8-K 1 abs04he3_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 SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-HE3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-109307-07 Pooling and Servicing Agreement) (Commission 54-2155109 (State or other File Number) 54-2155110 jurisdiction 54-2155111 of Incorporation) 54-2155112 54-2155113 IRS EIN 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 SECURITIES CORP HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates , Series 2004-HE3 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-HE3 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 SECURITIES CORP HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-HE3 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: 10/4/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2004-HE3 Trust, relating to the September 27, 2004 distribution. EX-99.1

Asset Backed Securities Corp Home Equity Loan Trust ~~Asset~~Mortgage ~~Backed~~ Pass-Through Certificates Record Date: 78/31/~~2004~~04 Distribution Date: 89/2527/~~2004~~04 ABSC Series: 2004-HE3 Contact: Customer Service - SecuritiesLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution R 04541GJL7 RES 0.00000% 0.00 0.00 0.00 B-IO 04541GJH6 SUB-IO 0.00000% 0.00 0.00 0.00 A1 04541GJM5 SEN 1.~~67000~~83500% ~~205~~199,~~921~~487,~~825~~891.5275 ~~286~~335,~~574~~555.5426 65,~~433~~900,~~933~~886.76 A1A 04541GJN3 SEN 1.~~83000~~99500% 23,700,000.00 3643,~~142~~341.5038 0.00 A2 04541GJP8 SEN 1.~~69000~~85500% ~~191~~186,~~667~~851,~~638~~493.48 ~~269~~317,~~931~~725.9239 4,~~816~~899,~~145~~049.0053 A2A 04541GJQ6 SEN 1.~~74000~~90500% 2120,~~296~~761,~~404~~277.2805 3036,~~879~~254.7938 ~~535~~544,~~127~~338.2284 A3 04541GJR4 SEN 1.~~60000~~76500% 9996,~~153~~113,~~565~~142.6522 ~~132~~155,~~204~~503.7505 34,~~040~~025,~~423~~884.4357 A3A 04541GJS2 SEN 12.~~85000~~01500% 41,350,000.00 6376,~~747~~376.9290 0.00 M1 04541GJT0 MEZ 12.~~99000~~15500% 50,100,000.00 8398,~~082~~968.5038 0.00 M2 04541GJU7 MEZ 2.~~57000~~73500% 40,300,000.00 86101,~~309~~035.1746 0.00 M3 04541GJV5 MEZ 23.~~85000~~01500% 10,900,000.00 2530,~~887~~124.5088 0.00 M4 04541GJW3 MEZ 3.~~05000~~21500% 9,450,000.00 2427,~~018~~849.7594 0.00 M5 04541GJX1 MEZ 3.~~15000~~31500% 10,550,000.00 2732,~~693~~058.7581 0.00 M6 04541GJY9 MEZ 4.~~20000~~36500% 7,910,000.00 2731,~~685~~649.0089 0.00 M7 04541GJZ6 MEZ 5.~~20000~~36500% 7,911,000.00 3438,~~281~~905.0064 0.00 X 04541GJJ2 OC 0.00000% 13,558,888.61 32,~~011~~737,~~733~~430.2256 0.00 P 04541GJK9 SEN 0.00000% 100.00 ~~185~~253,~~844~~375.2257 0.00 Totals ~~733~~718,~~769~~943,~~422~~793.5411 4,~~326~~316,~~016~~155.5349 1415,~~825~~370,~~629~~159.4170

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 A1 0.00 ~~199~~193,~~487~~587,~~891~~004.7599 6,~~720~~236,~~508~~442.3002 0.00 A1A 0.00 23,700,000.00 3643,~~142~~341.5038 0.00 A2 0.00 ~~186~~181,~~851~~952,~~493~~443.4895 5,~~086~~216,~~076~~774.92 0.00 A2A 0.00 20,~~761~~216,~~277~~938.0522 ~~566~~580,~~007~~593.0122 0.00 A3 0.00 9692,~~113~~087,~~142~~257.2265 34,~~172~~181,~~628~~387.1862 0.00 A3A 0.00 41,350,000.00 6376,~~747~~376.9290 0.00 M1 0.00 50,100,000.00 8398,~~082~~968.5038 0.00 M2 0.00 40,300,000.00 86101,~~309~~035.1746 0.00 M3 0.00 10,900,000.00 2530,~~887~~124.5088 0.00 M4 0.00 9,450,000.00 2427,~~018~~849.7594 0.00 M5 0.00 10,550,000.00 2732,~~693~~058.7581 0.00 M6 0.00 7,910,000.00 2731,~~685~~649.0089 0.00 M7 0.00 7,911,000.00 3438,~~281~~905.0064 0.00 X 0.00 13,558,888.61 32,~~011~~737,~~733~~430.2256 0.00 P 0.00 100.00 ~~185~~253,~~844~~375.2257 0.00 Totals 0.00 ~~718~~703,~~943~~573,~~793~~633.1142 19,~~151~~686,~~645~~315.9419 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) B-IO 0.00 0.00 0.00 0.00 0.00 0.00 A1 213,300,000.00 ~~205~~199,~~921~~487,~~825~~891.5275 0.00 65,~~433~~900,~~933~~886.76 0.00 0.00 A1A 23,700,000.00 23,700,000.00 0.00 0.00 0.00 0.00 A2 198,000,000.00 ~~191~~186,~~667~~851,~~638~~493.48 0.00 4,~~816~~899,~~145~~049.0053 0.00 0.00 A2A 22,000,000.00 2120,~~296~~761,~~404~~277.2805 0.00 ~~535~~544,~~127~~338.2284 0.00 0.00 A3 104,250,000.00 9996,~~153~~113,~~565~~142.6522 0.00 34,~~040~~025,~~423~~884.4357 0.00 0.00 A3A 41,350,000.00 41,350,000.00 0.00 0.00 0.00 0.00 M1 50,100,000.00 50,100,000.00 0.00 0.00 0.00 0.00 M2 40,300,000.00 40,300,000.00 0.00 0.00 0.00 0.00 M3 10,900,000.00 10,900,000.00 0.00 0.00 0.00 0.00 M4 9,450,000.00 9,450,000.00 0.00 0.00 0.00 0.00 M5 10,550,000.00 10,550,000.00 0.00 0.00 0.00 0.00 M6 7,910,000.00 7,910,000.00 0.00 0.00 0.00 0.00 M7 7,911,000.00 7,911,000.00 0.00 0.00 0.00 0.00 X 13,550,489.29 13,558,888.61 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 753,271,589.29 ~~733~~718,~~769~~943,~~422~~793.5411 0.00 1415,~~825~~370,~~629~~159.4170 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 B-IO 0.00 0.00 0.00000000 0.00 A1 65,~~433~~900,~~933~~886.76 ~~199~~193,~~487~~587,~~891~~004.7599 0.~~93524562~~90758090 65,~~433~~900,~~933~~886.76 A1A 0.00 23,700,000.00 1.00000000 0.00 A2 4,~~816~~899,~~145~~049.0053 ~~186~~181,~~851~~952,~~493~~443.4895 0.~~94369441~~91895174 4,~~816~~899,~~145~~049.0053 A2A ~~535~~544,~~127~~338.2284 20,~~761~~216,~~277~~938.0522 0.~~94369441~~91895174 ~~535~~544,~~127~~338.2284 A3 34,~~040~~025,~~423~~884.4357 9692,~~113~~087,~~142~~257.2265 0.~~92194861~~88333101 34,~~040~~025,~~423~~884.4357 A3A 0.00 41,350,000.00 1.00000000 0.00 M1 0.00 50,100,000.00 1.00000000 0.00 M2 0.00 40,300,000.00 1.00000000 0.00 M3 0.00 10,900,000.00 1.00000000 0.00 M4 0.00 9,450,000.00 1.00000000 0.00 M5 0.00 10,550,000.00 1.00000000 0.00 M6 0.00 7,910,000.00 1.00000000 0.00 M7 0.00 7,911,000.00 1.00000000 0.00 X 0.00 13,558,888.61 1.00061985 0.00 P 0.00 100.00 1.00000000 0.00 Totals 1415,~~825~~370,~~629~~159.4170 ~~718~~703,~~943~~573,~~793~~633.1142 0.~~95442839~~93402385 1415,~~825~~370,~~629~~159.4170

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A1 213,300,000.00 ~~965~~935.~~40940234~~24562471 0.00000000 3027.~~16377759~~66472930 0.00000000 A1A 23,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A2 198,000,000.00 ~~968~~943.~~01837616~~69441152 0.00000000 24.~~32396465~~74267439 0.00000000 A2A 22,000,000.00 ~~968~~943.~~01837636~~69441136 0.00000000 24.~~32396455~~74267455 0.00000000 A3 104,250,000.00 ~~951~~921.~~11333957~~94860643 0.00000000 2938.~~16473314~~61759779 0.00000000 A3A 41,350,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 50,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 40,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 10,900,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 9,450,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 10,550,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 7,910,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 7,911,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 13,550,489.29 1000.61985363 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A1 0.00000000 3027.~~16377759~~66472930 ~~935~~907.~~24562471~~58089541 0.~~93524562~~90758090 3027.~~16377759~~66472930 A1A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A2 0.00000000 24.~~32396465~~74267439 ~~943~~918.~~69441152~~95173712 0.~~94369441~~91895174 24.~~32396465~~74267439 A2A 0.00000000 24.~~32396455~~74267455 ~~943~~918.~~69441136~~95173727 0.~~94369441~~91895174 24.~~32396455~~74267455 A3 0.00000000 2938.~~16473314~~61759779 ~~921~~883.~~94860643~~33100863 0.~~92194861~~88333101 2938.~~16473314~~61759779 A3A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 1,000.61985363 1.00061985 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 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 R 0.00 0.00000% 0.00 0.00 0.00 0.00 B-IO 0.00 0.00000% ~~66,000,000~~0.00 0.00 0.00 0.00 A1 213,300,000.00 1.~~67000~~83500% ~~205~~199,~~921~~487,~~825~~891.5275 ~~286~~335,~~574~~555.5426 0.00 0.00 A1A 23,700,000.00 1.~~83000~~99500% 23,700,000.00 3643,~~142~~341.5038 0.00 0.00 A2 198,000,000.00 1.~~69000~~85500% ~~191~~186,~~667~~851,~~638~~493.48 ~~269~~317,~~931~~725.9239 0.00 0.00 A2A 22,000,000.00 1.~~74000~~90500% 2120,~~296~~761,~~404~~277.2805 3036,~~879~~254.7938 0.00 0.00 A3 104,250,000.00 1.~~60000~~76500% 9996,~~153~~113,~~565~~142.6522 ~~132~~155,~~204~~503.7505 0.00 0.00 A3A 41,350,000.00 12.~~85000~~01500% 41,350,000.00 6376,~~747~~376.9290 0.00 0.00 M1 50,100,000.00 12.~~99000~~15500% 50,100,000.00 8398,~~082~~968.5038 0.00 0.00 M2 40,300,000.00 2.~~57000~~73500% 40,300,000.00 86101,~~309~~035.1746 0.00 0.00 M3 10,900,000.00 23.~~85000~~01500% 10,900,000.00 2530,~~887~~124.5088 0.00 0.00 M4 9,450,000.00 3.~~05000~~21500% 9,450,000.00 2427,~~018~~849.7594 0.00 0.00 M5 10,550,000.00 3.~~15000~~31500% 10,550,000.00 2732,~~693~~058.7581 0.00 0.00 M6 7,910,000.00 4.~~20000~~36500% 7,910,000.00 2731,~~685~~649.0089 0.00 0.00 M7 7,911,000.00 5.~~20000~~36500% 7,911,000.00 3438,~~281~~905.0064 0.00 0.00 X 13,550,489.29 0.00000% 13,558,888.61 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 753,271,589.29 1,~~128~~325,~~439~~349.0936 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 R 0.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 A1 0.00 0.00 ~~286~~335,~~574~~555.5426 0.00 ~~199~~193,~~487~~587,~~891~~004.7599 A1A 0.00 0.00 3643,~~142~~341.5038 0.00 23,700,000.00 A2 0.00 0.00 ~~269~~317,~~931~~725.9239 0.00 ~~186~~181,~~851~~952,~~493~~443.4895 A2A 0.00 0.00 3036,~~879~~254.7938 0.00 20,~~761~~216,~~277~~938.0522 A3 0.00 0.00 ~~132~~155,~~204~~503.7505 0.00 9692,~~113~~087,~~142~~257.2265 A3A 0.00 0.00 6376,~~747~~376.9290 0.00 41,350,000.00 M1 0.00 0.00 8398,~~082~~968.5038 0.00 50,100,000.00 M2 0.00 0.00 86101,~~309~~035.1746 0.00 40,300,000.00 M3 0.00 0.00 2530,~~887~~124.5088 0.00 10,900,000.00 M4 0.00 0.00 2427,~~018~~849.7594 0.00 9,450,000.00 M5 0.00 0.00 2732,~~693~~058.7581 0.00 10,550,000.00 M6 0.00 0.00 2731,~~685~~649.0089 0.00 7,910,000.00 M7 0.00 0.00 3438,~~281~~905.0064 0.00 7,911,000.00 X 0.00 0.00 32,~~011~~737,~~733~~430.2256 0.00 13,558,888.61 P 0.00 0.00 ~~185~~253,~~844~~375.2257 0.00 100.00 Totals 0.00 0.00 4,~~326~~316,~~016~~155.5349 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 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~1000~~0.00000000 0.00000000 0.00000000 0.00000000 A1 213,300,000.00 1.~~67000~~83500% ~~965~~935.~~40940234~~24562471 1.~~34352808~~57316109 0.00000000 0.00000000 A1A 23,700,000.00 1.~~83000~~99500% 1000.00000000 1.~~52500000~~82875021 0.00000000 0.00000000 A2 198,000,000.00 1.~~69000~~85500% ~~968~~943.~~01837616~~69441152 1.~~36329253~~60467369 0.00000000 0.00000000 A2A 22,000,000.00 1.~~74000~~90500% ~~968~~943.~~01837636~~69441136 1.~~40362682~~64792636 0.00000000 0.00000000 A3 104,250,000.00 1.~~60000~~76500% ~~951~~921.~~11333957~~94860643 1.~~26815108~~49163597 0.00000000 0.00000000 A3A 41,350,000.00 12.~~85000~~01500% 1000.00000000 1.~~54166675~~84708343 0.00000000 0.00000000 M1 50,100,000.00 12.~~99000~~15500% 1000.00000000 1.~~65833333~~97541677 0.00000000 0.00000000 M2 40,300,000.00 2.~~57000~~73500% 1000.00000000 2.~~14166675~~50708337 0.00000000 0.00000000 M3 10,900,000.00 23.~~85000~~01500% 1000.00000000 2.~~37500000~~76375046 0.00000000 0.00000000 M4 9,450,000.00 3.~~05000~~21500% 1000.00000000 2.~~54166667~~94708360 0.00000000 0.00000000 M5 10,550,000.00 3.~~15000~~31500% 1000.00000000 23.~~62500000~~03874976 0.00000000 0.00000000 M6 7,910,000.00 4.~~20000~~36500% 1000.00000000 34.~~50000000~~00125032 0.00000000 0.00000000 M7 7,911,000.00 5.~~20000~~36500% 1000.00000000 4.~~33333333~~91791682 0.00000000 0.00000000 X 13,550,489.29 0.00000% 1000.61985363 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A1 0.00000000 0.00000000 1.~~34352808~~57316109 0.00000000 ~~935~~907.~~24562471~~58089541 A1A 0.00000000 0.00000000 1.~~52500000~~82875021 0.00000000 1000.00000000 A2 0.00000000 0.00000000 1.~~36329253~~60467369 0.00000000 ~~943~~918.~~69441152~~95173712 A2A 0.00000000 0.00000000 1.~~40362682~~64792636 0.00000000 ~~943~~918.~~69441136~~95173727 A3 0.00000000 0.00000000 1.~~26815108~~49163597 0.00000000 ~~921~~883.~~94860643~~33100863 A3A 0.00000000 0.00000000 1.~~54166675~~84708343 0.00000000 1000.00000000 M1 0.00000000 0.00000000 1.~~65833333~~97541677 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~14166675~~50708337 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~37500000~~76375046 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.~~54166667~~94708360 0.00000000 1000.00000000 M5 0.00000000 0.00000000 23.~~62500000~~03874976 0.00000000 1000.00000000 M6 0.00000000 0.00000000 34.~~50000000~~00125032 0.00000000 1000.00000000 M7 0.00000000 0.00000000 4.~~33333333~~91791682 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~222~~202.~~26010851~~01710074 0.00000000 1000.61985363 P 0.00000000 0.00000000 ~~1858442~~2533755.~~20000000~~70000000 0.00000000 1000.00000000 (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 19,~~349~~580,~~251~~801.3552 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1269,~~043~~459.5231 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0253,375.0057 Total Deposits 19,~~361~~903,~~294~~636.8740 Withdrawals Reimbursement for Servicer Advances ~~414~~12,043.7952 Payment of Service Fee ~~209~~205,~~234~~277.1369 Payment of Interest and Principal 19,~~151~~686,~~645~~315.9519 Total Withdrawals (Pool Distribution Amount) 19,~~361~~903,~~294~~636.8740 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~183~~179,~~442~~735.3695 Strip Amount 25,~~791~~541.7774 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~209~~205,~~234~~277.1369

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 65 0 0 65 ~~909~~673,~~395~~337.0201 0.00 0.00 ~~909~~673,~~395~~337.0201 30 Days 1271 2 0 3 0 1573 111,~~985~~118,~~395~~543.0044 316,111.23 0.00 ~~356,906.40~~ 0.00 211,~~342~~434,~~301~~654.4067 60 Days 315 0 47 0 722 ~~408~~2,~~555~~479,205.5060 0.00 ~~512~~681,~~192~~554.4998 0.00 ~~920~~3,~~747~~160,760.9958 90 Days 03 0 04 0 07 0222,766.0003 0.00 0568,588.0081 0.00 0791,354.0084 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 1589 6 7 11 0 28107 213,~~393~~820,~~950~~515.5007 ~~909~~989,~~395~~448.0224 ~~869~~1,~~098~~250,143.8979 0.00 416,~~172~~060,~~444~~107.4110 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.~~132920~~112867% 0.000000% 0.000000% 0.~~132920~~112867% 0.~~126452~~095672% 0.000000% 0.000000% 0.~~126452~~095672% 30 Days 01.~~265840~~602709% 0.~~000000~~045147% 0.~~066460~~000000% 0.000000% 01.~~332300~~647856% 01.~~276070~~579799% 0.~~000000~~044915% 0.~~049628~~000000% 0.000000% 01.~~325698~~624714% 60 Days 0.~~066460~~338600% 0.000000% 0.~~088613~~158014% 0.000000% 0.~~155073~~496614% 0.~~056810~~352262% 0.000000% 0.~~071221~~096840% 0.000000% 0.~~128030~~449102% 90 Days 0.~~000000~~067720% 0.000000% 0.~~000000~~090293% 0.000000% 0.~~000000~~158014% 0.~~000000~~031652% 0.000000% 0.~~000000~~080789% 0.000000% 0.~~000000~~112441% 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 02.~~332300~~009029% 0.~~132920~~158014% 0.~~155073~~248307% 0.000000% 02.~~620292~~415350% 01.~~332880~~963713% 0.~~126452~~140588% 0.~~120849~~177629% 0.000000% 02.~~580181~~281930%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 1 Fixed 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 10 0 43 ~~401~~634,~~694~~382.4652 0.00 ~~85,698~~0.9600 0.00 ~~487~~634,~~393~~382.4252 60 Days 01 0 1 0 12 0271,017.0090 0.00 6366,~~608~~875.1320 0.00 63337,~~608~~893.1310 90 Days 0 0 01 0 01 0.00 0.00 085,463.0009 0.00 085,463.0009 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 34 0 2 0 56 ~~401~~905,~~694~~400.4642 0.00 ~~149~~152,~~307~~338.0929 0.00 ~~551~~1,~~001~~057,738.5571 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~531915~~538600% 0.000000% 0.~~177305~~000000% 0.000000% 0.~~709220~~538600% 0.~~525122~~841098% 0.000000% 0.~~112032~~000000% 0.000000% 0.~~637154~~841098% 60 Days 0.~~000000~~179533% 0.000000% 0.~~177305~~179533% 0.000000% 0.~~177305~~359066% 0.~~000000~~359330% 0.000000% 0.~~083153~~088667% 0.000000% 0.~~083153~~447996% 90 Days 0.000000% 0.000000% 0.~~000000~~179533% 0.000000% 0.~~000000~~179533% 0.000000% 0.000000% 0.~~000000~~113311% 0.000000% 0.~~000000~~113311% 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.~~531915~~718133% 0.000000% 0.~~354610~~359066% 0.000000% 01.~~886525~~077199% 01.~~525122~~200427% 0.000000% 0.~~195184~~201978% 0.000000% 01.~~720307~~402405% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 1 ARM 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 43 0 0 43 ~~664~~428,~~196~~342.9233 0.00 0.00 ~~664~~428,~~196~~342.9233 30 Days 231 01 0 0 232 ~~257~~4,~~795~~124,770.9618 0235,289.0061 0.00 0.00 ~~257~~4,~~795~~360,059.9679 60 Days 06 0 12 0 18 0930,722.0013 0.00 87189,~~791~~442.0168 0.00 871,~~791~~120,164.0181 90 Days 0 0 01 0 01 0.00 0.00 0119,222.0029 0.00 0119,222.0029 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 237 4 13 0 744 ~~257~~5,~~795~~055,492.9631 ~~664~~663,~~196~~631.9294 87308,~~791~~664.0197 0.00 16,~~009~~027,~~783~~789.8922 0-29 Days 0.~~286533~~219298% 0.000000% 0.000000% 0.~~286533~~219298% 0.~~323297~~213519% 0.000000% 0.000000% 0.~~323297~~213519% 30 Days 02.~~143266~~266082% 0.~~000000~~073099% 0.000000% 0.000000% 02.~~143266~~339181% 02.~~125482~~056104% 0.~~000000~~117287% 0.000000% 0.000000% 02.~~125482~~173391% 60 Days 0.~~000000~~438596% 0.000000% 0.~~071633~~146199% 0.000000% 0.~~071633~~584795% 0.~~000000~~463944% 0.000000% 0.~~042732~~094433% 0.000000% 0.~~042732~~558377% 90 Days 0.000000% 0.000000% 0.~~000000~~073099% 0.000000% 0.~~000000~~073099% 0.000000% 0.000000% 0.~~000000~~059430% 0.000000% 0.~~000000~~059430% 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 02.~~143266~~704678% 0.~~286533~~292398% 0.~~071633~~219298% 0.000000% 03.~~501433~~216374% 02.~~125482~~520048% 0.~~323297~~330805% 0.~~042732~~153862% 0.000000% 03.~~491512~~004716% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 2 Fixed 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 03 0 0 0 03 0438,543.0088 0.00 0.00 0.00 0438,543.0088 60 Days 21 0 0 0 21 ~~311~~51,~~783~~997.5348 0.00 0.00 0.00 ~~311~~51,~~783~~997.5348 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 24 0 0 0 24 ~~311~~490,~~783~~541.5336 0.00 0.00 0.00 ~~311~~490,~~783~~541.5336 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~000000~~610998% 0.000000% 0.000000% 0.000000% 0.~~000000~~610998% 0.~~000000~~627109% 0.000000% 0.000000% 0.000000% 0.~~000000~~627109% 60 Days 0.~~401606~~203666% 0.000000% 0.000000% 0.000000% 0.~~401606~~203666% 0.~~438438~~074355% 0.000000% 0.000000% 0.000000% 0.~~438438~~074355% 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.~~401606~~814664% 0.000000% 0.000000% 0.000000% 0.~~401606~~814664% 0.~~438438~~701464% 0.000000% 0.000000% 0.000000% 0.~~438438~~701464% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 2 ARM No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1 0 0 1 89,~~750~~687.5516 0.00 0.00 89,~~750~~687.5516 30 Days 20 1 0 2 0 21 3,235,231.90 ~~276~~80,~~384~~821.5662 0.00 ~~271,207.44~~ 0.00 ~~547~~3,~~592~~316,053.0052 60 Days 15 0 24 0 39 96758,~~771~~604.9754 0.00 ~~360~~425,~~793~~237.3510 0.00 ~~457~~1,~~565~~183,841.3264 90 Days 0 0 02 0 02 0.00 0.00 0363,903.0043 0.00 0363,903.0043 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 25 2 16 4 0 733 ~~373~~3,~~156~~993,836.5344 89170,~~750~~508.5578 ~~632~~789,~~000~~140.7953 0.00 14,~~094~~953,~~907~~485.8775 0-29 Days 0.~~080580~~082169% 0.000000% 0.000000% 0.~~080580~~082169% 0.~~046952~~047989% 0.000000% 0.000000% 0.~~046952~~047989% 30 Days 01.~~080580~~643385% 0.~~000000~~082169% 0.~~161160~~000000% 0.000000% 01.~~241741~~725555% 01.~~144589~~731062% 0.~~000000~~043245% 0.~~141881~~000000% 0.000000% 01.~~286470~~774307% 60 Days 0.~~080580~~410846% 0.000000% 0.~~161160~~328677% 0.000000% 0.~~241741~~739523% 0.~~050626~~405903% 0.000000% 0.~~188747~~227530% 0.000000% 0.~~239373~~633433% 90 Days 0.000000% 0.000000% 0.~~000000~~164339% 0.000000% 0.~~000000~~164339% 0.000000% 0.000000% 0.~~000000~~194712% 0.000000% 0.~~000000~~194712% 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 02.~~161160~~054232% 0.~~080580~~164339% 0.~~322321~~493016% 0.000000% 02.~~564061~~711586% 02.~~195215~~136966% 0.~~046952~~091233% 0.~~330628~~422242% 0.000000% 02.~~572795~~650441% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 3 Fixed 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 14 0 0 0 14 ~~223~~466,~~380~~314.4319 0.00 0.00 0.00 ~~223~~466,~~380~~314.4319 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 14 0 0 0 14 ~~223~~466,~~380~~314.4319 0.00 0.00 0.00 ~~223~~466,~~380~~314.4319 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 02.~~552486~~298851% 0.000000% 0.000000% 0.000000% 02.~~552486~~298851% 01.~~619735~~334370% 0.000000% 0.000000% 0.000000% 01.~~619735~~334370% 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 02.~~552486~~298851% 0.000000% 0.000000% 0.000000% 02.~~552486~~298851% 01.~~619735~~334370% 0.000000% 0.000000% 0.000000% 01.~~619735~~334370% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 3 ARM No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1 0 0 1 155,~~447~~307.5552 0.00 0.00 155,~~447~~307.5552 30 Days 510 0 0 0 510 ~~826~~2,~~139~~219,300.5977 0.00 0.00 0.00 ~~826~~2,~~139~~219,300.5977 60 Days 02 0 0 0 02 0466,863.0055 0.00 0.00 0.00 0466,863.0055 90 Days 03 0 0 0 03 0222,766.0003 0.00 0.00 0.00 0222,766.0003 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 515 1 0 0 616 ~~826~~2,~~139~~908,930.5935 155,~~447~~307.5552 0.00 0.00 ~~981~~3,~~587~~064,237.1487 0-29 Days 0.~~157729~~160514% 0.000000% 0.000000% 0.~~157729~~160514% 0.~~111902~~114205% 0.000000% 0.000000% 0.~~111902~~114205% 30 Days 01.~~788644~~605136% 0.000000% 0.000000% 0.000000% 01.~~788644~~605136% 01.~~594712~~631952% 0.000000% 0.000000% 0.000000% 01.~~594712~~631952% 60 Days 0.~~000000~~321027% 0.000000% 0.000000% 0.000000% 0.~~000000~~321027% 0.~~000000~~343306% 0.000000% 0.000000% 0.000000% 0.~~000000~~343306% 90 Days 0.~~000000~~481541% 0.000000% 0.000000% 0.000000% 0.~~000000~~481541% 0.~~000000~~163810% 0.000000% 0.000000% 0.000000% 0.~~000000~~163810% 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 02.~~788644~~407705% 0.~~157729~~160514% 0.000000% 0.000000% 02.~~946372~~568218% 02.~~594712~~139067% 0.~~111902~~114205% 0.000000% 0.000000% 02.~~706613~~253272%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 1269,~~043~~459.5231

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~126717~~123879% Weighted Average Net Coupon 6.~~826717~~823879% Weighted Average Pass-Through Rate 6.~~826717~~781248% Weighted Average Maturity(Stepdown Calculation ) ~~354~~353 Beginning Scheduled Collateral Loan Count 4,~~597~~514 Number Of Loans Paid In Full 8384 Ending Scheduled Collateral Loan Count 4,~~514~~430 Beginning Scheduled Collateral Balance ~~733~~718,~~769~~943,~~422~~793.5311 Ending Scheduled Collateral Balance ~~718~~703,~~943~~573,~~793~~633.1141 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2004 ~~719~~703,~~163~~795,~~063~~030.5802 Monthly P &I Constant 4,~~996~~898,~~075~~118.2251 Special Servicing Fee 0.00 Prepayment Penalties 0253,375.0057 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~638~~630,~~269~~061.5228 Unscheduled Principal 14,~~187~~740,~~359~~098.9042

Miscellaneous Reporting Credit Enhancement Percentage 021.~~209585~~4164% Net WAC Rate 6.~~784537~~164771% Overcollateralized Amt 13,558,888.61 Overcollateralization Deficiency 0.00 Overcollateralization Increase ~~8,399~~0.3200 Overcollateralization Release 0.00 Overcollateralization Target 13,558,888.61 Net Monthly Excess Cash Amount 32,~~020~~737,~~132~~430.5356 Payment under CAP Agreement 0.00 Has Stepdown Date Occurred NO In Trigger Event NO A1 PTR (excl CAP) for Next Distribution 12.~~835~~06 A1A PTR (excl CAP) for Next Distribution 12.~~995~~22 A2 PTR (excl CAP) for Next Distribution 12.~~855~~08 A2A PTR (excl CAP) for Next Distribution 12.~~905~~13 A3 PTR (excl CAP) for Next Distribution 1.~~765~~99 A3A PTR (excl CAP) for Next Distribution 2.~~015~~24 M1 PTR (excl CAP) for Next Distribution 2.~~155~~38 M2 PTR (excl CAP) for Next Distribution 2.~~735~~96 M3 PTR (excl CAP) for Next Distribution 3.~~015~~24 M4 PTR (excl CAP) for Next Distribution 3.~~215~~44 M5 PTR (excl CAP) for Next Distribution 3.~~315~~54 M6 PTR (excl CAP) for Next Distribution 4.~~365~~59 M7 PTR (excl CAP) for Next Distribution 5.~~365~~59

Group Level Collateral Statement Group Grp 1 Fixed Grp 1 ARM Grp 2 Fixed Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.~~287600~~180513 7.~~136630~~138947 7.~~168291~~010033 Weighted Average Net Rate 6.~~987600~~880514 6.~~836630~~838946 6.~~868291~~710034 Weighted Average Maturity ~~353~~352 352 353 ~~354~~ Beginning Loan Count ~~574~~564 1,~~423~~396 ~~504~~498 Loans Paid In Full 107 2728 67 Ending Loan Count ~~564~~557 1,~~396~~368 ~~498~~491 Beginning Scheduled Balance 7876,~~089~~476,~~108~~023.0268 ~~210~~205,~~195~~375,~~544~~164.9328 71,~~911~~094,~~914~~878.6282 Ending scheduled Balance 7675,~~476~~402,~~023~~683.6872 ~~205~~200,~~375~~547,~~164~~617.2848 7169,~~094~~908,~~878~~642.8233 Record Date 0708/31/2004 0708/31/2004 0708/31/2004 Principal And Interest Constant ~~553~~542,~~324~~962.2453 1,~~422~~391,~~335~~858.9837 ~~501~~495,~~392~~410.5871 Scheduled Principal 7978,~~089~~752.0983 ~~172~~169,~~262~~538.8006 71,~~821~~457.2842 Unscheduled Principal 1994,~~533,995~~587.2513 4,~~648~~658,~~117~~008.8574 ~~745~~1,~~214~~114,779.5207 Scheduled Interest ~~474~~464,~~235~~209.1570 1,~~250~~222,~~073~~320.1831 ~~429~~423,~~571~~953.3029 Servicing Fees 19,~~522~~119.2801 5251,~~548~~343.8979 17,~~977~~773.9872 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest ~~454~~445,~~712~~090.8769 1,~~197~~170,~~524~~976.2952 ~~411~~406,~~593~~179.3257 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~987600~~838280 6.~~836630~~795859 6.~~868291~~667443

Group Level Collateral Statement Group Grp 2 ARM Grp 3 Fixed Grp 3 ARM Collateral Description Mixed ARM Mixed Fixed Mixed ARM Weighted Average Coupon Rate 7.~~140718~~132660 76.~~010124~~988883 7.~~012753~~015522 Weighted Average Net Rate 6.~~840718~~832660 6.~~710124~~688883 6.~~712753~~715522 Weighted Average Maturity ~~354~~353 ~~356~~355 ~~356~~355 Beginning Loan Count 1,~~266~~241 ~~186~~181 ~~644~~634 Loans Paid In Full 2524 57 1011 Ending Loan Count 1,~~241~~217 ~~181~~174 ~~634~~623 Beginning Scheduled Balance ~~195~~191,~~623~~088,~~001~~768.8212 36,~~419~~037,~~762~~667.0849 ~~141~~138,~~530~~871,~~091~~290.0672 Ending scheduled Balance ~~191~~186,~~088~~831,~~768~~616.1224 3634,~~037~~938,~~667~~218.4920 ~~138~~135,~~871~~944,~~290~~855.7244 Record Date 0708/31/2004 0708/31/2004 0708/31/2004 Principal And Interest Constant 1,~~324~~294,~~959~~314.1034 ~~246~~243,~~860~~270.5870 ~~947~~930,~~202~~301.7486 Scheduled Principal ~~160~~158,~~885~~505.1406 3433,~~104~~384.7283 ~~120~~118,~~106~~423.4908 Unscheduled Principal 4,~~373~~098,~~348~~646.5682 ~~347~~1,~~989~~066,064.8746 2,~~538~~808,~~693~~012.8520 Scheduled Interest 1,~~164~~135,~~073~~809.9628 ~~212~~209,~~755~~885.8687 ~~827~~811,~~096~~878.2578 Servicing Fees 4847,~~905~~772.7519 9,~~104~~009.9442 3534,~~382~~717.5282 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 1,~~115~~088,~~168~~037.2109 ~~203~~200,~~650~~876.9245 ~~791~~777,~~713~~160.7396 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~840718~~832660 6.~~710124~~688883 6.~~712753~~715522

Group Level Collateral Statement Group Total Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~126717~~123879 Weighted Average Net Rate 6.~~826717~~823879 Weighted Average Maturity ~~354~~353.00 Record Date 0708/31/2004 Principal And Interest Constant 4,~~996~~898,~~075~~118.2251 Beginning Loan Count 4,~~597~~514 Loans Paid In Full 8384 Ending Loan Count 4,~~514~~430 Beginning Scheduled Balance ~~733~~718,~~769~~943,~~422~~793.5311 Ending Scheduled Balance ~~718~~703,~~943~~573,~~793~~633.1141 Scheduled Principal ~~638~~630,~~269~~061.5228 Unscheduled Principal 14,~~187~~740,~~359~~098.9042 Scheduled Interest 4,~~357~~268,~~805~~057.7023 Servicing Fee ~~183~~179,~~442~~735.3695 Master Servicing Fee 0.00 Trustee Fee 0.00 Fry Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 4,~~174~~088,~~363~~321.3428 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 6.~~826717~~781248

Filing Compare · Asset Back Pass-Through Certificates, Series 2004-HE3