~~Downey~~SECURITIES ~~Savings~~AND ~~and~~EXCHANGE Loan Association Mortgage Pass-Through Certificates Record Date: 8/1/2005 Distribution Date: 8/19/2005 Downey Savings and Loan Association Mortgage Pass-Through Certificates Series 2005-AR5 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 1-A1A 23332UFD1 SEN 3.90000% 208,413,000.00 165,380.00 1-A1B 23332UFE9 SEN 3.91000% 52,103,000.00 41,481.06 AR 23332UFT6 SEN 2.32653% 100.00 0.16 AR-II DSL05AR5R SEN 0.00000% 0.00 0.00 2-A1A 23332UFF6 SEN 3.90000% 253,986,000.00 201,513.73 2-A1B 23332UFG4 SEN 3.91000% 169,324,000.00 134,804.90 B-1 23332UFH2 SUB 4.16000% 26,037,000.00 22,356.30 B-2 23332UFJ8 SUB 4.52000% 20,292,000.00 19,249.72 B-3 23332UFK5 SUB 5.17000% 14,549,000.00 16,165.91 B-4 23332UFL3 SUB 5.32000% 1,914,000.00 2,198.49 B-5 23332UFM1 SUB 5.32000% 8,423,000.00 9,674.96 B-6 23332UFN9 SUB 5.32000% 6,126,000.00 7,036.54 B-7 23332UFP4 SUB 5.32000% 4,596,972.53 5,280.25 X-1 23332UFQ2 SEN 1.00000% 0.00 569,855.00 X-2 23332UFR0 SEN 0.09488% 0.00 78,773.77 PO 23332UFS8 SEN 0.00000% 100.00 0.00 Totals 765,764,172.53 1,273,770.79COMMISSION

~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses 1-A1A 281~~Washington,~~542.26~~ 0D.~~00 208,169,322~~C.55 446,922.26 0.00 1-A1B 70,364.55 0.00 52,042,101.60 111,845.61 0.00 AR 100.00 0.00 0.00 100.16 0.00 AR-II 0.00 0.00 0.00 0.00 0.00 2-A1A 711,189.22 0.00 253,320,874.74 912,702.95 0.00 2-A1B 474,126.15 0.00 168,880,583.16 608,931.05 0.00 B-1 35,720.65 0.00 26,006,001.53 58,076.95 0.00 B-2 27,838.98 0.00 20,267,841.26 47,088.70 0.00 B-3 19,960.05 0.00 14,531,678.62 36,125.96 0.00 B-4 2,625.85 0.00 1,911,721.28 4,824.34 0.00 B-5 11,555.67 0.00 8,412,971.96 21,230.63 0.00 B-6 8,404.38 0.00 6,118,706.66 15,440.92 0.00 B-7 6,306.67 0.00 4,591,499.58 11,586.92 0.00 X-1 0.00 0.00 0.00 569,855.00 0.00 X-2 0.00 0.00 0.00 78,773.77 0.00 PO 0.00 0.00 100.04 0.00 0.00 Totals 1,649,734.43 0.00 764,253,402.98 2,923,505.22 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. 20549

~~Principal~~Form Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 1-A1A 208,413,000.00 208,413,000.00 281,608.42 0.00 0.00 0.00 1-A1B 52,103,000.00 52,103,000.00 70,381.08 0.00 0.00 0.00 AR 100.00 100.00 99.98 0.02 0.00 0.00 AR-II 0.00 0.00 0.00 0.00 0.00 0.00 2-A1A 253,986,000.00 253,986,000.00 351,737.98 359,451.25 0.00 0.00 2-A1B 169,324,000.00 169,324,000.00 234,491.98 239,634.16 0.00 0.00 B-1 26,037,000.00 26,037,000.00 35,720.65 0.00 0.00 0.00 B-2 20,292,000.00 20,292,000.00 27,838.98 0.00 0.00 0.00 B-3 14,549,000.00 14,549,000.00 19,960.05 0.00 0.00 0.00 B-4 1,914,000.00 1,914,000.00 2,625.85 0.00 0.00 0.00 B-5 8~~,423,000.00 8,423,000.00 11,555.67 0.00 0.00 0.00 B~~-6 6,126,000.00 6,126,000.00 8,404.38 0.00 0.00 0.00 B-7 4,596,972.53 4,596,972.53 6,306.67 0.00 0.00 0.00 X-1 0.00 0.00 0.00 0.00 0.00 0.00 X-2 0.00 0.00 0.00 0.00 0.00 0.00 PO 100.00 100.00 0.00 0.00 0.00 0.00 Totals 765,764,172.53 765,764,172.53 1,050,731.69 599,085.43 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.K

~~Principal~~CURRENT Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 1-A1A 281,542.26 208,169,322.55 0.99883080 281,542.26 1-A1B 70,364.55 52,042,101.60 0.99883119 70,364.55 AR 100.00 0.00 0.00000000 100.00 AR-II 0.00 0.00 0.00000000 0.00 2-A1A 711,189.22 253,320,874.74 0.99738125 711,189.22 2-A1B 474,126.15 168,880,583.16 0.99738125 474,126.15 B-1 35,720.65 26,006,001.53 0.99880945 35,720.65 B-2 27,838.98 20,267,841.26 0.99880945 27,838.98 B-3 19,960.05 14,531,678.62 0.99880945 19,960.05 B-4 2,625.85 1,911,721.28 0.99880945 2,625.85 B-5 11,555.67 8,412,971.96 0.99880945 11,555.67 B-6 8,404.38 6,118,706.66 0.99880944 8,404.38 B-7 6,306.67 4,591,499.58 0.99880944 6,306.67 X-1 0.00 0.00 0.00000000 0.00 X-2 0.00 0.00 0.00000000 0.00 PO 0.00 100.04 1.00040000 0.00 Totals 1,649,734.43 764,253,402.98 0.99802711 1,649,734.43REPORT

~~Principal~~Pursuant ~~Distribution~~to ~~Factors~~Section ~~Statement~~13 ~~Original~~or ~~Beginning Scheduled Unscheduled Face Certificate Principal Principal Class~~ 15(2d) ~~Amount~~of Balance Distribution Distribution Accretion 1-A1A 208,413,000.00 1000.00000000 1.35120372 0.00000000 0.00000000 1-A1B 52,103,000.00 1000.00000000 1.35080667 0.00000000 0.00000000 AR 100.00 1000.00000000 999.80000000 0.20000000 0.00000000 AR-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 253,986,000.00 1000.00000000 1.38487153 1.41524041 0.00000000 2-A1B 169,324,000.00 1000.00000000 1.38487149 1.41524037 0.00000000 B-1 26,037,000.00 1000.00000000 1.37191881 0.00000000 0.00000000 B-2 20,292,000.00 1000.00000000 1.37191898 0.00000000 0.00000000 B-3 14,549,000.00 1000.00000000 1.37191903 0.00000000 0.00000000 B-4 1,914,000.00 1000.00000000 1.37191745 0.00000000 0.00000000 B-5 8,423,000.00 1000.00000000 1.37191856 0.00000000 0.00000000 B-6 6,126,000.00 1000.00000000 1.37191969 0.00000000 0.00000000 B-7 4,596,972.53 1000.00000000 1.37191814 0.00000000 0.00000000 X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 PO 100.00 1000.00000000 0.00000000 0.00000000 0.00000000the

~~Principal~~Securities ~~Distribution~~Exchange ~~Factors~~Act ~~Statement~~of (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 1-A1A 0.00000000 1.35088627 998.83079534 0.99883080 1.35088627 1-A1B 0.00000000 1.35048942 998.83119206 0.99883119 1.35048942 AR 0.00000000 1,000.00000000 0.00000000 0.00000000 1,000.00000000 AR-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 0.00000000 2.80011190 997.38125227 0.99738125 2.80011190 2-A1B 0.00000000 2.80011192 997.38125227 0.99738125 2.80011192 B-1 0.00000000 1.37191881 998.80944540 0.99880945 1.37191881 B-2 0.00000000 1.37191898 998.80944510 0.99880945 1.37191898 B-3 0.00000000 1.37191903 998.80944532 0.99880945 1.37191903 B-4 0.00000000 1.37191745 998.80944619 0.99880945 1.37191745 B-5 0.00000000 1.37191856 998.80944557 0.99880945 1.37191856 B-6 0.00000000 1.37191969 998.80944499 0.99880944 1.37191969 B-7 0.00000000 1.37191814 998.80944470 0.99880944 1.37191814 X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 PO 0.00000000 0.00000000 1,000.40000000 1.00040000 0.00000000 (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.1934

~~Interest~~Date ~~Distribution~~of ~~Statement~~Report ~~Beginning~~(Date ~~Payment~~ of ~~Original~~earliest Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall 1-A1A 208,413,000.00 3.90000% 208,413,000.00 203,202.67 0.00 0.00 1-A1B 52,103,000.00 3.91000% 52,103,000.00 50,930.68 0.00 0.00 AR 100.00 2.32653% 100.00 0.19 0.00 0.00 AR-II 0.00 0.00000% 0.00 0.00 0.00 0.00 2-A1A 253,986,000.00 3.90000% 253,986,000.00 247,636.35 0.00 0.00 2-A1B 169,324,000.00 3.91000% 169,324,000.00 165,514.21 0.00 0.00 B-1 26,037,000.00 4.16000% 26,037,000.00 27,078.48 0.00 0.00 B-2 20,292,000.00 4.52000% 20,292,000.00 22,929.96 0.00 0.00 B-3 14,549,000.00 5.17000% 14,549,000.00 18,804.58 0.00 0.00 B-4 1,914,000.00 5.32000% 1,914,000.00 2,545.62 0.00 0.00 B-5 8,423,000.00 5.32000% 8,423,000.00 11,202.59 0.00 0.00 B-6 6,126,000.00 5.32000% 6,126,000.00 8,147.58 0.00 0.00 B-7 4,596,972.53 5.32000% 4,596,972.53 6,113.97 0.00 0.00 X-1 0.00 1.00000% 683,826,000.00 569,855.00 0.00 0.00 X-2 0.00 0.09488% 765,764,172.53 60,548.20 0.00 0.00 PO 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 765,764,172.53 1,394,510.08 0.00 0.00event

~~Interest Distribution Statement (continued~~Reported): January ~~Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 1-A1A 0.00 0.00 165~~10,~~380.00~~ 0.00 208,169,322.55 1-A1B 0.00 0.00 41,481.06 0.00 52,042,101.60 AR 0.00 0.00 0.16 0.00 0.00 AR-II 0.00 0.00 0.00 0.00 0.00 2-A1A 0.00 0.00 201,513.73 0.00 253,320,874.74 2-A1B 0.00 0.00 134,804.90 0.00 168,880,583.16 B-1 0.00 0.00 22,356.30 0.00 26,006,001.53 B-2 0.00 0.00 19,249.72 0.00 20,267,841.26 B-3 0.00 0.00 16,165.91 0.00 14,531,678.62 B-4 0.00 0.00 2,198.49 0.00 1,911,721.28 B-5 0.00 0.00 9,674.96 0.00 8,412,971.96 B-6 0.00 0.00 7,036.54 0.00 6,118,706.66 B-7 0.00 0.00 5,280.25 0.00 4,591,499.58 X-1 0.00 0.00 569,855.00 0.00 656,324,499.13 X-2 0.00 0.00 78,773.77 0.00 764,253,403.01 PO 0.00 0.00 0.00 0.00 100.04 Totals 0.00 0.00 1,273,770.79 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.2006

~~Interest~~Greenwich ~~Distribution~~Capital 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 1-A1A 208Acceptance,~~413,000.00~~ 3Inc.90000% 1000.00000000 0.97499998 0.00000000 0.00000000 1-A1B 52,103,000.00 3.91000% 1000.00000000 0.97749995 0.00000000 0.00000000 AR 100.00 2.32653% 1000.00000000 1.90000000 0.00000000 0.00000000 AR-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 253,986,000.00 3.90000% 1000.00000000 0.97500000 0.00000000 0.00000000 2-A1B 169,324,000.00 3.91000% 1000.00000000 0.97750000 0.00000000 0.00000000 B-1 26,037,000.00 4.16000% 1000.00000000 1.04000000 0.00000000 0.00000000 B-2 20,292,000.00 4.52000% 1000.00000000 1.13000000 0.00000000 0.00000000 B-3 14,549,000.00 5.17000% 1000.00000000 1.29249983 0.00000000 0.00000000 B-4 1,914,000.00 5.32000% 1000.00000000 1.33000000 0.00000000 0.00000000 B-5 8,423,000.00 5.32000% 1000.00000000 1.33000000 0.00000000 0.00000000 B-6 6,126,000.00 5.32000% 1000.00000000 1.33000000 0.00000000 0.00000000 B-7 4,596,972.53 5.32000% 1000.00000000 1.32999925 0.00000000 0.00000000 X-1 0.00 1.00000% 1000.00000000 0.83333333 0.00000000 0.00000000 X-2 0.00 0.09488% 1000.00000000 0.07906899 0.00000000 0.00000000 PO 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

~~Interest~~DSLA ~~Distribution~~Mortgage ~~Factors~~Loan ~~Statement~~Trust ~~(continued) Remaining Ending Non~~2005-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 1-A1A 0.00000000 0.00000000 0.79352056 0.00000000 998.83079534 1-A1B 0.00000000 0.00000000 0.79613573 0.00000000 998.83119206 AR 0.00000000 0.00000000 1.60000000 0.00000000 0.00000000 AR-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A1A 0.00000000 0.00000000 0.79340487 0.00000000 997.38125227 2-A1B 0.00000000 0.00000000 0.79613581 0.00000000 997.38125227 B-1 0.00000000 0.00000000 0.85863579 0.00000000 998.80944540 B-2 0.00000000 0.00000000 0.94863592 0.00000000 998.80944510 B-3 0.00000000 0.00000000 1.11113547 0.00000000 998.80944532 B-4 0.00000000 0.00000000 1.14863636 0.00000000 998.80944619 B-5 0.00000000 0.00000000 1.14863588 0.00000000 998.80944557 B-6 0.00000000 0.00000000 1.14863532 0.00000000 998.80944499 B-7 0.00000000 0.00000000 1.14863640 0.00000000 998.80944470 X-1 0.00000000 0.00000000 0.83333333 0.00000000 959.78289672 X-2 0.00000000 0.00000000 0.10286949 0.00000000 998.02710864 PO 0.00000000 0.00000000 0.00000000 0.00000000 1000.40000000 (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.AR5

Certificateholder Component Statement Component Beginning Ending Beginning Ending Ending Pass-Through Notional Notional Component Component Component Class Rate Balance Balance Balance Balance Percentage X-1_1 1.00000% 260,516,000.00 250,055,655.85 0.00 0.00 95.98475942% X-1_2 1.00000% 423,310,000.00 406,268,843.28 0.00 0.00 95.97430802% PO_1 0.00000% 0.00 0.00 50.00 50.04 100.08000000% PO_2 0.00000% 0.00 0.00 50.00 50.00 100.00000000%

GREENWICH CAPITAL ACCEPTANCE, INC.

(Exact name of registrant as specified in its charter)

Delaware

333-121661

06-1199884

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 3,151,636.37 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 19,465.60 Total Deposits 3,171,101.97 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 247,596.75 Payment of Interest and Principal 2,923,505.22 Total Withdrawals (Pool Distribution Amount) 3,171,101.97 Ending Balance 0.00

(State or Other Jurisdiction of Incorporation)

(Commission

File Number)

(I.R.S. Employer Identification No.)

600 Steamboat Road

Greenwich, CT

~~PREPAYMENT/CURTAILMENT~~(Address ~~INTEREST~~of ~~SHORTFALL~~Principal ~~Total~~Executive ~~Prepayment/Curtailment~~Offices) ~~Interest~~(Zip ~~Shortfall~~Code) ~~0.00~~Registrant’s ~~Servicing~~telephone ~~Fee~~number, ~~Support~~including ~~0.00~~area ~~Non-Supported~~code ~~Prepayment/Curtailment~~(203) ~~Interest Shortfall 0.00~~625-2700

~~SERVICING~~Check ~~FEES~~the ~~Gross~~appropriate ~~Servicing~~box ~~Fee~~below ~~237,744.05~~if ~~FSA~~the ~~Premium~~Form ~~4,428.54~~8-K ~~Master~~filing ~~Servicing~~is ~~Fee~~intended ~~5,424.16~~to ~~Supported~~simultaneously ~~Prepayment/Curtailment~~satisfy ~~Interest~~the ~~Shortfall~~filing ~~0.00~~obligation ~~Net~~of ~~Servicing~~the ~~Fee~~registrant ~~247,596.75~~under any of the following provisions:

~~OTHER~~[ ~~ACCOUNTS~~] ~~Beginning~~Written ~~Current~~communications ~~Current~~pursuant ~~Ending~~to ~~Account~~Rule ~~Type~~425 ~~Balance~~under ~~Withdrawals~~the ~~Deposits~~Securities ~~Balance~~Act ~~Reserve~~(17 ~~Fund~~CFR 0230.00425) 1,[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.0014a-12) 1,[ ] Pre-commencement communications pursuant to Rule 14d-2(d) under the Exchange Act (17 CFR 240.0014d-2(b)) ~~0.00~~[ ~~Financial~~] ~~Guaranty~~Pre-commencement ~~0.00~~communications ~~0.00~~pursuant ~~0.00~~to 0Rule 13e-4(c) under the Exchange Act (17 CFR 240.0013e-4(c))

~~LOAN~~Item 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 08.~~00 0~~01.00 Other 0Events.00 0.00 30 Days 2 0 0 0 2 720,000.00 0.00 0.00 0.00 720,000.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2 0 0 0 2 720,000.00 0.00 0.00 0.00 720,000.00 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 0.093721% 0.000000% 0.000000% 0.000000% 0.093721% 0.094161% 0.000000% 0.000000% 0.000000% 0.094161% 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 0.093721% 0.000000% 0.000000% 0.000000% 0.093721% 0.094161% 0.000000% 0.000000% 0.000000% 0.094161%

~~DELINQUENT~~Filing ~~BANKRUPTCY FORECLOSURE REO Total 1 No~~ of ~~Loans~~Financial NoGuaranty ofInsurance ~~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~~Policies.00 0.00 0.00 0.00 30 Days 1 0 0 0 1 200,000.00 0.00 0.00 0.00 200,000.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1 0 0 0 1 200,000.00 0.00 0.00 0.00 200,000.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.085543% 0.000000% 0.000000% 0.000000% 0.085543% 0.068587% 0.000000% 0.000000% 0.000000% 0.068587% 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 0.085543% 0.000000% 0.000000% 0.000000% 0.085543% 0.068587% 0.000000% 0.000000% 0.000000% 0.068587% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 1 0 0 0 1 520,000.00 0.00 0.00 0.00 520,000.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1 0 0 0 1 520,000.00 0.00 0.00 0.00 520,000.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.103627% 0.000000% 0.000000% 0.000000% 0.103627% 0.109926% 0.000000% 0.000000% 0.000000% 0.109926% 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 0.103627% 0.000000% 0.000000% 0.000000% 0.103627% 0.109926% 0.000000% 0.000000% 0.000000% 0.109926%

~~OTHER~~Item ~~INFORMATION Current Period Class A Insufficient Funds 0~~9.~~00 Principal Balance of Contaminated Properties 0~~01.~~00 Periodic Advance 0.00~~

~~Summary~~Financial 12Statements ~~Month~~and ~~REO History* New REO Loans Month REO Percentage Loans in REO 0 Sep-04 0~~Exhibits.000% Original Principal Balance 0.00 Oct-04 0.000% Current Principal Balance 0.00 Nov-04 0.000% Dec-04 0.000% Current REO Total Jan-05 0.000% Loans in REO 0 Feb-05 0.000% Original Principal Balance 0.00 Mar-05 0.000% Current Principal Balance 0.00 Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% Aug-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. 1 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Sep-04 0.000% Original Principal Balance 0.00 Oct-04 0.000% Current Principal Balance 0.00 Nov-04 0.000% Dec-04 0.000% Current REO Total Jan-05 0.000% Loans in REO 0 Feb-05 0.000% Original Principal Balance 0.00 Mar-05 0.000% Current Principal Balance 0.00 Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% Aug-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. 2 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Sep-04 0.000% Original Principal Balance 0.00 Oct-04 0.000% Current Principal Balance 0.00 Nov-04 0.000% Dec-04 0.000% Current REO Total Jan-05 0.000% Loans in REO 0 Feb-05 0.000% Original Principal Balance 0.00 Mar-05 0.000% Current Principal Balance 0.00 Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% Aug-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

REO 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.(a)

~~REO~~Not 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 periodapplicable.

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

~~Foreclosure~~Not Loan Detail - All Mortgage Loans in Foreclosure during Current Period Month Loan First Original Loan Entered Payment LTV at Principal Group Number FC Date State Origination Balance No Foreclosure loans this periodapplicable.

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

~~COLLATERAL~~Not ~~STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 2~~applicable.573780% Weighted Average Net Coupon 2.201221% Weighted Average Pass-Through Rate 2.192721% Weighted Average Maturity(Stepdown Calculation) 421 Beginning Scheduled Collateral Loan Count 2,135 Number Of Loans Paid In Full 1 Ending Scheduled Collateral Loan Count 2,134 Beginning Scheduled Collateral Balance 765,764,172.53 Ending Scheduled Collateral Balance 764,253,403.01 Ending Actual Collateral Balance at 01-Aug-2005 764,645,363.18 Monthly P&I Constant 2,234,506.20 Special Servicing Fee 0.00 Prepayment Penalties 19,465.60 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 1,050,566.31 Unscheduled Principal 918,687.38

Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 2.710029 2.489929 2.573780 Weighted Average Net Rate 2.337596 2.117292 2.201221 Weighted Average Maturity 414 426 421 Beginning Loan Count 1,169 966 2,135 Loans Paid In Full 0 1 1 Ending Loan Count 1,169 965 2,134 Beginning Scheduled Balance 291,731,794.30 474,032,378.23 765,764,172.53 Ending Scheduled Balance 291,476,584.05 472,776,818.96 764,253,403.01 Record Date 08/01/2005 08/01/2005 08/01/2005 Principal And Interest Constant 865,046.48 1,369,459.72 2,234,506.20 Scheduled Principal 394,092.45 656,473.86 1,050,566.31 Unscheduled Principal 48,998.51 869,688.87 918,687.38 Scheduled Interest 658,834.74 983,589.32 1,642,424.06 Servicing Fees 90,542.10 147,201.95 237,744.05 Master Servicing Fees 2,066.43 3,357.73 5,424.16 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 566,226.21 833,029.64 1,399,255.85 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 2.329096 2.108792 2.192721(d)

Miscellaneous Reporting Group 1 Senior Percentage 89.299883% Senior Prepayment Percentage 100.000000% Subordinate Percentage 10.700117% Subordinate Prepayment Percentage 0.000000% Group 2 Senior Percentage 89.299818% Senior Prepayment Percentage 100.000000% Subordinate Percentage 10.700182% Subordinate Prepayment Percentage 0.000000%Exhibits:

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 1 0 099.~~00 0.00 0 0.00 0.00 2~~ 1 ~~800,000.00 798,093.55 0 0.00 0.00 Total 1 800,000.00 798,093.55 0 0.00 0.00~~

~~Prepayment~~Financial ~~Detail~~Guaranty -Insurance 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 1 0 0Policies.~~00 0.00 0 0.00 0.00 48,998.51 2 0 0.00 0.00 0 0.00 0.00 70,122.77 Total 0 0.00 0.00 0 0.00 0.00 119,121.28~~

Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount 2 9041629536 CA 72.73 01-Jul-2005 800,000.00 799,566.10SIGNATURES

~~Prepayment~~Pursuant ~~Loan~~to ~~Detail~~the -requirements ~~Prepayments~~of ~~during~~the ~~Current~~Securities ~~Period~~Exchange ~~(continued)~~Act ~~Current~~of ~~Loan~~1934, ~~PIF~~the ~~Months~~registrant ~~Loan~~has ~~Original~~duly ~~Group~~caused ~~Number~~this ~~Type~~report ~~Delinquent~~to ~~Rate~~be ~~Term~~signed ~~Seasoning~~on 2its ~~9041629536~~behalf ~~Loan~~by ~~Paid~~the inundersigned ~~Full~~thereunto 0duly 6authorized.~~083% 360 1~~

~~Summary~~GREENWICH ~~SMM~~CAPITAL ~~CPR PSA Current Month 0.120% Current Month 1.431% Current Month 2~~ACCEPTANCE,~~231.009%~~ ~~3 Month Average 0~~INC.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 1.431% N/A Aug-2005 2,231.009% 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. 1 SMM CPR PSA Current Month 0.017% Current Month 0.202% Current Month 299.213% 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 0.202% N/A Aug-2005 299.213% 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. 2 SMM CPR PSA Current Month 0.184% Current Month 2.181% Current Month 3,507.631% 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 2.181% N/A Aug-2005 3,507.631% 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 Detail Report - Loans with Losses during Current Period Summary # Loans Prior Realized Current with Principal Loss/(Gain) Loss Group Losses Balance Amount Percentage 1 0 0.00 0.00 0.000% 2 0 0.00 0.00 0.000% Total 0 0.00 0.00 0.000%By:

~~Realized~~/s/ ~~Loss~~Shakti ~~Loan~~Radhakishun ~~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.~~

Realized 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.Name:

~~MDR~~ Shakti 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 *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 *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. 1 MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. 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 *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 *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. 2 MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. 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 *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 *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)Radhakishun

Title: Senior Vice President

Dated: January 10, 2006

Exhibit Index

Exhibit

99.1	Financial Guaranty Insurance Policies

Filing Compare · DSLA MORTGAGE LOAN TRUST 2005-AR5