8-K 1 abf04op2_sep.txt SEPT. 8-K 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): September 27, 2004 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004-OP2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-108551-05 54-2147328 Pooling and Servicing Agreement) (Commission 54-2147329 (State or other File Number) 54-6601033 jurisdiction IRS EIN 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 September 27, 2004 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2004-OP2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-OP2 Trust, relating to the September 27, 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. ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004-OP2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 9/29/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-OP2 Trust, relating to the September 27, 2004 distribution. EX-99.1

Asset Backed Funding Corporation Mortgage Pass-Through Certificates Record Date: 78/31/04 Distribution Date: 89/2527/04 ABFC Series: 2004-OP2 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 A1 04542BFT4 SEQ 1.~~74000~~90500% ~~272~~258,~~313~~435,~~713~~667.5912 ~~394~~451,~~854~~293.8828 1314,~~878~~606,~~046~~789.4725 A1A 04542BFU1 SEQ 12.~~84000~~00500% 3028,~~257~~715,~~364~~345.7605 4652,~~394~~776.6341 1,~~542~~622,~~019~~991.7190 A2 04542BFV9 SEQ 1.~~73000~~89500% 5049,~~878~~254,~~466~~513.1714 7385,~~349~~559.7920 1,~~623~~613,~~953~~189.0305 M1 04542BFW7 SUB 2.~~00000~~16500% 26,969,000.00 4453,~~948~~522.3323 0.00 M2 04542BFX5 SUB 2.~~45000~~61500% 21,576,000.00 4451,~~051~~719.0047 0.00 M3 04542BFY3 SUB 2.~~65000~~81500% 5,394,000.00 1113,~~911~~918.7577 0.00 M4 04542BFZ0 SUB 3.~~00000~~16500% 6,130,000.00 1517,~~325~~784.0066 0.00 M5 04542BGA4 SUB 3.~~10000~~26500% 4,168,000.00 1012,~~767~~474.3448 0.00 M6 04542BGB2 SUB 4.~~40000~~56500% 6,129,000.00 2225,~~473~~647.0031 0.00 B 04542BGC0 SUB 45.~~95000~~11500% 4,904,000.00 2022,~~229~~993.0063 0.00 CE ABF4OP2CE SEQ 0.00000% 3,187,344.82 1,~~736~~532,~~194~~229.7492 0.00 R1 ABF04OP2R1 SEQ 0.00000% 0.00 0.00 0.00 R2 ABF04OP2R2 SEQ 0.00000% 0.00 0.00 0.00 P ABF04OP2P SEQ 0.00000% 0.00 ~~260~~267,~~255~~081.0219 0.00 Totals ~~431~~414,~~906~~862,~~889~~870.3413 2,~~680~~587,~~754~~000.4855 17,~~044~~842,~~019~~970.2120

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 ~~258~~243,~~435~~828,~~667~~877.1287 1415,~~272~~058,~~901~~082.3553 0.00 A1A 0.00 2827,~~715~~092,~~345~~353.0515 1,~~588~~675,~~414~~768.3431 0.00 A2 0.00 4947,~~254~~641,~~513~~324.1409 1,~~697~~698,~~302~~748.8225 0.00 M1 0.00 26,969,000.00 4453,~~948~~522.3323 0.00 M2 0.00 21,576,000.00 4451,~~051~~719.0047 0.00 M3 0.00 5,394,000.00 1113,~~911~~918.7577 0.00 M4 0.00 6,130,000.00 1517,~~325~~784.0066 0.00 M5 0.00 4,168,000.00 1012,~~767~~474.3448 0.00 M6 0.00 6,129,000.00 2225,~~473~~647.0031 0.00 B 0.00 4,904,000.00 2022,~~229~~993.0063 0.00 CE 0.00 3,187,344.82 1,~~736~~532,~~194~~229.7492 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~260~~267,~~255~~081.0219 0.00 Totals 0.00 ~~414~~397,~~862~~019,~~870~~899.1393 1920,~~724~~429,~~773~~970.6975 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) A1 317,967,000.00 ~~272~~258,~~313~~435,~~713~~667.5912 0.00 1314,~~878~~606,~~046~~789.4725 0.00 0.00 A1A 35,330,000.00 3028,~~257~~715,~~364~~345.7605 0.00 1,~~542~~622,~~019~~991.7190 0.00 0.00 A2 58,606,000.00 5049,~~878~~254,~~466~~513.1714 0.00 1,~~623~~613,~~953~~189.0305 0.00 0.00 M1 26,969,000.00 26,969,000.00 0.00 0.00 0.00 0.00 M2 21,576,000.00 21,576,000.00 0.00 0.00 0.00 0.00 M3 5,394,000.00 5,394,000.00 0.00 0.00 0.00 0.00 M4 6,130,000.00 6,130,000.00 0.00 0.00 0.00 0.00 M5 4,168,000.00 4,168,000.00 0.00 0.00 0.00 0.00 M6 6,129,000.00 6,129,000.00 0.00 0.00 0.00 0.00 B 4,904,000.00 4,904,000.00 0.00 0.00 0.00 0.00 CE 3,187,742.22 3,187,344.82 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 P 0.00 0.00 0.00 0.00 0.00 0.00 Totals 490,360,742.22 ~~431~~414,~~906~~862,~~889~~870.3413 0.00 17,~~044~~842,~~019~~970.2120 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 A1 1314,~~878~~606,~~046~~789.4725 ~~258~~243,~~435~~828,~~667~~877.1287 0.~~81277512~~76683706 1314,~~878~~606,~~046~~789.4725 A1A 1,~~542~~622,~~019~~991.7190 2827,~~715~~092,~~345~~353.0515 0.~~81277512~~76683705 1,~~542~~622,~~019~~991.7190 A2 1,~~623~~613,~~953~~189.0305 4947,~~254~~641,~~513~~324.1409 0.~~84043465~~81290865 1,~~623~~613,~~953~~189.0305 M1 0.00 26,969,000.00 1.00000000 0.00 M2 0.00 21,576,000.00 1.00000000 0.00 M3 0.00 5,394,000.00 1.00000000 0.00 M4 0.00 6,130,000.00 1.00000000 0.00 M5 0.00 4,168,000.00 1.00000000 0.00 M6 0.00 6,129,000.00 1.00000000 0.00 B 0.00 4,904,000.00 1.00000000 0.00 CE 0.00 3,187,344.82 0.99987533 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 P 0.00 0.00 0.00000000 0.00 Totals 17,~~044~~842,~~019~~970.2120 ~~414~~397,~~862~~019,~~870~~899.1393 0.~~84603606~~80964862 17,~~044~~842,~~019~~970.2120

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 317,967,000.00 ~~856~~812.~~42130658~~77512170 0.00000000 4345.~~64618489~~93806669 0.00000000 A1A 35,330,000.00 ~~856~~812.~~42130654~~77512171 0.00000000 4345.~~64618483~~93806680 0.00000000 A2 58,606,000.00 ~~868~~840.~~14432259~~43465072 0.00000000 27.~~70967188~~52600502 0.00000000 M1 26,969,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 21,576,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 5,394,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 6,130,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 4,168,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 6,129,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 4,904,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 3,187,742.22 999.87533496 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 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1 0.00000000 4345.~~64618489~~93806669 ~~812~~766.~~77512170~~83705501 0.~~81277512~~76683706 4345.~~64618489~~93806669 A1A 0.00000000 4345.~~64618483~~93806680 ~~812~~766.~~77512171~~83705491 0.~~81277512~~76683705 4345.~~64618483~~93806680 A2 0.00000000 27.~~70967188~~52600502 ~~840~~812.~~43465072~~90864570 0.~~84043465~~81290865 27.~~70967188~~52600502 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 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.87533496 0.99987533 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 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 A1 317,967,000.00 1.~~74000~~90500% ~~272~~258,~~313~~435,~~713~~667.5912 ~~394~~451,~~854~~293.8828 0.00 0.00 A1A 35,330,000.00 12.~~84000~~00500% 3028,~~257~~715,~~364~~345.7605 4652,~~394~~776.6341 0.00 0.00 A2 58,606,000.00 1.~~73000~~89500% 5049,~~878~~254,~~466~~513.1714 7385,~~349~~559.7919 0.00 0.00 M1 26,969,000.00 2.~~00000~~16500% 26,969,000.00 4453,~~948~~522.3323 0.00 0.00 M2 21,576,000.00 2.~~45000~~61500% 21,576,000.00 4451,~~051~~719.0047 0.00 0.00 M3 5,394,000.00 2.~~65000~~81500% 5,394,000.00 1113,~~911~~918.7577 0.00 0.00 M4 6,130,000.00 3.~~00000~~16500% 6,130,000.00 1517,~~325~~784.0066 0.00 0.00 M5 4,168,000.00 3.~~10000~~26500% 4,168,000.00 1012,~~767~~474.3348 0.00 0.00 M6 6,129,000.00 4.~~40000~~56500% 6,129,000.00 2225,~~473~~647.0031 0.00 0.00 B 4,904,000.00 45.~~95000~~11500% 4,904,000.00 2022,~~229~~993.0063 0.00 0.00 CE 3,187,742.22 0.00000% 3,187,344.82 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 P 0.00 0.00000% 0.01 0.00 0.00 0.00 Totals 490,360,742.22 ~~684~~787,~~304~~689.7143 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 A1 0.00 0.00 ~~394~~451,~~854~~293.8828 0.00 ~~258~~243,~~435~~828,~~667~~877.1287 A1A 0.00 0.00 4652,~~394~~776.6341 0.00 2827,~~715~~092,~~345~~353.0515 A2 0.00 0.00 7385,~~349~~559.7920 0.00 4947,~~254~~641,~~513~~324.1409 M1 0.00 0.00 4453,~~948~~522.3323 0.00 26,969,000.00 M2 0.00 0.00 4451,~~051~~719.0047 0.00 21,576,000.00 M3 0.00 0.00 1113,~~911~~918.7577 0.00 5,394,000.00 M4 0.00 0.00 1517,~~325~~784.0066 0.00 6,130,000.00 M5 0.00 0.00 1012,~~767~~474.3448 0.00 4,168,000.00 M6 0.00 0.00 2225,~~473~~647.0031 0.00 6,129,000.00 B 0.00 0.00 2022,~~229~~993.0063 0.00 4,904,000.00 CE 0.00 0.00 1,~~736~~532,~~194~~229.7492 0.00 3,187,344.82 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~260~~267,~~255~~081.0219 0.00 0.01 Totals 0.00 0.00 2,~~680~~587,~~754~~000.4855 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 A1 317,967,000.00 1.~~74000~~90500% ~~856~~812.~~42130658~~77512170 1.~~24181088~~41930854 0.00000000 0.00000000 A1A 35,330,000.00 12.~~84000~~00500% ~~856~~812.~~42130654~~77512171 1.~~31317945~~49381291 0.00000000 0.00000000 A2 58,606,000.00 1.~~73000~~89500% ~~868~~840.~~14432259~~43465072 1.~~25157475~~45990496 0.00000000 0.00000000 M1 26,969,000.00 2.~~00000~~16500% 1000.00000000 1.~~66666654~~98458341 0.00000000 0.00000000 M2 21,576,000.00 2.~~45000~~61500% 1000.00000000 2.~~04166667~~39708333 0.00000000 0.00000000 M3 5,394,000.00 2.~~65000~~81500% 1000.00000000 2.~~20833333~~58041713 0.00000000 0.00000000 M4 6,130,000.00 3.~~00000~~16500% 1000.00000000 2.~~50000000~~90124959 0.00000000 0.00000000 M5 4,168,000.00 3.~~10000~~26500% 1000.00000000 2.~~58333253~~99291747 0.00000000 0.00000000 M6 6,129,000.00 4.~~40000~~56500% 1000.00000000 34.~~66666667~~18458313 0.00000000 0.00000000 B 4,904,000.00 45.~~95000~~11500% 1000.00000000 4.~~12500000~~68875000 0.00000000 0.00000000 CE 3,187,742.22 0.00000% 999.87533496 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 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1000 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 A1 0.00000000 0.00000000 1.~~24181088~~41930854 0.00000000 ~~812~~766.~~77512170~~83705501 A1A 0.00000000 0.00000000 1.~~31317945~~49381291 0.00000000 ~~812~~766.~~77512171~~83705491 A2 0.00000000 0.00000000 1.~~25157475~~45990513 0.00000000 ~~840~~812.~~43465072~~90864570 M1 0.00000000 0.00000000 1.~~66666654~~98458341 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~04166667~~39708333 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~20833333~~58041713 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.~~50000000~~90124959 0.00000000 1000.00000000 M5 0.00000000 0.00000000 2.~~58333493~~99291747 0.00000000 1000.00000000 M6 0.00000000 0.00000000 34.~~66666667~~18458313 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.~~12500000~~68875000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~544~~480.~~64715782~~66305688 0.00000000 999.87533496 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 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 1920,~~722~~413,~~388~~129.8275 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(97.0016) Prepayment Penalties ~~260~~267,~~255~~081.0219 Total Deposits 1920,~~982~~680,~~643~~113.8478 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~257~~250,~~870~~143.1503 Payment of Interest and Principal 1920,~~724~~429,~~773~~970.6975 Total Withdrawals (Pool Distribution Amount) 1920,~~982~~680,~~643~~113.8478 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~107~~103,~~976~~715.8177 Credit Risk Manager Fee 6,~~298~~050.5619 PMI Premium ~~140~~137,~~715~~611.4235 Trustee Fee 2,~~879~~765.3672 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~257~~250,~~870~~143.1503

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 67 01 0 68 ~~971~~1,~~254~~059,383.9927 0103,585.0019 0.00 ~~971~~1,~~254~~162,968.9946 30 Days 3034 1 10 0 3235 45,~~551~~227,~~338~~288.6892 58,~~998~~975.6019 ~~103,632~~0.8500 0.00 45,~~713~~286,~~970~~264.1311 60 Days 9 21 3 0 1413 1,~~670~~531,~~175~~636.5642 ~~383~~75,~~558~~534.0813 ~~366~~335,~~605~~110.6038 0.00 21,~~420~~942,~~339~~280.2493 90 Days 64 02 919 1 1626 1,~~665~~108,~~870~~516.0286 0383,206.0046 ~~859~~2,~~413~~517,395.0051 50,~~281~~251.3249 24,~~575~~059,~~564~~370.3432 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 4547 911 1323 1 6882 7,~~887~~867,~~384~~442.2620 1,~~413~~577,~~811~~099.6705 12,~~329~~956,~~651~~091.4508 50,~~281~~251.3249 1012,~~681~~450,~~128~~883.7082 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.~~227618~~275916% 0.~~000000~~039417% 0.000000% 0.~~227618~~315333% 0.~~234024~~266734% 0.~~000000~~026081% 0.000000% 0.~~234024~~292815% 30 Days 1.~~138088~~340166% 0.~~037936~~039417% 0.~~037936~~000000% 0.000000% 1.~~213961~~379582% 1.~~096644~~316138% 0.~~014216~~014849% 0.~~024970~~000000% 0.000000% 1.~~135830~~330987% 60 Days 0.~~341426~~354750% 0.~~075873~~039417% 0.~~113809~~118250% 0.000000% 0.~~531108~~512416% 0.~~402428~~385639% 0.~~092418~~019018% 0.~~088333~~084375% 0.000000% 0.~~583180~~489032% 90 Days 0.~~227618~~157667% 0.~~000000~~078833% 0.~~341426~~748916% 0.~~037936~~039417% 01.~~606980~~024832% 0.~~401391~~279105% 0.~~000000~~096485% 0.~~207075~~633835% 0.~~012115~~012652% 01.~~620581~~022077% 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 1.~~707132~~852582% 0.~~341426~~433583% 0.~~493171~~906583% 0.~~037936~~039417% 23.~~579666~~232164% 1.~~900463~~980882% 0.~~340657~~397085% 0.~~320379~~744291% 0.~~012115~~012652% 23.~~573614~~134910%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 5562,~~229~~165.0792

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~441519~~433680% Weighted Average Net Coupon 7.~~141519~~133680% Weighted Average Pass-Through Rate 6.~~725059~~710136% Weighted Average Maturity(Stepdown Calculation ) ~~350~~349 Beginning Scheduled Collateral Loan Count 2,~~729~~636 Number Of Loans Paid In Full 9399 Ending Scheduled Collateral Loan Count 2,~~636~~537 Beginning Scheduled Collateral Balance ~~431~~414,~~906~~862,~~889~~870.3413 Ending Scheduled Collateral Balance ~~414~~397,~~862~~019,~~870~~899.1394 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2004 ~~415~~397,~~024~~168,~~443~~740.5992 Monthly P &I Constant 32,~~049~~928,~~246~~409.7155 Special Servicing Fee 0.00 Prepayment Penalties ~~260~~267,~~255~~081.0219 Realized Loss Amount 0(97.0016) Cumulative Realized Loss 54,~~030~~933.9882 Ending Scheduled Balance for Premium Loans ~~414~~397,~~862~~019,~~870~~899.1394 Scheduled Principal ~~370~~358,~~877~~444.0756 Unscheduled Principal 1617,~~673~~484,~~142~~525.1463 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,187,344.82 Overcollateralized Amount 3,187,344.82 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,~~736~~532,~~194~~229.7492

Miscellaneous Reporting Group 1 Available Funds 1718,~~508~~227,~~994~~596.3051 Group 2 Available Funds 1,~~955~~935,~~524~~292.5590

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~479336~~471331 7.~~216076~~212801 7.~~441519~~433680 Weighted Average Net Rate 7.~~179336~~171331 6.~~916076~~912801 7.~~141519~~133680 Weighted Average Maturity ~~350~~349 ~~350~~349 ~~350~~349 Beginning Loan Count 2,~~477~~390 ~~252~~246 2,~~729~~636 Loans Paid In Full 8792 67 9399 Ending Loan Count 2,~~390~~298 ~~246~~239 2,~~636~~537 Beginning Scheduled Balance ~~369~~354,~~864~~444,~~588~~522.4830 6260,~~042~~418,~~300~~347.8683 ~~431~~414,~~906~~862,~~889~~870.3413 Ending scheduled Balance ~~354~~338,~~444~~214,~~522~~741.3016 6058,~~418~~805,~~347~~158.8378 ~~414~~397,~~862~~019,~~870~~899.1394 Record Date 0708/31/2004 0708/31/2004 0708/31/2004 Principal And Interest Constant 2,~~621~~511,~~566~~866.5500 ~~427~~416,~~680~~543.1655 32,~~049~~928,~~246~~409.7155 Scheduled Principal ~~316~~305,~~281~~055.8761 5453,~~595~~388.2095 ~~370~~358,~~877~~444.0756 Unscheduled Principal 15,~~103~~924,~~784~~725.3153 1,~~569~~559,~~357~~800.8310 1617,~~673~~484,~~142~~525.1463 Scheduled Interest 2,~~305~~206,~~284~~810.6839 ~~373~~363,~~084~~154.9660 2,~~678~~569,~~369~~964.6499 Servicing Fees 9288,~~466~~611.2420 15,~~510~~104.57 ~~107~~103,~~976~~715.8177 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 2,~~465~~362.7395 ~~413~~402.6377 2,~~879~~765.3672 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 5,~~393~~169.7803 ~~904~~881.7816 6,~~298~~050.5619 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 ~~116~~112,~~030~~949.9300 24,~~684~~662.4935 ~~140~~137,~~715~~611.4235 Net Interest 21,~~088~~997,~~928~~718.0021 ~~331~~322,~~571~~103.4975 2,~~420~~319,~~499~~821.4996 Realized Loss Amount 0(97.0016) 0.00 0(97.0016) Cumulative Realized Loss 54,~~030~~933.9882 0.00 54,~~030~~933.9882 Percentage of Cumulative Losses 0.0012 0.0000 0.0010 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~777382~~763433 6.~~413137~~397471 6.~~725059~~710136

Filing Compare · ABFC ASSET-BACKED CERTIFICATES SERIES 2004-OPT2