8-K 1 bst05002_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 BEAR STEARNS ARM TRUST Mortgage-Backed Notes, Series 2005-2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-120916-05 Pooling and Servicing Agreement) (Commission 54-6654301 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On July 25, 2005 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage-Backed Notes, 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-Backed Notes, 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. BEAR STEARNS ARM TRUST Mortgage-Backed Notes, 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: 7/27/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage-Backed Notes, Series 2005-2 Trust, relating to the July 25, 2005 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage-Backed Notes Record Date: 56/3130/2005 Distribution Date: 67/2725/2005 Bear Stearns ARM Trust Mortgage-Backed Notes Series 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 07384M7C0 SEN 4.12500% 1,~~585~~554,~~372~~307,~~714~~121.9503 5,~~449~~342,~~718~~930.7173 A-2 07384M7D8 SEN 4.12500% ~~837~~816,~~151~~441,~~921~~907.5430 2,~~877~~806,~~709~~519.7306 A-3 07384M7M8 SEN 4.12500% 23,~~947~~478,~~785~~525.8674 8280,~~320~~707.5143 A-4 07384M7N6 SEN 4.12500% 12,~~644~~331,~~730~~917.8822 4342,~~466~~390.2697 X-1 07384M7H9 SEN 0.~~05899~~05891% 0.00 ~~120~~118,~~885~~137.2273 B-1 07384M7E6 SUB 4.~~18400~~18392% 28,~~885~~858,~~642~~534.3389 100,~~714~~618.6407 B-2 07384M7F3 SUB 4.~~18400~~18392% 18,~~381~~364,~~699~~449.8774 64,~~090~~029.8843 B-3 07384M7G1 SUB 4.~~18400~~18392% 6,~~565~~558,~~013~~853.9003 22,~~890~~868.0207 B-4 07384M7J5 SUB 4.~~18400~~18392% 3,~~938~~935,~~928~~232.5611 13,~~733~~720.7457 B-5 07384M7K2 SUB 4.~~18400~~18392% 2,~~625~~623,~~985~~521.6229 9,~~155~~147.9416 B-6 07384M7L0 SUB 4.~~18400~~18392% 6,~~565~~558,~~066~~905.5866 22,~~890~~868.2126 Totals 2,~~526~~473,~~079~~458,~~490~~968.0901 8,~~807~~623,~~575~~937.8648

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A-1 3129,~~065~~298,~~593~~625.9296 0.00 1,~~554~~525,~~307~~008,~~121~~495.0307 3634,~~515~~641,~~312~~556.6369 0.00 A-2 2018,~~710~~085,~~014~~467.2546 0.00 ~~816~~798,~~441~~356,~~907~~439.3084 2320,~~587~~891,~~723~~986.9852 0.00 A-3 ~~469~~442,~~260~~569.1225 0.00 23,~~478~~035,~~525~~956.7449 ~~551~~523,~~580~~276.6368 0.00 A-4 ~~312~~273,~~813~~171.6629 0.00 12,~~331~~058,~~917~~745.2294 ~~356~~315,~~279~~562.9226 0.00 X-1 0.00 0.00 0.00 ~~120~~118,~~885~~137.2273 0.00 B-1 27,~~107~~310.4598 0.00 28,~~858~~831,~~534~~223.8991 127,~~822~~929.0905 0.00 B-2 17,~~250~~379.1264 0.00 18,~~364~~347,~~449~~070.7410 81,~~341~~409.0007 0.00 B-3 6,~~160~~207.8713 0.00 6,~~558~~552,~~853~~645.0390 29,~~050~~075.8920 0.00 B-4 3,~~696~~724.4520 0.00 3,~~935~~931,~~232~~507.1191 17,~~430~~444.1977 0.00 B-5 2,~~464~~482.3383 0.00 2,~~623~~621,~~521~~038.2945 11,~~620~~629.2799 0.00 B-6 6,~~160~~207.9218 0.00 6,~~558~~552,~~905~~698.6648 29,~~051~~075.1344 0.00 Totals 5248,~~620~~163,~~522~~145.0992 0.00 2,~~473~~425,~~458~~295,~~968~~822.0109 6156,~~428~~787,~~097~~083.9540 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. This report has been compiled from information provided to Wells Fargo Bank, N.A. by various third parties, which may include the Servicer, Master Servicer, Special Servicer and others. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of information received from these third parties and assumes no duty to do so. Wells Fargo Bank, N.A. expressly disclaims any responsibility for the accuracy or completeness of information furnished by third parties.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 1,661,650,700.00 1,~~585~~554,~~372~~307,~~714~~121.9503 1999,~~014,019~~705.5865 3028,~~051~~298,~~574~~920.3431 0.00 0.00 A-2 866,300,200.00 ~~837~~816,~~151~~441,~~921~~907.5430 1,~~266~~249,~~702~~105.52 19 16,~~443~~836,~~311~~362.7227 0.00 0.00 A-3 25,100,000.00 23,~~947~~478,~~785~~525.8674 15,~~317~~101.2301 ~~453~~427,~~942~~468.8924 0.00 0.00 A-4 13,085,000.00 12,~~644~~331,~~730~~917.8822 1918,~~132~~867.8606 ~~293~~254,~~680~~304.8022 0.00 0.00 X-1 0.00 0.00 0.00 0.00 0.00 0.00 B-1 28,966,100.00 28,~~885~~858,~~642~~534.3389 27,~~107~~310.4598 0.00 0.00 0.00 B-2 18,432,900.00 18,~~381~~364,~~699~~449.8774 17,~~250~~379.1264 0.00 0.00 0.00 B-3 6,583,300.00 6,~~565~~558,~~013~~853.9003 6,~~160~~207.8713 0.00 0.00 0.00 B-4 3,949,900.00 3,~~938~~935,~~928~~232.5611 3,~~696~~724.4520 0.00 0.00 0.00 B-5 2,633,300.00 2,~~625~~623,~~985~~521.6229 2,~~464~~482.3383 0.00 0.00 0.00 B-6 6,583,352.83 6,~~565~~558,~~066~~905.5866 6,~~160~~207.9218 0.00 0.00 0.00 Totals 2,633,284,752.83 2,~~526~~473,~~079~~458,~~490~~968.0901 2,~~378~~346,~~012~~090.3387 5045,~~242~~817,~~509~~055.7504 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 3129,~~065~~298,~~593~~625.9296 1,~~554~~525,~~307~~008,~~121~~495.0307 0.~~93539943~~91776719 3129,~~065~~298,~~593~~625.9296 A-2 2018,~~710~~085,~~014~~467.2546 ~~816~~798,~~441~~356,~~907~~439.3084 0.~~94244686~~92157019 2018,~~710~~085,~~014~~467.2546 A-3 ~~469~~442,~~260~~569.1225 23,~~478~~035,~~525~~956.7449 0.~~93539943~~91776719 ~~469~~442,~~260~~569.1225 A-4 ~~312~~273,~~813~~171.6629 12,~~331~~058,~~917~~745.2294 0.~~94244686~~92157019 ~~312~~273,~~813~~171.6629 X-1 0.00 0.00 0.00000000 0.00 B-1 27,~~107~~310.4598 28,~~858~~831,~~534~~223.8991 0.~~99628652~~99534366 27,~~107~~310.4598 B-2 17,~~250~~379.1264 18,~~364~~347,~~449~~070.7410 0.~~99628652~~99534366 17,~~250~~379.1264 B-3 6,~~160~~207.8713 6,~~558~~552,~~853~~645.0390 0.~~99628652~~99534366 6,~~160~~207.8713 B-4 3,~~696~~724.4520 3,~~935~~931,~~232~~507.1191 0.~~99628652~~99534366 3,~~696~~724.4520 B-5 2,~~464~~482.3383 2,~~623~~621,~~521~~038.2945 0.~~99628652~~99534366 2,~~464~~482.3383 B-6 6,~~160~~207.9218 6,~~558~~552,~~905~~698.6648 0.~~99628652~~99534366 6,~~160~~207.9218 Totals 5248,~~620~~163,~~522~~145.0992 2,~~473~~425,~~458~~295,~~968~~822.0109 0.~~93930554~~92101540 5248,~~620~~163,~~522~~145.0992

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 1,661,650,700.00 ~~954~~935.~~09505436~~39943204 0.~~61024834~~60163406 1817.~~08537398~~03060716 0.00000000 A-2 866,300,200.00 ~~966~~942.~~35314356~~44686461 1.~~46219812~~44188491 2219.~~44408084~~43478978 0.00000000 A-3 25,100,000.00 ~~954~~935.~~09505418~~39943187 0.~~61024821~~60163386 1817.~~08537410~~03060717 0.00000000 A-4 13,085,000.00 ~~966~~942.~~35314329~~44686435 1.~~46219794~~44188460 2219.~~44408101~~43478945 0.00000000 X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 28,966,100.00 ~~997~~996.~~22235061~~28651734 0.~~93583361~~94286010 0.00000000 0.00000000 B-2 18,432,900.00 ~~997~~996.~~22235080~~28651704 0.~~93583321~~94285978 0.00000000 0.00000000 B-3 6,583,300.00 ~~997~~996.~~22235049~~28651740 0.~~93583309~~94285996 0.00000000 0.00000000 B-4 3,949,900.00 ~~997~~996.~~22234993~~28651611 0.~~93583382~~94285931 0.00000000 0.00000000 B-5 2,633,300.00 ~~997~~996.~~22235218~~28651882 0.~~93583336~~94285877 0.00000000 0.00000000 B-6 6,583,352.83 ~~997~~996.~~22235000~~28651682 0.~~93583318~~94285999 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 1817.~~69562232~~63224122 ~~935~~917.~~39943204~~76719082 0.~~93539943~~91776719 1817.~~69562232~~63224122 A-2 0.00000000 2320.~~90627897~~87667469 ~~942~~921.~~44686461~~57018992 0.~~94244686~~92157019 2320.~~90627897~~87667469 A-3 0.00000000 1817.~~69562231~~63224104 ~~935~~917.~~39943187~~76719084 0.~~93539943~~91776719 1817.~~69562231~~63224104 A-4 0.00000000 2320.~~90627895~~87667482 ~~942~~921.~~44686435~~57019029 0.~~94244686~~92157019 2320.~~90627895~~87667482 X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.~~93583361~~94286010 ~~996~~995.~~28651734~~34365724 0.~~99628652~~99534366 0.~~93583361~~94286010 B-2 0.00000000 0.~~93583321~~94285978 ~~996~~995.~~28651704~~34365726 0.~~99628652~~99534366 0.~~93583321~~94285978 B-3 0.00000000 0.~~93583309~~94285996 ~~996~~995.~~28651740~~34365744 0.~~99628652~~99534366 0.~~93583309~~94285996 B-4 0.00000000 0.~~93583382~~94285931 ~~996~~995.~~28651611~~34365680 0.~~99628652~~99534366 0.~~93583382~~94285931 B-5 0.00000000 0.~~93583336~~94285877 ~~996~~995.~~28651882~~34365625 0.~~99628652~~99534366 0.~~93583336~~94285877 B-6 0.00000000 0.~~93583318~~94285999 ~~996~~995.~~28651682~~34365683 0.~~99628652~~99534366 0.~~93583318~~94285999 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 1,661,650,700.00 4.12500% 1,~~585~~554,~~372~~307,~~714~~121.9503 5,~~449~~342,~~718~~930.7173 0.00 0.00 A-2 866,300,200.00 4.12500% ~~837~~816,~~151~~441,~~921~~907.5430 2,~~877~~806,~~709~~519.7306 0.00 0.00 A-3 25,100,000.00 4.12500% 23,~~947~~478,~~785~~525.8674 8280,~~320~~707.5143 0.00 0.00 A-4 13,085,000.00 4.12500% 12,~~644~~331,~~730~~917.8822 4342,~~466~~390.2697 0.00 0.00 X-1 0.00 0.~~05899~~05891% 2,~~459~~406,~~117~~559,~~153~~471.2430 ~~120~~118,~~885~~137.2273 0.00 0.00 B-1 28,966,100.00 4.~~18400~~18392% 28,~~885~~858,~~642~~534.3389 100,~~714~~618.6407 0.00 0.00 B-2 18,432,900.00 4.~~18400~~18392% 18,~~381~~364,~~699~~449.8774 64,~~090~~029.8843 0.00 0.00 B-3 6,583,300.00 4.~~18400~~18392% 6,~~565~~558,~~013~~853.9003 22,~~890~~868.0207 0.00 0.00 B-4 3,949,900.00 4.~~18400~~18392% 3,~~938~~935,~~928~~232.5611 13,~~733~~720.7457 0.00 0.00 B-5 2,633,300.00 4.~~18400~~18392% 2,~~625~~623,~~985~~521.6229 9,~~155~~147.9416 0.00 0.00 B-6 6,583,352.83 4.~~18400~~18392% 6,~~565~~558,~~066~~905.5866 22,~~890~~868.2126 0.00 0.00 Totals 2,633,284,752.83 8,~~807~~623,~~575~~937.8648 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 5,~~449~~342,~~718~~930.7173 0.00 1,~~554~~525,~~307~~008,~~121~~495.0307 A-2 0.00 0.00 2,~~877~~806,~~709~~519.7306 0.00 ~~816~~798,~~441~~356,~~907~~439.3084 A-3 0.00 0.00 8280,~~320~~707.5143 0.00 23,~~478~~035,~~525~~956.7449 A-4 0.00 0.00 4342,~~466~~390.2697 0.00 12,~~331~~058,~~917~~745.2294 X-1 0.00 0.00 ~~120~~118,~~885~~137.2273 0.00 2,~~406~~358,~~559~~459,~~471~~637.3033 B-1 0.00 0.00 100,~~714~~618.6407 0.00 28,~~858~~831,~~534~~223.8991 B-2 0.00 0.00 64,~~090~~029.8843 0.00 18,~~364~~347,~~449~~070.7410 B-3 0.00 0.00 22,~~890~~868.0207 0.00 6,~~558~~552,~~853~~645.0390 B-4 0.00 0.00 13,~~733~~720.7457 0.00 3,~~935~~931,~~232~~507.1191 B-5 0.00 0.00 9,~~155~~147.9416 0.00 2,~~623~~621,~~521~~038.2945 B-6 0.00 0.00 22,~~890~~868.2126 0.00 6,~~558~~552,~~905~~698.6648 Totals 0.00 0.00 8,~~807~~623,~~575~~937.8648 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 1,661,650,700.00 4.12500% ~~954~~935.~~09505436~~39943204 3.~~27970175~~21543555 0.00000000 0.00000000 A-2 866,300,200.00 4.12500% ~~966~~942.~~35314356~~44686461 3.~~32183893~~23966110 0.00000000 0.00000000 A-3 25,100,000.00 4.12500% ~~954~~935.~~09505418~~39943187 3.~~27970159~~21543546 0.00000000 0.00000000 A-4 13,085,000.00 4.12500% ~~966~~942.~~35314329~~44686435 3.~~32183875~~23966144 0.00000000 0.00000000 X-1 0.00 0.~~05899~~05891% ~~958~~937.~~29576027~~81450597 0.~~04710788~~04603721 0.00000000 0.00000000 B-1 28,966,100.00 4.~~18400~~18392% ~~997~~996.~~22235061~~28651734 3.~~47698309~~47364920 0.00000000 0.00000000 B-2 18,432,900.00 4.~~18400~~18392% ~~997~~996.~~22235080~~28651704 3.~~47698300~~47364929 0.00000000 0.00000000 B-3 6,583,300.00 4.~~18400~~18392% ~~997~~996.~~22235049~~28651740 3.~~47698267~~47364847 0.00000000 0.00000000 B-4 3,949,900.00 4.~~18400~~18392% ~~997~~996.~~22234993~~28651611 3.~~47698423~~47364997 0.00000000 0.00000000 B-5 2,633,300.00 4.~~18400~~18392% ~~997~~996.~~22235218~~28651882 3.~~47698325~~47364903 0.00000000 0.00000000 B-6 6,583,352.83 4.~~18400~~18392% ~~997~~996.~~22235000~~28651682 3.~~47698363~~47364946 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 3.~~27970175~~21543555 0.00000000 ~~935~~917.~~39943204~~76719082 A-2 0.00000000 0.00000000 3.~~32183893~~23966110 0.00000000 ~~942~~921.~~44686461~~57018992 A-3 0.00000000 0.00000000 3.~~27970159~~21543546 0.00000000 ~~935~~917.~~39943187~~76719084 A-4 0.00000000 0.00000000 3.~~32183875~~23966144 0.00000000 ~~942~~921.~~44686435~~57019029 X-1 0.00000000 0.00000000 0.~~04710788~~04603721 0.00000000 ~~937~~919.~~81450597~~07043478 B-1 0.00000000 0.00000000 3.~~47698309~~47364920 0.00000000 ~~996~~995.~~28651734~~34365724 B-2 0.00000000 0.00000000 3.~~47698300~~47364929 0.00000000 ~~996~~995.~~28651704~~34365726 B-3 0.00000000 0.00000000 3.~~47698267~~47364847 0.00000000 ~~996~~995.~~28651740~~34365744 B-4 0.00000000 0.00000000 3.~~47698423~~47364997 0.00000000 ~~996~~995.~~28651611~~34365680 B-5 0.00000000 0.00000000 3.~~47698325~~47364903 0.00000000 ~~996~~995.~~28651882~~34365625 B-6 0.00000000 0.00000000 3.~~47698363~~47364946 0.00000000 ~~996~~995.~~28651682~~34365683 (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 6157,~~930~~325,~~814~~937.5531 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~23,549~~0.9600 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 6157,~~954~~325,~~364~~937.5131 Withdrawals Reimbursement for Servicer Advances 023,549.0096 Payment of Service Fee ~~526~~515,~~266~~303.5695 Payment of Interest and Principal 6156,~~428~~787,~~097~~083.9540 Total Withdrawals (Pool Distribution Amount) 6157,~~954~~325,~~364~~937.5131 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~526~~515,~~266~~303.5695 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~526~~515,~~266~~303.5695

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT 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 90 0 0 0 90 ~~4,303,580~~0.8400 0.00 0.00 0.00 ~~4,303,580~~0.8400 60 Days 20 0 0 0 20 ~~844,933~~0.0700 0.00 0.00 0.00 ~~844,933~~0.0700 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 110 0 0 0 110 ~~5,148,513~~0.9100 0.00 0.00 0.00 ~~5,148,513~~0.9100 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 0.~~190396~~000000% 0.000000% 0.000000% 0.000000% 0.~~190396~~000000% 0.~~173862~~000000% 0.000000% 0.000000% 0.000000% 0.~~173862~~000000% 60 Days 0.~~042310~~000000% 0.000000% 0.000000% 0.000000% 0.~~042310~~000000% 0.~~034135~~000000% 0.000000% 0.000000% 0.000000% 0.~~034135~~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.~~232706~~000000% 0.000000% 0.000000% 0.000000% 0.~~232706~~000000% 0.~~207997~~000000% 0.000000% 0.000000% 0.000000% 0.~~207997~~000000%

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 60 0 0 0 60 ~~3,058,086~~0.9300 0.00 0.00 0.00 ~~3,058,086~~0.9300 60 Days 20 0 0 0 20 ~~844,933~~0.0700 0.00 0.00 0.00 ~~844,933~~0.0700 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 80 0 0 0 80 ~~3,903,020~~0.00 0.00 0.00 0.00 ~~3,903,020~~0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~199933~~000000% 0.000000% 0.000000% 0.000000% 0.~~199933~~000000% 0.~~188465~~000000% 0.000000% 0.000000% 0.000000% 0.~~188465~~000000% 60 Days 0.~~066644~~000000% 0.000000% 0.000000% 0.000000% 0.~~066644~~000000% 0.~~052072~~000000% 0.000000% 0.000000% 0.000000% 0.~~052072~~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.~~266578~~000000% 0.000000% 0.000000% 0.000000% 0.~~266578~~000000% 0.~~240536~~000000% 0.000000% 0.000000% 0.000000% 0.~~240536~~000000% 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 30 0 0 0 30 ~~1,245,493~~0.9100 0.00 0.00 0.00 ~~1,245,493~~0.9100 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 30 0 0 0 30 ~~1,245,493~~0.9100 0.00 0.00 0.00 ~~1,245,493~~0.9100 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~173812~~000000% 0.000000% 0.000000% 0.000000% 0.~~173812~~000000% 0.~~146073~~000000% 0.000000% 0.000000% 0.000000% 0.~~146073~~000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 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.~~173812~~000000% 0.000000% 0.000000% 0.000000% 0.~~173812~~000000% 0.~~146073~~000000% 0.000000% 0.000000% 0.000000% 0.~~146073~~000000%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~23,549~~0.9600

REO Detail - All Mortgage Loans in REO during Current Period

Summary 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 ~~Jul~~Aug-04 0.000% Original Principal Balance 0.00 ~~Aug~~Sep-04 0.000% Current Principal Balance 0.00 ~~Sep~~Oct-04 0.000% ~~Oct~~Nov-04 0.000% Current REO Total ~~Nov~~Dec-04 0.000% Loans in REO 0 ~~Dec~~Jan-0405 0.000% Original Principal Balance 0.00 ~~Jan~~Feb-05 0.000% Current Principal Balance 0.00 ~~Feb~~Mar-05 0.000% ~~Mar~~Apr-05 0.000% ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~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. Group 1 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 ~~Jul~~Aug-04 0.000% Original Principal Balance 0.00 ~~Aug~~Sep-04 0.000% Current Principal Balance 0.00 ~~Sep~~Oct-04 0.000% ~~Oct~~Nov-04 0.000% Current REO Total ~~Nov~~Dec-04 0.000% Loans in REO 0 ~~Dec~~Jan-0405 0.000% Original Principal Balance 0.00 ~~Jan~~Feb-05 0.000% Current Principal Balance 0.00 ~~Feb~~Mar-05 0.000% ~~Mar~~Apr-05 0.000% ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~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. Group 2 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 ~~Jul~~Aug-04 0.000% Original Principal Balance 0.00 ~~Aug~~Sep-04 0.000% Current Principal Balance 0.00 ~~Sep~~Oct-04 0.000% ~~Oct~~Nov-04 0.000% Current REO Total ~~Nov~~Dec-04 0.000% Loans in REO 0 ~~Dec~~Jan-0405 0.000% Original Principal Balance 0.00 ~~Jan~~Feb-05 0.000% Current Principal Balance 0.00 ~~Feb~~Mar-05 0.000% ~~Mar~~Apr-05 0.000% ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~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.

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Summary 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 ~~Jul~~Aug-04 0.000% Original Principal Balance 0.00 ~~Aug~~Sep-04 0.000% Current Principal Balance 0.00 ~~Sep~~Oct-04 0.000% ~~Oct~~Nov-04 0.000% Current Foreclosure Total ~~Nov~~Dec-04 0.000% Loans in Foreclosure 0 ~~Dec~~Jan-0405 0.000% Original Principal Balance 0.00 ~~Jan~~Feb-05 0.000% Current Principal Balance 0.00 ~~Feb~~Mar-05 0.000% ~~Mar~~Apr-05 0.000% ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~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. Group 1 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 ~~Jul~~Aug-04 0.000% Original Principal Balance 0.00 ~~Aug~~Sep-04 0.000% Current Principal Balance 0.00 ~~Sep~~Oct-04 0.000% ~~Oct~~Nov-04 0.000% Current Foreclosure Total ~~Nov~~Dec-04 0.000% Loans in Foreclosure 0 ~~Dec~~Jan-0405 0.000% Original Principal Balance 0.00 ~~Jan~~Feb-05 0.000% Current Principal Balance 0.00 ~~Feb~~Mar-05 0.000% ~~Mar~~Apr-05 0.000% ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~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. Group 2 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 ~~Jul~~Aug-04 0.000% Original Principal Balance 0.00 ~~Aug~~Sep-04 0.000% Current Principal Balance 0.00 ~~Sep~~Oct-04 0.000% ~~Oct~~Nov-04 0.000% Current Foreclosure Total ~~Nov~~Dec-04 0.000% Loans in Foreclosure 0 ~~Dec~~Jan-0405 0.000% Original Principal Balance 0.00 ~~Jan~~Feb-05 0.000% Current Principal Balance 0.00 ~~Feb~~Mar-05 0.000% ~~Mar~~Apr-05 0.000% ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~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.

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.~~433990~~433908% Weighted Average Net Coupon 4.~~183990~~183908% Weighted Average Pass-Through Rate 4.~~183990~~183908% Weighted Average Maturity(Stepdown Calculation) ~~343~~342 Beginning Scheduled Collateral Loan Count 4,~~823~~727 Number Of Loans Paid In Full 9690 Ending Scheduled Collateral Loan Count 4,~~727~~637 Beginning Scheduled Collateral Balance 2,~~526~~473,~~079~~458,~~488~~966.8677 Ending Scheduled Collateral Balance 2,~~473~~425,~~458~~295,~~966~~820.7784 Ending Actual Collateral Balance at 3130-~~May~~Jun-2005 2,~~475~~427,~~283~~073,~~413~~686.7217 Monthly P&I Constant 11,~~710~~484,~~434~~880.3654 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 2,~~376~~345,~~592~~639.1024 Unscheduled Principal 5045,~~243~~817,~~929~~506.9969

Miscellaneous Reporting Senior Percentage Group I 97.~~335509~~285391% Senior Percentage Group II 97.~~375023~~314189% Senior Prep. Percentage Group I 100.000000% Senior Prep. Percentage Group II 100.000000% Subordinate Percentage Group I 2.~~664491~~714609% Subordinate Percentage Group II 2.~~624977~~685811% Subordinate Prep. Percentage Group I 0.000000% Subordinate Prep. Percentage Group II 0.000000%

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~435180~~435051 4.~~431735~~431732 4.~~433990~~433908 Weighted Average Net Rate 4.~~185180~~185051 4.~~181735~~181732 4.~~183990~~183908 Weighted Average Maturity ~~343~~ 342 ~~343~~341 342 Beginning Loan Count 3,~~059~~001 1,~~764~~726 4,~~823~~727 Loans Paid In Full 5856 3834 9690 Ending Loan Count 32,~~001~~945 1,~~726~~692 4,~~727~~637 Beginning Scheduled Balance 1,~~653~~621,~~374~~811,~~527~~495.1877 ~~872~~851,~~704~~647,~~961~~471.6800 2,~~526~~473,~~079~~458,~~488~~966.8677 Ending Scheduled Balance 1,~~621~~592,~~811~~041,~~495~~983.7783 ~~851~~833,~~647~~253,~~471~~837.0001 2,~~473~~425,~~458~~295,~~966~~820.7784 Record Date 0506/3130/2005 0506/3130/2005 0506/3130/2005 Principal And Interest Constant 7,~~166~~036,~~938~~685.3908 4,~~543~~448,~~495~~195.9746 11,~~710~~484,~~434~~880.3654 Scheduled Principal 1,~~056~~042,~~093~~671.9474 1,~~320~~302,~~498~~967.1650 2,~~376~~345,~~592~~639.1024 Unscheduled Principal 3028,~~506~~726,~~937~~840.4720 1917,~~736~~090,~~992~~666.5249 5045,~~243~~817,~~929~~506.9969 Scheduled Interest 65,~~110~~994,~~844~~013.4534 3,~~222~~145,~~997~~227.8196 9,~~333~~139,~~842~~241.2630 Servicing Fees ~~344~~337,~~453~~877.0339 ~~181~~177,~~813~~426.5356 ~~526~~515,~~266~~303.5695 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 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 5,~~766~~656,~~391~~135.4295 32,~~041~~967,~~184~~801.2840 8,~~807~~623,~~575~~937.7035 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.~~185180~~185051 4.~~181735~~181732 4.~~183990~~183908

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 Group 1 5856 2928,~~932~~474,~~851~~536.00 2927,~~426~~938,~~491~~229.3244 0 0.00 0.00 Group 2 3834 1817,~~954~~076,~~900~~237.00 1816,~~392~~490,054.6034 0 0.00 0.00 Total 9690 4845,~~887~~550,~~751~~773.00 4744,~~818~~428,~~545~~283.9278 0 0.00 0.00

Prepayment 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 Group 1 0 0.00 0.00 0 0.00 0.00 1805,~~099,308~~419.3543 Group 2 0 0.00 0.00 0 0.00 0.00 1625,~~372,285~~487.0522 Total 0 0.00 0.00 0 0.00 0.00 21,~~471~~430,~~593~~906.4065

Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount Group 1 ~~0027745777~~0028062826 CAMN 7267.8745 01-Sep-2003 ~~395~~597,000.00 ~~383~~597,~~094~~000.4300 Group 1 ~~0027802826~~0028176139 NCCA 4350.2200 01-~~Sep~~Nov-2003 ~~618~~1,~~200~~500,000.00 ~~599~~1,~~567~~500,000.1000 Group 1 ~~0027921089~~0028218139 TX 6375.2219 01-~~Aug~~Sep-2003 ~~363~~406,~~545~~004.00 ~~350~~392,~~498~~691.8949 Group 1 ~~0028915353~~0030574685 AZCA 7253.7379 01-~~Sep~~Oct-2003 ~~600~~390,000.00 ~~600~~378,~~000~~245.0025 Group 1 ~~0029378684~~0032178873 CAMN 7465.2612 01-~~Sep~~Oct-2003 ~~460~~368,~~500~~000.00 ~~446~~356,~~620~~908.2234 Group 1 ~~0030118988~~0036107381 COWA 7980.3000 01-~~Nov~~Jan-~~2003~~2004 ~~360~~479,~~800~~200.00 ~~360~~479,~~800~~200.00 Group 1 ~~0030226344~~0036579068 NJMN 6972.5673 01-~~Sep~~Feb-~~2003~~2004 1400,~~200,~~000.00 1400,~~200,~~000.00 Group 1 ~~0031209158~~0037851417 MDGA 8050.00 01-~~Sep~~Mar-~~2003~~2004 ~~407~~700,~~900~~000.00 ~~402~~700,~~786~~000.~~40 Group 1 0033637513 WA 80.~~00 ~~01-Oct-2003 383,960.00 372,934.19~~ Group 1 ~~0036618445~~0038042255 FL 5474.0898 01-~~Jan~~Mar-2004 ~~530~~473,~~000~~700.00 ~~493~~454,~~994~~168.1861 Group 1 ~~0037082526~~0038191607 ILTN 5072.5273 01-~~Feb~~Apr-2004 ~~600~~360,~~645~~000.00 ~~600~~173,~~645~~807.0004 Group 1 ~~0037746468~~0039247549 MDVA 8078.0079 01-~~Mar~~May-2004 ~~456~~650,000.00 ~~446~~648,~~117~~050.3212 Group 1 ~~0037823838~~0039505581 CAMN 8070.00 01-~~Mar~~May-2004 ~~379~~472,~~192~~500.00 ~~378~~472,~~976~~500.3800 Group 1 ~~0038307369~~0040121063 SCCA 8076.0044 01-~~Mar~~Jul-2004 ~~444~~405,~~000~~150.00 ~~444~~405,~~000~~150.00 Group 1 ~~0038554242~~0041122433 CAVA 80.00 01-~~May~~Jun-2004 ~~776~~439,~~000~~900.00 ~~776~~439,~~000~~883.0092 Group 1 ~~0038949681~~0123977621 SCIN 80.00 01-~~May~~Aug-~~2004~~2003 ~~388~~487,~~000~~200.00 ~~379~~487,~~066~~200.4200 Group 1 ~~0039648043~~0128204377 CAVA 80.00 01-May-~~2004~~2003 ~~600~~436,000.00 ~~600~~436,000.00 Group 1 ~~0041812843~~0128496197 DCCO 80.00 01-~~Jun~~Aug-~~2004~~2003 ~~489~~368,~~600~~000.00 ~~489~~368,~~600~~000.00 Group 1 ~~0042368498~~0130027915 MAFL 6175.2062 01-~~Jun~~Sep-~~2004~~2003 ~~500~~560,~~000~~022.00 ~~500~~560,~~000~~022.00 Group 1 ~~0128047891~~0130111123 NJNY ~~62.~~65.00 01-~~Jun~~Aug-2003 ~~401~~390,000.00 ~~401~~377,~~000~~127.0086 Group 1 ~~0129579413~~0130147978 FLMD 6360.0247 01-~~Nov~~Sep-2003 ~~850~~476,000.00 ~~849~~476,~~980~~000.00 Group 1 ~~0130304496~~0130194178 COCA 3580.5600 01-Sep-2003 ~~640~~368,~~200~~800.00 ~~640~~368,~~200~~800.00 Group 1 ~~0130330251~~0130331408 CA 7644.1663 01-~~Nov~~Sep-2003 ~~367~~424,~~912~~000.00 ~~357~~410,~~649~~323.2135 Group 1 ~~0130419765~~0130524937 MNNJ 9457.3334 01-~~Oct~~Sep-2003 ~~380~~390,000.00 ~~380~~377,~~000~~401.0076 Group 1 ~~0130999451~~0130645401 FLCA 8029.0032 01-~~Sep~~Oct-2003 ~~424~~503,000.00 ~~411~~487,~~220~~819.3246 Group 1 ~~0131148728~~0131100133 CAVA 75.00 01-Sep-2003 ~~666~~375,~~750~~000.00 ~~665~~374,~~498~~883.0581 Group 1 ~~0131172207~~0131132961 CANY 7674.0086 01-~~Aug~~Nov-2003 ~~437~~531,~~000~~500.00 ~~421~~531,~~847~~500.0900 Group 1 ~~0131945727~~0131436263 CA 8070.0023 01-~~Jan-2004 717,600.00 716,584.17 Group 1 0132183716 CO 63.45 01-~~Oct-2003 ~~412~~438,~~500~~931.00 ~~412~~425,~~500~~701.0036 Group 1 ~~0132557539~~0131646655 CT 9348.8452 01-~~Feb~~Nov-~~2004~~2003 ~~458~~364,000.00 ~~447~~353,~~200~~314.4849 Group 1 ~~0134385467~~0131687949 WACA 80.00 01-~~Apr~~Sep-~~2004~~2003 ~~645~~432,~~600~~000.00 ~~645~~417,~~600~~577.0025 Group 1 ~~0135325991~~0132109042 CA 6874.6680 01-~~May~~Oct-~~2004~~2003 ~~515~~390,000.00 ~~505~~377,~~054~~637.4360 Group 1 ~~0135430965~~0133953018 CAOH 4880.00 01-~~May~~Mar-2004 ~~600~~425,~~000~~124.00 ~~596~~425,~~696~~123.0872 Group 1 ~~0135651917~~0134807262 CANJ 8059.0027 01-~~Jul~~Apr-2004 ~~451~~456,~~600~~405.00 ~~451~~456,~~306~~149.5853 Group 1 ~~0135675759~~0134976851 CAID 6750.4375 01-~~May~~Apr-2004 ~~590~~500,000.00 ~~589~~488,~~775~~719.3909 Group 1 ~~0135688711~~0135433597 CA 6567.0088 01-~~May~~Apr-2004 ~~975~~649,000.00 ~~975~~634,~~000~~623.0036 Group 1 ~~0135837623~~0135556314 CA 8079.7326 01-May-2004 ~~444~~456,~~000~~100.00 ~~444~~456,~~000~~100.00 Group 1 ~~0135883759~~0135557122 CA 6452.2915 01-~~May~~Apr-2004 ~~450~~425,000.00 ~~449~~406,~~999~~443.6016 Group 1 ~~0135941896~~0135654945 CA 4562.1625 01-May-2004 ~~524~~429,000.00 ~~513~~428,~~748~~864.4065 Group 1 ~~0135972503~~0135786754 CA 6655.7256 01-~~Jun~~May-2004 ~~667~~600,~~200~~000.00 ~~667~~599,~~200~~886.0066 Group 1 ~~0136093333~~0135800688 CA 5638.7540 01-May-2004 ~~420~~960,000.00 ~~411~~960,~~584~~000.6400 Group 1 ~~0136332004~~0135863538 NVCA 6374.2779 01-~~Jun~~May-2004 ~~477~~445,~~700~~000.00 ~~469~~444,~~149~~193.1067 Group 1 ~~0136345915~~0135920007 CA 3452.5936 01-Jun-2004 ~~441~~1,000,000.00 ~~439,~~977,985.9415 Group 1 ~~0136849718~~0135960441 CA 8048.0077 01-Jun-2004 ~~532~~600,000.00 ~~532~~600,000.00 Group 1 ~~0141599829~~0135963999 ORMO 8057.0083 01-~~Feb~~May-~~2005~~2004 ~~379~~373,~~147~~000.00 ~~379~~365,~~146~~267.9991 Group 1 ~~0223682881~~0135977841 CA 7646.3395 01-~~Sep~~May-~~2003~~2004 ~~458~~385,000.00 ~~443~~360,~~688~~362.9366 Group 1 ~~0223697525~~0136050374 CA 5957.5266 01-~~Sep~~May-~~2003~~2004 ~~378~~620,000.00 ~~366~~620,~~358.73 Group 1 0223697806 CA 74.87 01-Oct-2003 468,~~000.00 ~~454,147.10~~ Group 1 ~~0223705484~~0136270279 CA 7480.00 01-~~Aug~~Jun-~~2003~~2004 ~~444~~478,~~000~~800.00 ~~429~~477,~~678~~477.1478 Group 1 ~~0224104885~~0136293024 INCA 4864.8150 01-~~Nov~~Jun-~~2003~~2004 ~~410~~361,~~000~~200.00 ~~398~~354,~~563~~224.3555 Group 1 ~~0224186353~~0136300373 CA 3759.3638 01-~~Nov~~Jun-~~2003~~2004 ~~822~~487,000.00 ~~794~~485,~~176~~949.6681 Group 1 ~~0224298513~~0136504016 CA 3980.5900 01-~~Aug~~Jul-~~2003~~2004 ~~386~~600,000.00 ~~373~~600,~~548~~000.8800 Group 1 ~~0224553099~~0136755816 CA 5463.2272 01-~~Aug~~Jul-~~2003~~2004 ~~488~~650,000.00 ~~431~~638,~~400~~201.9380 Group 1 ~~0224558593~~0136798758 CA 7480.4000 01-~~Sep~~Jun-~~2003~~2004 ~~555~~468,000.00 ~~466~~468,~~999~~000.6700 Group 1 ~~0225851989~~0136810306 CAMD 5980.0900 01-~~Sep~~Jun-~~2003~~2004 ~~434~~520,~~300~~000.00 ~~420~~509,~~924~~826.6955 Group 1 ~~0226194488~~0225115815 CA 7972.8330 01-Aug-2003 ~~479~~441,000.00 ~~462~~417,~~529~~088.6498 Group 1 ~~0226199792~~0225268564 MICA 8059.0072 01-Sep-2003 ~~412~~439,000.00 ~~399~~424,~~311~~839.5632 Group 1 ~~0226310159~~0225342245 CA 6962.8750 01-Nov-2003 ~~378~~750,000.00 ~~367~~727,~~681~~992.8476 Group 21 ~~0128703618~~0226310621 VACA 7380.0800 01-~~Jul~~Aug-2003 380,000.00 367,~~403~~185.2195 Group 2 ~~0128981008~~0125251652 DCNJ 6480.0500 01-~~Aug~~May-2003 ~~506~~624,000.00 ~~489~~600,~~886~~697.1241 Group 2 ~~0129364972~~0128714888 CANJ 8078.0041 01-Aug-2003 ~~549~~650,~~600.00 532,248.72 Group 2 0129743696 CA 71.68 01-Jul-2003 400,~~000.00 ~~386~~627,~~485~~394.1643 Group 2 ~~0129894598~~0128900842 CAGA 7270.9323 01-~~Aug~~Feb-~~2003~~2004 ~~598~~395,000.00 ~~579~~385,~~120~~119.8397 Group 2 ~~0130002033~~0128918224 CA 4834.43 01-Aug-2003 ~~775~~620,000.00 ~~714~~599,~~390~~536.2948 Group 2 ~~0130133705~~0130003916 CANY 7037.0091 01-Sep-2003 ~~483~~455,000.00 ~~466~~440,~~231~~635.0741 Group 2 ~~0130194327~~0130086176 CATX 6967.9102 01-~~Sep~~Aug-2003 ~~395~~559,~~000~~700.00 ~~382~~541,~~731~~226.3867 Group 2 ~~0130199359~~0130091721 CAIL 78.9419 01-~~Aug~~Oct-2003 ~~401~~624,~~000~~711.00 ~~388~~605,~~340~~881.2286 Group 2 ~~0130209679~~0130127988 CANY 7462.9702 01-~~Sep~~Oct-2003 ~~596~~490,000.00 ~~577~~474,~~644~~804.7981 Group 2 ~~0130259237~~0130159635 CA 6869.7026 01-~~Sep~~Aug-2003 ~~368~~525,~~300~~000.00 ~~356~~504,~~931~~211.0332 Group 2 ~~0130330723~~0130388036 CACO 6674.9118 01-Sep-2003 ~~522~~408,000.00 ~~506~~394,~~266~~839.5855 Group 2 ~~0130356868~~0130405335 CA 4978.5830 01-Sep-2003 ~~471~~650,000.00 ~~456~~629,~~803~~033.2032 Group 2 ~~0130492564~~0130500333 CA 7266.5450 01-Oct-2003 ~~428~~399,000.00 ~~414~~386,~~193~~711.9099 Group 2 ~~0130636046~~0130533391 CA 5746.4593 01-~~Sep~~Oct-2003 ~~540~~399,000.00 ~~500~~386,~~152~~611.1266 Group 2 ~~0130690449~~0130576465 CA 6654.6634 01-Sep-2003 ~~400~~494,~~000~~500.00 ~~387~~463,~~681~~498.2529 Group 2 ~~0130802572~~0130654536 CA 69.6388 01-~~Oct~~Sep-2003 390,000.00 ~~378~~377,~~326~~670.9426 Group 2 ~~0130849169~~0130891799 CATX 6070.6500 01-~~Sep~~Oct-2003 ~~450~~647,~~000~~500.00 ~~436~~504,~~436~~361.8705 Group 2 ~~0130916646~~0131423824 CAVA 7969.1626 01-Oct-2003 ~~380~~561,000.00 ~~368~~544,~~749~~091.9826 Group 2 ~~0130976608~~0131610636 CA 7478.2987 01-~~Oct~~Feb-~~2003~~2004 ~~650~~418,000.00 ~~630~~407,~~927~~544.1962 Group 2 ~~0130990476~~0132315797 CAMO 5585.00 01-~~Sep~~Nov-2003 ~~385~~366,~~000~~776.00 ~~353~~355,~~514~~997.7461 Group 2 ~~0130998446~~0133080127 CATX 7666.7366 01-~~Oct~~Dec-2003 ~~422~~1,000~~.00 409~~,~~617~~000.~~13 Group 2 0131470072 MD 40.~~00 ~~01-Oct-2003 999~~972,~~950~~105.0064 ~~971,113.65~~ Group 2 ~~0133219659~~0134916501 OHCA 6864.2541 01-~~Feb~~Apr-2004 ~~400~~496,000.00 ~~390~~485,~~568~~250.0231 Group 2 ~~0133409722~~0134993203 VACA 7463.3847 01-~~Mar~~Apr-2004 ~~581~~457,000.00 ~~562~~444,~~271~~817.7548 Group 2 ~~0134123298~~0135108637 NYCA 6061.1575 01-~~Mar~~Apr-2004 ~~400~~420,000.00 ~~391~~410,~~139~~696.1422 Group 2 ~~0134901123~~0135236412 NYCA 7567.0050 01-May-2004 ~~491~~405,~~250~~000.00 ~~481~~396,~~969~~359.1151 Group 2 ~~0135145308~~0135630929 CA 6674.~~66 01-Apr-2004 600,000.~~00 ~~587,562.37 Group 2 0135236297 CA 63.72~~ 01-May-2004 ~~376~~407,000.00 ~~368~~398,~~896~~746.5212 Group 2 ~~0135476661~~0135631463 MOCA 6177.3188 01-Apr-2004 ~~745~~518,000.00 ~~729~~506,~~891~~773.4652 Group 2 ~~0135624716~~0135703007 CA 7469.0854 01-May-2004 ~~407~~548,~~500~~000.00 ~~399~~536,~~630~~640.4230 Group 2 ~~0135734002~~0135727568 CAMA 7976.1929 01-May-2004 ~~427~~473,~~700~~000.00 ~~419~~463,~~429~~407.4349 Group 2 ~~0136083441~~0135779635 CA 7372.9825 01-~~Jun~~May-2004 ~~373~~393,~~600~~750.00 ~~366~~385,~~912~~764.7574 Group 2 ~~0136207727~~0135809572 CA 6174.0226 01-~~Jun~~May-2004 ~~390~~606,000.00 ~~383~~593,~~016~~710.5231 Group 2 ~~0136363686~~0135822013 CA 6977.8815 01-~~Jun~~May-2004 ~~615~~478,~~000~~300.00 ~~603~~468,~~991~~600.7409 Group 2 ~~0136585205~~0135837177 CA 6668.23 01-~~Jun~~May-2004 ~~712~~385,~~000~~500.00 ~~695~~377,~~870~~681.0899 Group 2 ~~0136753092~~0135851814 CA 4455.5418 01-~~Jun~~May-2004 ~~548~~389,000.00 ~~537~~380,~~485~~825.8489 Group 2 ~~0136775707~~0135913499 ILCA 6649.8870 01-~~Jun~~May-2004 ~~398~~422,~~000~~500.00 ~~390~~413,~~875~~931.9569

Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning Group 1 ~~0027745777~~0028062826 Loan Paid in Full 0 4.500% 360 2122 Group 1 ~~0027802826~~0028176139 Loan Paid in Full 0(1) 4.500% 360 2120 Group 1 ~~0027921089~~0028218139 Loan Paid in Full 0 4.500% 360 22 Group 1 ~~0028915353~~0030574685 Loan Paid in Full 0 4.500% 360 21 Group 1 ~~0029378684~~0032178873 Loan Paid in Full 0 4.500% 360 21 Group 1 ~~0030118988~~0036107381 Loan Paid in Full 0 4.500% 360 1918 Group 1 ~~0030226344~~0036579068 Loan Paid in Full 0 4.500% 360 2117 Group 1 ~~0031209158~~0037851417 Loan Paid in Full 0 4.500% 360 2116 Group 1 ~~0033637513~~0038042255 Loan Paid in Full (1) 4.500% 360 2016 Group 1 ~~0036618445~~0038191607 Loan Paid in Full ~~(4)~~0 4.500% 360 1715 Group 1 ~~0037082526~~0039247549 Loan Paid in Full 0 4.500% 360 1614 Group 1 ~~0037746468~~0039505581 Loan Paid in Full 0 4.500% 360 1514 Group 1 ~~0037823838~~0040121063 Loan Paid in Full 0 4.500% 360 1512 Group 1 ~~0038307369~~0041122433 Loan Paid in Full 0 4.~~375~~500% 360 1513 Group 1 ~~0038554242~~0123977621 Loan Paid in Full 0 4.~~375~~500% 360 1323 Group 1 ~~0038949681~~0128204377 Loan Paid in Full 0(1) 4.500% 360 1326 Group 1 ~~0039648043~~0128496197 Loan Paid in Full 0(1) 4.500% 360 1323 Group 1 ~~0041812843~~0130027915 Loan Paid in Full 0 4.~~500~~375% 360 1222 Group 1 ~~0042368498~~0130111123 Loan Paid in Full ~~(2)~~0 4.500% 360 1223 Group 1 ~~0128047891~~0130147978 Loan Paid in Full 0 4.500% 360 2422 Group 1 ~~0129579413~~0130194178 Loan Paid in Full 0 4.500% 360 1922 Group 1 ~~0130304496~~0130331408 Loan Paid in Full 0 4.375% 360 2122 Group 1 ~~0130330251~~0130524937 Loan Paid in Full 0 4.375% 360 1922 Group 1 ~~0130419765~~0130645401 Loan Paid in Full 0 4.~~375~~500% 360 2021 Group 1 ~~0130999451~~0131100133 Loan Paid in Full 0 4.500% 360 2122 Group 1 ~~0131148728~~0131132961 Loan Paid in Full 0(1) 4.~~375~~500% 360 2120 Group 1 ~~0131172207~~0131436263 Loan Paid in Full 02 4.500% 360 2221 Group 1 ~~0131945727~~0131646655 Loan Paid in Full 0 4.500% 360 1720 Group 1 ~~0132183716~~0131687949 Loan Paid in Full 0 4.500% 360 2022 Group 1 ~~0132557539~~0132109042 Loan Paid in Full 0(1) 4.~~375~~500% 360 1621 Group 1 ~~0134385467~~0133953018 Loan Paid in Full 0 4.375% 360 1416 Group 1 ~~0135325991~~0134807262 Loan Paid in Full 0 4.375% 360 1315 Group 1 ~~0135430965~~0134976851 Loan Paid in Full 0 4.375% 360 1315 Group 1 ~~0135651917~~0135433597 Loan Paid in Full 0 4.375% 360 1115 Group 1 ~~0135675759~~0135556314 Loan Paid in Full 0 4.500% 360 1314 Group 1 ~~0135688711~~0135557122 Loan Paid in Full 0 4.500% 360 1315 Group 1 ~~0135837623~~0135654945 Loan Paid in Full 0 4.500% 360 1314 Group 1 ~~0135883759~~0135786754 Loan Paid in Full ~~(1) 4.375% 360 13 Group 1 0135941896 Loan Paid in Full~~ 0 4.500% 360 1314 Group 1 ~~0135972503~~0135800688 Loan Paid in Full 0 4.375% 360 1214 Group 1 ~~0136093333~~0135863538 Loan Paid in Full 0 4.~~375~~500% 360 1314 Group 1 ~~0136332004~~0135920007 Loan Paid in Full 0 4.375% 360 1213 Group 1 ~~0136345915~~0135960441 Loan Paid in Full 0 4.375% 360 1213 Group 1 ~~0136849718~~0135963999 Loan Paid in Full 0(1) 4.375% 360 1214 Group 1 ~~0141599829~~0135977841 Loan Paid in Full 0(1) 4.500% 360 414 Group 1 ~~0223682881~~0136050374 Loan Paid in Full 0 4.375% 360 2114 Group 1 ~~0223697525~~0136270279 Loan Paid in Full 0 4.375% 360 2113 Group 1 ~~0223697806~~0136293024 Loan Paid in Full 0 4.375% 360 2013 Group 1 ~~0223705484~~0136300373 Loan Paid in Full 0 4.375% 360 2213 Group 1 ~~0224104885~~0136504016 Loan Paid in Full 0 4.375% 360 1912 Group 1 ~~0224186353~~0136755816 Loan Paid in Full 0 4.~~500~~375% 360 1912 Group 1 ~~0224298513~~0136798758 Loan Paid in Full 0 4.375% 360 2213 Group 1 ~~0224553099~~0136810306 Loan Paid in Full 0 4.375% 360 2213 Group 1 ~~0224558593~~0225115815 Loan Paid in Full 0(1) 4.~~375~~500% 360 2123 Group 1 ~~0225851989~~0225268564 Loan Paid in Full 0 4.375% 360 ~~21 Group 1 0226194488 Loan Paid in Full (1) 4.375% 360~~ 22 Group 1 ~~0226199792~~0225342245 Loan Paid in Full 0 4.375% 360 2120 Group 1 ~~0226310159~~0226310621 Loan Paid in Full 0 4.~~500~~375% 360 1923 Group 2 ~~0128703618~~0125251652 Loan Paid in Full 0 4.500% 360 2326 Group 2 ~~0128981008~~0128714888 Loan Paid in Full 0 4.500% 360 2223 Group 2 ~~0129364972~~0128900842 Loan Paid in Full 0 4.~~500~~375% 360 2217 Group 2 ~~0129743696~~0128918224 Loan Paid in Full 0(1) 4.500% 360 23 Group 2 ~~0129894598~~0130003916 Loan Paid in Full 0 4.500% 360 22 Group 2 ~~0130002033~~0130086176 Loan Paid in Full (1) 4.500% 360 2223 Group 2 ~~0130133705~~0130091721 Loan Paid in Full 0(1) 4.500% 360 21 Group 2 ~~0130194327~~0130127988 Loan Paid in Full 0 4.~~375~~500% 360 21 Group 2 ~~0130199359~~0130159635 Loan Paid in Full 0 4.~~500~~375% 360 2223 Group 2 ~~0130209679~~0130388036 Loan Paid in Full 0 4.375% 360 2122 Group 2 ~~0130259237~~0130405335 Loan Paid in Full 0 4.375% 360 2122 Group 2 ~~0130330723~~0130500333 Loan Paid in Full 0 4.~~500~~375% 360 21 Group 2 ~~0130356868~~0130533391 Loan Paid in Full ~~0 4.500% 360 21 Group 2 0130492564 Loan Paid in Full 0 4.375% 360 20 Group 2 0130636046 Loan Paid in Full~~ (1) 4.375% 360 21 Group 2 ~~0130690449~~0130576465 Loan Paid in Full 0 4.375% 360 2122 Group 2 ~~0130802572~~0130654536 Loan Paid in Full 01 4.500% 360 2022 Group 2 ~~0130849169~~0130891799 Loan Paid in Full 0 4.~~500~~375% 360 21 Group 2 ~~0130916646~~0131423824 Loan Paid in Full ~~(1)~~0 4.~~375% 360 20 Group 2 0130976608 Loan Paid in Full (1) 4.375% 360 20 Group 2 0130990476 Loan Paid in Full (1) 4.~~500% 360 21 Group 2 ~~0130998446~~0131610636 Loan Paid in Full 0 4.375% 360 2017 Group 2 ~~0131470072~~0132315797 Loan Paid in Full 0 4.~~500~~375% 360 20 Group 2 ~~0133219659~~0133080127 Loan Paid in Full 0 4.375% 360 1619 Group 2 ~~0133409722~~0134916501 Loan Paid in Full 0 4.~~375~~500% 360 15 Group 2 ~~0134123298~~0134993203 Loan Paid in Full 0 4.~~375~~500% 360 15 Group 2 ~~0134901123~~0135108637 Loan Paid in Full 0 4.~~500~~375% 360 1315 Group 2 ~~0135145308~~0135236412 Loan Paid in Full 0 4.375% 360 14 Group 2 ~~0135236297~~0135630929 Loan Paid in Full 0(1) 4.500% 360 1314 Group 2 ~~0135476661~~0135631463 Loan Paid in Full 0 4.500% 360 1415 Group 2 ~~0135624716~~0135703007 Loan Paid in Full 0(1) 4.375% 360 1314 Group 2 ~~0135734002~~0135727568 Loan Paid in Full 0 4.~~375~~500% 360 1314 Group 2 ~~0136083441~~0135779635 Loan Paid in Full 0 4.~~375~~500% 360 1214 Group 2 ~~0136207727~~0135809572 Loan Paid in Full 0 4.~~375~~500% 360 1214 Group 2 ~~0136363686~~0135822013 Loan Paid in Full 0 4.~~375~~500% 360 1214 Group 2 ~~0136585205~~0135837177 Loan Paid in Full 0 4.~~375~~500% 360 1214 Group 2 ~~0136753092~~0135851814 Loan Paid in Full 0 4.375% 360 1214 Group 2 ~~0136775707~~0135913499 Loan Paid in Full 0 4.~~375~~500% 360 1214

Prepayment - Voluntary Prepayments

Summary SMM CPR PSA Current Month 1.~~991~~854% Current Month 2120.~~441~~115% Current Month ~~656~~580.~~687~~895% 3 Month Average 1.~~760~~852% 3 Month Average 1920.~~171~~083% 3 Month Average ~~623~~615.~~752~~558% 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. ~~Jul-2004 N/A N/A Jul-2004 N/A N/A~~ 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 6.528% N/A Mar-2005 244.204% N/A Apr-2005 17.379% N/A Apr-2005 605.476% N/A May-2005 18.693% N/A May-2005 609.091% N/A Jun-2005 21.441% N/A Jun-2005 656.687% N/A Jul-2005 20.115% N/A Jul-2005 580.895% 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. Group 1 SMM CPR PSA Current Month 1.~~846~~772% Current Month 2019.~~039~~313% Current Month ~~634~~575.~~178~~191% 3 Month Average 1.~~856~~826% 3 Month Average 2019.~~129~~837% 3 Month Average ~~681~~629.~~464~~803% 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. ~~Jul-2004 N/A N/A Jul-2004 N/A N/A~~ 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 7.353% N/A Mar-2005 286.113% N/A Apr-2005 20.189% N/A Apr-2005 730.172% N/A May-2005 20.160% N/A May-2005 680.042% N/A Jun-2005 20.039% N/A Jun-2005 634.178% N/A Jul-2005 19.313% N/A Jul-2005 575.191% 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. Group 2 SMM CPR PSA Current Month 2.~~265~~010% Current Month 2421.~~037~~623% Current Month ~~693~~590.~~666~~232% 3 Month Average 1.~~575~~900% 3 Month Average 1720.~~202~~498% 3 Month Average ~~520~~589.~~177~~518% 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. ~~Jul-2004 N/A N/A Jul-2004 N/A N/A~~ 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 4.925% N/A Mar-2005 171.553% N/A Apr-2005 11.736% N/A Apr-2005 382.210% N/A May-2005 15.834% N/A May-2005 484.655% N/A Jun-2005 24.037% N/A Jun-2005 693.666% N/A Jul-2005 21.623% N/A Jul-2005 590.232% 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))

Realized Loss Report - Collateral Summary

MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Jul-2004 N/A N/A Jul-2004 N/A N/A~~ 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 0.000% N/A Mar-2005 0.000% N/A Apr-2005 0.000% N/A Apr-2005 0.000% N/A May-2005 0.000% N/A May-2005 0.000% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% 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. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Jul-2004 N/A N/A Jul-2004 N/A N/A~~ 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 0.000% N/A Mar-2005 0.000% N/A Apr-2005 0.000% N/A Apr-2005 0.000% N/A May-2005 0.000% N/A May-2005 0.000% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% 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. Group 1 MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Jul-2004 N/A N/A Jul-2004 N/A N/A~~ 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 0.000% N/A Mar-2005 0.000% N/A Apr-2005 0.000% N/A Apr-2005 0.000% N/A May-2005 0.000% N/A May-2005 0.000% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% 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. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Jul-2004 N/A N/A Jul-2004 N/A N/A~~ 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 0.000% N/A Mar-2005 0.000% N/A Apr-2005 0.000% N/A Apr-2005 0.000% N/A May-2005 0.000% N/A May-2005 0.000% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% 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. Group 2 MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Jul-2004 N/A N/A Jul-2004 N/A N/A~~ 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 0.000% N/A Mar-2005 0.000% N/A Apr-2005 0.000% N/A Apr-2005 0.000% N/A May-2005 0.000% N/A May-2005 0.000% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% 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. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Jul-2004 N/A N/A Jul-2004 N/A N/A~~ 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 0.000% N/A Mar-2005 0.000% N/A Apr-2005 0.000% N/A Apr-2005 0.000% N/A May-2005 0.000% N/A May-2005 0.000% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% 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: Monthly Default Rate (MDR): sum(Beg Principal Balance of Liquidated Loans)/ sum(Beg Principal Balance). Conditional Default Rate (CDR): 1-((1-MDR)^12) SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR/(WAS*0.02) else if WAS is greater than 30 and less than or equal to 60 then CDR/0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR/(0.6 - ((WAS-60)*0.0095)) else if WAS is greater than 120 then CDR/0.03 Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

Filing Compare · BEAR STEARNS ARM TRUST, MORTGAGE-BACKED NOTES, SERIES 2005-2