8-K 1 pps04mc1_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 PARK PLACE SECURITIES, INC. Asset Backed Pass-Through Certificates, Series 2004-MCW1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-118640-02 54-2161212 Pooling and Servicing Agreement) (Commission 54-2161236 (State or other File Number) 54-2162523 jurisdiction 54-2162524 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-MCW1 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-MCW1 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-MCW1 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-MCW1 Trust, relating to the December 27, 2004 distribution. EX-99.1

Park Place Securities, Inc ~~Mortgage~~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-~~MC1~~MCW1 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 70069FCB1 SEN 2.~~24500~~49250% 1,~~156~~134,~~137~~332,~~411~~852.3469 2,~~307~~434,~~136~~640.4366 2133,~~804~~712,~~558~~260.6540 A2 70069FCC9 SEN 2.~~31250~~56000% ~~152~~149,~~850~~660,~~634~~843.38 ~~314~~329,~~192~~919.9701 36,~~189~~939,~~791~~239.0084 A3 70069FCD7 SEN 2.~~13250~~38000% 6360,~~240~~050,~~634~~843.38 ~~119~~123,~~876~~070.1487 36,~~189~~939,~~791~~239.0084 A4 70069FCE5 SEN 2.~~29250~~54000% 75,000,000.00 ~~152~~164,~~833~~041.3367 0.00 A5 70069FCF2 SEN 2.~~51250~~76000% 14,610,000.00 3234,~~629~~723.0010 0.00 M1 70069FCG0 MEZ 2.~~55750~~80500% 52,200,000.00 ~~118~~126,~~668~~084.0075 0.00 M2 70069FCH8 MEZ 2.~~61250~~86000% 49,500,000.00 ~~114~~121,~~950~~907.0050 0.00 M3 70069FCJ4 MEZ 2.~~68250~~93000% 31,500,000.00 7579,~~110~~476.0025 0.00 M4 70069FCK1 MEZ 3.~~08250~~33000% 31,500,000.00 8690,~~310~~326.0025 0.00 M5 70069FCL9 MEZ 3.~~13250~~38000% 25,200,000.00 7073,~~168~~346.00 0.00 M6 70069FCM7 MEZ 3.~~33250~~58000% 18,900,000.00 5558,~~986~~264.0050 0.00 M7 70069FCN5 MEZ 34.~~78250~~03000% 18,000,000.00 6062,~~520~~465.00 0.00 M8 70069FCP0 MEZ 34.~~88250~~13000% 18,000,000.00 6264,~~120~~015.00 0.00 M9 70069FCQ8 MEZ 5.~~58250~~83000% 14,400,000.00 7172,~~456~~292.00 0.00 M10 70069FCR6 MEZ 4.~~43250~~68000% 18,000,000.00 7072,~~920~~540.00 0.00 CE PPS04MC1C SUB 0.00000% 42,299,988.15 6,~~620~~254,~~651~~938.1437 0.00 P PPS04MC1P SEN 0.00000% 100.00 01,040,841.0028 0.00 R PPS04MC1R RES 0.00000% 0.00 0.00 0.00 Totals 1,~~781~~753,~~338~~154,~~768~~627.2560 1011,~~333~~202,~~527~~892.0121 2847,~~184~~590,~~140~~740.6508

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 1,~~134~~100,~~332~~620,~~852~~592.6929 2436,~~111~~146,~~695~~901.0806 0.00 A2 0.00 ~~149~~142,~~660~~721,~~843~~603.3854 37,~~503~~269,~~983~~158.9785 0.00 A3 0.00 6053,~~050~~111,~~843~~603.3854 37,~~309~~062,~~667~~310.1471 0.00 A4 0.00 75,000,000.00 ~~152~~164,~~833~~041.3367 0.00 A5 0.00 14,610,000.00 3234,~~629~~723.0010 0.00 M1 0.00 52,200,000.00 ~~118~~126,~~668~~084.0075 0.00 M2 0.00 49,500,000.00 ~~114~~121,~~950~~907.0050 0.00 M3 0.00 31,500,000.00 7579,~~110~~476.0025 0.00 M4 0.00 31,500,000.00 8690,~~310~~326.0025 0.00 M5 0.00 25,200,000.00 7073,~~168~~346.00 0.00 M6 0.00 18,900,000.00 5558,~~986~~264.0050 0.00 M7 0.00 18,000,000.00 6062,~~520~~465.00 0.00 M8 0.00 18,000,000.00 6264,~~120~~015.00 0.00 M9 0.00 14,400,000.00 7172,~~456~~292.00 0.00 M10 0.00 18,000,000.00 7072,~~920~~540.00 0.00 CE 0.00 42,299,988.15 6,~~620~~254,~~651~~938.1437 0.00 P 0.00 100.00 01,040,841.0028 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 1,~~753~~705,~~154~~563,~~627~~887.6052 3858,~~517~~793,~~667~~632.6629 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 1,170,080,000.00 1,~~156~~134,~~137~~332,~~411~~852.3469 1,~~163~~141,~~705~~870.2147 2032,~~640~~570,~~853~~389.4493 0.00 0.00 A2 155,210,000.00 ~~152~~149,~~850~~660,~~634~~843.38 ~~156~~153,~~783~~465.0513 36,~~033~~785,~~007~~774.9571 0.00 0.00 A3 65,600,000.00 6360,~~240~~050,~~634~~843.38 ~~156~~153,~~783~~465.0513 36,~~033~~785,~~007~~774.9571 0.00 0.00 A4 75,000,000.00 75,000,000.00 0.00 0.00 0.00 0.00 A5 14,610,000.00 14,610,000.00 0.00 0.00 0.00 0.00 M1 52,200,000.00 52,200,000.00 0.00 0.00 0.00 0.00 M2 49,500,000.00 49,500,000.00 0.00 0.00 0.00 0.00 M3 31,500,000.00 31,500,000.00 0.00 0.00 0.00 0.00 M4 31,500,000.00 31,500,000.00 0.00 0.00 0.00 0.00 M5 25,200,000.00 25,200,000.00 0.00 0.00 0.00 0.00 M6 18,900,000.00 18,900,000.00 0.00 0.00 0.00 0.00 M7 18,000,000.00 18,000,000.00 0.00 0.00 0.00 0.00 M8 18,000,000.00 18,000,000.00 0.00 0.00 0.00 0.00 M9 14,400,000.00 14,400,000.00 0.00 0.00 0.00 0.00 M10 18,000,000.00 18,000,000.00 0.00 0.00 0.00 0.00 CE 42,299,395.70 42,299,988.15 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 1,799,999,495.70 1,~~781~~753,~~338~~154,~~768~~627.2560 1,~~477~~448,~~271~~800.3173 2646,~~706~~141,~~869~~939.3435 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 2133,~~804~~712,~~558~~260.6540 1,~~134~~100,~~332~~620,~~852~~592.6929 0.~~96944897~~94063704 2133,~~804~~712,~~558~~260.6540 A2 36,~~189~~939,~~791~~239.0084 ~~149~~142,~~660~~721,~~843~~603.3854 0.~~96424743~~91953871 36,~~189~~939,~~791~~239.0084 A3 36,~~189~~939,~~791~~239.0084 6053,~~050~~111,~~843~~603.3854 0.~~91540920~~80962810 36,~~189~~939,~~791~~239.0084 A4 0.00 75,000,000.00 1.00000000 0.00 A5 0.00 14,610,000.00 1.00000000 0.00 M1 0.00 52,200,000.00 1.00000000 0.00 M2 0.00 49,500,000.00 1.00000000 0.00 M3 0.00 31,500,000.00 1.00000000 0.00 M4 0.00 31,500,000.00 1.00000000 0.00 M5 0.00 25,200,000.00 1.00000000 0.00 M6 0.00 18,900,000.00 1.00000000 0.00 M7 0.00 18,000,000.00 1.00000000 0.00 M8 0.00 18,000,000.00 1.00000000 0.00 M9 0.00 14,400,000.00 1.00000000 0.00 M10 0.00 18,000,000.00 1.00000000 0.00 CE 0.00 42,299,988.15 1.00001401 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 2847,~~184~~590,~~140~~740.6508 1,~~753~~705,~~154~~563,~~627~~887.6052 0.~~97397507~~94753576 2847,~~184~~590,~~140~~740.6508

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 1,170,080,000.00 ~~988~~969.~~08407232~~44897160 0.~~99455183~~97589094 1727.~~64054889~~83603679 0.00000000 A2 155,210,000.00 ~~984~~964.~~79888139~~24742852 10.~~01013498~~98875801 1943.~~54131789~~71995819 0.00000000 A3 65,600,000.00 ~~964~~915.~~03406067~~40919787 2.~~38998552~~33940747 46103.~~23487729~~44168765 0.00000000 A4 75,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A5 14,610,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 52,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 49,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 31,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 31,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 25,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 18,900,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 18,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 18,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 14,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M10 18,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 42,299,395.70 1000.01400611 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 1828.~~63510072~~81192773 ~~969~~940.~~44897160~~63704387 0.~~96944897~~94063704 1828.~~63510072~~81192773 A2 0.00000000 2044.~~55145287~~70871619 ~~964~~919.~~24742852~~53871233 0.~~96424743~~91953871 2044.~~55145287~~70871619 A3 0.00000000 48105.~~62486280~~78109512 ~~915~~809.~~40919787~~62810274 0.~~91540920~~80962810 48105.~~62486280~~78109512 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 1,000.01400611 1.00001401 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 1,170,080,000.00 2.~~24500~~49250% 1,~~156~~134,~~137~~332,~~411~~852.3469 2,~~307~~434,~~136~~640.4366 0.00 0.00 A2 155,210,000.00 2.~~31250~~56000% ~~152~~149,~~850~~660,~~634~~843.38 ~~314~~329,~~192~~919.9701 0.00 0.00 A3 65,600,000.00 2.~~13250~~38000% 6360,~~240~~050,~~634~~843.38 ~~119~~123,~~876~~070.1487 0.00 0.00 A4 75,000,000.00 2.~~29250~~54000% 75,000,000.00 ~~152~~164,~~833~~041.3367 0.00 0.00 A5 14,610,000.00 2.~~51250~~76000% 14,610,000.00 3234,~~629~~723.0010 0.00 0.00 M1 52,200,000.00 2.~~55750~~80500% 52,200,000.00 ~~118~~126,~~668~~084.0075 0.00 0.00 M2 49,500,000.00 2.~~61250~~86000% 49,500,000.00 ~~114~~121,~~950~~907.0050 0.00 0.00 M3 31,500,000.00 2.~~68250~~93000% 31,500,000.00 7579,~~110~~476.0025 0.00 0.00 M4 31,500,000.00 3.~~08250~~33000% 31,500,000.00 8690,~~310~~326.0025 0.00 0.00 M5 25,200,000.00 3.~~13250~~38000% 25,200,000.00 7073,~~168~~346.00 0.00 0.00 M6 18,900,000.00 3.~~33250~~58000% 18,900,000.00 5558,~~986~~264.0050 0.00 0.00 M7 18,000,000.00 34.~~78250~~03000% 18,000,000.00 6062,~~520~~465.00 0.00 0.00 M8 18,000,000.00 34.~~88250~~13000% 18,000,000.00 6264,~~120~~015.00 0.00 0.00 M9 14,400,000.00 5.~~58250~~83000% 14,400,000.00 7172,~~456~~292.00 0.00 0.00 M10 18,000,000.00 4.~~43250~~68000% 18,000,000.00 7072,~~920~~540.00 0.00 0.00 CE 42,299,395.70 0.00000% 42,299,988.15 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 1,799,999,495.70 3,~~712~~907,~~875~~112.8756 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,~~307~~434,~~136~~640.4366 0.00 1,~~134~~100,~~332~~620,~~852~~592.6929 A2 0.00 0.00 ~~314~~329,~~192~~919.9701 0.00 ~~149~~142,~~660~~721,~~843~~603.3854 A3 0.00 0.00 ~~119~~123,~~876~~070.1487 0.00 6053,~~050~~111,~~843~~603.3854 A4 0.00 0.00 ~~152~~164,~~833~~041.3367 0.00 75,000,000.00 A5 0.00 0.00 3234,~~629~~723.0010 0.00 14,610,000.00 M1 0.00 0.00 ~~118~~126,~~668~~084.0075 0.00 52,200,000.00 M2 0.00 0.00 ~~114~~121,~~950~~907.0050 0.00 49,500,000.00 M3 0.00 0.00 7579,~~110~~476.0025 0.00 31,500,000.00 M4 0.00 0.00 8690,~~310~~326.0025 0.00 31,500,000.00 M5 0.00 0.00 7073,~~168~~346.00 0.00 25,200,000.00 M6 0.00 0.00 5558,~~986~~264.0050 0.00 18,900,000.00 M7 0.00 0.00 6062,~~520~~465.00 0.00 18,000,000.00 M8 0.00 0.00 6264,~~120~~015.00 0.00 18,000,000.00 M9 0.00 0.00 7172,~~456~~292.00 0.00 14,400,000.00 M10 0.00 0.00 7072,~~920~~540.00 0.00 18,000,000.00 CE 0.00 0.00 6,~~620~~254,~~651~~938.1437 0.00 42,299,988.15 P 0.00 0.00 01,040,841.0028 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1011,~~333~~202,~~527~~892.0121 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 1,170,080,000.00 2.~~24500~~49250% ~~988~~969.~~08407232~~44897160 12.~~97177666~~08074718 0.00000000 0.00000000 A2 155,210,000.00 2.~~31250~~56000% ~~984~~964.~~79888139~~24742852 2.~~02430881~~12562986 0.00000000 0.00000000 A3 65,600,000.00 2.~~13250~~38000% ~~964~~915.~~03406067~~40919787 1.~~82738018~~87608034 0.00000000 0.00000000 A4 75,000,000.00 2.~~29250~~54000% 1000.00000000 2.~~03777773~~18722227 0.00000000 0.00000000 A5 14,610,000.00 2.~~51250~~76000% 1000.00000000 2.~~23333333~~37666667 0.00000000 0.00000000 M1 52,200,000.00 2.~~55750~~80500% 1000.00000000 2.~~27333333~~41541667 0.00000000 0.00000000 M2 49,500,000.00 2.~~61250~~86000% 1000.00000000 2.~~32222222~~46277778 0.00000000 0.00000000 M3 31,500,000.00 2.~~68250~~93000% 1000.00000000 2.~~38444444~~52305556 0.00000000 0.00000000 M4 31,500,000.00 3.~~08250~~33000% 1000.00000000 2.~~74000000~~86750000 0.00000000 0.00000000 M5 25,200,000.00 3.~~13250~~38000% 1000.00000000 2.~~78444444~~91055556 0.00000000 0.00000000 M6 18,900,000.00 3.~~33250~~58000% 1000.00000000 23.~~96222222~~08277778 0.00000000 0.00000000 M7 18,000,000.00 34.~~78250~~03000% 1000.00000000 3.~~36222222~~47027778 0.00000000 0.00000000 M8 18,000,000.00 34.~~88250~~13000% 1000.00000000 3.~~45111111~~55638889 0.00000000 0.00000000 M9 14,400,000.00 5.~~58250~~83000% 1000.00000000 45.~~96222222~~02027778 0.00000000 0.00000000 M10 18,000,000.00 4.~~43250~~68000% 1000.00000000 34.~~94000000~~03000000 0.00000000 0.00000000 CE 42,299,395.70 0.00000% 1000.01400611 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) 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 A1 0.00000000 0.00000000 12.~~97177666~~08074718 0.00000000 ~~969~~940.~~44897160~~63704387 A2 0.00000000 0.00000000 2.~~02430881~~12562986 0.00000000 ~~964~~919.~~24742852~~53871233 A3 0.00000000 0.00000000 1.~~82738018~~87608034 0.00000000 ~~915~~809.~~40919787~~62810274 A4 0.00000000 0.00000000 2.~~03777773~~18722227 0.00000000 1000.00000000 A5 0.00000000 0.00000000 2.~~23333333~~37666667 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.~~27333333~~41541667 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~32222222~~46277778 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~38444444~~52305556 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.~~74000000~~86750000 0.00000000 1000.00000000 M5 0.00000000 0.00000000 2.~~78444444~~91055556 0.00000000 1000.00000000 M6 0.00000000 0.00000000 23.~~96222222~~08277778 0.00000000 1000.00000000 M7 0.00000000 0.00000000 3.~~36222222~~47027778 0.00000000 1000.00000000 M8 0.00000000 0.00000000 3.~~45111111~~55638889 0.00000000 1000.00000000 M9 0.00000000 0.00000000 45.~~96222222~~02027778 0.00000000 1000.00000000 M10 0.00000000 0.00000000 34.~~94000000~~03000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~156~~147.~~51881145~~87299597 0.00000000 1000.01400611 P 0.00000000 0.00000000 010408412.~~00000000~~80000000 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 3958,~~319~~536,~~628~~601.9060 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 01,040,841.0028 Total Deposits 3959,~~319~~577,~~628~~442.9088 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~801~~783,~~961~~810.2459 Payment of Interest and Principal 3858,~~517~~793,~~667~~632.6629 Total Withdrawals (Pool Distribution Amount) 3959,~~319~~577,~~628~~442.9088 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~742~~730,~~224~~481.4909 Custodian Fee 2,~~186~~189.8040 Miscellaneous Custodian Expenses 3.00 XL Capital Insurance Fee 5751,~~549~~137.9510 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~801~~783,~~961~~810.2459

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 ~~120~~260 0 0 0 ~~120~~260 2140,~~342~~083,~~189~~107.6564 0.00 0.00 0.00 2140,~~342~~083,~~189~~107.6564 60 Days 075 0 0 0 075 012,823,241.0052 0.00 0.00 0.00 012,823,241.0052 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 ~~120~~335 0 0 0 ~~120~~335 2152,~~342~~906,~~189~~349.6516 0.00 0.00 0.00 2152,~~342~~906,~~189~~349.6516 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.~~111832~~460956% 0.000000% 0.000000% 0.000000% 12.~~111832~~460956% 12.~~217359~~350138% 0.000000% 0.000000% 0.000000% 12.~~217359~~350138% 60 Days 0.~~000000~~709891% 0.000000% 0.000000% 0.000000% 0.~~000000~~709891% 0.~~000000~~751848% 0.000000% 0.000000% 0.000000% 0.~~000000~~751848% 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 13.~~111832~~170847% 0.000000% 0.000000% 0.000000% 13.~~111832~~170847% 13.~~217359~~101986% 0.000000% 0.000000% 0.000000% 13.~~217359~~101986%

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 88192 0 0 0 88192 1427,~~064~~735,~~025~~342.9769 0.00 0.00 0.00 1427,~~064~~735,~~025~~342.9769 60 Days 059 0 0 0 059 09,648,427.0016 0.00 0.00 0.00 09,648,427.0016 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 88251 0 0 0 88251 1437,~~064~~383,~~025~~769.9785 0.00 0.00 0.00 1437,~~064~~383,~~025~~769.9785 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 12.~~160491~~588997% 0.000000% 0.000000% 0.000000% 12.~~160491~~588997% 12.~~232960~~497608% 0.000000% 0.000000% 0.000000% 12.~~232960~~497608% 60 Days 0.~~000000~~795577% 0.000000% 0.000000% 0.000000% 0.~~000000~~795577% 0.~~000000~~868855% 0.000000% 0.000000% 0.000000% 0.~~000000~~868855% 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 13.~~160491~~384574% 0.000000% 0.000000% 0.000000% 13.~~160491~~384574% 13.~~232960~~366462% 0.000000% 0.000000% 0.000000% 13.~~232960~~366462% 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 1034 0 0 0 1034 ~~905~~3,~~857~~988,635.3516 0.00 0.00 0.00 ~~905~~3,~~857~~988,635.3516 60 Days 05 0 0 0 05 0519,205.0099 0.00 0.00 0.00 0519,205.0099 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 1039 0 0 0 1039 ~~905~~4,~~857~~507,841.3515 0.00 0.00 0.00 ~~905~~4,~~857~~507,841.3515 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~508647~~748971% 0.000000% 0.000000% 0.000000% 01.~~508647~~748971% 01.~~367979~~643754% 0.000000% 0.000000% 0.000000% 01.~~367979~~643754% 60 Days 0.~~000000~~257202% 0.000000% 0.000000% 0.000000% 0.~~000000~~257202% 0.~~000000~~213970% 0.000000% 0.000000% 0.000000% 0.~~000000~~213970% 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.~~508647~~006173% 0.000000% 0.000000% 0.000000% 02.~~508647~~006173% 01.~~367979~~857724% 0.000000% 0.000000% 0.000000% 01.~~367979~~857724% 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 2027 0 0 0 2027 57,~~901~~288,~~885~~036.1256 0.00 0.00 0.00 57,~~901~~288,~~885~~036.1256 60 Days 010 0 0 0 010 02,583,700.0020 0.00 0.00 0.00 02,583,700.0020 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 2037 0 0 0 2037 59,~~901~~871,~~885~~736.1276 0.00 0.00 0.00 59,~~901~~871,~~885~~736.1276 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.~~002002~~792141% 0.000000% 0.000000% 0.000000% 2.~~002002~~792141% 12.~~982162~~547402% 0.000000% 0.000000% 0.000000% 12.~~982162~~547402% 60 Days 01.~~000000~~034126% 0.000000% 0.000000% 0.000000% 01.~~000000~~034126% 0.~~000000~~903086% 0.000000% 0.000000% 0.000000% 0.~~000000~~903086% 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 23.~~002002~~826267% 0.000000% 0.000000% 0.000000% 23.~~002002~~826267% 13.~~982162~~450488% 0.000000% 0.000000% 0.000000% 13.~~982162~~450488% 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 27 0 0 0 27 ~~470~~1,~~421~~071,093.2123 0.00 0.00 0.00 ~~470~~1,~~421~~071,093.2123 60 Days 01 0 0 0 01 071,908.0017 0.00 0.00 0.00 071,908.0017 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 28 0 0 0 28 ~~470~~1,~~421~~143,001.2140 0.00 0.00 0.00 ~~470~~1,~~421~~143,001.2140 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 02.~~816327~~941176% 0.000000% 0.000000% 0.000000% 02.~~816327~~941176% 01.~~686124~~614632% 0.000000% 0.000000% 0.000000% 01.~~686124~~614632% 60 Days 0.~~000000~~420168% 0.000000% 0.000000% 0.000000% 0.~~000000~~420168% 0.~~000000~~108399% 0.000000% 0.000000% 0.000000% 0.~~000000~~108399% 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 03.~~816327~~361345% 0.000000% 0.000000% 0.000000% 03.~~816327~~361345% 01.~~686124~~723031% 0.000000% 0.000000% 0.000000% 01.~~686124~~723031%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~153~~376,~~154~~963.9115 Class R 319,499,495.70 17.74997118% 319,500,088.15 18.~~22429597~~73281268% 0.000000% 0.000000% Class M-1 267,299,495.70 14.84997132% 267,300,088.15 15.~~24680618~~67224131% 23.~~977490~~060571% 0.000000% Class M-2 217,799,495.70 12.09997144% 217,800,088.15 12.~~42332449~~76997536% 2.~~823482~~902266% 0.000000% Class M-3 186,299,495.70 10.34997152% 186,300,088.15 10.~~62656341~~92307884% 1.~~796761~~846897% 0.000000% Class M-4 154,799,495.70 8.59997160% 154,800,088.15 89.~~82980233~~07618233% 1.~~796761~~846897% 0.000000% Class CE 100.00 0.00000556% 100.00 0.~~00000570~~00000586% 2.~~412793~~480117% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.000006% 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.~~501429~~492228% Weighted Average Net Coupon 76.~~001429~~992228% Weighted Average Pass-Through Rate 76.~~001429~~992228% Weighted Average Maturity(Stepdown Calculation ) ~~352~~351 Beginning Scheduled Collateral Loan Count 10,~~934~~793 Number Of Loans Paid In Full ~~141~~228 Ending Scheduled Collateral Loan Count 10,~~793~~565 Beginning Scheduled Collateral Balance 1,~~781~~753,~~338~~154,~~768~~627.2560 Ending Scheduled Collateral Balance 1,~~753~~705,~~154~~563,~~627~~887.6052 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 1,~~753~~705,~~154~~563,~~627~~887.6052 Monthly P &I Constant 12,~~612~~394,~~759~~662.6849 Special Servicing Fee 0.00 Prepayment Penalties 01,040,841.0028 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 1,~~477~~448,~~271~~800.3173 Unscheduled Principal 2646,~~706~~141,~~869~~939.3435

Miscellaneous Reporting Excess Interest 6,~~620~~254,~~651~~938.1437 Extra Principal 0.00 Overcollateralization Amt 42,299,988.15 Overcollateralization Release Amt 0.00 Overcollateralization Deficiency Amt 0.00 Specified Overcollateralization Amt 42,299,988.15 Stepdown NO Trigger Event NO Cap A1 0.00 Cap Grp2 0.00 Cap Mez 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.~~643102~~633974 7.~~361584~~359622 7.~~250477~~234991 Weighted Average Net Rate 7.~~143102~~133974 6.~~861584~~859622 6.~~750477~~734991 Weighted Average Maturity ~~351~~350 ~~351~~350 ~~355~~354 Beginning Loan Count 7,~~691~~583 1,~~983~~966 ~~1,015~~999 Loans Paid In Full ~~108~~167 1722 1632 Ending Loan Count 7,~~583~~416 1,~~966~~944 ~~999~~967 Beginning Scheduled Balance 1,~~159~~140,~~437~~671,~~067~~650.6701 ~~249~~246,~~210~~170,~~114~~973.5354 ~~304~~297,~~115~~749,~~503~~876.0383 Ending scheduled Balance 1,~~140~~110,~~671~~476,~~650~~365.0157 ~~246~~242,~~170~~653,~~973~~997.5458 ~~297~~286,~~749~~096,~~876~~866.8343 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 8,~~286~~139,~~623~~143.9657 1,~~790~~769,~~645~~045.0770 2,~~082~~034,~~159~~237.6180 Scheduled Principal ~~901~~882,~~877~~595.8480 ~~261~~259,~~827~~274.3767 ~~244~~239,~~674~~056.2143 Unscheduled Principal 1729,~~863~~312,~~539~~688.8264 23,~~777~~257,~~313~~701.6229 611,~~120~~413,~~951~~953.9997 Scheduled Interest 7,~~384~~256,~~746~~547.1277 1,~~528~~509,~~817~~771.7003 1,~~837~~795,~~485~~181.4037 Servicing Fees ~~483~~475,~~098~~279.7885 ~~103~~102,~~837~~571.5524 ~~126~~124,~~714~~062.7945 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 6,~~901~~781,~~647~~267.3492 1,~~424~~407,~~980~~199.1579 1,~~710~~671,~~770~~118.6192 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 7.~~143102~~133974 6.~~861584~~859622 6.~~750477~~734991

Group Level Collateral Statement Group Group 4 Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.~~727228~~727240 7.~~501429~~492228 Weighted Average Net Rate 6.~~227228~~227240 76.~~001429~~992228 Weighted Average Maturity ~~355~~354 ~~352~~351 Beginning Loan Count 245 10,~~934~~793 Loans Paid In Full 07 ~~141~~228 Ending Loan Count ~~245~~238 10,~~793~~565 Beginning Scheduled Balance 68,~~576~~562,~~083~~127.0222 1,~~781~~753,~~338~~154,~~768~~627.2560 Ending scheduled Balance 6866,~~562~~336,~~127~~657.2294 1,~~753~~705,~~154~~563,~~627~~887.6052 Record Date 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~453~~452,~~331~~235.0442 12,~~612~~394,~~759~~662.6849 Scheduled Principal 6867,~~891~~873.8983 1,~~477~~448,~~271~~800.3173 Unscheduled Principal ~~(54~~2,~~936~~157,595.~~09)~~45 2646,~~706~~141,~~869~~939.3435 Scheduled Interest 384,~~439~~361.1559 1110,~~135~~945,~~488~~861.3776 Servicing Fees 28,~~573~~567.3755 ~~742~~730,~~224~~481.4909 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 355,~~865~~794.7804 10,~~393~~215,~~263~~380.8867 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.~~227228~~227240 76.~~001429~~992228

Filing Compare · Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-MCW1