REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To PHH Mortgage Corporation:

We have examined PHH Mortgage Corporation's (the "Company") compliance with
its established minimum servicing standards described in the accompanying
Management's Assertion, dated February 28, 2006, as of and for the year ended
December 31, 2005.  Management is responsible for compliance with those
minimum servicing standards. Our responsibility is to express an opinion on
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 as
adopted by the Public Company Accounting Oversight Board and, accordingly,
included examining, on a test basis, evidence about the Company's compliance
with its 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 its minimum servicing
standards.

Our examination disclosed the following instance of material noncompliance
with the reconciliation of custodial bank accounts applicable to the Company
during the year ended December 31, 2005. The Company did not comply with the
requirement to prepare custodial bank account reconciliations within 45
calendar days after the cutoff date and the requirement to resolve
reconciling items within 90 calendar days of their original identification
as specified by their minimum servicing standards.

In our opinion, except for the material noncompliance described in the
Preceding paragraph, the Company complied, in all material respects, with the
Aforementioned minimum servicing standards as of and for the year ended
December 31, 2005, as set forth in Appendix I.


/s/ Deloitte and Touche LLP
---------------------------
Deloitte and Touche LLP

Princeton, NJ

February 28, 2006


APPENDIX I
PHH MORTGAGE CORPORATION - MINIMUM SERVICING STANDARDS
I.  Custodial Bank Accounts

    1.  Reconciliations shall be prepared on a monthly basis for all
        custodial bank accounts and related bank clearing accounts. These
        reconciliations shall:

        o   be mathematically accurate;

        o   be prepared within forty-five (45) calendar days after the cutoff
            date;

        o   be reviewed and approved by someone other than the person who
            prepared the reconciliation; and

        o   document explanations for reconciling items. These reconciling
            items shall be resolved within ninety (90) calendar days of their
            original identification.

    2.  Funds of the servicing entity shall be advanced in cases where there
        is an overdraft in an investor's or a mortgagor's account.

    3.  Each custodial account shall be maintained at a federally insured
        depository institution in trust for the applicable investor.

    4.  Escrow funds held in trust for a mortgagor shall be returned to the
        mortgagor within thirty (30) calendar days of payoff of the mortgage
        loan.

II. Mortgage Payments

    1.  Mortgage payments shall be deposited into the custodial bank accounts
        and related bank clearing accounts within two business days of
        receipt.

    2.  Mortgage payments made in accordance with the mortgagor's loan
        documents shall be posted to the applicable mortgagor records within
        two business days of receipt.

    3.  Mortgage payments shall be allocated to principal, interest,
        insurance, taxes or other escrow items in accordance with the
        mortgagor's loan documents.

    4.  Mortgage payments identified as loan payoffs shall be allocated in
        accordance with the mortgagor's loan documents.

III.Disbursements

    1.  Disbursements made via wire transfer on behalf of a mortgagor or
        investor shall be made only by authorized personnel.

    2.  Disbursements made on behalf of a mortgagor or investor shall be
        posted within two business days to the mortgagor's or investor's
        records maintained by the servicing entity.

    3.  Tax and insurance payments shall be made on or before the penalty or
        insurance policy expiration dates, as indicated on tax bills and
        insurance premium notices, respectively, provided that such support
        has been received by the servicing entity at least thirty (30)
        calendar days prior to these dates.

    4.  Any late payment penalties paid in conjunction with the payment of
        any tax bill or insurance premium notice shall be paid from the
        servicing entity's funds and not charged to the mortgagor, unless the
        late payment was due to the mortgagor's error or omission.

    5.  Amounts remitted to investors per the servicer's investor reports
        shall agree with cancelled checks, or other form of payment, or
        custodial bank statements.

    6.  Unissued checks shall be safeguarded so as to prevent unauthorized
        access.

IV. Investor Accounting and Reporting

    1.  The servicing entity's investor reports shall agree with, or
        reconcile to, investors' records on a monthly basis as to the total
        unpaid principal balance and number of loans serviced by the
        servicing entity.

V.  Mortgagor Loan Accounting

    1.  The servicing entity's mortgage loan records shall agree with, or
        reconcile to, the records of mortgagors with respect to the unpaid
        principal balance on a monthly basis.

    2.  Adjustments on ARM loans shall be computed based on the related
        mortgage note and any ARM rider.

    3.  Escrow accounts shall be analyzed, in accordance with the
        mortgagor's loan documents, on at least an annual basis.

    4.  Interest on escrow accounts shall be paid, or credited, to
        mortgagors in accordance with the applicable state laws.(A
        compilation of state laws relating to the payment of interest on
        escrow accounts may be obtained through the MBA's FAX ON DEMAND
        service.  For more information, contact MBA.)

VI. Delinquencies

    1.  Records documenting collection efforts shall be maintained during
        the period a loan is in default and shall be updated at least
        monthly. Such records shall describe the entity's activities in
        monitoring delinquent loans including, for example, phone calls,
        letters and mortgage payment rescheduling plans in cases where the
        delinquency is deemed temporary (e.g., illness or unemployment).

VII.Insurance Policies

    1.  A fidelity bond and errors and omissions policy shall be in effect on
        the servicing entity throughout the reporting period in the amount of
        coverage represented to investors in management's assertion.


PHH Mortgage
3000 Leadenhall Road Mt. Laurel, NJ 08054
February 28, 2006

As of and for the year ended December 31, 2005, PHH Mortgage Corporation (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, except for as discussed
below.

The Company completed all custodial bank account reconciliations within 60
Days of the cutoff date, however did not complete all reconciliations within
45 days of the cutoff as specified by the minimum servicing standards. As
such, the Company has determined that it was materially non-compliant with
the requirement to prepare custodial bank account reconciliations within 45
calendar days after the cutoff date.

During the year ended December 31, 2005, the Company determined it was
materially non-compliant with the requirement to resolve reconciling items
resulting from custodial bank account reconciliations within 90 calendar days
as specified by the minimum servicing standards.

As of and for this same period, the Company had in effect a fidelity bond and
errors and omissions policy in the amount of $160 million and $20 million,
respectively.


PHH Mortgage Corporation


/s/ Terence W. Edwards
-----------------------
Terence W. Edwards
President and Chief Executive Officer


/s/ Mark Danahy
-----------------------
Mark Danahy
Senior Vice President and Chief Financial Officer


/s/ Martin L. Foster
-----------------------
Martin L. Foster
Senior Vice President - Loan Servicing