EXHIBIT 99.2 -- Report of Independent Registered
Public Accounting Firm


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of
Saxon Mortgage Services, Inc.:

We have examined Saxon Mortgage Services, Inc.'s
(the "Company") compliance with its established minimum
servicing standards described in the accompanying Management's
Assertion, dated March 15, 2005, as of and for the year ended
December 31, 2004. 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
the minimum servicing standards.

Our examination disclosed the following material noncompliance with
the timely refunding of escrow on paid-in-full loans and interest
payments on escrow accounts in certain states during the year ended
December 31, 2004. In 4 of the 65 paid-In-full loans selected for
testing in July 2004, the escrow balance had not been refunded
within the 30-day requirement. In 4 of the 75 paid-in-full loans
selected for testing in December 2004, the escrow balance had not been
refunded within the 30-day requirement. In 42 of the 65 escrow balances
in states requiring interest to be paid on escrow selected for testing
in July 2004, the interest was not paid. In 3 of the 65 escrow balances
in states requiring interest to be paid on escrow selected for testing
in December 2004, the interest was not paid.

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, 2004, as set forth in Appendix I.

/s/ Deloitte & Touche LLP
Princeton, New Jersey

March 15, 2005




Management's Assertion

[Saxon Mortgage Services, Inc. logo]

March 15, 2005


As of and for the year ended December 31, 2004,
Saxon Mortgage Services, Inc. (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 as noted in the
following paragraphs.

In 4 of 65 paid-in-full loans selected for testing in
July 2004, the escrow balance had not been refunded
within the 30-day requirement. In 4 of 75 paid-in-full
loans selected for testing in December 2004, the escrow
had not been refunded within the 30-day requirement
(Section I.4).

In 42 of the 65 escrow balances in states requiring
interest to be paid on escrow selected for testing in
July 2004, the interest was not paid. In 3 of the 65
escrow balances in states requiring interest to be paid
on escrow selected for testing in December 2004, the interest
was not paid (Section V.4)

As of and for the year ended December 31, 2004, the Company
had in effect a fidelity bond in the aggregate amount of $30
million and a per loss amount of $15 million, and an errors
and omissions policy in the amount of $15 million.





/s/ David L. Dill
    David L. Dill
Executive Vice President





APPENDIX I
MINIMUM SERVICING STANDARDS AS SET FORTH
IN THE MORTGAGE BANKERS ASSOCIATION OF AMERICA'S
UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS

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:  be mathematically accurate;
	be prepared within forty-five (45) calendar days
	after the cutoff date;
	be reviewed and approved by someone other than
	the person who prepared the reconciliation; and
	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.	Unused 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.


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.