8-K 1 d308174.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): November 29, 2004 ACE SECURITIES CORP. (as depositor under the Pooling and Servicing Agreement, dated as of November 1, 2004, providing for the issuance of ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates) ACE SECURITIES CORP. -------------------- (Exact name of registrant as specified in its charter) ================================================================================

~~ACE~~Delaware ~~Securities Corporation Asset Backed Pass~~333-~~Through~~110039 ~~Certificates Record Date: 11/30/2004 Distribution Date: 12/27/2004 ACE Securities Corporation Asset Backed Pass~~56-~~Through~~2088493 ~~Certificates Series ACE 2004~~-~~HE4 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~~-~~1 004421JC8 SEN 2.52375% 794,228,000.00 1,559,003.38 10,760,260.11 A~~-~~2 004421JD6 SEN 2.50375% 318,150,000.00 619,552.94 4,342,102.96 M~~-~~1 004421JH7 SEN 2.79375% 46,407,000.00 100,838.54 0.00 M~~-~~2 004421JJ3 SEN 2.84375% 42,944,000.00 94,983.78 0.00 M~~-~~3 004421JK0 SEN 2.89375% 27,706,000.00 62,357.74 0.00 M~~-~~4 004421JL8 SEN 3.19375% 24,242,000.00 60,217.80 0.00 M~~-~~5 004421JM6 SEN 3.29375% 23,550,000.00 60,330.52 0.00 M~~-~~6 004421JN4 SEN 3.49375% 20,087,000.00 54,583.63 0.00 M~~-~~7 004421JP9 SEN 3.89375% 13,853,000.00 41,953.43 0.00 M~~-8------------------------------ ~~004421JQ7 SEN 3.99375% 13,853,000.00 43,030.88 0.00 M~~-9------------------------------ ~~004421JR5 SEN 5.29375% 15,238,000.00 62,740.35 0.00 M~~-10------------------------------ ~~004421JS3~~(State ~~SEN~~or ~~5.69375%~~Other ~~6,926,000.00~~Jurisdiction ~~30,671.60~~(Commission ~~0.00~~File ~~M-11~~Number) ~~004421JT1 SEN 5~~(I.~~69375% 13,160,000~~R.~~00 58,278~~S.69 ~~0.00~~Employer BIdentification ~~004421JU8~~of ~~SEN~~Incorporation) ~~5.69375%~~Number) ~~12,468,000.00~~6525 ~~55,214.19~~Morrison 0Blvd.~~00 P 111302782 SEN 0.00000% 100.00 278~~,~~506.98~~ ~~0.00~~Suite ~~CE 111302774 SEN 0.00000% 12~~318,~~467,764.02~~ 5Charlotte,~~014,527.55~~ ~~245.24~~North RCarolina ~~111302790~~28211 ~~SEN~~--------------------------------------------- ~~0.00000%~~------------------------------- ~~0.00~~(Address ~~0.00~~of ~~0.00~~Principal ~~Totals~~Executive ~~1,385,279,864.02~~Offices) ~~8,196,792.00~~(Zip ~~15,102,608.31~~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 November 29, 2004, a series of certificates, entitled ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates (the "Certificates"), were issued pursuant to a pooling and servicing agreement, dated as of November 1, 2004 (the "Agreement"), attached hereto as Exhibit 4.1, among ACE Securities Corp. as depositor (the "Depositor"), Wells Fargo Bank, N.A. as master servicer and securities administrator (the "Master Servicer and Securities Administrator"), Ocwen Federal Bank FSB as a servicer (the "Servicer") and HSBC Bank USA, National Association as trustee (the "Trustee"). The Certificates consist of eighteen classes of certificates (collectively, the "Certificates"), designated as the "Class A-1 Certificates", "Class A-2 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 M-7 Certificates", "Class M-8 Certificates", "Class M-9 Certificates", "Class M-10 Certificates", "Class M-11 Certificates", "Class B Certificates", "Class P 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 $1,360,344,000 as of November 1, 2004 (the "Cut-off Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase Agreement, dated November 29, 2004, between DB Structured Products, Inc. as seller and the Depositor (the "Mortgage Loan Purchase Agreement"). The Class A-1 Certificates, Class A-2 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 M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates, Class M-11 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 November 24, 2004 between Depositor and Deutsche Bank Securities Inc. (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(2) -------------------------------------------------------------------------------- A-1 $ 794,228,000 One-Month LIBOR + 0.330% A-2 $ 318,150,000 One-Month LIBOR + 0.310% M-1 $ 46,407,000 One-Month LIBOR + 0.600% M-2 $ 42,944,000 One-Month LIBOR + 0.650% M-3 $ 27,706,000 One-Month LIBOR + 0.700% M-4 $ 24,242,000 One-Month LIBOR + 1.000% M-5 $ 23,550,000 One-Month LIBOR + 1.100% M-6 $ 20,087,000 One-Month LIBOR + 1.300% M-7 $ 13,853,000 One-Month LIBOR + 1.700% M-8 $ 13,853,000 One-Month LIBOR + 1.800% M-9 $ 15,238,000 One-Month LIBOR + 3.100% M-10 $ 6,926,000 One-Month LIBOR + 3.500% M-11 $ 13,160,000 One-Month LIBOR + 3.500% ================================================================================ (1) Approximate. (2) After the optional termination date, the margins applicable to the Class A-1 and Class A-2 Certificates will increase by 100% and the margins applicable to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates will increase by 50%. The Certificates, other than the Class B, Class CE, Class P and Class R Certificates, and the Mortgage Loans are more particularly described in the Prospectus Supplement, dated November 24, 2004 (the "Prospectus Supplement"), and the Prospectus, dated September 23, 2004, as previously filed with the Securities and Exchange Commission pursuant to Rule 424(b). The Class B, 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

~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A~~-~~1 0.00 783,467,739.89 12,319,263.49 0.00 A~~-~~2 0.00 313,807,897.04 4,961,655.90 0.00 M~~-~~1 0.00 46,407,000.00 100,838.54 0.00 M~~-~~2 0.00 42,944,000.00 94,983.78 0.00 M~~-~~3 0.00 27,706,000.00 62,357.74 0.00 M~~-4------------------------------------ ~~0.00 24,242,000.00 60,217.80 0.00 M~~-5------------------------------------------------------------------------- ~~0.00~~EXHIBIT ~~23,550,000~~NO.00 ~~60,330.52~~DESCRIPTION ~~0.00 M~~-6----------------------------------------- ~~0.00 20,087,000.00 54,583.63 0.00 M~~-7------------------------------------------------------------------------- 04.001 ~~13,853,000.00~~Pooling ~~41,953.43~~and ~~0.00~~Servicing ~~M-8 0.00 13~~Agreement,~~853,000.00~~ ~~43,030.88~~dated ~~0.00~~as ~~M-9~~of ~~0.00~~November 151,~~238,000.00~~ 622004,~~740.35~~ ~~0.00~~by ~~M-10~~and ~~0.00~~among ~~6,926,000.00~~ACE ~~30,671.60~~Securities 0Corp.~~00 M-11 0.00 13~~,~~160,000.00~~ ~~58,278.69~~as ~~0.00 B 0.00 12~~Depositor,~~468,000.00~~ ~~55,214.19~~Wells ~~0.00~~Fargo ~~P 0.00 100.00 278~~Bank,~~506.98~~ 0N.~~00 CE 0~~A.~~00 12~~,~~467,518.78~~ ~~5,014,772.79~~as ~~0.00~~Master RServicer ~~0.00~~and ~~0.00~~Securities ~~0.00 0.00 Totals 0.00 1~~Administrator,~~370,177,255.71~~ ~~23,299,400.31~~Ocwen ~~0.00~~Federal ~~All~~Bank ~~distributions~~FSB ~~required~~as bya ~~the~~Servicer ~~Pooling~~ and ~~Servicing~~HSBC ~~Agreement~~Bank ~~have~~USA, ~~been~~National ~~calculated~~Association, byas ~~the~~Trustee ~~Certificate~~relating ~~Administrator~~to onthe ~~behalf~~Series of2004-HE4 ~~the Trustee~~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: February 14, 2005 ACE SECURITIES CORP. By: /s/ Douglas K. Johnson ---------------------- Name: Douglas K. Johnson Title: President By: /s/ Evelyn Echevarria ---------------------- Name: Evelyn Echevarria Title: Vice President INDEX TO EXHIBITS

~~Principal~~Sequentially ~~Distribution~~Exhibit ~~Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 794,228,000~~No.00 ~~794,228,000.00~~Description ~~0.00~~Numbered ~~10,760,260.11~~Page ~~0.00 0.00 A~~-~~2 318,150,000.00 318,150,000.00 0.00 4,342,102.96 0.00 0.00 M~~-~~1 46,407,000.00 46,407,000.00 0.00 0.00 0.00 0.00 M~~-2-------- ~~42,944,000.00 42,944,000.00 0.00 0.00 0.00 0.00 M~~-3---------- ~~27,706,000.00 27,706,000.00 0.00 0.00 0.00 0.00 M~~-4------------ ~~24,242,000~~4.001 ~~24,242,000.00~~Pooling ~~0.00~~and ~~0.00~~Servicing ~~0.00 0.00 M-5 23~~Agreement,~~550,000.00~~ ~~23,550,000.00~~dated ~~0.00~~as ~~0.00~~of ~~0.00~~November ~~0.00 M-6 20~~1,~~087,000.00~~ ~~20,087,000.00 0.00 0.00 0.00 0.00 M-~~7 132004,~~853,000.00~~ ~~13,853,000.00~~by ~~0.00~~and ~~0.00~~among ~~0.00~~ACE ~~0.00~~Securities ~~M-8 13,853,000~~Corp.~~00 13~~,~~853,000.00~~ ~~0.00~~as ~~0.00 0.00 0.00 M-9 15~~Depositor,~~238,000.00~~ ~~15,238,000.00~~Wells ~~0.00~~Fargo ~~0.00 0.00 0.00 M-10 6~~Bank,~~926,000.00~~ ~~6,926,000~~N.~~00 0~~A.~~00 0.00 0.00 0.00 M-11 13~~,~~160,000.00~~ ~~13,160,000.00~~as ~~0.00~~Master ~~0.00~~Servicer ~~0.00~~and ~~0.00~~Securities ~~B 12~~Administrator,~~468,000.00~~ ~~12,468,000.00~~Ocwen ~~0.00~~Federal ~~0.00~~Bank ~~0.00~~FSB ~~0.00~~as Pa ~~100.00~~Servicer ~~100.00~~and ~~0.00~~HSBC ~~0.00~~Bank ~~0.00 0.00 CE 12~~USA,~~467,764.02~~ ~~12,467,764.02~~National ~~0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1~~Association,~~385,279,864.02~~ ~~1,385,279,864.02~~as ~~0.00~~Trustee ~~15,102,363.07~~relating ~~0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer~~ to the ~~Prospectus~~Series ~~Supplement~~2004-HE4 ~~for a Full Description~~Certificates.

EXHIBIT 4.1

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 10,760,260.11 783,467,739.89 0.98645193 10,760,260.11 A-2 4,342,102.96 313,807,897.04 0.98635203 4,342,102.96 M-1 0.00 46,407,000.00 1.00000000 0.00 M-2 0.00 42,944,000.00 1.00000000 0.00 M-3 0.00 27,706,000.00 1.00000000 0.00 M-4 0.00 24,242,000.00 1.00000000 0.00 M-5 0.00 23,550,000.00 1.00000000 0.00 M-6 0.00 20,087,000.00 1.00000000 0.00 M-7 0.00 13,853,000.00 1.00000000 0.00 M-8 0.00 13,853,000.00 1.00000000 0.00 M-9 0.00 15,238,000.00 1.00000000 0.00 M-10 0.00 6,926,000.00 1.00000000 0.00 M-11 0.00 13,160,000.00 1.00000000 0.00 B 0.00 12,468,000.00 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 CE 245.24 12,467,518.78 0.99998033 245.24 R 0.00 0.00 0.00000000 0.00 Totals 15,102,608.31 1,370,177,255.71 0.98909779 15,102,608.31

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 794,228,000.00 1000.00000000 0.00000000 13.54807449 0.00000000 A-2 318,150,000.00 1000.00000000 0.00000000 13.64797410 0.00000000 M-1 46,407,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 42,944,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 27,706,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 24,242,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 23,550,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 20,087,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-7 13,853,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-8 13,853,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-9 15,238,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-10 6,926,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-11 13,160,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 12,468,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 12,467,764.02 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-1 0.00000000 13.54807449 986.45192551 0.98645193 13.54807449 A-2 0.00000000 13.64797410 986.35202590 0.98635203 13.64797410 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 M-10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-11 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 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 0.01966993 999.98033007 0.99998033 0.01966993 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-1 794,228,000.00 2.52375% 794,228,000.00 1,559,003.38 0.00 0.00 A-2 318,150,000.00 2.50375% 318,150,000.00 619,552.94 0.00 0.00 M-1 46,407,000.00 2.79375% 46,407,000.00 100,838.54 0.00 0.00 M-2 42,944,000.00 2.84375% 42,944,000.00 94,983.78 0.00 0.00 M-3 27,706,000.00 2.89375% 27,706,000.00 62,357.74 0.00 0.00 M-4 24,242,000.00 3.19375% 24,242,000.00 60,217.80 0.00 0.00 M-5 23,550,000.00 3.29375% 23,550,000.00 60,330.52 0.00 0.00 M-6 20,087,000.00 3.49375% 20,087,000.00 54,583.63 0.00 0.00 M-7 13,853,000.00 3.89375% 13,853,000.00 41,953.43 0.00 0.00 M-8 13,853,000.00 3.99375% 13,853,000.00 43,030.88 0.00 0.00 M-9 15,238,000.00 5.29375% 15,238,000.00 62,740.35 0.00 0.00 M-10 6,926,000.00 5.69375% 6,926,000.00 30,671.60 0.00 0.00 M-11 13,160,000.00 5.69375% 13,160,000.00 58,278.69 0.00 0.00 B 12,468,000.00 5.69375% 12,468,000.00 55,214.19 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 CE 12,467,764.02 0.00000% 12,467,764.02 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,385,279,864.02 2,903,757.47 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-1 0.00 0.00 1,559,003.38 0.00 783,467,739.89 A-2 0.00 0.00 619,552.94 0.00 313,807,897.04 M-1 0.00 0.00 100,838.54 0.00 46,407,000.00 M-2 0.00 0.00 94,983.78 0.00 42,944,000.00 M-3 0.00 0.00 62,357.74 0.00 27,706,000.00 M-4 0.00 0.00 60,217.80 0.00 24,242,000.00 M-5 0.00 0.00 60,330.52 0.00 23,550,000.00 M-6 0.00 0.00 54,583.63 0.00 20,087,000.00 M-7 0.00 0.00 41,953.43 0.00 13,853,000.00 M-8 0.00 0.00 43,030.88 0.00 13,853,000.00 M-9 0.00 0.00 62,740.35 0.00 15,238,000.00 M-10 0.00 0.00 30,671.60 0.00 6,926,000.00 M-11 0.00 0.00 58,278.69 0.00 13,160,000.00 B 0.00 0.00 55,214.19 0.00 12,468,000.00 P 0.00 0.00 278,506.98 0.00 100.00 CE 0.00 0.00 5,014,527.55 0.00 12,467,518.78 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 8,196,792.00 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-1 794,228,000.00 2.52375% 1000.00000000 1.96291667 0.00000000 0.00000000 A-2 318,150,000.00 2.50375% 1000.00000000 1.94736112 0.00000000 0.00000000 M-1 46,407,000.00 2.79375% 1000.00000000 2.17291659 0.00000000 0.00000000 M-2 42,944,000.00 2.84375% 1000.00000000 2.21180561 0.00000000 0.00000000 M-3 27,706,000.00 2.89375% 1000.00000000 2.25069443 0.00000000 0.00000000 M-4 24,242,000.00 3.19375% 1000.00000000 2.48402772 0.00000000 0.00000000 M-5 23,550,000.00 3.29375% 1000.00000000 2.56180552 0.00000000 0.00000000 M-6 20,087,000.00 3.49375% 1000.00000000 2.71736098 0.00000000 0.00000000 M-7 13,853,000.00 3.89375% 1000.00000000 3.02847253 0.00000000 0.00000000 M-8 13,853,000.00 3.99375% 1000.00000000 3.10624991 0.00000000 0.00000000 M-9 15,238,000.00 5.29375% 1000.00000000 4.11736120 0.00000000 0.00000000 M-10 6,926,000.00 5.69375% 1000.00000000 4.42847242 0.00000000 0.00000000 M-11 13,160,000.00 5.69375% 1000.00000000 4.42847188 0.00000000 0.00000000 B 12,468,000.00 5.69375% 1000.00000000 4.42847209 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 CE 12,467,764.02 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-1 0.00000000 0.00000000 1.96291667 0.00000000 986.45192551 A-2 0.00000000 0.00000000 1.94736112 0.00000000 986.35202590 M-1 0.00000000 0.00000000 2.17291659 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.21180561 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.25069443 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 2.48402772 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 2.56180552 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 2.71736098 0.00000000 1000.00000000 M-7 0.00000000 0.00000000 3.02847253 0.00000000 1000.00000000 M-8 0.00000000 0.00000000 3.10624991 0.00000000 1000.00000000 M-9 0.00000000 0.00000000 4.11736120 0.00000000 1000.00000000 M-10 0.00000000 0.00000000 4.42847242 0.00000000 1000.00000000 M-11 0.00000000 0.00000000 4.42847188 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.42847209 0.00000000 1000.00000000 P 0.00000000 0.00000000 2785069.80000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 402.19942742 0.00000000 999.98033007 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 23,845,323.49 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 48,015.56 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 23,893,339.05 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 593,938.74 Payment of Interest and Principal 23,299,400.31 Total Withdrawals (Pool Distribution Amount) 23,893,339.05 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 577,199.94 Certificate Insurer - XL Capital Assurance Inc. 0.00 Credit Risk Manager Fee - The Murrayhill Company 15,584.40 Master Servicing Fee - Wells Fargo 1,154.40 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 593,938.74

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 0.01 0.00 0.00 0.01

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 41 0 0 0 41 6,430,640.33 0.00 0.00 0.00 6,430,640.33 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 41 0 0 0 41 6,430,640.33 0.00 0.00 0.00 6,430,640.33 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 0.518725% 0.000000% 0.000000% 0.000000% 0.518725% 0.469056% 0.000000% 0.000000% 0.000000% 0.469056% 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 0.518725% 0.000000% 0.000000% 0.000000% 0.518725% 0.469056% 0.000000% 0.000000% 0.000000% 0.469056%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 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 5 0 0 0 5 506,237.16 0.00 0.00 0.00 506,237.16 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 5 0 0 0 5 506,237.16 0.00 0.00 0.00 506,237.16 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.251383% 0.000000% 0.000000% 0.000000% 0.251383% 0.270480% 0.000000% 0.000000% 0.000000% 0.270480% 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 0.251383% 0.000000% 0.000000% 0.000000% 0.251383% 0.270480% 0.000000% 0.000000% 0.000000% 0.270480% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 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 30 0 0 0 30 4,547,153.17 0.00 0.00 0.00 4,547,153.17 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 30 0 0 0 30 4,547,153.17 0.00 0.00 0.00 4,547,153.17 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.650336% 0.000000% 0.000000% 0.000000% 0.650336% 0.574316% 0.000000% 0.000000% 0.000000% 0.574316% 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 0.650336% 0.000000% 0.000000% 0.000000% 0.650336% 0.574316% 0.000000% 0.000000% 0.000000% 0.574316% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 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 3 0 0 0 3 216,250.00 0.00 0.00 0.00 216,250.00 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 3 0 0 0 3 216,250.00 0.00 0.00 0.00 216,250.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.499168% 0.000000% 0.000000% 0.000000% 0.499168% 0.233859% 0.000000% 0.000000% 0.000000% 0.233859% 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 0.499168% 0.000000% 0.000000% 0.000000% 0.499168% 0.233859% 0.000000% 0.000000% 0.000000% 0.233859% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 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 3 0 0 0 3 1,161,000.00 0.00 0.00 0.00 1,161,000.00 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 3 0 0 0 3 1,161,000.00 0.00 0.00 0.00 1,161,000.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.427960% 0.000000% 0.000000% 0.000000% 0.427960% 0.387530% 0.000000% 0.000000% 0.000000% 0.387530% 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 0.427960% 0.000000% 0.000000% 0.000000% 0.427960% 0.387530% 0.000000% 0.000000% 0.000000% 0.387530%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 48,015.56 Class M-1 226,494,864.02 16.35011595% 226,494,618.78 16.53031517% 3.386934% 0.000000% Class M-2 183,550,864.02 13.25009255% 183,550,618.78 13.39612215% 3.134193% 0.000000% Class M-3 155,844,864.02 11.25006348% 155,844,618.78 11.37404800% 2.022074% 0.000000% Class M-4 131,602,864.02 9.50009218% 131,602,618.78 9.60478786% 1.769260% 0.000000% Class B 12,467,864.02 0.90002492% 12,467,618.78 0.90992744% 0.909955% 0.000000% Class P 12,467,764.02 0.90001770% 12,467,518.78 0.90992014% 0.000007% 0.000000% Class CE 0.00 0.00000000% 0.00 0.00000000% 0.909920% 0.000000% Class R-I 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 7.430039% Weighted Average Net Coupon 6.930039% Weighted Average Pass-Through Rate 6.915539% Weighted Average Maturity(Stepdown Calculation ) 353 Beginning Scheduled Collateral Loan Count 7,985 Number Of Loans Paid In Full 81 Ending Scheduled Collateral Loan Count 7,904 Beginning Scheduled Collateral Balance 1,385,279,864.02 Ending Scheduled Collateral Balance 1,370,177,255.71 Ending Actual Collateral Balance at 30-Nov-2004 1,370,974,353.32 Monthly P &I Constant 9,432,469.42 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 855,233.70 Unscheduled Principal 14,247,374.61

Group Level Collateral Statement Group Group 1 Sub Grp 1 Group 1 Sub Grp 2 Group 2 Sub Grp 1 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 8.024998 7.440757 8.085372 Weighted Average Net Rate 7.524998 6.940757 7.585372 Weighted Average Maturity 336 357 344 Beginning Loan Count 2,000 4,669 609 Loans Paid In Full 11 56 8 Ending Loan Count 1,989 4,613 601 Beginning Scheduled Balance 188,117,591.42 800,959,568.67 93,666,088.78 Ending scheduled Balance 187,016,139.41 791,300,585.84 92,409,256.64 Record Date 11/30/2004 11/30/2004 11/30/2004 Principal And Interest Constant 1,423,508.50 5,441,691.85 698,053.16 Scheduled Principal 165,472.40 475,237.45 66,948.83 Unscheduled Principal 935,979.61 9,183,745.38 1,189,883.31 Scheduled Interest 1,258,036.10 4,966,454.40 631,104.33 Servicing Fees 78,382.33 333,733.15 39,027.54 Master Servicing Fees 156.76 667.47 78.06 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 2,116.32 9,010.80 1,053.74 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 1,177,380.69 4,623,042.98 590,944.99 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 7.510498 6.926257 7.570872

Group Level Collateral Statement Group Group 2 Sub Grp 2 Total Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.828823 7.430039 Weighted Average Net Rate 6.328823 6.930039 Weighted Average Maturity 357 353 Beginning Loan Count 707 7,985 Loans Paid In Full 6 81 Ending Loan Count 701 7,904 Beginning Scheduled Balance 302,536,615.15 1,385,279,864.02 Ending scheduled Balance 299,451,273.82 1,370,177,255.71 Record Date 11/30/2004 11/30/2004 Principal And Interest Constant 1,869,215.91 9,432,469.42 Scheduled Principal 147,575.02 855,233.70 Unscheduled Principal 2,937,766.31 14,247,374.61 Scheduled Interest 1,721,640.89 8,577,235.72 Servicing Fees 126,056.92 577,199.94 Master Servicing Fees 252.11 1,154.40 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 3,403.54 15,584.40 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 1,591,928.32 7,983,296.98 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.314323 6.915539

Filing Compare · ACE Securities Corp Series 2004-HE4