8-K 1 d272265.txt ACE 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): August 30, 2004 ACE SECURITIES CORP. (as depositor under the Pooling and Servicing Agreement, dated as of August 1, 2004, providing for the issuance of ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM2, Asset-Backed Pass-Through Certificates) ACE Securities Corp. -------------------- (Exact name of registrant as specified in its charter) -------------------------------------------------------------------------------- Delaware 333-110039 56-2088493 ---------------------------- ---------------- ----------------------- (State or Other Jurisdiction (Commission File (I.R.S. Employer of Incorporation) Number) Identification Number) 6525 Morrison Blvd., Suite 318, Charlotte, North Carolina 28211 ---------------------------- ---------------- ----------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: 704-365-0569 ================================================================================ 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(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] 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)) Item 2.01 Completion of Acquisition or Disposition of Assets Description of the Certificates and the Mortgage Pool On August 30, 2004, a series of certificates, entitled ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM2, Asset-Backed Pass-Through Certificates (the "Certificates"), were issued pursuant to a pooling and servicing agreement, dated as of August 1, 2004 (the "Agreement"), attached hereto as Exhibit 4.1, among ACE Securities Corp. as depositor (the "Depositor"), Litton Loan Servicing LP as servicer (the "Servicer"), Wells Fargo Bank, N.A. as master servicer and securities administrator (the "Master Servicer and Securities Administrator") and HSBC Bank USA, National Association as trustee (the "Trustee"). The Certificates consist of seventeen classes of certificates (collectively, the "Certificates"), designated as the "Class A-1A Certificates", "Class A-1B Certificates", "Class A-2A Certificates", "Class A-2B Certificates", "Class A-2C Certificates", "Class M-1 Certificates", "Class M-2 Certificates", "Class M-3 Certificates", "Class M-4 Certificates" "Class M-5 Certificates", "Class M-6 Certificates", "Class B-1 Certificates", "Class B-2 Certificates", "Class B-3 Certificates", Class CE Certificates", "Class P Certificates" and "Class R Certificates". The Certificates evidence in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund"), consisting of a pool of mortgage loans (the "Mortgage Pool'") of conventional, one- to four- family, adjustable rate and fixed rate, first lien mortgage loans having original terms to maturity up to 30 years (the "Mortgage Loans"). The Mortgage Pool consists of Mortgage Loans having an aggregate principal balance of approximately $1,024,164,519 as of August 1, 2004 (the "Cut-off Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase Agreement, dated August 30, 2004, between DB Structured Products, Inc. as seller and the Depositor (the "Mortgage Loan Purchase Agreement"). The Class A-1A Certificates, A-1B Certificates, the Class A-2A Certificates, the Class A-2B Certificates, the Class A-2C Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates and the Class M-6 Certificates were sold by Depositor pursuant to the Amended and Restated Underwriting Agreement, dated June 24, 1999, as amended and restated to and including July 8, 2002, between the Depositor and Deutsche Bank Securities Inc., and the Terms Agreement, dated August 30, 2004 (collectively, the "Underwriting Agreement"). The Certificates have the following initial Certificate Balances and Pass-Through Rates: =============================================================================== INITIAL CERTIFICATE PASS-THROUGH CLASS PRINCIPAL BALANCE(1) RATE ------------------------------------------------------------------------------- A-1A $321,661,000 Variable A-1B 321,661,000 Variable A-2A $115,627,000 Variable A-2B $37,106,000 Variable A-2C $33,519,000 Variable M-1 $63,498,000 Variable M-2 $51,208,000 Variable M-3 $15,362,000 Variable M-4 $12,802,000 Variable M-5 $10,242,000 Variable M-6 $10,242,000 Variable =============================================================================== (1) Approximate. The Certificates, other than the Class B-1, Class B-2, Class B-3, Class CE, Class P and Class R Certificates, and the Mortgage Loans are more particularly described in the Prospectus Supplement, dated August 24, 2004 (the "Prospectus Supplement"), and the Prospectus, dated November 5, 2003, as previously filed with the Securities and Exchange Commission pursuant to Rule 424(b). The Class B-1, Class B-2, Class B-3, Class CE, Class P and the Class R Certificates have not been and will not be publicly offered by the Depositor. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Prospectus Supplement. Item 9.01 Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Exhibits -------------------------------------------------------------------------------- Exhibit No. Description -------------------------------------------------------------------------------- 4.1 Pooling and Servicing Agreement, dated as of September 1, 2004, by and among ACE Securities Corp., as Depositor, Litton Loan Servicing LP as Servicer, Wells Fargo Bank, N.A. as Master Servicer and Securities Administrator and HSBC Bank USA, National Association as Trustee relating to the Series 2004-FM2 Certificates. -------------------------------------------------------------------------------- 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 by the undersigned thereunto duly authorized. Dated: October 6, 2004 ACE SECURITIES CORP. By: /s/ Douglas K. Johnson ------------------------------------ Name: Douglas K. Johnson Title: President By: /s/ Evelyn Echevarria ------------------------------------ Name: Evelyn Echevarria Title: Vice President

~~ACE~~Index ~~Securities~~to ~~Corporation~~Exhibits ~~Mortgage~~Sequentially ~~Pass-Through~~Exhibit ~~Certificates~~No. ~~Record~~Description ~~Date:~~Numbered ~~8/31/2004~~Page ~~Distribution Date: 9/27/2004 ACE Series: 2004~~-~~FM2 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 A~~-~~1A 004421GD9 SEN 1.94000% 321,661,000.00 485,350.71 4,772,361.11 A~~-~~1B 004421GE7 SEN 1.94000% 321,661,000.00 485,350.71 4,030,854.97 A~~-2A--- ~~004421GF4 SEN 1.80000% 115,627,000.00 161,877.80 1,979,225.56 A~~-2B---------- ~~004421GG2 SEN 1.95000% 37,106,000.00 56,277.43 0.00 A~~-2C------------ ~~004421GH0 SEN 2~~4.~~12000% 33,519,000.00 55,269.11 0.00 M-~~1 ~~004421GJ6~~Pooling ~~MEZ~~and ~~2.29000%~~Servicing 63Agreement,~~498,000.00~~ ~~113,096.99~~dated ~~0.00~~as ~~M-2~~of ~~004421GK3~~September ~~MEZ 2.84000% 51~~1,~~208,000.00~~ ~~113,112.78~~7 ~~0.00 M-3 004421GL1 MEZ 2.99000% 15~~2004,~~362,000.00~~ ~~35,725.18~~by ~~0.00~~and ~~M-4~~among ~~004421GM9~~ACE ~~MEZ~~Securities 3Corp.~~77000% 12~~,~~802,000.00~~ ~~37,538.31~~as ~~0.00 M-5 004421GN7 MEZ 3.59000% 10~~Depositor,~~242,000.00~~ ~~28,597.94~~Litton ~~0.00~~Loan ~~M-6~~Servicing ~~004421GP2~~LP ~~MEZ~~as ~~5.14000% 10~~Servicer,~~242,000.00~~ ~~40,945.24~~Wells ~~0.00~~Fargo ~~B 004421GQ0 SUB 5.14000% 15~~Bank,~~362,000.00~~ ~~61,413~~N.~~86 0~~A.00 CEas ~~ACE04FM2C~~Master ~~MEZ~~Servicer ~~0.00000%~~and ~~15,874,418.64~~Securities ~~3,719,265.71~~Administrator ~~(131.40)~~and PHSBC ~~ACE04FM2P~~Bank ~~SEN 0.00000% 100.00 372~~USA,~~888.85~~ ~~0.00~~National RAssociation ~~ACE4FM2R1~~as ~~SEN~~Trustee ~~0.00000%~~relating ~~0.00~~to ~~0.00~~the ~~0.00~~Series ~~Totals~~2004-FM2 ~~1,024,164,518~~Certificates.~~64 5,766,710.62 10,782,310.24~~

EXHIBIT 4.1

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1A 0.00 316,888,638.89 5,257,711.82 0.00 A-1B 0.00 317,630,145.03 4,516,205.68 0.00 A-2A 0.00 113,647,774.44 2,141,103.36 0.00 A-2B 0.00 37,106,000.00 56,277.43 0.00 A-2C 0.00 33,519,000.00 55,269.11 0.00 M-1 0.00 63,498,000.00 113,096.99 0.00 M-2 0.00 51,208,000.00 113,112.78 0.00 M-3 0.00 15,362,000.00 35,725.18 0.00 M-4 0.00 12,802,000.00 37,538.31 0.00 M-5 0.00 10,242,000.00 28,597.94 0.00 M-6 0.00 10,242,000.00 40,945.24 0.00 B 0.00 15,362,000.00 61,413.86 0.00 CE 0.00 15,874,550.04 3,719,134.31 0.00 P 0.00 100.00 372,888.85 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 1,013,382,208.40 16,549,020.86 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) A-1A 321,661,000.00 321,661,000.00 0.00 4,772,361.11 0.00 0.00 A-1B 321,661,000.00 321,661,000.00 0.00 4,030,854.97 0.00 0.00 A-2A 115,627,000.00 115,627,000.00 0.00 1,979,225.56 0.00 0.00 A-2B 37,106,000.00 37,106,000.00 0.00 0.00 0.00 0.00 A-2C 33,519,000.00 33,519,000.00 0.00 0.00 0.00 0.00 M-1 63,498,000.00 63,498,000.00 0.00 0.00 0.00 0.00 M-2 51,208,000.00 51,208,000.00 0.00 0.00 0.00 0.00 M-3 15,362,000.00 15,362,000.00 0.00 0.00 0.00 0.00 M-4 12,802,000.00 12,802,000.00 0.00 0.00 0.00 0.00 M-5 10,242,000.00 10,242,000.00 0.00 0.00 0.00 0.00 M-6 10,242,000.00 10,242,000.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Totals 992,928,100.00 992,928,100.00 0.00 10,782,441.64 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 A-1A 4,772,361.11 316,888,638.89 0.98516338 4,772,361.11 A-1B 4,030,854.97 317,630,145.03 0.98746862 4,030,854.97 A-2A 1,979,225.56 113,647,774.44 0.98288267 1,979,225.56 A-2B 0.00 37,106,000.00 1.00000000 0.00 A-2C 0.00 33,519,000.00 1.00000000 0.00 M-1 0.00 63,498,000.00 1.00000000 0.00 M-2 0.00 51,208,000.00 1.00000000 0.00 M-3 0.00 15,362,000.00 1.00000000 0.00 M-4 0.00 12,802,000.00 1.00000000 0.00 M-5 0.00 10,242,000.00 1.00000000 0.00 M-6 0.00 10,242,000.00 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 10,782,441.64 982,145,658.36 0.98914076 10,782,441.64

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1A 321,661,000.00 1000.00000000 0.00000000 14.83661715 0.00000000 A-1B 321,661,000.00 1000.00000000 0.00000000 12.53137611 0.00000000 A-2A 115,627,000.00 1000.00000000 0.00000000 17.11733038 0.00000000 A-2B 37,106,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-2C 33,519,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 63,498,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 51,208,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 15,362,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 12,802,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 10,242,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 10,242,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 15,362,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 15,874,418.64 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 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 A-1A 0.00000000 14.83661715 985.16338285 0.98516338 14.83661715 A-1B 0.00000000 12.53137611 987.46862389 0.98746862 12.53137611 A-2A 0.00000000 17.11733038 982.88266962 0.98288267 17.11733038 A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-2C 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 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 (0.00827747) 1,000.00827747 1.00000828 (0.00827747) P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 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 A-1A 321,661,000.00 1.94000% 321,661,000.00 485,350.71 0.00 0.00 A-1B 321,661,000.00 1.94000% 321,661,000.00 485,350.71 0.00 0.00 A-2A 115,627,000.00 1.80000% 115,627,000.00 161,877.80 0.00 0.00 A-2B 37,106,000.00 1.95000% 37,106,000.00 56,277.43 0.00 0.00 A-2C 33,519,000.00 2.12000% 33,519,000.00 55,269.11 0.00 0.00 M-1 63,498,000.00 2.29000% 63,498,000.00 113,096.99 0.00 0.00 M-2 51,208,000.00 2.84000% 51,208,000.00 113,112.78 0.00 0.00 M-3 15,362,000.00 2.99000% 15,362,000.00 35,725.18 0.00 0.00 M-4 12,802,000.00 3.77000% 12,802,000.00 37,538.31 0.00 0.00 M-5 10,242,000.00 3.59000% 10,242,000.00 28,597.94 0.00 0.00 M-6 10,242,000.00 5.14000% 10,242,000.00 40,945.24 0.00 0.00 B 15,362,000.00 5.14000% 15,362,000.00 61,413.86 0.00 0.00 CE 15,874,418.64 0.00000% 15,874,418.64 3,719,265.71 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,024,164,518.64 5,393,821.77 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 A-1A 0.00 0.00 485,350.71 0.00 316,888,638.89 A-1B 0.00 0.00 485,350.71 0.00 317,630,145.03 A-2A 0.00 0.00 161,877.80 0.00 113,647,774.44 A-2B 0.00 0.00 56,277.43 0.00 37,106,000.00 A-2C 0.00 0.00 55,269.11 0.00 33,519,000.00 M-1 0.00 0.00 113,096.99 0.00 63,498,000.00 M-2 0.00 0.00 113,112.78 0.00 51,208,000.00 M-3 0.00 0.00 35,725.18 0.00 15,362,000.00 M-4 0.00 0.00 37,538.31 0.00 12,802,000.00 M-5 0.00 0.00 28,597.94 0.00 10,242,000.00 M-6 0.00 0.00 40,945.24 0.00 10,242,000.00 B 0.00 0.00 61,413.86 0.00 15,362,000.00 CE 0.00 0.00 3,719,265.71 0.00 15,874,550.04 P 0.00 0.00 372,888.85 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 5,766,710.62 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 A-1A 321,661,000.00 1.94000% 1000.00000000 1.50888889 0.00000000 0.00000000 A-1B 321,661,000.00 1.94000% 1000.00000000 1.50888889 0.00000000 0.00000000 A-2A 115,627,000.00 1.80000% 1000.00000000 1.40000000 0.00000000 0.00000000 A-2B 37,106,000.00 1.95000% 1000.00000000 1.51666658 0.00000000 0.00000000 A-2C 33,519,000.00 2.12000% 1000.00000000 1.64888899 0.00000000 0.00000000 M-1 63,498,000.00 2.29000% 1000.00000000 1.78111106 0.00000000 0.00000000 M-2 51,208,000.00 2.84000% 1000.00000000 2.20888885 0.00000000 0.00000000 M-3 15,362,000.00 2.99000% 1000.00000000 2.32555527 0.00000000 0.00000000 M-4 12,802,000.00 3.77000% 1000.00000000 2.93222231 0.00000000 0.00000000 M-5 10,242,000.00 3.59000% 1000.00000000 2.79222222 0.00000000 0.00000000 M-6 10,242,000.00 5.14000% 1000.00000000 3.99777778 0.00000000 0.00000000 B 15,362,000.00 5.14000% 1000.00000000 3.99777763 0.00000000 0.00000000 CE 15,874,418.64 0.00000% 1000.00000000 234.29303424 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 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 A-1A 0.00000000 0.00000000 1.50888889 0.00000000 985.16338285 A-1B 0.00000000 0.00000000 1.50888889 0.00000000 987.46862389 A-2A 0.00000000 0.00000000 1.40000000 0.00000000 982.88266962 A-2B 0.00000000 0.00000000 1.51666658 0.00000000 1000.00000000 A-2C 0.00000000 0.00000000 1.64888899 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 1.78111106 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.20888885 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.32555527 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 2.93222231 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 2.79222222 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 3.99777778 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.99777763 0.00000000 1000.00000000 CE 0.00000000 0.00000000 234.29303424 0.00000000 1000.00827747 P 0.00000000 0.00000000 3728888.50000000 0.00000000 1000.00000000 R 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 16,607,134.59 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 372,888.85 Total Deposits 16,980,023.44 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 431,002.58 Payment of Interest and Principal 16,549,020.86 Total Withdrawals (Pool Distribution Amount) 16,980,023.44 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 426,735.22 Master Servicing Fee 4,267.36 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 431,002.58

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group IA Sub Grp 1 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group IA Sub Grp 2 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group IB Sub Grp 1 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group IB Sub Grp 2 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II Sub Grp 1 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II Sub Grp 2 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

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

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 6.824870% Weighted Average Net Coupon 6.324870% Weighted Average Pass-Through Rate 6.319870% Weighted Average Maturity(Stepdown Calculation ) 351 Beginning Scheduled Collateral Loan Count 5,770 Number Of Loans Paid In Full 58 Ending Scheduled Collateral Loan Count 5,712 Beginning Scheduled Collateral Balance 1,024,164,518.64 Ending Scheduled Collateral Balance 1,013,382,208.40 Ending Actual Collateral Balance at 31-Aug-2004 1,014,240,017.73 Monthly P &I Constant 6,659,013.88 Special Servicing Fee 0.00 Prepayment Penalties 372,888.85 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 834,189.50 Unscheduled Principal 9,948,120.74 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 131.40 Overcollateralized reduction Amount 0.00 Specified O/C Amount 15,874,550.04 Overcollateralized Amount 15,874,550.04 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 131.40 Excess Cash Amount 0.00

Group Level Collateral Statement Group Group IA Sub Grp 1 Group IA Sub Grp 2 Group IB Sub Grp 1 Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.655397 6.886961 7.448452 Weighted Average Net Rate 7.155397 6.386961 6.948452 Weighted Average Maturity 325 356 328 Beginning Loan Count 769 1,929 707 Loans Paid In Full 11 18 7 Ending Loan Count 758 1,911 700 Beginning Scheduled Balance 75,714,277.32 321,397,610.03 71,751,817.73 Ending scheduled Balance 74,841,868.62 317,497,715.78 70,969,555.85 Record Date 08/31/2004 08/31/2004 08/31/2004 Principal And Interest Constant 567,476.63 2,088,525.32 524,881.73 Scheduled Principal 84,457.60 243,981.24 79,515.06 Unscheduled Principal 787,951.10 3,655,913.01 702,746.82 Scheduled Interest 483,019.03 1,844,544.08 445,366.67 Servicing Fees 31,547.62 133,915.67 29,896.59 Master Servicing Fees 315.48 1,339.16 298.97 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 451,155.93 1,709,289.25 415,171.11 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.150397 6.381961 6.943452

Group Level Collateral Statement Group Group IB Sub Grp 2 Group II Sub Grp 1 Group II Sub Grp 2 Collateral Description Mixed ARM Mixed Fixed Mixed ARM Weighted Average Coupon Rate 6.741008 6.829017 6.300674 Weighted Average Net Rate 6.241008 6.329017 5.800674 Weighted Average Maturity 356 344 356 Beginning Loan Count 1,746 158 461 Loans Paid In Full 15 2 5 Ending Loan Count 1,731 156 456 Beginning Scheduled Balance 325,360,504.71 38,302,203.65 191,638,105.20 Ending scheduled Balance 322,111,960.74 38,172,187.21 189,788,920.20 Record Date 08/31/2004 08/31/2004 08/31/2004 Principal And Interest Constant 2,082,665.92 256,441.93 1,139,022.35 Scheduled Principal 254,951.09 38,469.92 132,814.59 Unscheduled Principal 2,993,592.88 91,546.52 1,716,370.41 Scheduled Interest 1,827,714.83 217,972.01 1,006,207.76 Servicing Fees 135,566.88 15,959.25 79,849.21 Master Servicing Fees 1,355.67 159.59 798.49 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 1,690,792.28 201,853.17 925,560.06 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.236008 6.324017 5.795674

Group Level Collateral Statement Group Total Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 6.824870 Weighted Average Net Rate 6.324870 Weighted Average Maturity 351.00 Record Date 08/31/2004 Principal And Interest Constant 6,659,013.88 Beginning Loan Count 5,770 Loans Paid In Full 58 Ending Loan Count 5,712 Beginning Scheduled Balance 1,024,164,518.64 Ending Scheduled Balance 1,013,382,208.40 Scheduled Principal 834,189.50 Unscheduled Principal 9,948,120.74 Scheduled Interest 5,824,824.38 Servicing Fee 426,735.22 Master Servicing Fee 4,267.36 Trustee Fee 0.00 Fry Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 5,393,821.80 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 6.319870

Filing Compare · ACE Securities Corp Series 2004-FM2