8-K 1 ace04hs1_dec.txt DECEMBER 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): December 27, 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 December 27, 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 December 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. 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: 12/29/2004 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 December 27, 2004 distribution. EX-99.1

ACE Securities Corporation ~~Mortgage~~Asset Backed Pass-Through Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ACE Securities Corporation Asset Backed Pass-Through Certificates 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 2.~~19250~~44000% ~~219~~207,~~749~~054,~~471~~987.0518 ~~428~~435,~~267~~045.3055 12,~~694~~089,~~483~~829.8733 A-2 004421DY6 SEN 2.~~22250~~47000% 3329,~~061~~740,~~154~~031.0006 6563,~~314~~255.1540 31,~~321~~261,~~122~~726.9474 A-3 004421DZ3 SEN 2.~~33250~~58000% 33,548,000.00 6974,~~556~~532.1948 0.00 M-1 004421EA7 MEZ 2.~~48250~~73000% 25,800,000.00 5660,~~932~~651.0050 0.00 M-2 004421EB5 MEZ 3.~~13250~~38000% 21,313,000.00 5962,~~344~~032.8667 0.00 M-3 004421EC3 MEZ 3.~~43250~~68000% 6,730,000.00 2021,~~533~~326.9862 0.00 M-4 004421ED1 MEZ 3.~~63250~~88000% 5,609,000.00 18,~~110~~740.8429 0.00 M-5 004421EE9 MEZ 34.~~93250~~18000% 5,609,000.00 1920,~~606~~189.5728 0.00 M-6 004421EF6 MEZ 5.~~43250~~68000% 4,487,000.00 21,~~667~~946.2242 0.00 CE 111282976 JUN 0.00000% 2,243,498.28 1,~~268~~048,~~652~~254.4995 0.00 P 111282984 SEN 0.00000% 100.00 ~~220~~177,~~772~~625.4059 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 ~~358~~342,~~150~~134,~~223~~616.3352 2,~~248~~003,~~758~~600.0075 1613,~~015~~351,~~606~~556.8107

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~207~~194,~~054~~965,~~987~~157.1884 1312,~~122~~524,~~751~~874.1788 0.00 A-2 0.00 2928,~~740~~478,~~031~~304.0632 31,~~386~~324,~~437~~982.0914 0.00 A-3 0.00 33,548,000.00 6974,~~556~~532.1948 0.00 M-1 0.00 25,800,000.00 5660,~~932~~651.0050 0.00 M-2 0.00 21,313,000.00 5962,~~344~~032.8667 0.00 M-3 0.00 6,730,000.00 2021,~~533~~326.9862 0.00 M-4 0.00 5,609,000.00 18,~~110~~740.8429 0.00 M-5 0.00 5,609,000.00 1920,~~606~~189.5728 0.00 M-6 0.00 4,487,000.00 21,~~667~~946.2242 0.00 CE 0.00 2,243,498.28 1,~~268~~048,~~652~~254.4995 0.00 P 0.00 100.00 ~~220~~177,~~772~~625.4059 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 ~~342~~328,~~134~~783,~~616~~060.5244 1815,~~264~~355,~~364~~156.8182 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 ~~219~~207,~~749~~054,~~471~~987.0518 0.00 12,~~694~~089,~~483~~829.8733 0.00 0.00 A-2 41,426,000.00 3329,~~061~~740,~~154~~031.0006 0.00 31,~~321~~261,~~122~~726.9474 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 2,243,498.28 0.00 0.00 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 ~~358~~342,~~150~~134,~~223~~616.3352 0.00 1613,~~015~~351,~~606~~556.8107 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 12,~~694~~089,~~483~~829.8733 ~~207~~194,~~054~~965,~~987~~157.1884 0.~~68576241~~64572111 12,~~694~~089,~~483~~829.8733 A-2 31,~~321~~261,~~122~~726.9474 2928,~~740~~478,~~031~~304.0632 0.~~71790738~~68745001 31,~~321~~261,~~122~~726.9474 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 0.00 2,243,498.28 0.99997417 0.00 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 1613,~~015~~351,~~606~~556.8107 ~~342~~328,~~134~~783,~~616~~060.5244 0.~~76250252~~73274641 1613,~~015~~351,~~606~~556.8107

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 ~~727~~685.~~80631214~~76240894 0.00000000 4240.~~04390320~~04129820 0.00000000 A-2 41,426,000.00 ~~798~~717.~~07739101~~90737846 0.00000000 8030.~~17001255~~45736349 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 2,243,556.24 999.97416601 0.00000000 0.00000000 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 4240.~~04390320~~04129820 ~~685~~645.~~76240894~~72111071 0.~~68576241~~64572111 4240.~~04390320~~04129820 A-2 0.00000000 8030.~~17001255~~45736349 ~~717~~687.~~90737846~~45001497 0.~~71790738~~68745001 8030.~~17001255~~45736349 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 0.00000000 999.97416601 0.99997417 0.00000000 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 2.~~19250~~44000% ~~219~~207,~~749~~054,~~471~~987.0518 ~~428~~435,~~267~~045.3053 0.00 0.00 A-2 41,426,000.00 2.~~22250~~47000% 3329,~~061~~740,~~154~~031.0006 6563,~~314~~255.1539 0.00 0.00 A-3 33,548,000.00 2.~~33250~~58000% 33,548,000.00 6974,~~556~~532.1947 0.00 0.00 M-1 25,800,000.00 2.~~48250~~73000% 25,800,000.00 5660,~~932~~651.0050 0.00 0.00 M-2 21,313,000.00 3.~~13250~~38000% 21,313,000.00 5962,~~344~~032.8667 0.00 0.00 M-3 6,730,000.00 3.~~43250~~68000% 6,730,000.00 2021,~~533~~326.9862 0.00 0.00 M-4 5,609,000.00 3.~~63250~~88000% 5,609,000.00 18,~~110~~740.8429 0.00 0.00 M-5 5,609,000.00 34.~~93250~~18000% 5,609,000.00 1920,~~606~~189.5728 0.00 0.00 M-6 4,487,000.00 5.~~43250~~68000% 4,487,000.00 21,~~667~~946.2242 0.00 0.00 CE 2,243,556.24 0.00000% 2,243,498.28 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 ~~759~~777,~~333~~720.1117 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 (0.0001) 0.00 ~~428~~435,~~267~~045.3055 0.00 ~~207~~194,~~054~~965,~~987~~157.1884 A-2 0.00 0.00 6563,~~314~~255.1540 0.00 2928,~~740~~478,~~031~~304.0632 A-3 0.00 0.00 6974,~~556~~532.1948 0.00 33,548,000.00 M-1 0.00 0.00 5660,~~932~~651.0050 0.00 25,800,000.00 M-2 0.00 0.00 5962,~~344~~032.8667 0.00 21,313,000.00 M-3 0.00 0.00 2021,~~533~~326.9862 0.00 6,730,000.00 M-4 0.00 0.00 18,~~110~~740.8429 0.00 5,609,000.00 M-5 0.00 0.00 1920,~~606~~189.5728 0.00 5,609,000.00 M-6 0.00 0.00 21,~~667~~946.2242 0.00 4,487,000.00 CE 0.00 0.00 1,~~268~~048,~~652~~254.4995 0.00 2,243,498.28 P 0.00 0.00 ~~220~~177,~~772~~625.4059 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 (0.0001) 0.00 2,~~248~~003,~~758~~600.0075 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 2.~~19250~~44000% ~~727~~685.~~80631214~~76240894 1.~~41841363~~44086300 0.00000000 0.00000000 A-2 41,426,000.00 2.~~22250~~47000% ~~798~~717.~~07739101~~90737846 1.~~57664631~~52694902 0.00000000 0.00000000 A-3 33,548,000.00 2.~~33250~~58000% 1000.00000000 2.~~07333343~~22166657 0.00000000 0.00000000 M-1 25,800,000.00 2.~~48250~~73000% 1000.00000000 2.~~20666667~~35083333 0.00000000 0.00000000 M-2 21,313,000.00 3.~~13250~~38000% 1000.00000000 2.~~78444424~~91055553 0.00000000 0.00000000 M-3 6,730,000.00 3.~~43250~~68000% 1000.00000000 3.~~05111144~~16888856 0.00000000 0.00000000 M-4 5,609,000.00 3.~~63250~~88000% 1000.00000000 3.~~22888929~~34111071 0.00000000 0.00000000 M-5 5,609,000.00 34.~~93250~~18000% 1000.00000000 3.~~49555536~~59944375 0.00000000 0.00000000 M-6 4,487,000.00 5.~~43250~~68000% 1000.00000000 4.~~82888790~~89111210 0.00000000 0.00000000 CE 2,243,556.24 0.00000% 999.97416601 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~~00000003) 0.00000000 1.~~41841363~~44086307 0.00000000 ~~685~~645.~~76240894~~72111071 A-2 0.00000000 0.00000000 1.~~57664631~~52694926 0.00000000 ~~717~~687.~~90737846~~45001497 A-3 0.00000000 0.00000000 2.~~07333343~~22166687 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.~~20666667~~35083333 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~78444424~~91055553 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~05111144~~16888856 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 3.~~22888929~~34111071 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 3.~~49555536~~59944375 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 4.~~82888790~~89111210 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~565~~467.~~46498250~~22918343 0.00000000 999.97416601 P 0.00000000 0.00000000 ~~2207724~~1776255.~~00000000~~90000000 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 1815,~~394~~613,~~944~~157.6258 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~194~~215,~~139~~291.7403 Realized Loss (Gains, Subsequent Expenses & Recoveries) (~~650~~114,596.0050) Prepayment Penalties ~~220~~177,~~772~~625.4059 Total Deposits 1815,~~809~~891,~~206~~477.7670 Withdrawals Reimbursement for Servicer Advances ~~186~~194,~~041~~139.5174 Payment of Service Fee ~~358~~342,~~800~~181.4414 Payment of Interest and Principal 1815,~~264~~355,~~364~~156.8182 Total Withdrawals (Pool Distribution Amount) 1815,~~809~~891,~~206~~477.7670 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~149~~142,~~229~~556.2409 Credit Risk Manager Fee - The Murrayhill Company 4,~~476~~276.9465 Master Servicing Fee - Wells Fargo 4,~~476~~276.9465 MGIC ~~200~~191,~~617~~071.3275 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~358~~342,~~800~~181.4414

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 12 23 0 1415 1,~~415~~365,~~660~~166.0890 ~~274~~376,~~792~~342.0894 0.00 1,~~690~~741,~~452~~509.1684 30 Days 6972 2 3 1 0 7476 9,~~542~~922,~~718~~212.5393 ~~323~~513,~~607~~037.8449 ~~507~~118,~~826~~327.8453 0.00 10,~~374~~553,~~153~~577.2195 60 Days 1119 54 1013 0 2636 12,~~351~~446,~~898~~026.8189 ~~563~~260,~~370~~968.0936 1,~~204~~964,~~751~~759.5997 0.00 34,~~120~~671,~~020~~755.4922 90 Days 53 26 1317 0 2026 ~~750~~340,~~676~~950.7711 ~~528~~1,~~319~~016,852.7306 12,~~507~~126,~~041~~472.0187 0.00 23,~~786~~484,~~037~~275.5104 120 Days 3 1 6 13 0 2017 ~~232~~406,~~011~~840.6382 ~~700~~59,~~471~~083.6940 1,~~922~~746,~~088~~678.2285 0.00 2,~~854~~212,~~571~~603.5407 150 Days 0 1 43 4 9 0~~.00~~ 6113 232,~~967~~011.5563 ~~550~~519,~~181~~892.9582 ~~459~~1,~~655~~265,159.9330 10.00 2,~~071~~017,~~805~~063.4375 180+ Days 32 911 23 1819 5355 ~~266~~136,~~460~~556.3885 ~~956~~1,~~814~~100,370.8954 2,~~758~~690,~~719~~751.5642 12,~~904~~119,~~549~~664.7283 56,~~886~~047,~~544~~343.5564 Totals 89100 3740 6879 2219 ~~216~~238 1213,~~143~~484,~~766~~599.1223 4,~~550~~835,~~211~~371.8757 810,~~725~~288,~~401~~492.2588 2,~~364~~119,~~205~~664.6583 2730,~~783~~728,~~584~~128.8951 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.~~452489~~466744% 0.~~075415~~116686% 0.000000% 0.~~527903~~583431% 0.~~413532~~414946% 0.~~080270~~114390% 0.000000% 0.~~493802~~529336% 30 Days 2.~~601810~~800467% 0.~~075415~~116686% 0.~~113122~~038895% 0.000000% 2.~~790347~~956048% 23.~~787545~~015882% 0.~~094530~~155939% 0.~~148342~~035966% 0.000000% 3.~~030418~~207787% 60 Days 0.~~414781~~739012% 0.~~188537~~155581% 0.~~377074~~505640% 0.000000% 01.~~980392~~400233% 0.~~394906~~743476% 0.~~164567~~079322% 0.~~351923~~597194% 0.000000% 01.~~911396~~419992% 90 Days 0.~~188537~~116686% 0.~~075415~~233372% 0.~~490196~~661221% 0.000000% 01.~~754148~~011280% 0.~~219282~~103633% 0.~~154329~~309075% 0.~~440225~~646347% 0.000000% 01.~~813836~~059054% 120 Days 0.~~037707~~116686% 0.~~226244~~038895% 0.~~490196~~505640% 0.000000% 0.~~754148~~661221% 0.~~067773~~123660% 0.~~204616~~017959% 0.~~561466~~530907% 0.000000% 0.~~833855~~672526% 150 Days 0.~~000000~~038895% 0.~~037707~~116686% 0.~~150830~~350058% 0.~~150830~~000000% 0.~~339367~~505640% 0.~~000000~~070521% 0.~~018101~~158023% 0.~~160715~~384548% 0.~~134271~~000000% 0.~~313088~~613092% 180+ Days 0.~~113122~~077791% 0.~~339367~~427849% 0.~~867270~~894594% 0.~~678733~~739012% 12.~~998492~~139245% 0.~~077836~~041507% 0.~~279497~~334460% 0.~~805856~~817861% 0.~~556342~~644278% 1.~~719532~~838106% Totals 3.~~355958~~889537% 1.~~395173~~555815% 23.~~564103~~072734% 0.~~829563~~739012% 89.~~144796~~257098% 34.~~547343~~098678% 1.~~329173~~469724% 23.~~548797~~127214% 0.~~690613~~644278% 89.~~115926~~339893%

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 21 1 0 32 ~~293~~103,~~672~~922.3715 77,~~761~~718.7092 0.00 ~~371~~181,~~434~~641.07 30 Days 2219 12 0 0 2321 2,~~289~~303,~~657~~407.8779 ~~122~~312,~~958~~533.4091 0.00 0.00 2,~~412~~615,~~616~~941.2770 60 Days 5 3 2 3 0 810 ~~198~~375,~~951~~991.6781 ~~140~~195,~~313~~769.8385 ~~281~~106,~~447~~201.4719 0.00 ~~620~~677,~~712~~962.9785 90 Days 0 1 34 0 45 0.00 4863,~~944~~060.8987 ~~209~~300,~~175~~881.0200 0.00 ~~258~~363,~~119~~941.9187 120 Days 0 10 2 0 32 0.00 ~~69,785~~0.5400 ~~215~~142,~~696~~166.0207 0.00 ~~285~~142,~~481~~166.5607 150 Days 0 10 1 0 21 0.00 ~~61,967~~0.5500 7860,~~927~~818.18 0.00 ~~140~~60,~~894~~818.7318 180 Days 0 34 34 65 1213 0.00 ~~367~~429,~~713~~566.5928 ~~196~~275,~~731~~658.4563 ~~654~~559,~~295~~340.3167 1,~~218~~264,~~740~~565.3558 Totals 2524 11 1314 65 5554 2,~~488~~679,~~609~~399.5460 1,~~105~~104,~~356~~853.1706 1963,~~059,738~~443.8499 ~~654~~559,~~295~~340.3167 5,307,~~999~~037.8632 0-29 Days 0.~~210748~~108578% 0.~~105374~~108578% 0.000000% 0.~~316122~~217155% 0.~~292816~~107950% 0.~~077535~~080731% 0.000000% 0.~~370351~~188681% 30 Days 2.~~318230~~062975% 0.~~105374~~217155% 0.000000% 0.000000% 2.~~423604~~280130% 2.~~282980~~392679% 0.~~122600~~324646% 0.000000% 0.000000% 2.~~405580~~717325% 60 Days 0.~~316122~~542888% 0.~~210748~~325733% 0.~~316122~~217155% 0.000000% 01.~~842993~~085776% 0.~~198371~~390564% 0.~~139905~~203357% 0.~~280627~~110317% 0.000000% 0.~~618903~~704238% 90 Days 0.000000% 0.~~105374~~108578% 0.~~316122~~434311% 0.000000% 0.~~421496~~542888% 0.000000% 0.~~048802~~065505% 0.~~208565~~312542% 0.000000% 0.~~257367~~378047% 120 Days 0.000000% 0.~~105374~~000000% 0.~~210748~~217155% 0.000000% 0.~~316122~~217155% 0.000000% 0.~~069582~~000000% 0.~~215067~~147676% 0.000000% 0.~~284649~~147676% 150 Days 0.000000% 0.~~105374~~000000% 0.~~105374~~108578% 0.000000% 0.~~210748~~108578% 0.000000% 0.~~061787~~000000% 0.~~078697~~063175% 0.000000% 0.~~140484~~063175% 180 Days 0.000000% 0.~~316122~~434311% 0.~~316122~~434311% 0.~~632244~~542888% 1.~~264489~~411509% 0.000000% 0.~~366641~~446215% 0.~~196158~~286342% 0.~~652387~~581019% 1.~~215186~~313575% Totals 2.~~634352~~605863% 1.~~159115~~194354% 1.~~369863~~520087% 0.~~632244~~542888% 5.~~795574~~863192% 2.~~481352~~783243% 1.~~102133~~147673% 1.~~056648~~000783% 0.~~652387~~581019% 5.~~292520~~512717% 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 1011 12 0 1113 1,~~121~~261,~~987~~244.7175 ~~197~~298,~~030~~624.3802 0.00 1,~~319~~559,~~018~~868.0977 30 Days 4449 1 31 0 4851 6,~~120~~048,~~742~~354.2776 200,~~649~~503.4458 ~~507~~118,~~826~~327.8453 0.00 6,~~829~~367,~~218~~185.5587 60 Days 813 31 711 0 1825 1,~~152~~709,~~947~~428.1412 ~~423~~65,~~056~~198.2651 ~~923~~1,~~304~~858,558.1278 0.00 23,~~499~~633,~~307~~185.5241 90 Days 53 04 1013 0 1520 ~~750~~340,~~676~~950.7711 0474,661.0066 1,~~297~~825,~~865~~591.9987 0.00 2,~~048~~641,~~542~~203.7664 120 Days 3 1 411 10 0 15 ~~232~~406,~~011~~840.6382 ~~292~~59,~~021~~083.3540 1,~~249~~604,~~412~~512.0078 0.00 12,~~773~~070,~~444~~437.9800 150 Days 01 02 ~~3 4~~ 7 0~~.00~~ 010 232,011.0063 ~~471~~181,~~254~~228.7702 ~~459~~747,~~655~~360.9392 ~~930~~0.00 1,~~910~~160,600.7057 180 Days 32 67 19 1214 4042 ~~266~~136,~~460~~556.3885 ~~589~~670,~~101~~804.3026 2,~~195~~415,~~150~~092.7879 1,~~250~~560,~~254~~324.4116 4,~~300~~782,~~966~~778.8706 Totals 6171 2427 5364 1614 ~~154~~176 8,~~522~~874,~~838~~142.1929 2,~~626~~912,~~816~~724.0618 68,~~841~~868,~~844~~068.8869 1,~~709~~560,~~910~~324.3416 1922,~~701~~215,~~409~~259.4732 0-29 Days 0.~~622278~~706487% 0.~~062228~~128452% 0.000000% 0.~~684505~~834939% 0.~~548963~~642438% 0.~~096402~~152109% 0.000000% 0.~~645365~~794547% 30 Days 23.~~738021~~147078% 0.~~062228~~064226% 0.~~186683~~064226% 0.000000% 23.~~986932~~275530% 23.~~994738~~080838% 0.~~098173~~102130% 0.~~248468~~060272% 0.000000% 3.~~341379~~243240% 60 Days 0.~~497822~~834939% 0.~~186683~~064226% 0.~~435594~~706487% 0.000000% 1.~~120100~~605652% 0.~~564110~~870728% 0.~~206992~~033210% 0.~~451751~~946690% 0.000000% 1.~~222853~~850628% 90 Days 0.~~311139~~192678% 0.~~000000~~256904% 0.~~622278~~834939% 0.000000% 01.~~933416~~284522% 0.~~367289~~173669% 0.~~000000~~241777% 0.~~635016~~929898% 0.000000% 1.~~002305~~345344% 120 Days 0.~~062228~~192678% 0.~~248911~~064226% 0.~~622278~~706487% 0.000000% 0.~~933416~~963391% 0.~~113518~~207232% 0.~~142879~~030095% 0.~~611308~~817287% 0.000000% 01.~~867706~~054614% 150 Days 0.~~000000~~064226% 0.~~000000~~128452% 0.~~186683~~449583% 0.~~248911~~000000% 0.~~435594~~642261% 0.~~000000~~118179% 0.~~000000~~092312% 0.~~230574~~380682% 0.~~224899~~000000% 0.~~455473~~591173% 180 Days 0.~~186683~~128452% 0.~~373367~~449583% 1.~~182327~~220295% 0.~~746733~~899165% 2.~~489110~~697495% 0.~~130373~~069558% 0.~~288234~~341686% 1.~~074037~~230171% 0.~~611721~~794779% 2.~~104364~~436194% Totals 34.~~795893~~560051% 1.~~493466~~734104% 34.~~298071~~110469% 0.~~995644~~899165% 911.~~583074~~303789% 4.~~170028~~520203% 1.~~285240~~483648% 34.~~347557~~517110% 0.~~836620~~794779% 911.~~639444~~315741% 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 10 0 10 0.00 0.00 ~~456,980~~0.2000 0.00 ~~456,980~~0.2000 150 Days 0 0 01 0 01 0.00 0.00 0456,980.0020 0.00 0456,980.0020 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0 0 1 0 1 0.00 0.00 456,980.20 0.00 456,980.20 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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% 30.~~333333~~000000% 0.000000% 30.~~333333~~000000% 0.000000% 0.000000% 30.~~848053~~000000% 0.000000% 30.~~848053~~000000% 150 Days 0.000000% 0.000000% 03.~~000000~~333333% 0.000000% 03.~~000000~~333333% 0.000000% 0.000000% 03.~~000000~~851655% 0.000000% 03.~~000000~~851655% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.000000% 0.000000% 3.333333% 0.000000% 3.333333% 0.000000% 0.000000% 3.~~848053~~851655% 0.000000% 3.~~848053~~851655% 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 34 0 0 0 34 1,~~132~~570,~~318~~450.3938 0.00 0.00 0.00 1,~~132~~570,~~318~~450.3938 60 Days 01 0 0 0 01 0360,606.0096 0.00 0.00 0.00 0360,606.0096 90 Days 0 1 0 0 1 0.00 479,~~374~~129.8453 0.00 0.00 479,~~374~~129.8453 120 Days 0 10 0 0 10 0.00 ~~338,664~~0.8000 0.00 0.00 ~~338,664~~0.8000 150 Days 0 01 0 0 01 0.00 0338,664.0080 0.00 0.00 0338,664.0080 180 Days 0 0 10 0 10 0.00 0.00 ~~366,837~~0.3300 0.00 ~~366,837~~0.3300 Totals 35 2 10 0 67 1,~~132~~931,~~318~~057.3934 ~~818~~817,~~039~~794.6433 ~~366,837~~0.3300 0.00 2,~~317~~748,~~195~~851.3667 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 46.~~545455~~349206% 0.000000% 0.000000% 0.000000% 46.~~545455~~349206% 46.~~391766~~398649% 0.000000% 0.000000% 0.000000% 46.~~391766~~398649% 60 Days 01.~~000000~~587302% 0.000000% 0.000000% 0.000000% 01.~~000000~~587302% 01.~~000000~~469258% 0.000000% 0.000000% 0.000000% 01.~~000000~~469258% 90 Days 0.000000% 1.~~515152~~587302% 0.000000% 0.000000% 1.~~515152~~587302% 0.000000% 1.~~859284~~952167% 0.000000% 0.000000% 1.~~859284~~952167% 120 Days 0.000000% 10.~~515152~~000000% 0.000000% 0.000000% 10.~~515152~~000000% 0.000000% 10.~~313532~~000000% 0.000000% 0.000000% 10.~~313532~~000000% 150 Days 0.000000% 01.~~000000~~587302% 0.000000% 0.000000% 01.~~000000~~587302% 0.000000% 01.~~000000~~379857% 0.000000% 0.000000% 01.~~000000~~379857% 180 Days 0.000000% 0.000000% 10.~~515152~~000000% 0.000000% 10.~~515152~~000000% 0.000000% 0.000000% 10.~~422801~~000000% 0.000000% 10.~~422801~~000000% Totals 47.~~545455~~936508% 3.~~030303~~174603% 10.~~515152~~000000% 0.000000% 911.~~090909~~111111% 47.~~391766~~867908% 3.~~172816~~332025% 10.~~422801~~000000% 0.000000% 811.~~987383~~199932%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~194~~215,~~139~~291.7403

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 78.~~999222~~006508% Weighted Average Net Coupon 7.~~499222~~506507% Weighted Average Pass-Through Rate 6.~~797044~~806344% Weighted Average Maturity(Stepdown Calculation ) ~~340~~339 Beginning Scheduled Collateral Loan Count 2,~~753~~652 Number Of Loans Paid In Full ~~101~~81 Ending Scheduled Collateral Loan Count 2,~~652~~571 Beginning Scheduled Collateral Balance ~~358~~342,~~150~~134,~~223~~616.3352 Ending Scheduled Collateral Balance ~~342~~328,~~134~~783,~~616~~060.5245 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~342~~328,~~334~~998,~~122~~722.6003 Monthly P &I Constant 2,~~675~~560,~~158~~144.8266 Special Servicing Fee 0.00 Prepayment Penalties ~~220~~177,~~772~~625.4059 Realized Loss Amount ~~650~~114,596.0050 Cumulative Realized Loss 77192,~~548~~144.4292 Ending Scheduled Balance for Premium Loans ~~342~~328,~~134~~783,~~616~~060.5245 Scheduled Principal ~~287~~278,~~722~~200.8729 Unscheduled Principal 1513,~~727~~073,~~883~~355.9479 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount ~~650~~114,596.0049 Overcollateralized reduction Amount 0.00 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 ~~650~~114,596.0049 Excess Cash Amount 1,~~269~~162,~~302~~851.5044

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 7.~~982973~~980482 8.~~080039~~094382 7.~~511590~~411719 Weighted Average Net Rate 7.~~482973~~480482 7.~~580040~~594382 76.~~011589~~911721 Weighted Average Maturity ~~323~~322 ~~347~~346 ~~344~~343 Beginning Loan Count ~~975~~949 1,~~674~~607 3230 Loans Paid In Full 2628 6750 20 Ending Loan Count ~~949~~921 1,~~607~~557 30 Beginning Scheduled Balance ~~102~~100,~~997~~243,~~415~~504.0570 ~~214~~204,~~193~~253,~~852~~144.6837 1211,~~564~~870,~~277~~071.4979 Ending scheduled Balance ~~100~~96,~~243~~216,~~504~~206.7019 ~~204~~196,~~253~~179,~~144~~784.3714 11,~~870~~857,~~071~~727.7928 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~780~~760,~~697~~515.4076 1,~~600~~530,~~895~~738.7443 8983,~~465~~801.7359 Scheduled Principal 9593,~~509~~856.4116 ~~158~~152,~~650~~985.0995 10,~~817~~486.6589 Unscheduled Principal 23,~~658~~933,~~400~~442.9435 97,~~782~~920,~~058~~374.2229 ~~683~~1,~~388~~857.0562 Scheduled Interest ~~685~~666,~~187~~659.9960 1,~~442~~377,~~245~~752.6548 7873,~~648~~314.0870 Servicing Fees 4241,~~915~~768.5913 8985,~~247~~105.4248 54,~~235~~945.1285 Master Servicing Fees 1,~~287~~253.5004 2,~~677~~553.4313 ~~157~~148.0639 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 7068,~~550~~399.1252 ~~114~~107,~~446~~736.4023 7,~~927~~526.2882 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 ~~570~~555,~~434~~238.7891 1,~~235~~182,~~874~~357.4064 6560,~~328~~693.6264 Realized Loss Amount 049,237.0012 ~~650~~65,359.0038 0.00 Cumulative Realized Loss 049,237.0012 77142,~~548~~907.4280 0.00 Percentage of Cumulative Losses 0.~~0000~~0400 0.~~0281~~0517 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~646010~~646682 6.~~923865~~946425 6.~~239464~~135800

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.~~664291~~647544 78.~~999222~~006508 Weighted Average Net Rate 7.~~164291~~147543 7.~~499222~~506507 Weighted Average Maturity ~~347~~346 ~~340~~339 Beginning Loan Count 7266 2,~~753~~652 Loans Paid In Full 63 ~~101~~81 Ending Loan Count 6663 2,~~652~~571 Beginning Scheduled Balance 2825,~~394~~767,~~678~~895.1166 ~~358~~342,~~150~~134,~~223~~616.3352 Ending scheduled Balance 2524,~~767~~529,~~895~~342.6684 ~~342~~328,~~134~~783,~~616~~060.5245 Record Date 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~204~~185,~~099~~088.9588 2,~~675~~560,~~158~~144.8266 Scheduled Principal 2220,~~745~~871.7229 ~~287~~278,~~722~~200.8729 Unscheduled Principal 21,~~604~~217,~~036~~681.7353 1513,~~727~~073,~~883~~355.9479 Scheduled Interest ~~181~~164,~~354~~217.2359 2,~~387~~281,~~435~~944.9537 Servicing Fees 1110,~~831~~736.1163 ~~149~~142,~~229~~556.2409 Master Servicing Fees ~~354~~322.9509 4,~~476~~276.9465 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 1211,~~170~~685.4683 ~~205~~195,~~094~~348.2640 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 ~~156~~141,~~997~~473.7104 21,~~028~~939,~~635~~763.5123 Realized Loss Amount 0.00 ~~650~~114,596.0050 Cumulative Realized Loss 0.00 77192,~~548~~144.4292 Percentage of Cumulative Losses 0.0000 0.~~0173~~0428 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.~~634950~~588339 6.~~797044~~806344

Filing Compare · HOME EQUITY LOAN TRUST SERIES 2004-HS1