8-K 1 d289107.txt PARK PLACE SECURITIES INC ================================================================================ 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): November 18, 2004 PARK PLACE SECURITIES, INC. (as depositor under the Pooling and Servicing Agreement, dated as of November 1, 2004, providing for the issuance of Asset-Backed Pass-Through Certificates, Series 2004-WHQ2) Park Place Securities, Inc. (Exact name of registrant as specified in its charter) -------------------------------------------------------------------------------- Delaware 333-112237-03 77-0599834 ---------------------------- -------------- --------------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification Number) 1100 Town & Country Road, Suite 1100 Orange, California 92868 --------------------------------------- ----------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (714) 564-9960 ================================================================================ 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)) SECTION 2 - FINANCIAL INFORMATION ITEM 2.01 - COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS On November 30, 2004, a single series of certificates, entitled Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2 (the "Certificates"), was issued pursuant to a pooling and servicing agreement, dated as of November 1, 2004 (the "Agreement"), among Park Place Securities, Inc. as depositor (the "Depositor"), HomEq Servicing Corporation as master servicer (the "Master Servicer") and Wells Fargo Bank, N.A. as trustee (the "Trustee"). Upon the closing of the initial issuance of the Certificates, (i) Park Place Securities, Inc. purchased from HomEq Servicing Corporation certain Initial Mortgage Loans with an aggregate principal balance equal to $3,500,000,021.73 and transferred such mortgage loans to the Trustee, and (ii) the Trustee deposited funds in the Pre-Funding Accounts, which were established pursuant to the Agreement, in an amount equal to $800,000,998.08. On December 21, 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 principal balance equal to $800,000,416.35 with funds on deposit in the pre-funding accounts (the "Pre-Funding Accounts") established pursuant to the Agreement at a purchase price equal to the principal balance thereof, which Subsequent Mortgage Loans were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument, dated December 21, 2004, between the Depositor and the Trustee (the "Instrument"). Attached to the Instrument is the Mortgage Loan Schedule listing the Subsequent Mortgage Loans that are the subject of such Instrument. Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. SECTION 8 - OTHER EVENTS ITEM 8.01 OTHER EVENTS. Description of the Certificates and the Mortgage Pool The Certificates designated as the Series 2004-WHQ2 Certificates represent in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund") consisting primarily of a pool (the "Mortgage Pool") of conventional, one- to four-family, first lien adjustable-rate and fixed-rate mortgage loans having original terms to maturity up to 30 years (the "Mortgage Loans"). As of the Subsequent Transfer Date, the Trust Fund primarily consisted of (i) the Mortgage Pool, which consisted of Mortgage Loans having an aggregate principal balance of $4,299,999,418.27 and (ii) the Pre-Funding Accounts, which contained $581.73. The tables attached as an exhibit hereto describe certain characteristics of the Mortgage Pool as of December 1, 2004. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits. 1. Not applicable 2. Not applicable 3. Exhibits Item 601(a) of -------------- Regulation S K -------------- Exhibit No. Exhibit No Description ----------- ---------- ----------- 1 99 Subsequent Transfer Instrument, dated as of December 21, 2004, between Park Place Securities, Inc., as seller and Wells Fargo Bank, N.A., as trustee. 2 99 Characteristics of the Mortgage Pool as of December 1, 2004, relating to Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2. 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: January 13, 2005 PARK PLACE SECURITIES, INC. By: /s/ John P. Grazer ----------------------------------- Name: John P. Grazer Title: CFO Index to Exhibits Item 601(a) of -------------- Regulation S K Sequentially -------------- ------------ Exhibit No. Exhibit No. Description Numbered Page ----------- ----------- ----------- ------------- 1 99 Subsequent Transfer Instrument 2 99 Characteristics of the Mortgage Pool as of December 1, 2004, relating to Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2

Park Place Securities, Inc Asset Backed Pass-Through Certificates Record Date: 11/30/2004 Distribution Date: 12/27/2004 Park Place Securities, Inc Asset Backed Pass-Through Certificates Series 2004-WHQ2 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 A1A 70069FET0 SEN 2.36750% 311,760,000.00 553,568.85 2,777,818.12 A1B 70069FEU7 SEN 2.62750% 449,310,000.00 885,421.52 0.00 A1C 70069FEV5 SEN 2.58250% 1,000,000,000.00 1,936,875.00 3,649,885.19 A1D 70069FEW3 SEN 2.62750% 111,110,000.00 218,956.14 405,538.74 A2A 70069FEX1 SEN 2.57750% 423,720,000.00 819,103.72 2,368,105.91 A2B 70069FEY9 SEN 2.62750% 105,930,000.00 208,748.31 592,026.48 A3A 70069FEC7 SEN 2.55750% 304,360,000.00 583,800.53 1,720,464.30 A3B 70069FED5 SEN 2.36750% 247,450,000.00 439,378.41 3,440,872.07 A3C 70069FEE3 SEN 2.49750% 309,190,000.00 579,151.52 0.00 A3D 70069FEF0 SEN 2.68750% 52,070,000.00 104,953.59 0.00 A3E 70069FEG8 SEN 2.62750% 101,450,000.00 199,919.91 573,469.26 M1 70069FEH6 MEZ 2.79750% 70,950,000.00 148,861.97 0.00 M2 70069FEJ2 MEZ 2.83750% 197,800,000.00 420,943.13 0.00 M3 70069FEK9 MEZ 2.89750% 70,950,000.00 154,183.22 0.00 M4 70069FEL7 MEZ 3.25750% 94,600,000.00 231,119.63 0.00 M5 70069FEM5 MEZ 3.35750% 62,350,000.00 157,005.09 0.00 M6 70069FEN3 MEZ 3.50750% 27,950,000.00 73,525.97 0.00 M7 70069FEP8 MEZ 3.95750% 47,300,000.00 140,392.31 0.00 M8 70069FEQ6 MEZ 4.30750% 60,200,000.00 194,483.63 0.00 M9 70069FER4 MEZ 5.50750% 58,050,000.00 239,782.78 0.00 M10 70069FES2 MEZ 4.70750% 64,500,000.00 227,725.31 0.00 P PPS04WQ2P SUB 0.00000% 100.00 98,743.56 0.00 CE PPS04Q2CE SUB 0.00000% 128,999,900.00 12,202,645.64 0.00 R1 PPS04Q2R1 SUB 0.00000% 0.00 0.00 0.00 R2 PPS04Q2R2 SUB 0.00000% 0.00 0.00 0.00 Totals 4,300,000,000.00 20,819,289.74 15,528,180.07

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1A 0.00 308,982,181.88 3,331,386.97 0.00 A1B 0.00 449,310,000.00 885,421.52 0.00 A1C 0.00 996,350,114.81 5,586,760.19 0.00 A1D 0.00 110,704,461.26 624,494.88 0.00 A2A 0.00 421,351,894.09 3,187,209.63 0.00 A2B 0.00 105,337,973.52 800,774.79 0.00 A3A 0.00 302,639,535.70 2,304,264.83 0.00 A3B 0.00 244,009,127.93 3,880,250.48 0.00 A3C 0.00 309,190,000.00 579,151.52 0.00 A3D 0.00 52,070,000.00 104,953.59 0.00 A3E 0.00 100,876,530.74 773,389.17 0.00 M1 0.00 70,950,000.00 148,861.97 0.00 M2 0.00 197,800,000.00 420,943.13 0.00 M3 0.00 70,950,000.00 154,183.22 0.00 M4 0.00 94,600,000.00 231,119.63 0.00 M5 0.00 62,350,000.00 157,005.09 0.00 M6 0.00 27,950,000.00 73,525.97 0.00 M7 0.00 47,300,000.00 140,392.31 0.00 M8 0.00 60,200,000.00 194,483.63 0.00 M9 0.00 58,050,000.00 239,782.78 0.00 M10 0.00 64,500,000.00 227,725.31 0.00 P 0.00 100.00 98,743.56 0.00 CE 0.00 129,000,000.00 12,202,645.64 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 Totals 0.00 4,284,471,919.93 36,347,469.81 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) A1A 311,760,000.00 311,760,000.00 537,543.75 2,240,274.37 0.00 0.00 A1B 449,310,000.00 449,310,000.00 0.00 0.00 0.00 0.00 A1C 1,000,000,000.00 1,000,000,000.00 706,300.01 2,943,585.18 0.00 0.00 A1D 111,110,000.00 111,110,000.00 78,476.99 327,061.75 0.00 0.00 A2A 423,720,000.00 423,720,000.00 301,050.10 2,067,055.82 0.00 0.00 A2B 105,930,000.00 105,930,000.00 75,262.52 516,763.95 0.00 0.00 A3A 304,360,000.00 304,360,000.00 220,489.92 1,499,974.38 0.00 0.00 A3B 247,450,000.00 247,450,000.00 440,972.60 2,999,899.47 0.00 0.00 A3C 309,190,000.00 309,190,000.00 0.00 0.00 0.00 0.00 A3D 52,070,000.00 52,070,000.00 0.00 0.00 0.00 0.00 A3E 101,450,000.00 101,450,000.00 73,494.23 499,975.03 0.00 0.00 M1 70,950,000.00 70,950,000.00 0.00 0.00 0.00 0.00 M2 197,800,000.00 197,800,000.00 0.00 0.00 0.00 0.00 M3 70,950,000.00 70,950,000.00 0.00 0.00 0.00 0.00 M4 94,600,000.00 94,600,000.00 0.00 0.00 0.00 0.00 M5 62,350,000.00 62,350,000.00 0.00 0.00 0.00 0.00 M6 27,950,000.00 27,950,000.00 0.00 0.00 0.00 0.00 M7 47,300,000.00 47,300,000.00 0.00 0.00 0.00 0.00 M8 60,200,000.00 60,200,000.00 0.00 0.00 0.00 0.00 M9 58,050,000.00 58,050,000.00 0.00 0.00 0.00 0.00 M10 64,500,000.00 64,500,000.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 CE 128,999,900.00 128,999,900.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 Totals 4,300,000,000.00 4,300,000,000.00 2,433,590.12 13,094,589.95 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 A1A 2,777,818.12 308,982,181.88 0.99108988 2,777,818.12 A1B 0.00 449,310,000.00 1.00000000 0.00 A1C 3,649,885.19 996,350,114.81 0.99635011 3,649,885.19 A1D 405,538.74 110,704,461.26 0.99635011 405,538.74 A2A 2,368,105.91 421,351,894.09 0.99441115 2,368,105.91 A2B 592,026.48 105,337,973.52 0.99441115 592,026.48 A3A 1,720,464.30 302,639,535.70 0.99434727 1,720,464.30 A3B 3,440,872.07 244,009,127.93 0.98609468 3,440,872.07 A3C 0.00 309,190,000.00 1.00000000 0.00 A3D 0.00 52,070,000.00 1.00000000 0.00 A3E 573,469.26 100,876,530.74 0.99434727 573,469.26 M1 0.00 70,950,000.00 1.00000000 0.00 M2 0.00 197,800,000.00 1.00000000 0.00 M3 0.00 70,950,000.00 1.00000000 0.00 M4 0.00 94,600,000.00 1.00000000 0.00 M5 0.00 62,350,000.00 1.00000000 0.00 M6 0.00 27,950,000.00 1.00000000 0.00 M7 0.00 47,300,000.00 1.00000000 0.00 M8 0.00 60,200,000.00 1.00000000 0.00 M9 0.00 58,050,000.00 1.00000000 0.00 M10 0.00 64,500,000.00 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 CE 0.00 129,000,000.00 1.00000078 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 Totals 15,528,180.07 4,284,471,919.93 0.99638882 15,528,180.07

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1A 311,760,000.00 1000.00000000 1.72422296 7.18589418 0.00000000 A1B 449,310,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A1C 1,000,000,000.00 1000.00000000 0.70630001 2.94358518 0.00000000 A1D 111,110,000.00 1000.00000000 0.70629997 2.94358519 0.00000000 A2A 423,720,000.00 1000.00000000 0.71049301 4.87835320 0.00000000 A2B 105,930,000.00 1000.00000000 0.71049297 4.87835316 0.00000000 A3A 304,360,000.00 1000.00000000 0.72443790 4.92829012 0.00000000 A3B 247,450,000.00 1000.00000000 1.78206749 12.12325508 0.00000000 A3C 309,190,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A3D 52,070,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A3E 101,450,000.00 1000.00000000 0.72443795 4.92829009 0.00000000 M1 70,950,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 197,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 70,950,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 94,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 62,350,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 27,950,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 47,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 60,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 58,050,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M10 64,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 128,999,900.00 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1A 0.00000000 8.91011714 991.08988286 0.99108988 8.91011714 A1B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A1C 0.00000000 3.64988519 996.35011481 0.99635011 3.64988519 A1D 0.00000000 3.64988516 996.35011484 0.99635011 3.64988516 A2A 0.00000000 5.58884620 994.41115380 0.99441115 5.58884620 A2B 0.00000000 5.58884622 994.41115378 0.99441115 5.58884622 A3A 0.00000000 5.65272802 994.34727198 0.99434727 5.65272802 A3B 0.00000000 13.90532257 986.09467743 0.98609468 13.90532257 A3C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A3D 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A3E 0.00000000 5.65272804 994.34727196 0.99434727 5.65272804 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 1,000.00077519 1.00000078 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 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 A1A 311,760,000.00 2.36750% 311,760,000.00 553,568.85 0.00 0.00 A1B 449,310,000.00 2.62750% 449,310,000.00 885,421.52 0.00 0.00 A1C 1,000,000,000.00 2.58250% 1,000,000,000.00 1,936,875.00 0.00 0.00 A1D 111,110,000.00 2.62750% 111,110,000.00 218,956.14 0.00 0.00 A2A 423,720,000.00 2.57750% 423,720,000.00 819,103.72 0.00 0.00 A2B 105,930,000.00 2.62750% 105,930,000.00 208,748.31 0.00 0.00 A3A 304,360,000.00 2.55750% 304,360,000.00 583,800.53 0.00 0.00 A3B 247,450,000.00 2.36750% 247,450,000.00 439,378.41 0.00 0.00 A3C 309,190,000.00 2.49750% 309,190,000.00 579,151.52 0.00 0.00 A3D 52,070,000.00 2.68750% 52,070,000.00 104,953.59 0.00 0.00 A3E 101,450,000.00 2.62750% 101,450,000.00 199,919.91 0.00 0.00 M1 70,950,000.00 2.79750% 70,950,000.00 148,861.97 0.00 0.00 M2 197,800,000.00 2.83750% 197,800,000.00 420,943.13 0.00 0.00 M3 70,950,000.00 2.89750% 70,950,000.00 154,183.22 0.00 0.00 M4 94,600,000.00 3.25750% 94,600,000.00 231,119.63 0.00 0.00 M5 62,350,000.00 3.35750% 62,350,000.00 157,005.09 0.00 0.00 M6 27,950,000.00 3.50750% 27,950,000.00 73,525.97 0.00 0.00 M7 47,300,000.00 3.95750% 47,300,000.00 140,392.31 0.00 0.00 M8 60,200,000.00 4.30750% 60,200,000.00 194,483.63 0.00 0.00 M9 58,050,000.00 5.50750% 58,050,000.00 239,782.78 0.00 0.00 M10 64,500,000.00 4.70750% 64,500,000.00 227,725.31 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 CE 128,999,900.00 0.00000% 128,999,900.00 0.00 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 4,300,000,000.00 8,517,900.54 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 A1A 0.00 0.00 553,568.85 0.00 308,982,181.88 A1B 0.00 0.00 885,421.52 0.00 449,310,000.00 A1C 0.00 0.00 1,936,875.00 0.00 996,350,114.81 A1D 0.00 0.00 218,956.14 0.00 110,704,461.26 A2A 0.00 0.00 819,103.72 0.00 421,351,894.09 A2B 0.00 0.00 208,748.31 0.00 105,337,973.52 A3A 0.00 0.00 583,800.53 0.00 302,639,535.70 A3B 0.00 0.00 439,378.41 0.00 244,009,127.93 A3C 0.00 0.00 579,151.52 0.00 309,190,000.00 A3D 0.00 0.00 104,953.59 0.00 52,070,000.00 A3E 0.00 0.00 199,919.91 0.00 100,876,530.74 M1 0.00 0.00 148,861.97 0.00 70,950,000.00 M2 0.00 0.00 420,943.13 0.00 197,800,000.00 M3 0.00 0.00 154,183.22 0.00 70,950,000.00 M4 0.00 0.00 231,119.63 0.00 94,600,000.00 M5 0.00 0.00 157,005.09 0.00 62,350,000.00 M6 0.00 0.00 73,525.97 0.00 27,950,000.00 M7 0.00 0.00 140,392.31 0.00 47,300,000.00 M8 0.00 0.00 194,483.63 0.00 60,200,000.00 M9 0.00 0.00 239,782.78 0.00 58,050,000.00 M10 0.00 0.00 227,725.31 0.00 64,500,000.00 P 0.00 0.00 98,743.56 0.00 100.00 CE 0.00 0.00 12,202,645.64 0.00 129,000,000.00 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 20,819,289.74 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 A1A 311,760,000.00 2.36750% 1000.00000000 1.77562500 0.00000000 0.00000000 A1B 449,310,000.00 2.62750% 1000.00000000 1.97062500 0.00000000 0.00000000 A1C 1,000,000,000.00 2.58250% 1000.00000000 1.93687500 0.00000000 0.00000000 A1D 111,110,000.00 2.62750% 1000.00000000 1.97062497 0.00000000 0.00000000 A2A 423,720,000.00 2.57750% 1000.00000000 1.93312499 0.00000000 0.00000000 A2B 105,930,000.00 2.62750% 1000.00000000 1.97062504 0.00000000 0.00000000 A3A 304,360,000.00 2.55750% 1000.00000000 1.91812502 0.00000000 0.00000000 A3B 247,450,000.00 2.36750% 1000.00000000 1.77562502 0.00000000 0.00000000 A3C 309,190,000.00 2.49750% 1000.00000000 1.87312500 0.00000000 0.00000000 A3D 52,070,000.00 2.68750% 1000.00000000 2.01562493 0.00000000 0.00000000 A3E 101,450,000.00 2.62750% 1000.00000000 1.97062504 0.00000000 0.00000000 M1 70,950,000.00 2.79750% 1000.00000000 2.09812502 0.00000000 0.00000000 M2 197,800,000.00 2.83750% 1000.00000000 2.12812503 0.00000000 0.00000000 M3 70,950,000.00 2.89750% 1000.00000000 2.17312502 0.00000000 0.00000000 M4 94,600,000.00 3.25750% 1000.00000000 2.44312505 0.00000000 0.00000000 M5 62,350,000.00 3.35750% 1000.00000000 2.51812494 0.00000000 0.00000000 M6 27,950,000.00 3.50750% 1000.00000000 2.63062504 0.00000000 0.00000000 M7 47,300,000.00 3.95750% 1000.00000000 2.96812495 0.00000000 0.00000000 M8 60,200,000.00 4.30750% 1000.00000000 3.23062508 0.00000000 0.00000000 M9 58,050,000.00 5.50750% 1000.00000000 4.13062498 0.00000000 0.00000000 M10 64,500,000.00 4.70750% 1000.00000000 3.53062496 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 CE 128,999,900.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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 A1A 0.00000000 0.00000000 1.77562500 0.00000000 991.08988286 A1B 0.00000000 0.00000000 1.97062500 0.00000000 1000.00000000 A1C 0.00000000 0.00000000 1.93687500 0.00000000 996.35011481 A1D 0.00000000 0.00000000 1.97062497 0.00000000 996.35011484 A2A 0.00000000 0.00000000 1.93312499 0.00000000 994.41115380 A2B 0.00000000 0.00000000 1.97062504 0.00000000 994.41115378 A3A 0.00000000 0.00000000 1.91812502 0.00000000 994.34727198 A3B 0.00000000 0.00000000 1.77562502 0.00000000 986.09467743 A3C 0.00000000 0.00000000 1.87312500 0.00000000 1000.00000000 A3D 0.00000000 0.00000000 2.01562493 0.00000000 1000.00000000 A3E 0.00000000 0.00000000 1.97062504 0.00000000 994.34727196 M1 0.00000000 0.00000000 2.09812502 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.12812503 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.17312502 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.44312505 0.00000000 1000.00000000 M5 0.00000000 0.00000000 2.51812494 0.00000000 1000.00000000 M6 0.00000000 0.00000000 2.63062504 0.00000000 1000.00000000 M7 0.00000000 0.00000000 2.96812495 0.00000000 1000.00000000 M8 0.00000000 0.00000000 3.23062508 0.00000000 1000.00000000 M9 0.00000000 0.00000000 4.13062498 0.00000000 1000.00000000 M10 0.00000000 0.00000000 3.53062496 0.00000000 1000.00000000 P 0.00000000 0.00000000 987435.60000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 94.59422558 0.00000000 1000.00077519 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 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 37,711,188.65 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 98,743.56 Total Deposits 37,809,932.21 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 1,462,462.40 Payment of Interest and Principal 36,347,469.81 Total Withdrawals (Pool Distribution Amount) 37,809,932.21 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 1,458,333.00 Custodian Fee 4,129.40 Miscellaneous Custodian Expense 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 1,462,462.40

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 20,578 0 0 20,578 3,484,405,794.18 0.00 0.00 3,484,405,794.18 30 Days 0 2 0 0 2 0.00 148,955.61 0.00 0.00 148,955.61 60 Days 0 1 0 0 1 0.00 156,633.67 0.00 0.00 156,633.67 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 20,581 0 0 20,581 0.00 3,484,711,383.46 0.00 0.00 3,484,711,383.46 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 99.980566% 0.000000% 0.000000% 99.980566% 99.989622% 0.000000% 0.000000% 99.989622% 30 Days 0.000000% 0.009717% 0.000000% 0.000000% 0.009717% 0.000000% 0.004274% 0.000000% 0.000000% 0.004274% 60 Days 0.000000% 0.004859% 0.000000% 0.000000% 0.004859% 0.000000% 0.004495% 0.000000% 0.000000% 0.004495% 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% 99.995141% 0.000000% 0.000000% 99.995141% 0.000000% 99.998391% 0.000000% 0.000000% 99.998391%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 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 2,905 0 0 2,905 381,364,018.46 0.00 0.00 381,364,018.46 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 2,905 0 0 2,905 0.00 381,364,018.46 0.00 0.00 381,364,018.46 0-29 Days 100.000000% 0.000000% 0.000000% 100.000000% 100.000000% 0.000000% 0.000000% 100.000000% 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% 100.000000% 0.000000% 0.000000% 100.000000% 0.000000% 100.000000% 0.000000% 0.000000% 100.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 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 9,213 0 0 9,213 1,529,979,706.22 0.00 0.00 1,529,979,706.22 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 9,213 0 0 9,213 0.00 1,529,979,706.22 0.00 0.00 1,529,979,706.22 0-29 Days 100.000000% 0.000000% 0.000000% 100.000000% 100.000000% 0.000000% 0.000000% 100.000000% 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% 100.000000% 0.000000% 0.000000% 100.000000% 0.000000% 100.000000% 0.000000% 0.000000% 100.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 3 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 1,071 0 0 1,071 108,155,555.59 0.00 0.00 108,155,555.59 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 1 0 0 1 0.00 156,633.67 0.00 0.00 156,633.67 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 1,072 0 0 1,072 0.00 108,312,189.26 0.00 0.00 108,312,189.26 0-29 Days 99.906716% 0.000000% 0.000000% 99.906716% 99.855387% 0.000000% 0.000000% 99.855387% 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% 0.093284% 0.000000% 0.000000% 0.093284% 0.000000% 0.144613% 0.000000% 0.000000% 0.144613% 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% 100.000000% 0.000000% 0.000000% 100.000000% 0.000000% 100.000000% 0.000000% 0.000000% 100.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 4 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 3,214 0 0 3,214 431,388,697.88 0.00 0.00 431,388,697.88 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 3,214 0 0 3,214 0.00 431,388,697.88 0.00 0.00 431,388,697.88 0-29 Days 100.000000% 0.000000% 0.000000% 100.000000% 100.000000% 0.000000% 0.000000% 100.000000% 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% 100.000000% 0.000000% 0.000000% 100.000000% 0.000000% 100.000000% 0.000000% 0.000000% 100.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 5 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 750 0 0 750 207,989,863.84 0.00 0.00 207,989,863.84 30 Days 0 2 0 0 2 0.00 148,955.61 0.00 0.00 148,955.61 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 0 752 0 0 752 0.00 208,138,819.45 0.00 0.00 208,138,819.45 0-29 Days 99.734043% 0.000000% 0.000000% 99.734043% 99.928434% 0.000000% 0.000000% 99.928434% 30 Days 0.000000% 0.265957% 0.000000% 0.000000% 0.265957% 0.000000% 0.071566% 0.000000% 0.000000% 0.071566% 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% 100.000000% 0.000000% 0.000000% 100.000000% 0.000000% 100.000000% 0.000000% 0.000000% 100.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 6 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 3,425 0 0 3,425 825,527,952.19 0.00 0.00 825,527,952.19 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 3,425 0 0 3,425 0.00 825,527,952.19 0.00 0.00 825,527,952.19 0-29 Days 99.970811% 0.000000% 0.000000% 99.970811% 99.993208% 0.000000% 0.000000% 99.993208% 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% 99.970811% 0.000000% 0.000000% 99.970811% 0.000000% 99.993208% 0.000000% 0.000000% 99.993208%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 2,463.21 Class M-1 812,700,000.00 18.90000000% 812,700,100.00 23.32348635% 2.036177% 0.000000% Class M-2 614,900,000.00 14.30000000% 614,900,100.00 17.64687133% 5.676615% 0.000000% Class M-3 543,950,000.00 12.65000000% 543,950,100.00 15.61069420% 2.036177% 0.000000% Class M-4 449,350,000.00 10.45000000% 449,350,100.00 12.89579136% 2.714903% 0.000000% Class P 128,999,900.00 2.99999767% 129,000,000.00 3.70214024% 0.000003% 0.000000% Class CE 0.00 0.00000000% 0.00 0.00000000% 3.702140% 0.000000% Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.293361% Weighted Average Net Coupon 6.886384% Weighted Average Pass-Through Rate 6.793361% Weighted Average Maturity(Stepdown Calculation ) 360 Beginning Scheduled Collateral Loan Count 20,647 Number Of Loans Paid In Full 65 Ending Scheduled Collateral Loan Count 20,582 Beginning Scheduled Collateral Balance 4,300,000,000.00 Ending Scheduled Collateral Balance 3,484,470,921.85 Ending Actual Collateral Balance at 30-Nov-2004 3,484,767,458.11 Monthly P &I Constant 23,705,885.65 Special Servicing Fee 0.00 Prepayment Penalties 98,743.56 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 3,484,470,921.85 Scheduled Principal 2,433,590.11 Unscheduled Principal 13,094,707.52

Yield Maintenance 0.00 Other Income 374.51 Interest Coverage Amount Group 1 498,065.30 Interest Coverage Amount Group 2 142,310.43 Interest Coverage Amount Group 3 269,845.12 Beginning Pre-Funding Balance Group 1 438,405,779.71 Subsequent Transfer Group 1 0.00 Ending Pre-Funding Balance Group 1 438,405,779.71 Beginning Pre-Funding Balance Group 2 124,027,645.00 Subsequent Transfer Group 2 0.00 Ending Pre-Funding Balance Group 2 124,027,645.00 Beginning Pre-Funding Balance Group 3 237,567,573.37 Subsequent Transfer Group 3 0.00 Ending Pre-Funding Balance Group 3 237,567,573.37

Miscellaneous Reporting Extra Principal 0.00 Overcollaterization Amount 129,000,000.00 Overcollaterization Deficiency Amount 0.00 Overcollaterization Release Amount 117.56 Overcollaterization Target Amount 129,000,000.00 Step Down Date NO Trigger Event NO

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.120712 7.341999 7.199563 Weighted Average Net Rate 7.070712 6.841999 6.699563 Weighted Average Maturity 360 360 360 Beginning Loan Count 2,916 9,236 1,072 Loans Paid In Full 11 23 0 Ending Loan Count 2,905 9,213 1,072 Beginning Scheduled Balance 3,831,530,363.48 1,534,868,964.72 108,433,670.05 Ending scheduled Balance 381,346,379.55 1,529,842,545.42 108,305,670.46 Record Date 11/30/2004 11/30/2004 11/30/2004 Principal And Interest Constant 2,562,229.03 10,424,532.31 734,946.75 Scheduled Principal 288,627.12 1,033,693.63 84,384.18 Unscheduled Principal 1,518,029.81 3,992,943.23 43,615.41 Scheduled Interest 2,273,601.91 9,390,838.68 650,562.57 Servicing Fees 159,647.09 639,528.79 45,180.69 Master Servicing Fees 0.00 0.00 0.00 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 2,113,954.82 8,751,309.89 605,381.88 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 6.620712 6.841999 6.699563

Group Level Collateral Statement Group Group 4 Group 5 Group 6 Collateral Description Mixed ARM Mixed Fixed Mixed ARM Weighted Average Coupon Rate 7.348604 6.481720 7.470002 Weighted Average Net Rate 6.848604 5.981720 6.970002 Weighted Average Maturity 360 360 360 Beginning Loan Count 3,226 752 3,445 Loans Paid In Full 12 0 19 Ending Loan Count 3,214 752 3,426 Beginning Scheduled Balance 434,183,900.18 208,353,079.75 831,006,350.74 Ending scheduled Balance 431,351,744.97 208,128,944.02 825,495,637.43 Record Date 11/30/2004 11/30/2004 11/30/2004 Principal And Interest Constant 2,950,799.82 1,299,005.74 5,734,372.00 Scheduled Principal 291,928.44 173,600.41 561,356.33 Unscheduled Principal 2,540,226.77 50,535.32 4,949,356.98 Scheduled Interest 2,658,871.38 1,125,405.33 5,173,015.67 Servicing Fees 180,909.97 86,813.82 346,252.64 Master Servicing Fees 0.00 0.00 0.00 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 2,477,961.41 1,038,591.51 4,826,763.03 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 6.848604 5.981720 6.970002

Group Level Collateral Statement Group Total Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 7.293361 Weighted Average Net Rate 6.886384 Weighted Average Maturity 360.00 Record Date 11/30/2004 Principal And Interest Constant 23,705,885.65 Beginning Loan Count 20,647 Loans Paid In Full 65 Ending Loan Count 20,582 Beginning Scheduled Balance 6,948,376,328.92 Ending Scheduled Balance 3,484,470,921.85 Scheduled Principal 2,433,590.11 Unscheduled Principal 13,094,707.52 Scheduled Interest 21,272,295.54 Servicing Fee 1,458,333.00 Master Servicing Fee 0.00 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 19,813,962.54 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 6.793361

Filing Compare · Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2