8-K 1 d05150200-a.txt Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549-1004 RE: Bombardier Capital Mortgage Securitization Corporation: BCMSC Trust 2000-A Ladies and Gentlemen: On behalf of Bombardier Capital Mortgage Securitization Corporation (The Registrant), we hereby file with the Commission a Current Report on Form 8-K (The "Report") on behalf of the BCMSC Trust 2000-A and deliver to you herewith the following documents: One copy of the Report, including the exhibit being filed therewith, together with an exhibit index: Please acknowledge receipt and filing of this letter to Bombardier Capital Mortgage Securitization Corporation: 1600 Mountain View Drive, Colchester, VT 05446. Very truly yours, /s/ Robert Gillespie Robert Gillespie Bombardier Capital Mortgage Securitization Corporation: 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) May 31, 2002 BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION (Depositor) (Exact name of registrant as specified in its charter) on behalf of BCMSC Trust Series 2000-A Delaware 333-40113 03-0355080 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 1600 Mountain View Drive, Colchester, Vermont 05446 (Address of principal executive offices) (ZIP code) Registrant's telephone number, including area code: (802) 654-7200 Page 1 of 9 Exhibit Index Appears on Page 4 Item 5. Other Event Information concerning interest and principal distributions made on the Certificates Certificates) of the BCMSC Trust Series 2000-A on May 15, 2002 is contained in the Distribution Date Statement provided to each holder of the Certificates. Such Distribution Date Statement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Item 7. Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Exhibits: 99.1. Distribution Date Statement relating to interest and prinicipal distributions made on May 31, 2002 on the Series 2000-A Certificates SIGNATURE 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, thereunto duly authorized on the date indicated. BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION BY: /s/ Robert Gillespie Robert Gillespie Title: President Date: May 31, 2002

I. ORIGINAL DEAL PARAMETERS (A)Initial Pool Principal Balance $ 416,788,877.53 (B)Initial Certificates Principal Balance $ 401,190,000.00 (i) Initial Class A-1 Certificate Principal Balance $ 85,000,000.00 Certificate Amount Percentage 20.39% Certificate Pass-through Rate 2.0102% (ii) Initial Class A-2 Certificate Principal Balance $ 76,000,000.00 Certificate Amount Percentage 18.23% Certificate Pass-through Rate 7.58% (iii)Initial Class A-3 Certificate Principal Balance $ 50,000,000.00 Certificate Amount Percentage 12.00% Certificate Pass-through Rate 7.83% (iv) Initial Class A-4 Certificate Principal Balance $ 74,531,000.00 Certificate Amount Percentage 17.88% Certificate Pass-through Rate 8.29% (v) Initial Class A-5 Certificate Principal Balance $ 25,000,000.00 Certificate Amount Percentage 6.00% Certificate Pass-through Rate 8.32% (vi) Initial Class M-1 Certificate Principal Balance $ 29,178,000.00 Certificate Amount Percentage 7.00% Certificate Pass-through Rate 8.51% (vii)Initial Class M-2 Certificate Principal Balance $ 20,841,000.00 Certificate Amount Percentage 5.00% Certificate Pass-through Rate 9.00% (viiiInitial Class B-1 Certificate Principal Balance $ 18,757,000.00 Certificate Amount Percentage 4.50% Certificate Pass-through Rate 9.00% (ix) Initial Class B-2 Certificate Principal Balance $ 21,883,000.00 Certificate Amount Percentage 5.25% Certificate Pass-through Rate 9.00% (C)Initial Weighted Average Coupon (WAC) 10.90% (D)Initial Weighted Average Original Maturity (WAOM) 325.00 months (E)Initial Weighted Average Remaining Maturity (WAM) 323.00 months (F)Initial Number of Receivables 9,828 (G)Servicing Fee Rate 1.00% (H)Credit Enhancement (i) Reserve Fund Initial Deposit Percentage 0.00% (ii) Reserve Fund Target % 0.00% (iii)Target Overcollateralization Percentage Prior to Crossover Date 5.25% (iv) Target Overcollateralization Percentage After Crossover Date 9.19% (v) Target Overcollateralization Floor 1.25% (vi) Target Credit Enhancement % Prior to Crossover Date 5.25% (vii)Target Credit Enhancement % After Crossover Date 9.19% (viiiTarget Credit Enhancement Floor 1.25% (ix) Target Credit Enhancement Amount $21,881,416.07 (I)Crossover Date Tests Earliest Crossover Date Feb-2005 Percent of Initial Suboridnation Percentage 186.00% (J)Class B-2 Floor Percentage (of Initial Pool Balance) 0.75% II. CURRENT PORTFOLIO INFORMATION (A)Beginning Pool Schedule Balance $ ~~359~~345,~~723~~959,~~878~~228.3555 (B)Beginning Pool Factor 8683.~~308416~~005869% (C)Ending Pool Schedule Balance $ ~~352~~338,~~961~~728,~~536~~432.4159 (D)Ending Pool Factor 8481.~~685930~~270987% (E)Ending Total Certificate Balance (after Current Distributions) $ ~~341~~335,~~840~~674,~~881~~395.5571 (F)Current Overcollateralization Amount (after Current Distributions) $11 3,~~120~~054,~~654~~036.8688 (G)Weighted Average Coupon (WAC) 10.8887% (H)Weighted Average Remaining Maturity (WAM) ~~302~~300.1122 months (I)Ending Number of Receivables 8,~~404~~064 III. COLLECTION CALCULATIONS (A)Interest (i) Scheduled Interest Collections during Current Period 2,~~859~~512,~~366~~850.0549 (ii) Paid Ahead Interest Collections applied to Current Period 6133,~~088~~957.2493 (iii)Net Servicer Advance ~~212~~363,~~524~~979.6646 (iv) Liquidation Proceeds Attributable to Interest ~~216~~262,~~143~~282.7492 (v) Repuchased Loan Proceeds Attributable to Interest (Breaches of Rep or Warranty) - (vi) Repuchased Loan Proceeds Attributable to Interest (Delinquent Loans) - (vii)Recoveries on Previously Liquidated Contracts - ------------- (viiiTotal Interest Amount Available for Distribution 3,~~349~~173,~~122~~070.6980 (B)Principal (i) Scheduled Principal Collections ~~286~~444,~~495~~909.7377 (ii) Full and Partial Principal Prepayments ~~811~~889,~~124~~553.2024 (iii)Paid Ahead Principal Collections Applied to Current Period 75,~~810~~232.3388 (iv) Net Servicer Advance 1228,~~867~~424.4453 (v) Liquidation Proceeds Attributable to Principal 1966,~~034,492~~362.4662 (vi) Repurchase Proceeds Attributable to Principal (Breaches of Rep or Warranty) 0.00 (vii)Repurchase Proceeds Attributable to Principal (Delinquent Loans) 0.00 (viiiOther Principal Amounts 0.00 ------------- (ix) Total Principal Amount Available for Distribution 2,~~152~~334,~~790~~483.1604 IV. DISTRIBUTION CALCULATIONS (A) Total Interest Available for Distribution 3,~~349~~173,~~122~~070.6980 (B) Total Principal Available for Distribution 2,~~152~~334,~~790~~483.1604 (C) Reserve Fund Draw Amount Required 0.00 (D) Draw on Letter of Credit for Interest Distribution 0.00 Less: Monthly Servicing Fee ~~299~~288,~~769~~299.9036 Reimbursement to Servicer for Liquidation Expense 1018,~~618~~473.9112 Late Payment Fees, Extension Fees and Other Permitted Fees 0.00 Other Permitted Withdrawals from Certificate Account 0.00 ------------- Available Distribution Amount 5,~~191~~200,~~524~~781.0436 Interest Accrual Period 2830 days Total Interest Amount Due 2,~~207~~186,~~054~~230.6581 Total Interest Distribution Amount 2,~~207~~186,~~054~~230.6581 Amount Available for Principal Distribution Amount 23,~~984~~014,~~469~~550.3955 Principal Distribution Calculation: Total Principal Amount Available for Distribution 2,~~152~~334,~~790~~483.1604 Principal Loss on Liquidated Assets 4,~~609~~896,~~551~~312.7892 ------------- Principal Distribution ~~Shortfall~~Due ~~Carryover~~7,230,795.96 ~~Amount~~Principal ~~0.00~~Distribution ~~Overcollaterallization~~Shortfall ~~Writedown~~Carryover Amount 3(Current Period) 4,~~777~~216,~~872~~245.5541 ~~Overcollaterallization Reduction Amount 0.00~~ Accelerated Principal Distribution Amount for Current Period 0.00 ------------- Total Principal Amount to be Distributed 23,~~984~~014,~~469~~550.3955 Draw on Letter of Credit for Principal Distribution 0.00 Excess Interest 0698,540.0063 Reserve Account Deposit 0.00 Reserve Account Release 0.00 Class X Distribution Amount 0.00 Class R Distribution Amount 0.00 V. SERVICER ADVANCE (A)Interest (i) Beginning Advance 1213,~~625~~164,~~024~~827.1311 (ii) Monthly Servicer Advance (Reimbursement) ~~212~~363,~~524~~979.6646 ------------- (iii) Ending Advance Balance 1213,~~837~~528,~~548~~806.7957 (B)Principal (i) Beginning Advance ~~960~~998,~~205~~334.1693 (ii) Monthly Servicer Advance (Reimbursement) 1228,~~867~~424.4453 ------------- (iii) Ending Advance Balance ~~973~~1,~~072~~026,759.6046 (C)Total Servicer Advance (i) Beginning Advance 1314,~~585~~163,~~229~~162.2904 (ii) Monthly Servicer Advance (Reimbursement) ~~225,~~392,403.1099 ------------- (iii) Ending Advance Balance 1314,~~810~~555,~~621~~566.3903 VI. CREDIT ENHANCEMENT (A)Overcollateralization (I) Target Overcollaterallization Amount 21,881,416.07 (ii) Beginning Balance 147,~~898~~270,~~527~~282.4129 (iii)Write Down for Certificate Distributions 34,~~777~~216,~~872~~245.5541 (iv) Overcollaterallization Addition Amount 0.00 (v) Overcollaterallization Reduction Amount 0.00 (vi) Ending Balance 113,~~120~~054,~~654~~036.8688 (B)Reserve Fund (if applicable) (i) Required Reserve Fund Balance 0.00 (ii) Beginning Reserve Fund Balance 0.00 (iii)Draws for Certificate Distributions 0.00 (iv) Excess Interest Deposited 0.00 (v) Reserve Fund Release 0.00 (vi) Ending Reserve Fund Balance 0.00 (C)Letter of Credit (if applicable) (i) Beginning LC Balance 0.00 (ii) Draw on LC for Interest Distribution 0.00 (iii)Draw on LC for Principal Distribution 0.00 Ending Balance 0.00 VII. CERTIFICATE DISTRIBUTIONS (A)Senior Certificates - Interest (i) Class A1 Pass-Through Rate 2.0102% Beginning Carryover Interest $ - Current Interest Accrual $ 4442,~~710~~637.9216 Current Carryover Interest Accrual $ - Interest Paid $ 4442,~~710~~637.9216 Ending Carryover Balance $ - Interest Paid Per $1000 $ 0.5350 (ii) Class A2 Pass-Through Rate 7.58% Beginning Carryover Interest $ - Current Interest Accrual $ ~~479~~473,~~750~~729.0090 Current Carryover Interest Accrual $ - Interest Paid $ ~~479~~473,~~750~~729.0090 Ending Carryover Balance $ - Interest Paid Per $1000 $ 6.3123 (iii)Class A3 Pass-Through Rate 7.83% Beginning Carryover Interest $ - Current Interest Accrual $ ~~326~~322,~~250~~156.0008 Current Carryover Interest Accrual $ - Interest Paid $ ~~326~~322,~~250~~156.0008 Ending Carryover Balance $ - Interest Paid Per $1000 $ 6.5344 (iv) Class A4 Pass-Through Rate 8.29% Beginning Carryover Interest $ - Current Interest Accrual $ ~~514~~508,~~884~~424.9900 Current Carryover Interest Accrual $ - Interest Paid $ ~~514~~508,~~884~~424.9900 Ending Carryover Balance $ - Interest Paid Per $1000 $ 6.9182 (v) Class A5 Pass-Through Rate 8.32% Beginning Carryover Interest $ - Current Interest Accrual $ ~~173~~171,~~333~~158.3327 Current Carryover Interest Accrual $ - Interest Paid $ ~~173~~171,~~333~~158.3327 Ending Carryover Balance $ - Interest Paid Per $1000 $ 6.9385 (B)Subordinate Certificates - Interest (i) Class M1 Pass-Through Rate 8.51% Beginning Carryover Interest $ - Current Interest Accrual $ 207,017.91 Current Carryover Interest Accrual $ - Interest Paid $ 207,017.91 Ending Carryover Balance $ - Beginning Carryover Writedown Interest $ - Current Writedown Interest $ - Current Carryover Writedown Interest Accrual $ - Writedown interest Paid $ - Ending Carryover Writedown Interest $ - Interest Paid Per $1000 $ 7.10 (ii) Class M2 Pass-Through Rate 9.00% Beginning Carryover Interest $ - Current Interest Accrual $ 156,307.50 Current Carryover Interest Accrual $ - Interest Paid $ 156,307.50 Ending Carryover Balance $ - Beginning Carryover Writedown Interest $ - Current Writedown Interest $ - Current Carryover Writedown Interest Accrual $ - Writedown interest Paid $ - Ending Carryover Writedown Interest $ - Interest Paid Per $1000 $ 7.50 (iii)Class B1 Pass-Through Rate 9.00% Beginning Carryover Interest $ - Current Interest Accrual $ 140,677.50 Current Carryover Interest Accrual $ - Interest Paid $ 140,677.50 Ending Carryover Balance $ - Beginning Carryover Writedown Interest $ - Current Writedown Interest $ - Current Carryover Writedown Interest Accrual $ - Writedown interest Paid $ - Ending Carryover Writedown Interest $ - Interest Paid Per $1000 $ 7.50 (iv) Class B2 Pass-Through Rate 9.00% Beginning Carryover Interest $ - Current Interest Accrual $ 164,122.50 Current Carryover Interest Accrual $ - Interest Paid $ 164,122.50 Ending Carryover Balance $ - Beginning Carryover Writedown Interest $ - Current Writedown Interest $ - Current Carryover Writedown Interest Accrual $ - Writedown interest Paid $ - Ending Carryover Writedown Interest $ - Interest Paid Per $1000 $ 7.50 (C)Senior Certificates - Principal (i) Class A1 Initial Certificate Balance 85,000,000.00 Initial Certificate Percentage 20.39% Beginning Certificate Balance 2825,~~635~~329,~~350~~003.9456 ~~Shortfall Carryover 0.00~~ Current Principal Due 28738,~~635,350~~414.9429 Current Principal Paid 2307,~~984,469~~848.3916 ~~Ending~~ Principal Shortfall 0Carryover for Current Period 430,566.0013 Accelerated Principal Distribution 0.00 Ending Certificate Balance 25,~~650~~021,~~881~~155.5540 Ending Pool Factor 7.5045% Principal Paid per $1000 ~~104~~12.2215 Total Class Distribution 2307,~~984,469~~848.3916 (ii) Class A2 Initial Certificate Balance 76,000,000.00 Initial Certificate Percentage 18.23% Beginning Certificate Balance 7675,~~000~~046,~~000~~320.0022 ~~Shortfall Carryover 0.00~~ Current Principal Due 762,~~000~~187,~~000~~819.00 Current Principal Paid 0912,111.0034 ~~Ending~~ Principal Shortfall 0Carryover for Current Period 1,275,707.0066 Accelerated Principal Distribution 0.00 Ending Certificate Balance 7674,~~000~~134,~~000~~208.0088 Ending Pool Factor 22.2309% Principal Paid per $1000 012.0015 Total Class Distribution 0912,111.0034 (iii)Class A3 Initial Certificate Balance 50,000,000.00 Initial Certificate Percentage 12.00% Beginning Certificate Balance 5049,~~000~~372,~~000~~579.0009 ~~Shortfall Carryover 0.00~~ Current Principal Due 501,~~000~~439,~~000~~354.0061 Current Principal Paid 0600,073.0025 ~~Ending~~ Principal Shortfall 0Carryover for Current Period 839,281.0036 Accelerated Principal Distribution 0.00 Ending Certificate Balance 5048,~~000~~772,~~000~~505.0084 Ending Pool Factor 14.6353% Principal Paid per $1000 012.0015 Total Class Distribution 0600,073.0025 (iv) Class A4 Initial Certificate Balance 74,531,000.00 Initial Certificate Percentage 17.88% Beginning Certificate Balance 7473,~~531~~595,~~000~~753.0084 ~~Shortfall Carryover 0.00~~ Current Principal Due 742,~~531~~145,~~000~~530.0076 Current Principal Paid 0894,481.0018 ~~Ending~~ Principal Shortfall 0Carryover for Current Period 1,251,049.0058 Accelerated Principal Distribution 0.00 Ending Certificate Balance 7472,~~531~~701,~~000~~272.0066 Ending Pool Factor 21.8066% Principal Paid per $1000 012.0015 Total Class Distribution 0894,481.0018 (v) Class A5 Initial Certificate Balance 25,000,000.00 Initial Certificate Percentage 7.00% Beginning Certificate Balance 2524,~~000~~686,~~000~~289.0055 ~~Shortfall Carryover 0.00~~ Current Principal Due 25719,~~000,000~~677.0030 Current Principal Paid 0300,036.0062 ~~Ending~~ Principal Shortfall 0Carryover for Current Period 419,640.0068 Accelerated Principal Distribution 0.00 Ending Certificate Balance 2524,~~000~~386,~~000~~252.0093 Ending Pool Factor 7.3126% Principal Paid per $1000 012.0015 Total Class Distribution 0300,036.0062 (D)Subordinate Certificates - Principal (i) Class M1 Initial Certificate Balance 29,178,000.00 Initial Certificate Percentage 5.00% Beginning Certificate Balance 29,178,000.00 ~~Shortfall Carryover 0.00~~ Current Principal Due 29,178,000.00 Current Principal Paid 0.00 ~~Ending~~ Principal Shortfall Carryover for Current Period 0.00 Ending Certificate Balance- Excluding Writedowns 29,178,000.00 Ending Pool Factor 8.5469% Principal Paid per $1000 0.00 Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 0.00 Total Class Distribution 0.00 (iii)Class M2 Initial Certificate Balance 20,841,000.00 Initial Certificate Percentage 5.00% Beginning Certificate Balance 20,841,000.00 ~~Shortfall Carryover 0.00~~ Current Principal Due 20,841,000.00 Current Principal Paid 0.00 ~~Ending~~ Principal Shortfall Carryover for Current Period 0.00 Ending Certificate Balance- Excluding Writedowns 20,841,000.00 Ending Pool Factor 6.1021% Principal Paid per $1000 0.00 Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 0.00 Total Class Distribution 0.00 (iv) Class B1 Initial Certificate Balance 18,757,000.00 Initial Certificate Percentage 4.50% Beginning Certificate Balance 18,757,000.00 ~~Shortfall Carryover 0.00~~ Current Principal Due 18,757,000.00 Current Principal Paid 0.00 ~~Ending~~ Principal Shortfall Carryover for Current Period 0.00 Ending Certificate Balance- Excluding Writedowns 18,757,000.00 Ending Pool Factor 5.4959% Principal Paid per $1000 0.00 Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 0.00 Total Class Distribution 0.00 (iv) Class B2 Initial Certificate Balance 21,883,000.00 Initial Certificate Percentage 5.25% Beginning Certificate Balance 21,883,000.00 ~~Shortfall Carryover 0.00~~ Current Principal Due 21,883,000.00 Current Principal Paid 0.00 ~~Ending~~ Principal Shortfall Carryover for Current Period 0.00 Ending Certificate Balance- Excluding Writedowns 21,883,000.00 Ending Pool Factor 6.4052% Principal Paid per $1000 0.00 Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 0.00 Total Class Distribution 0.00 (E)Total Certificate Balances Beg of Period End of Period (i) Aggregate Balance of Certificates $ ~~344~~338,~~825~~688,~~350~~946.9426 $ ~~341~~335,~~840~~674,~~881~~395.5571 (ii) Total Certificate Pool Factor 8584.~~9506346~~4210838% 8583.~~2067304~~6696816%

VIII.DELINQUENCY INFORMATION Percent of Percent of Delinquent Receivables at End of Due Period :Scheduled Balance Pool Balance Units Total Units 30-59 Days Delinquent $ 2827,~~991~~447,~~556~~548.8199 8.2110% ~~664~~642 7.9096% 60-89 Days Delinquent $ 1513,~~772~~239,~~207~~410.8037 43.4791% ~~371~~308 43.4182% 90 Days or More Delinquent $ 4842,~~832~~295,~~652~~807.4596 1312.8449% ~~1,141~~973 1312.5807% Homes Repossessed or Foreclosed Upon $ 2117,~~283~~352,~~052~~356.9853 65.0312% ~~490~~395 54.8390% Bankruptcy* (included in above delinquen$y25,~~324~~462,~~024~~594.6605 7.1752% ~~577~~582 67.8722% Extensions granted during period ~~118~~142 Rewrites granted during period 0 * The Bankruptcy units and balances are already included in the above delinquency numbers. This information is provided for reference only.

IX. REPURCHASED CONTRACTS (A)Repurchased Contracts - Breach of Rep or Warranty (i) Beginning Cumulative Repurchased Contracts since cutoff $ 1,225,016.66 (ii) Number of Contracts repurchased this period - (iii)Repurchase Price of Contracts this period $ - (iv) Ending Cumulative Repurchased Contracts since cutoff $ 1,225,016.66 (B)Repurchased Contracts - Delinquent Loans (i) Beginning Cumulative Repurchased Contracts since cutoff $ - (ii) Number of Contracts repurchased this period - (iii)Repurchase Price of Contracts this period $ - (iv) Ending Cumulative Repurchased Contracts since cutoff - X. REPOSSESSION / LOSS INFORMATION Units Scheduled Balance Beginning Repossession Inventory ~~522~~441 $2219,~~401~~398,~~152~~313.9650 Repossessions Incurred ~~111~~136 $ 43,~~525~~816,~~944~~718.2657 Less Repurchase of Delinquent Loans 0 $ - Less Repossessions Sold ~~143~~182 $ 5,~~644~~862,~~044~~675.2454 ===== == ================ ===== == ================ Ending Repossession Inventory ~~490~~395 $2117,~~283~~352,~~052~~356.9853 Principal Balance of Repossessions Liquidated $ 5,~~644~~862,~~044~~675.2454 Liquidation Proceeds Attributable to Principal $ 1966,~~034,492~~362.4662 ------------- Principal Loss on Liquidation of Repo $ 4,~~609~~896,~~551~~312.7892 Reimbursement to Servicer for Liquidation Expense $ 1018,~~618~~473.9112 Recoveries for Previously Liquidated Contracts $ - ------------- Net Liquidation Loss (Realized Loss) $ 4,~~620~~914,~~170~~786.6904 Recoveries Liquidation Proceeds Attributable to Interest $ ~~216~~262,~~143~~282.7492 Liquidation Proceeds Attributable to Principal $ 1966,~~034,492~~362.4662 Recoveries for Previously Liquidated Contracts $ - ------------- Total Recoveries $ 1,~~250~~228,~~636~~645.2054 Recovery Percentage of Principal Balance of Repossessions Liquidated 2221% XI. TRIGGERS Has the Crossover Date Occurred? NO Where the Current Distribution Date of 0305/15/02 is greater than the Earliest Crossover Date of ~~February~~ebruary 28, 2005 And Subordinated Certificates Beginning Principal Balance of 90,659,000.00 plus the Current Overcollateralization Amount of 113,~~120~~054,~~654~~036.8688 divided by the Current Beginning Pool Principal Balance of ~~359~~345,~~723~~959,~~878~~228.3555 ----------- Equals 2827.2909% ----------- And is greater than the: Subordinated Initital Certificates Percentage of 14.75% multiplied by the Percentage (as Percent of Initial Class Subordination Percentage) 175% ----------- Equals 25.81% -----------

Principal Distribution Tests: Actual Ratio Test Ratio Result Over 60 Days Delinquent ~~---------------------------~~ Current Mo 2421.3352% 1st Preceding Mo 2622.5683% 2nd Preceding Mo 2724.1133% Average 60 Day Delinquency Ratio: 2622.0089% 5.50% FAIL Over 30 Days Delinquent ~~---------------------------~~ Current Mo 3229.5562% 1st Preceding Mo 3530.7549% 2nd Preceding Mo 3632.8455% Average 30 Day Delinquency Ratio: 3530.0589% 8.50% FAIL

Net Liquidation Losses Ending Pool Bal (Realized Losses) ------------------------------------------------------- Current Mo ~~352~~338,~~961~~728,~~536~~432.4159 4,~~620~~914,~~170~~786.6904 1st Preceding Mo ~~359~~345,~~723~~959,~~878~~228.3555 34,~~578~~647,~~479~~279.6286 2nd Preceding Mo ~~364~~352,~~794~~961,~~393~~536.2741 34,~~530~~620,~~508~~170.4869 -------------------------------------------------------------------------- Total 1,~~077~~037,~~479~~649,~~808~~197.0355 1114,~~729~~182,~~158~~236.7959 -------------------------------------------------------------------------- Divided by 3 ---------------------------------- Average ~~359~~345,~~159~~883,~~936~~065.0185

Sum of last 3 months of Losses 1114,~~729~~182,~~158~~236.7959 Divided by 3 month average of Pool Balance ~~359~~345,~~159~~883,~~936~~065.0185 Annualized (multiply by 4) 4 Current Realized Loss Ratio: 1316.0640% 3.00% FAIL Beginning Cumulative Realized Losses 2029,~~286~~553,~~112~~562.4499 Net Liquidation Losses (Realized Losses) 4,~~620~~914,~~170~~786.6904 ---------------- Ending Cumulative Realized Losses 2434,~~906~~468,~~283~~349.1303 Divided by Initial Pool Principal Balance 416,788,877.53 Cumulative Realized Loss Ratio: 58.9827% 7.00% ~~PASS~~FAIL Should Principal Be Distributed to the Subordinated Certificates? NO

The undersigned, duly authorized representatives of Bombardier Capital Inc., do hereby certify that this Remittance Report has been prepared in accordance with the Pooling and Servicing Agreement and is correct, to the best of our knowledge. BY: _____________________ DATE:_________________________ NAME: Ana Dropps TITLE: Controller - Mortgage Finance Division BY: _____________________ DATE:_________________________ NAME: Brian Peters TITLE: Vice President - Finance

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