8-K 1 thb05002_10507.txt 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): July 25, 2005 THORNBURG MORTGAGE SECURITIES TRUST Mortgage Loan Pass-Through Certificates, Series 2005-2 Trust (Exact name of registrant as specified in its charter) Delaware (governing law of 333-121661-22 Pooling and Servicing Agreement) (Commission 54-2176694 (State or other File Number) 54-2176695 jurisdiction 54-2176820 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 July 25, 2005 a distribution was made to holders of THORNBURG MORTGAGE SECURITIES TRUST, Mortgage Loan Pass-Through Certificates, Series 2005-2 Trust . ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Pass-Through Certificates, Series 2005-2 Trust, relating to the July 25, 2005 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. THORNBURG MORTGAGE SECURITIES TRUST Mortgage Loan Pass-Through Certificates, Series 2005-2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 7/28/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Pass-Through Certificates, Series 2005-2 Trust, relating to the July 25, 2005 distribution. EX-99.1

~~SECURITIES~~Thornburg ~~AND~~Mortgage ~~EXCHANGE~~Home ~~COMMISSION~~Loans, Inc. Mortgage Loan Pass-Through Certificates Record Date: 6/30/2005 Distribution Date: 7/25/2005 Thornburg Mortgage Home Loans, Inc. Mortgage Loan Pass-Through Certificates Series Thornburg Mortgage Securities Trust 2005-2 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution A-1 885220HM8 SEN 3.46000% 223,339,000.00 558,099.35 A-2 885220HN6 SEN 3.47000% 445,969,000.00 1,117,647.87 A-3 885220HP1 SEN 3.48000% 193,123,000.00 485,382.47 A-4 885220HQ9 SEN 3.49000% 694,587,000.00 1,750,745.12 A-X 885220HR7 SEN 2.18199% 0.00 2,831,164.78 A-R 885220HY2 SEN 4.80513% 100.00 0.40 B-1 885220HS5 SUB 5.19689% 22,529,000.00 97,567.30 B-2 885220HT3 SUB 5.19689% 11,264,000.00 48,781.48 B-3 885220HU0 SUB 5.19689% 6,435,000.00 27,868.33 B-4 885220HV8 SUB 5.19689% 4,826,000.00 20,900.16 B-5 885220HW6 SUB 5.19689% 4,022,000.00 17,418.25 B-6 885220HX4 SUB 5.19689% 3,227,798.98 13,978.77 Totals 1,609,321,898.98 6,969,554.28

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A-1 3,601,808.22 D0.C00 219,737,191. ~~20549~~78 4,159,907.57 0.00 A-2 1,808,981.98 0.00 444,160,018.02 2,926,629.85 0.00 A-3 571,143.51 0.00 192,551,856.49 1,056,525.98 0.00 A-4 4,353,901.19 0.00 690,233,098.82 6,104,646.31 0.00 A-X 0.00 0.00 0.00 2,831,164.78 0.00 A-R 100.00 0.00 0.00 100.40 0.00 B-1 1,720.97 0.00 22,527,279.03 99,288.27 0.00 B-2 860.45 0.00 11,263,139.55 49,641.93 0.00 B-3 491.56 0.00 6,434,508.44 28,359.89 0.00 B-4 368.65 0.00 4,825,631.35 21,268.81 0.00 B-5 307.24 0.00 4,021,692.76 17,725.49 0.00 B-6 246.45 0.00 3,227,552.53 14,225.22 0.00 Totals 10,339,930.22 0.00 1,598,981,968.77 17,309,484.50 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~FORM~~Principal 8Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-K1 223,339,000.00 223,339,000.00 4,945.31 3,596,862.91 0.00 0.00 A-2 445,969,000.00 445,969,000.00 20,156.12 1,788,825.86 0.00 0.00 A-3 193,123,000.00 193,123,000.00 11,871.38 559,272.13 0.00 0.00 A-4 694,587,000.00 694,587,000.00 81,966.27 4,271,934.92 0.00 0.00 A-X 0.00 0.00 0.00 0.00 0.00 0.00 A-R 100.00 100.00 0.14 99.86 0.00 0.00 B-1 22,529,000.00 22,529,000.00 1,720.97 0.00 0.00 0.00 B-2 11,264,000.00 11,264,000.00 860.45 0.00 0.00 0.00 B-3 6,435,000.00 6,435,000.00 491.56 0.00 0.00 0.00 B-4 4,826,000.00 4,826,000.00 368.65 0.00 0.00 0.00 B-5 4,022,000.00 4,022,000.00 307.24 0.00 0.00 0.00 B-6 3,227,798.98 3,227,798.98 246.45 0.00 0.00 0.00 Totals 1,609,321,898.98 1,609,321,898.98 122,934.54 10,216,995.68 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.

~~CURRENT~~Principal ~~REPORT~~Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 3,601,808.22 219,737,191.78 0.98387291 3,601,808.22 A-2 1,808,981.98 444,160,018.02 0.99594370 1,808,981.98 A-3 571,143.51 192,551,856.49 0.99704259 571,143.51 A-4 4,353,901.19 690,233,098.82 0.99373167 4,353,901.19 A-X 0.00 0.00 0.00000000 0.00 A-R 100.00 0.00 0.00000000 100.00 B-1 1,720.97 22,527,279.03 0.99992361 1,720.97 B-2 860.45 11,263,139.55 0.99992361 860.45 B-3 491.56 6,434,508.44 0.99992361 491.56 B-4 368.65 4,825,631.35 0.99992361 368.65 B-5 307.24 4,021,692.76 0.99992361 307.24 B-6 246.45 3,227,552.53 0.99992365 246.45 Totals 10,339,930.22 1,598,981,968.77 0.99357498 10,339,930.22

~~PURSUANT~~Principal TODistribution ~~SECTION~~Factors 13Statement OROriginal 15Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (d2) OFAmount ~~THE~~Balance Distribution Distribution Accretion A-1 223,339,000.00 1000.00000000 0.02214262 16.10494768 0.00000000 A-2 445,969,000.00 1000.00000000 0.04519624 4.01109911 0.00000000 A-3 193,123,000.00 1000.00000000 0.06147057 2.89593746 0.00000000 A-4 694,587,000.00 1000.00000000 0.11800720 6.15032375 0.00000000 A-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 1000.00000000 1.40000000 998.60000000 0.00000000 B-1 22,529,000.00 1000.00000000 0.07638910 0.00000000 0.00000000 B-2 11,264,000.00 1000.00000000 0.07638938 0.00000000 0.00000000 B-3 6,435,000.00 1000.00000000 0.07638850 0.00000000 0.00000000 B-4 4,826,000.00 1000.00000000 0.07638831 0.00000000 0.00000000 B-5 4,022,000.00 1000.00000000 0.07638986 0.00000000 0.00000000 B-6 3,227,798.98 1000.00000000 0.07635234 0.00000000 0.00000000 (2) All Classes are Per 1,000 Denomination.

~~SECURITIES~~Principal ~~AND~~Distribution ~~EXCHANGE~~Factors ~~ACT~~Statement OF(continued) ~~1934~~Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 16.12709030 983.87290970 0.98387291 16.12709030 A-2 0.00000000 4.05629535 995.94370465 0.99594370 4.05629535 A-3 0.00000000 2.95740802 997.04259198 0.99704259 2.95740802 A-4 0.00000000 6.26833095 993.73166906 0.99373167 6.26833095 A-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-R 0.00000000 1,000.00000000 0.00000000 0.00000000 1,000.00000000 B-1 0.00000000 0.07638910 999.92361090 0.99992361 0.07638910 B-2 0.00000000 0.07638938 999.92361062 0.99992361 0.07638938 B-3 0.00000000 0.07638850 999.92361150 0.99992361 0.07638850 B-4 0.00000000 0.07638831 999.92361169 0.99992361 0.07638831 B-5 0.00000000 0.07638986 999.92361014 0.99992361 0.07638986 B-6 0.00000000 0.07635234 999.92364766 0.99992365 0.07635234 (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.

~~Date~~Interest ofDistribution ~~Report~~Statement ~~(Date~~Beginning Payment of ~~earliest~~Original ~~event~~Current ~~reported)~~Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 223,339,000.00 3.46000% 223,339,000.00 558,099.35 0.00 0.00 A-2 445,969,000.00 3.47000% 445,969,000.00 1,117,647.87 0.00 0.00 A-3 193,123,000.00 3.48000% 193,123,000.00 485,382.47 0.00 0.00 A-4 694,587,000.00 3.49000% 694,587,000.00 1,750,745.12 0.00 0.00 A-X 0.00 2.18199% 1,557,018,000.00 2,831,164.78 0.00 0.00 A-R 100.00 4.80513% 100.00 0.40 0.00 0.00 B-1 22,529,000.00 5.19689% 22,529,000.00 97,567.30 0.00 0.00 B-2 11,264,000.00 5.19689% 11,264,000.00 48,781.48 0.00 0.00 B-3 6,435,000.00 5.19689% 6,435,000.00 27,868.33 0.00 0.00 B-4 4,826,000.00 5.19689% 4,826,000.00 20,900.16 0.00 0.00 B-5 4,022,000.00 5.19689% 4,022,000.00 17,418.25 0.00 0.00 B-6 3,227,798.98 5.19689% 3,227,798.98 13,978.77 0.00 0.00 Totals 1,609,321,898.98 6,969,554.28 0.00 0.00

~~June~~Interest 29Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 558,099.35 ~~2005~~0.00 219,737,191.78 A-2 0.00 0.00 1,117,647.87 0.00 444,160,018.02 A-3 0.00 0.00 485,382.47 0.00 192,551,856.49 A-4 0.00 0.00 1,750,745.12 0.00 690,233,098.82 A-X 0.00 0.00 2,831,164.78 0.00 1,546,682,165.11 A-R 0.00 0.00 0.40 0.00 0.00 B-1 0.00 0.00 97,567.30 0.00 22,527,279.03 B-2 0.00 0.00 48,781.48 0.00 11,263,139.55 B-3 0.00 0.00 27,868.33 0.00 6,434,508.44 B-4 0.00 0.00 20,900.16 0.00 4,825,631.35 B-5 0.00 0.00 17,418.25 0.00 4,021,692.76 B-6 0.00 0.00 13,978.77 0.00 3,227,552.53 Totals 0.00 0.00 6,969,554.28 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.

~~GREENWICH~~Interest ~~CAPITAL~~Distribution ~~ACCEPTANCE~~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-1 223,339,000.00 ~~INC~~3.46000% ~~(as~~1000.00000000 ~~Depositor~~2.49888891 ~~under~~0.00000000 ~~the~~0.00000000 ~~Pooling~~A-2 ~~and~~445,969,000.00 ~~Servicing~~3.47000% ~~Agreement~~1000.00000000 ~~dated~~2.50611112 as0.00000000 of0.00000000 ~~June~~A-3 1193,123,000.00 ~~2005~~3.48000% 1000.00000000 2.51333332 0.00000000 0.00000000 A-4 694,587,000.00 ~~providing~~3.49000% ~~for~~1000.00000000 ~~the~~2.52055555 ~~issuance~~0.00000000 of0.00000000 ~~Thornburg~~A-X ~~Mortgage~~0.00 ~~Securities~~2.18199% ~~Trust~~1000.00000000 ~~2005~~1.81832502 0.00000000 0.00000000 A-R 100.00 4.80513% 1000.00000000 4.00000000 0.00000000 0.00000000 B-1 22,529,000.00 5.19689% 1000.00000000 4.33074260 0.00000000 0.00000000 B-2 11,264,000.00 ~~Mortgage~~5.19689% ~~Loan~~1000.00000000 ~~Pass~~4.33074219 0.00000000 0.00000000 B-~~Through~~3 ~~Certificates~~6,435,000.00 ~~Series~~5.19689% ~~2005~~1000.00000000 4.33074281 0.00000000 0.00000000 B-24 4,826,000.00 5.19689% 1000.00000000 4.33074182 0.00000000 0.00000000 B-5 4,022,000.00 5.19689% 1000.00000000 4.33074341 0.00000000 0.00000000 B-6 3,227,798.98 5.19689% 1000.00000000 4.33074367 0.00000000 0.00000000 (5) All Classes are Per 1,000 Denomination.

~~Greenwich~~Interest ~~Capital~~Distribution ~~Acceptance~~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 0.00000000 2.49888891 0.00000000 983.87290970 A-2 0.00000000 0.00000000 2.50611112 0.00000000 995.94370465 A-3 0.00000000 0.00000000 2.51333332 0.00000000 997.04259198 A-4 0.00000000 0.00000000 2.52055555 0.00000000 993.73166906 A-X 0.00000000 0.00000000 1.81832502 0.00000000 993.36177559 A-R 0.00000000 0.00000000 4.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 4.33074260 0.00000000 999.92361090 B-2 0.00000000 0.00000000 4.33074219 0.00000000 999.92361062 B-3 0.00000000 0.00000000 4.33074281 0.00000000 999.92361150 B-4 0.00000000 0.00000000 4.33074182 0.00000000 999.92361169 B-5 0.00000000 0.00000000 4.33074341 0.00000000 999.92361014 B-6 0.00000000 0.00000000 4.33074367 0.00000000 999.92364766 (6) Amount Does Not Include Excess Special Hazard, ~~Inc~~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 17,562,007.12 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (~~Exact~~Servicer ~~Name~~Advances) 90,217.43 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 17,652,224.55 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of ~~Registrant~~Service asFee ~~Specified~~342,739.78 inPayment ~~its~~of ~~Charter~~Interest and Principal 17,309,484.77 Total Withdrawals (Pool Distribution Amount) 17,652,224.55 Ending Balance 0.00

Delaware	333-121661	06-1199884
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

600 Steamboat Road Greenwich, CT		06830
(Address of Principal Executive Offices)		(Zip Code)

~~Registrant’s~~OTHER ~~telephone~~ACCOUNTS ~~number,~~Beginning ~~including~~Current ~~area~~Current ~~code: (203)~~Ending ~~625-2700~~Account Type Balance Withdrawals Deposits Balance Reserve Fund 2,500.00 0.00 0.00 2,500.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENT BANKRUPTCY FORECLOSURE REO Total No ~~Change~~ of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1 0 0 1 277,600.00 0.00 0.00 277,600.00 30 Days 19 0 0 0 19 19,207,857.91 0.00 0.00 0.00 19,207,857.91 60 Days 1 0 0 0 1 576,000.00 0.00 0.00 0.00 576,000.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 20 1 0 0 21 19,783,857.91 277,600.00 0.00 0.00 20,061,457.91 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 0.037651% 0.000000% 0.000000% 0.037651% 0.017360% 0.000000% 0.000000% 0.017360% 30 Days 0.715361% 0.000000% 0.000000% 0.000000% 0.715361% 1.201191% 0.000000% 0.000000% 0.000000% 1.201191% 60 Days 0.037651% 0.000000% 0.000000% 0.000000% 0.037651% 0.036021% 0.000000% 0.000000% 0.000000% 0.036021% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.753012% 0.037651% 0.000000% 0.000000% 0.790663% 1.237212% 0.017360% 0.000000% 0.000000% 1.254572%

Delinquency Status By Groups

~~(Former~~DELINQUENT ~~Name~~BANKRUPTCY orFORECLOSURE ~~Former~~REO ~~Address~~Total 3 Yr Hybrid Loans No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1 0 0 1 277,600.00 if0.00 ~~Changed~~0.00 ~~Since~~277,600.00 ~~Last~~30 ~~Report)~~Days 5 0 0 0 5 10,676,215.99 0.00 0.00 0.00 10,676,215.99 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 5 1 0 0 6 10,676,215.99 277,600.00 0.00 0.00 10,953,815.99 0-29 Days 0.238663% 0.000000% 0.000000% 0.238663% 0.122160% 0.000000% 0.000000% 0.122160% 30 Days 1.193317% 0.000000% 0.000000% 0.000000% 1.193317% 4.698157% 0.000000% 0.000000% 0.000000% 4.698157% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.193317% 0.238663% 0.000000% 0.000000% 1.431981% 4.698157% 0.122160% 0.000000% 0.000000% 4.820317% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 5 Yr Hybrid Loans 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 8 0 0 0 8 6,290,750.00 0.00 0.00 0.00 6,290,750.00 60 Days 1 0 0 0 1 576,000.00 0.00 0.00 0.00 576,000.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 9 0 0 0 9 6,866,750.00 0.00 0.00 0.00 6,866,750.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.958084% 0.000000% 0.000000% 0.000000% 0.958084% 1.370074% 0.000000% 0.000000% 0.000000% 1.370074% 60 Days 0.119760% 0.000000% 0.000000% 0.000000% 0.119760% 0.125448% 0.000000% 0.000000% 0.000000% 0.125448% 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 1.077844% 0.000000% 0.000000% 0.000000% 1.077844% 1.495523% 0.000000% 0.000000% 0.000000% 1.495523% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 7 Yr Hybrid Loans 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 1 0 0 0 1 608,000.00 0.00 0.00 0.00 608,000.00 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 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 1 0 0 0 1 608,000.00 0.00 0.00 0.00 608,000.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.312500% 0.000000% 0.000000% 0.000000% 0.312500% 0.305454% 0.000000% 0.000000% 0.000000% 0.305454% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.312500% 0.000000% 0.000000% 0.000000% 0.312500% 0.305454% 0.000000% 0.000000% 0.000000% 0.305454% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 10 Yr Hybrid Loans 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 5 0 0 0 5 1,632,891.92 0.00 0.00 0.00 1,632,891.92 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 5 0 0 0 5 1,632,891.92 0.00 0.00 0.00 1,632,891.92 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.462107% 0.000000% 0.000000% 0.000000% 0.462107% 0.228817% 0.000000% 0.000000% 0.000000% 0.228817% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.462107% 0.000000% 0.000000% 0.000000% 0.462107% 0.228817% 0.000000% 0.000000% 0.000000% 0.228817%

~~Check~~OTHER ~~the~~INFORMATION ~~appropriate~~Current ~~box~~Period ~~below~~Class ifA ~~the~~Insufficient ~~Form~~Funds ~~8-K~~0.00 ~~filing~~Principal isBalance ~~intended to simultaneously satisfy the filing obligation~~ of ~~the~~Contaminated ~~registrant~~Properties ~~under~~0.00 ~~any~~Periodic ofAdvance ~~the following provisions:~~90,217.43

REO Detail - All Mortgage Loans in REO during Current Period

~~[ ]~~Summary ~~Written~~12 ~~communications~~Month ~~pursuant~~REO toHistory* ~~Rule~~New ~~425~~REO ~~under~~Loans Month REO Percentage Loans in REO 0 Aug-04 0.000% Original Principal Balance 0.00 Sep-04 0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current REO Total Dec-04 0.000% Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the ~~Securities~~above ~~Act~~table ~~(17~~is ~~CFR~~presented ~~230~~graphically on the monthly bond remittance report.~~425)~~ The monthly bond remittance report can be viewed online at www.ctslink.com. 3 Yr Hybrid Loans 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Aug-04 0.000% Original Principal Balance 0.00 Sep-04 0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current REO Total Dec-04 0.000% Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 5 Yr Hybrid Loans 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Aug-04 0.000% Original Principal Balance 0.00 Sep-04 0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current REO Total Dec-04 0.000% Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 7 Yr Hybrid Loans 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Aug-04 0.000% Original Principal Balance 0.00 Sep-04 0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current REO Total Dec-04 0.000% Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 10 Yr Hybrid Loans 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Aug-04 0.000% Original Principal Balance 0.00 Sep-04 0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current REO Total Dec-04 0.000% Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

~~[ ]~~REO ~~Soliciting~~Loan ~~material~~Detail ~~pursuant~~- toAll ~~Rule~~Mortgage ~~14a-12~~Loans ~~under~~in ~~the~~REO ~~Exchange~~during ~~Act~~Current ~~(17~~Period ~~CFR~~Month ~~240~~Loan First Original Loan Entered Payment LTV at Principal Group Number REO Date State Origination Balance No REO loans this period.~~14a-12)~~

~~[ ]~~REO ~~Pre~~Loan Detail -~~commencement~~ ~~communications~~All ~~pursuant~~Mortgage toLoans ~~Rule~~in ~~14d-2~~REO during Current Period (bcontinued) ~~under~~Current ~~the~~Paid ~~Exchange~~Current ~~Act~~Approximate ~~(17~~Loan ~~CFR~~Principal ~~240~~To Months Loan Delinquent Group Number Balance Date Delinquent Rate Interest No REO loans this period.~~14d-2(b))~~

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

~~[ ]~~Summary ~~Pre~~12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Aug-~~commencement~~04 ~~communications~~0.000% ~~pursuant~~Original toPrincipal ~~Rule~~Balance ~~13e~~0.00 Sep-~~4(c)~~04 ~~under~~0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current Foreclosure Total Dec-04 0.000% Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the ~~Exchange~~above ~~Act~~table ~~(17~~is ~~CFR~~presented ~~240~~graphically on the monthly bond remittance report.~~13e~~ The monthly bond remittance report can be viewed online at www.ctslink.com. 3 Yr Hybrid Loans 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Aug-~~4(c)~~04 0.000% Original Principal Balance 0.00 Sep-04 0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current Foreclosure Total Dec-04 0.000% Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 5 Yr Hybrid Loans 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Aug-04 0.000% Original Principal Balance 0.00 Sep-04 0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current Foreclosure Total Dec-04 0.000% Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 7 Yr Hybrid Loans 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Aug-04 0.000% Original Principal Balance 0.00 Sep-04 0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current Foreclosure Total Dec-04 0.000% Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com. 10 Yr Hybrid Loans 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Aug-04 0.000% Original Principal Balance 0.00 Sep-04 0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current Foreclosure Total Dec-04 0.000% Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

~~Item~~Foreclosure ~~8.01. Other~~Loan ~~Events~~Detail - All Mortgage Loans in Foreclosure during Current Period Month Loan First Original Loan Entered Payment LTV at Principal Group Number FC Date State Origination Balance No Foreclosure loans this period.

~~The~~Foreclosure ~~Registrant registered issuances of Thornburg Mortgage Securities Trust Mortgage~~ Loan ~~Pass-Through~~Detail ~~Certificates, Series 2005~~-2 onAll aMortgage ~~delayed~~Loans orin ~~continuous~~Foreclosure ~~basis~~during ~~pursuant~~Current toPeriod ~~Rule 415 under the Securities Act of 1933, as amended~~ (~~the “Act”~~continued), byCurrent aPaid ~~Registration~~Current ~~Statement~~Approximate onLoan ~~Form~~Principal ~~S-3~~To ~~(Registration~~Months File No. 333-121661) (the “Registration Statement”). Pursuant to the Registration Statement, the Registrant issued in aggregate principal amount of $1,597,246,100 the Class A-1, Class A-2, Class A-3, Class A-4, Class A-X, Class A-R, Class B-1, Class B-2 and Class B-3, Thornburg Mortgage Securities Trust 2005-2, Mortgage Loan ~~Pass-Through~~Delinquent ~~Certificates,~~Group ~~Series~~Number ~~2005-2~~Balance ~~(the~~Date ~~“Public~~Delinquent ~~Certificates”)~~Rate onInterest ~~June~~No ~~29,~~Foreclosure ~~2005. The~~loans ~~Public~~this Certificates were offered pursuant to the definitive Prospectus dated February 22, 2005, as supplemented by the Prospectus Supplement dated June 27, 2005 (the “Prospectus Supplement”), a form of which was filed as an exhibit to the Registration Statementperiod.

~~This~~COLLATERAL ~~Current~~STATEMENT ~~Report~~Collateral onDescription ~~Form~~Mixed ~~8-K~~Fixed ~~includes~~& aArm ~~copy~~Weighted ofAverage ~~the~~Gross ~~Pooling~~Coupon ~~and~~5.321551% ~~Servicing~~Weighted ~~Agreement~~Average ~~(as~~Net ~~defined~~Coupon ~~below)~~5.076485% ~~and~~Weighted ~~other~~Average ~~operative~~Pass-Through ~~agreements~~Rate ~~executed in connection with the issuance of the Certificates~~5. ~~The~~065985% ~~Certificates~~Weighted ~~were~~Average ~~issued pursuant to a Pooling and Servicing Agreement~~ Maturity(~~the~~Stepdown ~~“Pooling and Servicing Agreement”~~Calculation), ~~attached~~357 ~~hereto~~Beginning asScheduled ~~Exhibit~~Collateral ~~4.1,~~Loan ~~dated~~Count ~~as of June 1~~2,678 ~~2005,~~Number ~~among~~Of ~~Greenwich~~Loans ~~Capital~~Paid ~~Acceptance,~~In ~~Inc.,~~Full as22 ~~depositor,~~Ending ~~Wilmington~~Scheduled ~~Trust~~Collateral ~~Company,~~Loan asCount ~~Delaware trustee~~2,656 ~~LaSalle~~Beginning ~~Bank~~Scheduled ~~National~~Collateral ~~Association,~~Balance ~~as trustee and custodian~~1, ~~Thornburg Mortgage Home Loans~~609, ~~Inc.~~321, ~~as seller and Wells Fargo Bank, N~~898.~~A.,~~98 asEnding ~~master~~Scheduled ~~servicer~~Collateral ~~and~~Balance ~~securities administrator. The “Certificates” consist of the following classes: Class A-~~1, ~~Class A-2~~598, ~~Class A-3~~981,968.66 ~~Class~~Ending ~~A-4,~~Actual ~~Class~~Collateral ~~A-X,~~Balance ~~Class~~at A30-~~R, Class B~~Jun-2005 1, ~~Class B-2~~599, ~~Class B-3~~067, ~~Class B-4, Class B-5 and Class B-6~~519. ~~The~~03 ~~Certificates~~Monthly ~~evidence~~P&I ~~all~~Constant ~~of the beneficial ownership interest in a trust fund (the “Trust Fund”) that consists primarily of a pool of hybrid and adjustable rate~~7, ~~first lien~~259,114.77 ~~residential~~Special ~~mortgage~~Servicing ~~loans~~Fee ~~(the~~0.00 ~~“Mortgage~~Prepayment ~~Loans”)~~Penalties ~~with~~0.00 anRealized ~~aggregate~~Loss ~~outstanding~~Amount ~~principal~~0.00 ~~balance~~Cumulative ofRealized ~~$1,601,321,899~~Loss as0.00 ofScheduled ~~June~~Principal 1122, ~~2005, together with certain other assets~~374. ~~Capitalized~~68 ~~terms~~Unscheduled ~~used~~Principal ~~herein and not otherwise defined shall have the meanings assigned to them in the Pooling and Servicing Agreement~~10,217,555.64

~~Item~~Grp 91 End Balance 1Year CMT Indexed Mtg Lns $11,454,313.0195 Grp 2 End Balance 1Year CMT Indexed Mtg Lns $83,238,536. ~~Financial~~09 ~~Statements~~Grp ~~and~~3 ~~Exhibits~~End Balance 1Year CMT Indexed Mtg Lns $42,548,804.11 Grp 4 End Balance 1Year CMT Indexed Mtg Lns $450,790,160.85 Grp 1 End Balance 1Month Libor Indexed Mtg $42,549,385.12 Grp 2 End Balance 1Month Libor Indexed Mtg $0.00 Grp 3 End Balance 1Month Libor Indexed Mtg $0.00 Grp 4 End Balance 1Month Libor Indexed Mtg $0.00 Grp 1 End Balance 1Year Libor Indexed Mtg L $152,316,820.12 Grp 2 End Balance 1Year Libor Indexed Mtg L $346,265,778.95 Grp 3 End Balance 1Year Libor Indexed Mtg L $136,447,084.18 Grp 4 End Balance 1Year Libor Indexed Mtg L $240,634,289.92 Grp 1 End Balance 6 Month Libor Indexed Mtg $20,918,539.88 Grp 2 End Balance 6 Month Libor Indexed Mtg $29,636,475.02 Grp 3 End Balance 6 Month Libor Indexed Mtg $20,043,453.25 Grp 4 End Balance 6 Month Libor Indexed Mtg $22,138,327.22

~~(a)~~Group Level Collateral Statement Group 3 Yr Hybrid Loans 5 Yr Hybrid Loans 7 Yr Hybrid Loans Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.961295 5.258526 5.435891 Weighted Average Net Rate 4.710209 5.017085 5.191792 Weighted Average Maturity 355 357 357 Beginning Loan Count 431 841 320 Loans Paid In Full 12 6 0 Ending Loan Count 419 835 320 Beginning Scheduled Balance 230,841,133.41 460,950,449.14 199,610,883.86 Ending Scheduled Balance 227,239,059.07 459,140,790.06 199,039,341.54 Record Date 06/30/2005 06/30/2005 06/30/2005 Principal And Interest Constant 959,019.73 2,040,765.63 916,489.36 Scheduled Principal 4,627.20 20,832.38 12,270.19 Unscheduled Principal 3,597,447.14 1,788,826.70 559,272.13 Scheduled Interest 954,392.53 2,019,933.25 904,219.17 Servicing Fees 48,300.89 92,743.59 40,604.08 Master Servicing Fees 1,923.68 3,841.25 1,663.42 Trustee Fee 96.18 192.06 83.17 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 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 904,071.78 1,923,156.35 861,868.50 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 4.699709 5.006585 5.181292

~~Not~~Group ~~applicable~~Level Collateral Statement Group 10 Yr Hybrid Loans Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 5.446063 5.321551 Weighted Average Net Rate 5.200336 5.076485 Weighted Average Maturity 358 357 Beginning Loan Count 1,086 2,678 Loans Paid In Full 4 22 Ending Loan Count 1,082 2,656 Beginning Scheduled Balance 717,919,432.57 1,609,321,898.98 Ending scheduled Balance 713,562,777.99 1,598,981,968.66 Record Date 06/30/2005 06/30/2005 Principal And Interest Constant 3,342,840.05 7,259,114.77 Scheduled Principal 84,644.91 122,374.68 Unscheduled Principal 4,272,009.67 10,217,555.64 Scheduled Interest 3,258,195.14 7,136,740.09 Servicing Fees 147,009.67 328,658.23 Master Servicing Fees 5,982.66 13,411.01 Trustee Fee 299.13 670.54 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 1 0.00 0.00 Spread 2 0.00 0.00 Spread 3 0.00 0.00 Net Interest 3,104,903.68 6,794,000.31 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 5.189836 5.065985

~~(b)~~Prepayment Detail - Prepayments during Current Period Summary Loans Paid In Full Repurchased Loans Original Current Original Current Principal Principal Principal Principal Group Count Balance Balance Count Balance Balance 3 Yr Hybrid Loans 12 3,290,292.00 3,289,774.60 0 0.00 0.00 5 Yr Hybrid Loans 6 1,542,200.00 1,542,200.00 0 0.00 0.00 7 Yr Hybrid Loans 0 0.00 0.00 0 0.00 0.00 10 Yr Hybrid Loans 4 3,240,400.00 3,237,926.22 0 0.00 0.00 Total 22 8,072,892.00 8,069,900.82 0 0.00 0.00

~~Not~~Prepayment ~~applicable~~Detail - Prepayments during Current Period (continued) Summary Substitution Loans Liquidated Loans Curtailments Original Current Original Current Principal Principal Principal Principal Curtailment Group Count Balance Balance Count Balance Balance Amount 3 Yr Hybrid Loans 0 0.00 0.00 0 0.00 0.00 307,806.13 5 Yr Hybrid Loans 0 0.00 0.00 0 0.00 0.00 246,626.70 7 Yr Hybrid Loans 0 0.00 0.00 0 0.00 0.00 559,272.13 10 Yr Hybrid Loans 0 0.00 0.00 0 0.00 0.00 1,035,328.93 Total 0 0.00 0.00 0 0.00 0.00 2,149,033.89

~~(c)~~Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount 3 Yr Hybrid Loans 200029826 CT 26.49 01-Aug-2003 400,000.00 400,000.00 3 Yr Hybrid Loans 200033230 CO 75.00 01-Dec-2003 806,250.00 805,997.95 3 Yr Hybrid Loans 200048674 FL 80.00 01-Feb-2005 147,200.00 147,200.00 3 Yr Hybrid Loans 200050475 CO 79.69 01-Apr-2005 404,200.00 404,200.00 3 Yr Hybrid Loans 200050527 CA 55.56 01-Apr-2005 200,000.00 200,000.00 3 Yr Hybrid Loans 200051525 SC 79.82 01-Apr-2005 264,000.00 264,000.00 3 Yr Hybrid Loans 200051733 AZ 80.00 01-May-2005 120,936.00 120,537.06 3 Yr Hybrid Loans 200051752 CO 80.00 01-May-2005 199,056.00 199,056.00 3 Yr Hybrid Loans 200051870 FL 79.98 01-Jun-2005 146,350.00 146,350.00 3 Yr Hybrid Loans 200052483 FL 69.99 01-May-2005 159,000.00 159,000.00 3 Yr Hybrid Loans 200053070 VA 80.00 01-Jun-2005 300,750.00 300,750.00 3 Yr Hybrid Loans 200053572 FL 80.00 01-Jun-2005 142,550.00 142,550.00 5 Yr Hybrid Loans 200050537 TX 79.99 01-May-2005 153,500.00 153,500.00 5 Yr Hybrid Loans 200051310 FL 79.99 01-Apr-2005 168,900.00 168,900.00 5 Yr Hybrid Loans 200051329 FL 80.00 01-May-2005 242,400.00 242,400.00 5 Yr Hybrid Loans 200051532 CO 80.00 01-May-2005 177,400.00 177,400.00 5 Yr Hybrid Loans 200051975 CA 80.00 01-May-2005 340,000.00 340,000.00 5 Yr Hybrid Loans 200052552 CA 76.67 01-Jun-2005 460,000.00 460,000.00 10 Yr Hybrid Loans 200048574 SC 57.50 01-Mar-2005 1,150,000.00 1,150,000.00 10 Yr Hybrid Loans 300005365 CA 57.12 01-May-2005 600,000.00 598,020.77 10 Yr Hybrid Loans 300005528 CA 32.07 01-May-2005 540,000.00 538,259.97 10 Yr Hybrid Loans 300005662 CA 79.20 01-May-2005 950,400.00 950,400.00

~~Exhibits:~~Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning 3 Yr Hybrid Loans 200029826 Loan Paid in Full 0 3.875% 360 23 3 Yr Hybrid Loans 200033230 Loan Paid in Full 0 3.875% 360 19 3 Yr Hybrid Loans 200048674 Loan Paid in Full 0 5.375% 360 5 3 Yr Hybrid Loans 200050475 Loan Paid in Full 0 5.250% 360 3 3 Yr Hybrid Loans 200050527 Loan Paid in Full 0 5.500% 360 3 3 Yr Hybrid Loans 200051525 Loan Paid in Full 0 4.500% 360 3 3 Yr Hybrid Loans 200051733 Loan Paid in Full 0 5.500% 360 2 3 Yr Hybrid Loans 200051752 Loan Paid in Full 0 5.500% 360 2 3 Yr Hybrid Loans 200051870 Loan Paid in Full 0 5.750% 360 1 3 Yr Hybrid Loans 200052483 Loan Paid in Full 0 5.750% 360 2 3 Yr Hybrid Loans 200053070 Loan Paid in Full 0 5.625% 360 1 3 Yr Hybrid Loans 200053572 Loan Paid in Full 0 5.750% 360 1 5 Yr Hybrid Loans 200050537 Loan Paid in Full 0 6.000% 360 2 5 Yr Hybrid Loans 200051310 Loan Paid in Full 0 5.625% 360 3 5 Yr Hybrid Loans 200051329 Loan Paid in Full 0 5.625% 360 2 5 Yr Hybrid Loans 200051532 Loan Paid in Full 0 5.500% 360 2 5 Yr Hybrid Loans 200051975 Loan Paid in Full 0 5.625% 480 2 5 Yr Hybrid Loans 200052552 Loan Paid in Full 0 5.375% 360 1 10 Yr Hybrid Loans 200048574 Loan Paid in Full 0 5.750% 360 4 10 Yr Hybrid Loans 300005365 Loan Paid in Full 0 5.500% 360 2 10 Yr Hybrid Loans 300005528 Loan Paid in Full 0 5.625% 360 2 10 Yr Hybrid Loans 300005662 Loan Paid in Full 0 5.250% 360 2

Prepayment - Voluntary Prepayments

Summary SMM CPR PSA Current Month 0.635% Current Month 7.359% Current Month 1,283.435% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Aug-2004 N/A N/A Aug-2004 N/A N/A Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 7.359% N/A Jul-2005 1,283.435% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 3 Yr Hybrid Loans SMM CPR PSA Current Month 1.558% Current Month 17.179% Current Month 1,493.425% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Aug-2004 N/A N/A Aug-2004 N/A N/A Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 17.179% N/A Jul-2005 1,493.425% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 5 Yr Hybrid Loans SMM CPR PSA Current Month 0.388% Current Month 4.559% Current Month 1,020.394% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Aug-2004 N/A N/A Aug-2004 N/A N/A Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 4.559% N/A Jul-2005 1,020.394% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 7 Yr Hybrid Loans SMM CPR PSA Current Month 0.280% Current Month 3.311% Current Month 488.809% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Aug-2004 N/A N/A Aug-2004 N/A N/A Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 3.311% N/A Jul-2005 488.809% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. 10 Yr Hybrid Loans SMM CPR PSA Current Month 0.595% Current Month 6.912% Current Month 1,563.565% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Aug-2004 N/A N/A Aug-2004 N/A N/A Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 6.912% N/A Jul-2005 1,563.565% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled Principal) Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12) PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS)) Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal Balance))

~~Pooling~~Realized ~~and~~Loss ~~Servicing~~Detail ~~Agreement~~Report ~~dated~~- asLoans ofwith ~~June~~Losses 1,during ~~2005,~~Current ~~among~~Period ~~Greenwich~~Summary ~~Capital~~# ~~Acceptance,~~Loans ~~Inc.~~Prior ~~(the~~Realized ~~“Depositor”),~~Current aswith ~~depositor,~~Principal ~~Wilmington~~Loss/(Gain) ~~Trust~~Loss ~~Company,~~Group asLosses ~~Delaware~~Balance ~~trustee,~~Amount ~~LaSalle~~Percentage ~~Bank~~3 ~~National~~Yr ~~Association,~~Hybrid asLoans ~~trustee~~0 ~~and~~0.00 ~~custodian,~~0.00 ~~Thornburg~~0.000% ~~Mortgage~~5 ~~Home~~Yr Hybrid Loans, ~~Inc~~0 0.00 ~~(“Thornburg”),~~0.00 as0.000% ~~seller~~7 ~~and~~Yr ~~Wells~~Hybrid ~~Fargo~~Loans ~~Bank,~~0 N0.A00 0.00 ~~(“Wells~~0.000% ~~Fargo”),~~10 asYr ~~master~~Hybrid ~~servicer~~Loans ~~and~~0 ~~securities~~0.00 ~~administrator~~0.00 0.000% Total 0 0.00 0.00 0.000%

4Realized Loss Loan Detail Report - Loans With Losses during Current Period Original Current Loan Principal Note LTV at Original Group Number Balance Rate State Origination Term No losses this period.2

~~Mortgage~~Realized Loss Loan ~~Purchase~~Detail ~~Agreement~~Report ~~dated~~- asLoans ofWith ~~June~~Losses 1,during ~~2005,~~Current ~~between~~Period ~~Thornburg,~~(continued) asPrior ~~seller,~~Cumulative ~~and~~Loan ~~the~~Principal ~~Depositor,~~Realized asRealized ~~purchaser.~~Group Number Balance Loss/(Gain) Loss/(Gain) No losses this period.

Realized Loss Report - Collateral Summary

99.1

(a) Servicing Agreement dated as of March 1, 2002, among Thornburg, as seller and servicer and Wells Fargo, as master servicer, as amended by the Amendment to Servicing Agreement dated as of December 1, 2002, and (b) the Subservicing Acknowledgement Agreement dated as of March 1, 2002, between Thornburg, as servicer, and Cenlar FSB, as sub-servicer (“Cenlar”), as amended by the Amendment to Subservicing Acknowledgement Agreement dated as of December 1, 2002, including the related Transfer Notice, dated June 23, 2005, from Thornburg, as seller, to Thornburg, as servicer, and Cenlar, as sub-servicer.

99.2

Amended and Restated Correspondent Loan Purchase Agreement, dated as of March 25, 2002, between Thornburg and First Republic Bank (“First Republic”), including the related Transfer Notice, dated June 23, 2005, from Thornburg to First Republic.

99.3

Reconstituted Servicing Agreement, dated as of June 1, 2005, by and among Thornburg and Wells Fargo Bank, N.A. , as servicer, and acknowledged by Wells Fargo Bank, N.A., as master servicer, and LaSalle Bank National Association, as trustee.

99.4

Auction Administration Agreement, dated as of June 29, 2005 between Greenwich Capital Derivatives, Inc. and Thornburg Mortgage Securities Trust 2005-2.

99.5

ISDA Master Agreement, Schedule to ISDA Master Agreement and swap confirmation, each dated as of June 29, 2005, between Greenwich Capital Derivatives, Inc. and Thornburg Mortgage Securities Trust 2005-2.

99.6

Cap agreement, dated as of June 29, 2005, between The Royal Bank of Scotland plc and Thornburg Mortgage Securities Trust 2005-2, relating to the Class A-1 Certificates.

99.7

Cap agreement, dated as of June 29, 2005, between The Royal Bank of Scotland plc and Thornburg Mortgage Securities Trust 2005-2, relating to the Class A-2 Certificates.

99.8

Cap agreement, dated as of June 29, 2005, between The Royal Bank of Scotland plc and Thornburg Mortgage Securities Trust 2005-2, relating to the Class A-3 Certificates.

99.9

Cap agreement, dated as of June 29, 2005, between The Royal Bank of Scotland plc and Thornburg Mortgage Securities Trust 2005-2, relating to the Class A-4 Certificates.

SIGNATURES

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.

GREENWICH CAPITAL ACCEPTANCE, INC.,

By: /s/ Shakti Radhakishun

Name: Shakti Radhakishun

Title: Vice President

Dated: June 29, 2005

EXHIBIT INDEX

Exhibit No.

Description

4.1

Pooling and Servicing Agreement dated as of June 1, 2005, among Greenwich Capital Acceptance, Inc. (the “Depositor”), as depositor, Wilmington Trust Company, as Delaware trustee, LaSalle Bank National Association, as trustee and custodian, Thornburg Mortgage Home Loans, Inc. (“Thornburg”), as seller and Wells Fargo Bank, N.A. (“Wells Fargo”), as master servicer and securities administrator.

4.2

Mortgage Loan Purchase Agreement dated as of June 1, 2005, between Thornburg, as seller, and the Depositor, as purchaser.

99.1

(a) Servicing Agreement dated as of March 1, 2002, among Thornburg, as seller and servicer and Wells Fargo, as master servicer, as amended by the Amendment to Servicing Agreement dated as of December 1, 2002, and (b) the Subservicing Acknowledgement Agreement dated as of March 1, 2002, between Thornburg, as servicer, and Cenlar FSB, as sub-servicer (“Cenlar”), as amended by the Amendment to Subservicing Acknowledgement Agreement dated as of December 1, 2002, including the related Transfer Notice dated June 23, 2005, from Thornburg, as seller, to Thornburg, as servicer, and Cenlar, as sub-servicer.

99.2

99.3

99.4

Auction Administration Agreement, dated as of June 29, 2005 between Greenwich Capital Derivatives, Inc. and Thornburg Mortgage Securities Trust 2005-2.

99.5

99.6

Cap agreement, dated as of June 29, 2005, between The Royal Bank of Scotland plc and Thornburg Mortgage Securities Trust 2005-2, relating to the Class A-1 Certificates.

99.7

Cap agreement, dated as of June 29, 2005, between The Royal Bank of Scotland plc and Thornburg Mortgage Securities Trust 2005-2, relating to the Class A-2 Certificates.

99.8

Cap agreement, dated as of June 29, 2005, between The Royal Bank of Scotland plc and Thornburg Mortgage Securities Trust 2005-2, relating to the Class A-3 Certificates.

99.9

Cap agreement, dated as of June 29, 2005, between The Royal Bank of Scotland plc and Thornburg Mortgage Securities Trust 2005-2, relating to the Class A-4 Certificates.

Filing Compare · Thornburg Mortgage Securities Trust 2005-2