UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange Act of 1934 for the fiscal year ended December 31, 2005

[ ]      Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


                                     Commission File Number:  333-109614-10

                          NOMURA ASSET ACCEPTANCE CORP.
          (as Depositor under the Pooling and Servicing and Agreement,
           dated as of April 1, 2005, providing for the issuance of
                     Alternative Loan Trust Series 2005-AR2
               Mortgage Pass-Through Certificates, Series 2005-AR2
             (Exact name of registrant as specified in its charter)

         Delaware                                            13-3672336
State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization                            Identification No.)

2 World Financial Center
Building B, 21st Floor
New York, New York                                             10281
(Address of Principal Executive Offices)                      (Zip Code)

       Registrant's telephone number, including area code :(212)667-9300


Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.  Yes [ ]  No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.  Yes [  ]   No [X]

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K (229.405 of this chapter) is not contained  herein,  and will
not be contained,  to the best of registrant's knowledge, in definitive proxy or
information  statements  incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12-b-2 of the Exchange Act.

Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [x]

Indicate by check mark whether the  registrant is a shell company (as defined in
Exchange Act Rule 12b-2).    Yes  No [X]

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates  computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common  equity,  as of
the last business day of the registrant's most recently  completed second fiscal
quarter.   Not Applicable.

Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.  Not Applicable.

Documents incorporated by reference:  None

<PAGE>


PART I

Item 1.  Business.

         Not Applicable.

Item 1A. Risk Factors.

         Not Applicable.

Item 1B. Unresolved Staff Comments.

         Not Applicable.

Item 2.  Properties.

         Not Applicable.

Item 3.  Legal Proceedings.

         The  Registrant  knows of no material  pending legal  proceedings
         involving the trust created  under the Pooling and Servicing Agreement,
         the  Trustee,  any Servicer  or the  Registrant  with  respect  to the
         trust other than routine litigation incidental to the duties of the
         respective parties.

Item 4. Submission of Matters to a Vote of Security Holders.

         No matter was submitted to a vote or consent of Holders of the Offered
         Certificates during the fiscal year covered by this report.

PART II

Item 5.  Market for Registrant's Common Equity,  Related Stockholder Matters
         and Issuer Purchases of Equity Securities.

         Currently,  there is no established  secondary  market for the
         Certificates known to the Registrant.  As of December 31, 2005, the
         number of holders of each class of offered certificates was 24 based
         on records provided by The Depository Trust Company.

Item 6.  Selected Financial Data.

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial Condition and
         Results of Operation.

         Not Applicable.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data.

         Not Applicable.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure.

         None.

Item 9A. Controls and Procedures.

         Not Applicable.

Item 9B. Other Information.

         None.

                                      -2-

<PAGE>

PART III

Item 10. Directors and Executive Officers of the Registrant.

         Not Applicable.

Item 11. Executive Compensation.

         Not Applicable.

Item 12. Security Ownership of Certain Beneficial Owners and Management and
         Related Stockholder Matters.

         Not Applicable.

Item 13. Certain Relationships and Related Transactions.

         Not Applicable.

Item 14. Principal Accounting Fees and Services.

         Not applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this report:

    (1)  Financial Statements:

         Not Applicable.

    (2)  Financial Statement Schedules:

         Not Applicable.

    (3)  Exhibits:

         Rule 13a-14(a)/15d-14(a) Certification, filed as 31.1 hereto.

         Report of Independent Registered Public Accounting Firm, filed as
         Exhibit 99.1 hereto.

         Report of Management as to Compliance with Minimum Servicing Standards,
         filed as Exhibit 99.2 hereto.

         Annual Statement as to Compliance, filed as Exhibit 99.3 hereto.

(b)  The exhibits required to be filed by Registrant pursuant to Item 601 of
     Regulation S-K are listed above and in the Exhibit Index that immediately
     follows the signature page hereof.

(c)  Not Applicable.


                                      -3-


<PAGE>

SIGNATURE

Pursuant to the  requirements of Section 13 or 15(d) 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.


                                 NOMURA ASSET ACCEPTANCE CORP.

                                 By: /s/  N. Dante LaRocca
                                    -----------------------------
                               Name:  N. Dante LaRocca
                              Title:  Attorney-in-Fact and Agency
                               Date:  March 29, 2006


                                      -4-
<PAGE>
Supplemental Information to be Furnished With Reports Filed Pursuant to Section
15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to
Section 12 of the Act

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -5-
<PAGE>


                                 EXHIBIT INDEX

31.1    Rule 13a-14(a)/15d-14(a) Certification

99.1    Report of Independent Registered Public Accounting Firm
           with Management Assertion

        GMAC Mortgage Corporation
        Wells Fargo Bank, N.A.

99.2    Report of Management as to Compliance with Minimum Servicing Standards

        GMAC Mortgage Corporation
        Wells Fargo Bank, N.A.

99.3    Annual Statement as to Compliance

        GMAC Mortgage Corporation
        Wells Fargo Bank, N.A.



                                      -6-
<PAGE>
                                  EXHIBIT 31.1
                     Rule 13a-14(a)/15d-14(a) Certification


                                  CERTIFICATION
                     Alternative Loan Trust Series 2005-AR2
               Mortgage Pass-Through Certificates, Series 2005-AR2

                  I, N. Dante LaRocca, certify that:

1.   I have reviewed  this annual  report on Form 10-K,  and all reports on Form
     8-K  containing  distribution  and  servicing  reports  filed in respect of
     periods  included in the year  covered by this annual  report,  Alternative
     Loan Trust  Series  2005-AR2  Mortgage  Pass-Through  Certificates,  Series
     2004-AR2 (the "Trust");

2.   Based on my knowledge,  the information in these reports, taken as a whole,
     does not contain any untrue statement of a material fact or omit to state a
     material  fact  necessary  to make  the  statements  made,  in light of the
     circumstances  under which such  statements were made, not misleading as of
     the last day of the period covered by this annual report;

3.   Based on my knowledge, the distribution information required to be prepared
     by the Trustee based upon the servicing information required to be provided
     by each Servicer  under the Pooling and Servicing  Agreement is included in
     these reports;

4.   Based on my knowledge and upon the annual compliance statements included in
     the report and required to be delivered to the Trustee in  accordance  with
     the terms of the Pooling and Servicing  Agreement and based upon the review
     required under the Pooling and Servicing Agreement, and except as disclosed
     in the report,  each  Servicer  has  fulfilled  its  obligations  under the
     Pooling and Servicing Agreement; and

5.   The  reports  disclose  all  significant   deficiencies  relating  to  each
     Servicer's  compliance with the minimum servicing  standards based, in each
     case, upon the report provided by an independent public  accountant,  after
     conducting  a review in  compliance  with the  Uniform  Single  Attestation
     Program  for  Mortgage  Bankers  or  similar  standard  as set forth in the
     Pooling and Servicing Agreement, that is included in these reports.

     In giving the certifications above, I have reasonably relied on information
provided to me by the following  unaffiliated parties: GMAC Mortgage Corporation
and Wells Fargo Bank,  N.A. as  servicers,  and JPMorgan  Chase Bank,  N.A.,  as
trustee.

Dated:  March 29, 2006

By: /s/ N. Dante LaRocca
    -------------------------------------
    N. Dante LaRocca
    Attorney-in-Fact and Agency
    Nomura Asset Acceptance Corp.

                                       -7-

<page>

                                  EXHIBIT 99.1
            Report of Independent Registered Public Accounting Firm
                            with Management Assertion
                                 ---------------


                                        PricewaterhouseCoopers LLP
                                        PricewaterhouseCoopers Center
                                        300 Madison Avenue
                                        New York NY 10017
                                        Telephone (646) 741 3000
                                        Facsimile (813) 286 6000

                       Report of Independent Accountants

To the Board of Directors and Shareholder
of GMAC Mortgage Corporation:

We have examined management's  assertion about GMAC Mortgage Corporation and its
subsidiaries  (the "Company")  compliance with the minimum  servicing  standards
identified  in the Mortgage  Bankers  Association  of America's  Uniform  Single
Attestation  Program for Mortgage  Bankers ("USAP") as of and for the year ended
December 31, 2005 included in the accompanying management assertion (see Exhibit
I).  Management is responsible  for the Company's  compliance with those minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about the Company's compliance based on our examination.

Our  examination  was  performed  in  accordance  with   attestation   standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,  included examining,  on a test basis, evidence about the Company's
compliance  with the  minimum  servicing  standards  and  performing  such other
procedures as we considered necessary in the circumstances.  We believe that our
examination  provides a reasonable  basis for our opinion.  Our examination does
not provide a legal  determination on the Company's  compliance with the minimum
servicing standards.

In our  opinion,  management's  assertion  that the  Company  complied  with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2005 is fairly stated, in all material respects.


 /s/ PricewaterhouseCoopers, LLP
 --------------------------------
 PricewaterhouseCooper, LLP

 March 21, 2006

                                      -8-
<page>


KPMG LLP
2500 Ruan Center
666 Grand Avenue
Des Moines, IA  50309


                        Independent Accountants' Report


The Board of Directors
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.:

We have examined management's assertion,  included in the accompanying Assertion
of Management of Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.
(the Company),  that the Company complied with the minimum  servicing  standards
set forth in the  Mortgage  Bankers  Association  of  America's  Uniform  Single
Attestation  Program for  Mortgage  Bankers  (USAP) as of and for the year ended
December 31, 2005.  Management is responsible for the Company's  compliance with
those minimum servicing  standards.  Our responsibility is to express an opinion
on  management's   assertion  about  the  Company's   compliance  based  on  our
examination.

Our  examination  was  conducted  in  accordance  with   attestation   standards
established  by the  American  Institute of Certified  Public  Accountants  and,
accordingly,  included examining,  on a test basis, evidence about the Company's
compliance with the minimum servicing  standards  specified above and performing
such other  procedures,  as we  considered  necessary in the  circumstances.  We
believe that our examination  provides a reasonable  basis for our opinion.  Our
examination does not provide a legal  determination on the Company's  compliance
with the minimum servicing standards.

In our  opinion,  management's  assertion  that the  Company  complied  with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2005, is fairly stated, in all material respects.


/s/  KPMG LLP
--------------------
February 21, 2006

                                      -9-

<page>


                                  EXHIBIT 99.2
     Report of Management as to Compliance with Minimum Servicing Standards
                                -----------------


GMAC Mortgage
                                                                Exhibit I


                  Management's Assertion Concerning Compliance
                     with USAP Minimum Servicing Standards

March 21, 2006

As of and for the year ended December 31, 2005,  GMAC Mortgage  Corporation  and
its subsidiaries (the "Company") have complied in all material respects with the
minimum  servicing  standards set forth in the Mortgage  Bankers  Association of
America's Uniform Single Attestation Program for Mortgage Bankers ("USAP").

As of and for this same  period,  the Company had in effect a fidelity  bond and
errors and omissions  policies in the amounts of $350,000,000 and  $100,000,000,
respectively.


 /s/ Jim Hillsman
 -------------------
 Jim Hillsman
 Chief Operating Officer
 GMAC Residential Holding Corp

 /s/ Dave Bricker
 -------------------
 Dave Bricker
 Chief Financial Officer
 GMAC Residential Holding Corp

 /s/ Tony Renzi
 -------------------
 Tony Renzi
 Executive Vice President,
 National Servicing Administration
 GMAC Residential Holding Corp

                                      -10-

<page>

Wells Fargo Home Mortgage                                   1 Home Campus
                                                            Des Moines, IA 50328

             Assertion of Management of Wells Fargo Home Mortgage,
                      a division of Wells Fargo Bank, N.A.

As of  and for  the year ended  December 31, 2005,  Wells Fargo Home Mortgage, a
division of Wells Fargo Bank,  N.A.  (the  Company) has complied in all material
respects with the minimum servicing  standards set forth in the Mortgage Bankers
Association  of  America's  Uniform  Single  Attestation  Program  for  Mortgage
Bankers.

As of and for this same period,  the Company had in effect a fidelity bond along
with an errors  and  omissions  policy in the  amount  of $100  million  and $20
million, respectively.



    /s/ Michael J. Heid                                February 21, 2006
  --------------------------
  Michael J. Heid, Division President, Capital Markets, Finance & Administration
  Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.


    /s/ Franklin R. Codel                              February 21, 2006
  --------------------------
  Franklin R. Codel, Executive Vice President, Finance and Corporate Real Estate
  Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.


    /s/ Mary Coffin                                    February 21, 2006
  --------------------------
  Mary Coffin, Executive Vice President, Servicing & Post Closing
  Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.


    /s/ Cara K. Heiden                                 February 21, 2006
  --------------------------
  Cara K. Heiden, Division President, Nat'l Consumer & Institutional Lending
  Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.

                                      -10-

<page>


                                  EXHIBIT 99.3
                        Annual Statement as to Compliance
                               -------------------

February 28, 2006

NOMURA NAAC 2005-AR1
ANDREW COOPER
c/o JPMORGAN CHASE BANK, N.A.
4 NEW YORK PLAZA - 6TH FLOOR
NEW YORK, NY  10004

RE:  Annual Officers Statement of Compliance
     Year Ending 2005
     GMACM Investor Agreement #41233

GMAC Mortgage Corporation ("GMACM") hereby certifies to the best of our
knowledge and belief, that for the calendar year 2005:

1.   A  review  of the  activities  of the  Seller/Servicer  and of  performance
     according  to  the   Seller/Servicer   contract  has  been  made under such
     undersigned Officer's supervision.
2.   To the  best of the  undersigned  Officer's  knowledge,  and  based on such
     review, the  Seller/Servicer  has fulfilled all its  obligations  under the
     Guides for such year.
3.   GMACM is currently an approved FNMA and FHLMC Servicer in good standing.
4.   If applicable, GMACM has filed the information returns with respect to the
     receipt of mortgage interest pursuant to Sections 6050H, 5060J and 6050P of
     the Code,  received in a trade or  business,  reports of  foreclosures  and
     abandonment's  of  any  Mortgaged  Property  and  the  information  returns
     relating  to  cancellation  of  indebtedness  income  with  respect  to any
     Mortgaged Property.
4.   All hazard,  flood, FHA mortgage  insurance and primary mortgage  insurance
     premiums,  taxes,  ground rents,  assessments and other lienable items have
     been paid in connection with the mortgaged properties.
5.   All property inspections have been completed as required.
6.   Compliance relative to Adjustable Rate Mortgages has been met.
7.   Fidelity Bond and Errors and Omissions  Insurance  coverage is current,  in
     full force and effect.

Servicer:    GMAC Mortgage Corporation

By:          /s/ Michael Kacergis
             ------------------------
Name:        Michael Kacergis

Title:       Manager
             Enterprise Risk Management
             Enterprise Servicing Group Risk and Compliance


                                      -11-
<page>



Wells Fargo Home Mortgage                             One Home Campus
                                                      Des Moines, IA  50328-0001



February 24, 2006


                                  See Attached Listing of Pools
RE:  2005 Annual Certification


We hereby certify to the best of our knowledge and belief that for the calendar
year of 2005:

    1.  All real estate taxes, bonds  assessments and  other lienable items have
        been paid.

    2.  All  FHA  mortgage insurance,  private  mortgage insurance premiums, and
        flood insurance have been paid (if applicable).

    3.  Hazard insurance policies  held by us meet the requirements as specified
        in the servicing agreement, or those of  a normal prudent  lender if not
        specified, and those premiums due have been paid.

    4.  We have made all property inspections as required.

    5.  Fidelity  bond  and  Errors and  Omissions insurance  coverage currently
        exists.

    6.  That the Officer  signing this certificate  has  reviewed the activities
        and performance of the Servicer during the preceding  fiscal  year under
        the  terms  of the  Servicing  Agreement,  Trust Agreement,  Pooling and
        Servicing Agreement  and/or  Seller/Servicer Guide or similar agreements
        and to the best of this  officer's knowledge, the Servicer has fulfilled
        all  of its  duties, responsibilities  or obligations of such  agreement
        throughout the year, or if  there has  been a  default or failure of the
        servicer to perform any of such duties, responsibilities or obligations,
        a  description  of  each default  or failure  and the  nature and status
        thereof has been reported.

Sincerely,

By:     /s/ John B. Brown
        ------------------
        John B. Brown
        Vice President
        Wells Fargo Home Mortgage

Attachment
-----------

                                                  Transaction Name
         Mortgage Loan Seller                        and Number
        ----------------------                  ----------------------

    Nomura Credit & Capital, Inc.                   Nomura Asset
                                               Acceptance Corporation
                                                      2005-AR1

    Nomura Credit & Capital, Inc.                   Nomura Asset
                                               Acceptance Corporation
                                                      2005-AR2


                                      -12-