8-K 1 ace04hs1.txt AUGUST 8K 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 25, 2004 ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-HS1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-110039-04 54-2144731 Pooling and Servicing Agreement) (Commission 54-2144732 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On August 25, 2004 a distribution was made to holders of ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2004-HS1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2004-HS1 Trust, relating to the August 25, 2004 distribution. 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 hereunto duly authorized. ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-HS1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 8/26/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2004-HS1 Trust, relating to the August 25, 2004 distribution. EX-99.1

ACE Securities Corporation ~~Home Equity Loan Trust~~ Asset Backed Pass-Through Certificates Record Date: 27/2931/~~2004~~04 Distribution Date: 38/25/~~2004~~04 ACE Series: 2004-HS1 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 004421DX8 SEN 1.~~35000~~71000% ~~301~~256,~~934~~928,~~000~~290.0093 ~~305~~366,~~708~~122.1981 69,~~794~~655,~~318~~761.0440 A-2 004421DY6 SEN 1.~~38000~~74000% 4136,~~426~~884,~~000~~970.0071 4253,~~875~~483.9121 ~~539~~784,~~782~~556.7387 A-3 004421DZ3 SEN 1.~~49000~~85000% 33,548,000.00 3751,~~489~~719.8983 0.00 M-1 004421EA7 MEZ 12.~~64000~~00000% 25,800,000.00 3143,~~734~~000.00 0.00 M-2 004421EB5 MEZ 2.~~29000~~65000% 21,313,000.00 3647,~~605~~066.0821 0.00 M-3 004421EC3 MEZ 2.~~59000~~95000% 6,730,000.00 1316,~~073~~544.0358 0.00 M-4 004421ED1 MEZ 23.~~79000~~15000% 5,609,000.00 1114,~~736~~723.8363 0.00 M-5 004421EE9 MEZ 3.~~09000~~45000% 5,609,000.00 1216,~~998~~125.8688 0.00 M-6 004421EF6 MEZ 4.~~59000~~95000% 4,487,000.00 1518,~~446~~508.5088 0.00 CE 111282976 JUN 0.00000% 2,243,~~556~~498.2428 21,~~032~~623,~~877~~052.1236 570.9600 P 111282984 SEN 0.00000% 100.00 80199,~~984~~355.0046 0.00 R-1 111282992 SEN 0.00000% 0.00 0.00 0.00 R-2 ACE0401R2 SEN 0.00000% 0.00 0.00 0.00 Totals ~~448~~399,~~699~~152,~~656~~859.2492 2,~~621~~449,~~529~~702.4185 710,~~334~~440,~~158~~318.7327

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~295~~247,~~139~~272,~~681~~529.9652 710,~~100~~021,~~026~~884.2321 0.00 A-2 0.00 4036,~~886~~100,~~217~~413.2784 ~~582~~838,~~658~~040.6408 0.00 A-3 0.00 33,548,000.00 3751,~~489~~719.8983 0.00 M-1 0.00 25,800,000.00 3143,~~734~~000.00 0.00 M-2 0.00 21,313,000.00 3647,~~605~~066.0821 0.00 M-3 0.00 6,730,000.00 1316,~~073~~544.0358 0.00 M-4 0.00 5,609,000.00 1114,~~736~~723.8363 0.00 M-5 0.00 5,609,000.00 1216,~~998~~125.8688 0.00 M-6 0.00 4,487,000.00 1518,~~446~~508.5088 0.00 CE 0.00 2,243,498.28 21,~~032~~623,~~935~~052.0836 0.00 P 0.00 100.00 80199,~~984~~355.0046 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 Totals 0.00 ~~441~~388,~~365~~712,~~497~~541.5164 912,~~955~~890,~~688~~021.1412 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-1 301,934,000.00 ~~301~~256,~~934~~928,~~000~~290.0093 0.00 69,~~794~~655,~~318~~761.0440 0.00 0.00 A-2 41,426,000.00 4136,~~426~~884,~~000~~970.0071 0.00 ~~539~~784,~~782~~556.7387 0.00 0.00 A-3 33,548,000.00 33,548,000.00 0.00 0.00 0.00 0.00 M-1 25,800,000.00 25,800,000.00 0.00 0.00 0.00 0.00 M-2 21,313,000.00 21,313,000.00 0.00 0.00 0.00 0.00 M-3 6,730,000.00 6,730,000.00 0.00 0.00 0.00 0.00 M-4 5,609,000.00 5,609,000.00 0.00 0.00 0.00 0.00 M-5 5,609,000.00 5,609,000.00 0.00 0.00 0.00 0.00 M-6 4,487,000.00 4,487,000.00 0.00 0.00 0.00 0.00 CE 2,243,556.24 2,243,~~556~~498.2428 0.00 570.9600 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 Totals 448,699,656.24 ~~448~~399,~~699~~152,~~656~~859.2492 0.00 710,~~334~~440,~~158~~318.7327 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-1 69,~~794~~655,~~318~~761.0440 ~~295~~247,~~139~~272,~~681~~529.9652 0.~~97749734~~81896219 69,~~794~~655,~~318~~761.0440 A-2 ~~539~~784,~~782~~556.7387 4036,~~886~~100,~~217~~413.2784 0.~~98696995~~87144339 ~~539~~784,~~782~~556.7387 A-3 0.00 33,548,000.00 1.00000000 0.00 M-1 0.00 25,800,000.00 1.00000000 0.00 M-2 0.00 21,313,000.00 1.00000000 0.00 M-3 0.00 6,730,000.00 1.00000000 0.00 M-4 0.00 5,609,000.00 1.00000000 0.00 M-5 0.00 5,609,000.00 1.00000000 0.00 M-6 0.00 4,487,000.00 1.00000000 0.00 CE 570.9600 2,243,498.28 0.99997417 570.9600 P 0.00 100.00 1.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 Totals 710,~~334~~440,~~158~~318.7327 ~~441~~388,~~365~~712,~~497~~541.5164 0.~~98365464~~86630898 710,~~334~~440,~~158~~318.7327

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 301,934,000.00 ~~1000~~850.~~00000000~~94189767 0.00000000 2231.~~50265965~~97970881 0.00000000 A-2 41,426,000.00 ~~1000~~890.~~00000000~~38214431 0.00000000 1318.~~03004707~~93875513 0.00000000 A-3 33,548,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 25,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 21,313,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 6,730,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 5,609,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 5,609,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 4,487,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 2,243,556.24 ~~1000~~999.~~00000000~~97416601 0.00000000 0.~~02583399~~00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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 2231.~~50265965~~97970881 ~~977~~818.~~49734035~~96218882 0.~~97749734~~81896219 2231.~~50265965~~97970881 A-2 0.00000000 1318.~~03004707~~93875513 ~~986~~871.~~96995293~~44338918 0.~~98696995~~87144339 1318.~~03004707~~93875513 A-3 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 CE 0.00000000 0.~~02583399~~00000000 999.97416601 0.99997417 0.~~02583399~~00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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-1 301,934,000.00 1.~~35000~~71000% ~~301~~256,~~934~~928,~~000~~290.0093 ~~305~~366,~~708~~122.1781 0.00 0.00 A-2 41,426,000.00 1.~~38000~~74000% 4136,~~426~~884,~~000~~970.0071 4253,~~875~~483.9121 0.00 0.00 A-3 33,548,000.00 1.~~49000~~85000% 33,548,000.00 3751,~~489~~719.8983 0.00 0.00 M-1 25,800,000.00 12.~~64000~~00000% 25,800,000.00 3143,~~734~~000.00 0.00 0.00 M-2 21,313,000.00 2.~~29000~~65000% 21,313,000.00 3647,~~605~~066.0821 0.00 0.00 M-3 6,730,000.00 2.~~59000~~95000% 6,730,000.00 1316,~~073~~544.0258 0.00 0.00 M-4 5,609,000.00 23.~~79000~~15000% 5,609,000.00 1114,~~736~~723.8363 0.00 0.00 M-5 5,609,000.00 3.~~09000~~45000% 5,609,000.00 1216,~~998~~125.8688 0.00 0.00 M-6 4,487,000.00 4.~~59000~~95000% 4,487,000.00 1518,~~446~~508.5088 0.00 0.00 CE 2,243,556.24 0.00000% 2,243,~~556~~498.2428 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 448,699,656.24 ~~507~~627,~~668~~295.2603 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 ~~305~~366,~~708~~122.1981 0.00 ~~295~~247,~~139~~272,~~681~~529.9652 A-2 0.00 0.00 4253,~~875~~483.9121 0.00 4036,~~886~~100,~~217~~413.2784 A-3 0.00 0.00 3751,~~489~~719.8983 0.00 33,548,000.00 M-1 0.00 0.00 3143,~~734~~000.00 0.00 25,800,000.00 M-2 0.00 0.00 3647,~~605~~066.0821 0.00 21,313,000.00 M-3 0.00 0.00 1316,~~073~~544.0358 0.00 6,730,000.00 M-4 0.00 0.00 1114,~~736~~723.8363 0.00 5,609,000.00 M-5 0.00 0.00 1216,~~998~~125.8688 0.00 5,609,000.00 M-6 0.00 0.00 1518,~~446~~508.5088 0.00 4,487,000.00 CE 0.00 0.00 21,~~032~~623,~~877~~052.1236 0.00 2,243,498.28 P 0.00 0.00 80199,~~984~~355.0046 0.00 100.00 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 2,~~621~~449,~~529~~702.4185 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-1 301,934,000.00 1.~~35000~~71000% ~~1000~~850.~~00000000~~94189767 1.~~01249998~~21259219 0.00000000 0.00000000 A-2 41,426,000.00 1.~~38000~~74000% ~~1000~~890.~~00000000~~38214431 1.~~03500000~~29105417 0.00000000 0.00000000 A-3 33,548,000.00 1.~~49000~~85000% 1000.00000000 1.~~11750000~~54166657 0.00000000 0.00000000 M-1 25,800,000.00 12.~~64000~~00000% 1000.00000000 1.~~23000000~~66666667 0.00000000 0.00000000 M-2 21,313,000.00 2.~~29000~~65000% 1000.00000000 12.~~71750012~~20833341 0.00000000 0.00000000 M-3 6,730,000.00 2.~~59000~~95000% 1000.00000000 12.~~94249926~~45833284 0.00000000 0.00000000 M-4 5,609,000.00 23.~~79000~~15000% 1000.00000000 2.~~09249955~~62500089 0.00000000 0.00000000 M-5 5,609,000.00 3.~~09000~~45000% 1000.00000000 2.~~31750045~~87500089 0.00000000 0.00000000 M-6 4,487,000.00 4.~~59000~~95000% 1000.00000000 34.~~44250056~~12500111 0.00000000 0.00000000 CE 2,243,556.24 0.00000% ~~1000~~999.~~00000000~~97416601 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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.~~01250005~~21259219 0.00000000 ~~977~~818.~~49734035~~96218882 A-2 0.00000000 0.00000000 1.~~03500000~~29105417 0.00000000 ~~986~~871.~~96995293~~44338918 A-3 0.00000000 0.00000000 1.~~11750000~~54166657 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 1.~~23000000~~66666667 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 12.~~71750012~~20833341 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 12.~~94250074~~45833284 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 2.~~09249955~~62500089 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 2.~~31750045~~87500089 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 34.~~44250056~~12500111 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~906~~723.~~09590424~~42842629 0.00000000 999.97416601 P 0.00000000 0.00000000 ~~809840~~1993554.~~00000000~~60000000 0.00000000 1000.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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 1013,~~269~~076,~~217~~122.0885 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 52146,~~524~~441.1248 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(10,077.0018) Prepayment Penalties 80199,~~984~~355.0046 Total Deposits 1013,~~402~~411,~~725~~842.2061 Withdrawals Reimbursement for Servicer Advances 0122,808.0083 Payment of Service Fee ~~447~~399,~~037~~012.0666 Payment of Interest and Principal 912,~~955~~890,~~688~~021.1412 Total Withdrawals (Pool Distribution Amount) 1013,~~402~~411,~~725~~842.2061 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~186~~166,~~958~~313.1769 Credit Risk Manager Fee - The Murrayhill Company 54,~~608~~989.8037 Master Servicing Fee - Wells Fargo 54,~~608~~989.8037 MGIC ~~248~~222,~~861~~720.2923 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~447~~399,~~037~~012.0666

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 08 0 0 08 0731,251.0071 0.00 0.00 0731,251.0071 30 Days 3853 01 02 01 3857 57,~~870~~808,~~118~~462.1383 0150,958.0094 0350,190.0077 0269,898.0021 58,~~870~~579,~~118~~510.1375 60 Days 106 03 014 0 1023 1679,~~506,791~~766.6879 0577,362.0032 02,185,343.0007 0.00 13,~~506~~442,~~791~~472.6818 90 Days 02 03 020 0 025 0254,009.0012 0193,190.0083 02,429,320.0059 0.00 02,876,520.0054 120 Days 02 04 011 01 018 099,268.0074 0476,815.0027 01,296,031.0067 068,261.0065 01,940,377.0033 150 Days 0 03 04 05 012 0.00 0400,042.00 0359,782.0059 0688,789.0068 01,448,614.0027 180+ Days 01 0 09 03 013 088,213.0089 0.00 01,305,110.0024 0293,463.0019 01,686,787.0032 Totals 4864 022 060 010 48156 78,~~376~~929,~~909~~721.8137 02,529,621.0007 07,925,778.0093 01,320,412.0073 720,~~376~~705,~~909~~534.8110 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~~271186% 0.000000% 0.000000% 0.~~000000~~271186% 0.~~000000~~188024% 0.000000% 0.000000% 0.~~000000~~188024% 30 Days 1.~~160305~~796610% 0.~~000000~~033898% 0.~~000000~~067797% 0.~~000000~~033898% 1.~~160305~~932203% 12.~~329635~~007764% 0.~~000000~~038816% 0.~~000000~~090043% 0.~~000000~~069398% 12.~~329635~~206021% 60 Days 0.~~305344~~203390% 0.~~000000~~101695% 0.~~000000~~474576% 0.000000% 0.~~305344~~779661% 0.~~341302~~174786% 0.~~000000~~148455% 0.~~000000~~561910% 0.000000% 0.~~341302~~885152% 90 Days 0.~~000000~~067797% 0.~~000000~~101695% 0.~~000000~~677966% 0.000000% 0.~~000000~~847458% 0.~~000000~~065313% 0.~~000000~~049675% 0.~~000000~~624643% 0.000000% 0.~~000000~~739630% 120 Days 0.~~000000~~067797% 0.~~000000~~135593% 0.~~000000~~372881% 0.~~000000~~033898% 0.~~000000~~610169% 0.~~000000~~025525% 0.~~000000~~122602% 0.~~000000~~333244% 0.~~000000~~017552% 0.~~000000~~498923% 150 Days 0.000000% 0.~~000000~~101695% 0.~~000000~~135593% 0.~~000000~~169492% 0.~~000000~~406780% 0.000000% 0.~~000000~~102861% 0.~~000000~~092510% 0.~~000000~~177106% 0.~~000000~~372477% 180+ Days 0.~~000000~~033898% 0.000000% 0.~~000000~~305085% 0.~~000000~~101695% 0.~~000000~~440678% 0.~~000000~~022682% 0.000000% 0.~~000000~~335579% 0.~~000000~~075457% 0.~~000000~~433718% Totals 12.~~465649~~169492% 0.~~000000~~745763% 02.~~000000~~033898% 0.~~000000~~338983% 15.~~465649~~288136% 12.~~670937~~296070% 0.~~000000~~650433% 02.~~000000~~037929% 0.~~000000~~339513% 15.~~670937~~323946%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp I, Sub Grp I 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 03 0 0 03 0272,548.0041 0.00 0.00 0272,548.0041 30 Days 813 0 0 01 814 ~~941~~1,~~773~~884,294.6592 0.00 0.00 0269,898.0021 ~~941~~2,~~773~~154,193.6513 60 Days 52 01 03 0 56 ~~532~~162,~~696~~606.0897 063,684.0011 0204,191.0083 0.00 ~~532~~430,~~696~~482.0891 90 Days 0 01 04 0 05 0.00 049,019.0085 0274,992.0004 0.00 0324,011.0089 120 Days 01 01 03 01 06 050,925.0078 0177,741.0066 0261,643.0083 068,261.0065 0558,572.0092 150 Days 0 0 0 02 02 0.00 0.00 0.00 0367,785.0097 0367,785.0097 180 Days 0 0 0 01 01 0.00 0.00 0.00 094,954.0064 094,954.0064 Totals 1316 06 010 05 1337 12,~~474~~097,~~469~~827.7367 0562,994.0003 0740,827.0070 0800,900.0047 14,~~474~~202,~~469~~549.7387 0-29 Days 0.~~000000~~292398% 0.000000% 0.000000% 0.~~000000~~292398% 0.~~000000~~248781% 0.000000% 0.000000% 0.~~000000~~248781% 30 Days 01.~~713012~~267057% 0.000000% 0.000000% 0.~~000000~~097466% 01.~~713012~~364522% 01.~~776338~~719977% 0.000000% 0.000000% 0.~~000000~~246362% 01.~~776338~~966339% 60 Days 0.~~445633~~194932% 0.~~000000~~097466% 0.~~000000~~292398% 0.000000% 0.~~445633~~584795% 0.~~439121~~148427% 0.~~000000~~058131% 0.~~000000~~186386% 0.000000% 0.~~439121~~392943% 90 Days 0.000000% 0.~~000000~~097466% 0.~~000000~~389864% 0.000000% 0.~~000000~~487329% 0.000000% 0.~~000000~~044745% 0.~~000000~~251012% 0.000000% 0.~~000000~~295757% 120 Days 0.~~000000~~097466% 0.~~000000~~097466% 0.~~000000~~292398% 0.~~000000~~097466% 0.~~000000~~584795% 0.~~000000~~046485% 0.~~000000~~162242% 0.~~000000~~238827% 0.~~000000~~062309% 0.~~000000~~509863% 150 Days 0.000000% 0.000000% 0.000000% 0.~~000000~~194932% 0.~~000000~~194932% 0.000000% 0.000000% 0.000000% 0.~~000000~~335714% 0.~~000000~~335714% 180 Days 0.000000% 0.000000% 0.000000% 0.~~000000~~097466% 0.~~000000~~097466% 0.000000% 0.000000% 0.000000% 0.~~000000~~086674% 0.~~000000~~086674% Totals 1.~~158645~~559454% 0.~~000000~~584795% 0.~~000000~~974659% 0.~~000000~~487329% 13.~~158645~~606238% 1.~~215459~~914889% 0.~~000000~~513899% 0.~~000000~~676225% 0.~~000000~~731059% 13.~~215459~~836071% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp I, Sub Grp II 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 05 0 0 05 0458,703.0030 0.00 0.00 0458,703.0030 30 Days 2838 01 02 0 2841 45,~~083~~105,~~270~~830.5138 0150,958.0094 0350,190.0077 0.00 45,~~083~~606,~~270~~980.5109 60 Days 4 01 010 0 415 ~~607~~517,~~076~~159.2282 0174,777.0054 01,501,291.0070 0.00 ~~607~~2,~~076~~193,229.2206 90 Days 02 02 016 0 020 0254,009.0012 0144,170.0098 02,154,328.0055 0.00 02,552,508.0065 120 Days 01 03 07 0 011 048,342.0096 0299,073.0061 0697,730.0088 0.00 01,045,147.0045 150 Days 0 03 04 03 010 0.00 0400,042.00 0359,782.0059 0321,003.0071 01,080,828.0030 180 Days 01 0 08 02 011 088,213.0089 0.00 0938,272.0091 0198,508.0055 01,224,995.0035 Totals 3246 015 047 05 32113 46,~~690~~013,~~346~~556.7317 01,627,726.0037 06,001,597.0040 0519,512.0026 414,~~690~~162,~~346~~392.7320 0-29 Days 0.~~000000~~275938% 0.000000% 0.000000% 0.~~000000~~275938% 0.~~000000~~194908% 0.000000% 0.000000% 0.~~000000~~194908% 30 Days 12.~~379990~~097130% 0.~~000000~~055188% 0.~~000000~~110375% 0.000000% 12.~~379990~~262693% 12.~~504632~~169528% 0.~~000000~~064144% 0.~~000000~~148800% 0.000000% 12.~~504632~~382473% 60 Days 0.~~197141~~220751% 0.~~000000~~055188% 0.~~000000~~551876% 0.000000% 0.~~197141~~827815% 0.~~223700~~219747% 0.~~000000~~074265% 0.~~000000~~637917% 0.000000% 0.~~223700~~931929% 90 Days 0.~~000000~~110375% 0.~~000000~~110375% 0.~~000000~~883002% 0.000000% 01.~~000000~~103753% 0.~~000000~~107931% 0.~~000000~~061260% 0.~~000000~~915400% 0.000000% 01.~~000000~~084591% 120 Days 0.~~000000~~055188% 0.~~000000~~165563% 0.~~000000~~386313% 0.000000% 0.~~000000~~607064% 0.~~000000~~020541% 0.~~000000~~127080% 0.~~000000~~296474% 0.000000% 0.~~000000~~444096% 150 Days 0.000000% 0.~~000000~~165563% 0.~~000000~~220751% 0.~~000000~~165563% 0.~~000000~~551876% 0.000000% 0.~~000000~~169983% 0.~~000000~~152876% 0.~~000000~~136398% 0.~~000000~~459257% 180 Days 0.~~000000~~055188% 0.000000% 0.~~000000~~441501% 0.~~000000~~110375% 0.~~000000~~607064% 0.~~000000~~037483% 0.000000% 0.~~000000~~398683% 0.~~000000~~084349% 0.~~000000~~520515% Totals 12.~~577132~~538631% 0.~~000000~~827815% 02.~~000000~~593819% 0.~~000000~~275938% 16.~~577132~~236203% 12.~~728332~~555232% 0.~~000000~~691640% 02.~~000000~~550150% 0.~~000000~~220747% 16.~~728332~~017769% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp II, Sub Grp I 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 01 0 0 0 01 0456,980.0020 0.00 0.00 0.00 0456,980.0020 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 01 0 0 0 01 0456,980.0020 0.00 0.00 0.00 0456,980.0020 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 03.~~000000~~125000% 0.000000% 0.000000% 0.000000% 03.~~000000~~125000% 03.~~000000~~628509% 0.000000% 0.000000% 0.000000% 03.~~000000~~628509% 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 03.~~000000~~125000% 0.000000% 0.000000% 0.000000% 03.~~000000~~125000% 03.~~000000~~628509% 0.000000% 0.000000% 0.000000% 03.~~000000~~628509% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp II, Sub Grp II 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 21 0 0 0 21 ~~845~~361,~~073~~357.9733 0.00 0.00 0.00 ~~845~~361,~~073~~357.9733 60 Days 0 1 01 0 2 0.00 ~~1 367~~338,~~019~~900.3867 0479,859.0054 0.00 ~~0.00 367~~818,~~019~~760.3821 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 01 0 01 0.00 0.00 0336,656.0096 0.00 0336,656.0096 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 01 0 01 0.00 0.00 0366,837.0033 0.00 0366,837.0033 Totals 31 01 03 0 35 1361,~~212,093~~357.3533 0338,900.0067 01,183,353.0083 0.00 1,~~212~~883,~~093~~611.3583 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 21.~~222222~~250000% 0.000000% 0.000000% 0.000000% 21.~~222222~~250000% 21.~~387082~~149986% 0.000000% 0.000000% 0.000000% 21.~~387082~~149986% 60 Days 10.~~111111~~000000% 01.~~000000~~250000% 01.~~000000~~250000% 0.000000% 12.~~111111~~500000% 10.~~036720~~000000% 01.~~000000~~078520% 01.~~000000~~527109% 0.000000% 12.~~036720~~605629% 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% 01.~~000000~~250000% 0.000000% 01.~~000000~~250000% 0.000000% 0.000000% 01.~~000000~~071380% 0.000000% 01.~~000000~~071380% 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% 01.~~000000~~250000% 0.000000% 01.~~000000~~250000% 0.000000% 0.000000% 01.~~000000~~167426% 0.000000% 01.~~000000~~167426% Totals 31.~~333333~~250000% 01.~~000000~~250000% 03.~~000000~~750000% 0.000000% 36.~~333333~~250000% 31.~~423802~~149986% 01.~~000000~~078520% 03.~~000000~~765914% 0.000000% 35.~~423802~~994420%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 52146,~~524~~441.1248

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~989974~~995245% Weighted Average Net Coupon 7.~~489974~~495244% Weighted Average Pass-Through Rate 6.~~794419~~795665% Weighted Average Maturity(Stepdown Calculation ) ~~348~~343 Beginning Scheduled Collateral Loan Count 3,~~322~~020 Number Of Loans Paid In Full 4770 Ending Scheduled Collateral Loan Count 32,~~275~~950 Beginning Scheduled Collateral Balance ~~448~~399,~~699~~152,~~656~~859.2492 Ending Scheduled Collateral Balance ~~441~~388,~~365~~712,~~497~~541.5165 Ending Actual Collateral Balance at 2931-~~Feb~~Jul-2004 ~~441~~388,~~483~~913,~~495~~308.5120 Monthly P &I Constant 32,~~324~~971,~~945~~378.3834 Special Servicing Fee 0.00 Prepayment Penalties 80199,~~984~~355.0046 Realized Loss Amount 010,077.0018 Cumulative Realized Loss 010,442.0027 Ending Scheduled Balance for Premium Loans ~~441~~388,~~365~~712,~~497~~541.5165 Scheduled Principal ~~337~~311,~~323~~965.3517 Unscheduled Principal 610,~~996~~128,~~835~~353.3810 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 010,077.0018 Overcollateralized reduction Amount 570.9600 Specified O/C Amount 2,243,498.28 Overcollateralized Amount 2,243,498.28 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 10,077.18 Excess Cash Amount 0.00

Group Level Collateral Statement Group Grp I, Sub Grp I Grp I, Sub Grp II Grp II, Sub Grp I Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 87.~~012171~~995645 8.~~047145~~063567 7.~~504242~~490254 Weighted Average Net Rate 7.~~512171~~495645 7.~~547146~~563567 76.~~004241~~990254 Weighted Average Maturity ~~331~~326 ~~355~~350 ~~352~~347 Beginning Loan Count 1,~~136~~046 21,~~061~~860 3433 Loans Paid In Full 1420 3248 01 Ending Loan Count 1,~~122~~026 21,~~029~~812 3432 Beginning Scheduled Balance ~~123~~111,~~215~~741,~~574~~583.7052 ~~276~~242,~~167~~635,~~372~~556.3355 1312,~~397~~950,~~925~~776.5895 Ending scheduled Balance ~~121~~109,~~280~~502,~~112~~077.2864 ~~271~~235,~~308~~218,~~463~~543.0276 1312,~~386~~587,~~933~~306.8923 Record Date 0207/2931/2004 0207/2931/2004 0207/2931/2004 Principal And Interest Constant ~~928~~844,~~300~~779.5182 21,~~045~~806,~~662~~367.6690 9491,~~650~~774.9674 Scheduled Principal ~~105~~100,~~613~~241.5848 ~~193~~175,~~696~~944.8348 10,~~866~~937.5657 Unscheduled Principal 12,~~829~~139,~~848~~264.8440 47,~~665~~241,~~212~~068.4831 ~~125~~352,533.1315 Scheduled Interest ~~822~~744,~~686~~538.9334 1,~~851~~630,~~965~~423.8342 8380,~~784~~837.4017 Servicing Fees 5146,~~339~~558.8398 ~~115~~101,~~069~~098.7119 5,~~582~~396.4815 Master Servicing Fees 1,~~540~~396.2074 3,~~452~~032.1294 ~~167~~161.4788 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 8375,~~648~~659.9967 ~~147~~130,~~228~~668.5029 8,~~823~~348.2245 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 ~~686~~620,~~157~~922.9195 1,~~586~~395,~~215~~624.5000 6966,~~211~~930.2369 Realized Loss Amount 0.00 010,077.0018 0.00 Cumulative Realized Loss 0.00 010,442.0027 0.00 Percentage of Cumulative Losses 0.0000 0.~~0000~~0038 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~682512~~668130 6.~~892410~~902322 6.~~198981~~201698

Group Level Collateral Statement Group Grp II, Sub Grp II Total Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~656769~~677534 7.~~989974~~995245 Weighted Average Net Rate 7.~~156770~~177535 7.~~489974~~495244 Weighted Average Maturity ~~355~~350 ~~348~~343 Beginning Loan Count 9181 3,~~322~~020 Loans Paid In Full 1 4770 Ending Loan Count 9080 32,~~275~~950 Beginning Scheduled Balance 3531,~~918~~824,~~783~~942.6390 ~~448~~399,~~699~~152,~~656~~859.2492 Ending scheduled Balance 3531,~~389~~404,~~988~~614.3202 ~~441~~388,~~365~~712,~~497~~541.5165 Record Date 0207/2931/2004 0207/2931/2004 Principal And Interest Constant ~~256~~228,~~331~~455.2588 32,~~324~~971,~~945~~378.3834 Scheduled Principal 2724,~~146~~841.3864 ~~337~~311,~~323~~965.3517 Unscheduled Principal ~~501~~395,~~648~~487.9324 610,~~996~~128,~~835~~353.3810 Scheduled Interest ~~229~~203,~~184~~614.8724 2,~~987~~659,~~622~~413.0317 Servicing Fees 1413,~~966~~260.1537 ~~186~~166,~~958~~313.1769 Master Servicing Fees ~~449~~397.0181 54,~~608~~989.8037 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 1413,~~769~~033.3819 ~~254~~227,~~470~~709.0960 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 ~~199~~176,~~000~~922.3387 2,~~540~~260,~~584~~400.9751 Realized Loss Amount 0.00 010,077.0018 Cumulative Realized Loss 0.00 010,442.0027 Percentage of Cumulative Losses 0.0000 0.~~0000~~0023 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.~~648344~~671101 6.~~794419~~795665

Filing Compare · HOME EQUITY LOAN TRUST SERIES 2004-HS1