8-K 1 d258996.txt FINANCIAL ASSET SECURITIES CORP UNITED STATES 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 (Date of earliest event reported): September 1, 2004 Financial Asset Securities Corp. (Exact name of registrant as specified in its charter) Delaware 333-111379 06-1442101 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 600 Steamboat Road, Greenwich, Connecticut 06830 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (203) 625-2700 (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) -2- SECTION 2 - COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS On June 29, 2004, a single series of certificates, entitled First Franklin Mortgage Loan Trust 2004- FFH2, Asset-Backed Certificates, Series 2004-FFH2 (the "Certificates"), were issued pursuant to a pooling and servicing agreement, dated as of June 1, 2004 (the "Agreement"), among Financial Asset Securities Corp. (the "Depositor"), Saxon Mortgage Services, Inc., as servicer ("Saxon") and Wells Fargo Bank, N.A. (the "Trustee"). On August 27, 2004, following the closing of the initial issuance of the Certificates, the Trustee purchased from the Depositor certain Subsequent Mortgage Loans, as defined in the Agreement, with an aggregate Stated Principal Balance equal to $250,000,000.08 with funds on deposit in the pre-funding accounts (the "Group I Pre-Funding Account" and the "Group II Pre-Funding Account"; together the "Pre- Funding Accounts") established pursuant to the Agreement at a purchase price equal to the Stated Principal Balance thereof, which Subsequent Mortgage Loans were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument, dated August 27, 2004 (the "Instrument"), between the Depositor and the Trustee. Attached to the Instrument is the Mortgage Loan Schedule listing the Subsequent Mortgage Loans that are the subject of such Instrument. SECTION 8 - OTHER EVENTS ITEM 8.01. OTHER EVENTS Description of the Mortgage Pool The Certificates, issued pursuant to the Agreement, evidence in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund"), consisting primarily of a segregated pool (the "Mortgage Pool") of conventional, one- to four- family, first lien, adjustable-rate and fixed-rate mortgage loans having original terms to maturity of not greater than 30 years (the "Mortgage Loans"). After the Subsequent Transfer Date, the Trust Fund primarily consisted of the Mortgage Pool, which consisted of Group I Mortgage Loans having an aggregate Stated Principal Balance of approximately $977,835,723, and Group II Mortgage Loans having an aggregate Stated Principal Balance of approximately $222,164,277. The tables attached as an exhibit hereto describe certain characteristics of the Mortgage Pool as of the respective applicable Subsequent Cut-off Date. -3- SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (a) Not applicable (b) Not applicable (c) Exhibits -4- Exhibit No. Description ----------- ----------- 4.2 Subsequent Transfer Instrument, dated as August 27, 2004 between Financial Asset Securities Corp. as seller and Wells Fargo Bank, N.A., as trustee. 99.1 Characteristics of the Mortgage Pool as of the Subsequent Cut-off Date relating to First Franklin Mortgage Loan Trust 2004-FFH2, Asset-Backed Certificates, Series 2004-FFH2. -5- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf the undersigned thereunto duly authorized. Dated: September 2, 2004 FINANCIAL ASSET SECURITIES CORP. By: /s/ Frank Skibo ----------------------------- Name: Frank Skibo Title: Senior Vice President -6- Index to Exhibits -----------------

~~First~~Sequentially ~~Franklin~~Exhibit ~~Mortgage~~No. ~~Loan~~Description ~~Trust~~Numbered ~~Asset~~Page ~~Backed Certificates Record Date: 7/31/2004 Distribution Date: 8/25/2004 FFM Series: 2004~~-~~FH2 Contact: Customer Service~~ - ~~CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815~~-~~6600 Fax: (301) 815~~-~~6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass~~-~~Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution R SEN 0.00000% 0.00 0.00 0.00 A~~-~~1 32027NHU8 SEN 1.73500% 746,567,463.35 1,079,412.12 3,967,975.58 A~~-~~2 32027NHV6 SEN 1.55000% 63,186,314.15 81,615.66 2,003,679.98 A~~-3--- ~~32027NHW4 SEN 1.71000% 91,828,000.00 130,854.90 0.00 A~~-4---------- ~~32027NHX2 SEN 1.93000% 13,774,000.00 22,153.18 0.00 M~~-1------------ ~~32027NHY0 MEZ 1~~4.~~95000% 42,600,000.00 69,225.00 0.00 M-~~2 ~~32027NHZ7~~Subsequent ~~MEZ~~Transfer ~~2.00000% 42~~Instrument,~~000,000.00~~ ~~70,000.00~~dated ~~0.00~~as ~~M-3~~August ~~32027NJA0 MEZ 2.08000% 25~~27,~~200,000.00~~ 432004,~~680.00~~ ~~0.00~~between ~~M-4~~Financial ~~32027NJB8~~Asset ~~MEZ~~Securities 2Corp.~~50000%~~ ~~24,000,000.00~~as ~~50,000.00~~seller ~~0.00~~and ~~M-5~~Wells ~~32027NJC6~~Fargo ~~MEZ 2.60000% 21~~Bank,~~600,000.00~~ ~~46,800~~N.~~00 0~~A.00 ~~M-6~~as ~~32027NJD4 MEZ 2~~trustee.~~90000%~~ ~~21,600,000~~99.001 ~~52,200.00~~Characteristics ~~0.00~~of ~~M-7~~the ~~32027NJE2~~Mortgage ~~MEZ~~Pool ~~3.40000%~~as ~~19,200,000.00~~of ~~54,400.00~~the ~~0.00~~Subsequent MCut-8off ~~32027NJF9 MEZ 3.60000% 18~~Date,~~600,000.00~~ ~~55,800.00~~relating ~~0.00~~to ~~M-9~~First ~~32027NJG7~~Franklin ~~MEZ~~Mortgage ~~4.95000%~~Loan ~~16,800,000.00~~Trust ~~69,300.00 0.00 B~~2004-~~1 32027NJH5 SUB 4.95000% 19~~FFH2,~~200,000.00~~ ~~79,200.00 0.00 B~~Asset-2Backed ~~32027NJJ1 SUB 4.95000% 13~~Certificates,~~800,000.00~~ ~~56,925.00~~Series ~~0.00 C FFM04FH2C SEN 0.00000% 15,000,000.00 3,353,660.90 0.00 P FFM04FH2P SEN 0.00000% 100.00 58,331.84 0.00 R~~2004-~~X SEN 0~~FFH2.~~00000% 0.00 0.00 0.00 Totals 1,194,955,877.50 5,373,558.60 5,971,655.56~~

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 0.00 0.00 A-1 0.00 742,599,487.76 5,047,387.70 0.00 A-2 0.00 61,182,634.18 2,085,295.64 0.00 A-3 0.00 91,828,000.00 130,854.90 0.00 A-4 0.00 13,774,000.00 22,153.18 0.00 M-1 0.00 42,600,000.00 69,225.00 0.00 M-2 0.00 42,000,000.00 70,000.00 0.00 M-3 0.00 25,200,000.00 43,680.00 0.00 M-4 0.00 24,000,000.00 50,000.00 0.00 M-5 0.00 21,600,000.00 46,800.00 0.00 M-6 0.00 21,600,000.00 52,200.00 0.00 M-7 0.00 19,200,000.00 54,400.00 0.00 M-8 0.00 18,600,000.00 55,800.00 0.00 M-9 0.00 16,800,000.00 69,300.00 0.00 B-1 0.00 19,200,000.00 79,200.00 0.00 B-2 0.00 13,800,000.00 56,925.00 0.00 C 0.00 15,000,000.00 3,353,660.90 0.00 P 0.00 100.00 58,331.84 0.00 R-X 0.00 0.00 0.00 0.00 Totals 0.00 1,188,984,221.94 11,345,214.16 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) R 0.00 0.00 0.00 0.00 0.00 0.00 A-1 750,000,000.00 746,567,463.35 416,542.09 3,551,433.49 0.00 0.00 A-2 64,798,000.00 63,186,314.15 67,342.61 1,936,337.37 0.00 0.00 A-3 91,828,000.00 91,828,000.00 0.00 0.00 0.00 0.00 A-4 13,774,000.00 13,774,000.00 0.00 0.00 0.00 0.00 M-1 42,600,000.00 42,600,000.00 0.00 0.00 0.00 0.00 M-2 42,000,000.00 42,000,000.00 0.00 0.00 0.00 0.00 M-3 25,200,000.00 25,200,000.00 0.00 0.00 0.00 0.00 M-4 24,000,000.00 24,000,000.00 0.00 0.00 0.00 0.00 M-5 21,600,000.00 21,600,000.00 0.00 0.00 0.00 0.00 M-6 21,600,000.00 21,600,000.00 0.00 0.00 0.00 0.00 M-7 19,200,000.00 19,200,000.00 0.00 0.00 0.00 0.00 M-8 18,600,000.00 18,600,000.00 0.00 0.00 0.00 0.00 M-9 16,800,000.00 16,800,000.00 0.00 0.00 0.00 0.00 B-1 19,200,000.00 19,200,000.00 0.00 0.00 0.00 0.00 B-2 13,800,000.00 13,800,000.00 0.00 0.00 0.00 0.00 C 14,999,900.00 15,000,000.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R-X 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,200,000,000.00 1,194,955,877.50 483,884.70 5,487,770.86 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution R 0.00 0.00 0.00000000 0.00 A-1 3,967,975.58 742,599,487.76 0.99013265 3,967,975.58 A-2 2,003,679.98 61,182,634.18 0.94420560 2,003,679.98 A-3 0.00 91,828,000.00 1.00000000 0.00 A-4 0.00 13,774,000.00 1.00000000 0.00 M-1 0.00 42,600,000.00 1.00000000 0.00 M-2 0.00 42,000,000.00 1.00000000 0.00 M-3 0.00 25,200,000.00 1.00000000 0.00 M-4 0.00 24,000,000.00 1.00000000 0.00 M-5 0.00 21,600,000.00 1.00000000 0.00 M-6 0.00 21,600,000.00 1.00000000 0.00 M-7 0.00 19,200,000.00 1.00000000 0.00 M-8 0.00 18,600,000.00 1.00000000 0.00 M-9 0.00 16,800,000.00 1.00000000 0.00 B-1 0.00 19,200,000.00 1.00000000 0.00 B-2 0.00 13,800,000.00 1.00000000 0.00 C 0.00 15,000,000.00 1.00000667 0.00 P 0.00 100.00 1.00000000 0.00 R-X 0.00 0.00 0.00000000 0.00 Totals 5,971,655.56 1,188,984,221.94 0.99082018 5,971,655.56

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-1 750,000,000.00 995.42328447 0.55538945 4.73524465 0.00000000 A-2 64,798,000.00 975.12753712 1.03926988 29.88267184 0.00000000 A-3 91,828,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 13,774,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 42,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 42,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 25,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 24,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 21,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 21,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-7 19,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-8 18,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-9 16,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 19,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 13,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 14,999,900.00 1000.00666671 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-1 0.00000000 5.29063411 990.13265035 0.99013265 5.29063411 A-2 0.00000000 30.92194173 944.20559554 0.94420560 30.92194173 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 1,000.00666671 1.00000667 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall R 0.00 0.00000% 0.00 0.00 0.00 0.00 A-1 750,000,000.00 1.73500% 746,567,463.35 1,079,412.12 0.00 0.00 A-2 64,798,000.00 1.55000% 63,186,314.15 81,615.66 0.00 0.00 A-3 91,828,000.00 1.71000% 91,828,000.00 130,854.90 0.00 0.00 A-4 13,774,000.00 1.93000% 13,774,000.00 22,153.18 0.00 0.00 M-1 42,600,000.00 1.95000% 42,600,000.00 69,225.00 0.00 0.00 M-2 42,000,000.00 2.00000% 42,000,000.00 70,000.00 0.00 0.00 M-3 25,200,000.00 2.08000% 25,200,000.00 43,680.00 0.00 0.00 M-4 24,000,000.00 2.50000% 24,000,000.00 50,000.00 0.00 0.00 M-5 21,600,000.00 2.60000% 21,600,000.00 46,800.00 0.00 0.00 M-6 21,600,000.00 2.90000% 21,600,000.00 52,200.00 0.00 0.00 M-7 19,200,000.00 3.40000% 19,200,000.00 54,400.00 0.00 0.00 M-8 18,600,000.00 3.60000% 18,600,000.00 55,800.00 0.00 0.00 M-9 16,800,000.00 4.95000% 16,800,000.00 69,300.00 0.00 0.00 B-1 19,200,000.00 4.95000% 19,200,000.00 79,200.00 0.00 0.00 B-2 13,800,000.00 4.95000% 13,800,000.00 56,925.00 0.00 0.00 C 14,999,900.00 0.00000% 15,000,000.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R-X 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,200,000,000.00 1,961,565.86 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance R 0.00 0.00 0.00 0.00 0.00 A-1 0.00 0.00 1,079,412.12 0.00 742,599,487.76 A-2 0.00 0.00 81,615.66 0.00 61,182,634.18 A-3 0.00 0.00 130,854.90 0.00 91,828,000.00 A-4 0.00 0.00 22,153.18 0.00 13,774,000.00 M-1 0.00 0.00 69,225.00 0.00 42,600,000.00 M-2 0.00 0.00 70,000.00 0.00 42,000,000.00 M-3 0.00 0.00 43,680.00 0.00 25,200,000.00 M-4 0.00 0.00 50,000.00 0.00 24,000,000.00 M-5 0.00 0.00 46,800.00 0.00 21,600,000.00 M-6 0.00 0.00 52,200.00 0.00 21,600,000.00 M-7 0.00 0.00 54,400.00 0.00 19,200,000.00 M-8 0.00 0.00 55,800.00 0.00 18,600,000.00 M-9 0.00 0.00 69,300.00 0.00 16,800,000.00 B-1 0.00 0.00 79,200.00 0.00 19,200,000.00 B-2 0.00 0.00 56,925.00 0.00 13,800,000.00 C 0.00 0.00 3,353,660.90 0.00 15,000,000.00 P 0.00 0.00 58,331.84 0.00 100.00 R-X 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 5,373,558.60 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 A-1 750,000,000.00 1.73500% 995.42328447 1.43921616 0.00000000 0.00000000 A-2 64,798,000.00 1.55000% 975.12753712 1.25953980 0.00000000 0.00000000 A-3 91,828,000.00 1.71000% 1000.00000000 1.42500000 0.00000000 0.00000000 A-4 13,774,000.00 1.93000% 1000.00000000 1.60833309 0.00000000 0.00000000 M-1 42,600,000.00 1.95000% 1000.00000000 1.62500000 0.00000000 0.00000000 M-2 42,000,000.00 2.00000% 1000.00000000 1.66666667 0.00000000 0.00000000 M-3 25,200,000.00 2.08000% 1000.00000000 1.73333333 0.00000000 0.00000000 M-4 24,000,000.00 2.50000% 1000.00000000 2.08333333 0.00000000 0.00000000 M-5 21,600,000.00 2.60000% 1000.00000000 2.16666667 0.00000000 0.00000000 M-6 21,600,000.00 2.90000% 1000.00000000 2.41666667 0.00000000 0.00000000 M-7 19,200,000.00 3.40000% 1000.00000000 2.83333333 0.00000000 0.00000000 M-8 18,600,000.00 3.60000% 1000.00000000 3.00000000 0.00000000 0.00000000 M-9 16,800,000.00 4.95000% 1000.00000000 4.12500000 0.00000000 0.00000000 B-1 19,200,000.00 4.95000% 1000.00000000 4.12500000 0.00000000 0.00000000 B-2 13,800,000.00 4.95000% 1000.00000000 4.12500000 0.00000000 0.00000000 C 14,999,900.00 0.00000% 1000.00666671 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-1 0.00000000 0.00000000 1.43921616 0.00000000 990.13265035 A-2 0.00000000 0.00000000 1.25953980 0.00000000 944.20559554 A-3 0.00000000 0.00000000 1.42500000 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 1.60833309 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 1.62500000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 1.66666667 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 1.73333333 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 2.08333333 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 2.16666667 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 2.41666667 0.00000000 1000.00000000 M-7 0.00000000 0.00000000 2.83333333 0.00000000 1000.00000000 M-8 0.00000000 0.00000000 3.00000000 0.00000000 1000.00000000 M-9 0.00000000 0.00000000 4.12500000 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 4.12500000 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 4.12500000 0.00000000 1000.00000000 C 0.00000000 0.00000000 223.57888386 0.00000000 1000.00666671 P 0.00000000 0.00000000 583318.40000000 0.00000000 1000.00000000 R-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 11,532,904.59 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 152,809.18 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 58,331.84 Total Deposits 11,744,045.61 Withdrawals Reimbursement for Servicer Advances 1,556.22 Payment of Service Fee 397,275.23 Payment of Interest and Principal 11,345,214.16 Total Withdrawals (Pool Distribution Amount) 11,744,045.61 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee 393,731.65 Wells Fargo Bank, NA 3,543.58 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 397,275.23

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 0.00 0.00 0.00 0.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 136 0 0 0 136 22,525,041.33 0.00 0.00 0.00 22,525,041.33 60 Days 8 0 0 0 8 1,206,403.99 0.00 0.00 0.00 1,206,403.99 90 Days 2 0 0 0 2 243,900.00 0.00 0.00 0.00 243,900.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 146 0 0 0 146 23,975,345.32 0.00 0.00 0.00 23,975,345.32 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.211382% 0.000000% 0.000000% 0.000000% 2.211382% 2.398873% 0.000000% 0.000000% 0.000000% 2.398873% 60 Days 0.130081% 0.000000% 0.000000% 0.000000% 0.130081% 0.128480% 0.000000% 0.000000% 0.000000% 0.128480% 90 Days 0.032520% 0.000000% 0.000000% 0.000000% 0.032520% 0.025975% 0.000000% 0.000000% 0.000000% 0.025975% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 2.373984% 0.000000% 0.000000% 0.000000% 2.373984% 2.553328% 0.000000% 0.000000% 0.000000% 2.553328%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 152,809.18

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.254362% Weighted Average Net Coupon 6.754309% Weighted Average Pass-Through Rate 6.749809% Weighted Average Maturity(Stepdown Calculation ) 356 Beginning Scheduled Collateral Loan Count 6,177 Number Of Loans Paid In Full 27 Ending Scheduled Collateral Loan Count 6,150 Beginning Scheduled Collateral Balance 944,955,877.45 Ending Scheduled Collateral Balance 938,984,221.82 Ending Actual Collateral Balance at 31-Jul-2004 938,984,221.82 Monthly P &I Constant 6,197,150.71 Special Servicing Fee 0.00 Prepayment Penalties 58,331.84 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 938,984,221.82 Scheduled Principal 483,884.70 Unscheduled Principal 5,487,770.93 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 15,000,000.00 Overcollateralized Amount 15,000,000.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00

Miscellaneous Reporting CAP Contract Payment 0.00 Credit Enhancement % 23.398353% Extraordinary Trust Expenses 0.00 Group 1 Pre-Funding Amount 203,715,775.86 Group 2 Pre-Funding Amount 46,284,224.21 STEP-DOWN NO TRIGGER Event NO

Filing Compare · FIRST FRANKLIN MORTGAGE LOAN TRUST 2004-FFH2