8-K 1 mas05001_8k-200512.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): December 27, 2005 MASTR SECOND LIEN TRUST Mortgage Pass-Through Certificates, Series 2005-1 (Exact name of registrant as specified in its charter) New York (governing law of 333-124678-07 Pooling and Servicing Agreement) (Commission 54-2184290 (State or other File Number) 54-2184291 jurisdiction 54-2184292 of Incorporation) 54-6681221 IRS EIN c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 27, 2005 a distribution was made to holders of MASTR SECOND LIEN TRUST, Mortgage Pass-Through Certificates, Series 2005-1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-1 Trust, relating to the December 27, 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. MASTR SECOND LIEN TRUST Mortgage Pass-Through Certificates, Series 2005-1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Master Servicer By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 12/30/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2005-1 Trust, relating to the December 27, 2005 distribution. EX-99.1 MASTR Second Lien Trust Mortgage Pass-Through Certificates Record Date: 11/30/2005 Distribution Date: 12/27/2005 MASTR Second Lien Trust Mortgage Pass-Through Certificates Series 2005-1 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

~~SECURITIES~~Certificateholder ~~AND~~Distribution ~~EXCHANGE~~Summary ~~COMMISSION~~Class CUSIP Certificate Beginning Interest Pass-Through Certificate Distribution Rate Balance A 57644DAA1 4.46375% 158,160,058.65 627,543.97 M-1 57644DAB9 4.75375% 22,635,000.00 95,645.45 M-2 57644DAC7 4.92375% 15,832,000.00 69,291.39 M-3 57644DAD5 5.07375% 4,577,000.00 20,642.27 M-4 57644DAE3 5.59375% 4,453,000.00 22,141.31 M-5 57644DAF0 6.04375% 3,958,000.00 21,263.26 M-6 57644DAG8 6.39375% 4,206,000.00 23,904.10 M-7 57644DAH6 6.00000% 4,700,000.00 23,500.00 M-8 57644DAJ2 6.00000% 3,958,000.00 19,790.00 M-9 57644DAK9 6.00000% 3,287,364.13 16,436.82 M-10 57644DAL7 6.00000% 2,915,282.13 14,576.41 CE 57644DAQ6 0.00000% 105,711.74 842,013.47 P 57644DAP8 0.00000% 100.00 0.00 R MAS0501R1 0.00000% 0.00 0.00 Totals 228,787,516.65 1,796,748.45

~~Washington~~Certificateholder Distribution Summary (continued) Class Principal Current Ending Total Cummulative Distribution Realized Certificate Distribution Realized Loss Balance Losses A 7,712,045.96 D0.C00 150,448,012. ~~20549~~69 8,339,589.93 0.00 M-1 0.00 0.00 22,635,000.00 95,645.45 0.00 M-2 0.00 0.00 15,832,000.00 69,291.39 0.00 M-3 0.00 0.00 4,577,000.00 20,642.27 0.00 M-4 0.00 0.00 4,453,000.00 22,141.31 0.00 M-5 0.00 0.00 3,958,000.00 21,263.26 0.00 M-6 0.00 0.00 4,206,000.00 23,904.10 0.00 M-7 0.00 0.00 4,700,000.00 23,500.00 0.00 M-8 0.00 0.00 3,958,000.00 19,790.00 0.00 M-9 22,912.03 0.00 3,264,452.10 39,348.85 0.00 M-10 22,912.03 0.00 2,892,370.10 37,488.44 0.00 CE 0.00 0.00 151,535.80 842,013.47 0.00 P 0.00 0.00 100.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 7,757,870.02 0.00 221,075,470.69 9,554,618.47 0.00

~~Form~~Principal Distribution Statement Class Original Beginning Scheduled UnScheduled Accretion Realized Face Certificate Principal Principal Loss Amount Balance Distribution Distribution A 176,755,000.00 158,160,058.65 0.00 7,712,045.96 0.00 0.00 M-1 22,635,000.00 22,635,000.00 0.00 0.00 0.00 0.00 M-2 15,832,000.00 15,832,000.00 0.00 0.00 0.00 0.00 M-3 4,577,000.00 4,577,000.00 0.00 0.00 0.00 0.00 M-4 4,453,000.00 4,453,000.00 0.00 0.00 0.00 0.00 M-5 3,958,000.00 3,958,000.00 0.00 0.00 0.00 0.00 M-6 4,206,000.00 4,206,000.00 0.00 0.00 0.00 0.00 M-7 4,700,000.00 4,700,000.00 0.00 0.00 0.00 0.00 M-8 3,958,000.00 3,958,000.00 0.00 0.00 0.00 0.00 M-K9 3,340,000.00 3,287,364.13 0.00 22,912.03 0.00 0.00 M-10 2,967,918.00 2,915,282.13 0.00 22,912.03 0.00 0.00 CE 439.76 105,711.74 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 247,382,457.76 228,787,516.65 0.00 7,757,870.02 0.00 0.00

~~CURRENT~~Principal ~~REPORT~~Distribution Statement (continued) Class Total Ending Ending Total Principal Certificate Certificate Principal Reduction Balance Percentage Distribution A 7,712,045.96 150,448,012.69 0.851167 7,712,045.96 M-1 0.00 22,635,000.00 1.000000 0.00 M-2 0.00 15,832,000.00 1.000000 0.00 M-3 0.00 4,577,000.00 1.000000 0.00 M-4 0.00 4,453,000.00 1.000000 0.00 M-5 0.00 3,958,000.00 1.000000 0.00 M-6 0.00 4,206,000.00 1.000000 0.00 M-7 0.00 4,700,000.00 1.000000 0.00 M-8 0.00 3,958,000.00 1.000000 0.00 M-9 22,912.03 3,264,452.10 0.977381 22,912.03 M-10 22,912.03 2,892,370.10 0.974545 22,912.03 CE 0.00 151,535.80 344.587502 0.00 P 0.00 100.00 1.000000 0.00 R 0.00 0.00 0.000000 0.00 Totals 7,757,870.02 221,075,470.69 0.893659 7,757,870.02

~~Pursuant~~Principal toDistribution ~~Section~~Factors 13Statement orClass Original Beginning Scheduled UnScheduled Accretion Face Certificate Principal Principal Amount Balance Distribution Distribution A 176,755,000.00 894.798216 0.000000 43.631275 0.000000 M-1 22,635,000.00 1000.000000 0.000000 0.000000 0.000000 M-2 15~~(d)~~,832,000.00 of1000.000000 ~~the~~0.000000 0.000000 0.000000 M-3 4,577,000.00 1000.000000 0.000000 0.000000 0.000000 M-4 4,453,000.00 1000.000000 0.000000 0.000000 0.000000 M-5 3,958,000.00 1000.000000 0.000000 0.000000 0.000000 M-6 4,206,000.00 1000.000000 0.000000 0.000000 0.000000 M-7 4,700,000.00 1000.000000 0.000000 0.000000 0.000000 M-8 3,958,000.00 1000.000000 0.000000 0.000000 0.000000 M-9 3,340,000.00 984.240757 0.000000 6.859889 0.000000 M-10 2,967,918.00 982.265052 0.000000 7.719900 0.000000 CE 439.76 240385.073677 0.000000 0.000000 0.000000 P 100.00 1000.000000 0.000000 0.000000 0.000000 R 0.00 0.000000 0.000000 0.000000 0.000000

~~Securities~~Principal ~~Exchange~~Distribution ~~Act~~Factors ofStatement ~~1934~~(continued) Class Realized Total Ending Ending Total Loss Principal Certificate Certificate Principal Reduction Balance Percentage Distribution A 0.000000 43.631275 851.166941 0.851167 43.631275 M-1 0.000000 0.000000 1,000.000000 1.000000 0.000000 M-2 0.000000 0.000000 1,000.000000 1.000000 0.000000 M-3 0.000000 0.000000 1,000.000000 1.000000 0.000000 M-4 0.000000 0.000000 1,000.000000 1.000000 0.000000 M-5 0.000000 0.000000 1,000.000000 1.000000 0.000000 M-6 0.000000 0.000000 1,000.000000 1.000000 0.000000 M-7 0.000000 0.000000 1,000.000000 1.000000 0.000000 M-8 0.000000 0.000000 1,000.000000 1.000000 0.000000 M-9 0.000000 6.859889 977.380868 0.977381 6.859889 M-10 0.000000 7.719900 974.545153 0.974545 7.719900 CE 0.000000 0.000000 344,587.502274 344.587502 0.000000 P 0.000000 0.000000 1,000.000000 1.000000 0.000000 R 0.000000 0.000000 0.000000 0.000000 0.000000 All Classes are per $1,000 denomination

~~Date~~Interest Distribution Statement Class Accrual Accrual Current Beginning Current Payment of ~~Report: November~~Dates 9Days Certificate Certificate/ Accrued Unpaid Interest Rate Notional Balance Interest Shortfall A 11/25/05 - 12/26/05 32 4.46375% 158,160,058.65 ~~2005 (date~~627,543.97 of0.00 ~~earliest~~M-1 ~~event~~11/25/05 ~~reported) MORTGAGE~~- ~~ASSET~~12/26/05 ~~SECURITIZATION~~32 ~~TRANSACTIONS~~4.75375% 22,635,000.00 ~~INC~~95,645.45 ~~(as~~0.00 ~~depositor~~M-2 ~~under~~11/25/05 ~~the~~- ~~Pooling~~12/26/05 ~~and~~32 ~~Servicing~~4.92375% ~~Agreement~~15,832,000.00 ~~relating~~69,291.39 to0.00 ~~the~~M-3 ~~MASTR~~11/25/05 ~~Second~~- ~~Lien~~12/26/05 ~~Trust~~32 ~~2005~~5.07375% 4,577,000.00 20,642.27 0.00 M-14 ~~Mortgage~~11/25/05 ~~Pass~~-~~Through~~ ~~Certificates~~12/26/05 32 5.59375% 4,453,000.00 ~~Series~~22,141.31 ~~2005~~0.00 M-1) 5 11/25/05 - 12/26/05 32 6.04375% 3,958,000.00 21,263.26 0.00 M-6 11/25/05 - 12/26/05 32 6.39375% 4,206,000.00 23,904.10 0.00 M-7 11/01/05 - 11/30/05 30 6.00000% 4,700,000.00 23,500.00 0.00 M-8 11/01/05 - 11/30/05 30 6.00000% 3,958,000.00 19,790.00 0.00 M-9 11/01/05 - 11/30/05 30 6.00000% 3,287,364.13 16,436.82 0.00 M-10 11/01/05 - 11/30/05 30 6.00000% 2,915,282.13 14,576.41 0.00 CE N/A N/A 0.00000% 105,711.74 0.00 0.00 P N/A N/A 0.00000% 100.00 0.00 0.00 R N/A N/A 0.00000% 0.00 0.00 0.00 Totals 954,734.98 0.00

MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC.
(Exact name of registrant as specified in its charter)
Delaware	333-124678	06-1204982
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
1285 Avenue of the Americas New York, New York 10019
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (212) 713-2000

~~Check~~Interest ~~the~~Distribution ~~appropriate~~Factors ~~box~~Statement ~~below~~Class ifAccrual ~~the~~Original ~~Form~~Current Beginning Current Payment of Dates Face Certificate Certificate/Notional Accrued Unpaid Interest Amount Rate Balance Interest Shortfall A 11/25/05 - 12/26/05 176,755,000.00 4.46375% 894.798216 3.550360 0.000000 M-1 11/25/05 - 12/26/05 22,635,000.00 4.75375% 1000.000000 4.225556 0.000000 M-2 11/25/05 - 12/26/05 15,832,000.00 4.92375% 1000.000000 4.376667 0.000000 M-3 11/25/05 - 12/26/05 4,577,000.00 5.07375% 1000.000000 4.510000 0.000000 M-4 11/25/05 - 12/26/05 4,453,000.00 5.59375% 1000.000000 4.972223 0.000000 M-5 11/25/05 - 12/26/05 3,958,000.00 6.04375% 1000.000000 5.372223 0.000000 M-6 11/25/05 - 12/26/05 4,206,000.00 6.39375% 1000.000000 5.683333 0.000000 M-7 11/01/05 - 11/30/05 4,700,000.00 6.00000% 1000.000000 5.000000 0.000000 M-8 11/01/05 -K ~~filing~~11/30/05 is3,958,000.00 ~~intended~~6.00000% to1000.000000 ~~simultaneously~~5.000000 ~~satisfy~~0.000000 ~~the~~M-9 ~~filing~~11/01/05 ~~obligation~~- of11/30/05 ~~the~~3,340,000.00 ~~registrant~~6.00000% ~~under~~984.240757 ~~any~~4.921204 of0.000000 ~~the~~M-10 ~~following~~11/01/05 ~~provisions:~~- 11/30/05 2,967,918.00 6.00000% 982.265052 4.911325 0.000000 CE N/A 439.76 0.00000% 240385.073677 0.000000 0.000000 P N/A 100.00 0.00000% 1000.000000 0.000000 0.000000 R N/A 0.00 0.00000% 0.000000 0.000000 0.000000

[Interest ]Distribution ~~Written~~Factors ~~communications~~Statement ~~pursuant~~(continued) toClass ~~Rule~~Current ~~425~~Non-Supported ~~under~~Total ~~the~~Remaining ~~Securities~~Unpaid ~~Act~~Ending Interest Interest Interest Interest Certificate/ Shortfall(171) ~~CFR~~Shortfall ~~230.425~~Distribution Shortfall(2) [Notional ]Balance ~~Soliciting~~A ~~material~~0.000000 ~~pursuant~~0.000000 to3.550360 ~~Rule~~0.000000 ~~14a~~851.166941 M-121 ~~under~~0.000000 ~~the~~0.000000 ~~Exchange~~4.225556 ~~Act~~0.000000 ~~(17~~1000.000000 ~~CFR~~M-2 ~~240~~0.~~14a-12)~~000000 [0.000000 ]4.376667 ~~Pre~~0.000000 1000.000000 M-~~commencement~~3 ~~communications~~0.000000 ~~pursuant~~0.000000 to4.510000 ~~Rule~~0.000000 ~~14d~~1000.000000 M-~~2(d)~~4 ~~under~~0.000000 ~~the~~0.000000 ~~Exchange~~4.972223 ~~Act~~0.000000 ~~(17~~1000.000000 ~~CFR~~M-5 ~~240~~0.~~14d~~000000 0.000000 5.372223 0.000000 1000.000000 M-~~2(b))~~6 [0.000000 ]0.000000 ~~Pre~~5.683333 0.000000 1000.000000 M-~~commencement~~7 ~~communications~~0.000000 ~~pursuant~~0.000000 to5.000000 ~~Rule~~0.000000 ~~13e~~1000.000000 M-~~4(c)~~8 ~~under~~0.000000 ~~the~~0.000000 ~~Exchange~~5.000000 ~~Act~~0.000000 ~~(17~~1000.000000 ~~CFR~~M-9 ~~240~~0.~~13e~~000000 0.000000 4.921204 0.000000 977.380868 M-10 0.000000 0.000000 4.911325 0.000000 974.545153 CE 0.000000 0.000000 1914711.365290 0.000000 344587.502274 P 0.000000 0.000000 0.000000 0.000000 1000.000000 R 0.000000 0.000000 0.000000 0.000000 0.000000 (c1,2)) Amount also includes coupon cap or basis risk shortfalls,if applicable. Per $1 denomination.

~~Item~~CERTIFICATEHOLDER 8ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.0100 Deposits Payments of Interest and Principal 9,607,459. ~~Other~~02 ~~Events~~Reserve Funds and Credit Enhancements 0.00 Proceeds from Repurchased Loans 0.00 Servicer Advances 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 45,824.06 Swap/Cap Payments 0.00 Total Deposits 9,653,283.08 Withdrawals Swap Payments 0.00 Reserve Funds and Credit Enhancements 0.00 Total Administration Fees 98,664.61 Payment of Interest and Principal 9,554,618.47 Total Withdrawals (Pool Distribution Amount) 9,653,283.08 Ending Balance 0.00 Please see Additional Reporting Page for information related to SWAP and CAP payments.

~~Master~~PREPAYMENT/CURTAILMENT ~~Asset~~INTEREST ~~Securitization~~SHORTFALL ~~Transactions,~~Total ~~Inc.~~Prepayment/Curtailment ~~(the~~Interest ~~“Company”)~~Shortfall ~~entered~~0.00 ~~into a Pooling and~~ Servicing ~~Agreement~~Fee ~~dated~~Support ~~as of September 1, 2005 (the “Agreement”) among the Company, in its capacity as depositor (in such capacity, the “Depositor”), UBS Real Estate Securities Inc~~0.,00 asNon-Supported ~~transferor~~Prepayment/Curtailment ~~(in~~Interest ~~such~~Shortfall ~~capacity, the “Transferor”), Wells Fargo Bank, N~~0.A., as master servicer (in such capacity, the “Master Servicer”), as trust administrator (in such capacity, the “Trust Administrator”) and as custodian (in such capacity, the “Custodian”), and JPMorgan Chase Bank, N.A., as trustee (in such capacity, the “Trustee”). The Certificates were issued on September 29, 2005. The Pooling and Servicing Agreement is annexed hereto as Exhibit 99.1.00

~~Item~~ADMINISTRATION 9FEES Gross Servicing Fee* 95,328.0113 Master Servicing Fee - Wells Fargo Bank, N. ~~Financial~~A. ~~Statements~~3,336.48 ~~and~~Supported ~~Exhibits~~Prepayment/Curtailment Interest Shortfall 0.00 Total Administration Fees 98,664.61 *Servicer Payees include: CENLAR FSB; IRWIN UNION BANK & TRUST CO

~~(a)~~Reserve Accounts Account Name Beginning Current Withdrawals Current Deposits Ending Balance Balance Basis Risk Reserve 0.00 842,013.47 842,013.47 0.00 Fund

~~Not~~COLLATERAL ~~applicable~~STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 9.918767% Weighted Average Net Coupon 9.418767% Weighted Average Pass-Through Rate 9.401267% Weighted Average Remaining Term 202 Beginning Scheduled Collateral Loan Count 4,502 Number Of Loans Paid In Full 128 Ending Scheduled Collateral Loan Count 4,374 Beginning Scheduled Collateral Balance 228,787,516.65 Ending Scheduled Collateral Balance 221,075,470.69 Ending Actual Collateral Balance at 30-Nov-2005 221,153,757.58 Monthly P&I Constant 2,021,171.72 Special Servicing Fee 0.00 Prepayment Penalty Waived Amount 0.00 Prepayment Penalty Waived Count 0 Prepayment Penalty Paid Amount 45,824.06 Prepayment Penalty Paid Count 39 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 130,096.69 Unscheduled Principal 7,581,949.27 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 8,411,003.56 Overcollateralized Amount 151,535.80 Overcollateralized Deficiency Amount 8,259,467.76 Base Overcollateralization Amount 0.00 Extra principal distribution Amount 45,824.06 Excess Cash Amount 842,249.60

~~(b)~~Additional Reporting - Deal Level Miscellaneous Reporting Credit Enhancement % 28.458748% Aggregate Loss Severity % 0.000000% Net SWAP In 5,146.10 Net SWAP Out 0.00 Trigger Event NO Stepdown NO

~~Not~~LOAN ~~applicable~~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 65 0 0 0 65 3,057,223.73 0.00 0.00 0.00 3,057,223.73 60 Days 41 0 0 0 41 2,423,372.95 0.00 0.00 0.00 2,423,372.95 90 Days 9 0 0 0 9 444,411.33 0.00 0.00 0.00 444,411.33 120 Days 9 0 0 0 9 418,561.31 0.00 0.00 0.00 418,561.31 150 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 124 0 0 0 124 6,343,569.32 0.00 0.00 0.00 6,343,569.32 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 1.486054% 0.000000% 0.000000% 0.000000% 1.486054% 1.382397% 0.000000% 0.000000% 0.000000% 1.382397% 60 Days 0.937357% 0.000000% 0.000000% 0.000000% 0.937357% 1.095786% 0.000000% 0.000000% 0.000000% 1.095786% 90 Days 0.205761% 0.000000% 0.000000% 0.000000% 0.205761% 0.200951% 0.000000% 0.000000% 0.000000% 0.200951% 120 Days 0.205761% 0.000000% 0.000000% 0.000000% 0.205761% 0.189263% 0.000000% 0.000000% 0.000000% 0.189263% 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 2.834934% 0.000000% 0.000000% 0.000000% 2.834934% 2.868398% 0.000000% 0.000000% 0.000000% 2.868398%

~~(c)~~OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 164,033.24

REO Detail - All Mortgage Loans in REO during Current Period

~~Not~~Summary ~~applicable~~12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current REO Total May-05 0.000% Loans in REO 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-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.

~~(d)~~REO Loan Detail - All Mortgage Loans in REO during Current Period Month Loan First Original Loan Entered Payment LTV at Principal Group Number REO Date State Origination Balance No REO loans this period.

~~Exhibits:~~REO Loan Detail - All Mortgage Loans in REO during Current Period (continued) Current Paid Current Approximate Loan Principal To Months Loan Delinquent Group Number Balance Date Delinquent Rate Interest No REO loans this period.

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

99Summary 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Jan-05 0.1000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Foreclosure Total May-05 0.000% Loans in Foreclosure 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-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.

~~The~~Foreclosure ~~Pooling~~Loan ~~and~~Detail ~~Servicing~~- ~~Agreement~~All ~~dated~~Mortgage asLoans ofin ~~September~~Foreclosure 1,during ~~2005,~~Current byPeriod ~~and~~Month ~~among~~Loan ~~the~~First ~~Company,~~Original ~~the~~Loan ~~Transferor,~~Entered ~~the~~Payment ~~Master~~LTV ~~Servicer,~~at ~~the~~Principal ~~Trust~~Group ~~Administrator,~~Number ~~the~~FC ~~Custodian~~Date ~~and~~State ~~the~~Origination ~~Trustee~~Balance No Foreclosure loans this period.

~~SIGNATURES~~Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued) Current Paid Current Approximate Loan Principal To Months Loan Delinquent Group Number Balance Date Delinquent Rate Interest No Foreclosure loans this period.

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period

~~Pursuant~~Summary to12 ~~the~~Month ~~requirements~~Bankruptcy ofHistory* ~~the~~New ~~Securities~~Bankruptcy ~~Exchange~~Loans ~~Act~~Month ofBankruptcy ~~1934,~~Percentage ~~the~~Loans ~~registrant~~in ~~has~~Bankruptcy ~~duly~~0 ~~caused~~Jan-05 ~~this~~0.000% ~~report~~Original toPrincipal beBalance ~~signed~~0.00 onFeb-05 ~~its~~0.000% ~~behalf~~Current byPrincipal Balance 0.00 Mar-05 0.000% Apr-05 0.000% Current Bankruptcy Total May-05 0.000% Loans in Bankruptcy 0 Jun-05 0.000% Original Principal Balance 0.00 Jul-05 0.000% Current Principal Balance 0.00 Aug-05 0.000% Sep-05 0.000% Oct-05 0.000% Nov-05 0.000% Dec-05 0.000% *The text reported in the ~~undersigned,~~above ~~thereunto~~table ~~duly~~is ~~authorized~~presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

~~MORTGAGE~~Bankruptcy ~~ASSET~~Detail ~~SECURITIZATION~~- All Mortgage Loans in Bankruptcy during Current Period Group Loan Month Loan First State LTV at Original Number Entered Payment Origination Principal Bankruptcy Date Balance No Bankruptcy Loans this Period

~~TRANSACTIONS,~~Bankruptcy ~~INC.~~Detail - All Mortgage Loans in Bankruptcy during Current Period (continued) Group Loan Current Paid To Months Current Approximate Number Principal Date Delinquent Loan Rate Delinquent Balance Interest No Bankruptcy Loans this Period

~~By:~~Realized Loss Detail Report - Loans with Losses during Current Period Summary # Loans Prior Realized Current with Principal Loss/~~s/ Sameer~~(Gain) ~~Tikoo~~ Loss Group Losses Balance Amount Percentage Total 0 0.00 0.00 0.000%

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

~~Sameer~~Realized ~~Tikoo~~Loss Loan Detail Report - Loans With Losses during Current Period (continued) Prior Cumulative Loan Principal Realized Realized Group Number Balance Loss/(Gain) Loss/(Gain) No losses this period.

~~Title~~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. 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 N/A N/A Aug-2005 N/A N/A Sep-2005 N/A N/A Sep-2005 N/A N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-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 www. monthly bond remittance report can be viewed online at 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. 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 N/A N/A Aug-2005 N/A N/A Sep-2005 N/A N/A Sep-2005 N/A N/A Oct-2005 0.000% N/A Oct-2005 0.000% N/A Nov-2005 0.000% N/A Nov-2005 0.000% N/A Dec-2005 0.000% N/A Dec-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 www. monthly bond remittance report can be viewed online at 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)

~~Associate~~Prepayment ~~Director~~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 Total 128 7,604,956.00 7,554,699.75 0 0.00 0.00

~~By:~~Prepayment ~~/s/ Peter~~Detail ~~Slagowitz~~ - 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 Total 0 0.00 0.00 0 0.00 0.00 32,193.60

~~Name:~~Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount Summary 0000759035 CA 3.80 01-Apr-2005 30,000.00 29,827.43 Summary 0000769597 FL 20.00 01-May-2005 18,000.00 17,944.03 Summary 0000773407 CA 20.00 01-Jun-2005 87,800.00 87,603.34 Summary 0000777787 VA 20.00 01-Jun-2005 70,000.00 69,899.47 Summary 0000779716 MA 30.00 01-Jun-2005 103,800.00 103,476.75 Summary 0000783167 CA 28.21 01-Jun-2005 200,000.00 199,348.01 Summary 0000784385 CA 20.86 01-May-2005 101,150.00 100,584.09 Summary 0000784745 CA 20.00 01-Jun-2005 100,000.00 99,520.86 Summary 0000784875 FL 20.00 01-Jun-2005 31,200.00 31,113.32 Summary 0000787199 NC 20.00 01-Jun-2005 47,000.00 46,913.12 Summary 0000791807 ME 25.00 01-Jun-2005 30,900.00 30,623.06 Summary 0000793101 CA 23.26 01-Jun-2005 200,000.00 199,472.89 Summary 0000795266 WV 20.83 01-Jun-2005 35,000.00 34,852.23 Summary 0000798145 IL 20.00 01-Jun-2005 168,000.00 167,359.75 Summary 0000798622 MD 10.00 01-Jun-2005 81,990.00 81,846.64 Summary 0000800818 MD 21.11 01-May-2005 10,000.00 9,964.78 Summary 0000801548 AZ 20.00 01-Jun-2005 33,980.00 33,920.64 Summary 0000802105 MD 30.00 01-Jun-2005 39,600.00 39,470.97 Summary 0000802833 FL 15.00 01-Jun-2005 53,850.00 53,793.50 Summary 0000802838 FL 15.00 01-Jun-2005 63,000.00 62,933.94 Summary 0000812248 AZ 24.98 01-Jun-2005 88,150.00 87,963.04 Summary 0000813656 CA 20.00 01-Jun-2005 82,866.00 82,564.72 Summary 0000814010 AZ 30.00 01-Jun-2005 39,000.00 38,917.27 Summary 0003254141 WA 10.00 01-May-2005 62,500.00 62,124.83 Summary 0003254382 WA 20.00 01-May-2005 53,500.00 53,302.68 Summary 0003254689 WA 20.00 01-Jun-2005 43,000.00 42,870.53 Summary 0003369637 CA 15.00 01-May-2005 96,000.00 95,622.83 Summary 0003369859 CA 20.00 01-May-2005 78,000.00 77,592.38 Summary 0003554309 CA 20.00 01-May-2005 77,000.00 76,755.82 Summary 0003701619 CA 20.00 01-May-2005 41,000.00 40,872.54 Summary 0003701679 CA 20.00 01-Jun-2005 48,000.00 47,839.40 Summary 0003701731 CA 20.00 01-May-2005 53,000.00 52,781.03 Summary 0004115607 GA 20.00 01-May-2005 27,300.00 27,205.28 Summary 0004115753 SC 20.00 01-May-2005 33,600.00 33,477.60 Summary 0004316741 ID 19.95 01-Jun-2005 11,850.00 11,790.34 Summary 0004316781 OR 20.00 01-Jun-2005 30,000.00 29,889.63 Summary 0004602502 AZ 19.99 01-May-2005 62,100.00 61,917.10 Summary 0004602585 AZ 20.01 01-Jun-2005 33,000.00 32,894.54 Summary 0004602686 AZ 20.00 01-May-2005 39,800.00 39,592.05 Summary 0004602717 AZ 20.00 01-May-2005 19,800.00 19,703.63 Summary 0004602829 AZ 20.00 01-Jun-2005 63,400.00 63,164.50 Summary 0030410006 NJ 8.95 01-Dec-2004 34,000.00 33,720.55 Summary 0040156127 FL 15.34 01-Jul-2004 10,200.00 10,063.14 Summary 0103820947 TX 10.00 01-Jun-2005 13,006.00 343.07 Summary 0120380735 CA 20.00 01-Jan-2005 48,700.00 48,405.88 Summary 0120612495 CA 10.00 01-Feb-2005 58,500.00 58,295.62 Summary 0120783306 MD 20.00 01-Apr-2005 29,000.00 28,300.36 Summary 0120798988 CA 20.00 01-May-2005 54,940.00 54,400.61 Summary 0120830048 FL 11.11 01-May-2005 50,000.00 48,568.06 Summary 0120850087 FL 20.00 01-Apr-2005 47,235.00 46,934.62 Summary 0120871948 AZ 8.24 01-May-2005 14,000.00 13,934.76 Summary 0120873634 CA 20.00 01-Apr-2005 92,400.00 92,084.03 Summary 0120941461 CA 9.41 01-May-2005 35,000.00 34,163.33 Summary 0120960496 CA 20.00 01-May-2005 44,000.00 43,421.15 Summary 0120966980 MD 8.82 01-Apr-2005 30,000.00 29,859.28 Summary 0120975347 CA 8.35 01-May-2005 50,000.00 49,715.43 Summary 0120981402 VA 15.00 01-Apr-2005 102,300.00 101,581.96 Summary 0120985073 CA 20.00 01-May-2005 60,000.00 59,803.33 Summary 0120985525 NV 12.80 01-May-2005 107,800.00 107,264.41 Summary 0121003212 GA 15.00 01-May-2005 45,000.00 44,887.36 Summary 0121010853 GA 12.09 01-May-2005 31,000.00 29,934.30 Summary 0121013958 MD 20.00 01-May-2005 50,800.00 50,594.52 Summary 0121018055 NY 10.00 01-Apr-2005 40,000.00 39,807.51 Summary 0121021212 GA 20.00 01-Apr-2005 52,600.00 52,383.49 Summary 0121029722 NJ 15.00 01-May-2005 38,700.00 38,555.22 Summary 0121039190 CA 10.00 01-May-2005 60,000.00 59,227.58 Summary 0121039270 CO 20.00 01-Apr-2005 47,594.00 47,365.01 Summary 0121040522 FL 20.00 01-May-2005 43,000.00 42,816.79 Summary 0121071025 CA 10.00 01-May-2005 36,500.00 36,344.43 Summary 0121093431 FL 20.00 01-May-2005 53,980.00 53,497.01 Summary 0121156082 CA 10.00 01-May-2005 56,000.00 55,306.13 Summary 0121193010 FL 20.00 01-May-2005 104,600.00 104,247.83 Summary 0150006649 NJ 20.00 01-Sep-2005 54,000.00 53,957.64 Summary 0203950838 SC 20.00 01-Jul-2005 14,400.00 14,219.34 Summary 0205880537 VA 15.00 01-Jun-2005 58,950.00 58,702.55 Summary 0222209059 MA 9.68 01-Jun-2005 15,000.00 14,952.34 Summary 0234003926 MD 20.00 01-Jun-2005 41,000.00 40,824.25 Summary 0283200093 AZ 20.00 01-Jul-2005 52,317.00 52,108.11 Summary 0410052094 UT 20.00 01-Jan-2005 46,235.00 45,980.45 Summary 0410131889 CA 10.00 01-Apr-2005 35,990.00 35,825.48 Summary 0411083341 CA 20.00 01-Jan-2005 81,200.00 80,514.93 Summary 0411096695 UT 20.00 01-Jan-2005 28,400.00 28,257.31 Summary 0411122160 CA 20.00 01-Jan-2005 115,000.00 114,212.71 Summary 0412022293 IL 20.00 01-Feb-2005 37,980.00 37,753.01 Summary 0412089205 CA 20.00 01-Apr-2005 59,900.00 59,595.90 Summary 0501043566 FL 15.00 01-Mar-2005 34,200.00 34,065.45 Summary 0501066868 CA 24.00 01-Mar-2005 180,000.00 174,961.21 Summary 0501078219 CT 20.00 01-Apr-2005 39,000.00 38,866.62 Summary 0501135848 CA 20.00 01-Mar-2005 41,000.00 40,825.92 Summary 0501136119 SC 20.34 01-Apr-2005 34,582.00 33,708.21 Summary 0501181671 IL 19.66 01-Mar-2005 57,000.00 56,219.55 Summary 0501259282 CA 20.00 01-Mar-2005 106,000.00 105,605.14 Summary 0502031138 NJ 20.00 16-Mar-2005 86,000.00 85,643.63 Summary 0502109565 MD 20.00 01-Apr-2005 60,000.00 59,896.91 Summary 0502111637 PA 20.00 01-Apr-2005 36,000.00 35,851.77 Summary 0502142944 WI 20.00 01-Apr-2005 38,000.00 37,880.11 Summary 0502167589 NC 20.00 01-Apr-2005 39,000.00 38,839.06 Summary 0502181407 NV 15.00 01-Apr-2005 53,250.00 53,072.32 Summary 0502234108 VA 20.00 01-Apr-2005 58,600.00 58,382.45 Summary 0502245689 MD 20.00 01-Apr-2005 44,800.00 44,212.83 Summary 0502245976 CA 20.00 01-Apr-2005 132,000.00 131,510.20 Summary 0503285476 VA 10.00 01-Jun-2005 13,300.00 13,145.57 Summary 0503297126 GA 15.00 01-Jul-2005 37,500.00 37,440.64 Summary 0504077657 NC 20.00 01-Jun-2005 19,300.00 19,251.60 Summary 0504158813 CA 20.00 01-Jul-2005 39,033.00 38,964.12 Summary 0504202809 KS 20.00 01-Jul-2005 39,000.00 38,931.33 Summary 0504257649 MA 20.00 01-Jul-2005 72,300.00 72,093.45 Summary 0504258465 NJ 20.00 20-Jun-2005 103,400.00 103,070.96 Summary 0504258891 CA 20.00 01-Jun-2005 77,200.00 76,897.43 Summary 0504259081 CA 7.21 01-Jun-2005 62,000.00 61,682.53 Summary 0504271913 CA 20.00 01-Jul-2005 33,200.00 33,109.82 Summary 0504272272 NJ 20.00 02-Jun-2005 78,500.00 78,223.14 Summary 0504283799 CA 17.65 01-Jul-2005 150,000.00 149,592.62 Summary 0504284284 CA 20.00 01-Jul-2005 77,888.00 77,717.11 Summary 0504294447 MD 20.00 01-Jul-2005 75,000.00 74,875.02 Summary 0505038471 FL 20.00 01-Jul-2005 57,800.00 57,691.30 Summary 0505094300 PA 10.00 01-Jul-2005 24,550.00 24,299.39 Summary 0505094363 FL 14.05 01-Jul-2005 29,500.00 29,435.24 Summary 0505105769 NY 20.00 01-Jul-2005 110,000.00 109,269.22 Summary 0505106515 CA 20.00 01-Jul-2005 67,000.00 66,868.38 Summary 0505117844 ID 20.00 01-Jul-2005 79,310.00 79,136.01 Summary 0505185856 NJ 20.00 20-Jun-2005 120,000.00 119,618.18 Summary 0505187379 CA 20.00 01-Jul-2005 69,980.00 69,789.92 Summary 0505209403 FL 20.00 01-Jul-2005 110,000.00 109,701.79 Summary 0505244650 OR 20.00 01-Jul-2005 29,400.00 29,214.93 Summary 083100175S IL 18.18 01-Nov-2004 120,000.00 119,336.19 Summary 1900001075 FL 25.00 01-Oct-2003 49,000.00 48,463.80 Summary 90012330DS NV 20.00 01-Dec-2004 52,000.00 50,353.25

~~Peter~~Prepayment ~~Slagowitz~~Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning Summary 0000759035 Loan Paid in Full (1) 8.375% 180 8 Summary 0000769597 Loan Paid in Full 0 10.750% 180 7 Summary 0000773407 Loan Paid in Full 0 11.625% 180 6 Summary 0000777787 Loan Paid in Full 0 13.625% 180 6 Summary 0000779716 Loan Paid in Full 0 10.500% 180 6 Summary 0000783167 Loan Paid in Full 0 9.875% 180 6 Summary 0000784385 Loan Paid in Full (1) 9.500% 180 7 Summary 0000784745 Loan Paid in Full 0 8.000% 180 6 Summary 0000784875 Loan Paid in Full 0 10.625% 180 6 Summary 0000787199 Loan Paid in Full 0 12.500% 180 6 Summary 0000791807 Loan Paid in Full 0 11.375% 180 6 Summary 0000793101 Loan Paid in Full (1) 10.875% 180 6 Summary 0000795266 Loan Paid in Full 0 8.625% 180 6 Summary 0000798145 Loan Paid in Full 0 9.125% 180 6 Summary 0000798622 Loan Paid in Full 0 12.750% 180 6 Summary 0000800818 Loan Paid in Full 0 14.250% 180 7 Summary 0000801548 Loan Paid in Full 0 12.750% 180 6 Summary 0000802105 Loan Paid in Full (1) 9.875% 180 6 Summary 0000802833 Loan Paid in Full 0 15.000% 180 6 Summary 0000802838 Loan Paid in Full 0 15.000% 180 6 Summary 0000812248 Loan Paid in Full 0 11.875% 180 6 Summary 0000813656 Loan Paid in Full 0 9.875% 180 6 Summary 0000814010 Loan Paid in Full 0 11.875% 180 6 Summary 0003254141 Loan Paid in Full 0 8.250% 180 7 Summary 0003254382 Loan Paid in Full 0 10.250% 180 7 Summary 0003254689 Loan Paid in Full (2) 10.250% 180 6 Summary 0003369637 Loan Paid in Full 0 9.625% 360 7 Summary 0003369859 Loan Paid in Full 0 8.250% 360 7 Summary 0003554309 Loan Paid in Full 0 10.630% 360 7 Summary 0003701619 Loan Paid in Full 0 10.750% 360 7 Summary 0003701679 Loan Paid in Full 0 9.750% 360 6 Summary 0003701731 Loan Paid in Full 0 9.380% 180 7 Summary 0004115607 Loan Paid in Full 0 11.000% 360 7 Summary 0004115753 Loan Paid in Full 0 10.000% 360 7 Summary 0004316741 Loan Paid in Full (1) 7.750% 360 6 Summary 0004316781 Loan Paid in Full (1) 9.500% 360 6 Summary 0004602502 Loan Paid in Full 0 11.000% 180 7 Summary 0004602585 Loan Paid in Full 0 10.750% 360 6 Summary 0004602686 Loan Paid in Full 0 8.250% 180 7 Summary 0004602717 Loan Paid in Full 0 10.750% 360 7 Summary 0004602829 Loan Paid in Full 0 9.250% 360 6 Summary 0030410006 Loan Paid in Full 0 8.500% 180 12 Summary 0040156127 Loan Paid in Full 0 7.750% 180 17 Summary 0103820947 Loan Paid in Full (2) 8.125% 180 6 Summary 0120380735 Loan Paid in Full 0 9.990% 180 11 Summary 0120612495 Loan Paid in Full 0 11.750% 180 10 Summary 0120783306 Loan Paid in Full 0 11.625% 180 8 Summary 0120798988 Loan Paid in Full 0 9.000% 180 7 Summary 0120830048 Loan Paid in Full 0 10.250% 180 7 Summary 0120850087 Loan Paid in Full 0 7.875% 180 8 Summary 0120871948 Loan Paid in Full 0 10.000% 180 7 Summary 0120873634 Loan Paid in Full 0 10.875% 180 8 Summary 0120941461 Loan Paid in Full 0 8.125% 180 7 Summary 0120960496 Loan Paid in Full 0 9.500% 180 7 Summary 0120966980 Loan Paid in Full 0 9.375% 180 8 Summary 0120975347 Loan Paid in Full 0 9.500% 180 7 Summary 0120981402 Loan Paid in Full 0 7.375% 180 8 Summary 0120985073 Loan Paid in Full 0 10.500% 180 7 Summary 0120985525 Loan Paid in Full 0 8.500% 180 7 Summary 0121003212 Loan Paid in Full 0 11.750% 180 7 Summary 0121010853 Loan Paid in Full (1) 10.500% 180 7 Summary 0121013958 Loan Paid in Full 0 9.500% 180 7 Summary 0121018055 Loan Paid in Full 0 9.250% 180 8 Summary 0121021212 Loan Paid in Full 0 10.000% 180 8 Summary 0121029722 Loan Paid in Full 0 9.875% 180 7 Summary 0121039190 Loan Paid in Full (1) 11.250% 180 7 Summary 0121039270 Loan Paid in Full 0 9.250% 180 8 Summary 0121040522 Loan Paid in Full 0 9.250% 180 7 Summary 0121071025 Loan Paid in Full 0 9.250% 180 7 Summary 0121093431 Loan Paid in Full 0 11.000% 180 7 Summary 0121156082 Loan Paid in Full 0 11.250% 180 7 Summary 0121193010 Loan Paid in Full 0 10.375% 180 7 Summary 0150006649 Loan Paid in Full 0 13.750% 360 3 Summary 0203950838 Loan Paid in Full 0 9.750% 180 5 Summary 0205880537 Loan Paid in Full 0 7.875% 180 6 Summary 0222209059 Loan Paid in Full 0 10.000% 180 6 Summary 0234003926 Loan Paid in Full 0 8.375% 180 6 Summary 0283200093 Loan Paid in Full 0 8.125% 180 5 Summary 0410052094 Loan Paid in Full 0 10.250% 180 11 Summary 0410131889 Loan Paid in Full 0 9.500% 180 8 Summary 0411083341 Loan Paid in Full (1) 7.990% 180 11 Summary 0411096695 Loan Paid in Full 0 10.990% 180 11 Summary 0411122160 Loan Paid in Full 0 8.990% 180 11 Summary 0412022293 Loan Paid in Full 0 10.000% 180 10 Summary 0412089205 Loan Paid in Full 0 8.990% 180 8 Summary 0501043566 Loan Paid in Full 0 11.950% 180 9 Summary 0501066868 Loan Paid in Full 0 8.725% 180 9 Summary 0501078219 Loan Paid in Full 0 10.875% 180 8 Summary 0501135848 Loan Paid in Full 0 10.375% 180 9 Summary 0501136119 Loan Paid in Full (1) 8.650% 180 8 Summary 0501181671 Loan Paid in Full 0 9.990% 240 9 Summary 0501259282 Loan Paid in Full (1) 10.990% 180 9 Summary 0502031138 Loan Paid in Full 0 10.490% 180 9 Summary 0502109565 Loan Paid in Full 0 13.999% 180 8 Summary 0502111637 Loan Paid in Full 0 9.999% 180 8 Summary 0502142944 Loan Paid in Full 2 11.250% 180 8 Summary 0502167589 Loan Paid in Full 0 9.990% 180 8 Summary 0502181407 Loan Paid in Full 0 10.990% 180 8 Summary 0502234108 Loan Paid in Full (1) 10.490% 180 8 Summary 0502245689 Loan Paid in Full (1) 9.990% 180 8 Summary 0502245976 Loan Paid in Full 0 10.900% 180 8 Summary 0503285476 Loan Paid in Full 0 14.990% 180 6 Summary 0503297126 Loan Paid in Full 2 12.490% 180 5 Summary 0504077657 Loan Paid in Full 2 11.990% 180 6 Summary 0504158813 Loan Paid in Full 0 11.990% 180 5 Summary 0504202809 Loan Paid in Full (1) 11.999% 180 5 Summary 0504257649 Loan Paid in Full 2 9.750% 180 5 Summary 0504258465 Loan Paid in Full 1 9.990% 180 5 Summary 0504258891 Loan Paid in Full 0 8.990% 180 6 Summary 0504259081 Loan Paid in Full 0 8.250% 180 6 Summary 0504271913 Loan Paid in Full 0 9.990% 180 5 Summary 0504272272 Loan Paid in Full (1) 9.500% 180 6 Summary 0504283799 Loan Paid in Full 0 9.990% 180 5 Summary 0504284284 Loan Paid in Full 2 10.990% 180 5 Summary 0504294447 Loan Paid in Full 0 12.250% 180 5 Summary 0505038471 Loan Paid in Full 0 11.700% 180 5 Summary 0505094300 Loan Paid in Full 2 13.990% 180 5 Summary 0505094363 Loan Paid in Full 0 10.990% 180 5 Summary 0505105769 Loan Paid in Full 1 11.500% 240 5 Summary 0505106515 Loan Paid in Full 0 11.500% 180 5 Summary 0505117844 Loan Paid in Full 2 10.990% 180 5 Summary 0505185856 Loan Paid in Full 0 9.990% 180 5 Summary 0505187379 Loan Paid in Full 0 9.990% 180 5 Summary 0505209403 Loan Paid in Full 2 9.999% 180 5 Summary 0505244650 Loan Paid in Full 0 9.500% 180 5 Summary 083100175S Loan Paid in Full 0 10.800% 180 13 Summary 1900001075 Loan Paid in Full 0 11.950% 180 26 Summary 90012330DS Loan Paid in Full 0 8.875% 180 12

Prepayment - Voluntary Prepayments

~~Title~~Summary SMM CPR PSA Current Month 3.316% Current Month 33.279% Current Month 2,450.044% 3 Month Average 3.610% 3 Month Average 35.633% 3 Month Average 3,164.150% 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. 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 N/A N/A Aug-2005 N/A N/A Sep-2005 N/A N/A Sep-2005 N/A N/A Oct-2005 39.047% N/A Oct-2005 4,062.655% N/A Nov-2005 34.573% N/A Nov-2005 2,979.752% N/A Dec-2005 33.279% N/A Dec-2005 2,450.044% 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))

~~Managing~~Modifications ~~Director~~Loan Beginning Current Prior Modified Prior Modified Number Balance Balance Rate Rate Payment Payment No Modifications this Period

~~Dated: November~~Substitutions 9,Loans ~~2005~~Repurchased Loans Substituted Loan Current Current Current Loan Current Current Current Number Balance Rate Payment Number Balance Rate Payment No Substitutions this Period

~~Exhibit~~Repurchases ~~Index~~Loan Current Current Current Number Balance Rate Payment No Repurchases this Period

Exhibit

Page

99.1

Pooling and Servicing Agreement dated as of September 1, 2005,

by and among the Company, the Transferor, the Master Servicer, the

Trust Administrator, the Custodian and the Trustee.

Filing Compare · MASTR SECOND LIEN TRUST 2005-1