8-K 1 eight-k.txt FORM 8-K 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 -May 25, 2005 --------------------------------- (Date of Earliest Event Reported) POPULAR ABS, INC. ---------------------------------------------------------------------- (as depositor under a certain Pooling and Servicing Agreement dated as of December 31, 2004, providing for the issuance of Mortgage Pass-Through Certificates, Series 2005-1) (Exact Name of Registrant as specified in its charter) Delaware 333-115371-03 52-2029487 ------------------------ --------------------- ----------------------- (State of Incorporation) (Commission File No.) (IRS Employer I.D. No.) 103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803 ----------------------------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (302) 478-6160 Item 8.01. Other Events. Attached hereto as Annex A is a copy of the Statement to Certificateholders sent to Class AF-1, AF-2, AF-3, AF-4, AF-5, AF-6, AV-1A, AV-1B, AV-2, M-1, M-2, M-3, M-4, B-1 and B-2 Certificateholders with respect to the May 25, 2005 Distribution Date. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. POPULAR ABS, INC. By: /s/ James H. Jenkins ---------------------------------- James H. Jenkins, Executive Vice President and CFO Dated: May 25, 2005 3 Page 1 of 9 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-1 STATEMENT TO CERTIFICATEHOLDERS MAY 25, 2005

IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: RYAN VAUGHN JPMorgan Chase Bank, N.A. - Structured Finance Services NY 4 NEW YORK PLAZA FLR 6, New York, New York 10004 Tel: (212) 623-4484 / Fax: (212) 623-5930 Email: Ryan.M.Vaughn@JPMorgan.com [LOGO OF JPMORGAN] COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 3 of 9 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-1 MAY 25, 2005 Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 369,987.13 Group I Curtailments 22,394.34 Group I Prepayments 6,098,631.41 Group I Repurchases 0.00 Group I Liquidation Proceeds 0.00 Group II-A Scheduled Principal 166,003.04 Group II-A Curtailments 4,513.71 Group II-A Prepayments 3,406,404.56 Group II-A Repurchases 0.00 Group II-A Liquidation Proceeds 0.00 Group II-B Scheduled Principal 36,835.03 Group II-B Curtailments -2,288.35 Group II-B Prepayments 548,927.68 Group II-B Repurchases 0.00 Group II-B Liquidation Proceeds 0.00 Extra Principal Distribution Amount 1,369,363.43 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 329,260.90 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 101,111.67 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 141,518.33 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 134,400.00 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AF-5 43,853.22 Unpaid Interest - AF-5 0.00 Remaining Unpaid Interest - AF-5 0.00 Interest Distribution - AF-6 57,725.00 Unpaid Interest - AF-6 0.00 Remaining Unpaid Interest - AF-6 0.00

[LOGO OF JPMORGAN] COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 4 of 9 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-1 MAY 25, 2005 Interest Distribution - AV-1A 402,507.81 Unpaid Interest - AV-1A 0.00 Remaining Unpaid Interest - AV-1A 0.00 Interest Distribution - AV-1B 103,704.23 Unpaid Interest - AV-1B 0.00 Remaining Unpaid Interest - AV-1B 0.00 Interest Distribution - AV-2 109,701.27 Unpaid Interest - AV-2 0.00 Remaining Unpaid Interest - AV-2 0.00 Interest Distribution - M-1 189,458.00 Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 Interest Distribution - M-2 157,775.55 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - M-3 45,260.38 Unpaid Interest - M-3 0.00 Remaining Unpaid Interest - M-3 0.00 Interest Distribution - M-4 43,035.00 Unpaid Interest - M-4 0.00 Remaining Unpaid Interest - M-4 0.00 Interest Distribution - B-1 23,489.58 Unpaid Interest - B-1 0.00 Remaining Unpaid Interest - B-1 0.00 Interest Distribution - B-2 20,875.00 Unpaid Interest - B-2 0.00 Remaining Unpaid Interest - B-2 0.00 Interest Distribution - B-3 32,656.25 Unpaid Interest - B-3 0.00 Remaining Unpaid Interest - B-3 0.00 Interest Distribution - B-4 33,958.33 Unpaid Interest - B-4 0.00 Remaining Unpaid Interest - B-4 0.00

[LOGO OF JPMORGAN] COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 5 of 9 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-1 MAY 25, 2005 Interest Reductions Net Prepayment Interest Shortfalls 0.00 Relief Act Reductions 0.00 Class AF-1 Interest Reduction 0.00 Class AF-2 Interest Reduction 0.00 Class AF-3 Interest Reduction 0.00 Class AF-5 Interest Reduction 0.00 Class AF-4 Interest Reduction 0.00 Class AF-6 Interest Reduction 0.00 Class AV-1A Interest Reduction 0.00 Class AV-1B Interest Reduction 0.00 Class AV-2 Interest Reduction 0.00 Class M-1 Interest Reduction 0.00 Class M-2 Interest Reduction 0.00 Class M-3 Interest Reduction 0.00 Class M-4 Interest Reduction 0.00 Class B-1 Interest Reduction 0.00 Class B-2 Interest Reduction 0.00 Class B-3 Interest Reduction 0.00 Class B-4 Interest Reduction 0.00 Sec. 4.03(a)(iii) Available Funds Shortfall Class AF-1 Available Funds Shortfall 0.00 Class AF-2 Available Funds Shortfall 0.00 Class AF-3 Available Funds Shortfall 0.00 Class AF-4 Available Funds Shortfall 0.00 Class AF-5 Available Funds Shortfall 0.00 Class AF-6 Available Funds Shortfall 0.00 Class AV-1A Available Funds Shortfall 0.00 Class AV-1B Available Funds Shortfall 0.00 Class AV-2 Available Funds Shortfall 0.00 Class M-1 Available Funds Shortfall 0.00 Class M-2 Available Funds Shortfall 0.00 Class M-3 Available Funds Shortfall 0.00 Class M-4 Available Funds Shortfall 0.00 Class B-1 Available Funds Shortfall 0.00 Class B-2 Available Funds Shortfall 0.00 Class B-3 Available Funds Shortfall 0.00 Class B-4 Available Funds Shortfall 0.00 Sec. 4.03(a)(v) Pool Principal Balances Group I Beginning Pool Balance 380,022,223.76 Group I Ending Pool Balance 373,531,210.88 Group II-A Beginning Pool Balance 186,297,047.92 Group II-A Ending Pool Balance 182,720,126.61 Group II-B Beginning Pool Balance 41,046,517.11 Group II-B Ending Pool Balance 40,463,042.75

[LOGO OF JPMORGAN] COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 6 of 9 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-1 MAY 25, 2005 Total Beginning Pool Balance 607,365,788.79 Total Ending Pool Balance 596,714,380.24 Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 158,342.59 Group II-A Servicing Fee 77,623.77 Group II-B Servicing Fee 17,102.72 Sec. 4.03(a)(viii) Delinquency Advances Group I Delinquency Advances Included in Current Distribution 0.00 Group I Recouped Advances Included in Current Distribution 0.00 Group I Recouped Advances From Liquidations 0.00 Group I Aggregate Amount of Advances Outstanding 0.00 Group II-A Delinquency Advances Included in Current Distribution 0.00 Group II-A Recouped Advances Included in Current Distribution 0.00 Group II-A Recouped Advances From Liquidations 0.00 Group II-A Aggregate Amount of Advances Outstanding 0.00 Group II-B Delinquency Advances Included in Current Distribution 0.00 Group II-B Recouped Advances Included in Current Distribution 0.00 Group II-B Recouped Advances From Liquidations 0.00 Group II-B Aggregate Amount of Advances Outstanding 95,045.75

Section 4.03(a)(ix) A Group I, Group II-A, and Group II-B Loans Delinquent Group 1 ---------------------------------------------------- Period Number Principal Balance Percentage ---------- ------ ----------------- ---------- 0-30 days 97 13,615,347.80 3.65% 31-60 days 12 1,299,388.18 0.35% 61-90 days 5 557,930.80 0.15% 91+days 0 0.00 0.00% Total 114 15,472,666.78 4.15% Group 2 ---------------------------------------------------- Period Number Principal Balance Percentage ---------- ------ ----------------- ---------- 0-30 days 58 7,749,697.55 4.24% 31-60 days 6 842,911.93 0.46% 61-90 days 2 360,442.66 0.20% 91+days 2 378,248.34 0.21% Total 68 9,331,300.48 5.11% Group 3 ---------------------------------------------------- Period Number Principal Balance Percentage ---------- ------ ----------------- ---------- 0-30 days 8 1,776,703.47 4.39% 31-60 days 1 206,522.21 0.51% 61-90 days 1 521,576.38 1.29% 91+days 0 0.00 0.00% Total 10 2,504,802.06 6.19% [LOGO OF JPMORGAN] COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 7 of 9 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-2 MAY 25, 2005 Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure Group 1 --------------------------------------- Number Principal Balance Percentage ------ ----------------- ---------- 2 243,043.11 0.07% Group 2 --------------------------------------- Number Principal Balance Percentage ------ ----------------- ---------- 2 254,743.24 0.14% Group 3 --------------------------------------- Number Principal Balance Percentage ------ ----------------- ---------- 0 0.00 0.00% Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO Group 1 --------------------------------------- Number Principal Balance Percentage ------ ----------------- ---------- 0 0.00 0.00% Group 2 --------------------------------------- Number Principal Balance Percentage ------ ----------------- ---------- 0 0.00 0.00% Group 3 --------------------------------------- Number Principal Balance Percentage ------ ----------------- ---------- 0 0.00 0.00% Market Value of Group I REO Loans 0.00 Market Value of Group II-A REO Loans 0.00 Market Value of Group II-B REO Loans 0.00 Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the Three Largest Loans Group I Three Largest Loans 2,184,493.54 Group II-A Three Largest Loans 1,159,327.30 Group II-B Three Largest Loans 2,037,858.54 Sec. 4.03(a)(xiii) Net WAC Cap Carryover Class AF-1 Net WAC Cap Carryover Amounts Due 0.00 Class AF-1 Net WAC Cap Carryover Amounts Paid 0.00 Class AF-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1A Net WAC Cap Carryover Amounts Due 0.00 Class AV-1A Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1A Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Paid 0.00

[LOGO OF JPMORGAN] COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 8 of 9 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-1 MAY 25, 2005 Class AV-1B Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-2 Net WAC Cap Carryover Amounts Due 0.00 Class AV-2 Net WAC Cap Carryover Amounts Paid 0.00 Class AV-2 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-1 Net WAC Cap Carryover Amounts Due 0.00 Class B-1 Net WAC Cap Carryover Amounts Paid 0.00 Class B-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-2 Net WAC Cap Carryover Amounts Due 0.00 Class B-2 Net WAC Cap Carryover Amounts Paid 0.00 Class B-2 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-3 Net WAC Cap Carryover Amounts Due 0.00 Class B-3 Net WAC Cap Carryover Amounts Paid 0.00 Class B-3 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-4 Net WAC Cap Carryover Amounts Due 0.00 Class B-4 Net WAC Cap Carryover Amounts Paid 0.00 Class B-4 Net WAC Cap Carryover Remaining Amounts Due 0.00 Sec. 4.03 (a)(xiv) Aggregate Principal Balance of Balloon Loans with Original Terms <= 36 Months and 60+ Contractually Past Due Group I Aggregate Principal Balance of Balloon Loans 0.00 Group II-A Aggregate Principal Balance of Balloon Loans 0.00 Group II-B Aggregate Principal Balance of Balloon Loans 0.00 Sec. 4.03 (a)(xv),(xxii) Realized Losses Group I Current Period Realized Losses 0.00 Group I Cumulative Realized Losses 0.00 Group II-A Current Period Realized Losses 0.00 Group II-A Cumulative Realized Losses 0.00 Group II-B Current Period Realized Losses 0.00 Group II-B Cumulative Realized Losses 0.00 Sec. 4.03 (a)(xvi) Reserve Fund Beginning Balance of Reserve Fund 0.00 Funds Withdrawn From Reserve Fund For Distribution 0.00 Funds Deposited to Reserve Fund 0.00 Ending Balance of Reserve Fund 0.00 Yield Maintenance Payment for Class AV1A 0.00 Yield Maintenance Payment for Class AV1B 0.00 Yield Maintenance Payment for Class AV2 0.00 Sec. 4.03 (a)(xvii) Number of Loans Repurchased Group I Number of Loans Repurchased 0.00 Group II-A Number of Loans Repurchased 0.00 Group II-B Number of Loans Repurchased 0.00

[LOGO OF JPMORGAN] COPYRIGHT (C) 2001 J.P. MORGAN CHASE & CO. ALL RIGHTS RESERVED. Page 9 of 9 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-1 MAY 25, 2005 Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding Loans (as of first day of related Due Period) Group I Weighted Average Mortgage Rate 7.30% Group II-A Weighted Average Mortgage Rate 6.81% Group II-B Weighted Average Mortgage Rate 6.78% Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 334 Group II-A Weighted Average Remaining Term 355 Group II-B Weighted Average Remaining Term 355 Sec. 4.03 (a)(xxi),(xxii),(xxiii) Overcollateralization Amounts Overcollateralization Amount 5,253,731.02 Overcollateralization Target Amount 13,225,596.44 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 7,971,865.42 Sec. 4.03 (a)(xxiv) Trigger Events Has a Trigger Event Occurred and is continuing? NO Cumulative Realized Losses as a percentage of the Original Pool Balance 0.00% Senior Enhancement Percentage 20.92% Senior Specified Enhancement Percentage 44.10% Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans 60+ Day Delinquent Loans as a percentage of the current Pool Balance 0.39% Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00 Pre-Funded Amount 0.00

Popular ABS Mortgage Pass-Through Trust 2005-1 8-K