-60 days 59 8,134,373.29 4.61 %
61-90 days 7 910,378.05 0.52 %
91+days 0 0.00 0.00 %
Total 68 9,360,148.99 5.31 %
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Group 3
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Period Number Principal Balance Percentage
0-30 days 3 390,440.79 1.17 %
31-60 days 12 3,670,567.79 10.98 %
61-90 days 0 0.00 0.00 %
91+days 0 0.00 0.00 %
Total 15 4,061,008.58 12.15 %
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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 (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 2004-3
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 1,942,498.06
Group II-A Three Largest Loans 1,149,578.64
Group II-B Three Largest Loans 1,887,894.95
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
Class B-3 Net WAC Cap Carryover Amounts Due 0.00
Class B-3 Net WAC Cap Carryover Amounts
Paid 0.00
Class B-3 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
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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 2004-3
August 25, 2004
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Group I Current Period Realized Losses 0.00
Group I Cumulative Realized Losses 0.00
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 6.71 %
Group II-A Weighted Average Mortgage Rate 6.80 %
Group II-B Weighted Average Mortgage Rate 6.70 %
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 340.00
Group II-A Weighted Average Remaining
Term 357.00
Group II-B Weighted Average Remaining
Term 357.00
Sec. 4.03 (a)(xxi), Overcollateralization Amounts
(xxii),(xxiii)
Overcollateralization Amount 3,564,794.51
Overcollateralization Target
Amount 20,359,938.41
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency
Amount 16,795,143.90
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 18.27 %
Senior Specified Enhancement Percentage 42.40 %
Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage of
the current Pool Balance 0.27 %
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield
Maintenance Agreement 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 2004-3
August 25, 2004
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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.