8-K 1 gsa04007_nov.txt NOVEMBER 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): November 26, 2004 GSAA HOME EQUITY TRUST Asset Backed Certificates, Series 2004-7 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-117485-04 54-6636415 Pooling and Servicing Agreement) (Commission 54-6636543 (State or other File Number) 54-6636544 jurisdiction IRS EIN of Incorporation) C/O Wells Fargo Bank, N. A. 9062 Old Annapoils Rd. 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 November 26, 2004 a distribution was made to holders of GSAA HOME EQUITY TRUST, Asset Backed Certificates, Series 2004-7 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 2004-7 Trust, relating to the November 26, 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. GSAA HOME EQUITY TRUST Asset Backed Certificates, Series 2004-7 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: 12/2/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-7 Trust, relating to the November 26, 2004 distribution. EX-99.1

GS Mortgage Securities Corp ~~Mortgage~~Asset ~~Pass-Through~~Backed Certificates Record Date: 810/31/2004 Distribution Date: 911/2726/2004 GSA Series: 2004-7 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 R 36242DEE9 SEN 0.00000% 0.00 0.00 0.00 AV-1 36242DDA8 SEN 12.~~82000~~11250% ~~107~~92,~~665~~286,~~000~~704.0029 ~~146~~173,~~953~~273.7022 68,~~966~~455,~~040~~652.8272 AF-2 36242DDB6 SEN 4.53400% 65,734,000.00 248,~~349~~335.7130 0.00 AF-3 36242DDC4 SEN 5.24200% 26,718,000.00 116,~~705~~699.9619 0.00 AF-4 36242DDD2 SEN 6.05000% 45,360,000.00 228,~~675~~662.9669 0.00 AF-5 36242DDE0 SEN 5.18700% 27,275,000.00 117,~~888~~882.9511 0.00 M-1 36242DDF7 MEZ 5.61400% 5,598,000.00 26,~~187~~186.7018 0.00 M-2 36242DDG5 MEZ 6.05000% 3,875,000.00 19,~~535~~534.2612 0.00 B-1 36242DDH3 SUB 6.05000% 3,301,000.00 16,~~641~~640.5255 0.00 B-2 36242DEG4 SUB 6.05000% 1,581,000.00 7,~~970~~969.3992 0.00 X 36242DEF6 SEN 0.00000% ~~529~~1,005,745.3589 0.00 0.00 Totals ~~287~~272,~~107~~734,~~529~~450.3518 ~~928~~955,~~909~~183.1528 68,~~966~~455,~~040~~652.8272

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 AV-1 0.00 ~~100~~83,~~698~~831,~~959~~051.1857 78,~~112~~628,~~994~~925.5294 0.00 AF-2 0.00 65,734,000.00 248,~~349~~335.7130 0.00 AF-3 0.00 26,718,000.00 116,~~705~~699.9619 0.00 AF-4 0.00 45,360,000.00 228,~~675~~662.9669 0.00 AF-5 0.00 27,275,000.00 117,~~888~~882.9511 0.00 M-1 0.00 5,598,000.00 26,~~187~~186.7018 0.00 M-2 0.00 3,875,000.00 19,~~535~~534.2612 0.00 B-1 0.00 3,301,000.00 16,~~641~~640.5255 0.00 B-2 0.00 1,581,000.00 7,~~970~~969.3992 0.00 X 0.00 ~~525~~1,~~860~~428,627.0253 0.00 0.00 Totals 0.00 ~~280~~264,~~666~~701,~~819~~679.2010 79,~~894~~410,~~949~~836.9700 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) R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 AV-1 107,665,000.00 ~~107~~92,~~665~~286,~~000~~704.0029 0.00 68,~~966~~455,~~040~~652.8272 0.00 0.00 AF-2 65,734,000.00 65,734,000.00 0.00 0.00 0.00 0.00 AF-3 26,718,000.00 26,718,000.00 0.00 0.00 0.00 0.00 AF-4 45,360,000.00 45,360,000.00 0.00 0.00 0.00 0.00 AF-5 27,275,000.00 27,275,000.00 0.00 0.00 0.00 0.00 M-1 5,598,000.00 5,598,000.00 0.00 0.00 0.00 0.00 M-2 3,875,000.00 3,875,000.00 0.00 0.00 0.00 0.00 B-1 3,301,000.00 3,301,000.00 0.00 0.00 0.00 0.00 B-2 1,581,000.00 1,581,000.00 0.00 0.00 0.00 0.00 X 529.35 ~~529~~1,005,745.3589 0.00 0.00 0.00 0.00 Totals 287,107,529.35 ~~287~~272,~~107~~734,~~529~~450.3518 0.00 68,~~966~~455,~~040~~652.8272 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 R 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 AV-1 68,~~966~~455,~~040~~652.8272 ~~100~~83,~~698~~831,~~959~~051.1857 0.~~93529893~~77862863 68,~~966~~455,~~040~~652.8272 AF-2 0.00 65,734,000.00 1.00000000 0.00 AF-3 0.00 26,718,000.00 1.00000000 0.00 AF-4 0.00 45,360,000.00 1.00000000 0.00 AF-5 0.00 27,275,000.00 1.00000000 0.00 M-1 0.00 5,598,000.00 1.00000000 0.00 M-2 0.00 3,875,000.00 1.00000000 0.00 B-1 0.00 3,301,000.00 1.00000000 0.00 B-2 0.00 1,581,000.00 1.00000000 0.00 X 0.00 ~~525~~1,~~860~~428,627.0253 ~~993~~2,698.~~40704638~~83353169 0.00 Totals 68,~~966~~455,~~040~~652.8272 ~~280~~264,~~666~~701,~~819~~679.2010 0.~~97756691~~92196007 68,~~966~~455,~~040~~652.8272

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 AV-1 107,665,000.00 ~~1000~~857.~~00000000~~16532104 0.00000000 6478.~~70107110~~53668992 0.00000000 AF-2 65,734,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 AF-3 26,718,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 AF-4 45,360,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 AF-5 27,275,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 5,598,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 3,875,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 3,301,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 1,581,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 529.35 ~~1000~~1899963.~~00000000~~89912156 0.00000000 0.00000000 0.00000000 The minimum denomination for each class of the principal certificates will be $50,000 except for class A which will have a $5,000 denomination.

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 AV-1 0.00000000 6478.~~70107110~~53668992 ~~935~~778.~~29892890~~62863112 0.~~93529893~~77862863 6478.~~70107110~~53668992 AF-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 AF-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 AF-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 AF-5 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 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 ~~993~~2,~~407~~698,833.~~04637763~~53168981 ~~993~~2698.~~40704638~~83353169 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 AV-1 107,665,000.00 12.~~82000~~11250% ~~107~~92,~~665~~286,~~000~~704.0029 ~~146~~173,~~962~~293.7392 0.00 0.00 AF-2 65,734,000.00 4.53400% 65,734,000.00 248,364.96 0.00 0.00 AF-3 26,718,000.00 5.24200% 26,718,000.00 116,713.13 0.00 0.00 AF-4 45,360,000.00 6.05000% 45,360,000.00 228,690.00 0.00 0.00 AF-5 27,275,000.00 5.18700% 27,275,000.00 117,896.19 0.00 0.00 M-1 5,598,000.00 5.61400% 5,598,000.00 26,189.31 0.00 0.00 M-2 3,875,000.00 6.05000% 3,875,000.00 19,536.46 0.00 0.00 B-1 3,301,000.00 6.05000% 3,301,000.00 16,642.54 0.00 0.00 B-2 1,581,000.00 6.05000% 1,581,000.00 7,970.88 0.00 0.00 X 529.35 0.00000% ~~529~~1,005,745.3589 0.00 0.00 0.00 Totals 287,107,529.35 ~~928~~955,~~966~~297.2039 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 AV-1 920.0370 0.00 ~~146~~173,~~953~~273.7022 0.00 ~~100~~83,~~698~~831,~~959~~051.1857 AF-2 1529.2566 0.00 248,~~349~~335.7130 0.00 65,734,000.00 AF-3 713.1794 0.00 116,~~705~~699.9619 0.00 26,718,000.00 AF-4 1427.0431 0.00 228,~~675~~662.9669 0.00 45,360,000.00 AF-5 714.2408 0.00 117,~~888~~882.9511 0.00 27,275,000.00 M-1 13.6113 0.00 26,~~187~~186.7018 0.00 5,598,000.00 M-2 12.2033 0.00 19,~~535~~534.2612 0.00 3,875,000.00 B-1 1.0299 0.00 16,~~641~~640.5255 0.00 3,301,000.00 B-2 0.4995 0.00 7,~~970~~969.3992 0.00 1,581,000.00 X 0.00 0.00 0.00 0.00 ~~525~~1,~~860~~428,627.0253 Totals 57114.0509 0.00 ~~928~~955,~~909~~183.1528 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 AV-1 107,665,000.00 12.~~82000~~11250% ~~1000~~857.~~00000000~~16532104 1.~~36500005~~60956597 0.00000000 0.00000000 AF-2 65,734,000.00 4.53400% 1000.00000000 3.77833328 0.00000000 0.00000000 AF-3 26,718,000.00 5.24200% 1000.00000000 4.36833333 0.00000000 0.00000000 AF-4 45,360,000.00 6.05000% 1000.00000000 5.04166667 0.00000000 0.00000000 AF-5 27,275,000.00 5.18700% 1000.00000000 4.32250009 0.00000000 0.00000000 M-1 5,598,000.00 5.61400% 1000.00000000 4.67833333 0.00000000 0.00000000 M-2 3,875,000.00 6.05000% 1000.00000000 5.04166710 0.00000000 0.00000000 B-1 3,301,000.00 6.05000% 1000.00000000 5.04166616 0.00000000 0.00000000 B-2 1,581,000.00 6.05000% 1000.00000000 5.04166983 0.00000000 0.00000000 X 529.35 0.00000% ~~1000~~1899963.~~00000000~~89912156 0.00000000 0.00000000 0.00000000 The minimum denomination for each class of the principal certificates will be $50,000 except for class A which will have a $5,000 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 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 AV-1 0.~~00008387~~00019226 0.00000000 1.~~36491618~~60937371 0.00000000 ~~935~~778.~~29892890~~62863112 AF-2 0.~~00023200~~00045121 0.00000000 3.~~77810129~~77788207 0.00000000 1000.00000000 AF-3 0.~~00026836~~00052175 0.00000000 4.~~36806497~~36781159 0.00000000 1000.00000000 AF-4 0.~~00030952~~00060207 0.00000000 5.~~04135714~~04106459 0.00000000 1000.00000000 AF-5 0.~~00026544~~00051622 0.00000000 4.~~32223465~~32198387 0.00000000 1000.00000000 M-1 0.~~00028760~~00055913 0.00000000 4.~~67804573~~67777421 0.00000000 1000.00000000 M-2 0.~~00030968~~00060129 0.00000000 5.~~04135742~~04106323 0.00000000 1000.00000000 B-1 0.~~00030900~~00060285 0.00000000 5.~~04135716~~04106331 0.00000000 1000.00000000 B-2 0.~~00030993~~00060089 0.00000000 5.~~04135990~~04106262 0.00000000 1000.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 ~~993407~~2698833.~~04637763~~53168981 (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 79,~~930~~433,~~889~~229.4771 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) 0.00 Prepayment Penalties 0.00 Total Deposits 79,~~930~~433,~~889~~229.4771 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 6966,~~630~~288.6327 Payment of Interest and Principal 79,~~894~~410,~~949~~836.9700 Total Withdrawals (Pool Distribution Amount) 79,~~964~~477,~~580~~124.6027 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 57114.0509

SERVICING FEES Gross Servicing Fee 6461,~~845~~742.5070 Master Servicing Fee 4,~~785~~545.1357 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 6966,~~630~~288.6327

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 1224 0 0 0 1224 56,~~552~~470,~~010~~153.1430 0.00 0.00 0.00 56,~~552~~470,~~010~~153.1430 60 Days 02 04 01 0 07 0365,690.0023 0174,112.0088 057,817.0034 0.00 0597,620.0045 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 1226 04 01 0 1231 56,~~552~~835,~~010~~843.1453 0174,112.0088 057,817.0034 0.00 57,~~552~~067,~~010~~773.1475 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~744879~~560468% 0.000000% 0.000000% 0.000000% 01.~~744879~~560468% 12.~~976535~~442162% 0.000000% 0.000000% 0.000000% 12.~~976535~~442162% 60 Days 0.~~000000~~130039% 0.~~000000~~260078% 0.~~000000~~065020% 0.000000% 0.~~000000~~455137% 0.~~000000~~138030% 0.~~000000~~065719% 0.~~000000~~021823% 0.000000% 0.~~000000~~225572% 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 01.~~744879~~690507% 0.~~000000~~260078% 0.~~000000~~065020% 0.000000% 02.~~744879~~015605% 12.~~976535~~580192% 0.~~000000~~065719% 0.~~000000~~021823% 0.000000% 12.~~976535~~667734%

COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 6.~~407683~~393320% Weighted Average Net Coupon 6.~~136654~~121659% Weighted Average Pass-Through Rate 6.~~078407~~063828% Weighted Average Maturity(Stepdown Calculation ) ~~343~~341 Beginning Scheduled Collateral Loan Count 1,~~642~~575 Number Of Loans Paid In Full 3137 Ending Scheduled Collateral Loan Count 1,~~611~~538 Beginning Scheduled Collateral Balance ~~287~~272,~~107~~734,~~529~~450.3518 Ending Scheduled Collateral Balance ~~280~~264,~~666~~701,~~819~~679.2010 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~280~~264,~~896~~935,~~179~~460.5061 Monthly P &I Constant 1,~~838~~749,~~648~~865.7685 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~305~~296,~~570~~800.3140 Unscheduled Principal 67,~~135~~735,~~139~~970.8468

Filing Compare · GS Mortgage GSAA Home Eq. Trust 2004-7