8-K 1 pps04wh1_dec.txt DECEMBER 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): December 27, 2004 PARK PLACE SECURITIES, INC. Asset Backed Pass-Through Certificates, Series 2004-WHQ1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-115827-02 54-2161244 Pooling and Servicing Agreement) (Commission 54-2162527 (State or other File Number) 54-2162528 jurisdiction 54-2162529 of Incorporation) 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 December 27, 2004 a distribution was made to holders of PARK PLACE SECURITIES, INC., Asset Backed Pass-Through Certificates, Series 2004-WHQ1 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-WHQ1 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. PARK PLACE SECURITIES, INC. Asset Backed Pass-Through Certificates, Series 2004-WHQ1 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: 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-WHQ1 Trust, relating to the December 27, 2004 distribution. EX-99.1

Park Place Securities, Inc Asset Backed Pass-Through Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~PPS~~Park Place Securities, Inc Asset Backed Pass-Through Certificates Series: 2004-~~WH1~~WHQ1 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 70069FBL0 SEN 2.~~22500~~47250% 1,~~126~~106,~~228~~483,~~405~~740.6421 2,~~227~~355,~~429~~811.5146 1929,~~744~~676,~~665~~183.4375 A2 70069FBM8 SEN 2.~~31250~~56000% ~~197~~193,~~363~~851,~~079~~210.6581 ~~405~~427,~~690~~334.7722 35,~~511~~971,~~868~~578.8477 A3 70069FBN6 SEN 2.~~08250~~33000% ~~130~~126,~~336~~110,~~730~~547.0509 ~~241~~253,~~267~~026.7780 47,~~226~~186,~~182~~197.9789 A4 70069FBP1 SEN 2.~~27250~~52000% 63,490,000.00 ~~128~~137,~~249~~773.8030 0.00 A5 70069FBQ9 SEN 2.~~48250~~73000% 43,680,000.00 96102,~~387~~684.2040 0.00 M1 70069FBR7 MEZ 2.~~56250~~81000% 77,000,000.00 ~~175~~186,~~388~~318.8961 0.00 M2 70069FBS5 MEZ 2.~~59250~~84000% 60,000,000.00 ~~138~~146,~~266~~733.6733 0.00 M3 70069FBT3 MEZ 2.~~63250~~88000% 40,000,000.00 9399,~~600~~200.00 0.00 M4 70069FBU0 MEZ 3.~~08250~~33000% 35,000,000.00 95100,~~900~~362.0050 0.00 M5 70069FBV8 MEZ 3.~~13250~~38000% 30,000,000.00 8387,~~533~~316.3367 0.00 M6 70069FBW6 MEZ 3.~~33250~~58000% 30,000,000.00 8892,~~866~~483.6733 0.00 M7 70069FBX4 MEZ 34.~~78250~~03000% 25,000,000.00 8486,~~055~~756.5694 0.00 M8 70069FBY2 MEZ 34.~~88250~~13000% 20,000,000.00 6971,~~022~~127.2278 0.00 M9 70069FBZ9 MEZ 5.~~43250~~68000% 20,000,000.00 9697,~~577~~822.7822 0.00 M10 70069FCA3 MEZ 4.~~68250~~93000% 20,000,000.00 8384,~~244~~905.4456 0.00 CE PPS4WH1CE SUB 0.00000% 64,999,999.72 76,~~328~~950,~~919~~654.6427 0.00 P PPS04WH1P SEN 0.00000% 100.00 ~~267~~690,~~147~~039.8634 0.00 R PPS4WH1R1 RES 0.00000% 0.00 0.00 0.00 Totals 1,~~983~~955,~~098~~615,~~315~~597.0683 11,~~703~~970,~~548~~350.1173 2742,~~482~~833,~~717~~960.2441

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 1,~~106~~076,~~483~~807,~~740~~556.2146 2132,~~972~~031,~~094~~995.9421 0.00 A2 0.00 ~~193~~187,~~851~~879,~~210~~632.8104 36,~~917~~398,~~559~~912.6199 0.00 A3 0.00 ~~126~~118,~~110~~924,~~547~~349.0920 47,~~467~~439,~~450~~224.7469 0.00 A4 0.00 63,490,000.00 ~~128~~137,~~249~~773.8030 0.00 A5 0.00 43,680,000.00 96102,~~387~~684.2040 0.00 M1 0.00 77,000,000.00 ~~175~~186,~~388~~318.8961 0.00 M2 0.00 60,000,000.00 ~~138~~146,~~266~~733.6733 0.00 M3 0.00 40,000,000.00 9399,~~600~~200.00 0.00 M4 0.00 35,000,000.00 95100,~~900~~362.0050 0.00 M5 0.00 30,000,000.00 8387,~~533~~316.3367 0.00 M6 0.00 30,000,000.00 8892,~~866~~483.6733 0.00 M7 0.00 25,000,000.00 8486,~~055~~756.5694 0.00 M8 0.00 20,000,000.00 6971,~~022~~127.2278 0.00 M9 0.00 20,000,000.00 9697,~~577~~822.7822 0.00 M10 0.00 20,000,000.00 8384,~~244~~905.4456 0.00 CE 0.00 64,999,999.72 76,~~328~~950,~~919~~654.6427 0.00 P 0.00 100.00 ~~267~~690,~~147~~039.8634 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 1,~~955~~912,~~615~~781,~~597~~637.8342 3954,~~186~~804,~~265~~311.3514 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 1,137,320,000.00 1,~~126~~106,~~228~~483,~~405~~740.6421 0.00 1929,~~744~~676,~~665~~183.4375 0.00 0.00 A2 200,000,000.00 ~~197~~193,~~363~~851,~~079~~210.6581 0.00 35,~~511~~971,~~868~~578.8477 0.00 0.00 A3 133,510,000.00 ~~130~~126,~~336~~110,~~730~~547.0509 0.00 47,~~226~~186,~~182~~197.9789 0.00 0.00 A4 63,490,000.00 63,490,000.00 0.00 0.00 0.00 0.00 A5 43,680,000.00 43,680,000.00 0.00 0.00 0.00 0.00 M1 77,000,000.00 77,000,000.00 0.00 0.00 0.00 0.00 M2 60,000,000.00 60,000,000.00 0.00 0.00 0.00 0.00 M3 40,000,000.00 40,000,000.00 0.00 0.00 0.00 0.00 M4 35,000,000.00 35,000,000.00 0.00 0.00 0.00 0.00 M5 30,000,000.00 30,000,000.00 0.00 0.00 0.00 0.00 M6 30,000,000.00 30,000,000.00 0.00 0.00 0.00 0.00 M7 25,000,000.00 25,000,000.00 0.00 0.00 0.00 0.00 M8 20,000,000.00 20,000,000.00 0.00 0.00 0.00 0.00 M9 20,000,000.00 20,000,000.00 0.00 0.00 0.00 0.00 M10 20,000,000.00 20,000,000.00 0.00 0.00 0.00 0.00 CE 64,999,891.46 64,999,999.72 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,999,999,991.46 1,~~983~~955,~~098~~615,~~315~~597.0683 0.00 2742,~~482~~833,~~717~~960.2441 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 1929,~~744~~676,~~665~~183.4375 1,~~106~~076,~~483~~807,~~740~~556.2146 0.~~97288691~~94679383 1929,~~744~~676,~~665~~183.4375 A2 35,~~511~~971,~~868~~578.8477 ~~193~~187,~~851~~879,~~210~~632.8104 0.~~96925605~~93939816 35,~~511~~971,~~868~~578.8477 A3 47,~~226~~186,~~182~~197.9789 ~~126~~118,~~110~~924,~~547~~349.0920 0.~~94457754~~89075237 47,~~226~~186,~~182~~197.9789 A4 0.00 63,490,000.00 1.00000000 0.00 A5 0.00 43,680,000.00 1.00000000 0.00 M1 0.00 77,000,000.00 1.00000000 0.00 M2 0.00 60,000,000.00 1.00000000 0.00 M3 0.00 40,000,000.00 1.00000000 0.00 M4 0.00 35,000,000.00 1.00000000 0.00 M5 0.00 30,000,000.00 1.00000000 0.00 M6 0.00 30,000,000.00 1.00000000 0.00 M7 0.00 25,000,000.00 1.00000000 0.00 M8 0.00 20,000,000.00 1.00000000 0.00 M9 0.00 20,000,000.00 1.00000000 0.00 M10 0.00 20,000,000.00 1.00000000 0.00 CE 0.00 64,999,999.72 1.00000167 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 2742,~~482~~833,~~717~~960.2441 1,~~955~~912,~~615~~781,~~597~~637.8342 0.~~97780780~~95639082 2742,~~482~~833,~~717~~960.2441

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 1,137,320,000.00 ~~990~~972.~~24760458~~88690976 0.00000000 1726.~~36069482~~09308176 0.00000000 A2 200,000,000.00 ~~986~~969.~~81539825~~25605405 0.00000000 1729.~~55934420~~85789385 0.00000000 A3 133,510,000.00 ~~976~~944.~~23196802~~57753794 0.00000000 3153.~~65443016~~82516583 0.00000000 A4 63,490,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A5 43,680,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 77,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 60,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 40,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 35,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 30,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 30,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 25,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 20,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 20,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M10 20,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 64,999,891.46 1000.00166554 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 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 A1 0.00000000 1726.~~36069482~~09308176 ~~972~~946.~~88690976~~79382800 0.~~97288691~~94679383 1726.~~36069482~~09308176 A2 0.00000000 1729.~~55934420~~85789385 ~~969~~939.~~25605405~~39816020 0.~~96925605~~93939816 1729.~~55934420~~85789385 A3 0.00000000 3153.~~65443016~~82516583 ~~944~~890.~~57753794~~75237211 0.~~94457754~~89075237 3153.~~65443016~~82516583 A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A5 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 M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 1,000.00166554 1.00000167 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 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 1,137,320,000.00 2.~~22500~~47250% 1,~~126~~106,~~228~~483,~~405~~740.6421 2,~~227~~355,~~429~~811.5146 0.00 0.00 A2 200,000,000.00 2.~~31250~~56000% ~~197~~193,~~363~~851,~~079~~210.6581 ~~405~~427,~~690~~334.7722 0.00 0.00 A3 133,510,000.00 2.~~08250~~33000% ~~130~~126,~~336~~110,~~730~~547.0509 ~~241~~253,~~267~~026.7780 0.00 0.00 A4 63,490,000.00 2.~~27250~~52000% 63,490,000.00 ~~128~~137,~~249~~773.8030 0.00 0.00 A5 43,680,000.00 2.~~48250~~73000% 43,680,000.00 96102,~~387~~684.2040 0.00 0.00 M1 77,000,000.00 2.~~56250~~81000% 77,000,000.00 ~~175~~186,~~388~~318.8961 0.00 0.00 M2 60,000,000.00 2.~~59250~~84000% 60,000,000.00 ~~138~~146,~~266~~733.6733 0.00 0.00 M3 40,000,000.00 2.~~63250~~88000% 40,000,000.00 9399,~~600~~200.00 0.00 0.00 M4 35,000,000.00 3.~~08250~~33000% 35,000,000.00 95100,~~900~~362.0050 0.00 0.00 M5 30,000,000.00 3.~~13250~~38000% 30,000,000.00 8387,~~533~~316.3367 0.00 0.00 M6 30,000,000.00 3.~~33250~~58000% 30,000,000.00 8892,~~866~~483.6733 0.00 0.00 M7 25,000,000.00 34.~~78250~~03000% 25,000,000.00 8486,~~055~~756.5694 0.00 0.00 M8 20,000,000.00 34.~~88250~~13000% 20,000,000.00 6971,~~022~~127.2278 0.00 0.00 M9 20,000,000.00 5.~~43250~~68000% 20,000,000.00 9697,~~577~~822.7822 0.00 0.00 M10 20,000,000.00 4.~~68250~~93000% 20,000,000.00 8384,~~244~~905.4456 0.00 0.00 CE 64,999,891.46 0.00000% 1,~~983~~955,~~098~~615,~~315~~597.0783 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,999,999,991.46 4,~~107~~329,~~480~~657.6112 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 2,~~227~~355,~~429~~811.5146 0.00 1,~~106~~076,~~483~~807,~~740~~556.2146 A2 0.00 0.00 ~~405~~427,~~690~~334.7722 0.00 ~~193~~187,~~851~~879,~~210~~632.8104 A3 0.00 0.00 ~~241~~253,~~267~~026.7780 0.00 ~~126~~118,~~110~~924,~~547~~349.0920 A4 0.00 0.00 ~~128~~137,~~249~~773.8030 0.00 63,490,000.00 A5 0.00 0.00 96102,~~387~~684.2040 0.00 43,680,000.00 M1 0.00 0.00 ~~175~~186,~~388~~318.8961 0.00 77,000,000.00 M2 0.00 0.00 ~~138~~146,~~266~~733.6733 0.00 60,000,000.00 M3 0.00 0.00 9399,~~600~~200.00 0.00 40,000,000.00 M4 0.00 0.00 95100,~~900~~362.0050 0.00 35,000,000.00 M5 0.00 0.00 8387,~~533~~316.3367 0.00 30,000,000.00 M6 0.00 0.00 8892,~~866~~483.6733 0.00 30,000,000.00 M7 0.00 0.00 8486,~~055~~756.5694 0.00 25,000,000.00 M8 0.00 0.00 6971,~~022~~127.2278 0.00 20,000,000.00 M9 0.00 0.00 9697,~~577~~822.7822 0.00 20,000,000.00 M10 0.00 0.00 8384,~~244~~905.4456 0.00 20,000,000.00 CE 0.00 0.00 76,~~328~~950,~~919~~654.6427 0.00 1,~~955~~912,~~615~~781,~~597~~637.8342 P 0.00 0.00 ~~267~~690,~~147~~039.8634 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 11,~~703~~970,~~548~~350.1173 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 1,137,320,000.00 2.~~22500~~47250% ~~990~~972.~~24760458~~88690976 12.~~95848970~~07137082 0.00000000 0.00000000 A2 200,000,000.00 2.~~31250~~56000% ~~986~~969.~~81539825~~25605405 2.~~02845385~~13667110 0.00000000 0.00000000 A3 133,510,000.00 2.~~08250~~33000% ~~976~~944.~~23196802~~57753794 1.~~80711385~~89518987 0.00000000 0.00000000 A4 63,490,000.00 2.~~27250~~52000% 1000.00000000 2.~~02000000~~17000000 0.00000000 0.00000000 A5 43,680,000.00 2.~~48250~~73000% 1000.00000000 2.~~20666667~~35083333 0.00000000 0.00000000 M1 77,000,000.00 2.~~56250~~81000% 1000.00000000 2.~~27777779~~41972221 0.00000000 0.00000000 M2 60,000,000.00 2.~~59250~~84000% 1000.00000000 2.~~30444450~~44555550 0.00000000 0.00000000 M3 40,000,000.00 2.~~63250~~88000% 1000.00000000 2.~~34000000~~48000000 0.00000000 0.00000000 M4 35,000,000.00 3.~~08250~~33000% 1000.00000000 2.~~74000000~~86750000 0.00000000 0.00000000 M5 30,000,000.00 3.~~13250~~38000% 1000.00000000 2.~~78444433~~91055567 0.00000000 0.00000000 M6 30,000,000.00 3.~~33250~~58000% 1000.00000000 23.~~96222233~~08277767 0.00000000 0.00000000 M7 25,000,000.00 34.~~78250~~03000% 1000.00000000 3.~~36222240~~47027760 0.00000000 0.00000000 M8 20,000,000.00 34.~~88250~~13000% 1000.00000000 3.~~45111100~~55638900 0.00000000 0.00000000 M9 20,000,000.00 5.~~43250~~68000% 1000.00000000 4.~~82888900~~89111100 0.00000000 0.00000000 M10 20,000,000.00 4.~~68250~~93000% 1000.00000000 4.~~16222200~~24527800 0.00000000 0.00000000 CE 64,999,891.46 0.00000% ~~30509~~30086.~~25579299~~44405250 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 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 A1 0.00000000 0.00000000 12.~~95848970~~07137082 0.00000000 ~~972~~946.~~88690976~~79382800 A2 0.00000000 0.00000000 2.~~02845385~~13667110 0.00000000 ~~969~~939.~~25605405~~39816020 A3 0.00000000 0.00000000 1.~~80711385~~89518987 0.00000000 ~~944~~890.~~57753794~~75237211 A4 0.00000000 0.00000000 2.~~02000000~~17000000 0.00000000 1000.00000000 A5 0.00000000 0.00000000 2.~~20666667~~35083333 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.~~27777779~~41972221 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~30444450~~44555550 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~34000000~~48000000 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.~~74000000~~86750000 0.00000000 1000.00000000 M5 0.00000000 0.00000000 2.~~78444433~~91055567 0.00000000 1000.00000000 M6 0.00000000 0.00000000 23.~~96222233~~08277767 0.00000000 1000.00000000 M7 0.00000000 0.00000000 3.~~36222240~~47027760 0.00000000 1000.00000000 M8 0.00000000 0.00000000 3.~~45111100~~55638900 0.00000000 1000.00000000 M9 0.00000000 0.00000000 4.~~82888900~~89111100 0.00000000 1000.00000000 M10 0.00000000 0.00000000 4.~~16222200~~24527800 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~112~~106.~~75279813~~93332118 0.00000000 ~~30086~~29427.~~44405250~~45894579 P 0.00000000 0.00000000 ~~2671478~~6900393.~~60000000~~40000000 0.00000000 1000.00000000 R 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 3954,~~802~~982,~~812~~658.9268 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 ~~267~~690,~~147~~039.8634 Total Deposits 4055,~~069~~672,~~960~~698.7802 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~883~~868,~~695~~386.4388 Payment of Interest and Principal 3954,~~186~~804,~~265~~311.3514 Total Withdrawals (Pool Distribution Amount) 4055,~~069~~672,~~960~~698.7802 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~826~~814,~~290~~839.9784 Bond Insurer Fee 5550,~~060~~713.0684 Custodian Fee 2,~~344~~323.4020 Misc. Custonian Fee 510.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~883~~868,~~695~~386.4388

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 ~~201~~341 0 0 0 ~~201~~341 3355,~~386~~418,~~541~~367.5799 0.00 0.00 0.00 3355,~~386~~418,~~541~~367.5799 60 Days 7105 0 0 0 7105 118,~~095~~632,~~673~~957.7071 0.00 0.00 0.00 118,~~095~~632,~~673~~957.7071 90 Days 25 0 0 0 25 ~~328~~725,~~965~~813.2104 0.00 0.00 0.00 ~~328~~725,~~965~~813.2104 120 Days 02 0 0 0 02 0328,965.0021 0.00 0.00 0.00 0328,965.0021 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 ~~210~~453 0 0 0 ~~210~~453 3475,~~811~~106,~~180~~103.4895 0.00 0.00 0.00 3475,~~811~~106,~~180~~103.4895 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 12.~~733655~~996748% 0.000000% 0.000000% 0.000000% 12.~~733655~~996748% 12.~~705786~~894871% 0.000000% 0.000000% 0.000000% 12.~~705786~~894871% 60 Days 0.~~060376~~922752% 0.000000% 0.000000% 0.000000% 0.~~060376~~922752% 0.~~055980~~973324% 0.000000% 0.000000% 0.000000% 0.~~055980~~973324% 90 Days 0.~~017250~~043941% 0.000000% 0.000000% 0.000000% 0.~~017250~~043941% 0.~~016807~~037914% 0.000000% 0.000000% 0.000000% 0.~~016807~~037914% 120 Days 0.~~000000~~017576% 0.000000% 0.000000% 0.000000% 0.~~000000~~017576% 0.~~000000~~017184% 0.000000% 0.000000% 0.000000% 0.~~000000~~017184% 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 13.~~811282~~981018% 0.000000% 0.000000% 0.000000% 13.~~811282~~981018% 13.~~778573~~923292% 0.000000% 0.000000% 0.000000% 13.~~778573~~923292%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 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 1623 0 0 0 1623 2,~~508~~811,~~820~~481.5239 0.00 0.00 0.00 2,~~508~~811,~~820~~481.5239 60 Days 05 0 0 0 05 0804,809.0028 0.00 0.00 0.00 0804,809.0028 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 1628 0 0 0 1628 23,~~508~~616,~~820~~290.5267 0.00 0.00 0.00 23,~~508~~616,~~820~~290.5267 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~806045~~171079% 0.000000% 0.000000% 0.000000% 01.~~806045~~171079% 01.~~948133~~075282% 0.000000% 0.000000% 0.000000% 01.~~948133~~075282% 60 Days 0.~~000000~~254582% 0.000000% 0.000000% 0.000000% 0.~~000000~~254582% 0.~~000000~~307808% 0.000000% 0.000000% 0.000000% 0.~~000000~~307808% 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.~~806045~~425662% 0.000000% 0.000000% 0.000000% 01.~~806045~~425662% 01.~~948133~~383090% 0.000000% 0.000000% 0.000000% 01.~~948133~~383090% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 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 ~~136~~253 0 0 0 ~~136~~253 2137,~~869~~772,~~957~~333.2818 0.00 0.00 0.00 2137,~~869~~772,~~957~~333.2818 60 Days 572 0 0 0 572 ~~725~~11,~~454~~557,702.8825 0.00 0.00 0.00 ~~725~~11,~~454~~557,702.8825 90 Days 23 0 0 0 23 ~~328~~355,~~965~~594.2122 0.00 0.00 0.00 ~~328~~355,~~965~~594.2122 120 Days 02 0 0 0 02 0328,965.0021 0.00 0.00 0.00 0328,965.0021 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 ~~143~~330 0 0 0 ~~143~~330 2250,~~924~~014,~~377~~594.3786 0.00 0.00 0.00 2250,~~924~~014,~~377~~594.3786 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 13.~~872762~~553870% 0.000000% 0.000000% 0.000000% 13.~~872762~~553870% 13.~~906376~~370654% 0.000000% 0.000000% 0.000000% 13.~~906376~~370654% 60 Days 01.~~068852~~011378% 0.000000% 0.000000% 0.000000% 01.~~068852~~011378% 01.~~063237~~031364% 0.000000% 0.000000% 0.000000% 01.~~063237~~031364% 90 Days 0.~~027541~~042141% 0.000000% 0.000000% 0.000000% 0.~~027541~~042141% 0.~~028675~~031732% 0.000000% 0.000000% 0.000000% 0.~~028675~~031732% 120 Days 0.~~000000~~028094% 0.000000% 0.000000% 0.000000% 0.~~000000~~028094% 0.~~000000~~029356% 0.000000% 0.000000% 0.000000% 0.~~000000~~029356% 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 14.~~969155~~635483% 0.000000% 0.000000% 0.000000% 14.~~969155~~635483% 14.~~998288~~463105% 0.000000% 0.000000% 0.000000% 14.~~998288~~463105% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 3 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 108 0 0 0 108 ~~885~~775,~~763~~361.3991 0.00 0.00 0.00 ~~885~~775,~~763~~361.3991 60 Days 04 0 0 0 04 0302,143.0055 0.00 0.00 0.00 0302,143.0055 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 1012 0 0 0 1012 ~~885~~1,~~763~~077,505.3946 0.00 0.00 0.00 ~~885~~1,~~763~~077,505.3946 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~577287~~275917% 0.000000% 0.000000% 0.000000% 1.~~577287~~275917% 0.~~695094~~613508% 0.000000% 0.000000% 0.000000% 0.~~695094~~613508% 60 Days 0.~~000000~~637959% 0.000000% 0.000000% 0.000000% 0.~~000000~~637959% 0.~~000000~~239072% 0.000000% 0.000000% 0.000000% 0.~~000000~~239072% 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 1.~~577287~~913876% 0.000000% 0.000000% 0.000000% 1.~~577287~~913876% 0.~~695094~~852580% 0.000000% 0.000000% 0.000000% 0.~~695094~~852580% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 4 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 3957 0 0 0 3957 814,~~122~~059,~~000~~191.3851 0.00 0.00 0.00 814,~~122~~059,~~000~~191.3851 60 Days 224 0 0 0 224 ~~370~~5,~~218~~968,302.8263 0.00 0.00 0.00 ~~370~~5,~~218~~968,302.8263 90 Days 02 0 0 0 02 0370,218.0082 0.00 0.00 0.00 0370,218.0082 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 4183 0 0 0 4183 820,~~492~~397,~~219~~712.2096 0.00 0.00 0.00 820,~~492~~397,~~219~~712.2096 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 23.~~276708~~415219% 0.000000% 0.000000% 0.000000% 23.~~276708~~415219% 13.~~942990~~463755% 0.000000% 0.000000% 0.000000% 13.~~942990~~463755% 60 Days 01.~~116754~~437987% 0.000000% 0.000000% 0.000000% 01.~~116754~~437987% 01.~~088566~~470407% 0.000000% 0.000000% 0.000000% 01.~~088566~~470407% 90 Days 0.~~000000~~119832% 0.000000% 0.000000% 0.000000% 0.~~000000~~119832% 0.~~000000~~091211% 0.000000% 0.000000% 0.000000% 0.~~000000~~091211% 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 24.~~393462~~973038% 0.000000% 0.000000% 0.000000% 24.~~393462~~973038% 25.~~031556~~025373% 0.000000% 0.000000% 0.000000% 25.~~031556~~025373%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~243~~523,~~480~~218.40 Class M-1 344,999,991.46 17.24999878% 345,000,099.72 1718.~~64150890~~03656481% 34.~~937379~~025551% 0.000000% Class M-2 284,999,991.46 14.24999892% 285,000,099.72 14.~~57342128~~89977184% 3.~~068088~~136793% 0.000000% Class M-3 244,999,991.46 12.24999901% 245,000,099.72 12.~~52802954~~80857652% 2.~~045392~~091195% 0.000000% Class M-4 209,999,991.46 10.49999909% 210,000,099.72 10.~~73831176~~97878062% 1.~~789718~~829796% 0.000000% Class CE 100.00 0.00000500% 100.00 0.~~00000511~~00000523% 3.~~323762~~398192% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.000005% 0.000000% Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~456316~~454654% Weighted Average Net Coupon 6.~~956316~~954654% Weighted Average Pass-Through Rate 6.~~956316~~954654% Weighted Average Maturity(Stepdown Calculation ) ~~354~~353 Beginning Scheduled Collateral Loan Count 11,~~722~~594 Number Of Loans Paid In Full ~~128~~215 Ending Scheduled Collateral Loan Count 11,~~594~~379 Beginning Scheduled Collateral Balance 1,~~983~~955,~~098~~615,~~315~~597.0783 Ending Scheduled Collateral Balance 1,~~955~~912,~~615~~781,~~597~~637.8342 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 1,~~957~~914,~~253~~364,~~115~~120.9269 Monthly P &I Constant 13,~~909~~726,~~144~~101.2063 Special Servicing Fee 0.00 Prepayment Penalties ~~267~~690,~~147~~039.8634 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 1,~~586~~577,~~970~~403.9531 Unscheduled Principal 2541,~~895~~256,~~746~~557.2910

Other Income ~~(2,077~~0.~~29)~~00

Miscellaneous Reporting Excess Cash 7,~~386~~004,~~324~~201.1131 Extra Principal 0.00 Overcollateralization Amt 64,999,999.72 Overcollateralization Deficiency Amt 0.00 Overcollateralization Release Amt 0.00 ~~Specified Overcollateralization Amt 64,999,999.72 Step Down Date No Trigger Event No~~ Cap Payment for Group 1 Seniors 0.00 Cap Payment for Group 2 Seniors 0.00 Cap Payment for the M classes 0.00

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.~~340663~~339392 7.~~576702~~574373 6.~~915100~~912937 Weighted Average Net Rate 6.~~840663~~839391 7.~~076701~~074373 6.~~415100~~412937 Weighted Average Maturity ~~354~~353 ~~354~~353 ~~354~~353 Beginning Loan Count 1,~~996~~985 7,~~355~~262 ~~636~~634 Loans Paid In Full 1121 93143 27 Ending Loan Count 1,~~985~~964 7,~~262~~119 ~~634~~627 Beginning Scheduled Balance ~~266~~264,~~083~~369,~~773~~355.1056 1,~~164~~146,~~295~~265,~~544~~296.6677 127,~~691~~321,~~605~~651.1642 Ending scheduled Balance ~~264~~261,~~369~~240,~~355~~810.5640 1,~~146~~119,~~265~~717,~~296~~658.7718 ~~127~~126,~~321~~280,~~651~~217.4211 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 1,~~874~~863,~~226~~960.9181 8,~~234~~111,~~794~~907.5291 ~~856~~854,~~598~~638.3953 Scheduled Principal ~~246~~247,~~534~~035.0855 ~~883~~876,~~527~~707.9558 ~~120~~121,~~764~~166.9044 Unscheduled Principal 12,~~467~~881,~~883~~509.4661 1725,~~146~~670,~~719~~931.9401 ~~249~~920,~~188~~267.8487 Scheduled Interest 1,~~627~~616,~~692~~925.8326 7,~~351~~235,~~266~~200.5733 ~~735~~733,~~833~~472.4909 Servicing Fees 110,~~868~~153.2490 ~~485~~477,~~123~~610.1454 53,~~204~~050.8469 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,~~516~~506,~~824~~771.5936 6,~~866~~757,~~143~~589.4379 ~~682~~680,~~628~~421.6540 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.~~840663~~839391 7.~~076701~~074373 6.~~415100~~412937

Group Level Collateral Statement Group Group 4 Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~361541~~364186 7.~~456316~~454654 Weighted Average Net Rate 6.~~861540~~864186 6.~~956316~~954654 Weighted Average Maturity ~~354~~353 ~~354~~353 Beginning Loan Count 1,~~735~~713 11,~~722~~594 Loans Paid In Full 2244 ~~128~~215 Ending Loan Count 1,~~713~~669 11,~~594~~379 Beginning Scheduled Balance ~~425~~417,~~027~~659,~~392~~294.1508 1,~~983~~955,~~098~~615,~~315~~597.0783 Ending scheduled Balance ~~417~~405,~~659~~542,~~294~~951.0873 1,~~955~~912,~~615~~781,~~597~~637.8342 Record Date 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 2,~~943~~895,~~524~~594.38 13,~~909~~726,~~144~~101.2063 Scheduled Principal ~~336~~332,~~144~~493.0274 1,~~586~~577,~~970~~403.9531 Unscheduled Principal 711,~~031~~783,~~954~~848.0561 2541,~~895~~256,~~746~~557.2910 Scheduled Interest 2,~~607~~563,~~380~~100.3664 12,~~322~~148,~~173~~698.2532 Servicing Fees ~~177~~174,~~094~~024.7571 ~~826~~814,~~290~~839.9784 Master Servicing Fees 0.00 0.00 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 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 2,~~430~~389,~~285~~075.6193 11,~~495~~333,~~882~~858.2848 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.~~861540~~864186 6.~~956316~~954654

Filing Compare · Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ1