PHHMC Mortgage Pass-Through Certificates,  Series
2005-2
Distribution
Date:5/18/2005
Record
Date:4/29/2005

Distribution
Summary

DISTRIBUTION IN
DOLLARS

                                       Prior         Pass-                                                                                  Current
                 Original              Principal     Through       Interest   Principal   Total          Deferred               Realized    Principal
Class            Balance               Balance       Rate          DistributedDistributed Distributed    Interest               Loss        Balance
(1)              (2)                   (3)           (4)           (5)        (6)         (7)=(5+6)      (8)                    (9)         (10)=(3-6+8-9)

A1               50,035,202.00         49,881,601.46 5.082718%     211,278.43 1,329,707.581,540,986.01   0.00                   0.00        48,551,893.88

A2               43,229,633.00         43,078,697.67 5.032718%     180,669.11 1,223,211.941,403,881.05   0.00                   0.00        41,855,485.73

A3               2,386,163.00          2,397,064.70  5.482718%     0.00       0.00        0.00           10,952.02              0.00        2,408,016.72

A4               2,958,278.00          2,971,793.53  5.482718%     0.00       0.00        0.00           13,577.92              0.00        2,985,371.45

A5               1,500,956.00          1,507,813.44  5.482718%     0.00       0.00        0.00           6,889.10               0.00        1,514,702.54

A6               14,650,307.00         14,750,129.59 8.149681%     0.00       0.00        0.00           100,174.05             0.00        14,850,303.64

B1               5,554,908.00          5,546,961.95  5.482718%     25,343.69  7,898.81    33,242.50      0.00                   0.00        5,539,063.14

B2               732,515.00            731,467.17    5.482718%     3,342.02   1,041.60    4,383.62       0.00                   0.00        730,425.57

B3               366,258.00            365,734.08    5.482718%     1,671.01   520.80      2,191.81       0.00                   0.00        365,213.28

B4               305,215.00            304,778.40    5.482718%     1,392.51   434.00      1,826.51       0.00                   0.00        304,344.40

B5               183,129.00            182,867.04    5.482718%     835.51     260.40      1,095.91       0.00                   0.00        182,606.64

B6               183,128.14            182,866.20    5.482718%     835.50     260.40      1,095.90       0.00                   0.00        182,605.80

RI               100.00                0.00          5.482718%     0.00       0.00        0.00           0.00                   0.00        0.00

RII              100.00                0.00          5.482718%     0.00       0.00        0.00           0.00                   0.00        0.00

Totals           122,085,892.14        121,901,775.23              425,367.78 2,563,335.532,988,703.31   131,593.09             0.00        119,470,032.79

Distribution Summary (Factors)

PER $1,000 OF ORIGINAL BALANCE

                                       Prior                                                                                    Current
                                       Principal     Interest      Principal  Total       Deferred       Realized               Principal
                                                     Distributed
Class            CUSIP                 Balance       (5/2 x 1000)  DistributedDistributed Interest       Loss                   Balance
                                       (3/2 x 1000)                (6/2 x     (7/2 x 1000)(8/2 x 1000)   (9/2 x 1000)           (10/2 x
                                                                   1000)                                                        1000)

A1               69336RAA8             996.930150    4.222596      26.575441  30.798037   0.000000       0.000000               970.354709

A2               69336RAB6             996.508522    4.179289      28.295682  32.474970   0.000000       0.000000               968.212840

A3               69336RAC4             1,004.568716  0.000000      0.000000   0.000000    4.589804       0.000000               1,009.158519

A4               69336RAD2             1,004.568715  0.000000      0.000000   0.000000    4.589805       0.000000               1,009.158521

A5               69336RAE0             1,004.568715  0.000000      0.000000   0.000000    4.589808       0.000000               1,009.158523

A6               69336RAF7             1,006.813686  0.000000      0.000000   0.000000    6.837676       0.000000               1,013.651362

B1               69336RAJ9             998.569544    4.562396      1.421952   5.984348    0.000000       0.000000               997.147593

B2               69336RAK6             998.569545    4.562391      1.421950   5.984342    0.000000       0.000000               997.147594

B3               69336RAL4             998.569533    4.562385      1.421948   5.984333    0.000000       0.000000               997.147584

B4               69336RAM2             998.569533    4.562390      1.421948   5.984339    0.000000       0.000000               997.147584

B5               69336RAN0             998.569533    4.562412      1.421948   5.984361    0.000000       0.000000               997.147584

B6               69336RAP5             998.569635    4.562379      1.421955   5.984334    0.000000       0.000000               997.147680

RI               69336RAG5             0.000000      0.000000      0.000000   0.000000    0.000000       0.000000               0.000000

RII              69336RAH3             0.000000      0.000000      0.000000   0.000000    0.000000       0.000000               0.000000

Interest
Distribution
Detail

DISTRIBUTION IN
DOLLARS

                 Prior                 Pass-         Optimal       Prior      Non-Recov                                                     Current
                 Principal             Through       Accrued       Unpaid     Interest    Interest       Deferred               Interest    Unpaid
                                                                                                                                Distributed
Class            Balance               Rate          Interest      Interest   Shortfall   Due            Interest               (9)         Interest
(1)              (2)                   (3)           (4)           (5)        (6)         (7)=(4)+(5)-(6)(8)                                (10)=(7)-(8)-(9)

A1               49,881,601.46         5.082718%     211,278.43    0.00       0.00        211,278.43     0.00                   211,278.43  0.00

A2               43,078,697.67         5.032718%     180,669.11    0.00       0.00        180,669.11     0.00                   180,669.11  0.00

A3               2,397,064.70          5.482718%     10,952.02     0.00       0.00        10,952.02      10,952.02              0.00        0.00

A4               2,971,793.53          5.482718%     13,577.92     0.00       0.00        13,577.92      13,577.92              0.00        0.00

A5               1,507,813.44          5.482718%     6,889.10      0.00       0.00        6,889.10       6,889.10               0.00        0.00

A6               14,750,129.59         8.149681%     100,174.05    0.00       0.00        100,174.05     100,174.05             0.00        0.00

B1               5,546,961.95          5.482718%     25,343.69     0.00       0.00        25,343.69      0.00                   25,343.69   0.00

B2               731,467.17            5.482718%     3,342.02      0.00       0.00        3,342.02       0.00                   3,342.02    0.00

B3               365,734.08            5.482718%     1,671.01      0.00       0.00        1,671.01       0.00                   1,671.01    0.00

B4               304,778.40            5.482718%     1,392.51      0.00       0.00        1,392.51       0.00                   1,392.51    0.00

B5               182,867.04            5.482718%     835.51        0.00       0.00        835.51         0.00                   835.51      0.00

B6               182,866.20            5.482718%     835.50        0.00       0.00        835.50         0.00                   835.50      0.00

RI               0.00                  5.482718%     0.00          0.00       0.00        0.00           0.00                   0.00        0.00

RII              0.00                  5.482718%     0.00          0.00       0.00        0.00           0.00                   0.00        0.00

  Totals         121,901,775.23                      556,960.87    0.00       0.00        556,960.87     131,593.09             425,367.78  0.00

Principal
Distribution
Detail

DISTRIBUTION IN
DOLLARS

                                       Prior                                  Current     Current        Current                Cumulative
                 Original              Principal     Principal     Accreted   Realized    Principal      Principal              Realized
Class            Balance               Balance       Distribution  Principal  Losses      Recoveries     Balance                Losses
(1)              (2)                   (3)           (4)           (5)        (6)         (7)            (8)=(3)-(4)+(5)-(6)+(7)(9)

A1               50,035,202.00         49,881,601.46 1,329,707.58  0.00       0.00        0.00           48,551,893.88          0.00

A2               43,229,633.00         43,078,697.67 1,223,211.94  0.00       0.00        0.00           41,855,485.73          0.00

A3               2,386,163.00          2,397,064.70  0.00          10,952.02  0.00        0.00           2,408,016.72           0.00

A4               2,958,278.00          2,971,793.53  0.00          13,577.92  0.00        0.00           2,985,371.45           0.00

A5               1,500,956.00          1,507,813.44  0.00          6,889.10   0.00        0.00           1,514,702.54           0.00

A6               14,650,307.00         14,750,129.59 0.00          100,174.05 0.00        0.00           14,850,303.64          0.00

B1               5,554,908.00          5,546,961.95  7,898.81      0.00       0.00        0.00           5,539,063.14           0.00

B2               732,515.00            731,467.17    1,041.60      0.00       0.00        0.00           730,425.57             0.00

B3               366,258.00            365,734.08    520.80        0.00       0.00        0.00           365,213.28             0.00

B4               305,215.00            304,778.40    434.00        0.00       0.00        0.00           304,344.40             0.00

B5               183,129.00            182,867.04    260.40        0.00       0.00        0.00           182,606.64             0.00

B6               183,128.14            182,866.20    260.40        0.00       0.00        0.00           182,605.80             0.00

RI               100.00                0.00          0.00          0.00       0.00        0.00           0.00                   0.00

RII              100.00                0.00          0.00          0.00       0.00        0.00           0.00                   0.00

  Totals         122,085,892.14        121,901,775.232,563,335.53  131,593.09 0.00        0.00           119,470,032.79         0.00

Collateral
Summary

ASSET
CHARACTERISTICS

                 Cut-Off               Prior         Current

Aggregate Stated
Principal Balance122,085,892.14        121,901,775.23119,470,032.79

Loan Count       245                   245           242

Weighted Average
Coupon Rate (WAC)5.744957%             5.745217%     5.740674%

Net Weighted
Average Coupon   5.482457%             5.482717%     5.478174%
Rate (Net WAC)

Weighted Average
Maturity (WAM in 327                   326           325
months)

AVAILABLE
PRINCIPAL        AVAILABLE INTEREST

Scheduled
Interest         583,626.94
Curtailments     349,505.74
Less:            Servicing Fees Net of 25,396.21
                 Trustee Fees
Trustee Fees     1,269.85
Uncompensated
PPIS             0.00
Relief Act
Shortfall        0.00
Extraordinary
Trust Fund       0.00
Expenses
Primary Mortgage
Insurance        0.00
TOTAL AVAILABLE
PRINCIPAL        2,431,742.44
TOTAL AVAILABLE
INTEREST         556,960.88
Current Realized
Losses           0.00
Cumulative
Realized Losses  0.00

Delinquency
Information

                 1 Month               2 Months      3+ Months     Totals

Delinquency

Scheduled
Principal Balance0.00                  0.00          0.00          0.00
Percentage of
Total Pool       0.0000%               0.0000%       0.0000%       0.0000%
Balance
Number of Loans  0                     0             0             0

Percentage of
Total Loans      0.0000%               0.0000%       0.0000%       0.0000%
Bankruptcy

Scheduled
Principal Balance                      0.00          0.00          0.00       0.00
Percentage of Total Pool Balance       0.0000%       0.0000%       0.0000%    0.0000%

Number of Loans                        0             0             0          0
Percentage of
Total Loans                            0.0000%       0.0000%       0.0000%    0.0000%

Foreclosure

Scheduled
Principal Balance                      0.00          0.00          0.00       0.00
Percentage of Total Pool Balance       0.0000%       0.0000%       0.0000%    0.0000%

Number of Loans                        0             0             0          0
Percentage of
Total Loans                            0.0000%       0.0000%       0.0000%    0.0000%

REO

Scheduled
Principal Balance                      0.00          0.00          0.00       0.00
Percentage of Total Pool Balance       0.0000%       0.0000%       0.0000%    0.0000%

Number of Loans                        0             0             0          0
Percentage of
Total Loans                            0.0000%       0.0000%       0.0000%    0.0000%

Total

Scheduled
Principal Balance                      0.00          0.00          0.00       0.00
Percentage of Total Pool Balance       0.0000%       0.0000%       0.0000%    0.0000%

Number of Loans                        0             0             0          0
Percentage of
Total Loans                            0.0000%       0.0000%       0.0000%    0.0000%

Principal and
Interest Advances183,672.08

Credit
Enhancement

SUBORDINATION
LEVELS

                 Original              Prior         Current

Aggregate
Certificate      122,085,892.14        121,901,775.23119,470,032.79
Principal Balance

Senior Principal
Balance          114,760,739.00        114,587,100.39112,165,773.96
Senior Percentage94.000000%            93.999534%    93.886116%
Senior Credit
Support          6.000000%             6.000466%     6.113884%

Class B1
Principal Balance5,554,908.00          5,546,961.95  5,539,063.14
Class B1
Percentage       4.550000%             4.550354%     4.636362%
Class B1 Credit
Support          1.450000%             1.450113%     1.477522%

Class B2
Principal Balance732,515.00            731,467.17    730,425.57
Class B2
Percentage       0.600000%             0.600046%     0.611388%
Class B2 Credit
Support          0.850000%             0.850066%     0.866134%

Class B3
Principal Balance366,258.00            365,734.08    365,213.28
Class B3
Percentage       0.300000%             0.300024%     0.305694%
Class B3 Credit
Support          0.550000%             0.550043%     0.560439%

Class B4
Principal Balance305,215.00            304,778.40    304,344.40
Class B4
Percentage       0.250000%             0.250020%     0.254745%
Class B4 Credit
Support          0.300000%             0.300023%     0.305694%

Class B5
Principal Balance183,129.00            182,867.04    182,606.64
Class B5
Percentage       0.150000%             0.150012%     0.152847%
Class B5 Credit
Support          0.149999%             0.150011%     0.152847%

Class B6
Principal Balance183,128.14            182,866.20    182,605.80
Class B6
Percentage       0.149999%             0.150011%     0.152847%
Class B6 Credit
Support          0.000000%             0.000000%     0.000000%

Other Information

Trigger
Information

Has the Class A3
Accretion
Termination Date No
Been Reached?
Has the Class A4
Accretion
Termination Date No
Been Reached?
Has the Class A5
Accretion
Termination Date No
Been Reached?
Has the Class A6
Accretion
Termination Date No
Been Reached?
Has the Credit
Support Depletion
Date Been        No
Reached?

Senior Percentage93.999534%
Senior Prepayment
Percentage       100.000000%

CONTACT
INFORMATION      CONTENTS

Distribution
Summary          2
Depositor        PHH Mortgage Capital
                 LLC
Distribution
Summary          2
(Factors)

Mt. Laurel, NJ
08054
Interest
Distribution     2
Underwriter      William J. Mayer
                 Securities, LLC
60 Arch Street
Principal
Distribution     2
Greenwich, CT
06830

Collateral
Summary          2
3000 Leadenhall
Road

Delinquency
Information      2

Trustee          Citibank, N.A.
Credit
Enhancement      2

New York, NY
10013
Other Information2

Deal Contact:    Kristen Driscoll      Citibank, N.A.
kristen.driscoll@citigroup.com         Agency and
                                       Trust
Tel: (212)                             388 Greenwich
816-5681                               Street, 14th
                                       Floor
Fax: (212)                             New York, NY
816-5527                               10013

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                 www.sf.citidirect.com 2005 Citigroup

PHHMC MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2005-2 8-K