8-K 1 bst05007_10509.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): September 26, 2005 BEAR STEARNS ARM TRUST Mortgage-Backed Notes, Series 2005-7 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-120916-20 Pooling and Servicing Agreement) (Commission N/A (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 September 26, 2005 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage-Backed Notes, Series 2005-7 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 2005-7 Trust, relating to the September 26, 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 2005-7 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 10/4/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage-Backed Notes, Series 2005-7 Trust, relating to the September 26, 2005 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage-Backed Notes Record Date: 78/2931/2005 Distribution Date: 89/2526/2005 Bear Stearns ARM Trust Mortgage-Backed Notes Series 2005-7 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 I-A-1 07387ACX1 SEN 4.75000% ~~287~~284,~~794~~330,~~000~~844.0045 1,~~139~~125,~~184~~476.5927 I-A-2 07387ADX0 SEN 4.75000% 17,~~242~~034,~~000~~519.0020 6867,~~249~~428.5831 II-A-1 07387ACY9 SEN 5.12500% ~~243~~239,~~580~~842,~~000~~709.0088 1,~~040~~024,~~289~~328.5822 II-A-2 07387ADY8 SEN 5.12500% 14,~~593~~369,~~000~~097.0007 6261,~~324~~368.2702 X-1 07387ACZ6 SEN 0.~~38970~~38843% 0.00 ~~182~~179,~~903~~836.8641 B-1 07387ADA0 SUB 5.~~31160~~31017% 17,~~554~~550,~~000~~710.0017 77,~~699~~664.8841 B-2 07387ADB8 SUB 5.~~31160~~31017% 4,~~760~~759,~~000~~107.0092 21,~~069~~059.3573 B-3 07387ADC6 SUB 5.~~31160~~31017% 2,~~975~~974,~~000~~442.0045 13,~~168~~162.3533 B-4 07387ADD4 SUB 5.~~31160~~31017% 2,~~975~~974,~~000~~442.0045 13,~~168~~162.3533 B-5 07387ADE2 SUB 5.~~31160~~31017% 2,~~083~~082,~~000~~609.0062 9,~~220~~215.0685 B-6 07387ADF9 SUB 5.~~31160~~31017% 1,486,~~936~~657.0033 6,~~581~~578.67 Totals ~~595~~587,~~042~~405,~~936~~140.0054 2,~~633~~599,~~859~~280.5455

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses I-A-1 34,~~463~~764,~~155~~427.5565 0.00 ~~284~~279,~~330~~566,~~844~~416.4581 45,~~602~~889,~~340~~903.1492 0.00 I-A-2 ~~207~~285,~~480~~441.8019 0.00 1716,~~034~~749,~~519~~078.2002 ~~275~~352,~~730~~869.3850 0.00 II-A-1 35,~~737~~563,~~290~~377.1281 0.00 ~~239~~234,~~842~~279,~~709~~332.8807 46,~~777~~587,~~579~~706.7003 0.00 II-A-2 ~~223~~333,~~902~~304.9376 0.00 14,~~369~~035,~~097~~792.0732 ~~286~~394,~~227~~672.2078 0.00 X-1 0.00 0.00 0.00 ~~182~~179,~~903~~836.8641 0.00 B-1 3,~~289~~076.8312 0.00 17,~~550~~547,~~710~~634.1704 80,~~989~~740.7153 0.00 B-2 ~~892~~834.0813 0.00 4,~~759~~758,~~107~~273.9279 21,~~961~~893.4386 0.00 B-3 ~~557~~521.5533 0.00 2,~~974~~973,~~442~~921.4512 13,~~725~~683.9066 0.00 B-4 ~~557~~521.5533 0.00 2,~~974~~973,~~442~~921.4512 13,~~725~~683.9066 0.00 B-5 ~~390~~365.3802 0.00 2,082,~~609~~244.6260 9,~~610~~580.4487 0.00 B-6 ~~278~~260.6756 0.00 1,486,~~657~~396.3377 6,~~860~~839.3423 0.00 Totals 710,~~637~~952,~~795~~129.4690 0.00 ~~587~~576,~~405~~453,~~140~~010.5466 1013,~~271~~551,~~655~~410.0045 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) I-A-1 287,794,000.00 ~~287~~284,~~794~~330,~~000~~844.0045 5449,~~875~~183.2880 34,~~408~~715,~~280~~243.2785 0.00 0.00 I-A-2 17,242,000.00 17,~~242~~034,~~000~~519.0020 32,~~287~~946.6365 ~~204~~282,~~193~~494.1754 0.00 0.00 II-A-1 243,580,000.00 ~~243~~239,~~580~~842,~~000~~709.0088 4442,~~710~~686.7227 35,~~692~~520,~~579~~691.4154 0.00 0.00 II-A-2 14,593,000.00 14,~~593~~369,~~000~~097.0007 2,~~678~~557.6436 ~~221~~330,~~224~~747.2840 0.00 0.00 X-1 0.00 0.00 0.00 0.00 0.00 0.00 B-1 17,554,000.00 17,~~554~~550,~~000~~710.0017 3,~~289~~076.8312 0.00 0.00 0.00 B-2 4,760,000.00 4,~~760~~759,~~000~~107.0092 ~~892~~834.0813 0.00 0.00 0.00 B-3 2,975,000.00 2,~~975~~974,~~000~~442.0045 ~~557~~521.5533 0.00 0.00 0.00 B-4 2,975,000.00 2,~~975~~974,~~000~~442.0045 ~~557~~521.5533 0.00 0.00 0.00 B-5 2,083,000.00 2,~~083~~082,~~000~~609.0062 ~~390~~365.3802 0.00 0.00 0.00 B-6 1,486,936.00 1,486,~~936~~657.0033 ~~278~~260.6756 0.00 0.00 0.00 Totals 595,042,936.00 ~~595~~587,~~042~~405,~~936~~140.0054 ~~111~~102,~~518~~952.3357 710,~~526~~849,~~277~~177.1333 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 I-A-1 34,~~463~~764,~~155~~427.5565 ~~284~~279,~~330~~566,~~844~~416.4581 0.~~98796655~~97141155 34,~~463~~764,~~155~~427.5565 I-A-2 ~~207~~285,~~480~~441.8019 1716,~~034~~749,~~519~~078.2002 0.~~98796655~~97141155 ~~207~~285,~~480~~441.8019 II-A-1 35,~~737~~563,~~290~~377.1281 ~~239~~234,~~842~~279,~~709~~332.8807 0.~~98465683~~96181678 35,~~737~~563,~~290~~377.1281 II-A-2 ~~223~~333,~~902~~304.9376 14,~~369~~035,~~097~~792.0732 0.~~98465683~~96181678 ~~223~~333,~~902~~304.9376 X-1 0.00 0.00 0.00000000 0.00 B-1 3,~~289~~076.8312 17,~~550~~547,~~710~~634.1704 0.~~99981259~~99963735 3,~~289~~076.8312 B-2 ~~892~~834.0813 4,~~759~~758,~~107~~273.9279 0.~~99981259~~99963735 ~~892~~834.0813 B-3 ~~557~~521.5533 2,~~974~~973,~~442~~921.4512 0.~~99981259~~99963735 ~~557~~521.5533 B-4 ~~557~~521.5533 2,~~974~~973,~~442~~921.4512 0.~~99981259~~99963735 ~~557~~521.5533 B-5 ~~390~~365.3802 2,082,~~609~~244.6260 0.~~99981259~~99963735 ~~390~~365.3802 B-6 ~~278~~260.6756 1,486,~~657~~396.3377 0.~~99981259~~99963735 ~~278~~260.6756 Totals 710,~~637~~952,~~795~~129.4690 ~~587~~576,~~405~~453,~~140~~010.5466 0.~~98716430~~96875868 710,~~637~~952,~~795~~129.4690

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 287,794,000.00 ~~1000~~987.~~00000000~~96654708 0.~~19067555~~17089932 1116.~~84277737~~38409366 0.00000000 I-A-2 17,242,000.00 ~~1000~~987.~~00000000~~96654680 0.~~19067568~~17089955 1116.~~84277752~~38409349 0.00000000 II-A-1 243,580,000.00 ~~1000~~984.~~00000000~~65682683 0.~~18355661~~17524538 1522.~~15961659~~66479818 0.00000000 II-A-2 14,593,000.00 ~~1000~~984.~~00000000~~65682656 0.~~18355650~~17524567 1522.~~15961625~~66479819 0.00000000 X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 17,554,000.00 ~~1000~~999.~~00000000~~81258801 0.~~18741199~~17523755 0.00000000 0.00000000 B-2 4,760,000.00 ~~1000~~999.~~00000000~~81258824 0.~~18741176~~17523739 0.00000000 0.00000000 B-3 2,975,000.00 ~~1000~~999.~~00000000~~81258824 0.~~18741176~~17523697 0.00000000 0.00000000 B-4 2,975,000.00 ~~1000~~999.~~00000000~~81258824 0.~~18741176~~17523697 0.00000000 0.00000000 B-5 2,083,000.00 ~~1000~~999.~~00000000~~81258761 0.~~18741239~~17523764 0.00000000 0.00000000 B-6 1,486,936.00 ~~1000~~999.~~00000000~~81258776 0.~~18741224~~17523283 0.00000000 0.00000000 (2) Per $1000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A-1 0.00000000 1216.~~03345292~~55499298 ~~987~~971.~~96654708~~41155413 0.~~98796655~~97141155 1216.~~03345292~~55499298 I-A-2 0.00000000 1216.~~03345320~~55499304 ~~987~~971.~~96654680~~41155434 0.~~98796655~~97141155 1216.~~03345320~~55499304 II-A-1 0.00000000 1522.~~34317317~~84004356 ~~984~~961.~~65682683~~81678327 0.~~98465683~~96181678 1522.~~34317317~~84004356 II-A-2 0.00000000 1522.~~34317344~~84004386 ~~984~~961.~~65682656~~81678339 0.~~98465683~~96181678 1522.~~34317344~~84004386 X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.~~18741199~~17523755 999.~~81258801~~63734989 0.~~99981259~~99963735 0.~~18741199~~17523755 B-2 0.00000000 0.~~18741176~~17523739 999.~~81258824~~63735084 0.~~99981259~~99963735 0.~~18741176~~17523739 B-3 0.00000000 0.~~18741176~~17523697 999.~~81258824~~63735126 0.~~99981259~~99963735 0.~~18741176~~17523697 B-4 0.00000000 0.~~18741176~~17523697 999.~~81258824~~63735126 0.~~99981259~~99963735 0.~~18741176~~17523697 B-5 0.00000000 0.~~18741239~~17523764 999.~~81258761~~63734998 0.~~99981259~~99963735 0.~~18741239~~17523764 B-6 0.00000000 0.~~18741224~~17523283 999.~~81258776~~63735494 0.~~99981259~~99963735 0.~~18741224~~17523283 (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 I-A-1 287,794,000.00 4.75000% ~~287~~284,~~794~~330,~~000~~844.0045 1,~~139~~125,~~184~~476.5826 0.00 0.00 I-A-2 17,242,000.00 4.75000% 17,~~242~~034,~~000~~519.0020 6867,~~249~~428.5831 0.00 0.00 II-A-1 243,580,000.00 5.12500% ~~243~~239,~~580~~842,~~000~~709.0088 1,~~040~~024,~~289~~328.5824 0.00 0.00 II-A-2 14,593,000.00 5.12500% 14,~~593~~369,~~000~~097.0007 6261,~~324~~368.2702 0.00 0.00 X-1 0.00 0.~~38970~~38843% ~~563~~555,~~209~~577,~~000~~170.0061 ~~182~~179,~~903~~836.8641 0.00 0.00 B-1 17,554,000.00 5.~~31160~~31017% 17,~~554~~550,~~000~~710.0017 77,~~699~~664.8841 0.00 0.00 B-2 4,760,000.00 5.~~31160~~31017% 4,~~760~~759,~~000~~107.0092 21,~~069~~059.3573 0.00 0.00 B-3 2,975,000.00 5.~~31160~~31017% 2,~~975~~974,~~000~~442.0045 13,~~168~~162.3533 0.00 0.00 B-4 2,975,000.00 5.~~31160~~31017% 2,~~975~~974,~~000~~442.0045 13,~~168~~162.3533 0.00 0.00 B-5 2,083,000.00 5.~~31160~~31017% 2,~~083~~082,~~000~~609.0062 9,~~220~~215.0685 0.00 0.00 B-6 1,486,936.00 5.~~31160~~31017% 1,486,~~936~~657.0033 6,~~581~~578.6867 0.00 0.00 Totals 595,042,936.00 2,~~633~~599,~~859~~280.5456 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 I-A-1 (0.0001) 0.00 1,~~139~~125,~~184~~476.5927 0.00 ~~284~~279,~~330~~566,~~844~~416.4581 I-A-2 0.00 0.00 6867,~~249~~428.5831 0.00 1716,~~034~~749,~~519~~078.2002 II-A-1 0.0002 0.00 1,~~040~~024,~~289~~328.5822 0.00 ~~239~~234,~~842~~279,~~709~~332.8807 II-A-2 0.00 0.00 6261,~~324~~368.2702 0.00 14,~~369~~035,~~097~~792.0732 X-1 0.00 0.00 ~~182~~179,~~903~~836.8641 0.00 ~~555~~544,~~577~~630,~~170~~619.6121 B-1 0.00 0.00 77,~~699~~664.8841 0.00 17,~~550~~547,~~710~~634.1704 B-2 0.00 0.00 21,~~069~~059.3573 0.00 4,~~759~~758,~~107~~273.9279 B-3 0.00 0.00 13,~~168~~162.3533 0.00 2,~~974~~973,~~442~~921.4512 B-4 0.00 0.00 13,~~168~~162.3533 0.00 2,~~974~~973,~~442~~921.4512 B-5 0.00 0.00 9,~~220~~215.0685 0.00 2,082,~~609~~244.6260 B-6 0.00 0.00 6,~~581~~578.67 0.00 1,486,~~657~~396.3377 Totals 0.0001 0.00 2,~~633~~599,~~859~~280.5455 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 I-A-1 287,794,000.00 4.75000% ~~1000~~987.~~00000000~~96654708 3.~~95833332~~91070092 0.00000000 0.00000000 I-A-2 17,242,000.00 4.75000% ~~1000~~987.~~00000000~~96654680 3.~~95833314~~91070119 0.00000000 0.00000000 II-A-1 243,580,000.00 5.12500% ~~1000~~984.~~00000000~~65682683 4.~~27083332~~20530520 0.00000000 0.00000000 II-A-2 14,593,000.00 5.12500% ~~1000~~984.~~00000000~~65682656 4.~~27083328~~20530528 0.00000000 0.00000000 X-1 0.00 0.~~38970~~38843% ~~1000~~986.~~00000000~~44938311 0.~~32475308~~31930670 0.00000000 0.00000000 B-1 17,554,000.00 5.~~31160~~31017% ~~1000~~999.~~00000000~~81258801 4.~~42633474~~42431412 0.00000000 0.00000000 B-2 4,760,000.00 5.~~31160~~31017% ~~1000~~999.~~00000000~~81258824 4.~~42633403~~42431303 0.00000000 0.00000000 B-3 2,975,000.00 5.~~31160~~31017% ~~1000~~999.~~00000000~~81258824 4.~~42633613~~42431261 0.00000000 0.00000000 B-4 2,975,000.00 5.~~31160~~31017% ~~1000~~999.~~00000000~~81258824 4.~~42633613~~42431261 0.00000000 0.00000000 B-5 2,083,000.00 5.~~31160~~31017% ~~1000~~999.~~00000000~~81258761 4.~~42633701~~42431589 0.00000000 0.00000000 B-6 1,486,936.00 5.~~31160~~31017% ~~1000~~999.~~00000000~~81258776 4.~~42633711~~42431282 0.00000000 0.00000000 (5) Per $1000 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 I-A-1 (0.~~00000000~~00000003) 0.00000000 3.~~95833336~~91070095 0.00000000 ~~987~~971.~~96654708~~41155413 I-A-2 0.00000000 0.00000000 3.~~95833314~~91070119 0.00000000 ~~987~~971.~~96654680~~41155434 II-A-1 0.~~00000000~~00000008 0.00000000 4.~~27083332~~20530512 0.00000000 ~~984~~961.~~65682683~~81678327 II-A-2 0.00000000 0.00000000 4.~~27083328~~20530528 0.00000000 ~~984~~961.~~65682656~~81678339 X-1 0.00000000 0.00000000 0.~~32475308~~31930670 0.00000000 ~~986~~967.~~44938311~~01334533 B-1 0.00000000 0.00000000 4.~~42633474~~42431412 0.00000000 999.~~81258801~~63734989 B-2 0.00000000 0.00000000 4.~~42633403~~42431303 0.00000000 999.~~81258824~~63735084 B-3 0.00000000 0.00000000 4.~~42633613~~42431261 0.00000000 999.~~81258824~~63735126 B-4 0.00000000 0.00000000 4.~~42633613~~42431261 0.00000000 999.~~81258824~~63735126 B-5 0.00000000 0.00000000 4.~~42633701~~42431589 0.00000000 999.~~81258761~~63734998 B-6 0.00000000 0.00000000 4.~~42633039~~42431282 0.00000000 999.~~81258776~~63735494 (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 1013,~~381~~673,~~176~~831.8505 Liquidations, Insurance Proceeds, Reserve Funds 01,542.0047 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1517,~~287~~658.4443 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1013,~~396~~693,~~464~~031.2995 Withdrawals Reimbursement for Servicer Advances 015,287.0044 Payment of Service Fee ~~124~~126,~~809~~334.2906 Payment of Interest and Principal 1013,~~271~~551,~~655~~410.0045 Total Withdrawals (Pool Distribution Amount) 1013,~~396~~693,~~464~~031.2995 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~124~~126,~~809~~334.2906 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~124~~126,~~809~~334.2906

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 64 0 0 0 64 3,~~089~~036,~~527~~660.0237 0.00 0.00 0.00 3,~~089~~036,~~527~~660.0237 60 Days 01 0 0 0 01 0378,000.00 0.00 0.00 0.00 0378,000.00 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 65 0 0 0 65 3,~~089~~414,~~527~~660.0237 0.00 0.00 0.00 3,~~089~~414,~~527~~660.0237 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.~~533808~~349345% 0.000000% 0.000000% 0.000000% 0.~~533808~~349345% 0.~~538336~~527033% 0.000000% 0.000000% 0.000000% 0.~~538336~~527033% 60 Days 0.~~000000~~087336% 0.000000% 0.000000% 0.000000% 0.~~000000~~087336% 0.~~000000~~065604% 0.000000% 0.000000% 0.000000% 0.~~000000~~065604% 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.~~533808~~436681% 0.000000% 0.000000% 0.000000% 0.~~533808~~436681% 0.~~538336~~592637% 0.000000% 0.000000% 0.000000% 0.~~538336~~592637%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group I No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 31 0 0 0 3 1 919,~~341,027~~860.0237 0.00 0.00 0.00 1919,~~341,027~~860.0237 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 31 0 0 0 3 1 919,~~341,027~~860.0237 0.00 0.00 0.00 1919,~~341,027~~860.0237 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~501672~~165837% 0.000000% 0.000000% 0.000000% 0.~~501672~~165837% 0.~~427877~~293605% 0.000000% 0.000000% 0.000000% 0.~~427877~~293605% 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.~~501672~~165837% 0.000000% 0.000000% 0.000000% 0.~~501672~~165837% 0.~~427877~~293605% 0.000000% 0.000000% 0.000000% 0.~~427877~~293605% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 3 0 0 0 3 12,~~748~~116,~~500~~800.00 0.00 0.00 0.00 12,~~748~~116,~~500~~800.00 60 Days 01 0 0 0 01 0378,000.00 0.00 0.00 0.00 0378,000.00 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 34 0 0 0 34 12,~~748~~494,~~500~~800.00 0.00 0.00 0.00 12,~~748~~494,~~500~~800.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~570342~~553506% 0.000000% 0.000000% 0.000000% 0.~~570342~~553506% 0.~~671236~~805228% 0.000000% 0.000000% 0.000000% 0.~~671236~~805228% 60 Days 0.~~000000~~184502% 0.000000% 0.000000% 0.000000% 0.~~000000~~184502% 0.~~000000~~143791% 0.000000% 0.000000% 0.000000% 0.~~000000~~143791% 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.~~570342~~738007% 0.000000% 0.000000% 0.000000% 0.~~570342~~738007% 0.~~671236~~949018% 0.000000% 0.000000% 0.000000% 0.~~671236~~949018%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 1517,~~287~~658.4443

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 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current REO Total ~~Jan~~Feb-05 0.000% Loans in REO 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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 I 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current REO Total ~~Jan~~Feb-05 0.000% Loans in REO 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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 II 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current REO Total ~~Jan~~Feb-05 0.000% Loans in REO 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current Foreclosure Total ~~Jan~~Feb-05 0.000% Loans in Foreclosure 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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 I 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current Foreclosure Total ~~Jan~~Feb-05 0.000% Loans in Foreclosure 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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 II 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 ~~Sep~~Oct-04 0.000% Original Principal Balance 0.00 ~~Oct~~Nov-04 0.000% Current Principal Balance 0.00 ~~Nov~~Dec-04 0.000% ~~Dec~~Jan-0405 0.000% Current Foreclosure Total ~~Jan~~Feb-05 0.000% Loans in Foreclosure 0 ~~Feb~~Mar-05 0.000% Original Principal Balance 0.00 ~~Mar~~Apr-05 0.000% Current Principal Balance 0.00 ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% ~~Aug~~Sep-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 Level Collateral Statement Group Group I Group II Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~476170~~480096 5.~~666246~~672434 5.~~563300~~568112 Weighted Average Net Rate 5.~~225552~~225159 5.~~413273~~410617 5.~~311602~~310026 Weighted Average Maturity ~~357~~356 ~~357~~356 ~~357~~356 Beginning Loan Count ~~602~~598 ~~530~~526 1,~~132~~124 Loans Paid In Full 4(5) 4(16) 8(21) Ending Loan Count ~~598~~603 ~~526~~542 1,~~124~~145 Beginning Scheduled Balance ~~322~~318,~~277~~603,~~471~~546.0076 ~~272~~268,~~765~~801,~~466~~594.0055 ~~595~~587,~~042~~405,~~937~~141.0031 Ending Scheduled Balance ~~318~~313,~~603~~550,~~546~~696.7605 ~~268~~262,~~801~~902,~~594~~315.5535 ~~587~~576,~~405~~453,~~141~~011.3140 Record Date 0708/2931/2005 0708/2931/2005 0708/2931/2005 Principal And Interest Constant 1,~~508~~510,~~671~~094.4310 1,~~300~~318,~~393~~473.6309 2,~~809~~828,~~065~~567.0619 Scheduled Principal 6155,~~450~~112.4332 5047,~~067~~840.9026 ~~111~~102,~~518~~952.3358 Unscheduled Principal 34,~~612~~997,~~473~~738.4439 35,~~913~~851,~~803~~438.6994 710,~~526~~849,~~277~~177.1333 Scheduled Interest 1,~~470~~454,~~705~~981.2478 1,~~287~~270,~~963~~632.5983 2,~~758~~725,~~668~~614.8361 Servicing Fees 67,~~307~~686.2166 5758,~~502~~647.0840 ~~124~~126,~~809~~334.2906 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 1,~~403~~387,~~398~~295.0312 1,~~230~~211,~~461~~985.5143 2,~~633~~599,~~859~~280.5455 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 5.~~225552~~225159 5.~~413273~~410617 5.~~311602~~310026

Miscellaneous Reporting Group Group I Senior Percentage 94.~~650117~~589457% Senior Prepayment Percentage 100.000000% Subordinate Percentage 5.~~349883~~410543% Subordinate Prepayment Percentage 0.000000% Group Group II Senior Percentage 94.~~650179~~572284% Senior Prepayment Percentage 100.000000% Subordinate Percentage 5.~~349821~~427716% Subordinate Prepayment Percentage 0.000000%

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 I 49 34,~~257~~957,~~700~~226.00 34,~~253~~909,~~982~~650.5900 0 0.00 0.00 Group II 49 24,~~662~~888,~~850~~322.00 24,~~661~~755,~~822~~703.5828 0 0.00 0.00 Total 818 59,~~920~~845,~~550~~548.00 59,~~915~~665,~~805~~353.1728 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 I 0 0.00 0.00 0 0.00 0.00 ~~359~~88,~~634~~088.4239 Group II 0 0.00 0.00 0 0.00 0.00 1,~~252~~096,~~498~~260.5169 Total 0 0.00 0.00 0 0.00 0.00 1,~~612~~184,~~132~~349.9308

Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount Group I ~~6132395978~~0004059303 VAPA 0.00 01-~~Apr~~Jul-2005 192,~~082~~800.00 92,~~200~~800.00 1Group I 0004077289 CA 0.00 01-Jul-2005 375,~~082~~000.00 375,~~200~~000.00 Group I ~~6263106863~~0054799135 IL 0.00 01-Jun-2005 387,576.00 340,000.00 Group I 0062455805 NV 0.00 01-Jun-2005 456,900.00 456,900.00 Group I 0090053677 CA 0.00 01-~~May~~Jun-2005 ~~984~~545,000.00 ~~979~~545,~~455~~000.5200 Group I ~~6374204425~~0091647807 WICA 0.00 01-~~Apr~~Jun-2005 ~~723~~600,~~500~~000.00 ~~723~~600,~~183~~000.5000 Group I ~~6502279752~~0098103555 CO 0.00 01-Jul-2005 740,000.00 740,000.00 Group I 0100168081 FL 0.00 01-Jun-2005 760,000.00 760,000.00 Group I 6269538572 CA 0.00 01-May-2005 ~~468~~999,~~000~~950.00 ~~468~~999,950.00 Group II 0004060889 AZ 0.00 01-Jul-2005 430,000.00 429,915.63 Group II ~~0091517335~~0028680940 CA 0.00 01-~~May~~Apr-2005 ~~617~~348,000.00 ~~617~~348,000.00 Group II ~~0096627977~~0065043863 CA 0.00 01-Jun-2005 ~~555~~507,472.00 505,387.19 Group II 0090087309 CA 0.00 01-Jun-2005 400,000.00 ~~555~~400,000.00 Group II ~~0097435718~~0090933957 CA 0.00 01-Jun-2005 1940,000.00 940,000.00 1Group II 0092029055 CA 0.00 01-Jun-2005 392,000.00 391,~~000~~838.34 Group II 0092273886 CA 0.00 01-May-2005 414,900.00 414,900.00 Group II ~~0100500384~~0096759171 NVCA 0.00 01-Jun-2005 ~~490~~455,~~850~~950.00 ~~489~~455,~~305~~950.1800 Group II 0097201998 CA 0.00 01-Jun-2005 1,000,000.00 869,187.09

Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning Group I ~~6132395978~~0004059303 Loan Paid in Full 0 5.625% 360 2 Group I 0004077289 Loan Paid in Full 0 6.000% 360 42 Group I ~~6263106863~~0054799135 Loan Paid in Full 0 5.~~250~~875% 360 3 Group I ~~6374204425~~0062455805 Loan Paid in Full 0 6.125% 360 3 Group I 0090053677 Loan Paid in Full 0 6.500% 360 3 Group I 0091647807 Loan Paid in Full 0 5.~~250~~750% 360 43 Group I ~~6502279752~~0098103555 Loan Paid in Full 0 5.~~500~~625% 360 3 Group III ~~0091517335~~0100168081 Loan Paid in Full 0 6.125% 360 3 Group I 6269538572 Loan Paid in Full 0 5.875% 360 34 Group II ~~0096627977~~0004060889 Loan Paid in Full 0 5.~~750~~625% 360 2 Group II ~~0097435718~~0028680940 Loan Paid in Full 0 65.750% 360 5 Group II 0065043863 Loan Paid in Full 0 5.875% 360 3 Group II 0090087309 Loan Paid in Full (1) 5.500% 360 23 Group II ~~0100500384~~0090933957 Loan Paid in Full 0 5.625% 360 3 Group II 0092029055 Loan Paid in Full 0 5.875% 360 3 Group II 0092273886 Loan Paid in Full 0 6.375% 360 4 Group II 0096759171 Loan Paid in Full (1) 5.750% 360 23 Group II 0097201998 Loan Paid in Full (1) 5.875% 360 3

Prepayment - Voluntary Prepayments

Summary SMM CPR PSA Current Month 1.~~295~~848% Current Month 1420.~~479~~059% Current Month 3,~~374~~220.~~587~~384% 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. ~~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 N/A N/A Jul-2005 N/A N/A Aug-2005 14.479% N/A Aug-2005 3,374.587% N/A Sep-2005 20.059% N/A Sep-2005 3,220.384% 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 I SMM CPR PSA Current Month 1.~~140~~570% Current Month 1217.~~856~~299% Current Month 2,~~745~~605.~~347~~749% 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. ~~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 N/A N/A Jul-2005 N/A N/A Aug-2005 12.856% N/A Aug-2005 2,745.347% N/A Sep-2005 17.299% N/A Sep-2005 2,605.749% 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 II SMM CPR PSA Current Month 12.~~480~~178% Current Month 1623.~~388~~219% Current Month 4,~~291~~044.~~153~~986% 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. ~~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 N/A N/A Jul-2005 N/A N/A Aug-2005 16.388% N/A Aug-2005 4,291.153% N/A Sep-2005 23.219% N/A Sep-2005 4,044.986% 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. ~~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 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-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. ~~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 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-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 I 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. ~~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 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-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. ~~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 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-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 II 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. ~~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 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-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. ~~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 N/A N/A Jul-2005 N/A N/A Aug-2005 0.000% N/A Aug-2005 0.000% N/A Sep-2005 0.000% N/A Sep-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 2005-7